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The Joint' Venture Method is a procedure for assessing the value of exploration properties, particularly those for which resources have yet to be delineated. It aims to convert the terms of an actual or synthetic joint venture into the equivalence of an arms- lengths cash transaction between a willing seller and a willing buyer. This paper sets out one approach to achieving that conversion. It discusses both simple and complex cases and gives some examples from both public and private documents. It also includes some case studies in which the Joint Venture Method of valuation can be compared with values derived for the same project using other methodologies including actual cash deals. The Method has failings in both mathematics and logic. However because it does reflect or simulate an arms-length deal which takes into account past exploration effort and expenditure and an assessment of prospectivity at a particular point in time, it is felt that it can provide a reasonable approximation of trade value or asset value of a prospect, particularly if used in conjunction with other methods.

Jan 1, 1994

Geosynclines have been well studied for many years, but very little has been written about the concepts of sedimentary basins in spite of the vast amount of data available. They have been regarded, perhaps, as well- understood intuitively, and therefore not worthy of study. Many of the fundamental concepts of geology were developed during the 19th Century with the construction of coal mines, canals and railways. It was a happy chance that led railway engineers in the early days to think that trains could not climb any but the smallest gradient, so, in Britain at -least, numerous railway cuttings and tunnels were made. These exposed to view and study, in a better form than Nature usually provides, a great deal of interesting geology. Because of the lack of literature about the concepts of sedimentary basins, it is not possible to be sure what the early geologists thought. It seems that sedimentary basins were regarded as recording a history of subsidence during the early stages, when a transgressive sequence accumulated; and a history of uplift during the later stages, when a regressive sequence accumulated. It seemed axiomatic that the age of folding and faulting was younger than the rocks folded or Faulted.

Jan 1, 1987

By B Hall

The authors have undertaken many independent mine optimisation and operational improvement projects at Australian and international mining operations over the past decade. This work has provided an understanding of the underlying practices responsible for the good long-term performance of some operations, and the failure of others to achieve their objectives. Good long-term performance, and value creation can be achieved through a logical and rigorous process of identifying the optimal mine plan (æThe PlanÆ) that delivers the corporate goals, establishing appropriate performance measures that are aligned with these goals, and ongoing monitoring of compliance with the established targets to ensure the operation reliably achieves The Plan. A number of practical methods have been developed and implemented to assist mining operations deliver their corporate goals. This paper outlines some of these methods, providing some fundamental guidelines that will assist in the establishment, and reliable achievement of The Plan that delivers the corporate goals.

Jan 1, 2006

By Whitehead A. B

INTRODUCTIONDuring the past few years there has been considerable interest in developing the so-called direct reduction processes for treating iron oxides. The various methods proposed were recently reviewed by Scortecci and Palazzi (1960).In particular the application of fluidized bed techniques received considerable attention and, on first examination, this seems to be the ideal method 'of dealing with fine iron oxides. Several difficulties (e.g. product agglomeration) require the method to be investigated further before its potentialities can be fully assessed.PROPOSED FLUIDIZED BED REDUCTION PROCESSESBrassert and De Jahn (1951) were among the earliest to suggest the use of fluidized beds for the reduction of iron ore to metallic iron. Their patent was followed by many others proposing similar concepts, mainly from Lewis (1955), Ogorzaly (19.56), Shipley (1956), Agarwal (1960'), Osborn (1958), Texaco Development Corporation (1956) and Stelling (1957).The H-iron process (Squires and J ohnson, 1957; Lubker and Bruland, 1960) is the only scheme that has been an economic success. This process, mentioned later, manufactures a 'premium quality product in the form of sized iron powder.AIM OF THE PRESENT WORKThe work reported here was performed to assist in the formulation of a comprehensive pl'ogramme of research into fluidized bed reduction processes to be undertaken at the...

