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By John Smith

"The RTZ Corporation PLCFrom a company's point-of-view, a good investment decision is one which results in the purchase of an asset that is worth more than it costs. Thus, in order to judge the merit of an investment opportunity, it is necessary to estimate the value of the assets to be acquired.Discounted cash flow (DCF) analysis has become widely adopted by companies in assessing potential new investments. The principle is a simple one: invest in projects which have a positive net present value, and reject those which do not. However, perhaps because of its apparent simplicity, DCF analysis is frequently misused. Good practice in the use of the technique is discussed, together with several common misconceptions.Sound analysis requires sound data; thus, the valuation process relies heavily upon a wide range of specialists to provide the basic input from which cash flow forecasts can be built up. The analyst must maintain close liaison with these specialists from the outset in order to ensure that the data provided is indeed relevant and complete.IntroductionBefore turning to the main subject of this paper ""How Companies Value Properties"", it is of interest to consider first a slightly different question ""Why do Companies value Properties""? In other words, for what purposes are such valuations prepared? Certainly the commonest, and probably the most important circumstance in which a valuation is required is when the company is considering an investment opportunity. This may be the direct purchase of a property or group of properties from a third party, but could also be the opportunity to develop a new operation or expand an existing one.A very simple objective in making any kind of investment is to make our shareholders richer than they would otherwise have been. That is, to make investments whose value to shareholders exceeds the consideration required to acquire them. Thus the investment decision focusses on the difference between an asset's value and its cost.This distinction between ""value"" and ""cost"" is an important one. Study of a company's balance sheet may tell a lot about the cost of this company's assets, but very little about their value. Then again, it is sometimes argued that a business should be bought because this will result in assets being acquired for less than their replacement cost. This merely compares one cost with another, it says nothing about value."

Jan 1, 1991

By Lawrence Devon Smith

"The Management and Economics Society has undertaken a survey of industry practice in the evaluation of mineral projects. The survey addresses a number of issues relating to evaluation techniques, discounted cash flow methodology, and risk. Completed during the spring and summer of2005, the results provide a record of opinion at an active and vital time in our industry.The 2005 survey questionnaire was distributed by e-mail to groups and organizations around the world. There were 22 respondents out of several hundred questionnaires distributed (we gather this small proportion of respondents is typical for such surveys). The responses, although a small number, show a consistency that suggests that the survey has captured the views of the industry. The results of the survey are summarized below in series of tables and graphs.The reader is cautioned that the results are a snapshot of industry practice at a point in time as represented by a small sampling of the industry's practitioners. These results should be viewed as indicative values."

Jan 1, 2003

By H. Clare Horwood

"In the Little Long Lac-Sturgeon River area of Thunder Bay district, Ontario, most of the known ore deposits occur in fractures, shear zones, and zones of brecciation, in folded sedimentary rocks . In two or three instances, however, deposits occur in Keewatin greenstones and in later granitic rocks of probable Algoman age.The principal regional features in the area are the long narrow bands of Keewatin volcanic rocks and Timiskaming sedimentary formations that extend east from lake Nipigon to Long Lac, a distance of about 65 miles. The belts continue to the east for many miles beyond Long Lac and probably for some distance to the west under the waters of lake Nipigon. They are intruded in places, particularly in the north, by large masses of diorite, granodiorite, and granite. Small intrusive masses of diorite and porphyry also occur in many localities throughout the area.The Little Long Lac-Sturgeon River mining area is the youngest camp in Ontario and has been in production only since 1934.The district is readily accessible from the branch line of the Canadian National railway between Longlac station on the main line and Port Arthur, and from the Trans-Canada highway No. 17. Both these means of communication traverse the area in a general east-west direction parallel with the principal structural trend of the rocks of the region.In the Little Long Lac section discoveries were made by W. W. Smith in 1931 (Hard Rock property) , by T. A. Johnson in 1932 ( Bankfield property) , by T. A. Johnson and T. Oklend in 1932 (Little Long Lac property) , by F. MacLeod and A. Cockshutt in 1933 (MacLeod-Cockshutt property) , and by George and Frank Papineau in 1935 (Hutchison Lake property).In the Sturgeon River section discoveries were made by Powers and Silam in 1925 (Northern Empire property), T. A. Johnson in 1931 (Dik-Dik property) , and by Russell and James Cryderman in 1935 and 1936 (Sand River and Leitch properties)."

