Search Documents

By John R. Bogert

The title of this session is "Wall Street Looks at the Mining Industry," and I am going to attempt to answer the question: Shouldn't Mining Stocks Sell at Higher Price Levels? Or, What Does Wall Street See When Looking at the Mining Industry? Well, it sees a capital intensive business, a technical industry, and a growing industry becoming more vertically integrated. But, at the same time, Wall Street sees a cyclical industry, a fragmented industry of erratic earnings, spotty public relations, a feast-or-famine business where the public usually does not differentiate between coal mining or metal mining, and does not appreciate either the risks or the rewards. As a result, mining stocks generally sell at relatively low price learnings ratios in comparison to other industrial groups. This PIE ratio, the current market price of the capital stock divided by annual earnings per share, is probably the most popular index of a stock's value. The average of the price/ earnings ratios of the 30 stocks comprising the Dow Jones Industrial Average is over 14. This diverse group of stocks is widely regarded as being a cross-section and representative of the industrial companies listed on the New York Stock Exchange. However, in comparison to 14, Asarco and Kennecott shares are currently available for about 8 times annual earnings. Even discounting earnings from South America, the stock of these two companies sells at only 10 times earnings. Of course, Peruvian politics is currently preventing Cerro shares from selling above 6 times earnings, and Chilean politics keeps Anaconda shares at a PIE multiple of 7. However, even in better times, these companies rarely sell above 10 times earnings. American Metal Climax and Newmont sell at only 11 times earnings as does Phelps Dodge and St. Joseph Lead. Few mining companies then have what can be considered a high PIE ratio-a figure higher than

Jan 1, 1970

By S. Bellec, P. Champagne, J. Châteauneuf, A. Berton, S. Fortier

"The start-up of new plants, extending from the commissioning of equipment to the production ramp-up, is a critical period where the processing circuit operation must be done in a structured and well controlled way to enable the gradual, safe and rapid achievement of production targets. The magnitude of the many risks associated with this pivotal period is accentuated in the actual context of low commodity prices. However, the implementation of a method that analyzes risks associated with a start-up, their probability of occurrence and their impacts leads to the identification of a series of preventive actions that can be applied in order to reduce potential negative impacts.Soutex has been involved in numerous start-ups over the last few years and has developed a structured methodology to assess this crucial period, maximize the pre-start-up preparation, ensure a smoother and safer ramp-up period and minimize the time needed before reaching commercial production.This paper describes a method to identify preventive actions to apply in order to reduce risks related to a plant start-up. Then, the various steps of the method are demonstrated using the industrial case study of the Canadian Malartic gold plant situated in Abitibi, Québec. The specific preventive actions, during start-up, the organisational measures and the ramp-up plan are detailed as they were effectively achieved. Finally, the post start-up actions are presented as well as some key results illustrating the achievement of their prior defined objectives.IntroductionPlanning a new plant or new circuit start-up in a mine installation involves various risks, both at the economical and safety levels. Unprepared staff and equipment can lead to safety issues that could threaten plant staff as well as the environment. Moreover, a poorly prepared start-up could often lead to equipment break-down, production stoppages and delays, leading to important economic impacts, delaying commercial production and therefore affecting directly the profitability of mining projects.It is common in the industry to have structured commissioning procedures for major equipment taken separately. Technical personnel from the equipment manufacturing company would usually come on site in order to perform the pre-operation verification, dry runs and the first hours of operations. This kind of assistance is usually focussed on one piece of equipment and neglects the interactions between the various equipment of the production chain. The commissioning phase is usually maintenance oriented and the information given by the manufacturing representative seldomly flows through the operation staff (in the case of this paper, the denomination “staff” refers to both managing and operating employees). The global process is usually not taken into consideration by the technical personnel sent on-site by the manufacturer during the commissioning phase. Many papers can be found describing the commissioning of new equipment focussing on the technology (Côté and Adante (2009), Wells et al (2007)) but without dealing with its integration process in the complete production chain."

