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By Peter L. Dunn

With the advent of new high-strength magnetic materials, rare-earth magnetic separators have become more common place for processing heavy mineral sands. In many instances, rare-earth magnets have replaced conventional separators such as electromagnetic cross-belt and induced-roll type machines. This paper will present the results from a detailed test program developed to evaluate the performance of rare-earth drum and roll separators for processing heavy mineral sands. The effect of machine design parameters, such as magnetic element configuration and separator diameter, will be reviewed in light of these test results. The impact of basic operating parameters (i.e. feed rate and roll speed) on separation efficiency will also be presented.

Jan 1, 1999

By Stanley W. Ivosevic

Introduction Increasing investor and industrial demand for gold is not being matched by new mine output from traditional sources. This forces the exploitation of alternative natural and industrial resources to supplement traditional sources. A traditional natural resource is either high- to medium-grade ore, of gold or silver with coproduct gold. Or, they are medium- to low-grade base metal ores having byproduct gold. Traditional ores are also frequently extracted at relatively great expense by selective underground mining. Alternative natural resources include low-grade, near surface ores and the products of mining-dumps - and of onsite processing - tailings. Traditional industrial resources are newly mined gold or that obtained from plant sweepings. Their alternative analogues include gold in old scrap and chemical sludges and precipitates, notably those incidental to the electronic industry. These alternative gold resources have several attractions. They are untapped and abundantly available. Having been overlooked by prior metals suppliers, title to many alternative resources is easily acquired. Or, the value of such a resource may go unnoticed until its gold is rendered exploitable by an advance in extractive technology or an other approach. This article addresses the effect of large tonnage, low-grade lode ores on gold supply. Exploiting these ores is rendered commercial by their amenability to bulk mining by modern large-scale mining and metallurgical operations requiring little selectivity. Placer gravels, perhaps the earliest type of gold ore mined, also are bulk minable. But these fall outside the definition of being lode deposits. Most lode bulk mining is from surface open-pit mines. Some, however, is from underground by such large-scale mining techniques as room and pillar, vertical crater retreat, and end slicing. The low-grade gold ore being discussed averages 2.8 g/t (0.082 oz per st). Output How greatly do bulk minable, low-grade resources effect supply? 1982 was a somewhat healthy year for gold mining and exploration in North America in spite of the general depression in the mining industry (Table 1). The wildly fluctuating price of gold bullion had stabilized at an annual aver¬age of $12.08/g ($376 per oz) - (Handy and Harmon base price). Half of the 1.3 kt (43 million oz) of 1982 world gold mined were from South Africa's high-cost, medium-grade, selective underground mines. Of the remaining half, 20%, or about 130 t (4.2 million oz), was mined in North America. This includes Canada and the US - the third and fifth largest gold producers in the world. Of that North American production, more than 62.2 t (2 million oz) of gold, or about 50%, came from bulk mining of gold ores with or without co-product silver. Most of this was in the US, where bulk minable gold-silver lode ore produced nearly 31 t (1 million oz). This amounted to 60% of the nearly 46.6 t (1.5 million oz) produced in the US during 1982. An additional nearly 7.7 t (250,000 oz) of gold were produced as the byproduct of bulk mining of cop¬per ore, for a total of 34 t (1.1 million oz) of gold, or 75% of US gold production by bulk mining. To further illustrate this, US placer, mine dump, and related operations produced an insignificant 4% of US gold output at the time. Exploitation of bulk minable gold deposits is becoming increasingly important worldwide. Most new Australian gold mining announcements are of bulk minable developments. This trend will increase in North American mining as more large tonnage, low-grade operations come onstream in Canada, where much current production is from underground. It will increase with the general climb in Mexican gold mining. And it will grow with expansion of the 12 t/a (400,000 oz per year), gold production of the Dominican Republic. Production Metal price and operating costs make these large tonnage, low-

