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By A. Henk, C. M. Aruffo, K. Fischer

"Geomechanical reservoir modeling offers a valuable tool to predict tectonic stresses, in particular the local perturbations in orientation and/or magnitude which occur at lithological boundaries and faults. The paper presents a workflow for building and calibrating such geomechanical models. The numerical simulations are based on the Finite Element method and can range from field-scale models to smaller, highly detailed submodels of specific fault blocks. The approach considers the reservoir-specific characteristics with respect to subsurface geometry (lithostratigraphic boundaries, faults), mechanical properties and ambient stress field. During the subsequent calibration stage calculated stresses are compared to stress data actually observed in borehole data. Poorly constrained input parameters are iteratively modified within reasonable limits until a satisfactory fit between calculated and measured stresses is achieved. This validated model can then be used for stress predictions between wells and in undrilled parts of the reservoir, respectively. The workflow is applied to two case studies - a large gas field in Northern Germany and a CO2 sequestration project in Australia – to test and illustrate its practical value. INTRODUCTIONDetailed knowledge of the tectonic stress field is crucial for the optimal exploration and use not only of conventional and unconventional hydrocarbon reservoirs, but also for deep geothermal reservoirs, carbon capture and storage (CCS) projects as well as underground mining and nuclear waste repositories. Any reliable stress prediction is hindered by the observation that the magnitude and orientation of the stress field can vary significantly – not only in time, but also in space. Such spatial stress variations comprise all scales, i.e., from the scale of lithospheric plates down to the grain-scale. On the reservoir- and fault blockscale, the local stress field can be influenced by faults and different mechanical properties of lithologies (Sassi & Faure, 1997). The resulting variations in stress magnitude and/or stress orientation are commonly referred to as stress perturbations and give rise to a unique, reservoir-specific stress pattern (Yale, 2003). Thereby, local stress fields can deviate by up to 90° in orientation and several tenth of Megapascal (MPa) in magnitude from regional trends."

Jan 1, 2015

By Torsten Zeller

Due to the increasing worldwide demand for raw materials and the resulting rise in commodity prices more expensive processing that is able to utilize complex ores becomes economically viable. This and increasing ecological awareness is why the interest in recycling and urban mining is steadily growing in Germany. In addition to that; landfills do also contain elements, which were not targeted over the period, when they were being accumulated. Examples are rare earths, indium, gallium, cadmium, arsenic, selenium and tellurium. Also copper, zinc and lead, the target components of ancient mining, can be obtained due to more effective processing and smelting technologies. Funding by the German Federal Ministry for Education and Research, entitled "r³ ? Strategic Metals and Minerals ? Innovative Technologies for Resource Efficiency" also indicates the high level of strategic interest. It is against this background that the research project "Exploitation of the Raw Material Potential of Mining and Metallurgical Tips in Respect of Sustainability as Exemplified in the West Harz Mountains (ROBEHA)" has been implemented. A major concern of this project is the possible transfer of results to landfills in other areas. Therefore the development of an expert system based on the innovative processing methods and a method manual for urban mining are the central components of the investigation. This will provide an important contribution to the cost optimization of ensuing urban mining projects. To ensure the success of landfill mining projects it is necessary to record the composition and quality of the deposits accurately. Also the environmental impact caused by landfill mining and changes in the natural and cultural landscape will be considered in a multicriteria evaluation method. Depending on their origin the tips are divided into the categories mining, processing, and smelting. The content of a landfill and thus the economic potential in terms of urban mining is dependent on the type and composition of the deposits (host rock, gangue, and ore mineral), the available processing and smelting technology, and the target components at the time of mining. Zinc, for example, was not been processed until the 19th century, when it gained attention as being material of economic importance. After such knowledge about a landfill is obtained the decision for further investigations can be made. For a total of 158 landfills in the Harz Mountains, both the volume and the approximate contents of copper, zinc, and lead has been estimated for the different types of tips within past research projects. Based on the prices of the London Metal Exchange (LME) and a euro/dollar exchange rate of 0.76 (as of 03/05/2012) and assuming a minimum density of ? ? 1.5 t/m³ a average value of 1.6 billion ? in copper, zinc, and lead can be obtained. Although only these three metals are considered in this first estimate, it demonstrates the potential of landfill mining and the need for further research. KEYWORDS Urban Mining,

