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By Errol Ladner

The application of large-diameter bore holes in underground operations at Heath Steele was first tried in February, 1975. Since that time, 90,000 feet of 6-l/2-inch holes have been drilled, primarily in open blasthole stoping, for a total of 1.4 million tons, 37% of underground production. This paper deals with a review of drilling with conventional percussion longhole drills, a practice which is still utilized at Heath Steele, and the changeover to accommodate the use of larger blastholes in underground operations. The discussion will include layouts for 2-inch-diameter blasthole stope blocks, 6-inch-diameter stope blocks, trials for I. T.H. (in-the-hole) stope rooms, and drill pat/ems, drilling and performance. The complexity involved in the development, drilling and blasting of 2-inch blastholes is overcome by the over-all simplicity of drilling and blasting in I. T.H. stopes. This has made the practice of open blasthole stoping more economical and efficient. The future indicates an increase in the company's I. T.H. program. Investigations are being undertaken regarding longer holes to decrease development costs. A VCR stope is also being developed for trial.

Jan 1, 1979

By K. MacMaster

"This paper deals with the history, development, present and future of the Employee Assistance Programs in place at the Inco Ltd. operations in Thompson, Manitoba. It should be noted that, although many similar programs exist in various industries and jurisdictions, these programs had to be fine-tuned to meet the needs of Inco employees, having in mind the helping professional resources available in Thompson and its geographic location. IntroductionIn the late 70s, many Canadian industries and the Canadian Labour Congress and their affiliates commenced discussions on the value of the Employee Assistance Program (E .A.P.) philosophy to both management and labour.In the contract signed between Inco Ltd., Manitoba Division and Local 6166, U.S.W .A. in 1981, a commitment was made to establish a joint E.A.P. for the hourly workforce in Thompson, Manitoba. With this background and sequence of events in mind, it is appropriate to explain the methodology and the steps that were taken for the implementation of the hourly program. Development of Hourly ProgramIt was agreed by the company and the union that the committee to develop the program should consist of equal numbers from both sides: three active union members plus an advisor representing the Union and three supervisory personnel plus an advisor representing the Company; in addition, a person familiar with E.A.P.s from the Alcoholism Foundation of Manitoba was to act as a facilitator. The Union appointed a social worker who was working as a counsellor for union members as their advisor , and the company appointed a staff employee who had worked voluntarily in the field of alcohol and drug abuse for many years. The makeup of the committee was extremely important in order to give credibility to the entire process. The makeup of the committee is shown in Table 1.The facilitator selected from the Alcoholism Foundation of Manitoba was well known in the community and highly respected in his profession."

Jan 1, 1989

By J. D. McFarlane, V. Robinson

"The paper begins with a brief account of the naturarly occurring resources of gypsum and anhydrite and a discussion of their relative value and utility as sources of sulphur. The fundamental chemistry of recovering sul-phur values from calcium sulphate is discussed. (a) Thermal decomposition -discussed as impracticable; (b) Reduction to calcium sulphide; (i) Total Reduction-The chemistry is outlined and the Dorr-Oliver and Bureau of Mines processes mentioned. The Elcor process is mentioned and certain deductions made from available information.(ii) Partial Reduction-This is stated as the basis of the only proven process, namely ""The Cement -Sulphuric Acid Process."" The possibility of recovering lime is mentioned as an aside, but dismissed for lack of commercial application. The history of the cement -sulphuric acid process is covered briefly and a list of plants in commercial operation included. A brief elementary account of the basic chemistry of cement production is followed by a discussion on raw materials and fuels. A short account of the flow scheme of a typical plant, with notes on the operating peculiarities, precedes an account of product quality. The latest developments which enable by-product gypsum to be used as a raw material are discussed, with an indication of how the flow scheme is modified. A statement of feasible plant capacities is followed by requirements of raw materials, services, labour, etc., and finally some indication is given of capital costs."