Jan 11, 1984

By A. Konya

"INTRODUCTION Underground Mining and Construction projects face several challenges unique to the underground environment compared to the surface environment. The goals of an effective blasting program are the development of a blast pattern that minimizes cost, maximizes face advance, and provides the desired fragmentation and face profile. In addition to these , mines must consider the very real operational problems that occur such as drill deviation, ground vibration, and deadpressing or sympathetic detonation of explosives. These operation problems lead to increased costs and decreased production in the mine, hurting the bottom line. Combined with these problems, underground blasts can be difficult to monitor and evaluate due to tight spaces, dust during the blast obscuring video, and the need to evacuate the immediate area with no clear line of sight to observe performance. This creates an environment which most mines know that blasting can be improved in their underground operations, yet most are hesitant to change due to fears of the shot freezing, misfires occurring, and questions about how to achieve a proper design. The explosive companies and shot service providers also offer limited assistance or knowledge in the underground blasting realm, unlike with surface blasting, leaving many underground operations in the dark. It is for these reasons that most underground operations are operating decades behind the current technologies and incurring significant costs, both real and hidden, from there blasting operations. This paper discusses philosophical changes to designs that need to be made for effective design and modifications of underground blast patterns to prevent deadpressing and precompression of modern explosive products (Konya, Konya, & Worsey, Modern Blasting Method Selection, 2017). While numerous different methods of underground heading development exist, there are two types that are used in a majority of mines around the world, these are the burn cut and the V-cut. The burn cut is a parallel cut that has holes that go straight into the face and are primarily used in smaller opening (due to ability to pull deep rounds with smaller room widths) and metal mines (helps in ore dilution and greater fragmentation). The V-Cut is a cut that uses angled drilling towards the center of the face (in the traditional method) and is primarily used in underground aggregate operations due to its cheap cost but larger fragmentation sizes and greater throw of the muckpile. This paper will discuss these two forms of cuts specifically with the understanding that modifications to these can be applied to other parallel and angled underground heading techniques. BURN CUT The burn cut is one of the older forms of underground blasting, where a part of the blast (burn) of a shot is heavily loaded with additional empty (relief) holes with the goal of smashing (aka burn) and pushing/blowing all the material in the burn out to provide relief for subsequent blastholes. The relief holes in the burn cut provide a parallel relief for the holes that are firing to break too creating a second plane of relief, however these are extremely small and can cause many problems if a design is improper."

Jan 1, 2018

By P. R. Taylor

A review of the advantages and disadvantages of plasma technology for metal and mineral wastes is presented. Examples of the use of plasma systems are given and possible future uses are outlined. Among the potential uses are treatment of electric arc furnace (EAF) dusts, the vitrification of nuclear wastes and the removal of toxic metals. Over the past few decades, plasma technology has been studied for potential applications over a wide range of metals/materials processing areas. One promising area of plasma technology applications is the treatment of industrial hazardous waste. The potential generation of hazardous and toxic waste by various industries has become a matter of public and political awareness. Environmental regulations have put stringent toxicity emission limits on disposable waste streams. An intensive research effort is currently underway in the area of hazardous waste treatment.

