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By Jean-Luc Collins

"The paper deals with the impact of fleet imbalance on a deterministic evaluation of shovel fleet productive capacity. It shows that if the fleet imbalance is overlooked, then estimated fleet productive capacity will be overrated.The paper shows that fleet imbalance inflates utilization, and care must be taken when using such statistics which are derived from reported field-equipment-hours. It shows that the utilization must be deflated by a factor called 'balancing efficiency"" in order to estimate shovel productive capacity correctly. The paper also shows how fleet imbalance can be controlled by managing idle time or downtime in an actual operation.The technique used for measuring the balancing efficiency factor is based on statistical analysis of equipment utilization."

Jan 1, 1980

By John E. Udd

"In this paper the author presents the results of the 1992 CIM survey of graduates in minerals and technology programs in Canadian post-secondary institutions. As usual, the trends are out-of phase with the economic state of the industry. People who chose a minerals career in the prosperous days of the late 1980sare now entering a labour market in recession.The cyclical nature of enrollments is illustrated in a series of figures showing the trends since the CIM survey Wa5 begun in 1956 (and even earlier for mining engineering).In the survey, the respondents were asked to provide comments on their perceptions of the problems specific to minerals education in Canada. The large number of responses have led the author to the conclusions and recommendations given in the final part of the paper."

Jan 1, 1993

By Michel Garon

"Several years ago computer control of the flotation process was successfully implemented at the Matagami concentrator of Noranda Mines Inc. At that time this was the first computer application being installed at this operation. The last few years have seen an extensive use of programmable controllers in areas such as the copper and zinc dewatering circuits and the lime preparation system. With the aid of such instruments, these areas have attained a high level of automation and as a result, a high degree of efficiency. The controllers have proven to be very dependable and easy to use.IntroductionThe Matagarni Division of Noranda Mines Inc. operates two mines in the Matagami District of northwestern Quebec which is located about 650 km northwest of Montreal. The mines ship ores to a central concentrator whose throughput averages 95,000 tonnes of ore per month. Metal contents of the mill feed average 0.9 per cent copper and 5.0 per cent zinc. Concentrate outputs are approximately 3,200 tonnes of copper and 8,200 tonnes of zinc per month.The concentrator commenced operation in 1963. An on-stream X-ray analyzer was installed in 1968, providing analyses of several samples in the flotation circuit without the aid of a computer. In 1974, control of the circuit by computer was added to the system. As a result, zinc flotation efficiency improved considerably and reagent costs decreased through the reduction of copper sulphate consumption.In the past few years it was realized that significant improvements could also be made in other parts of the operation . Copper and zinc dewatering circuits and the lime preparation system were identified as major areas that could drastically benefit from automation. In 1982, programmable controllers were seriously considered as an attractive alternative for achieving the company 's goal. Because of their relative lowcost and their high degree of flexibility, they were selected for implementing automation and, for improving the efficiency in each of these areas."

Jan 1, 1985

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 Georges Houlachi, Akram Alfantazi, Maysam Mohammadi

Manganese ions in zinc electrowinning electrolytes form a protective MnO2 layer that ultimately decreases Pb contamination in the zinc product. In this study, the effect of dissolved Mn2+ on the electrochemical performance of Pb, Pb-Ca and composite Pb-MnO2 anodes was investigated. The properties of the MnO2 layer formed on these anodes were studied and compared. Potentiodynamic polarization and cyclic voltammetry experiments were performed in 180 g L-1 sulphuric acid to study the electrochemical reactions occurring on the anodes. The anodes were subjected to galvanostatic polarization at 50 mA cm-2. The morphology and uniformity of the MnO2 layer on the anodes were examined using scanning electron microscopy (SEM). Experimental results revealed that the MnO2 layer formed on the composite anode was more compact and uniform compared to that formed on the Pb and Pb-Ca anode. It was also observed that the cell mud formation rate, and consequently manganese ions consumption, depended on the anode type. Although initial formation of the MnO2 layer decreased the oxygen evolution overpotential, its growth might negatively affect electrocatalytic activity of the anodes.

