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Mining is an inherently risky business; from the technical, environmental, social, and economic uncertainties associated with advancing an exploration prospect to a viable project to the operating, market, and safety risks and uncertainties attached to a developed mine. Since we cannot totally escape the risk and uncertainty related to resource projects, as an industry we should improve our presentation of the upside and downside risks in the context of the project?s development path and maturity. More transparent, consistent, and balanced views of technical confidence will better inform both internal and external stakeholders about the expected risk in the project. International reporting codes set out the minimum standards, recommendations, and guidelines for public reporting of Exploration Results, Mineral Resources, and Mineral Reserves. However, the reporting code principles of transparency and materiality are largely subject to the interpretation of the competent person(s), which may introduce a degree of subjectivity in reporting, particularly the level of disclosure regarding supporting information. It is fundamental that Mineral Resources, Mineral Reserves, and study outcomes are reported so as to unambiguously present the level of inherent technical uncertainty (or confidence) in a project, while conveying a balanced view of the opportunities a project presents. Reporting needs to consider various stakeholders who may rely on this information, and present the data in the context of the changing risk profile associated with project development paths and project maturity. This paper discusses the interdependence of resource-to-reserve conversion, the consideration of various technical-economic study types, and the level of confidence conveyed to stakeholders relying on these technical reports and other company public announcements.

Jan 1, 2014

By M. F. Handley

Sequential grid mining has been employed as the primary mining strategy at the AngloGold West Wits Elandsrand Mine since the inception of stoping operations from the sub-vertical shaft system in 1988. Little has been published on sequential grid mining as a mining strategy since, and the purpose of this paper is to describe sequential grid mining, its history, its implementation at Elandsrand, and the outcome to date. The results obtained using sequential grid mining have been evaluated from seismic data, productivity statistics, and rock related accident statistics. Comparisons with neighbouring mines namely Western Deep Levels and Deelkraal, have been made to substantiate the improved conditions observed at Elandsrand, and to compare sequential grid mining directly with longwall mining in similar conditions and at similar depths. Sequential grid mMining is shown to be cost-effective, more flexible, and safer than long wall mining in similar conditions, at least on the Ventersdorp Contact Reef in the western part of the Carletonville Goldfield. More work is necessary to establish it as the favoured mining strategy at depths exceeding 3000 metres, and for reefs other than the Ventersdorp Contact Reef.

Jan 1, 2000

By C. Dixon

The Abandoned Mine by C.C. Woollacott A heap of rocks marks the abandoned mine. The veld's unpitying silence lies around. Those broken stone?a mute and mournful sign Of human enterprise with failure crowned. Time with the slow hands, shall form the scene anew, Repair the gashes in the wounded soil, And cover up the last remaining clue To a poor useless record of men's toil. And this, the mound they built when hopes were high Shall be a grave, where those hopes buried lie. Outline This paper will consider the implications of the mine closure provisions set out in the new Mineral and Petroleum Resources Development Act and draft regulations. A comparison will be made with the existing provisions in the Minerals Act and the mine closure policy of the Department of Minerals and Energy (DME). The paper will consider whether the new provisions have the potential for improving performance as regards mine closure. It will investigate the financial provisions requirements and the implications of these provisions for mines. It will consider the requirements for a social and labour plan and consider the implications of this for mine closure and its funding. It will analyse the provisions relating to the transfer of environmental liabilities to third parties and consider the implications of this in the case of closing mines and non-closing mines. Finally it will consider the issue of residual legal liability of a mining company once a closure certificate has been issued.