Jan 1, 1962

The medical evaluation of the health effects of dust exposure in the mining industry should be based on the premise that the results of the medical examinations will be considered in relation to the previous history of exposure to dust.(l) To this end the Mines Regulation Act and the Regulations under that Act in West- ern Australia provide for: the prime responsibility for dust sampling to rest with the mining companies; the appointment of a Ventilation officer by each mine and the sampling and record- ing by him of dust and toxic gases in work places at three monthly intervals, or more frequently as required; the appointment of a Mines Medical Officer who shall make provision for the medical examination of persons and the prevention of occupational diseases; the appointment of a Ventilation Board, consisting of the State Mining Engineer, the Senior Inspector of Mines for the State, an Inspector of Mines having specialised training in ventilation tech- nology, a medical practitioner having specialised experience in occupational health problems relevant to the mining industry, and a Scientific Officer having duties under the provisions of the Clean Air Act, 1964;

Jan 1, 1979

By Reilly L, Worner H. K

The EnvIRONment process has been developed to treat steel works dust and organic wastes simultaneously. A pelletised feed is fed into a special DC electric furnace, the pellets becoming immersed in a molten slag above a carbon saturated bath. The iron oxide in the pellets is reduced and carburised whilst the organics are broken down to carbon monoxide, carbon dioxide, hydrogen and water vapour. Volatile metals are vapourised and collected in the baghouse. Over two years of trials in a 100 kg DC electric are furnace has brought the process to the stage where it is ready for commercialisation.

Jan 1, 1995

By Walter GW

Rock mass classification systems for stable excavation design have been studied. The parameters which are important in such a classification system and those which should be included in a classification system formulated to predict explosive fragmentation behaviour are briefly reviewed and compared. There is significant overlap in the data requirements for excavation design and explosive blast de- sign. Recently there has been a trend to ob- tain some of the data required for excavation design by the use of both field and laboratory seismic investigations. The theory of seismic techniques is summarised and the results of seismic investigations carried out for excava- tion design are reviewed. On this basis it is considered that seismic techniques have the potential to be used for data collection prior to blast design. A programme designed to de- velop such techniques and which includes both field and laboratory experimentation is Presented.

Jan 1, 1978

By P J. Mathew

Quality and process control in the iron ore industry is based on measurements of ore grade from blast holes through to shiploading. Traditionally this has been carried out using conventional sampling, sample preparation and analysis methods, but on-line analysers are now being introduced for monitoring the grade of important process streams. Once a conventional sample has been collected, it can be analysed for a wide range of elements. On the other hand, on-line analysers measure only a few selected elements, but they provide rapid feedback on grade, which is important for effective quality and process control. In both cases, the linkage between mining, processing and final blending operations at the port is crucial to ensuring that product quality is maintained while production targets are met and the life of the resource is maximised.

Jan 1, 1998

To meet the objectives of sustainable development, mining projects must be executed with minimal environmental risks and impacts. To allow proper actions to be taken, it is helpful if the environmental challenges associated with a mine development project can be predicted early during exploration activities. Signs of impending environmental problems like acid rock drainage and metal leaching are often revealed in the occurrence of natural acid drainage, formation of efflorescent salts and their associated ecological effects. Other subtle clues can be deduced from anomalous geochemistry, detailed textural features of mixed sulfide assemblages and miscellaneous environmental data sets covering the target areas of exploration. A more practical tool, however, is the development of comprehensive environmental ore deposit models containing relevant information on ore genesis, applicable mining, processing and waste management options and their environmental implications according to deposit type. Not only will such models facilitate communications among independent groups of personnel involved in a mining project to come up with schemes to ensure better environmental performance of the overall project, they will also facilitate decision-making if a mine development project should be pursued further or valuable resources be redirected to other more favourable targets.

Jan 1, 2003

The Nelson province was chosen as the prime area for rhenium sampling, based on its mineral associations. Sample preparation involved benefication by grinding and flotation. A modification of published procedures for rhenium analysis was developed and the results compared with those obtained for molybdenum on the same samples using atomic absorption spectroscopy. The results of the analysis for both metals is discussed and the relationships between rhenium and the molybdenum mineralisation of this region is commented on. A metallogenic province is defined for molybdenum and rhenium and the tectonic setting for this is discussed. Some consideration has been given to rhenium possibilities in Fiordland and the Coromandel Range.

Jan 1, 1980

By N J. Betts

This paper aims to build on the strong emphasis that was placed on safety in the Sydney AITES-ITA Congress in March 2002. It will do this by comparing safety records from some major tunnelling projects in Europe and Australia over a period commencing in the second half of the 19th century to the second half of the 20th century and examining reasons for the apparent marked improvement that appeared in the 1980s. Further by looking at the relationship between this improvement and current trends in the australian industry by means of a detailed review of the safety record for the Northside Storage Tunnel project in Sydney which was completed in mid-2000. The paper will conclude by providing a summary of the progressive approach adopted by the minerals industry in australia and summarising the current state of tunnelling and underground construction in australia with respect to recently completed projects and potential major initiatives.

