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By Michael Samis

The real option valuation method is often presented as an alternative to the conventional discounted cash flow (DCF) approach because it is able to recognize additional project value due to the presence of management flexibility. However, these two valuation methods can be separated on a more fundamental level by their differences in risk discounting. Real option valuation applies the risk-adjustment to the source of uncertainty in the cash flow while the DCF method adjusts for risk at the aggregate level of net cash flow. This seemingly small difference is the reason why the real option method is able to differentiate between projects according to each project?s unique risk characteristics while the conventional DCF approach cannot. This paper provides an overview of the real options and DCF valuation frameworks and discusses the differences in risk discounting that exist between the two methods. Using grade-school mathematics, this paper clearly demonstrates how, with real options, a unique project risk discount can be calculated which is directly linked to the project?s unique risk profile. It also highlights why the DCF method fails in this regard and shows why a call to ?increase the Risk-Adjusted Discount Rate? is an incomplete solution at best. Finally, a heap-leach project and satellite reserve development project are valued with both techniques and the difference in investment conclusions is explained in terms of the risk-discounting concepts discussed here.

May 1, 2003

By Kuwauchi. Y., M. Barati

Recycling of dust using a rotary hearth furnace (RHF) has gained considerable attention in the past two decades for the sustainable production of steel with less environmental impact. In order to further promote the recycling of electric arc furnace dust and carbonaceous wastes using the RHF process, a mathematical model was developed to predict the reaction behaviour of dust-reductant composites. The reduction kinetics of zinc and iron oxides as well as the volatilization behaviour of volatile matter in the reluctant were considered. The modeling approach and some preliminary results are presented in this article.

Jan 1, 2011

By W. Dingley, G. R. Hoey

"AbstractWear of six types of grinding balls was compared with and without corrosion inhibition in grinding Ni-Cu sulphide and hematite ores in laboratory ball mills. Forged steel balls (Rc 60 to 65) and three types of white cast iron balls (Rc 50 to 65) were susceptible to corrosive wear and two types of stainless steel balls [AISI Type 440C (Rc 65) and AISI Type 302 is; 35)] were relatively immune. The relative wear rates of the five types of hard balls (Rc 50 to 65) were dependent on the corrosivity of the ore. Ranking of the hard balls with respect to wear resistance was consistent for the sulphide and hematite ores in the presence of corrosion inhibition, whereas their ranking was different for the two ores in the absence of inhibition.The electrochemical potential of the grinding balls was measured during grinding and was found to be a useful measurement for assessing the susceptibility of an alloy to corrosive wear. Reduction of ball wear for forged steel and white cast irons with corrosion inhibition was concomitant with a shift of ball potential to less active values. Ball potentials in the presence of inhibition were indicative of non-corroding metal surfaces.IntroductionA PREVIOUS STUDY by the authors (1) showed that corrosion inhibitors - sodium nitrite, sodium chromate and sodium metasilicate - reduced wear of forged steel grinding balls by up to 49% in grinding Ni-Cu sulphide ore. Although the mechanism of wear reduction was not elucidated, it was concluded that corrosion must play a significant role in the wear of grinding media. Remark and Wick (2) of Battelle Pacific Northwest Laboratories have also evaluated corrosion inhibitors for the reduction of metal wear using abrasive and n on- abrasive te sting procedures. Their research was sponsored by 16 companies throughout the world. Preliminary results indicated that anodic inhibitors prevent from one-fourth to one-half of the loss due to corrosion."

Jan 1, 1977

By Edward Martinez

Due to its unique properties, chrysotile asbestos is used in many diversified applications. In recent years, a better understanding of the structure and properties of chrysotile has evolved due to the research efforts of many investigators. A summary of the results of some of these investigations is given. An attempt is made to show the relationships between the properties of chrysotile and its crystal structure. Examples taken from the literature are cited in which methods have been developed for modifying the properties to improve the performance of asbestos in some applications. These include the effect of pH on the positive zeta potential and the addition of sodium silicate to improve filtration characteristics. The dehydroxylation and formation of forsterite when chrysotile is heated are also discussed.

