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By H M. Ahmed, W S. Dunbar

Construction of cave mining systems requires significant capital expenditure and long-term commitment of human, equipment and material resources before production commences. Risks and uncertainties of these large-scale mining projects are significantly higher than for small-scale projects. This is due to the complexity and interactions of the construction schedule components and the large scale and uniqueness of such projects. One way to successfully manage construction uncertainties that would lead to schedule delays is to include a reasonable cost contingency in the budget estimation. A real options approach based on the least-squares Monte Carlo (LSM) method is used to estimate cost contingency associated with schedule uncertainty in mass mining projects. Cost contingency is estimated as the cost of potential project crashing (acceleration) decisions, which pays for not extending the schedule. While such a significant undertaking is expected to be subject to some delays, these can have an enormous impact on the economic value of such projects. The value of the crashing option was explicitly formalised into the process of valuation, as it is assumed to be a single option being considered in the valuation at every decision point prior to the construction completion date. As a part of the proposed method, a stochastic function for the percentage of remaining scope of work for the remaining duration of the entire project was integrated into a framework of numerical simulations. This ensured that this function can implicitly account for sources of schedule uncertainties for projects represented by multiple and overlapping work packages. The LSM method was applied to a real case scenario in an operating block cave mine, with modified scale and features. The results yielded by the LSM method indicated that significant changes in capital budget allocation stem from variation in a contractor’s risk perception and confidence level of estimated delays.CITATION:Ahmed, H M and Dunbar, W S, 2016. Budget estimation and contingency allocation of block cave construction using least-squares Monte Carlo real options, in Proceedings Seventh International Conference and Exhibition on Mass Mining (MassMin 2016), pp 801–808 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 9, 2016

By Pedro C. Carneiro, Luiz G. I. Maciel

"This article presents data of advance and excavation rates in tunnelling works, and how theseactivities interact with the duration and cost of a contract. These key parameters, after analysis andsynthesis, will be used in coming works to ensure the evolution and adaptation of the method created by the Norwegian University of Science and Technology - the NTNU Method - to Brazilianconditions, which will be reflected in the duration and cost of underground drill and blast tunnellingworks."

Jan 1, 2016

By Freeman Bishop

The Interior Department has been in a state of disarray for many months. At first this was attributed to Interior Secretary Walter Hickel's inability to anticipate how his words would be interpreted by Press-Radio-TV. But then the already disquieted ernployees in the Department became aware that plans were afoot to take bits and pieces of the various antipollution programs from Interior; Health, Education and Welfare: the Atomic Energy Commission and other agencies and lump them together into a new Federal agency. Interior, many predicted, would be a shell of its former robust self. Hardly had this rumor started to add to employee uneasiness before the other big shoe hit the floor. The new rumor had it that the Bureau of Mines was being stripped of most of its research functions and that the Office of Coal Research and allied research groups would be abolished altogether.

Jan 1, 1970

By A. J. Paul Laprairie

"ADVANCE planning of mining methods, from the first development openings to stope layout and pillar recovery, has long been accepted as a normal method of operating a mine. Recently, mine managers have become increasingly aware that advance planning of cost and accounting controls can also be considered a normal method of operation. The use of such controls is wide-spread in manufacturing industries. In mining, the gold mines of South Africa have pioneered, with marked success, in this field and have been closely associated with most of the research and field work in accounting control. Canadian mine managers are also beginning to realize the advantages of using planned costs. The control procedures which subsequently have been introduced at various mines have come to be known by such names as ""Responsibility Costing"" or Budgetary Control"".Budgetary control, the term used in this paper, is based on the concept of decentralized authority with centralized control. ;The control is achieved by measuring results against yardsticks which are in the form of budgets or standards. Bud-gets are made for the future activities of each possible operation as planned by the department head, and attention is directed to variations from this plan. Furthermore, the control process charges to each operation only those costs which are incurred directly for that operation, and which can be controlled by the person in charge. Thus, budgetary control relates results to the officials responsible for those results. Expenditures are analyzed according to the organizational structure of the mine and the people who run it, and not according to production processes."

Jan 1, 1960

By A. R. Kinkel JR.

"The Buffalo Ankerite mine is in the southern part of the Porcupine gold district of northern Ontario. The mine has a history of exploration and development reaching back to 1911, and has been operated continuously since 1932. From 1932 to 1942 a total of 510,874 oz. gold was produced from the mine. In 1941 the production was 71,654 oz. from 448,621 tons of ore.With few exceptions, the ore-bearing veins did not crop out. They were discovered during the prospecting of the prominent outcrops of barren or low-grade quartz-carbonate breccia near the veins.GEOLOGICAL SETTINGThe Porcupine gold district lies in an area of folded and sheared Precambrian lavas, sediments, and intrusives. The Buffalo Ankerite mine is in the southern part of a large fold. The structure appears to be a continuation of the Vipond cross anticline and accompanying syncline described in earlier papers (1, 2). The orebodies lie along both flanks of the synclinal part of the fold, and are known as the north and south vein systems, respectively. No mineable veins have been found on the axis of the syncline (Fig. 1).The rocks found in the mine area are pillow lava, dacite, conglomerate, quartz porphyry, tuff, and fragmental lava. The tuff and fragmental lava are now largely altered to chlorite schist. Productive veins have been found only in pillow lava, dacite, and conglomerate, but a minor amount of gold occurs in some of the quartz porphyry. The Porcupine Creek fault, a zone of intense shearing over 1,000 feet in width, lies immediately south of the mine. A spur fault branches to the northwest from the Porcupine Creek fault, separating the north from the south vein systems ( Fig. 1) ."