Jan 1, 2003

By Palmer DJ, Bain JH, Pullen JB

Over the last ten years at Risdon, zinc production capacity has almost doubled. This has resulted in modifications, many of which have affected zinc deposition operating conditions in the cells. Some of these changes appeared to have affected average current efficiency to such an extent that a special investigation was initiated, using multiple regression analysis to assess historic cell unit operating para- meters. The study highlighted the importance of certain parameters in maintaining maximum current efficiency for zinc deposition from !Risdon purified solutions under conditions of !changing current density, acidity and zinc con- centrations. Maximum current efficiency was obtained only within a zinc to acid ratio in cell electrolyte of 0.45 - 0.55 and a residual zinc concentration greater than 48 g.1-1, irrespective of actual zinc concentration or The investigation also established: ieters giving minimum power consumption at termined current density; the effect of ntration changes in common impurities on nt efficiency; the existence of high s of some impurities in solids precipit- in the cells and pure solution tanks.

Jan 1, 1975

By Y Hansen, J Petrie

Life Cycle Assessment (LCA) is increasingly being used as a decision-support tool within mining and minerals processing and metals production. However, a number of initiatives have highlighted the current limitations of LCA to accurately reflect the environmental performance of minerals and metals. These programs include:the Mining, Minerals and Sustainable development project (Stewart, 2001); the United Nations Environment Programmme/Society for Environmental Toxicology and Chemistry (UNEP/SETAC) workshop on LCA and metals (NRCan, 2002); the UNEP SETAC Life Cycle Initiative; and the review of the existing ISO 14 040 set of environmental management standards. Together, these initiatives highlighted concerns relating to the ability of LCA to engage with and support metals recycling, to adequately reflect the impacts associated with products from a multi-product orebody, the ability to adequately reflect the toxicity potential of metals in the natural environment and the fact that resource depletion focuses on mining (and not consumption) as the depleting activity in the life cycle of a metal. Additional impact categories to be included in LCA were also suggested. In this paper we demonstrate how existing initiatives are addressing LCA limitations. Finally we present the state of the art in Life Cycle Impact Assessment (LCIA) for two impact categories:resource depletion; and impacted land footprint for solid wastes.

Jan 1, 2004

The classic description of Project Finance as "the reliance by lenders on the cashflow of a project, supported by the assets of the project with no recourse to the project sponsor's corporate balance sheet" has, like most other terms in the finance industry, evolved through recent usage. The area now under most scrutiny is the sharing of risks between parties either most able to take them or prepared to accept payment for them. Creativity in, and flexibility of financing structures have enabled project lending to continue under a dramatically different economic outlook. The diminishing competitiveness of the Australian producers in a global market place of uncertain commodity prices has discouraged the advancement of many large scale resource projects. The majority of new project financings has been designed to assist the relatively small company promote and develop its first projects. New trends- are emerging in four areas: sources of capital; borrowing structure; financing instruments (securitisation); and risk underpinning. As project financing becomes more widely used, the range of interested financiers grows. New initiatives contribute to its development and evolution with a view to increase effectiveness to the sponsor of any new venture.

Jan 1, 1987

An international raw material partnership, a $164 million 900,000 long ton per year aluxAna plant; an ideal location at Gladstone, Queensland, Australia - this is Queensland Alumina Limited, on stream in 1967 expanded 50 per cent by the end of 1968. Queensland Alumina Limited is the world¦s most modern alumina refining operation which is owned by an international consortium of four companies; Kaiser Aluminum & Chemical Corporation of the United States with 52 per cent; Alcan Aluminium of Canada with 20 per cent; Pechiney of France with 20 per cent; Conzinc Rio Tinto of Australia, 8 per cent. Q.A.L. operates as a co-operative -- the partners do not draw profits from the venture. Instead, each member of the consortium draws alumina in proportion to his share of the ownership. The method of disposal of this alumina is for the partner to decide.