Jan 1, 1954

By R. G. Gillies, C. A. Shook, W. H. W. Husband

"The current state of knowledge concerning pipeline transport of coal in water slurry form is summarized for the four categories: coal-water fuels, conventional fine coal slurries, coarse coals and stabilized mixtures of coarse and fine particles. Surface chemistry is of dominant importance for coal-water fuels and considerable progress in understanding the role of surfactants has been achieved in recent years. Little generalized research on the flow of conventional fine coal slurries has been done in the past 17years, although innumerable conceptual designs and feasibility studies have been undertaken. Coarse coal slurries are fairly well understood but the model which explains their flow requires more data to be established fully. Stabilized flow mixtures should probably obey the same model as coarse coal slurries but experimental results for stabilized mixtures have not yet been incorporated in a comprehensive theory.IntroductionPipeline transportation of coal in a water vehicle has been employed for many years in coal washeries. It has been used less frequently in hydraulic mining and thermal power station fuel supply systems. The suitability of coal for pipeline transport arises from its moderate specific gravity relative to the carrier fluid and the fact that throughputs are often large and steady over long periods of time."

Jan 1, 1990

By Kevin Azocar, Jim Hazzard

"Slope stability analysis is performed most commonly using limit equilibrium calculations or numerical models assuming a two-dimensional slice through an infinitely long slope surface. In areas such as open pit mining, where most slope surfaces are not planar, the importance of curvature becomes important due to the economic gains associated with creating a steeper slope. With advances in computing capabilities within the last decade, three-dimensional slope analysis can be performed within reasonable time frames. Some work has been done on the potential importance of curvature on slope stability, mainly assuming homogenous materials with a circular shear-failure mechanism. However, many open pit mines are excavated in jointed rock mass where a completely different set of failure mechanisms can be seen. Depending on the geometry and radius of the pit, the curved geometry may influence the factor of safety and failure behaviour compared to a two-dimensional slice.A series of numerical analyses were performed to investigate the effect of curvature on jointed rock slope stability compared to an equivalent two-dimensional slope analysis. By using discrete element method models, the influence of joint planes and interaction between distinct blocks can be seen. With a three-dimensional model, the effect of curvature can be combined with multiple joint sets at any orientation, which cannot be seen in a single slice. Numerous three-dimensional models are created, along with an equivalent unit-thick slice. The effect of curvature on a variety of different types of failure mechanisms is observed, and graphical relationships are created to quantify the difference between the three-dimensional factor of safety and the two-dimensional factor of safety based on the degree of curvature."

Jan 1, 2015

By S. N. Bhatnagar, S. K. Haldar

"Mineral exploration is an expensive speculative venture and calls for optimization of sampling. Exploration is generally planned in grid pattern to be conducted in phased manner. The objective of any such campaign is to assess the quality, quantity and its reliability. The traditional estimation methods are unable to provide a means of calculating the degree of reliability. Application of mathematical models can quantify the precision of estimation and bring forth decision-making criteria at any stage.In this paper three statistical and geostatistical models, viz., Frequency, Probability, and Semi-variogram, have been employed to evaluate sequential exploration data of RampuraAgucha zinc-lead deposit. The optimization in exploration for a specific objective has been highlighted.IntroductionAny exploration campaign demands heavy resource investment starting from the collection of the first sample to the production of the first ton of ore. The best estimation would be if the entire orebody is taken out and sampled. However, this is neither possible, nor desirable. Drilling is the primary tool of geological sampling. It shares the major portion of the investment and, thereby, warrants critical analysis at every stage during the ongoing exploration projects.The exploration program should be conducted as a well planned scheme based on a sequential evaluation approach in a phased way to achieve a specific objective. It would then be possible to evaluate exploration data at the completion of each phase by employing computer-based mathematical techniques to quantify the precision of the estimate for fulfillment of objectives. The subsequent drilling program should be modified accordingly."

Jan 1, 1987

By Mustafa Kumral

Monte ? Carlo simulation is often used to assess the risks associated with uncertain variables in mining operations. The success of Monte-Carlo simulations depends upon reproducing the dependencies among variables to some extent. However, some variables may exhibit different dependency patterns. In these cases, classical techniques for dependency quantification cannot capture dependencies. As an alternative, the copulas allow modeling nonlinear dependencies. Furthermore, any choice of marginal distributions can be used. Especially, for the data, which is sensitive to extreme case such as financial crisis, the copulas arise as a means to reproduce the correlations among variables. In this paper, the copulas are introduced to mining practitioners using Monte-Carlo simulations for risk assessment. Then, a case study is given to show the superiority of the copulas over classical techniques using ModelRisk Software. In conclusion, it was observed that the copulas enhance the quality of Monte-Carlo simulations by capturing variable dependencies.