Aug 1, 2013

By Georges Houlachi, Raynald Labrecque, Jean-Noël Cloutier

"Electrodialysis (ED) is an electro-membrane technology based on electrochemical process using electrical energy for the production of chemicals. The process can be used for concentrating, extracting, separating products, modifying molecules, purifying solutions, pH adjustment and regenerating salts into their base and acid. This paper reviews the principle of ED, present some of the different options and discuss applications that are relevant to the hydrometallurgy and mining industries for the treatment of effluents focusing on recovery of chemicals (acid and metals) and recycling of water minimizing the environmental footprint.INTRODUCTIONElectrodialysis (ED) is usually defined as an electrochemical separation process in which electrically charged membranes and an electrical potential difference are used to separate ionic species from an aqueous solution and other uncharged components [1]. ED technology consists of an electro-membrane technology based on an electrochemical process using electrical energy for the production of chemicals. It is a method combining electrolysis and dialysis was proposed for the first time in 1890 by Maigrot and Sabates [2]. In the late 1930s Teorell, Meyer and Sievers discussed membrane phenomena, revealed membrane potential, electric conductivity, transport number [3]. Meyers and Strauss introduced a multi-compartment ED apparatus consisting of two electrodes and a stack of ion-exchange membranes between them [1]. They succeeded to double the concentration of a KCL solution [3- Tarleton]. In general, ED consumes less energy than electrolysis to perform salt splitting. In that regard, one can expect an energy reduction of about 30% [4–5]. ED offers a great versatility in the domain of separation processes. Indeed, it can be used for concentrating, extracting, separating products, purifying by desalination, pH adjustment and regenerating a salt to acid and base components. This paper reviews the principle of ED, presents various options available and discusses potential applications relevant to the mining and metallurgy industries with economics of some successful industrial applications."

Jan 1, 2016

By N. Depountis, Th. Rondoyanni, N. Sabtakakis, K. Kavoura, G. Tsiambaos

"Some typical landslide phenomena in Western Greece, in terms of the geological composition and structure of the affected materials, induced by heavy rainfalls are thoroughly studied and analyzed. The studied cases involved composite landslides on Flysch and Neogene weak rock materials that constitute the most critical landslide prone geological formations in Greece. The studied cases named Platanos, Platanitis and Karya include representative landslide sites as regards to the geological composition and structure of the displaced formations. Thus: (a) flysch formation includes different lithological units as shales, marls, siltstones, sandstones and conglomerates and is closely related to the Alpine orogenesis, suffering intense past tectonic movements and (b) the Plio-Pleistocene sediments include clayey marls, marlstones and siltstones. The investigated landslides , affecting mainly transportation routes, are closely related to heavy rainfalls induced by extreme meteorological events and are controlled by active fault tectonics. Long term movement monitoring using borehole inclinometers and surface benchmarks showed that landslides control was effective only when the proper stabilization measures were taken.INTRODUCTIONLandslides represent a major threat to human life, property, infrastructure and natural environment in most regions of the world. They are recognized by the scientific and politic authorities as having a major socio-economic impact and they represent a significant hazard for the population and the properties in particular locations. Landslide hazard expressed as the probability of occurrence within a reference time period and is a function of the spatial and temporal probability (Varnes, 1984; Guzzetti et al. 1999; Lee and Jones, 2004). The spatial probability of landslide initiation (susceptibility) is mainly related to static causal factors (slope inclination, material properties, etc.), while temporal probability is mainly related to dynamic causal factors such as rain input, increased groundwater levels and drainage, earthquakes, etc. (Van Westen et al. 2005)."

Jan 1, 2015

By Frank Lemy

This paper presents an application of digital face mapping in an underground mine. Based on photographs it was possible to construct discontinuity maps, which were used to characterise the rock mass. The results were compared favourably with values obtained through scanline and area sampling mapping for the same site. The case is made for digital mapping as a safe, fast, and efficient way to characterise rock mass structure for engineering purposes.

May 1, 2001

By Albert W. Scragg

"THE ADMINISTRATION DEPARTMENT consists of six sections, all with their own supervisors, reporting to the superintendent of administration. Although each of these sections is uniquely separate, they all work together, in one department, to provide very necessary services.1. Accounting 2. Purchasing 3. Warehousing 4. Data Processing 5. Inventory Control6. Office ServicesThis department, which now numbers 108 people, had its birth in an office over a hardware store in downtown Timmins in 1964. Initially, only basic accounting and purchasing functions were performed and these, of course, were on a very small scale. The growth of the administration department is a function of the growth of the company."