Jan 1, 2014

By Phillip J. Mackey, Susumu Okabe

Copper mining and smelting has been carried out in Japan for over 13 centuries and in fact stretching back into antiquity. In 1889, the first electrolytic copper refinery in Japan based on Elkington’s principles was started by Furukawa Mining at Honjyo in downtown Tokyo based on the multiple or parallel system. Within two decades, a number of other copper refineries had begun operation. Interestingly, but perhaps not surprising given Japan’s long history of copper production, this first refinery in Japan commenced just ten years after the first refinery in the USA (1879), and not long after the first plants in Europe. By 1935, as a result of growth in copper demand, there were six domestic copper electro-refineries in Japan with an installed capacity of 97,800 tonnes/a, while actual production was 71,200 tonnes/a. Since about 1932, the majority of these plants were based on the more common parallel or multiple system. In 1946, just after World War II, domestic production capacity had dropped considerably to 29,000 tonnes/a, however with reconstruction, capacity and production expanded rapidly, with production reaching 81,000 tonnes/a in 1955, 187,000 tonnes/a in 1960 and 307,000 tonnes/a in 1965. The introduction of the first refinery and the early ones that followed and subsequent developments are discussed in this paper. The major technical achievements during the high growth period from 1945 to 1963 included: the use of fire- refined anodes; the introduction of newly-developed rectifiers; the introduction of lead-lined or vinyl-lined concrete cells; improvements in the electrolyte heating system; application of improved anti-corrosion materials and the introduction of heat-insulating surface coverings. In 2018, Japan’s refined copper production totaled 1,595,000 tonnes of copper, with Japan ranking third in the world after China and Chile. INTRODUCTION In 2018, Japan’s refined copper production totalled 1,595,000 tonnes of copper and Japan ranked third in the world for refined copper after China and Chile (Wood Mackenzie, 2019). There are now eight copper refineries in Japan which provide Japan’s production of refined copper. These plants are listed in Table 1 (Wood Mackenzie, 2019), also showing the production trend since 2013; in general, production over this period has been relatively steady. The Toyo plant is now the 7th largest copper refinery in the world after several large plants as rated by capacity in China, Russia and India (ICSG, 2019).

Jan 1, 2019

By J. R. Meyer, P. L. Dean

"The Department of Mines and Energy is at present investigating the dimension-stone potential of the Nain anorthosite complex. These rocks are known to host occurrences of labradorite, a semiprecious gemstone known for its beautiful play of colours (chatoyance). Test blocks that contain 5% to 18% chatoyant labradorite were extracted from three prospects south of Nain. These have been slabbed and polished for further evaluation.Second-grade labradorite stockpiled around the Grenfell quarry on Tabor Island is also being evaluated as a potential source of aggregate for use in terrazzo tiles, precast concrete and epoxy-backed wall panels.IntroductionThe Nain anorthosite complex consists of approximately 10000 km2 of anorthosite and related basic rocks , which are well exposed along the coast of Northern Labrador (Fig. 1) (Emslie et al., 1972). These rocks have been known for centuries to host deposits of gem-quality labradorite. The chatoyant nature (i.e. the play of colours or labradorescence) of this semiprecious feldspar has been utilized mostly in the making of jewelry and other polished, handcrafted products. In the early sixties, Brinex Limited (now Brinco Limited) attempted larger scale commercial exploitation of labradorite, including use 'as building stone and in polished precast concrete for facings on buildings' (Brummer, 1984). After six years of work, which included market studies, Brinex decided that, at that time, the demand did not warrant further production.In recent years, there has been a dramatic increase in the markets for dimension-stone. In the period from 1980 to 1985, the demand in the United States for granite, much of which is imported, has increased 1735070 (Marble Institute of America, 1986). The dimension-stone industry's remarkable growth rate has, in part, resulted from new technology that makes it easier and faster to quarry and cut stone. This has allowed natural storie to compete with other building materials. Now, it is not only used for exterior cladding and walkways, but also on interior walls and floors, and in home and office furnishings, such as countertops for kitchens and bathrooms, table and desk tops, stairways, window sills, and fireplaces."