Jan 1, 1994

By Y. Luo, S. S. Peng, C. T. Holland

Introduction A well-designed mining plan is one that minimizes cost and mining induced problems and maximizes recovery of the coal reserve. To minimize the negative effects on surface structures caused by ground subsidence due to underground mining activities, two kinds of practices are commonly employed by mine operators. One is the support technique, which leaves an area of coal unmined or partially mined beneath the structure to be supported. The other is the protection technique, which protects the structure when it is subsiding with the ground by taking advantage of the ground subsidence process (Luo et al., 1992). In designing the supporting technique, the only currently available method in the US is the one stated in the Pennsylvania Underground Coal Mining Rules (1985). However, the size of the support area designed by this method will be excessively large and result in a wasteful use of coal reserves when the overburden depth is more than 350 ft. A more scientific method is proposed in this paper for designing the support area. This method is based on a large amount of subsidence data collected throughout a number of major US coal fields and the authors' experience with monitoring and protecting surface structures that have been undermined by longwall panels. It considers the critical deformation indices that a structure can tolerate, and depth and height of underground extraction. A support area designed by this new method will not only assure the safety of the structure to be supported but will also maximize the extraction of the coal reserve. Design of support area using the Pennsylvania rules The Pennsylvania Underground Coal Mining Rules (1985) state that no underground mining activity should be permitted beneath structures where the overburden depth is less than 100 ft. An exception to these rules is provided for mine related openings that provide access to the surface for such as entries, shafts, boreholes and site-specific variances for entry development. If the overburden depth is greater than 100 ft, the mine operators should utilize either of the following: •Extraction techniques that provide for planned subsidence in a predictable and controlled manner, or •Support techniques designed to prevent subsidence damages to features identified as: •Public buildings and non-commercial structures [ ] customarily used by the public, including churches, schools and hospitals • Dwellings, cemeteries, municipal public service operations and municipal utilities in place on April 27,1966 •Impoundments and other water bodies with a storage capacity of 20 acre-ft or more • Aquifers, perennial streams and water bodies that serve as a significant source for a public water supply system, and •Coal refuse disposal areas. The support techniques require that a support area be left beneath the surface structure or feature to be protected (Fig.1). The support area should consist of coal pillars, with their size and pattern being such that their bearing strength is maximized. The total coal extraction within the support area should be limited to a maximum of 50%. The support area should be rectangular in shape and determined by projecting a line at a 15° angle from the surface to the coal seam with an offset distance of 15 ft from all sides of the structure. For a

Jan 1, 1994

By James L. McGregor

St. Joseph Lead Company has been paying incentive bonuses for well over 40 years. In 1958 almost half of St. Joe's 1,860 employees in Southeast Missouri received some form of incentive bonus in addition to their guaranteed wages. There are very few payroll jobs in St. Joe s Southeast Missouri organization that lend themselves to a reasonably good measurement of production or quality, or both, where an incentive bonus is not paid. The term "Incentive Bonus" is used to differentiate betwen bonuses that are based on quantity or quality of work, and those that are merely additional pay of a standard amount per hour or day because of an employee being temporarily assigned to some unusual task, An employee temporarily assigned to a job where the working conditions make the job performance unusually difficult or where a special skill is used is often given a bonus of some standard amount per hour or shift in addition to his usual rate. This is merely a convenient way of paying something extra without disturbing the normal rate structure. Actually, it is differential pay similar to that almost universally paid for evening and night shift work. Bonuses of that type are not being considered in this paper. The basic reason or theory for paying incentive bonuses 9s to get improved production at lower cost, Unfortunately, it is often difficult, if not impossible, to find a yardstick by which it can be definitely proved that a particular bonus plan is accomplishing its purpose, It becomes, then, a matter of judgment on the part of management personnel as to the value of the bonus plan. The fact that St. Joe Lead Company has continued to pay bonuses for over 40 yews and has increased the number of bonus schedules used attests to a definite belief that they are beneficial to the company's successful operations.

Jan 1, 1960

By C. T. Thompson

"Rotary percussion" implies two types of energy, rotary and percussion. Into these categories fall rock' drills of varying sizes. The larger ones drill above 6" diameter holes; the medium size, 2 3/4" to 4 1/2" holes; and the smallest, 1 1/4" to 2" holes. Essentially, the larger holes are drilled with doom-the-hole drills using tri-cone bits. Percussion energy evolves from the drill piston and rotation power from the rotary table or overhead drive, using drill collars or pull down mechanism to preload the bit.

