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By A. J. Paul Laprairie

The process for which it is to be used is too often the only consideration in the design of a vessel. A de-sign allowing for practical manufacture and erection, as well as for proper maintenance, can often give over-all economies. Most platework in-stalled today is of welded construction. Therefore, metallurgical control is important in its manufacture. Also, because many concentrating and re-fining processes tend to be corrosive, the subject of protective coatings as a part of the manufacturing process is extremely important. The plant de-signer should know how to evaluate and specify controls for the metallurgy and for the coatings. Mining operations are becoming more sophisticated in the field of mechanical engineering. More and more emphasis is being given to preventive maintenance. The first step in any maintenance program, however, is good inspection service. This paper will suggest methods for the inspection of platework, and outline methods for repair and replacement.

Jan 1, 1963

By J. Jerome MacDonald, Stephen B. Flewelling

"In the base metals industry of today, operations required to continuously improve productivity and reduce unit production costs. Consistent with these goals is the improvement of the muck haulage cycle from open stopes with the No. 12 Mine.Existing haulage from open stopes occurs with LHD units experience at Brunswick indicates that LHD units have a higher unit cost per tonne mucked than loader-truck combinations when the haulage exceeds approximately 150 m.The reintroduction of open stoping at Brunswick made existing loader-truck combinations unsuitable. It was recognized that application of recent continuous loading technology could potentially result in significant unit cost savings and productivity increases.A review of the technology resulted in the testing of the Voest Alpine AL60 loader in the open stopes located on the 1000m Le vel. Testing began in January 1988 and finished in late November 1988. The test will provide experience as well as quantified production and maintenenace parameters f or the purpose of quantifying production unit costs and system productivity, ultimately resulting in a decision to further utilize or not utilize the loader as a primarymucking unit at Brunswick .INTRODUCTIONBrunswick Mining and Smelting Corporation Ltd. produces approximately 10500 tonnes per day from the No. 12Mine located 35 km southwest of Bathurst, New Brunswick Mining is the largest (single mine) producer of zinc in the world having mined over 52 million tonnes since 1964. Many years of production still remain with proven and probable reserves in excess of 90 million tonnes. Reserves grade at an average of 3.65% Pb. 8.99070 Zn, 99g/mt Ag and 0.32% Cu . The operation employs 1446 people with approximately 800underground including operations and maintenance staff.In the No. 12 Mine two major mining methods are presently utilized . The primary method is Mechanized Cut and Fill (MCF) accounting for approximately 6500 tonnes per day from four major areas. The remaining 4000 tonnes per day is produced from open stopes with the majority of 2800 tonnes per day being produced by the 1000 level.The 1000Level contains 30 million tonnes segmented into open stope blocks 30 m high, 15m and 30 m on strike , with a transverse width of 10m to 50 m (Fig. I). Stopes are organized on a primary secondary stope arrangement along strike. Primary stopes are undercut and overcut full size with the back fully cablebolted. All stope and lateral development is driven 4.0 m high. All stopes to date are flat bottom (Fig. 2). Primary stopes are filled with cemented rock- fill , secondaries with conventional rockfill, Haulage from the stopes is primarily with 8-yard LHD units ; mucking is approximately 50% conventional and 50% remote. Haul distance to date has averaged approximately 150m with current stope haul distances of approximately 300m. Haulage is presently to a small jaw crusher situated on the 1000 Level. From August 1989on, haulage will be to a set of ore passes feeding to a large gyratory crusher situated on the 1200 Level. Start up of the gyratory crusher corresponds to an increase in tonnage from 1000 Level to 4100 tonnes per day."