Jan 1, 1988

By P. R. A. Andrews

"Areas of bubble contact were delineated for cassiterite in the presence of chloride, fluoride, sulphate, phosphate, oxalate and citrate ions using dodecylamine hydrochloride collector. The limits of pH, and the minimum collector concentration were established using the bubble pick-up technique.Bubble contact did not occur below the p.z.c. (point of zero charge), estimated to be 4.7, in the presence of chloride ion, and fluoride ion showed only a weak response in the same pH range. These anions are considered to act as indifferent electrolytes. Activation at pH values below the p.z.c. was obtained with sulphate, phosphate, oxalate and citrate ions; the greatest response was by oxalate and phosphate ions extending pick-up to between pH 2.0 and 2.5.Activation appeared to be strongest when anionic protonated species were in maximum concentration. Strong activation also corresponded to the formation of very stable metal ion species, thought to be formed on the surface of cassiterite, between exposed stannic ions and modifying anions; dodecylammonium ions being absorbed on the surface so modified."

Jan 1, 1991

By Craig H. B. Leitch

"In describing the alteration of porphyry systems, the term ""secondary K-feldspar"" appears to be an oversimplification. A better term would be ""alkali feldspar"" alteration, because in actual fact the replacement feldspars show gradational changes from an albite, which is important in some systems, to an alkali feldspar containing minor orthoclase molecule, to true orthoclase.There are several textural varieties of secondary alkali feldspar present in the porphyry systems studied from British Columbia, Australia and New Zealand. These include, in apparent increasing order of alteration intensity: clear albite (An10); patchwork albite (An5-10); chessboard albite (An0-10); ""irregular albite "" (An0Ab100 to Ab90Or10); untwinned ""anoralbite"" (Ab90Or10 – Ab70Or30); and orthoclase (Ab40Or60 - Or100)·The exploration significance of these varieties of alkali feldspar is that their gradation in composition, from sodic to potassic, may be linked to a corresponding increase in intensity of alteration. Thus, there is a tendency for more sodic alteration feldspars to characterize weak, sub-economic deposits, or the fringe zones of stronger deposits; the more potassic alteration feldspars may provide an exploration vector toward more highly mineralized zones."

Jan 1, 1981

By Rae Simpson

"This paper provides insight into the elements of computerized maintenance systems and identifies some of the factors which influence their effectiveness. The paper describes what to expect in terms of benefits and problems, the nature of effective computerized maintenance systems, some of the systems available and a process for selecting a system for your organization.The paper will be of interest to mining company executives and maintenance or computer personnel who are involved with, or contemplating, the introduction of computerized maintenance systems.IntroductionIn the drive to improve profits in an increasingly competitive world, mining companies are now using some of the most sophisticated equipment available. The introduction of large and complex equipment such as drag lines, haul trucks, and high-capacity milling equipment has resulted in order-of magnitude improvements in productivity. However, this productivity is now, more than ever, dependent on the continued operation of the equipment. A prolonged breakdown of a critical component can have a significant effect on companies' bottom-line results. As more technologically sophisticated equipment is introduced, maintenance costs become an increasingly important factor for mining companies.Fortunately, sound modern management principles are being used more often in maintenance departments. Progressive maintenance managers are turning to computers to help manage the myriad of details associated with running a maintenance organization.Some maintenance departments in larger mining operations would find it difficult, if not impossible, to operate at current productivity levels without their computer systems. Unfortunately, some other companies gain very little from their computerized systems and would probably be better off without them.How can you be sure that computerized maintenance will improve the maintenance picture for your company? What benefits can you expect to achieve? How do you go about selecting a maintenance system for your organization? These are some of the questions facing industry managers and executives today. In the following sections, we will provide some guidelines and insights to help address these challenges."

Jan 1, 1988

By K. B. Chaudhuri, I. D. Webb, F. E. Rachor, F. A. Sauert

"A characteristic of all methods of copper concentrate smelting is that slags with a high copper content are produced at some phase of the operation. Recirculation to the smelting unit, electric furnace reduction or flotation are at present used on an industrial scale to recover the copper from these slags. This paper describes the application of the top-blowing technique, originally developed by KHD Humboldt- Wedag AG for refining of metallic copper, for the treatment of copper-containing slags. By this method, a mixture of a reducing gas and commercial oxygen is blown onto the melt at velocities which can be supersonic from the tip of a water cooled lance. The impingement of the reaction gas mixture on the surface of the slag forms a depression in the molten phase and a deflection of the jet which brings the slag into a rotating motion. This causes high rates of heat and mass transfer. Results of pilot-plant tests for batch and continuous treatment of slags are presented, and the potential applications of top blowing for industrial-scale operation are indicated. In combination with the cyclone as a smelting unit, this process appears to be economic for smelters of very low capacity."