Jan 1, 2003

By C. Haberfield, J. Szymakowski

Recent studies by the authors into the behaviour of jointed rock masses using direct shear testing have confirmed that joint spacing has a significant effect on rock mass strength. The rock mass failure envelopes assessed from these tests have been compared to failure envelopes obtained using the Hoek-Brown GSI criterion. Good agreement between measured and estimated GSI strength envelopes where obtained when joint spacing was considered in the assessment of GSI. Les études récentes conduites par les auteurs sur le comportement des joints rocheux employant l'essai direct de cisaillement ont confirmé que l'espacement a un effet significatif sur la force de la masse rocheuse. Les enveloppes de ruptures obtenues pour ces essais ont été comparées à l'enveloppe de rupture obtenue en utilisant le critère GSI Hoek-Brown. Une bonne corrélation a été constatée entre les enveloppes obtenues expérimentalement et les enveloppes calculées par la méthode GSI quand l'espacement des joints a été pris en considération dans l'évaluation de GSI. Kuerzliche Untersuchungen der Autoren betreffs Reaktionen von gebrochenen Felsmassen zu direkter Scherkraft, bestaetigen, dass die Abstaende von Rissen einen deutlichen Einfluss auf den Widerstand der Felsmassen hat. Die Bruchbereiche der Felsmassen die von diesen Untersuchungen entwickelt wurden, wurden verglichen mit den Bruchbereichen, die man mit der Anwendund der Hoek-Brown GSI Formulierung erhaelt. Eine gute Uebereinstimmung zwischen gemessenen und errechneten GSI Festigkeitsbereichen wurde erzielt, wenn der Abstand der Risse in der Berechnung der GSI in Betracht gezogen wurde.

Jan 1, 2003

By B. M. Nyombolo

The interest shown in our paper by Drs Schaekers and Dew, and their favourable comments, are appreciated. However, some of their remarks require a response. Stability testing procedures Regarding the issue of stability-testing procedures, we concur that no long-term procedure has been accepted by either environmentalists or the mining/processing industry as a valid method to test the long-term stability of solid wastes. We agree that the method we used is no exception, and we certainly did not claim that it should be recognized as such. What we did attempt to portray was that we had designed the test procedure in an attempt to simulate, at a very small scale, a tailings dam environment.

Jan 1, 2001

By B. Kenny

The aim of this paper is to provide an overview of existing forms of subcontracting in the South African mining industry. A descriptive framework is developed to understand different subcontracting arrangements. We argue that, in order to do so, it is important to distinguish between labour broking and gang subcontracting. Data resulting from a research project (including an analysis of historical sources, interviews with contractors and focus group interviews with mineworkers) is presented to highlight the implications of changing formations of subcontracting for the South African mining industry in the late 1990s. Apart from the subcontracting of ?traditional? functions, such as shaft sinking, access development, catering and hostel maintenance, contractors are now used in ?core? mining activities. In some instances, whole shafts are ?outsourced? to outside agencies. It is argued that certain of the subcontracting arrangements have serious implications for the ability of the mining industry to improve health and safety standards. Some of the practices can potentially result in conflict between different categories of workers, and, as a result, instability in the industry.

Jan 1, 1999

Instability in rockpasses at deep levels often initiates as a result of stress induced fracturing of the rock on the walls of the pass. This may then progress to a stage at which the geological structure of the rock mass becomes dominant and permits large joint-defined blocks and slabs to become unstable. In this paper, a technique is described in which jointing parameters and their variabilities?orientations, spacings and lengths?are taken into account in estimating the extent of failure that may develop around a typical unsupported deep level gold mine rockpass. The results of this prediction are compared with the results obtained from a review of pass performance in the gold mining industry.

Jan 1, 2005

By P. Goosen, A. Paterson, E. Paulsen

Ticor South Africa is currently involved in the mining and processing of a heavy mineral oredeposit at Hillendale Mine on the KwaZulu-Natal north coast. The orebody is characterized by a high ultra fine fraction (-45µm) that has a variable rheological behaviour when subjected to shear and hydration. Experience at Hillendale has shown that the ultra fine mineral tailings are sensitive to shear history in terms of shear intensity and shear duration as well as hydration history. This phenomenon expresses itself right through the primary beneficiation process influencing the mineral separation, but is especially prevalent on the residue disposal i.e. slurry transport and deposition on the tailings impoundment. Tube viscometer test work was conducted on the flocculated fine tailings that indicated that there was a change in rheology as a result of shear. This paper presents the results of the on-site test work conducted at the mine to measure the rheology at various stages in the process.