Jan 1, 1989

By C. W. K

This little sketch of the late Willet G. Miller, Provincial Geologist of Ontario, is intended to be neither a biography of his career nor a eulogy of his life. His biography has already been written in an incomparable manner by Mr. T. A. Rickard, his eulogy by Canon Cody. What more can be said of Dr. Miller than is summed up in the words of that great Canadian divine, Canon Cody, that he was "Big in body, big in heart, and, as we learned, big in brain." This article, then, will merely record a few personal reminiscences of the man himself, and while they are necessarily disjointed, they may at least serve to illustrate certain traits in his character which are not generally known or appreciated outside of the circle of his intimate friends. In the latter part of May in the year 1904, Willet G. Miller, with two? assistants, set out for the small village of Haileybury to begin his geological work in the area a few miles to the south which he was soon to name Cobalt. At that time the Timiskaming and Northern Ontario railway was not finished, although the right-of-way was cleared and partly graded. The nearest railway station was on the Canadian Pacific at the south end of lake Timiskaming, from which point the old steamer Meteor carried passengers and freight up the long, narrow and deep waters of lake Timiskaming, a very pleasant trip of some sixty miles. On this particular trip there was a fairly large crowd on board consisting of settlers going into the clay belt north of lake Timiskaming, of lumbermen, and of a few merchants and commercial travellers who were interested in the small business centres of Haileybury, New Liskeard and Ville Marie. Scarcely any attention was paid to the reports of the newly found silver deposits, although the daily papers had announced discoveries in the district six months before. As a matter of fact, the chief excitement on board was afforded by a moose, which, in swimming from the Ontario to the Quebec shore of the lake, crossed the bow of the boat, the captain steering to within a few yards of the terrified animal.

Jan 1, 1925

By J. E. Amadi-Echendu, F. Stober, J. Ndlovu, L. R. Nelson

The Polokwane Smelter Complex (PSC) relies on a single 68MW high-intensity six-in-line furnace to smelt a planned 650 000 t/a dry concentrate to produce a platinum group metals (PGM)-bearing matte. As typical of a greenfields venture, considerable attention was paid to the project development and implementation stages of design, engineering, construction and commissioning. Somewhat unusual though, was the role of a dedicated multi-disciplinary "Operational Readiness" and support team, comprising the owners team and specialists from the furnace designer, HATCH, to effect a safe and rapid ramp-up to the design smelter capacity of 68MW. The challenges encountered in developing an effective partnership will be discussed. The modus operandi and roles of the "Operational Readiness" team during the design, procurement, construction and commissioning stages as well as that of the operational support team within the overall ramp-up objective will be presented. The "Operational Readiness" team was responsible for:

Jan 1, 2005

By Victor Dolmage

Introduction Although gold production in British Columbia began in 1859, lode gold was not produced till 1893. Since 1900, the annual production of lode gold has fluctuated between $3,000,000 and $6,000,000. About twenty per cent of this production may be regarded as by-product gold from base metal mining. The remainder comes from a few isolated but important mines, such as the Rossland mines, Nickel Plate, Surf Inlet, Premier, Pioneer, Bralorne, Reno, and Cariboo Gold Quartz, and from several less important mines. All of the above, except Pioneer, Bralorne, Reno, and Cariboo, are approaching or have reached the point of exhaustion, but all are now receiving, under the stimulus of the. present gold-mining boom, drastic resuscitative treatment, with, in some cases, signs of resurrection. Notwithstanding this, however, the main interest at the present time is focussed on the Bridge River and Cariboo fields. Both these fields were discovered in the early 'sixties' and, apart from the Cariboo placer production, both have from time to time contributed small amounts of lode gold; but it is only during the last two years that the real possibilities of these areas were discovered. and that they began to assume the appearance of goldfields of major importance. The two fields are sorme three hundred miles distant from one another and contain deposits of distinctly different types, so that the only reason for including them in one article is the fact that they came into prominence more or less simultaneously and at a time coinciding with, but not otherwise related to, the present gold-mining boom.

Jan 1, 1934

By S. G. Shabestari, S. Saeidinia, P. Mokarian

"The experiments were conducted to investigate the influence of various process parameters in rotary degassing of aluminum alloy AS5U3G. Degassing was carried out by use of argon inert gas. The flow rate of the gas was investigated in the range of 12 to 21 L/min., 350 to 500 rpm rotor speed, 6 to 12 minutes degassing time, and 755°C to 780°C melt temperature. Degassing efficiency was evaluated through measuring the density of RPT samples. By optimizing the process parameters, RPT sample density was increased up to 2.73 g/cm3, which guaranties the production of high-quality aluminum castings. Tensile strength and elongation were increased considerably by degassing process. Scanning electron microscopy (SEM) shows small size and well-distributed microporosity. IntroductionOne of the major problems associated with the casting of aluminum alloys is the formation of gas porosity. Aluminum and its alloys are very susceptible to hydrogen absorption. Because solubility is much lower in solid state than liquid state, hydrogen atoms leave their position during solidification and combine together to form hydrogen molecules. These micrometer- scale cavities, called microporosity, cause the reduction of mechanical properties, particularly strength, ductility, fracture toughness, fatigue resistance, pressure tightness, and corrosion resistance (Laslaz, 1991; Jorstad and Rasmussen, 1993; Sigworth and Wang, 1994; Korasani, 1996; Anson and Gruzleski, 1999; Zhang et al., 2000). To avoid these problems and produce good quality castings, it is necessary to remove hydrogen from the melt. Several methods are available for degassing aluminum melt. One of them is a rotary degassing system using inert gas, e.g. Ar or N2. Various thermodynamic and kinetic factors govern the removal of hydrogen from molten aluminum (Anderson, 1987; Sigworth, 1987; Pignault, 1993; King and Reynolds, 1995). These are some parameters that affect degassing efficiency. Some of them are discussed here and some are examined in this project."