Jan 1, 1980

By E. Contestabile, T. R. Craig

"This report describes the development and effective use of shaped charges as part of the Elliot Lake Mine Roof Stability Project to remotely remove the heads from roof bolts. With a slight modification, these same shaped charges are being recommended f or use to the Brunswick Mining and Smelting Corporation Limited (Mining Division), to cut steel cable bolts.IntroductionThe Canadian Explosives Research Laboratory (CERL) often receives requests to cooperate in solving problems encountered in private industry or other sectors of the government. CERL is equipped to design and test explosive and pyrotechnic devices and the policy is to treat each case individually.The first case reported evolved from a request from a sister laboratory at Elliot Lake. The intent was to remotely remove the head s of roof bolts as part of a mine roof stability project. The device designed for this use was 1000,70 effective in the laboratory and 80% effective in the mine.The second case reported results from a request from a private mining company knowledgeable of the Elliot Lake Project. Their requirement was to remotely cut cable bolts. This request was first treated as presenting a new problem. The solution, however, proved to be very similar to the former."

Jan 1, 1985

By Peter Harben

"This paper discusses the benefits of industrial minerals, their sources of supply, price and marketing trends, and their increasing use as substitute materials and ""strategic"" minerals. IntroductionKaolin finds have yet to spark the kind of frenzy associated with the 1849 California gold rush; no dolomite deposit has ever gained the notoriety of the Comstock Lode; and few industrial minerals are counted among the currently fashionable list of "" strategic mineral s"". Nevertheless, the glamorous zhine associated with metals may be somewhat superficial; further digging provides perhaps the real foundation of modern society - industrial minerals.They are often tagged as common, everyday materials that are simply dug out of the ground, crushed and hauled to a local point of consumption. Although this description is accurate in the case of road aggregates, sand and gravel, and the like, there are many exceptions to this rule. The term industrial minerals is rather nebulous, covering as it does the mundane and esoteric, the chemically active and the refractory, the $2 and the $10m-a-ton product. All of these minerals influence every facet of modern life from fertilizers to fire retardants, ceramics to cars, construction to clothes, and toothpaste to tennis courts. Their usefulness is well illustrated by the variety of industries they serve; the main ones are listed in Table 1. It is now time to dismiss the notion of non-metallics as the ""third world"" of natural resources business after the metallic and energy products by dispelling some of the myths regarding abundance, variety and value of the group's sixty-plus products."

Jan 1, 1982

By Nigel J. Cook

"Detailed mineralogical examination of gold-bearing rocks, ores, concentrates and other samples should be considered an integral part of any study of a deposit for which exploitation is being planned. Adequate mineralogical study, although time consuming and often costly, can significantly improve understanding of the mineralization, can help to optimize the results of any metallurgical testing and can be of great value in case of potential trouble-shooting. The advantages and disadvantages of various examination techniques are discussed with reference to a number oj mineralogical studies oj Canadian gold-bearing samples.IntroductionVarious authors, notably Gasparrini (1983), Harris (1989) and Henley (1990), have stressed that mineralogical study of gold ores is critical to successful and efficient beneficiation. Only in cases where diagnostic cyanide leach testing is successful can detailed mineralogical examination be disregarded. Such examination of gold-bearing rocks and metallurgical products is all too often neglected because the methods involved are believed to be time-consuming, costly, and may carry a considerable degree of inaccuracy. Commonly, bulk metallurgical testing is, carried out without prior or concurrent mineralogical examination, causing the results of the testwork to be difficult to interpret, or in some cases, misleading. This, in turn, may lead to> significant delays to the project at the feasibility stage or mean that understanding of the sample is limited, preventing the introduction of prudent modifications at a later stage if problems arise. Mineralogical studies may guide the successful implementation of a metallurgical test program."