Jan 1, 1963

By O. Guyot, A. Broussaud, J. Björkman, P. Söderman, P. O. Samskog

Model-Based Expert Control systems (MBEC) are on-line supervisory dynamic optimization systems which combine the ability of a phenomenological model to generate a large amount of information about the state of the process and predict its evolution, with the flexibility of a rules-based approach to take plant constraints into account and apply a complex control strategy. For its new concentrator started in 1995 in Kiruna (Sweden), LKAB has implemented a progressive grinding flowsheet with closed-circuit autogenous grinding followed by closed-circuit pebble grinding with ore pebbles. The standard for instrumentation in this new plant is very high. The control hardware consists of a Distributed Control System (DCS) through which the operators interact with the plant, supplemented by a site-level Management Information System (MIS). A state-of-the-art MBEC system was imbedded in the MIS by the authors before plant start-up. It consists of several modeling and expertise software modules: a phenomenological process model and a Kalman filter estimate continuously the state of the process, an optimizer calculates an optimum feedrate, while rules-based modules establish production targets and key process set-points. The decision to install the MBEC system as an integral part of the new plant before start-up illustrates the current maturity of the technology, i.e., enough know-how was accumulated through former projects to design and develop the system to a large extent without accessing the plant. The feasibility and the power of dynamic optimization systems were previously demonstrated in Kiruna pre-existing concentrator by the authors. First, a MBEC system was installed on the three existing pebble mill circuits, providing both an increase in quality (stabilised size distribution) and a 10% increase in capacity. An on-line expert control system with limited modeling capabilities was also installed in the existing flotation plant, with the aim of stabilizing phosphorous content in the concentrate and optimizing collector additions. Both objectives have been achieved.

Jan 1, 1995

By John R. Duble

Through 1980, demand for cement in the Pacific Basin countries still seemed to exceed output. Availability of cement in the industrialized and developing countries of East Asia, Southeast Asia, and Australasia for the 1975 - 1980 period are discussed in this report. Quantitative data includes production, imports, exports, and apparent consumption. An account of new cement plants and plant extensions is provided. Countries and areas covered include: East Asia---Japan, South Korea, North Korea, Taiwan, China, Hong Kong, Philippines; South east Asia---Thailand, Vietnam, Singapore, Malaysia, Indonesia; Oceania (Australasia)---Australia, New Zealand, New Caledonia, Fiji.

Jan 1, 1982

By M. Kockler, S. J. Jung

Underground operations at the Rain Mine averaged 360 tonne/day (400 ton/day) utilizing underhand drift-and-fill and longhole stoping with delayed fill between 1993 and 2002. Mining from four ore zones produced over 803 800 ore tonnes (886 000 tons) at a grade of 9.32 gm/tonne (0.270 oz/ton). Even though openings in the ore could be as large as at 9 m (30 ft) wide, 30 m (100 ft) high, and over 60 m (200 ft) long, the weak rock surrounding the ore zones restricted development size to 3 m (10 ft) wide by 3.7 m (12 ft) high.

Jan 1, 2004

By M. Sagisaka

The purpose of this study is to obtain carbon dioxide emissions by copper production systems and quantitative merit to use copper scraps in Japan. Electrolytic copper and sulphuric acid originating from the refining gas are produced in the system. In this study, the inventories such as the fuel consumption of the unit processes and the in-house electricity generation were obtained from published papers and public statistical data. The following observations were made based on the Life Cycle Assessment (LCA) method: (1) Carbon dioxide emissions from the production of electrolytic copper and sulphuric acid in the system are about 1.0 kg and 0.4 kg/kg-product respectively. The carbon dioxide emissions attributable to the transportation of copper concentrate correspond to 20% of the total emission. This emission is higher than that of zinc because the metal content in the concentrate is lower than zinc. (2) The carbon dioxide emissions from the system decrease with the recycling of copper scrap to the converting process because the consumption of copper concentrate is reduced. The reduction is estimated to be 0.18 kg-CO2/kg-Cu at the point of 0.1 kg-scrap/kg-blister Cu. This corresponds to 9% reduction for the present system. However, this recycling leads to the decrease of sulphuric acid by 450x103 tonne at the point. The recycling of scrap should be evaluated not only from the reduction of carbon dioxide emissions, but also in terms of sulphuric acid demands as well as advantage of waste management.