Aug 1, 2013

By Stanley Davidson

Introduction The ore deposit mined by Falconbridge Nickel Mines, Limited, is one of the numerous nickel-copper sulphide bodies marginal to the large oyster-shaped mass of differentiated norite in the Sudbury district, famous as the world's most important nickel producing field. The unique character of the ore deposits of the district has resulted in its intensive geological study over a period of more than fifty years. The results of these studies have given rise to a voluminous geological literature and to a great deal of controversy as to the genesis of the ores. This description of the structural geology at the Falconbridge mine is presented in the hope that it may form a small part of the chain of evidence leading to a reasonably satisfactory explanation of the ore genesis. The mine, named after Falconbridge township in which the deposit occurs, lies along the southeast margin of the norite mass which, however, is here concealed beneath a deep mantle of glacial sands and gravels averaging over 100 feet in thickness. As a consequence, the deposit was not discovered by the early prospectors, and it was not until 1916-17 that E. J. Longyear, of Minneapolis, located the ore by drilling. The discovery was foreshadowed in 1899 by the work of Thomas A. Edison, who found indications of the deposit by what is believed to have been a combination of magnetic and electrical geophysical surveys. He sank a prospect shaft over what has to date proven to be the largest and richest ore section in the mine. A wet quicksand layer at the rock surface proved impenetrable, however, and the "Edison' shaft never reached bed-rock.

Jan 1, 1946

By John Lund

INTRODUCTION GOLD-BEARING placers of Alaska and the Yukon Territories are buried under a layer of permanently frozen alluvial overburden, or 'muck', which varies in depth from twenty to one hundred feet. The placers, and the decomposed bedrock layers upon which they are deposited, are also permanently frozen. During the summer, surface muck which is exposed to the sun will thaw, but only to a depth of a few feet. To reach a valuable deposit, the frozen overburden must be either penetrated with shafts, or stripped from the deposit entirely. In either case, before the placer can be mined, it must be thawed. At modern dredging operations, the frozen muck is stripped from the placer by powerful jets of water from hydraulic giants. The placer, and several feet of decomposed bed-rock, are then thawed by forcing water through narrow pipes which have been driven into the deposit. Other methods of thawing frozen placers were used extensively during the early years of the Klondike 'gold rush', but experimentation later proved that creek water at its natural summer temperature was a more effective and economical thawing medium than any other which had been used. EVOLUTION OF COLD WATER THAWING Early prospectors of the far north reached placers by digging shafts through the frozen muck. They then thawed the placer sand and gravel by building wood fires at the bottom of the shafts.

Jan 1, 1951

By L. D. Smith

"Those who submit competing proposals for projects seek to present senior management with complete and fully supported material that will not fail under questioning. Hopefully, misleading notions and omissions will have been minimized and there will have been testing of the assumptions regarding the economic, social and political environments.A capital project evaluation team can do management and itself a service by including a sound approach to the impact of inflation (and its twin problem, interest) on a project and a great disservice with an inappropriate approach to inflation.InflationHandled deftly, inflation can alter a project evaluation to show almost any result the handler desires. It must be a constant source of frustration for design people and cost estimators to spend weeks perfecting the technical aspects of a project in order to minimize costs, only to have all of their efforts set awash in a sea of financial and economic assumptions that submerge all of the detail. In all of this, inflation is perhaps the largest offender, with inflation criteria often being brought to bear at the last minute, almost as an afterthought. Perhaps this tardiness reflects the difficulty of the subject and the belief that senior management will take its own approach to the problems of inflation. Such a belief is unfair to senior management, for it is entitled to not being misled by omission. It is entitled to the full use of the skills of the evaluating team, including reasonable assumptions of the impact of inflation.Working in a consulting context, one has the opportunity to participate in the evaluation of a large number of projects."

Jan 1, 1990

By Bong Sun You

AZ31 magnesium plate of 300mm in width and 40mm in thickness was produced by horizontal continuous casting machine, and its microstructures were analyzed on the surface and in the plate interior. The defect formation on the surface and subsurface, such as side cracks, buckling, pores and segregation, was very sensitive to the casting condition and processing parameters. Especially, casting speed and secondary cooling were the most dominant parameters to control the solidification behavior of magnesium melt, for example the position and shape of the solid/liquid interface in the mould. The cyclic marks on the surface were obvious because the plate were drawn by 4-step cycle and can not be removed. The average grain size of as cast plate measured as 50-65µm at the near surface and 300-400µm in the center of the plate was relatively small because secondary cooling water was applied to control the surface quality resulting in rapid solidification of the melt in the mould.