Jan 1, 2003

By Q. Lui, J. Oxenford

The occurrence of heavy minerals in the oil sands of Alberta has long been known and has been well documented in the literature. Unfortunately most of the researchers working on this resource have been unable to produce products that meet acceptable market specifications. This has resulted in many misconceptions about this resource. Recent efforts have shown that with some innovative approaches, marketable material can be produced and as a result it might finally be possible to realize the potential of this immense resource that, some have estimated, could contain in excess of 20% of the world demand by 2010. This paper highlights the uniqueness of this mineral assemblage and the mineral processing challenges it presents. It shows the most recent work that has resulted in the production of marketable titanium and zircon products. This paper also focuses on some of the special problems resulting from the variability in the heavy mineral suite. Of special interest is the occurrence and removal of bitumen and pyrite without adding to the sulphur dioxide loading in the regional airshed. The trend by the mining industry to develop various positions on ‘sustainable mining’ has some significance for the heavy mineral industry. Although the industry generally has an excellent track record of eventually rehabilitating disturbed ground in an acceptable manner, heavy mineral mining operations tend to have a relatively large footprint of disturbance and the industry is under considerable pressure to develop options that are more environmentally acceptable. In addition, as operators move to exploit deposits that are lower grade and/or are further from a port site, the emissions per unit of sold product will also rise and the industry will be under pressure to address this issue as well. Because heavy minerals from oil sands are by-products of existing operations, there are virtually no incremental disturbances or emissions that would be associated with heavy mineral production. All mining and tailings remediation issues are accounted for by the oil sand operation. The only incremental emissions would be those associated with the mineral processing operations and transport of finished products to a port site. This paper discusses the environmental and cost implications of this situation.

Jan 1, 2003

By S. E. Olsen, M. Tangstad

The main source of Mn in raw materials for SiMn production is Mn-ore and Mn-rich slag from the high carbon FeMn production. The amount of slag per tonne of SiMn metal is mainly determined by the ore/slag ratio. Increasing share of FeMn slag at expense of Mn-ore will lead to larger slag/metal ratio in the SiMn process. High volume of slag leads to an increased consumption of energy and probably to higher losses of metal inclusions in the final slag. Excavation of a SiMn furnace has shown that only modest pre-reduction of Mn-ore with CO gas seems to be obtained. Nearly all reduction of MnO was finished at the top of the cokebed. Dissolution and reduction of quartz obviously takes place in the cokebed zone after the main reduction of manganese oxide is finished. Probably the ?pick up? of Si in the metal is quite fast and takes place as the metal trickles down through the cokebed towards the metal bath. The distribution of Si between SiMn alloys and multicomponent MnO-SiO2-CaO-Al2O3-MgO slags is mainly determined by the process temperature, the silica content of the slag and its R-ratio = (CaO+MgO)/Al2O3. As an example, the equilibrium content of Si in the alloy will increase by about 6 % if the R-ratio is reduced from 2 to 1, provided constant temperature and silica content. The effect of temperature is also considerable. The equilibrium content of silicon will increase by approximately 6 % per 50°C in the temperature range 1550°C to 1700°C. The equilibrium content of MnO in SiMn slags depends first of all on the temperature and secondly on the silica content of the slag. At 1600°C the MnO content decreases from about 9 % at silica saturation to a minimum of about 3-4% when the silica content is reduced to about 40-45%.

Jan 1, 2004

The aim of this research was to study the absorption characteristics of thermally dried fine coal from South African collieries. After milling to ?150 µm and pressure filtration, the samples were subjected to either air drying or thermal drying at 150°C. The samples were then put into a climate box at 28°C and at three different relative humidity levels, namely 30, 60 and 94 per cent. It was found that the equilibrium moisture content of thermally dried coal at a specific relative humidity was lower than that of air dried coal. The relationship between the equilibrium moisture content and relative humidity is described by 1 ? RH = exp (-KTMen). There was no relationship between the volatile matter content and equilibrium moisture content, but there was an increase in the equilibrium moisture content of the coal with an increase in mineral content. The moisture uptake rate increased with an increase in temperature and a decrease in particle size. A model is discussed that fitted the experimental data and gave a good prediction for changes in the conditions. There was no evidence of greater moisture absorption by thermally dried coal. Keywords: Fine coal, thermal drying, drainage, South Africa, drying