Jan 1, 1969

By Frank Ebbutt

Introduction The property of the Britannia Mining and Smelting Company, Limited, is situated on the east side of Howe sound, about six miles from its head. It is roughly thirty miles by water from Vancouver, one of the important ports of the Pacific and the industrial and financial centre of British Columbia. Howe sound is navigable for ocean-going vessels and Britannia Beach is a daily port of call for the commodious boats of the Union Steam-ship Company, sailing from Vancouver. Few mines are so ideally situated or have so many or varied natural advantages. Copper was first found on Britannia mountain in 1888, by Forbes, but it was not until 1898 that five claims were staked here by Oliver Furry, a trapper. It is from these claims that the major production during the past thirty years has come. In 1900 the Britannia Copper Syndicate was formed and development of the property was commenced. In 1903 the late Grant B. Schley obtained control, and through his efforts the Britannia Mining and Smelting Company was organized in 1908 as a subsidiary of the Howe Sound Company. Since that time, a persistent and progressive policy has been followed, which has resulted in a prolonged and profitable operation. The country in the immediate vicinity of the mine is marked by strong relief, with mountains rising abruptly from tide-water to elevations of 5,000 feet and more. Two broad transverse valleys deeply dissect the area. These are the valleys of Britannia creek and Furry creek. The region has under-gone prolonged and relatively recent glaciation. Over much of the surface there is deep overburden and dense vegetation. The geology of the mine and vicinity has been described in reports by S. J. Schofield (1), H. T. James (2), J. G. Barry, and others (3). The present writer is in accord with much of this literature on Britannia, but during recent years, extended observations made underground have shown that the 'quartz porphyry', or 'mine porphyry', of several of the earlier writers is not the host rock to the commercial mineralization; and he contends that the mineralization occurs in highly altered phases of a complex series of ruffs, flows, and pyroclastics and their autoclastic metamorphosed products.

Jan 1, 1935

"Discrete Fracture Network (DFN) modelling has increasingly being used in many geotechnical and mining engineering problems, the authors believe there is an ever greater demand to provide updated guidelines that address the collection of discontinuity data in the specific context of DFN models. In general terms, the generation of a DFN model requires collecting information on i) fracture orientation, ii) fracture intensity, iii) fracture length and iv) fracture terminations. The International Society of Rock Mechanics (ISRM) suggested methods for the quantitative description of discontinuities in rock masses directly include most of these parameters. However, there are important differences engineers should be aware. To what extent discontinuities can be sampled and which limitations are inherently introduced in the analysis by the sampling methods being adopted represent important aspects that should drive the collection of discontinuity data for DFN analysis; this will require the introduction of a more appropriate set of guidelines bridging the gap between the current, very practical, ISRM methods and the data requirements imposed by the use of new DFN technologies.INTRODUCTIONThe last decade has seen a major increase in use of the Discrete Fracture Network (DFN) approach, both as a stand-alone tool or integrated within more complex geomechanical simulations (Rogers et al., 2014 and Elmo et al., 2014). In particular, the DFN approach offers the opportunity to maximise the use of fracture data collected from mapping of rock exposures and to construct synthetic rock mass (SRM) models. However, the potential of DFN based modelling is limited if there is insufficient care in collecting the necessary structural data at the required engineering scale. DFN models are also subject to the process of data calibration and validation (Hadjigeorgiou, 2012). With DFN modelling becoming an almost integral part of many geotechnical and mining engineering problems, the authors believe there is an ever greater demand to review the process of collecting fracture data in the specific context of DFN modelling.The value of the DFN model depends directly on the quality and quantity of available field data. For example, fracture length (persistence) is an important parameter in DFN modelling; however, this parameter is either seldom available at the pre-feasibility stage due to a lack of exposures (man-made or natural), or engineers have access to limited length data collected along exploratory drifts. Characterisation of rock exposures should also take into account limits of window/scanline mapping techniques with respect to both trace length bias and the effect of cut-off assumptions inherent in the mapping methodology."