Jan 1, 2006

By Mario Bureau

Need for a lab assembly reaching better and consistent static anchorage capacities

May 1, 2013

By Peter S. Jack

"IntroductionTHE ORES treated at the concentrator of the Britannia Mining and Smelting Company, Limited, Britannia Beach, B.C., have always contained some lead, but it was not until 1950 that the combination of lead headings and lead price was such that recovery of this metal at Britannia became worthwhile. In that year, with the mining of a new orebody, the lead in the mill feed was raised from 0.07 per cent to 0.15 per cent. Chalcopyrite, sphalerite, and pyrite concentrates are produced by flotation at Britannia, •and 95 per cent of the lead in the mill feed reports with the chalcopyrite concentrate, so that the rise in lead headings was reflected almost wholly in the lead content of the copper concentrate. In 1950, investigation was started to determine if some of this lead could be recovered economically."

Jan 1, 1953

By A. Poor Zaeif Doost

With columns being installed in rougher section at Miduk Copper Complex, the rougher feed mainly reports to rougher-scavenger cells. To evaluate the efficiency of regrinding circuit, we conducted flotation experiments on samples of the feed and the products of the regrinding circuit. The grade difference of these products at 85% recovery was considered as the efficiency index. Results show that, with weight recovery of the rougher-scavengers the efficiency of the circuit increases. Exclusion of the rougher-scavenger concentrate from the feed to the regrinding circuit, resulted in an increase in the efficiency index from 10.12 to 17.6%.

Jan 1, 2012

By M. H. Moys, C. Bhondayi, Eric Tshibwabwa

"The relationship between froth bubble size as represented by intra-bubble impact distances (IID) and flotation performance is investigated. Experiments using an artificial ore comprising of limestone as the floatable component and silica as the gangue material were carried out in pseudo-steady-state circuit. A method to measure IIDs developed by Bhondayi and Moys (2014) was then used to measure froth bubble sizes as a function of froth height, superficial gas velocity and feed rate (pulp residence time). Samples for flotation performance evaluation were also taken. Results indicate that as froth height increases, the average IID values increase resulting in a decrease in limestone recovery while the grade increases. Increasing gas rate results in lower IID values that are accompanied by high recovery and low limestone grade. The effect of feed rate on both flotation performance and average IID values depended on froth depth and gas rate. Average IIDs largely remained the same at the two feed rates investigated.INTRODUCTIONIt is regarded as obvious that froth bubble size distribution (FBSD) will have an effect on plant grade and recovery. As the average FBSD decreases, the bubble surface area flux will increase making possible an increase in recovery and a decrease in grade. The opposite trend will be involved if average FBSD is increased. However: no method for measuring FBSD has been available, so these trends have not been studied in any detail. Bhondayi and Moys (2014) developed a novel technique to measure or estimate froth bubble sizes. Although they established a potential to use this method in understanding froth performance, no data have been presented to assess the correlation between the estimates of bubble sizes and actual flotation performance. In this work experiments are done to establish how the change in froth phase bubble sizes affect flotation performance. Flotation performance will be evaluated using recovery and grade. How water recovery to the concentrate changes with changes in bubble sizes will also be evaluated. It is known that water recovery is approximately inversely proportional to the square of the overflowing bubbles sizes. It will be interesting to establish how the rate of change of bubble sizes changes with water recovery."

Jan 1, 2016

By Andrew Hickinbotham

"A water well represents not only a significant investment but also is a key to making a living or sustaining a reasonable lifestyle. This naturally makes the water well a precious possession that needsto be protected.This paper describes the challenges that TransAlta Utilities Corporation faced and how it responded to the concern of residents that open pit coal mining would affect their water well supplies.BackgroundWells have a certain mystique. Tum on the silver tap and water flows at your command without you knowing how it got there and whether it will continue to flow.Each well is different and has a story to tell. Some wells have a lot of history and are described fondly and with pride (""Grandad built this place 50 years ago and she hasn't failed us yet""). Some are passed on from father to son, some are part of the pride of good farming, some wells are famous for tapping that huge underground stream or have been mysteriously witched or have been part of a rip-off by an unscrupulous well driller. Some have to be babied so that the cows can be watered, the children can have showers and the dishes can be done. All wells represent a significant $5,000 to $10,000 investment and is a key to making a living or sustaining a reasonable lifestyle.Most wells continue to provide water faithfully - until there is a problem. For those people living next to a mine, there is the additional concern that mining has or will affect their water well supplies. Water well problems reported to the mining company have to be dealt with promptly and responsibly. The mining company's groundwater specialist must gain the trust and confidence of well owners living in the area ."