Jan 1, 1969

By Manzoori AR

From a detailed combustion testing program and earlier experience with Leigh Creek coal, the Electricity Trust of South Australia (ETSA) gained a wide insight into the use of low rank coal fired boiler plant. This work is fundamental for the selection of boiler design parameters and other details which in turn determine the correct coal deposit selection for future power station development. In addition it gives boiler designers a good indication of the measures required to give reliable plant operation. Extrapolation from experience with existing plant, the designers main source of information, was not considered appropriate because of the lack of experience with similar coals. Brown coal beneficiation is also being assessed by ETSA in an attempt to improve the coal quality by the pretreatment of the raw coal prior to combustion in future coal.fired boilers. ETSA is also involved in the development of circulating fluid bed and gasification processes to determine whether these alternative processes are a more viable method of utilising the South Australian coals than pulverised fuel firing.

Jan 1, 1987

This paper compares and evaluates the impact of income tax and value-added tax on the decision to explore for minerals or to develop a mine in four countries: Australia, Papua New Guinea, Argentina and Indonesia. Three aspects are considered in depth:- domestic tax rules applicable to mining projects;- taxation of foreign mining investment and foreign providers of expertise;- taxation of project finance (other than equity) from foreign sources.Specific tax issues discussed include tax deductibility of various costs, treatment of tax losses, special tax incentives, comparative treatment of various corporate structures, non-resident withholding taxes, and tax costs of various forms of project finance. The paper also illustrates the comparative impact of income tax on rates of return by means of a simulation of a mining project in each of the four countries. The simulation demonstrates why the highest rate of return may be obtained in Argentina and the lowest in Australia.Relevant features of the income tax systems in each country (at 15 February 1990) are summarized and compared in several tables annexed to the naner.

Jan 1, 1990

What is the best circuit to comminute primary crusher product to make beneficiation feed? Finding the best circuit to crush and grind minerals to beneficiation sizes is a complex problem that can lead to interminable discussion. Conclusions reached can be questioned. This will continue as long as the technology of comminution continues to expand, and is a mixture of many technical and economic factors in what is not a precise science. Laboratory and pilot plant procedures now exist that can help process engineers make sound decisions on which circuits are the best for crushing and grinding the specific ore being studied. It is the aim of this paper to discuss such procedures so a better under- standing of key decision parameters is avail- able, and to update comminution testing which has seen a. period of change in which new procedures have been introduced.

Jan 1, 1978

By S Cossfo Torres

Minera PenmontÆs gold mine, La Herradura, is located at the northwestern Mexican state of Sonora and consists of an open pit mine and heap leaching facility for the recovery of gold. The production began in July 1998, and today La Herradura produces about 200 000 oz of gold per year. Standard sampling and assaying protocols were established during exploration based on heterogeneity tests. However, at deeper zones of the pit, coarse gold became evident and it was necessary to develop a new sampling protocol in order to minimise the fundamental error and improve the metallurgical accounting. This new sampling protocol requires cyanide leaching the whole pulverised sample from the blasthole, assaying pregnant solution and fire assaying 50 g of tailings. A sampling study was performed on 195 blasthole samples analysing gold under the standard and new protocols. The new protocol demonstrated that the original one underestimated gold grade by approximately 27 per cent, with impacts on ore misclassification and metallurgical accounting. According to the ore grade control system, mineral with gold grade above 0.35 g/t was sent to the leach pad and mineral with lower grade was classified as waste. Based on the sampling study, it was decided to classify a low-grade ore with gold assay between 0.20 and 0.35 g/t which was stored for future treatment under better gold prices or should mine production decrease. These two conditions were present during 2005 and 2006, when about 3.5 Mt of low-grade ore were leached.

Jan 1, 2008

The liquid products of low-temperature carbonisation of coal are of variable composition, very much influenced by the rank and type of coal, and process parameters. In general the tar contains a high proportion of phenols and a low proportion of bases. The neutral oil is more analogous to a thermally cracked petroleum oil than to a high temperature tar. Present practice and possible future trends in the production of chemicals and liquid fuels from low temperature tar are reviewed in the light of recent work on the detailed composition of the tar The phenols and aromatics will probably continue to be of most value, with the bases a useful source of spec- ialty products. However the high aliphatic content of the neutral oil (particularly 1-olefins and n-paraffins) is bound to receive more attention for chemicals as well as for liquid Fuels.

Jan 1, 1969