Jan 1, 1974

By Ken McClure, Alex Day

Located North of Williams Lake British Columbia, Gibraltar Mine is the fourth largest open pit Copper mine in North America. Gibraltar commenced Copper concentrate production in 1972 with a mill throughput rate of 30,000 tons per day. A series of expansion projects, including installation of a second SAG mill with variable speed drives in 2013, has increased mill throughput to 85,000 tons per day. Over the past 24 months, Gibraltar Mine in partnership with Spartan Controls has executed several advanced process control programming projects culminating in the implementation of a Continuous Speed Controller (CSC) for the most recently installed SAG mill. This paper covers development and results for the SAG mill speed controller. INTRODUCTION In January 2016, the price of Copper fell below $2.00 USD per pound, the lowest price in 7 years. Gibraltar Mine faced a significant challenge; how to maximize profit in an environment where capital spending was not an option. An opportunity was quickly identified to improve performance through increased automation and advanced control of the grinding processes. Beginning in March 2016, Gibraltar Mine partnered with Spartan Controls to introduce Advanced Process Control (APC) to the grinding circuits. The collaboration between metallurgical and process control engineering disciplines proved to be effective for achieving gains in throughput, reliability and productivity for the mill process. The Gibraltar milling facilities include 2 grinding-flotation plants for concentration of chalcopyrite ore with throughput rates of 58,000 tons per day (Concentrator 1) and 38,000 tons per day (Concentrator 2). Each of the two concentrators has a 34’ diameter SAG mill powered by 2 GE 4800 kW synchronous electric motors. For SAG 1 (in concentrator 1), power is transmitted through 2 Eaton Airflex clutches. For SAG 2 (in concentrator 2), the motors are driven by 2 TMEIC Variable Frequency Drives (VFDs). All programming is done using DeltaV, which Gibraltar uses as its Distributed Control System (DCS) and Human Machine Interface (HMI).

Jan 1, 2019

By N. W. Xu, C. Sha, F. Dai, Y. G. Zhu, B. Li

Underground caverns stability and excavatability of rock masses are of significance in geotechnical engineering, in both design and construction stages. Risks associated with underground group caverns of Houziyan hydropower station in southwestern China are growing as a result of continuous excavation-induced unloading. To improve our understanding of the underground caverns instability and resolve the complex subsurface conditions of the highly fractured rock mass, a high resolution microseismic monitoring system was established in the deep underground caverns, pursuing the relationship between the measured data about microseismic activity and excavation damage zones of surrounding rock mass. Through analyzing the tempo-spatial distribution of microseismic activity, excavation damage zones and potential risk regions in underground caverns were identified. Furthermore, the correlation between microseismic activity and pre-existing geological structures, as well as traditional monitoring was analyzed. In order to validate the correlation between seismicity and potential slip surface of underground caverns, a model was implemented into numerical code to further evaluate the deformation and stability of surrounding rock mass. The monitoring results demonstrate that microseismic events mainly occur at high stress concentration regions, which coincides with the results obtained from numerical analysis. Therefore, the comprehensive method incorporating microseismic monitoring and numerical analysis, as well as traditional monitoring and filed observation has been proven to be very promising in deformation and even instability prediction of surrounding rock mass in underground caverns subject to delineation of potential slip surfaces and excavation damage zones.

Jan 1, 2015

By L. Henry Smith, David C. Arthur

"The Williams Mine is Canada’s largest gold producer, with annual production of 450 000ounces from 2 300 000 tonnes of ore. Highly mechanized and automated underground mining practices are employed in order to achieve and maintain high levels of productivity and minimize costs.The mine ventilation system is modified to include a new vent raise and variable pitchvane-axial fan. This addition allows several fan installations underground to be decommissioned. A substantial net savings in installed horse power is achieved.Heating costs associated with under-ground ventilation air are a significant portion of mine operating costs. Air heating costs are substantially reduced by recovering heat from upcast exhaust air, minewater and compressor cooling circuits. This waste heat is used to supplement propane fired air heating systems for underground ventilation air. An additional benefit is the availability of a heat sink for summer cooling of the compressors.System design, energy savings data and payback calculations are presented."