Jan 1, 1992

By W. A. Kracht

The McGill Bubble Size Analyzer, with the original image-capturing device (digital video camera), has a proven record for measuring bubble size distributions that are relatively narrow, such as in mechanical cells with frother. However, some problems arise when dealing with bubble size distributions characterized by a bi-modal shape and wide range of sizes such as found in some flotation columns. To measure wide bubble size distributions it is necessary to increase both the resolution to image the small bubbles and the viewing area to include the large bubbles. This can be done using a digital still camera: digital still cameras can have higher resolution than the digital video cameras currently used and with the proper lens the viewing area may be increased without resolution loss. The digital still camera approach was used to measure bubble size distributions in flotation columns at different operations in Chile. A comparison with typical bubble size distributions generated with mechanical cells is presented.

Jan 1, 2007

By P. R. A. Andrews, I. Jackman

"A mineral processing investigation to recover chromite was performed at Lakefield Research, under the guidance of CANMET personnel, on a 70 tonne ore sample from the Bird River deposit in Manitoba. In the laboratory phase a flowsheet was developed which involved grinding, gravity separation and flotation. The gravity concentrates were upgraded by magnetic separation and the flotation concentrates by gravity concentration. Pre-concentration by electronic ore sorting, magnetic separation and heavy media separation also was examined.The developed flowsheet was applied on a pilot-plant scale in the second phase of the testwork to the ore as received, and to ore pre-concentrated by electronic ore sorting and magnetic separation. Ore pre-concentrated by heavy-media separation was treated on a laboratory scale based on the pilot-plant flowsheet.Processing the are as received resulted in 77% recovery of chromite in a concentrate analyzing 30% Cr20 J; processing are pre-concentrated by electronic are sorting resulted in 64% recovery of chromite in a concentrate analyzing 30.5% Cr20J.IntroductionA five-year mineral development sub-agreement was signed between the federal government and the province of Manitoba in 1984. The purpose of the agreement was to establish a work program which would strengthen and diversify the mineral resource industry of Manitoba. Basically, the agreement covers three sectors: Sector A, geoscience; Sector B, mining and minerals technology research; and Sector C, development studies.Project selection involved input from industry, federal and provincial representatives. In the case of industrial mineral s, the selection was initiated at a meeting held at the offices of the Department of Mines and Energy, Winnipeg, Manitoba, in October 1985. One such project was the evaluation of the chromite ore deposits at Bird River, Manitoba."

Jan 1, 1988

By Stewart A. Ferguson

Location.-The property consists of eight claims (P-12339 to 12343, 12403 to 12405) in Robb township, adjoining Jamieson township on the west. A mocor road extends twenty-two miles northwest from Timmins to the mine. Acknowledgments.- The field work was done in 1940 and 1943, while the writer was employed by the Ontario Department of Mines. The Metals Reserve Company has made available information regarding the property through Messrs. W. R, Dunbar, of Hollinger Consolidated Gold Mines, and W. C. Ringsleben, of the Metals Control Board, Department of Munitions and Supply.

Jan 1, 1945

By K. M. Ed

AN explosive is a solid or liquid substance which, when fired by some means, changes into a gaseous product occupying a volume very much greater than its original volume. The great speed at which this change takes place causes the explosive to exert a sudden blow on adjacent material. It is this action which is effective in blasting operations when the explosive, confined in a shot-hole, is fired. All explosives are similar in one respect, in that the change into the gaseous state is accompanied by the production of hot gases or flame. This results from the rapid combustion of the solid or liquid ingredients. Ex-plosives differ greatly, however, in the speed at which the reaction takes place. Black blasting powder, for instance, reacts comparatively slowly, hence the flame persists for an appreciable length of time. High explosives, on the other hand, react much more quickly; consequently, the flame is of much shorter duration. In 'closed-light' or 'gaseous' coal mines, the use of ordinary explosives is generally prohibited, due to their inherent ability to ignite gas or coal-dust by reason of the flame which they produce when fired. For instance, black blasting powder, which produces a flame of long duration, is not ordinarily considered safe to use in such mines; neither are ordinary dynamites, as their flames, while shorter than that of black blasting powder are, nevertheless, of sufficient temperature and duration to cause ignition of fire-damp or coal-dust. For this reason, specially formulated high explosives, called 'permitted' explosives, should invariably be used in such mines.

Jan 1, 1940