Jan 1, 2003

By Wilson Blake

A mathematical model based on the finite element method of stress analysis has been used to describe the behavior of the western wall of the Kimbley Pit as its slope was steepened from 45 degrees to 57 degrees. Theoretical stress changes because of slope modification are slight except at the toe of the modified slope. Magnitudes of stress created are small when compared with the strength of a competent rock. Resulting displacement patterns point out the need for determining the in situ state of stress at a site prior to excavation or modification. A comparison of model results with field measurements shows that, in general, the model has described the measured behavior of the west wall of the Kimbley Pit remarkably well.

Jan 1, 1968

By Francesco Chiappalone, Daniele Nebbia, Lance Waddell, Greg Colzani

As part of the 3RPORT Project, a 5-mile tunnel is being excavated underneath the three rivers of Fort Wayne using a 19-foot diameter Slurry Tunnel Boring Machine. The groundwater pressure at the tunnel axis ranges from 4.5 to 5.3 bar. The rock mass hydraulic conductivity is very high with water inflows up to 10,000gpm imposing significant challenges to the project. After excavating 1,550-feet of the TBM tunnel, major leaks between the tailskin and the segmental lining were observed, indicating the potential deterioration of the tailskin brushes and the need for inspection and eventual replacement. The first part of the paper describes the planning of the intervention, including the design of the polyurethane grouting campaign, the procedures developed for the execution and the controls established during construction to timely assess the presence of potential hazards. The second part of the paper focuses on the experience gained during execution and lesson learned to prevent future occurrences of this nature.

Jun 13, 2021

By R. L. Loofbourow

The Sunro Copper Mine is near the south coast of Vancouver Island about 35 miles west of Victoria. Failure of the roof of a large open stope let a good sized mountain stream into the mine. Broken are, boulders and sand were washed into the underground mill and out through a 7 800-foot adit. The adit became plugged; water burst out an a ridge above the adit, washing out the portal and o trestle by which it was reached, Rock and ore are strong but several systems of steep, pronounced but generally tight fractures are found on and parallel to the walls of the orebody. The stope was started from a slusher drift 390 feet below the bed of the River and brought up to an elevation 155 feet below the River by blasting vertical and horizontal rings of longholes in the nearly vertical orebody. Mining was stopped there and five months were given to grouting and bolting the pillar under the bed of the River, During this time and for several months thereafter sloughing increased the width, length and height of the stope. At the last known observation the stope was 77 to 96 feet wide, 185 feet long and the highest point of the domed back was only 55 feet below the River. The flooding took no lives. In other respects, however, it might be difficult to find in mining lore o more savage example of the application of "Murphy's Laws".

Jan 1, 1968

By A. L. Boerner

Off-highway tire costs represent a significant portion of the total mining costs in openpit, truck-shovel operations. To extend the lives of tires, the site-specific factors influencing tire life should be investigated Valuable data can be obtained by combining historical operational data captured by a mine dispatch system with detailed tire and maintenance histories. Assuming that failure counts satisfy a Poisson distribution, F-tests can be applied to determine significant deviations from desired or target counts. The methodology developed in this paper can be used to identify the haul routes and loading and dumping zones that have significantly higher incidences of tire failure. Corrective action can then be targeted at these zones by modifying the shovel or truck operator practices; changing the haul route maintenance and clean up practices; or altering the bench, ramp or waste dump design parameters. An example is given of the correlation of tire separation and tire impact failures with haul routes for a fleet of nine Caterpillar 793C trucks in operation at the Chuquicamata Mine in northern Chile. A high incidence of impact failures was observed for the ex pit ore crusher and for tires installed in the left outer rear position on the trucks. The latter was postulated to be due to a preference for drivers to execute right-hand turns prior to dumping. Recommendations were made to revise crusher and dump cleanup practices and investigate the feasibility of super-elevating the surface of dumping zones to reduce ground pressure on the left rear tires.