Jan 1, 1990

By Craig H. B. Leitch

"In describing the alteration of porphyry systems, the term ""secondary K-feldspar"" appears to be an oversimplification. A better term would be ""alkali feldspar"" alteration, because in actual fact the replacement feldspars show gradational changes from an albite, which is important in some systems, to an alkali feldspar containing minor orthoclase molecule, to true orthoclase.There are several textural varieties of secondary alkali feldspar present in the porphyry systems studied from British Columbia, Australia and New Zealand. These include, in apparent increasing order of alteration intensity: clear albite (An10); patchwork albite (Ab5-10); chessboard albite (An0-10) "" irregular albite "" (An0Ab100 to Ab90r10); untwinned "" anoralbite"" (Ab90Or-Ab70Or30); and orthoclase (Ab440Or60-Or100)·The exploration significance of these varieties of alkali feldspar is that their gradation in composition, from sodic to potassic, may be linked to a corresponding increase in intensity of alteration. Thus, there is a tendency for more sodic alteration feldspars to characterize weak, sub-economic deposits, or the fringe zones of stronger deposits; the more potassic alteration feldspars may provide an exploration vector toward more highly mineralized zones."

Jan 1, 1981

By L. A. Melis, A. R. Marchbank, S. A. Webster

"Certain northern Saskatchewan uranium ores have a high content of nickel and cobalt which offer the potential for recovery as a by-product to uranium. A nickel/cobalt recovery process has been developed as a viable method of recovering a marketable concentrate from typical uranium raffinate solution.Impurities are first removed from the raffinate and the pure solution is then treated with sodium carbonate to recover a bulk nickel/cobalt carbonate precipitate for sale to a primary nickel producer. All contaminants of concern are removed to very low levels and the product is free of radioactive contamination with gamma emissions significantly below natural background. Cost estimates have shown that installation of a nickel/cobalt recovery circuit within a uranium process plant is economically feasible.The testwork that led up to the selected process is described along with recommendations for further investigations such as additional testing of hydroxide precipitation as a possible viable alternative to carbonate. The selected process is described and project economics are briefly reviewed.PROCESS TEST PROGRAMBackgroundExtensive metallurgical research has been performed over the years to develop a process for recovering uranium from the Midwest deposit in northern Saskatchewan. During the course of this research, a certain amount of information became available which suggested that recovery of nickel and cobalt from uranium raffinate could be economically feasible. It was decided to undertake a test program which would investigate methods of separating nickel and cobalt from radioactive and other metal contamination to permit production of a saleable product.Available technology suggested that three general approaches could be taken to recover nickel and cobalt. The first and simplest approach would be to selectively precipitate the impurities of concern, primarily arsenic, iron and radium, and then recover a bulk concentrate from the purified raffinate. The second approach would be to purify the raffinate and then remove cobalt from solution by solvent extraction producing pure nickel and cobalt solutions for further treatment. The third approach would be to precipitate all metals from solution and then selectively re-dissolve nickel and cobalt in ammoniac solution which would be further treated by solvent extraction for nickel recovery, leaving cobalt for further treatment."

Jan 1, 1993

By J. R. Meyer, P. L. Dean

"The Department of Mines and Energy is at present investigating the dimension-stone potential of the Nain anorthosite complex. These rocks are known to host occurrences of labradorite, a semiprecious gemstone known for its beautiful play of colours (chatoyance). Test blocks that contain 5% to 18% chatoyant labradorite were extracted from three prospects south of Nain. These have been slabbed and polished for further evaluation.Second-grade labradorite stockpiled around the Grenfell quarry on Tabor Island is also being evaluated as a potential source of aggregate for use in terrazzo tiles, precast concrete and epoxy-backed wall panels.IntroductionThe Nain anorthosite complex consists of approximately 10000 km2 of anorthosite and related basic rocks , which are well exposed along the coast of Northern Labrador (Fig. 1) (Emslie et al., 1972). These rocks have been known for centuries to host deposits of gem-quality labradorite. The chatoyant nature (i.e. the play of colours or labradorescence) of this semiprecious feldspar has been utilized mostly in the making of jewelry and other polished, handcrafted products. In the early sixties, Brinex Limited (now Brinco Limited) attempted larger scale commercial exploitation of labradorite, including use 'as building stone and in polished precast concrete for facings on buildings' (Brummer, 1984). After six years of work, which included market studies, Brinex decided that, at that time, the demand did not warrant further production.In recent years, there has been a dramatic increase in the markets for dimension-stone. In the period from 1980 to 1985, the demand in the United States for granite, much of which is imported, has increased 1735070 (Marble Institute of America, 1986). The dimension-stone industry's remarkable growth rate has, in part, resulted from new technology that makes it easier and faster to quarry and cut stone. This has allowed natural storie to compete with other building materials. Now, it is not only used for exterior cladding and walkways, but also on interior walls and floors, and in home and office furnishings, such as countertops for kitchens and bathrooms, table and desk tops, stairways, window sills, and fireplaces."