Jan 1, 2004

By E. Zucker

In this paper, as in the 1960 CIM paper of the same name, s1gmf1cant new developments in electrical-mechanical mining equipment are briefly described. These include static thyristor-supplied D.C. drives for mine hoists, load-haul-dump systems, process controls with small and medium-size computers, and several other new items of equipment and Concepts. All the new hardware descriptions are given in the context of over-all process integration. This means the actual mechanical linking together of two or more processes and the preliminary step in the development of production-line mining.

Jan 1, 1969

By L. H. Van Loon, E. G. Crayston, A. F. Heather

"IntroductionTHE PROPERTY of Madsen Red Lake Gold Mines. Limited. comprises fifty-eight claims located between Russet and Faulkenham lakes in Baird and Heyson townships of the Patricia portion of the District of Kenora. The mine is seven miles •by road from the hamlet of Red Lake. This latter centre is .connected to the Trans-Canada Highway at Vermillion Bay, Ontario, by provincial highway No. 105 which has a total length of one hundred and thirteen miles.The Madsen property went into production on August 11th, 1938, with a milling plant rated at 300 tons per twenty-four hours. Changes made in the crushing plant during October, 1938, allowed a •finer feed to be delivered to the mill and increased the milling •capacity to 400 tons per twenty-four hours. During 1948, steps were taken to add an additional 400-ton capacity unit to the milling plant. This latter work was completed by May, 1949, giving the present total milling .capacity of 800 tons per twenty-four hours.It was realized in the early 1940's that, eventually, considerable material suitable for backfilling in the mine would be required. As there were no large deposits of gravel or sand anywhere near the mine, officials of the Company considered it advisable to investigate the feasibility of using mill tailings for mine •backfill. Since Madsen mill tailings contain approximately 80 per •cent of minus-200-mesh material, it was not considered practical to use them for underground backfill without first removing the finer material. as the slimes present in a product of this fineness would without doubt preclude any drainage whatsoever. Table I gives a sizing analysis of Madsen mill tailings and Table II a quantitative chemical analysis of the ore."

Jan 1, 1954

By Zoë Mullard

Just as a mine has a lifecycle, employees working within the mining sector also make several transitions throughout their career, from initial recruitment to retirement from the industry. Throughout the employment lifecycle, employees bring skills and knowledge that significantly contribute to the global economy. These skills are developed through education, professional training, coaching and through hands-on experience. Despite the current economic conditions and the demand for minerals, the mining industry is facing a substantial skills shortage due to the disparity between the number of new workers entering the mining industry and a largely ?graying workforce?. Although educational programs continue to evolve to attract people with a wide range of skills, the diversity of jobs and the strains of working in remote mining operations continue to present challenges for recruitment and retention of employees. This gap also presents challenges around knowledge transfer at a corporate and mine-site level; employers will require cultural and techno-sociological approaches to ease through these transitions. At the same time, there has been an explosion of social media tools that facilitate information sharing, cross-organizational collaboration, distance learning and knowledge capture. These tools have become increasingly popular in the last few years and their applications vary widely. The mining sector has started to adopt these tools for a number of purposes, including opportunities to harness social media to enhance human resources interactions, outreach and oversight. This paper will outline several case studies that explore leading practices for how the application of new media can assist organizations and individuals as they progress through their careers. This paper will illustrate how new social media communication technologies can be used to increase employee engagement and build organizational capacity in the mining industry. The paper will also include strategies for how to implement social media to enhance human resources applications and will cover ideas for monitoring and evaluation.