Jan 1, 2002

By Donald M. Duncan

An acceptable source of concrete aggregate is available in Kansas City in a continuous, medium bedded, slightly dipping limestone unit. Removal is accomplished in shallow depth, 12 feet to 17 feet high, room and pillar mines. The accepted empirical design spaces 20 foot pillars 60 feet on center. A portion of the 20 foot unit is left in place for roof support. Rock and soil cover is variable to 100± feet maximum. Long-term stability of these mines is affected by numerous factors, including the above mine-rock profile, ground water conditions and mining practice. Crusher-run aggregate sells at the mine for $2.20 per ton, yielding a gross income of $2.00 to $2.80 per square foot of mine. Use of mine space for real estate development requires a new perspective in mine development. Mining practices to obtain long term stabile structures can become an over-riding factor as compared with minimum production costs and maximum extraction ratios. Poorly mined areas are unusuable for secondary purposes. Development cost for lease space in less desirable mines is substantially greater than those planned for a secondary use. Real estate development in mine space involves unique engineering problems. Properly engineered developments offer singular advantages. Warehouse lease space sells for $.50 to $1.00 per square foot per year; fully developed office areas may double these values.

Jan 1, 1968

By Brad Grothen, Lok Home

The choice of TBM type is never easy, but it becomes especially challenging when faced with a hard rock tunnel with expected high water flows and pressure. Slurry Shield tunneling has a long history of being used in these conditions to minimize the risk, though this method has brought with it other risks along with cost considerations. At recent projects around the world, another method has been proven to effectively manage these project risks without utilizing Slurry Shield tunneling: Shielded, NonContinuous Pressurized (NCP)-TBM tunneling in rock with a comprehensive grouting program. In this paper, the authors will analyze the use of Shielded NCP TBMs at projects around the world as compared with slurry shield tunneling in rock under water pressure. Recommendations will be given in order to establish a clear picture of the optimal tunneling method.

Jun 13, 2021

By Steve Kral

Philip M. Hocker is president of the Mineral Policy Center (MPC), a Washington, DC-based, non-profit organization formed to "address the environmental problems that are caused by mineral development in both the hard-rock mining and onshore oil arenas." Hocker has been involved with resource development and environmental policy issues since the 1970s. He has been a plaintiff in several lawsuits regarding environmental management of federal onshore oil and gas leasing. He was also active in the 1987 campaign to pass the Federal Onshore Oil and Gas Leasing Reform Act. Hocker served on the board of directors of the Sierra Club from 1980 through 1986. He is also a member of SME and spoke at the welcoming luncheon and keynote session of the SME Annual Meeting and Exhibit, Feb. 14, 1994, in Albuquerque, NM. In his role as president of MPC, Hocker has become a major player in the ongoing battle concerning mining law reform. And, while the mining law issue is the most visible and controversial issue confronting the mining industry and MPC, Hocker's organization is also active in clean water reform and other public policy issues that concern natural resource development and the environment. Hocker and MPC invoke a wide spectrum of reactions from the mining industry, most of it negative. Even so, the editors of ME decided that SME members should hear from Hocker his views on domestic mining, including mining law reform, clean water legislation and other environmental issues facing the industry.