Jan 1, 2016

By Sylvie Lévesque, Frederic Couët, Laura Pérez-Barnuevo, Cory Hennessey

Determining mineralogical characteristics of samples throughout the iron ore concentration process – from drill core samples up to the concentrate – is critical to process improvement and remediation. However, assessment of mineral proportions, liberation, and texture, although essential, can be time-consuming and costly. Thus, a mineralogical study is often not performed or only restricted to a limited number of samples. New iron ore deposits or new ore zones in active mines will bring new challenges as they are known to be problematic due to their lower grades, complex textures and presence of mineral impurities. In those cases, applied process mineralogy will be necessary to understand and to diagnose potential processing issues. To take full advantage of mineralogical information along the iron ore concentration process, new tools are being developed to provide mineralogical data based on texture, composition and liberation. In an early stage at the mine, the automated identification of drill core textures could provide essential information for the prediction of ore concentrability and grindability. In a later stage, the automated modal tool, combining the knowledge of the iron ore mineralogy of a specific deposit and the results of chemical analyses, can quantify the mineral proportions of the ore; results show good agreement between mineral estimation via chemical analysis and modal analysis using a Mineral Liberation Analyser. A bulk mineralogical analyser allowing semi-quantitative evaluation of the liberation of iron oxides is being validated. The results from the bulk mineralogical analyser will eventually be linked with the mineral proportions issued by the automated modal tool to provide complete mineralogical characteristics of iron ore samples. Ultimately, these mineralogical tools could provide valuable and timely insight for predicting concentrators’ performances or troubleshooting gravity separation processes.

Jan 1, 2016

Of the world's total production of gold the largest proportion comes from the more regularly consistent ore bodies, but in the aggregate an important part comes from those which are often irregular, uncertain and small. These smaller ore bodies are often high in grade and, as the capital required to work them is not large, they appeal to people seeking a quick and profitable return for a small outlay.These small mining concerns cannot afford detailed geological and petrological investigations and mapping, so they are very often dependent on local knowledge and experience which admittedly may be of really great value.Nevertheless the absence of skilled guidance may not only cause good opportunities for intelligent exploration to be lost, but discourage the seach for other ore bodies.lVIining engineers in the course of their travels in the examination of mines often come across such cases and also others where problems of finding lost ore bodies have been solved by the man on the spot. As records of cases are valuable and useful additions to the knowledge of ore occurrences, the writer now proposes to describe one such case coming under his observation in recent years.It is that of a small mine, known as the Idaho, at the southern end of the famous "Golden Mile" at Kalgoorlie (see Fig. 1). This mine has been a small and very erratic producer ever since it was abandoned by an English company which owned it forty years ago. Except for one period of four years it has always been owned and worked by parties of co-operative miners and during its time has gone through a tortuous career. Although it has often...

Jan 1, 1938

By D. Z. Mraz, R. S. Jones

Unlike in coal mines where caving methods are used, the subsidence over potash mines in Saskatchewan, Canada, is a function of gradual mining convergence. Because of the presence of high pressure water aquifers over the evaporite salt formations, the mines have to be designed as regionally stable and no caving is allowed. The extracted area converges gradually and the convergence is mainly a function of the extraction and the mining method employed. Consequently, the subsidence rate is very slow and the bridging of the over-lying strata is a considerably more important phenomenon than elsewhere. The paper evaluates a case history of convergence and subsidence in a deep potash mine in Saskatchewan.

Jan 1, 1986

By Lance R. Barron

The U.S. Bureau of Mines (USBM) conducted ground pressure analysis of a wide abutment-type chain pillar in a two-entry gate road of a Western U.S. coal mine with an extremely weak immediate roof. About 15 m of fragile, low-strength mudstone lies between the seam and the lowest competent roof member. Three-and two-entry gate road designs with several pillar sizes and various secondary support systems have been employed to improve tailgate-entry stability, with varying results. This report discusses gate road layout and performance and secondary support effectiveness. The results of the pillar pressure study are compared to pillar loading predicted by a widely used pillar design method and to similar studies in other mines. A stability evaluation of the most recent longwall headgate, using the USBM Analysis of Longwall Pillar Stability (ALPS) method, indicates marginal stability in first-panel mining and instability in second-panel mining. The ALPS method and the USBM Coal Mine Roof Rating system are used to evaluate tailgate-mining stability of the previous gate roads and to determine pillar and entry width and top coal thickness criteria for tailgate stability in future panels.