Jan 1, 1996

By C. G. Anderson

Alkaline sulfide leaching technology (i.e. ASL) has been studied, presented and published throughout the literature and utilized in some current engineering studies. Yet, the actual industrial applications are very few and the knowledge about these is very limited. Hence, a large gap between the laboratory, publications, engineering studies, and the actual industrial plant exists. Recent studies of ASL applied to copper enargite concentrates definitively bear out this dichotomy. Hence, this paper will seek to dispel the common misperceptions that continue to surround the selective industrial ASL hydrometallurgical technology. For edification of the reader, a listing of ten common misconceptions and myths is listed. As well, ASL history, fundamental aspects and a new flowsheet application for simultaneous gold and high purity antimony oxide production from low grade materials is included. The associated estimated economic considerations are also included to heighten enlightenment about the application of this industrially proven technology.

Jan 1, 2014

By Jarret Thomson

An understanding of groundwater flow is essential for many aspects of mining. This is especially true for the process of shaft sinking through the sandstones of the Manitou Falls Group in the Athabasca Basin of northern Saskatchewan. Experience has shown that the hydraulic conductivities of these sandstones can be relatively high, especially in zones containing natural fractures. To develop a better understanding of the inflow potential into a shaft, a laboratory testing program was undertaken to investigate the hydraulic conductivity of fracture core samples from the Manitou Falls Group. This program involved the measurement of hydraulic conductivities under steady-state flow conditions, while cycling the effective confining pressure across a span that is representative of in-situ conditions. The change in fracture aperture was simultaneously recorded at each confining stress level. It was found that existing relationships relating aperture and flow did not accurately capture the behavior of the samples tested. The effects of fracture staining and infilling were also investigated, and were found to have a notable impact on the hydraulic conductivity.

Jun 1, 2012

By A. Tabereaux

The reduction of perfluorocarbon (PFC) emissions from aluminum electrolytic cells is a key issue in reducing greenhouse gases at all aluminum smelters, The emission of tetrafluoromethane (CF4) and hexafluoroethane (C2F6) gases during anode effects at smelters can be calculated using two different methods; anode effect-minutes slope and anode effect overvoltage, This work demonstrates that the optimum method depends to a large extent on the type of anode effect kill algorithm utilized at each smelter, CF4 emissions vary widely from aluminum cells depending on the type of anode effect kill method utilized; fast, aggressive anode bridge movements vs. slower, moderate anode bridge movements.

Jan 1, 2005

By W. G. Brown

"Review of prototype testing of two types of three-phase, argon stabilized reactor/furnace indicates specialized advantages for both, as compared with existing metallurgical furnace technology. They are: the direct-arc, plasma-torch furnace (Knipp); and the indirect, plasma extended-arc reactor (PEAR), developed at the University of Toronto.IntroductionA unique type of three-phase AC, plasma extended-arc reactor, (PEAR), shown in Figure la with gravity feed, has been undergoing development at the University of Toronto, during the past fifteen years: argon gas, introduced axially through drilled-holes in ordinary graphite electrodes, increases the length of indirect arcing and improves electrical stability while decreasing electrode consumption as compared with the performance of AC electric arc furnaces (EAF 's). Meanwhile and independently, a three-phase, transferred arc plasma furnace (Fig. 1b) has been developed by the Krupp Research Institute in Germany, using argon-stabilized, water- cooled plasma-torches with thoriated tungsten electrodes.Accordingly, the two types of furnace are similar as to both three phase and stabilized operation, but otherwise they differ in several respects, ranging from indirect versus direct-arcing to principal intended application and current state of practical development. Between them they raise questions: (I) of their present or fore seeable economics in comparison with existing processes they are intended to replace , (see Heinke and Neuschutz, 1986, for a review of the merit s of AC and DC plasma-torch furnaces); and (2) of the state of development and accessibility of their plasma theory-in-common."

Jan 1, 1991

By J. A. Reid

THE views and observations expressed herein on this old but constantly recurring question are our own, no effort having been made to align them with standard texts. Therefore, while they may find general acceptance amongst fellow engineers, they must stand as personal opinions and as such are open to debate and discussion. In order properly to consider the subject, it should first be 'set in proper perspective. Why are Prospects Examined? Prospects are examined to determine whether they may contain economic concentrations of metals or minerals, the legitimate mining business being run, pretty largely, to make money. Next to food and clothing, modern civilization is based on metals, with which are included in this discussion minerals, oils, and fuels. A constant and increasing demand for the common metals requires the location of replacements for depleted orebodies, while the use and appreciation of new metals brings increasing demand for them. Aluminium is a good example of a metal which has, within recent years, made great progress. Today, we are becoming increasingly aware of magnesium, chromium, tungsten, thallium, and other lesser known, metals.