Jan 1, 1954

Jan 1, 1889

Jan 1, 1899

By William Hutton Blauvelt

An official of one of the prominent iron companies of the South recently made the following statement during a discussion of the present conditions of the Southern iron business: " The trouble with us in the South has been that we have been satisfied to buy iron and coal lands, build blast-furnaces, and make pig-iron. We stopped at pig-iron, and as a result we are all poor. The South needs diversified industries, and needs to work up its raw products into articles the Southern market can use. If we had realized this sooner, some of us might now be rich." The South is awakening to this view, and in the Birmingham district alone one basic steel-mill is already in operation, and in a year's time another and much larger one will be turning out rails and shapes, with rod- and wire-mills in prospect. It is to chronicle another metallurgical step forward in the same district that I have prepared the following description of the new by-product retort coke-oven plant recently put in opera-

Jan 1, 1899

By Jacob T. Wainwright

This stove has been designed to meet the requirements of a fur nave that must be operated with either a reducing or a neutral flame ; and more particularly to make feasible the operating of re duction-furnaces with the cheaper grades of gas-fuel, which has heretofore been impracticable. In general, cheap gas-fuels result from incomplete combustion, and, being suited for further combustion, answer very well for heat ing purposes; and high temperatures may be attained with them, when they are used in conjunction with regenerative stoves. But, in operating a reduction-furnace, a high temperature is not the only requirement. It is also necessary that the fuel shall not be cansumed beyond a certain degree, in order to insure a re ducing flame for the reduction-process ; consequently, it becomes necessary to dispense with combustion as much as possible previous to the use of the fuel-gases in the reduction-furnace. Moreover, these gases must be preheated to a high degree, in order that a sufficient temperature may be maintained in the furnace; and, since this preheating cannot be accomplished by a previous, partial combustion of the gases themselves, it follows that the stoves for pre heating these gases should be heated to as high degree as it is pos sible to attain with an inferior fuel. This result can best be accom plished by complete combustion of the heating gases, and is further facilitated by preheating all of the air and gas used for this com plete combustion. It is more particularly desirable to preheat the air, since the combustible gases used may generally be obtained directly from the furnace, or gas-producer. The reducing gases, escaping from a gas-fuel reduction-furnace, are capable of considerable further dilution with air to secure com plete combustion, and consequently may be utilized for heating the stove to a high temperature, provided the air be sufficiently preheated.

Jan 1, 1889

By H. O. Hofman

INSTITUTE OF TECHNOLOGY, In deternlining experimentally the fusibility of clays, two kinds of methods may be distinguished—the direct and the indirect. Of the direct methods, that of Seger has found

Jan 1, 1899

By Richard E. Chism

The dry methods of assaying mercury-ores and other combinations of mercury all rest upon the volatility of this metal as a beginning. After the separation of the mercury in the form of vapor from the matrix upon which the assay is performed, the mercurial vapors are either condensed upon cold surfaces or received upon a gold plate into which the mercury is absorbed.

Jan 1, 1899

By Alfred E. Hunt

In a paper written for the Boston meeting of February, 1888 (Trans., xvi., 693), on "Some Recent Improvements in OpenHearth Steel Practice," the writer described the reducing agent used by the Carbon Iron Company as "a peculiar graphite from Cranston, near Providence, R. I." Upon an application pending at that time, a patent has since been issued as number 259,795, to Mr. Matthew Graff, for the use of solid carbonaceous matter in the form of coke, charcoal, gas carbon, bituminous or anthracite coal, ground to the size of coarse sand and then coated with a mash of lime, magnesia, clay, or other material of a like character, as an agent to reduce metallic oxides. An amount of this prepared carbonaceous matter equal to from 25 to 30 per cent. of the weight of the ore treated is required to perform the complete reduction. The idea is that the carbonaceous matter is protected against rapid combustion by a suitable coating of some inert material, so that, in effect, its action as a reducing agent will be similar to that of the Cranston graphite previously used, allowing the solid carbon to remain without combustion in intimate mixture with the iron oxide at a temperature sufficiently high to reduce the ore and in some cases to melt the matrix in which the iron is held. In the present practice of the Carbon Iron Company, the use of graphite, except for the formation of bottoms of the reverberatory furnaces in which the reduction is performed, has been entirely abandoned, and " retarded coke," as it is called at the works, has taken its place. Five hundred and fifty pounds of Connellsville coke is ground in a pan to 16-mesh fineness, or is taken in the form of ordinary coke-dust, and made into a hollow basin on the mixingfloor ; and seven bucketfuls of a wash composed of equal parts of lime and fire-clay, mixed in water to the consistency of thin cream,