Aug 1, 2013

By J. Mackintosh Bell

External trade strongly influences the well being of all nations. In the modern economic mechanism, no country is so well endowed that it has not to import commodities from others and to export its products in turn to make good its deficiencies, to rectify or improve its financial structure. From the standpoint of international commerce, Canada is strategically well placed. On the south she is bounded by the richest country in the world. On the east she faces the Atlantic, on the west the Pacific. On both coasts there are fine harbours to which lead great lines of railway that span the continent. Canada is now fifth among the exporting nations of the world. For disposal abroad, she has enormous quantities of primary commodities and substantial amounts of manufactured goods as well. But she is far from being self-sustaining. She is unusually dependent on foreign trade, not only because of the commodities she has to sell but because of the lack of many essential articles she does not or cannot produce. To Canada, external commerce is vastly more important than internal trade. The wealth of nations is decided by their ability to produce more than they need, to sell more than they buy, and to build up favourable balances resulting from trade or services. With few countries, however, are returns perennially satisfactory. Fruitful periods are followed by leaner years. In times of prosperity foreign credits are increased, monetary systems strengthened, reserves accumulated to withstand recurring days of strain. Today, the foundations of financial systems are being re-examined, "dogmas hitherto accepted as canonical are being questioned" . It is not only in Europe and America that men search for illumination in problems arising from monetary restrictions.

Jan 1, 1933

By Karl J. C. Harries

13.1. RIGHT TO RECEIVE ROYALTY CONTRACTUAL ONLY1

Jan 1, 2003

By P. Pyykkö, E. Peuraniemi, J. Järvi, P. V. Latostenmaa, V. Törölä, S. Junnikkala

"Nickel concentrate smelting started in Harjavalta in 1959. First, flash smelting - Peirce-Smith converting route was applied, and the high-grade converter matte was further refined to nickel cathodes. In 1995 the original smelter flow sheet was simplified with the novel DON (Direct Outokumpu Nickel) technology. In Harjavalta with the DON technology, high-grade nickel matte with low iron content is produced in flash smelting furnace directly without subsequent converting stage. The metal values in the smelting slag are recovered in an electric furnace as an iron containing bottom alloy. Main special features in Boliden Harjavalta nickel smelter are smelting of high-magnesia concentrates, the high recoveries of nickel and copper, as well as those of PGM`s and cobalt.Sulfur and dust emissions to air can be seen generally as one main disadvantage of nickel smelting operations. In Harjavalta continuous improvements in environmental performance has been rewarded by minimum sulfur and dust emissions to the environment and working atmosphere. Today Boliden Harjavalta’s nickel smelter is presenting state-of-art-technology at nickel smelting.This paper describes the nickel smelter process and includes recent production and emission data. It describes features required to achieve environmental and occupational hygiene goals and compares environmental performance data to that published on other smelting operations. General description of New Boliden Way is presented and a case example of production stability project is also presented."

Jan 1, 2014

By G. P. Demopoulos

The solubilities of calcium sulfate in HCl-CaC1z-H20 solutions up to 100°C were successfully modelled with the aid of OLI software after bringing proper modification to it. Modelling, more specifically, was carried out with the help of the Environmental Simulation Program, V-6.6.0.4 (www.olisystems.com). New model parameters were obtained by regressing the solubility data. A private databank was established by adding the newly defined model parameters and the calcium sulfate hemihydrate phase that is not included in the original OLI database. The McGill-modified OLI software was successfully applied not only to modelling solubilities but also the transformation of the various CaS04 phases, namely dihydrate, hemihydrate and anhydrite. In this paper, the modelling methodology will be discussed along with a comparison of the capabilities of the newly developed model vs the original OLI model.

Jan 1, 2005

By S. Kahraman, K. Develi, E. Yasar

Four hydraulic top hammers, one pneumatic top hammer, and three down-the-hole drills were observed in several rock types at quarries and highway construction sites to measure the performance data. At the same time, drill cuttings from each drill hole were collected for the determination of the coarseness index (CI), which is the sum of cumulative weight percentages of a particular size-graded sample of debris, and for the determination of median particle size (MPS), which is defined as the particle for which the quantity of particles equals 50% of the total of the cumulative distribution. After the sieve analysis was carried out on the drill cuttings in the laboratory, CI values were calculated and MPS values were obtained from the plots of cumulative undersize vs particle size. The performance data of the drills, CI values, and MPS values were analyzed using the least square regression method. It was seen that strong linear relationships usually exist between penetration rates and CI values, and penetration rates and MPS values for both top hammer drills and down-the-hole drills. Penetration rates increase linearly when increasing the CI and MPS values.