Jan 1, 1945

By C. Jay Hodgson, P. J. MacGeehan, T. Sanders

"The orebodies of the Campbell and Dickenson mines are localized within an anomalously fissile and deformed zone that transects the eastern margin of a dominantly mafic volcanic complex close to its contact with a synchronously formed sedimentary basin containing clastic and chemical sedimentary rocks. The ore zones are mainly quartz-carbonate fissure veins and siliceous replacement zones formed during deformation and metamorphism, although there are some syn-volcanic exhalative ore zones in the mines. On a regional scale, the volcanic rocks have been affected by syn-volcanic spilitic alteration which has involved the leaching of Fe, Mg, Au and As from, and the addition of Na and variable amounts of Si to bleached zones enveloping primary permeable structures in the rocks. The leached constituents were deposited on the contemporaneous sea floor as iron-rich chemical sedimentary rocks. Although this alteration is not closely related, spatially, to the ore zones, it is characteristic of the general environment, and may serve to distinguish gold-prospective from gold-barren areas on a mining-camp scale.Closely associated spatially with gold deposits is a zone of feldspar-destructive alteration within which the volcanic rocks are characteristically feldspar-free, enriched in As, Au and to a variable degree in Si, and depleted in Na, Ca and to a variable degree in Mg, Fe and K. The alteration zone is also characterized by abundant, variably transposed, small quartz-dolomite to ferrodolomite veinlets formed during deformation and metamorphism, and includes, but extends outside of, the anomalously fissile zone hosting the orebodies. The alteration zone is interpreted to have formed syn-volcanically within the upper part of a major submarine hydrothermal discharge zone."

Jan 1, 1982

By Leonardo F. Trivino

Despite the significant economical and safety implications of poor blasting practice in mining and quarrying operations, the default practice in many large operations, including both design and control, is considerably below standard when compared to other engineering disciplines. Blast dynamics includes a number of complex phenomena, such as the generation, propagation and interaction of stress waves, the expansion of high pressure, high temperature gases from the explosive components, and their combined effects upon the rock mass, including fracturing, fragmentation and displacement. In order to tackle this non-trivial problem, a combined finite and discrete element software (Y-code) capable of accounting for the dynamic behaviour of stress waves, simulating fracturing processes and modeling the expansion of gases is under development. The constitutive models used in this particular software are fundamentally simple, however, non-linearity and chaotic behaviour result as natural consequences of the interaction of relatively simple processes and mechanisms, such as propagation of stress waves in the immediate vicinity of the exploding borehole, and the creation and propagation of fractures. Advances on its development and comparisons with experimental data show realistic propagation of stress waves and fracture networks.

May 1, 2013

By G. Mihaylov

The basic principles of systems analysis are presented. A model has been designed to determine the location of the Main opening in the presence of three or more stock orebodies. The necessary condition is to find a location for the Collection point which is an essential element in opening up each orebody (stock). The model takes into account the total transportation costs from each orebody to the collection point. Three variants are considered provided that the orefield is divided into two levels at least: - a collection point is designed at every level; - a collection point is designed at the lowest level, i.e. where the so-called concentration level is formed; - the collection point is located at a point between the planes of the two levels; The effect of the depth of mining and mine output on determining the method of opening up the orefield has been analyzed by considering a vertical and/or an inclined shaft. A function has been constructed which allows for investigating in both a static and dynamic regime the capital costs for constructing the whole complex including the shaft. The character of the function does not allow finding the global limits. Therefore, it is of particular importance to specify the limiting conditions. In this case these are the flow capacity of development openings and the shaft. The basic groups of cost and natural indicators for assessing and selecting an optimal technological solution have been systematized. The combined analysis of the two approaches to finding the location of the Main opening and determining the mining method enables us to determine when an inclined shaft is best, and the depth at which opening by a vertical shaft has no alternative. Thus, a transition area is formed for which the selection of an optimal technological solution requires an analysis similar to that proposed in this paper. Conclusions are finally drawn which serve as a basis for determining the areas of application of each opening, including the use of a combined scheme of mine opening. The approach presented can be used in both investigating the possibilities for opening up new orefields and reconstructing existing ones in cases when the mining operations go deeper.