Jan 1, 1966

By A. Bowles

The process of accumulative roll bonding (ARB) has been applied to wrought magnesium alloy AZ31. Accumulative roll bonding results in severe plastic deformation of sheet material. In AZ31, this process leads to the refinement of the microstructure by dynamic recrystallization. The refinement of the microstructure results in an improvement in mechanical properties with potential for producing materials for superplastic forming. In this work AZ31 was bonded with up to 64 layers and the potential of roll cladding with aluminium was also investigated. The development of microstructure and the mechanical properties are reported here.

Jan 1, 2006

By D. Furrer, M. Dallaire

The arrival of Image analysis in the last 20 years has changed the world of quantitative metallography. Many standard measurement techniques which were previously manual can now be done with fully automated systems. This reduces subjectivity and operator fatigue and therefore enhances the quality of the statistical results. In many laboratories, Titanium Alloy microstructures continue to be evaluated by traditional methods, where quality of results is subject to operator fatigue and level of experience. Advances in Camera technology have tremendously improved image acquisition. One can often see clearly at 500x what can not be observed at 1000x, allowing for a larger area to be analyzed, without the inconveniences associated with very high magnification objectives. Powerful and versatile Image analysis software combined with a high precision motorized stage gives access to a multitude of applications, which were extremely challenging or impossible until now. Image Analysis tools such as Multilayer Grab, which reconstructs an uneven image into one plane of focus (ex. Observation at high magnification of texture resulting from etching) and Mosaic which builds an image from a number of fields of view (ex. Reconstruction of very large grains at low magnifications) expand even further the power and flexibility of IA systems. This presentation will describe how automated methods are applied to the point count method and grain size measurement. We will show how cameras and software work together to permit quantitative measurements of primary alpha and prior beta microstructures, as well as lamellar alpha plate thickness in titanium alloys.Automated and semi automated quantitative measurements of various Titanium microstrures have been assessed, using the Clemex Vision PE. Examples of the methods and steps used are presented.

Jan 1, 2006

By Ralph W. Edie

"IntroductionTHIS PAPER presents some analyses of diabases from a number of metallogenic provinces in Canada and the United States. It is intended as a contribution to the literature on the genesis of mineral deposits associated with diabase.As it has been in the past, opinion today on the origin of the cobaltnickel- native silver and associated pitchblende type of deposit is sharply divided. Some geologists hold that this type of deposit is in some way genetically related to intrusive diabase; others are of the opinion that the deposits are related to granite. The controversy, like others of a similar nature, probably will not be settled satisfactorily for many years to come, •but in the meantime it is recognized that, with respect to most deposits of the type referred to, altogether too few facts are known for accurate conclusions on genesis to be drawn. To contribute in a small way to factual data on this whole .problem, the writer analyzed diabase from several districts in Canada in which deposits of the aforementioned type occur. For comparative purposes, the copper, cobalt, and nickel content of diabase from Cornwall, Pennsylvania, and of norite from the Sudbury basin of Ontario, was also determined.Insofar as is known, none of the analytical work undertaken had been previously carried out."

Jan 1, 1953

By R. Carrier

"There has been a continuous evolution with the use of pre-cast concrete elements in the construction of aluminum smelters. In 1990, Phase I of Alouette was built using cast-in-place concrete exclusively. Whereas, other AP 30 technology plants such as Hillside 2 in the mid-1990s used pre-cast concrete beams with cast-in-place floors. Mozal 2, in 2002, used pre-cast concrete beams with pre-cast partial-slab operating floors. Alouette Phase II went further. Not only were the potroom building beams and floors pre-cast, but the entire pot support system, insulating walls and basement jersey walls were pre-cast. Once the techniques for bending and welding the reinforcement bars and the design for attaching electrical insulating plates to the concrete was perfected, the challenge for the project remained only in the logistics of transporting the pieces to site and simple erection. The overall impact on the project was dramatic. Using prefabricated concrete not only allowed advancement of the schedule, but totally eliminated formwork, re-bar installation, and form removal activities along with the handling of all the materials involved with these activities. With the elimination of these labour and material-intensive portions of the job, exposure to work injuries was dramatically reduced. The most prevalent activity for lost time accidents is during the rough work associated with concrete formwork, placing concrete and form removal. Another area where prefabricated elements were successfully used on Alouette Phase II was for the insulating walls enclosing the pot area, known as the ""claustra walls"". Usually these walls are constructed in-situ using mortar and breeze block. Success was also achieved with prefabrication of the perimetric walls that are installed at the lower floor of the potroom. A big advantage of using prefabricated concrete in the electrolysis area is in assuring electrical isolation for the operating floors. Poured concrete requires a meticulous clean-up effort before commissioning to establish the electrically ""floating"" characteristics of the operating floors. Poured concrete results in ""wash"", stray wood,"