Jan 1, 2002

By A. C. du Preez

The separation of nickel and cobalt from calcium, magnesium and manganese by solvent extraction using synergistic mixtures of carboxylic acids was studied. Addition of certain viable synergists to commercially available tertiary branched carboxylic acids, such as Versatic 10 (Shell) or Neodecanoic acid (Exxon), produced large synergistic shifts (?pH50) in the pH50values for nickel, and small antagonistic shifts (negative ?pH50values) in the extraction of calcium. Under the initial test conditions used (0.50 M each of Neodecanoic acid and the Mintek synergist, in xylene) a large separation (pH50Ca? pH50Ni= 3.09 pH units) between nickel and calcium in their extraction from 1.00 M sodium nitrate solutions was obtained, compared with only 1.11 pH units in the absence of the synergist. The selectivity series for the extraction of divalent base metals from 0.333 M sodium sulphate solutions by 0.50 M Neodecanoic acid and 0.25 M of the Mintek synergist in C12-C13aliphatic diluent was found to lie in the order (with pH50values in parentheses): Cu(3.42) > Ni (5.08) > Zn (5.58) > Co (5.73) > Mn (6.62) > Ca (7.48) >Mg (8.25). In batch counter current experiments, a simulated leach liquor containing (in gL-1): Ni 5, Mg 5, Mn 2, Co 0.5, Ca 0.5, Cu 0.1and Zn 0.1 was contacted with the mixed extractant in three stages at unit phase ratio and an equilibrium pH of 5.9. The recovery of nickel was 99.9 per cent and that of cobalt was 84.7 per cent, whilst the co-extractions of manganese, calcium and magnesium were 2.7,1.5 and 0.04 per cent, respectively. The recovery of cobalt can be enhanced by employing a slightly higher pH, although this will also increase the extraction of manganese, calcium and magnesium somewhat. Nearly quantitative stripping (99 per cent) of nickel from the loaded organic phase was achieved in a single contact at an organic-to-aqueous phase ratio of 4 using a simulated spent electrolyte containing 39 gL-1sulphuric acid and 33 gL-1nickel,thereby producing an ?advance electrolyte? containing 57 gL-1nickelat pH 3.5. Loading of acid into the organic phase was very slight, amounting to only 0.002 M H+in contact with the above-mentioned spent electrolyte. Keywords: solvent extraction; synergism; nickel; calcium; carboxylic acids.

Jan 1, 2004

By G. H. Lind

This paper discusses the traditional costing approach currently used in the underground coal mining industry. Activity Based Costing (ABC) is identified as being a potentially more effective manner in which to cost underground coal mining systems. With the use of a costing framework developed by the author incorporating new thinking to eliminate the shortcomings identified in the traditional costing approach, a comparison of two types of underground coal mining systems, viz. continuous miner and longwall, is conducted. It is found that under certain criteria, in all cases, irrespective of the way in which the systems are costed, the continuous miner system is currently the better investment. It is also observed that when a system is costed using ABC that better investment decisions result when compared to costing the same system using traditional costing techniques. It is further seen that traditional costing techniques tend to overestimate the total costs of a mining system. This paper shows one application of ABC that can be incorporated as a management tool.

Jan 1, 2001

By P. W. J. Delport, E. Du Toit

Investing in a mining venture can be risky and stakeholders need transparent, unbiased reports to understand the Mineral Resources and Mineral Reserves a mining company holds. Readability and textual choice can be used consciously to manipulate perceptions, or it can be done unconsciously. This exploratory study investigates the readability and textual choice of supplementary Mineral Resources and Mineral Reserves Reports of companies listed on the Johannesburg Stock Exchange. The results indicate that narrative manipulation occurs in these reports through word choices that make the reports difficult to read, as well as specific narrative selections. This reduces the informational value of the reports. The results of the study will be useful to various stakeholders, such as mining company management, investors, investment specialists, financial analysts, and even employees and the general community, who all use these reports to make important decisions. It is also useful for the preparers of the Mineral Resources and Mineral Reserves Reports, Competent Persons, and other technical specialists to be aware of readability and that certain textual choices can affect the interpretation of these reports. It is recommended that bodies such as the JSE and the SAMREC and SAMVAL Code committees consider adding a plain language requirement to regulations, guidelines, and codes to ensure transparent, unbiased, and objective reports.

Mar 1, 2021

The paper deals with the importance of design and of codes of practice in ensuring safe working conditions in mines. The design principles involved in the design process are dealt with, and the importance of a logical design process is emphasized. The links between the requirements for developing a code of practice, embodied in the existing guidelines for the preparation of such a code, and the design principles and process are considered in some detail. Finally, suggestions are included, which may provide improvements to the code and hence, ultimately, lead to further improvement in safe working conditions.