Jan 1, 1995

By Robert H. Merrill

INTRODUCTION In most cases, the design of an underground mine is based upon the premise that the ground either will cave or will be stable. This chapter concerns the design of a mine in ground that will cave readily or with some as¬sistance, such as by long-hole drilling and blasting. Some of the more widely used caving systems of mining are panel caving, block caving, sublevel caving, and large pillar recovery. Some of the less widely used systems are glory-hole, top slicing, and induction caving. Al¬though the common practice of pillar robbing is not usually considered to be a caving system, this subject will be treated as a part of this chapter. BASICS OF CAVING Caving systems are most successful in ground that will cave in sizes that will flow through openings and grizzlies, and will easily load in cars or on belts for haul¬age. The ground most likely to cave well is highly frac¬tured and contains breaks, flaws, or other discontinui¬ties that form planes of weakness. Also, caving action can be greatly enhanced if the host rock itself is low in compressive, shear, and tensile strength. Ideally, a cav¬ing system of mining is best employed when the criteria for caving is a feature of the ore body and the develop¬ment drifts, haulageways, and drawpoints can be mined in a highly competent rock beneath the mineralized zone. However, the development is often in the same, or similar, fractured rock and the openings require sub¬stantial artificial support to assure stability. Several clues can be assembled to identify potential caving ground; however, for borderline cases, no sure method has been devised to date. The diamond-drill cores taken for exploration can provide an excellent clue provided drilling is performed carefully by experienced drillers. For example, if the ground is cored in such a manner that the breaks in the core are caused more by failure of the rock than by whipping core barrels, plugged drill bits, or other drilling causes, and the intact core lengths are consistently long [say, 0.6 to 3 m (2 to 10 ft) of unbroken core], there is little reason to believe the ground will cave without considerable as¬sistance. This is especially true for rocks with compres¬sive strengths above 34.5 MPa (5000 psi) and tensile strengths above 2.1 MPa (300 psi). On the other hand, if core recovery is low (below 80%) and the recovered ore is broken in small pieces and the breaks are along obvious weaknesses in the rock, the chances are excel¬lent that the ground will cave. This is true even when the rock between the defects has high compressive and tensile strength. Another clue has already been mentioned, that is, the measurement of the physical properties of the rock and the natural planes of weakness or defects in the rock. The planes of weakness in the rock can often be detected from outcrops, cores, or other exposures of the rock under consideration. Some rock types are known to be strong and will sustain large, unsupported open¬ings and would be difficult to cave intentionally. Yet the same rock type can also contain unbonded or weak planes of weakness or fractures, and in these locations the rock would undoubtedly cave with little assistance. Therefore, although the inherent strength of the rock is a factor in caving, the natural defects in the rock are more often the deciding factor. DESIGN CONCEPTS For the most part, the design of openings for caving ground is a problem of the interaction of openings over a relatively large area of the mine. To illustrate, Fig. 1 is a simplified section of a series of openings along the grizzly level or draw level of a block caving or panel caving development, and above this opening is a simpli¬fied section of a room-and-pillar arrangement on the undercut level. At this stage of the development, the stresses around the openings on the grizzly level are only moderately influenced by the openings on the undercut level and vice versa. Therefore, the stresses around the openings are approximated by the stresses around single or multiple openings in rock, the values of which are de¬scribed in the literature (Obert, Duvall, and Merrill, 1960; Obert and Duvall, 1967). Once the pillars on the undercut level are blasted (Fig. 2), the situation changes abruptly. The undercut opening (prior to caving) now can be approximated as an ovaloidal opening above the grizzly drifts and this opening tends to shield the vertical stress field. As the caved stage is drawn the stope approximates a much larger rectangular or square opening filled with rock, and if the rock is not sustaining a major portion of the stress field, this opening can be considered (for en¬gineering purposes) to be empty and the stresses that interact between the larger and the smaller openings take on a totally new perspective (see Fig. 3). Next, let the material cave to the surface, and let the caving ma¬terial sustain some stress, but much less than if the ma¬terial were intact. This condition is similar to a soft inclusion in a rigid body and has been treated in the literature (for example, Donnell, 1941). At this point in time, the grizzly drifts are subjected to the stress con-

Jan 1, 1982

By D. K. Dysinger

Capital resource budgeting is the means by which managers of publicly held companies fulfill their fiduciary responsibility to maximize the wealth of stockholders. Managers maximize shareholder wealth by allocating investment capital to the most productive of competing alternative projects in a manner that maximizes the net present value of the firm's future cash flow. The techniques of cash flow analysis are the primary tools available for selecting a corporate portfolio of projects that meets or exceeds the rate of return expected by shareholders. The reliability of cash flow analysis hinges on the ability of managers to forecast the future values of individual components. The accuracy and reliability of forecasting determine the soundness of capital investment decisions and, ultimately, determine the value of the firm. The present paper will explore tools for forecasting the spot market price of a commodity, silver, to demonstrate the difficulty and uncertainty involved in forecasting the future. The commodity price is only one of a number of components of the cash flow equation. Each component has a unique and uncertain future and must be individually analyzed and forecast to arrive at a robust cash flow model.

Jan 1, 1997