Aug 1, 2013

By M. Pearson, W. Bristowe, A. Hanson

"There's no such thing as quality assurance; only quality control ... by inspection. "(1) A common misunderstanding in the procurement and construction of custom designed, fabricated pressure vessels and piping systems is that quality assurance can be achieved by simply referencing codes, standards, ISO 9002, QMS or other such programs in the contract documents. In the authors' experience, nothing could be further from the truth, not detrimental to the performance of the equipment than the exclusion of inspection activities and reliance upon warranties and "fit-for-purpose" clauses. Likewise, the expectation that fabricators, suppliers, or third party inspectors can provide such assurances is also unrealistic where they have limited knowledge of the process, material selection criteria, or limited technical resources. The development and successful execution of a quality assurance program is a collaborative effort by engineers, designers, material suppliers, equipment fabricators, and field inspectors with the full understanding and support of the end user.This paper presents an outline of the quality control activities undertaken by the authors for several recently completed and on-going hydrometallurgical projects. The activities include: prequalification of fabricators and sub-vendors, shop audits, material validation testing, material source control and verification, positive material identification of weld metal overlay, specialised welding inspection, contamination control for titanium and titanium-clad fabrication, eddy current and mass spectrometer (helium) leak testing of shell-and-tube heat exchangers, hot cycle testing of titanium clad equipment, tolerance verification for refractory lined equipment, final inspection and cleaning.

Jan 1, 2004

By Roger C. Parsons

"The problems presented by ice formation and interference with processes, structures and mechanical operations in the mining industry can be expected to increase sharply as more of our mineraI needs are supplied from the far north. A process of rapid ice destruction is presented which lends itself to the effective removal or penetration of ice. Suggestions are offered for applying the system to problems related to mining activity in cold environments. The system can be readily adapted to large-scale operation, the reactant components being transported in crystalline form and volatilized on site.IntroductionThe number of operational mines in northern environments, relative to the number of mines in the temperate zone, will increase in the years ahead. This is not surprising, because:(a) in the past, those mines closest to centres of commerce had minimum transport charges and hence were more economic to develop;(b) great centres of commerce were far removed from northern environments;(c) the exhaustion of ores and lowering of grades in temperate zones now offset to some degree the extra transport costs applied to northern ores;(d) the abundance of excess energy in the north in the form of oil, gas and hydropower attracts mining as a means to justify its development; (e) assuming that the frequency of mineral occurrence north of the 52° N latitude is no different than south of it, there are many deposits waiting to be developed.As a result of current and projected activity in northern environments, we are faced today, and will be increasingly so in the future, with mining problems rarely encountered before-problems related to below-freezing temperatures. Engineering activity in permafrost regions will increase as new mining ventures are developed north of the 52° N latitude, roughly coinciding with the -1.1 ° C isotherm in Labrador, the upper temperature boundary for permafrost."

Jan 1, 1982

By Tsuyoshi Adachi

Photovoltaic (PV) system is especially taken notice as one of important renewable energy resources, because PV has potential to provide a certain amount of energy supply as well as without greenhouse gases emission. Considering recent rapid increasing demand for PV system, more expansion of PV system is expected in the future. However, some precious metals and minor metals such as silver, indium and others are used as component materials of solar cell in PV system. Even if energy supply would become renewable, strict limitation of these metals still remain because amount of natural resources and recycling of metals has restrictions intrinsically. The aim of this study is to reveal the possibility of materials supply restrictions for Photovoltaic system quantitatively and to propose several measurements to assess supply risks for materials. Especially, silver supply potential which is used as wire line in PV system as well as PV demand forecast to estimate material use in the future are focused on. We divide underlying supply risk into 5 measurements and analyze them by time series, i.e. price volatility, resource potential, recycling ratio, production type and supply concentration are investigated. Comparing these factors of silver with other metals, the potential of silver supply for PV is presented. In addition to it, we propose another method to quantify country risk applied an insurance pricing model in finance pricing theory and combine it with the supply concentration measurement. As a result, supply risk of silver will increase gradually in the near future because of its resource constraints and supply-demand balances although silver market is sufficiency competitive one. From the country risk analysis, Peru is not only a significant supply country but also has the highest country risk. Some higher risk countries will increase the level of supply risk even if the concentration ratio of supply indicates moderate level.

Aug 1, 2013