Jan 1, 2010

By A. J. Paul

Traditionally, 16"/50 caliber projectile shells have been fabricated from forged steel. The Naval Surface Warfare Center (NAVSWC) has determined that cost savings of approximately 60% (-$4.7M/year) as well as improved shell fragmentation can be achieved by casting these shells from austempered ductile iron. One of the technical concerns arising out of this material substitution is the role of the casting process in controlling the quality of the cast shells. Optimizing the process through proper orientation of the mold, placement of chills, superheat, etc., can minimize shrinkage porosity and, consequently, flaw size. For this purpose, the mold filling and subsequent solidification of the projectiles was simulated using a 3-D, fully transient, coupled fluid flow and heat transfer model based on finite differences. Several casting orientations were investigated and the casting parameters were varied to optimize the process and minimize casting defects. A comprehensive software tool, which was developed using state-of- the-art visualization techniques, has been used to analyze the process of casting. Emphasis is placed on the use of this visualization tool as an aid to the foundry engineer for process optimization.

Jan 1, 1992

By R. Matusewicz

The key drivers for the copper smelting industry are a complex mix of economic and "human" factors which combine to drive technology in new directions and can provide a strong indication of future industry trends. Recent examples have been the drive to achieve increased scale of production and resultant cost efficiencies by using a single furnace high intensity smelting vessel, and the broad acceptance of Top Submerged Lancing (TSL) technology for this duty. The development and adoption of continuous converting processes to counter the increased pressures faced by the Peirce Smith converting process is another example of the need for innovation. This paper discusses the merits of the continuous converting process, describes how the Ausmelt TSL batch converting process has been adapted to the new Ausmelt Continuous Copper Converting (C3) process in response to these industry trends and examines the Ausmelt continuous converting flowsheet options available to the end user.

Jan 1, 2007

By John Relser

The production processes that are developed in the mining and minerals industry are manufactured to be exposed to very aggressive environments. Chemical, abrasion, and impact expose structures and equipment, steel or concrete, to a significant deterioration. This causes damage and adds high costs to operations that can be reflected in the destruction of equipment and structures in the arrest of the production process, which becomes very costly. Also, there is the potential for personnel accidents, which would require large sums of compensation for an employee, thus directly harming the image of the mining operation and company. Manufacturers of paints and coatings that have major centers for research and development (R&D Labs) distributed globally have developed high-tech products for durable protection from the elements for structures and equipment used in the mining industry. The difference between these paintings and coatings and what is normally known as conventional paints (e.g., those called domestic or decorative), is its chemical composition, structured around polymeric components that have highly resistant, chemical and physical properties to cope with extreme conditions to which they are exposed. With this, and only this, longer life of components can be achieved for equipment and structures used in the production processes of the mining industry. Today, in addition to the important features mentioned, some manufacturers of the paints and coatings dedicated to this highly modernized process have invested large sums of money in developing new products that add operational elements to the painting process. These coatings provide added value and significant performance to companies mining operations and that we can describe in three fundamental concepts:

Feb 1, 2014

By X. Louw

"This paper examines the change in surface properties of the Polyurea used on spirals at different operational times: unused spiral, 28 months in operation and 58 months in operation. This is being done to investigate the alleged statement that spirals have a decrease in spiral separation efficiency after a certain period of operational time. Observing the surface characteristics under 1.5x and 36x magnification it can be concluded that the surface roughness decreases with increased operational time. This may be explained by a decrease in air inclusions and streak lines as the spiral surface wears. Decreased surface roughness should in theory have a beneficial effect on spiral separation performance. This leads to the conclusion that if a decrease in spiral separation performance is observed after a certain period of operation, it can’t be attributed to the change in surface properties. Uneven wear of the spiral surface, material creep or application of force to the spiral will change the profile of the spiral and could cause an adverse effect on spiral separation performance. The metallurgical test work showed that the best results are obtained at 30 - 35% solids by mass in the spiral feed. The iron recovery was significantly higher in the new spiral in comparison to the 2012 and 2010 spirals. The mass yield to concentrate in the new spiral was approximately three times more than for the older spirals. In conclusion, the yield combined with the grade, which equals the recovery was the best for the new spiral.IntroductionAn investigation was launched to research the common belief that spirals experience a decrease in efficiency, and therefore recovery, after a certain period of operation (a period of seven years has been used in the industry). The properties of the spiral that may have an effect on the efficiency are:"