Jan 1, 2004

By Funsho K. Ojebuoboh

With several “green” applications on the horizon, bismuth has become an even more important minor metal in the smelting and refining of lead. Smelters with a complex sulphide feed invariably deal with bismuth. Its behavior during the smelting of lead in conventional sinter-blast furnace operation is discussed. Because it readily deports to the lead phase during the refining of lead, its separation from refined lead remained unsatisfactory in early lead production. When commercial requirements of bismuth in lead became more stringent early this century, the procedure where by calcium and magnesium is used todebismuthise lead was developed. The present conduct of this 1936 process, the Kroll-Betterton process, is discussed with emphasis on operational improvements.

Jan 1, 1996

By R. B. Nourse, S. F. Gwynn-Jones, S. Nikolic, M. L. Bakker, I. McDougall, H. Joubert

"Tenova Pyromet’s core furnace knowhow and expertise has been built within the ferroalloy and nickel/platinum group metal (PGM) industries with the supply of electric furnaces for a number of nickel/PGM operators, including Eastplats, Lonmin, and Anglo-Platinum in South Africa, Mineraçào Serra Da Fortaleza in Brazil, and Norilsk Nickel in Russia. Tenova Pyromet has also supplied the electrode columns and associated electrode equipment – the heart of the electric furnace technology – for cobalt recovery in furnaces in Zambia and the Democratic Republic of the Congo. The quantity and size of projects undertaken by Tenova Pyromet has provided the opportunity to continuously improve furnace designs and the scope of supply, culminating in the most recent nickel/PGM project currently under construction at Northam Platinum. Through this innovative culture, the Tenova Pyromet Base Metals Initiative was formed in 2015 to develop the Novasmelt™ Furnace; a next generation optimised Top Submerged Lance (TSL) furnace design. The combination of Tenova Pyromet’s advanced Novasmelt™ product with our industry leading electric furnace technology are discussed with reference to applications for nickel and cobalt production. Flowsheet arrangements are compared summarising potential capital savings, operating requirements and achievement of downstream product quality.INTRODUCTION Tenova Pyromet is a leading player in the field of smelting technology development and equipment supply. Tenova Pyromet is the result of the union of three furnace suppliers under the Tenova banner: Techint Technologies (Tagliaferri), Core Furnace Systems Corp (Lectromelt) and Pyromet Technologies. The furnace experience of the combined groups dates back over a century with the earliest Lectromelt going into production in the early 1900s. Throughout the modern era, Tenova Pyromet has developed a reputation for providing dependable innovative smelting technology, high quality equipment and sound project execution to a worldwide client base with customer plants operating in Europe, Southern Africa, North America, South America, Russia, Kazakhstan, the Middle East, South Korea, and India. Tenova Pyromet’s core knowledge and expertise was developed in the South African ferroalloy, base metals, and platinum group metals (PGM) smelting industries. Tenova Pyromet has spent considerable effort on development and has contributed significantly to improve the state of the smelting industry. Tenova Pyromet’s electrode columns have become widely renowned and are now providing significant benefits, especially in increased furnace availability, to many smelting furnace operators. The electrode column is the heart of the furnace as it delivers a controlled amount of electrical energy, at an optimum depth in the burden/bath, to the smelting process. Every furnace is custom designed to the specific operating range and optimal operating point of that furnace and process"

Jan 1, 2017

By J. E. Gill

THE 1938 season was marked by a distinct lull in exploratory activity in the Province of Quebec. Quebec was not unique in this respect, but the condition appears to have been more acute here than in most other parts of the Dominion. Various causes may be suggested to account for this. The general disturbance in political and economic conditions throughout the world has certainly had an adverse influence. Uncertainty induced by changes in the mining laws of Quebec in 1937 contributed. A third cause was the belief, now held by many, that the easily accessible deposits in the main producing belt extending eastward from. the Rouyn district have now all been found and that new discoveries in this field will henceforth come more slowly and more expensively. A fourth is the lack of conspicuous success by companies and individuals who have interested themselves in less accessible areas to the north, notably the Chibougamau district. A fifth, the unattractive appearance, as viewed on published geological maps, of the vast area extending northward to Ungava bay and Hudson strait. A sixth, the attraction of such speculative funds as were available to the Northwest Territories, where spectacular finds were reported in the fall of 1937. Whatever may be the relative importance of these causes, languor in exploration will ultimately be reflected in production returns. This appears, therefore, to be an opportune time to take stock of the general position of the Industry in the Province and to consider ways and means of counter-acting those conditions which are now impeding, or will in the near future impede, its expansion. At the request of the Institute Secretary, Mr. Carlyle, I have prepared a brief summary of accomplishments to date and a discussion of some of the geological aspects of the problem.