Jan 1, 2004

By C. F. Strydom

Paper written on project work carried out in partial fulfilment of B. Eng (Mining Engineering) degree The Self-directed work team concept is the product of relentless performance pressure on American industries during the late eighties and early nineties from other world industrial leaders like Japan. The concept proved to be a successful vehicle by which the Americans could increase their production and improve their safety statistics. The aim of this study is to evaluate the concept as a means to improve the overall performance on South African goldmines. he study is directed by a historical research section, answering questions like: ?Why do we need to change? ?What is a Self-directed work team? ?What are the principle advantages of the concept? ?What are the essential requirements for the concept to succeed? The study also includes an empirical research section that focuses on the current Self-directed work team situation in the South African gold mining industry. The empirical research section is limited to three case studies within Anglogold due to a study period of only six weeks. The mines chosen for the case studies have been labelled Mine 1, Mine 2 and Mine 3. The latter being the base mine allowing for a more in depth study. This includes a perception analysis towards Self-directed work teams within the mine. The study proves the truth of the Latin proverb ?Tempora mutantur, nos et mutamur in illis? meaning ?The times are changing, and we are changing with them?. The chief change catalysts identified are a dwindling gold price and a projected labour crisis. From the study it is evident that the Self-directed work team concept disposes of the critical parameters required for a dramatic improvement in performance. The study also indicates that for the concept to succeed, certain factors like top-level commitment and management-employee trust have to be in place. Sadly, the concluding part of the study proves that very few of the identified critical success parameters are present in the South African gold mining industry. This can serve to explain why the industry only has success with the concept when monetary gain is the chief motivator. The study only focuses on the reasons why the concept is not performing to its full potential and does not wander into explaining the reasons for the current unsupportive milieu in the industry. Self-directed work teams could well rescue the South Africangold mining industry but currently we are driving a square pin into a round hole! [Terminology SDWT?Self-directed work teams AEL?Adventure Experiential Learning ISW?In-stope worker POLC?Plan, organize, lead and control TEC?Total employee costed Silo?The confinement of departments preventing networking JCI?Johannesburg Consolidated Investment Co. Ltd]

Jan 1, 2002

By J. F. Papp

In the United States, chromium has been consumed in three major markets: chemical, metallurgical, and refractory. The predominant end use for chromium in the United States is in the metallurgical market as an alloying element in the production of stainless steel. In addition to being a major stainless steel-producing country, the United States is a major world producer of chromium-containing chemicals and has used substantial amounts of chromite ore for refractory applications. Chromium use is not easily further subdivided within the chemical and refractory industries because there is insufficient publicly available information to do so; however, chromium use can be subdivided among metallurgical industry uses based on the American Iron and Steel Institute (AISI) reported shipments of stainless steel by market classification (agricultural, aircraft, automotive, etc.). It is the goal of this study to determine the distribution of U.S. chromium apparent consumption among major markets in the United States. The distribution is expressed in the form of dimensionless fractions that are computed based on documented chromium consumption by major market. The distribution of chromium among markets within the metallurgical market is computed in a similar manner. Distribution factors are first computed for the major markets, then for markets that are subdivisions of the metallurgical market. The distribution of chromium among major markets has changed substantially over the time period of analysis. The fraction of chromium consumed by the metallurgical market has increased while that of the chemical and refractory markets has declined. Within the metallurgical market, the service industry market accounts for the greatest fraction of chromium consumption followed by transportation. Electrical, machinery, and fabricated products markets account for a substantial share of the metallurgical chromium consumption.

Jan 1, 2004

By R. Thomason

Thank you Dr Barcza, President of the South African Institute of Mining and Metallurgy, for inviting me to share our experiences in Australia as regards the competency movement and my Association?s experience in assisting engineers become managers. This is my second visit to South Africa, and I am struck by the similarities between our countries. This extends to the professional issues associated with engineering and competencies in particular. I propose to outline two exciting stories today. ? Development of competency standards for professional engineers in Australia. ? Development of a management programme which has assisted professional engineers regain positions of leadership in Australian industry and government. First of all I would like to outline the Association of Professional Engineers, Scientists and Managers, Australia(APESMA).