Jan 1, 1889

By William B. Potter

We have come together on this occasion, as so often before the members of the Institute have met in friendly council, to hear and discuss whatever investigation, observation, and experience during the past months may have developed of value or interest to the many departments of knowledge and practice represented in this association. The member, possessed of the true scientific spirit which this Institute is especially intended to foster, brings here the results of his experience and study unrestrained by fear of giving undue advantage to competitor or rival. He appreciates, moreover, the responsibilities of membership and his duty to the cause, and how much is to be gained by himself from the keen but friendly criticism of his fellow-workers and even by the suggestions that may come of shrewd question or chance remark from those who labor in other but related fields.

Jan 1, 1889

By Ralph H. Sweetser

When a furnace-manager is '(blowing in," he generally has no time to consider the composition of the waste gas, and does not bother with it, except to take care that he does not get " gassed." Moreover, the analysis of the gases while the wood is still burning has not much to do with the economy of the normal working of the furnace; yet, on account of the deadly effects of the " blowing-in " gas when inhaled, and of its high explosive qualities, it is interesting to know its composition. In the Transactions there is no record of the analysis of the gas during an up-to-date " blowing-in." Even in Mr. Whiting's admirable paper (Trans., xx., 280) the reported analyses did

Jan 1, 1899

By F. V. Greene

This paper is based on my experience in the use of asphalt, for paving and other purposes, during the last ten years, part of the

Jan 1, 1889

By R. W. Raymond

GEHEIMER BERGRATH Prof. Dr. HIERONYMUS THEODOR RICHTER, ex-Director of the Freiberg Mining Academy and Honorary Member of this Institute (to give him the full title, which nobody ever thought of using in his genial and unceremonious presence, and the whole of which I have omitted at the head of this notice, as adding nothing to the virtue and value of the man I knew), died on Sunday, September 25,1898. He was born in 1825 at Dresden, and in 1843, after some practical training in pharmacy, entered the Freiberg Mining Academy, where he devoted himself chiefly to metallurgy and metallurgical chemistry, under the guidance of the celebrated Plattner, whose masterly instruction in those arts, and also, especially, in assaying and the use of the blow-pipe, has been classic authority to the present day. In 1853, Richter was ap-

Jan 1, 1899

By Archibald Blue

JUST one hundred years ago, in a paper read before the Royal Society of London and published in its Transactions, Rt. Hon. Charles Greville established and named the mineral species, corundum, the crystalline oxide of aluminum; and we have it on the authority of Professor Judd that in an appendix to Greville's paper the Count de Bournon correctly defined the crystallographic characters of the species. The names of its

Jan 1, 1899

Jan 1, 1899

Edgar Hall, Tenterfield, New South Wales (communication to the Secretary): Mr. Klepetko* asks for information showing at what percentage antimony and arsenic, as impurities, begin to affect injuriously the quality of brass.

Jan 1, 1899

O. S. GARRETSON, Buffalo, N. Y.: If I may judge from the half-tone illustration engraved from a photograph of this medal and accompanying Dr. Prazer's paper, I do not think the cast ing is exceptionally fine. I have often made castings of simi lar character which I think were equally good. For instance, I have taken a coin, moulded it directly in fine sand, and cast from it in Scotch (or the equally good, if not better, Ameri can Scotch ") foundry-iron a copy quite as sharp and smooth as the original. The secret is in using very fine sifted sand. In fact, I have used for this purpose the dust which had accumulated on the beams overhead in my foundry, riddling it with a very fine sieve before using it. ['NOTE BY THE SECRETARY.—After the session at which these remarks were made by him, Mr. Garretson cast at his Buffalo foundry, in the presence of a number of members of the Institute, copies of the bronze pin furnished to visiting members by the Local Committee of the Buffalo meeting. The accom panying illustration, Fig. I, has been reproduced from a photograph of such a casting, made in green sand, under the conditions of ordinary foundry-practice, and not subsequently polished in any .way. I can also certify that the photo graphic negative was not touched, to improve its clearness of definition, before the production of the " half-tone" plate from which Fig. 1 has been printed. As, in the case of the Kytchtym medal, it was the thin, ribbon-like sprue, rather than the low-relief features of the medal itself, which indicated the fluidity of the metal and the sharpness of the casting, so in this work of Mr. Garretson it is the long and slender pin which offers the strongest evidence of these qualities. It is scarcely neccssary to point out that the filling in the mould of a long and nar row opening, such as this pin presents, is the severest test that could be imposed upon the casting, and that the sharpness of the point of the pin in the casting is striking evidence of the success with which this test has been met. The Pittsburgh Testing Laboratory .has made for the American Manufacturer measurements of this casting and an analysis of the sprue. The thickness of the main casting is from 0.049 to 0.068 inch. That of the tag bearing the stamped number is 0.024 inch. The analysis, which represents the iron ordinarily employed by Mr. Garretson for thin castings, is as follows :

Jan 1, 1899