Jan 1, 1939

By G. W. Adams

Foreword While the literature on radium is voluminous, there is no single publication available from Canadian sources which attempts to cover at all fully the world radium industry. The comparatively recent developments in the Wilberforce area, and the consequent arousal of public interest in radium, seemed to call for the publication of such a paper which would be intelligible to the layman. To satisfy this apparent need, the writers submit this paper which contains material derived from various sources, and for which the writers make no claim of originality. Direct references are made throughout the paper to sources of information.

Jan 1, 1931

By G. R. Waters

"The technology behind industrial applications such as Hydrometallurgy continues to evolve, as do the corresponding regulations and specifications that ensure the safety of workers and the environment. Valves make up key aspects of this technology, and often represent the single point of failure for entire operations. More often than not, the valves being used in Hydrometallurgy applications are known as Severe Service Valves (SSVs) due to their ability to withstand the extreme conditions. Most experts agree that SSVs are identified by applications, and that these applications are challenging to the valve’s ability to provide a minimum acceptable level of performance over a minimum acceptable duration. The Manufacturers Standardization Society (MSS) of the Valve and Fittings Industry has designated Ross Waters, President of CGIS, as Lead to the Task Force put in place to determine the minimum requirements a valve needs to be able to perform to when faced with extreme conditions, whether from pressure, temperature, toxicity, solids, or usage. This paper serves to determine what the minimum requirements are for SSVs in Hydrometallurgy applications. It will draw on five decades of industry experience from one of Canada’s leading valve experts.INTRODUCTION Severe Service Valves Severe Service Valves (SSVs) mean different things to different people. Until today, defining SSVs had little if any global agreement or recognition. That is about to change as the Manufacturers Standardization Society (MSS) has accepted an application to produce a Standard Practice so defining them. This paper provides information about the selection of SSVs in all industries but focusses on metallurgical processes and applications and offers examples to illustrate the successful and unsuccessful use of these valves. All of this with the purpose of raising the awareness of the industry on all sides, from the suppliers and manufacturers, specifiers and to the users and owners of them. It also supplies tools to understand where and why to separate SSVs from general purpose or commodity valves (GPVs). SSVs are often identified by applications, and these applications are challenging to the valve’s ability to survive. Within these applications the elements that make the service severe are being analyzed, quantified and qualified. From this, we expect to offer objective and repeatable definitions and guidance to improve the experience of SSVs, reduce unnecessary costs, provide longer service life and process runs, improve safety and reduce environmental issues."

Jan 1, 2017

By Lawrence Devon Smith

"The concept of risk is well established in the mining industry. It is acknowledged when estimates of reserves are expressed as proven or probable, when mining and metallurgical recoveries are applied to the ore, and when contingencies are added to costs. However, it is difficult to provide a quantitative assessment of risk. The significant sources of risk in a mineral project and how these are addressed in project evaluations are discussed. The discount rate is examined as a fundamental means of reflecting risk in discounted cash flow evaluations. Current industry practice is discussed, and a methodology for the analysis of risk levels is proposed that assesses the constituent components of the discount rate: real interest, mineral project risks, and country risk.IntroductionThis paper examines the components of the discounted cash flow discount rate and proposes a method of estimating project-specific discount rates. The motivation for this work comes from experience of project evaluations in which owners and purchasers had agreed on virtually every aspect of the evaluation except how much the project was worth. Agreement was reached on reserves, grad~, recovery, capital costs, operating costs, taxes, and, by combining these components, even on the fmal cash flow values. The only difference in opinion concerned the discount rate to be used in the calculation of the net present value. Depending on the life of the project, such differences of opinion can cause a variation of more than 50% in the value placed on a project! This is illustrated in Figure 1."

Jan 1, 2003