Jan 1, 2015

By Ali Roshanfekr

Linear mine-waste dumps at open-pit mine sites essentially represent expedient places to deposit large quantities of waste rock. Being in valleys in most cases, the effect of the water flowing through and out of the deposit often raises questions about their hydraulic behaviour and geotechnical stability, especially the zone of the downstream toe. In order to provide better tools to assess the behaviour of these dumps a laboratory and analytical study was conducted. Firstly, physical models were built to assess the flow capacity and hydraulics associated with the linear growth of such dumps. It was found that the elevation of the point of first-emergence on the downstream side becomes constant after the dump grows to a certain length, but that the upstream depth concurrently increases. The limits of applicability of the theories of Hansen et al. (1995, 2005) are discussed in this regard. Secondly, in analysing the seepageface downstream, two approaches for solving this spatially varied flow (SVF) problem were undertaken. Under one of the approaches links to SVF depths were merely made to the hydraulic heads of the body (interior) and flux was calculated using conventional surficial nodes after the fact, Under the other approach flux nodes were used to link the SVF algorithm to the hydraulic heads further ?inside? the body of the rockfill. Although there are inherent uncertainties, it was found that these two methods can be made to perform equally well. Research continues but it appears that a linear variation in depth can be assumed without inducing any unrealistic exit gradients in the zone of primary concern with respect to unravelling.

May 1, 2011

By R. S. Adhikari

It is necessary to assess the physical and functional conditions of highway bridges at regular intervals to ensure they still meet their service requirements. Currently, this condition assessment is mainly performed through visual inspection, which has been identified with several limitations (e.g. the timeconsuming assessment process and heavy reliance on inspectors? personal experience). In order to overcome these limitations and enhance the current inspection practice, this paper presents a novel method for automated bridge condition assessment using a hybrid sensing system. Under the method, existing conditions of bridge components are first captured with a stream of point clouds and color images. Then, the bridge components and the defects inflicted on the components are detected utilizing their visual patterns. The detection results are mapped to the point cloud. This way, the 3D information of the components and defects can be retrieved. The bridge condition assessment can be made effectively through the 3D visualization of this information before carrying out any on-site detailed evaluations.

Aug 1, 2013

By R. C. Bryce

"Accident prevention has been an on-going priorty for five years. In 1987, adherence to the ILCI five-star rating loss control program was started, and a first star was awarded. Extensive training programs have been undertaken to establish standard procedures and upgrade employee skills. Due to its location, Selbaie owns and rents housing in the town of Joutel and contracts a busing service to and from the mine. Employees from other areas are lodged in dormitories and fed in the site dining room. Accounting and warehousing services are carried out in efficient fashion. Employee relations are structured to provide prompt resolution of complaints and differences. No lost time due to industrial relations differences has been encountered during the history of the mine.Safety and Loss ControlAll mines are concerned and occupied with a wide range of activities to ensure the safety of its employees. Selbaie is no exception. Programs to achieve success in safety and loss control have been implanted since the start of construction and development at Selbaie and have followed three interesting stages of evolution."

Jan 1, 1990

By Silvio E. Kruger

Real time measurement of wear and corrosion provides crucial information needed to determine an optimal schedule for corrective maintenance and is a powerful tool to maximise equipment availability and reliability. It also leads to savings from optimized spare parts handling and helps to avoid costs of accidents and their negative impact on safety and the environment. This paper presents the technology of ?painted-on? ultrasonic transducers that can be integrated to structures and accurately measure the remaining thickness and therefore determine wear or corrosion losses. These transducers have a small footprint, a performance comparable to other commercially available ultrasonic transducers and can sustain temperatures as high as 400ºC. The application of this technology to mining equipments and its potential benefits are discussed.