Jan 1, 1997

By M. Hakala

A computer program was developed to simulate transient strains and stresses during an overcoring in the situ stress measurement. The solution is based on superpositioning of elastic stresses. The measured strains can be compared with the calculated ones to check if the measured transient behaviour is accordant with the interpreted in situ state of stress. If not, the in situ state of stress can be calculated based on any transient or final strain values. The transient stresses can be compared with the strength envelope of intact rock and thereby estimate the core damage potential. Technically, the developed code fulfilled all the objectives, and the numerical error was found to be less than 5%. The basic idea can be applied also for different overcoring probes with minor modifications and recalculation of stress tensors. The analysed case studies showed clearly the advance of having an objective and practical quality control method to study the reliability of the in situ stress measurement data. The study was set up and funded by the nuclear waste management companies Posiva Oy ( Finland ) and Svensk Kärnbränslehantering AB ( Sweden ). Un programme informatique a été développé pour simuler des tensions et des contraintes passagères pendant la mesure in situ de contrainte de surcarottage. La solution se fonde sur une superposition de contraintes élastiques. Les contraintes mesurées peuvent être comparées avec celles calculées pour vérifier si le comportement passager mesuré correspond à l'état de contrainte in situ interprété. Sinon, l'état de contrainte in situ peut être calculé à partir de n'importe quelle valeur de contrainte passagère ou finale. Les contraintes passagères peuvent être comparées avec l'enveloppe de force de roche intacte et ainsi il est possible d'évaluer le potentiel de dégâts au noyau. Techniquement le code développé a rempli tous les objectifs, et le taux d'erreur s'est révélé être inférieur à 5 %. L'idée de base peut être appliquée aussi pour différentes expériences de surcarottage avec des modifications mineures et le recalcul de tenseurs de contrainte. Les études de cas analysées ont montré clairement l'avantage d'avoir une méthode de contrôle de qualité objective et pratique pour étudier la fiabilité de données de mesure de contrainte in situ. L'étude a été fondée et financée par les sociétés de gestion de déchets nucléaires Posiva Oy (Finlande) et Svensk Kärnbränslehantering AB (Suède). Es wurde ein Computerprogramm entwickelt, um Transient-Beanspruchungen und Spannungen während eines Überentkernens in situ-Spannung-Messung zu simulieren. Die Lösung beruht auf Superpositionierung von elastischen Spannungen. Die gemessenen Beanspruchungen können mit den berechneten Daten verglichen werden, um nachzuprüfen, ob das abgemessene Transient-Verhalten mit dem interpretierten in situ-Zustand der Spannung übereinstimmt. Wenn nicht, kann der situ-Zustand der Spannung auf irgendwelchen Transient- oder endgültigen Beanspruchungswerten berechnet werden. Die Transiet-Spannungen können mit dem Stärke-Umschlag des intakten Felsens verglichen werden und dadurch ein Kernbeschädigungspotential kalkulieren. Technisch erkannte der entwickelte Code alle Ziele und hat gefunden, dass die numerische Fehler weniger als 5 % waren. Grundsätzlich können auch verschiedene Überentkernen-Untersuchungen mit kleineren Modifizierungen und Wiederberechnung des Spannung-Tensors angewandt werden. Die analysierten Fallstudien zeigten deutlich den Fortschritt, objektive und praktische Qualitätskontrollmethode zu haben, die Zuverlässigkeit in Situ-Spannung-Messung-Daten zu studieren. Die Studie wurde aufgestellt und durch Atommüll-Management-Firmen Posiva Oy (Finnland) und Svensk Kärnbränslehantering AB (Schweden) finanziert.

Jan 1, 2003

By E. V. Lilford

Valuators of mineral properties are faced with a range of valuation methodologies, the most important of which are grouped under the headings of the market approach, the cost approach and the income approach. The way in which value is defined and the detail of the different valuation methodologies is examined here. This paper aims at documenting the variety of valuation procedures and applying each method to a variety of gold projects and comparing the outcomes. Any decision to apply a valuation technique will depend principally on the stage to which the project has been developed. The valuation approach to a greenfield project will be substantially different from that applied to a well-drilled, extensively explored mineral property. Furthermore, a valuation exercise may produce different outcomes for the same gold project depending on which method is applied. In order to investigate the variability in valuation methods and to explore the outcomes of different approaches, a series of five gold projects was analysed. The projects differ in regard to levels of capital application, infrastructural setting, depth below surface, in situ grade, and the stage of development, and were valued using the different methods. The most critical aspect of any valuation is the capacity of the valuer to identify the salient issues and ensure that they are incorporated into the valuation. The danger of simply applying ?black box? solutions to valuation problems without a full understanding of the parameters and the areas of uncertainty is emphasized. The importance of the valuator?s experience, insights into best practice and the ability to recognize and submit to the requirements of compliance within the minerals industry is among the most important characteristics of a valuer.

Jan 1, 2005