Jan 1, 2017

By R. S. Warfield

The Kasna Creek copper deposit near Lake Kontrashibuna in the Lake Clark region, Alaska, was the object of an investigative project by the Bureau of Mines during the fall of 1948. Recessed because of inclement weather, it was completed in 1949. This project was a part of the Bureau of Mines program in Alaska for the development of critical and strategic minerals. The ore bodies are contact-replacement deposits in limestone. Mineralization is mainly specular and micaceous hematite associated with chalcopyrite, calcite, chlorite, quartz, and amphibole. The deposit, on the right limit of Kasna Creek approximately 2 miles from the shore of Lake Kontrashibuna, is composed of two mineralized zones that range in altitude from 2,350 to 2,650 feet. This report contains a brief history of the prospect, description of the physical setting of the property, its geology, and the factual results of the Work performed by the Bureau of Mines.

Jan 1, 1951

By L. Douglas Smoot

This research program was a theoretical and experimental study to improve understanding of the mechanisms of flame extinguishment in methane-coal dust-air-suppressant mixtures. This final report is a summary of work conducted during this grant, sponsored by the Bureau of Mines. Work under this new grant closely followed a recently completed contract for the Bureau of Mines that was conducted at this laboratory, and results of the earlier contract are also summarized in this report, as required in the grant work statement. The experimental effort was concentrated on supplementing the limited data available to describe laminar flames in methane-coal-air-suppressant mixtures. The theoretical effort was devoted to developing a comprehensive model that could be used to explain and extrapolate the experimental data. Selected for study were the following flames: Methane-air; methane-air plus KHCO , KNO3, K C204, KBr, Al203 or Monnex; methane-coal dust-air; coal dust-air with size, volatiles content, and concentration as variables, and coal dust-air plus KHCO3, KN03, KBr, NaCl or CaC03.

Jan 1, 1978

By David J. Kusler

This Bureau of Mines study is an appraisal of the demand for platinum, should this strategic metal be used as a. catalyst in the National abatement of automobile exhaust pollution. The Clean Air Act 0f 1970, as amended, requires that automobiles produced in 1975 and thereafter be provided with antipollutive measures to control automotive exhaust emissions. The study considers the need for automobile pollution control, the methodology for such control, the annual primary (new) platinum demand for automobiles produced from 1975 to 1990, primary platinum availability, and supply-demand forecasts and outlook. The correlative demand for platinum for the production of the required unleaded gasoline is also considered. Methodology for the study included a forecast of new automobile production from 1975 to 1990, development of automobile survival and retirement data, estimates of new platinum demand under various conditions of salvage, and data on recycling the precious metal from the catalytic converters of scrapped vehicles and existing vehicles when their spent converters are exchanged for replacement units. The new platinum demand for automobile exhaust converters, based on a converter service life of 50,000 miles, is estimated to be 1.41 million troy ounces initially in 1975, rising to 1.68 million in 1980, and declining curvi-linearly to 0.94 million in 1990. The platinum demand for converter longevities other than 50,000 miles can be derived from the tabular data presented. An appendix to the report presents a comparison between longevities of 50,000 miles and 25,000 miles. The petroleum industry's demand for new platinum for the production of lead-free gasolines could total as high as 1 million troy ounces between 1972 and 1981, just for expansion of isomerization and reforming capacity, and is in addition to normal operating demand for this metal.

Jan 1, 1972

By Shiro Watanabe

To determine the potentialities of nickel as a substitute for cobalt in catalysts for the synthesis of hydrocarbons from carbon monoxide and hydrogen, RESULTS The maximum oil yields obtained in bench-scale equipment were as follows: Using 100N1:20Mn:100 kaolin:200 diatomaceous earth catalyst, a maximum yield of 133.8 cm.3/m.3 of pure CO+2H2 was obtained from one pass of the feed gas, With a nickel:cobalt mixed catalyst (Ni:Co - 3:7) having the composition 100(Ni+Co):8MgO: 5Th02:200 diatomaceous earth, a maximum of 172.2 cm.3/m.3 of pure C0+2H2 was obtained.