Aug 1, 2013

By Louis R. Bernier

Most systematic studies carried out on passive treatment systems incorporating the use of limestone drains, under aerobic or anaerobic conditions, essentially deal with the treatment of effluents from mines in the USA. A limestone drain typically comprises a trench filled with crushed limestone rocks surrounded by impervious materials. In the case of anoxic drains, the trench is generally isolated under a geomembrane liner covered with soil. Contaminated mine effluents flow by gravity towards these limestone drains where the passive treatment consists in bringing the carbonates into solution, thus increasing the pH and alkalinity. Factors to be considered in the design are: chemistry of the contaminated mining effluent ([metals, [Al], [sulfates], dissolved oxygen, acidity, pH), desired residence time, nature of the rock, grain size, density, void ratio and mass of the limestone rock used, alkalinity, life span and hydraulic behaviour of the drain. Certain secondary effects (saturation by sulfates, co-precipitation, adsorption) may either be beneficial (lowering the sulphate and metal load) or harmful (armoring the limestone rock and clogging of the drain). This paper gives a brief status report on the available knowledge on the use of limestone drains for passive treatment of mining effluents heavily loaded with metals. Examples given include the old Lorraine mine (Ni-Cu), Témiscamingue, where limestone and dolomite rock drains were installed in 1998 when a cover with capillary barrier effects was placed over the tailings site.

Nov 1, 2002

By D. V. Krefting, D. R. Bennett

"The Cyprus Anvil Mining Corporation established a lead-zinc mine and concentrating plant at Faro in Yukon Territory in 1969. Following some 12 years of continuous operation from a single pit adjacent to the concentrator, the company decided to expand operations into two additional areas on the Vangorda Plateau. The two new deposits, known as Grum and Vangorda, are located some 15 kilometres from the existing concentrator.Confirmation of mining feasibility was followed by determination of the most practical and economical method of transporting the raw ore from the new mine sites to the existing concentrator. This analysis was carried out in two phases. The first phase reviewed the feasibility of alternative transportation systems on an 'order-of-magnitude' cost basis. This work identified systems worthy of more detailed examination. The second phase examined the preferred alternatives in greater detail.Initially, operating principles and parameters were established and catalogued. Then, based on these criteria, complete systems were developed utilizing alternative modes of transportation . In the overview analysis, some transportation modes were judged impractical and discarded, 'order-o f-magnitude' costs were developed for other systems and the most costly were eliminated . In the detailed study, the favourable systems were examined in depth which required development of accurate capital and operating costs, consideration of environ- mental impacts and an assessment of intangibles associated with the operation of a new development."

Jan 1, 1984

By G. D. Ruttan

"LYNN LAKE, in northern Manitoba, has become Canada's second nickel-producing area. The discovery by Sherritt Gordon Mines of nickel ore in an entirely new district was the result of systematic prospecting of a belt of volcanics and sediments situated 100 to 150 miles north of the Company's former copper-zinc mine at Sherridon, Manitoba.Prospecting in this area was begun in 1937 and continued each year until 1941, when Austin McVeigh, a company prospector, found a patch of sulphides on a gabbro outcrop near a small lake named Lynn Lake. Samples from this sulphide indicated nickel and copper in significant amount. In 1943, magnetometer work disclosed a number of weak anomalies in low ground near the discovery. In 1945, staking was followed by geophysical surveys and diamond drilling, which continued through 1947. During this period the A, B, E, EL, and Corebodies were located and partly outlined. The discovery of the high-grade ""EL"" orebody in January 1947 was the turning point in the estabishment of the mine. Subsequent development, including additional exploration on surface and under-ground, evolution of a new metallurgical process, financing, erection of a mining and milling plant, hydro-electric power development, building of a rail line from Sherridon (by Canadian National Railways) and a refinery at Fort Saskatchewan, Alberta, culminated in August 1954, when the first shipment of nickel left the refinery. This paper, presented at the 1955 Annual General Meeting of the C.l.M. in Toronto, was one of a symposium covering the whole operation."