Jan 1, 1988

By Kosta Fytas, Nour-Eddine Chaouai

"Selection of the appropriate kriging plan during indicator kriging estimations is of a paramount importance to the precision of ore reserve estimation. However, very little is known on the sensitivy of indicator kriging results when changing the kriging plan parameters (mainly search distance and number of samples). This paper evaluates the effect of the search distance and number of samples on indicator kriging results using a gold deposit as a case study.IntroductionBlock estimation using kriging is based on the autocorrelation function (variogram) on one hand and on the kriging plan on the other. As far as the variogram is concerned it is more or less subjectively adjusted and this is reflected on its parameters (range, sill, nugget effect and anisotropy). The effect of a poor estimation of these parameters on the kriging variance of ordinary kriging has been proven very important (Brooker, 1986). Choosing a kriging plan is generally a difficult matter depending on the estimation type (global or local). Generally there is not a unique kriging plan be cause there is not a unique structural analysis (variogram). There are no rules or dogmas in choosing a kriging plan but it is rather a function of the sampling pattern (David, 1982).Structural analysis requires the hypothesis of quasistationarity but very often either the data available within the zone of quasi-stationarity are too many so that the search distance is reduced during kriging or the data are too few to satisfy a stationary kriging system (Journel and Huijbregts 1978). As a rule, the larger the neighbourhood, the more precise the estimates should be , but for large neighbourhoods the hypothesis of stationarity does not always hold (Rivoirard 1987; Armstrong and Champigny 1989)."

Jan 1, 1991

By J. Thiriar

The electrolytic tan/chouse at CCR was recognized by management as lagging behind modem refineries in terms of productivity, energy efficiency and controls. The operation was also burdened by high maintenance costs of cells, floors and electrolyte recirculation systems. A bench marking program was started in 1986 to evaluate processes and other technology by visiting major copper refineries in North America, Europe and Japan. The basic principles necessary to optimize the operation were defined, and a program called CCR 2000 was prepared for approval of the necessary capital investments. This paper describes the results obtained to date and outlines the remaining work to complete the modernization program, in particular, the control of electrolytes, the elimination of the Baltimore groove and studies to modernize the stripping operation or adopt permanent cathode technology.

Jun 1, 1993

By Robert B. Wickham

"American Barrick has always balanced its aggressive operating approach with a conservative financial strategy. In fact, what enables their mining team to pursue such aggressive plans with confidence is the conservative financial strategy adhered to by the company. These policies are built on a prudent mix of gold linked financings, equity and gold price hedging.This paper outlines these policies and focusses in particular on American Barrick's gold price hedging program.IntroductionThe company's balance sheet at the end of 1990 clearly shows the wisdom of its conservative policies. Total assets have grown to over US$1 billion; cash has grown to US$312 million and shareholders' equity to US$645 million. All amounts included in this paper are quoted in U.S. dollars. Increased gold production and an effective gold price hedging program also combined to produce record income from operations, earnings and cash flow in 1990.The first half of 1991 is also indicative of the benefits of the company's conservative financial policies. Increasing production, together with its comprehensive gold hedging program, has generated increased earnings, even in a period of falling gold prices.All year-over-year numbers for the first six months are up. Gold production was 36% higher; earnings of $40.2 million $ 0.30 per share - were 46% higher than 1990.Barricks revenue continued to increase despite gold prices remaining unchanged during 1990. Barrick's hedging policy protects the company from falling gold prices on the basis that the upside looks after itself. Their hedging program - including various goldlinked fmancings - enabled Barrick to realize an average price of $437 per ounce of gold sold in 1990, compared with the Comex average gold price for the year of $384 per ounce."

Jan 1, 1991