Jan 1, 1951

By Raymond B. Hryciuk

Environmental auditing has evolved rapidly over the last decade — first in North America, then Europe, and most recently in Asia — into a widely practiced discipline designed to provide senior management with assurance that operations are being managed in compliance with established governmental standards, internal company policies, and good industry practices. This paper first examines the evolution of environmental auditing, focusing in particular on three interlocking driving forces: company initiatives, collaborative industry initiatives, and government initiatives. Characteristics of effective audit programs, those that have emerged among the leaders, are discussed, including: objectives, scope, coverage, approach, staffing, and organizational considerations. The author then addresses important future trends and developments for environmental audit program design, content, and coverage.

Jan 1, 1996

By A. L. Garassino

Dans cet article on parle sortout de l'approche de calcule pour les pieux charges horizontalement avec particuliere reference aux curbes p-y et è une solution semi-empirique qui prende en consideration les variations typiques du module du sol avec la deformation obtenue par les données expérimentales. 1. INTRODUCTION The analysis of the piles under lateral loads depends very strictly from the pile stiffness and geometry, from the soil type and from the strain field. Different approaches were adopted in solving the problem. Some Authors developed methods for estimating the ultimate lateral resistance of piles and pile groups by conventional static approaches, as the Brom's widely known (1964) or by the plane strain solution developed by Davis (1961) or by empirical engineering con­siderations l

Jan 1, 1994

By J. Chilton

The fact that methane ignitions continue to occur at the mining face indicates that monitoring with machine-mounted methanometers does not always indicate the presence of high methane concentrations. Methane concentrations at the face change quickly due to changes in airflow. By measuring these changes in airflow, it may be possible to predict changes in face methane levels more quickly. Currently there are no techniques or instruments to accurately measure airflow in by the mouth of the ventilation curtain or tubing. Tests conducted in the NIOSH ventilation test gallery compare the data provided by one-, two-, and three-axis ultrasonic anemometers. The effects of changes in airflow direction and turbulence on instrument readings are discussed, and guidelines are given for selecting the type of instruments to be used for monitoring airflow near the mining face.

By Virendra Singh

The load settlement behaviour of single pile or pile group may be obtained using computer based methods such as the finite or boundary element techniques. An alternative method of obtaining the vertical soil stresses adjacent to the Pile is presented Based on calculated stresses consolidation settlement for Piles foundation is obtained. This approach may be computationally more attractive than the more general finite or boundary element techniques.

Jan 1, 1996

By P Standish

Qualitative risk assessment methods are not well suited to considering complex systems and potential interactions of new technology. As part of supporting tier one mining organisations and international industry groups, the author and colleagues have innovated processes to help provide better solutions to sites/companies considering a move to implementing proximity detection and collision avoidance systems. The process identifies required operating states for the system. By applying a combination of research and team-based analyses, a rigorous identification of credible failure modes which could cause these states to be lost, is identified. Finally, required business inputs, expressed in practical terms are distilled from regulator, industry, organisation and site in a way which clearly addresses the failure modes and so retain the required operating states. These business inputs identify improvements for site arrangements (EMESRT levels 1 to 7) before identifying functional requirements for technological collision avoidance solutions (levels 8 for advisory and 9 for autonomous). The paper presents a case study synthesised from multiple sites analyses and will provide guidance on where to find additional resources to assist in making the best possible transition to better equipment and road network solutions.

Jun 22, 2022

By John D. Watson

The results of extensive field tests of a new and powerful method of hard rock excavation are presented in this report.* The method, known by the acronym REAM (Rapid Excavation and Mining), employs high velocity, smooth bore cannons to efficiently deliver energy to the rock and has been demonstrated for underground tunneling, drilling, surface benching, scaling, and secondary breakage in hard granitic rock at the Hope Valley Mine test site in California. Solid projectiles made from inexpensive materials such as concrete or steel, and weighing from 8 to 12 pounds, are launched by conventional high speed cannons and impact the rock at velocities of 5000 feet per second--an impact energy of about 4 million foot pounds (Figure 1). The energy applied at peak pressures of nearly 2 million psi over a period of tens of microseconds breaks down the rock by a complex mechanism of crushing, spalling, and initiation and propagation of fractures produced by the interaction of successive impacts and free surfaces. The main objective of the tests during 1973 was a demonstration of controllability of the underground operation of a silenced cannon. To accomplish this objective a 90-mm cannon

Jan 1, 1974