Jan 1, 1949

By Andre Vien, D. H. Hendriks, D. Willet, B. C. Flintoff

"For many years the training of mill operators was an informal process which involved senior operators training junior operators on an as-needed basis. Recognizing the needs and benefits of better training some companies, and even some provinces through legislation, have moved to ensure that a formalized training program exists in the plants. These programs tend to focus on basic safety and operations. Much remains to be done. With the more rapid incorporation of new processing and information technologies, and the goal to keep labour costs to a minimum by doing more with less, operator training has become a critical issue. This paper briefly examines the evolution of training programs, provides some measure of their effectiveness, and explores some recent developments which could have a very significant impact on the industry.PreambleOne can draw an analogy between operator training and the mechanical support of production equipment. When we buy a piece of process equipment it is critical that the mechanical installation be done properly to ensure that the device will operate at peak performance on start-up. Once the equipment is running, some form of preventive maintenance is required to ensure continued efficient operation. The operators and the equipment are both elements of the processing system, yet the former do not seem to get the same ""start-up"" or ""operating"" support. Are they not seen as critical to efficient operation? Why is this so? What impact does it have? How can we improve?These are all very logical and important questions, although the answers are not nearly so obvious. In the mineral processing industry, progress in operator training over the past thirty years has been limited and quite variable. To address the perceived need for a more coherent and consistent approach, some provinces have moved to incorporate basic training requirements in their legislation. Some plants have gone a few steps further by building integrated training programs into their operating culture. One conclusion which can be easily reached is that there are no standards, and that the range of training activity is great. In other words, a flotation operator is not a flotation operator is not a flotation operator. Their knowledge and skills are very much a function of training and experience, which are clearly corporate and site specific."

Jan 1, 1994

By A. Putz, F. Vincent, A. R. Laplante

"This paper briefly reviews some of the gravity research done at McGill University and current Canadian operating practices, with emphasis on results of interest for operators. The following topics are addressed: security, economics, predicting recovery, circuit optimization, unit selection and final upgrading. Emphasis is placed on the Knelson Concentrator.The topic of security and economics are addressed jointly, in terms of the place of the gravity circuit in the mill flowsheet. Actual plant experience is drawn upon to identify potential problems and actual solutions.Predicting primary recovery is linked with a characterization of the ore, the choice of a circuit, and the fraction of the bleed used. Factors such as feed preparation, preliminary upgrading, fraction of recycle treated, ability to recover fines and location of the bleed are discussed.Final upgrading is achieved almost only by tabling and smelting. This can lead to fine gold recovery problems when more effective units are used upstream. Alternatives are discussed.IntroductionResearch on gold recovery by gravity over the past eight years has associated McGill University with a number of gold producers. This paper attempts to review the information gathered from a practical perspective. Some of the information was generated in McGill University's labs, some gathered at plant site, and some was shared by operators."

Jan 1, 1994

By K. Chotruangprasert

This paper explores Global Reporting Initiative (GRI) reporting practices within the mining industry. Specifically, this paper investigates how and why a mining company makes voluntary reporting decisions to include the GRI indicators that may be considered ?negative? to the company?s reputation. Due to the voluntary nature of the GRI Guidelines, a GRI adopter is not legally obligated to report every GRI indicator. Not surprisingly, empirical studies that evaluated the extent to which companies? sustainability reports meet the GRI requirements (Guenther, Hoppe, & Poser, 2006; Morhardt, Baird, & Freeman, 2002; Samy, Odemilin, & Bampton, 2010; Skouloudis, Evangelinos, & Kourmousis, 2009) have found that reporting practices of the companies under their studies are well below the standards reflected in the GRI Guidelines. An influential study by Clarkson et al (2008) uses economic-based and socio-political theories to explain variation in companies? environmental disclosure. They have found that, as predicted by economic-based theory, superior environmental performers disclosed more ?hard? (i.e. verifiable) environmental information. Inferior environmental performers are found to disclose more ?soft? (i.e., not easily verifiable) claims, which is consistent with socio-political theories (Clarkson, Li, Richardson, & Vasvari, 2008). However, this study and the existing literature do not adequately explain why a company may act in a way that cannot be explained by economic-based and socio-political theories, for example, why it would report some negative soft data that it is not required to report. This paper intends to address this literature gap. GRI reporting by a Canadian mining company, which I would like to call ?Company C?, is used as a case study for this paper. Company C was selected for this research because in addition to ?positive? information, its GRI-based sustainability report also includes both hard and soft ?negative? information such as grievances. Research methods include interviewing Company C?s employees who are involved in preparing GRI reports and reviewing documents prepared both by the company and by external parties. I find that integrative social contracts theory (ISCT) offers a valuable explanation to Company C?s reporting practices. From the ISCT perspective, Company C?s management appears to feel that the company is obligated under social contracts to be transparent. Therefore, Company C disclosed both positive and negative social and environmental information to the public because the management appeared to think that it is the right thing to do. At the same time, being transparent about the bad news gave the company an opportunity to conclude that it had done something to avoid future occurrence of the negative incidents. Therefore, I propose that, in addition to the economic and socio-political theories that are more often used in literature, insights from ISCT are instrumental in improving our understanding of the corporate non-financial reporting practices phenomenon.

Aug 1, 2013

By A. H. Lang

"The Cordilleran region of western Canada includes most of British Columbia and the Yukon and pares of Alberta and the Northwest Territories. The western part of this region was for about 50 years the principal mineral producing area of the Dominion. It lost this distinction in 1907 when production from the mines of the Canadian Shield took the lead, but it continues to provide about 15 percent of the total Canadian production. In 1945 the total mineral production of British Columbia and the Yukon was valued at $65,302,900, of which about 80 percent was derived from metals.This paper is intended to serve as an introduction co the more derailed Cordilleran papers. Part I includes a brief synopsis of the complex geology and diverse types of mineralization in the region and Parr II collates the main structural principles exemplified in the derailed papers, and draws some conclusions regarding the application of this information to prospecting."

Jan 1, 1954

By J. P. Aiello

"INTRODUCTIONWhile this paper deals specifically with potential coal use at the Cold Lake Project of Esso Resources Canada Limited, a majority of the technical aspects of coal conversion could apply to any oil field and industrial boilers or stearn generators. In 1962, Imperial Oil Limited's production arm (the forerunner of Esso Resources), began examining methods of extracting bitumen from a 50 m thick layer of oil sand buried 450 m below the surface in the Cold Lake area. Almost two decades of research followed to develop an in situ oil sands recovery technology that made commercial production feasible.A $13 billion mega project that would have produced 22 000 m3/d (141 000 barrels/day) of synthetic crude oil (160 000 bpd of bitumen) was shelved in 1981, and ultimately replaced by a phased development strategy, involving smaller production units, to bring blended bitumen production on stream as markets and prices permit.The first two phases came into production in 1985. There are currently a total of six phases in production with four more in the construction stage. Each phase has 130to 140production wells (initially) and a central plant with water treatment, crude treatment and stearn generating facilities capable of producing 150 m3/d (9500 bpd of raw bitumen). The stearn generation section for each phase consists of three 180millionBtulhour oil fieldsteam generators.In its natural state, the bitumen is too thick to be recovered using conventional oil recovery techniques. At the Cold Lake Project, bitumen is recovered by a method called cyclic stearn stimulation. Water is pumped to the central plant where it is treated and heated to produce high pressure, high temperature steam. During the steam cycle, this steam is transported in insulated pipelines to the wells for injection into the oil sand formation. This cycle lasts from 30 to 50 days, heating the formation and causing the bitumen to flow. Following an initial flowback period, a surface based artificial lift system pumps the heated liquid bitumen, mixed with water and gas, out of the well and back to the central plant. The water and gas are separated from the bitumen, with the gas being used to provide some of the fuel for the stearn generators and the water being treated and recycled. Approximately 5% of the water cannot be recycled and is disposed of by injection into deep formations . The bitumen is blended with a diluent and shipped by pipeline to market."

Jan 1, 1989

By B. W. Snyder

INTRODUCTORY THE earliest known case of transmission of natural gas by pipe lines was early in the Christian era when the Chinese used bamboo pipes to transport natural gas from surface seepages to heat brine for the recovery of salt. Since that time many materials have been used as conduits-hollow wooden legs, wood stave pipe, day tile, cast iron, and, finally -since about 130 years ago - steel pipe. Even then, this new material came into use rather . slowly for, as recently as 80 years ago, wood pipe was still being used. However, as techniques were developed to take advantage of the properties of steel, this material gradually replaced all ethers for the transportation of gas for longer and longer distances at ever increasing pressures. In 1912, one of the longest pipe lines of its size at that time was built-this was a 16-inch line bringing gas from Bow Island to Calgary, a distance of 170 miles. We have been able to find records of only two ether such lines at that time-one a 185-mile 16-inch line from Vivian, Louisiana, to Little Rock, Arkansas, completed in the summer of 1911, the ether a 280-mile line from West Virginia to Toledo, Ohio. This last ? mentioned line was reported in a magazine article of September, 1912, but no indication was given of its size on completion date. It is apparent, therefore, that modern high pressure transmission of natural gas is a technique less than forty years old.

Jan 1, 1951

By E. Tulcanaza

Mining companies normally establish exploration and research programs originated with actions in embryonic stage. At their early stages of development, these exploration and technological activities are subject to uncertainties that need, first, to be resolved, deciphered or, at least, mitigated for information reporting; and later, for valuation reporting. Under these circumstances, these exploration activities follow a sequence of development phases that range from exploration work to the profile, conceptual, and finally to basic engineering phases and construction. For information reporting, the International Template for Reporting of Exploration Results, Mineral Resources and Mineral Reserves integrates the minimum standards being adopted by the relevant professional bodies in Australia, Canada, South Africa, Chile, USA, UK, Ireland, and other European countries which set up the Committee for Mineral Reserves International Reporting Standards (CRIRSCO, www.crirsco.com). These standards are based on the progressive collection of relevant information to reduce present and future uncertainties over time under a context of transparency, materiality, and technical competence. For valuation reporting several procedures have been disclosed and applied. However, in the last decades financial instruments such as real options, decision analysis, and games theory have developed into a niche of great potential for mine valuation applications. The objective of this paper is to provide a summary of the information reporting standards prepared by the Chilean National Commission for the Qualification of Competent Persons in Mineral Resources and Mineral Reserves and show a procedure and an application of real options to the valuation of the sequential development phases of a mine asset from the exploration stage through up to full development.

Jan 1, 2007

By Charles Camsell

THE Northwest Territories covers a very large area-more than one-third of all Canada-and its most northern point, Cape Columbia in Ellesmere island, is distant only 500 miles from the Pole. Our first knowledge of the Arctic Archipelago, of which Ellesmere island forms a part, resulted from a gold-mining venture in Queen Elizabeth's reign. The English navigators of that time were eager to find a north-westerly and shorter and Jess hazardous route to the riches of China and Japan than that which Magellan had discovered, but they were unaware that the continent then known to bar a direct route extended in great width far to the north. Frobisher was one of these navigators. He reached in 1576 the bay in Baffin island now named after him, convinced that he had found a passage connecting the Atlantic with Asiatic seas. Forced to re-turn after ordeals in which ice, wind, and Eskimos flayed formidable parts, he brought back, among other novelties, a piece o black stone which had been picked up casually by one of his officers, and gave a little of it to the wife of one of the venturers, or financial backers of the enterprise. To quote now from Hakluyt: ? 'She by chance threw and burned it in the fire so long that , at length being taken forth and quenched in a little vinegar, it glistered with a bright marquesset of gold. Whereupon the matter being called in sorne question, it was brought to certain goldminers in London to make assay thereof, who indeed found it to hold gold and that very richly for the quantity." On the strength of this, the venturers, anticipating much profit, launched a second expedition to secure more of this stone, and 143 persons, including 14 miners and finers, set forth in 1577 and returned the same year, with, however, 200 tons of another mineral. Influenced by glowing accounts of veritable mountains of this mineral and by assays made after "additaments"-that is how "salting" in those days was described-the venturers, including Elizabeth, supplied funds for erecting a smelter and refinery at Dartford and outfitting a stilllarger expedition. And so, in 1578, fifteen ships departed with the Queen's blessing, for the same remote shores. After many mishaps, they returned with over 1,000 tons of the mineral, but when it yielded very little of value at the works in Dartford, the? Company of Venturers was forced into liquidation. Though our first prospector and miner was rather inconsiderate of the investors, he proved the existence of an archipelago, hitherto unknown, and secured much information about the new land and its dwellers.

Jan 1, 1938