Jan 1, 2006

By H. J. McQueen

Aluminum was hot worked at 400 - 500°C and strain rates (e ) of 0.004 -0.1s-1, under reversing strains (c) of 0.5 to 0.2 or 0.5 to 0 and also advancing from 0.5 to 1 or 0.5 to 5. Under similar test conditions for different parts of the strain paths, the average measured flow stresses are found to agree with each other. In the forward and backward strain path tests, the almost identical steady state plateaus affirm the occurrence of dynamic recovery (DRV). On reversal of strain direction at constant e , there was generally negligible Bauschinger effect. In specimens annealed at 400°C, static recrystallisation (SRX) was followed microstructurally. mainly by disappearance of elongated grains with serrated boundaries because the new grains were only little a finer than the old due to low strain energy. The only influence of reversing strain path observed was the effect of change of grain boundary area as grains elongated or returned towards equiaxed. In optical microscopy, elongated grains with serrations and deformation bands confirmed DRV in forward path specimens. In reverse path specimens, equiaxed grains were gradually restored with retention of serrations and bands. In low magnification polarized optical microscopy, grain alignment increased with strain for forward path specimens; whereas it decreased in reverse path ones, supporting DRV. Orientation imaging microscopy (OIM/SEM) revealed that elongated grains are broken up as deformation bands rotate during the forward path and that grains return to equiaxed appearance on backward straining. Comparative studies using optical microscopy in polarized light (POM), OIM/SEM and transmission electron microscopy (TEM) revealed that while subgrains remain equiaxed and constant in size and character during the forward and backward paths, the fraction of low angle facets decreased while that of high angle grain facets increased with increasing strain; these are coupled with a fairly low fraction of medium angle boundaries. The results contribute to the understanding that dynamic recovery in aluminum maintains sub-boundaries with low misorientation but as grains elongate and more subgrain become adjacent to grain boundaries the fraction of high angle boundaries rises (with backward straining it was vice versa).

Jan 1, 2007

By L. R. Bottomer, G. M. Leary

"The Copper Canyon property is located in the Galore Creek area of northwestern British Columbia. Porphyry copper-gold mineralization on the property is notable for its high gold content and close spatial relationship with a distinctive suite of high level syenitic and monzonitic intrusions, and pseudoleucite-bearing volcanic country rocks. The style of alteration and mineralization is similar in many respects to the nearby Galore Creek deposits.The current geological resource of 32.4 million tonnes grading 0.75% Cu, 1.17 g/ t Au and 17.1 g/t Ag is insufficient to support a mining operation, but definition of additional reserves combined with improved transportation infrastructure in the region may change this in the future. The climate, topography and proximity to an active glacier indicate that the most likely production scenario is an underground bulk mining operation, with the ore being milled offsite.IntroductionThe property is located at 57°07' North latitude, 131 °21' West longitude, on NTS sheet 104G/ 3W, approximately 160 km northwest of Stewart and 90 km south of Telegraph Creek (Fig. 1). The Galore Creek camp and airstrip are located 6 km to the west. Current access to the property is via helicopter either from Galore Creek, or from the Bronson Creek airstrip 32 km to the south-southeast.The deposit occurs within the Boundary Ranges of the Coast Mountains, on the north side of the east fork of Galore Creek, which flows northerly into the Scud River and thence westerly to the Stikine River.Topography is rugged. In the deposit area, elevations range from 1130 m to 1750 m. Valley glaciers and permanent snow and ice fields are characteristic of the region at these elevations, and at its southern limit, mineralization is truncated by the East Fork Glacier.The property is entirely above the treeline, and except for areas of moraine cover and talus slopes, outcrop is abundant."

Jan 1, 1995

By J. M. Hong, H. K. Zheng, R. Hu, C. B. Zhou

The Jinping-I double curvature arch dam, located in the middle reach of the Yalong River and with a maximum height of 305 m, is the world highest dam of the same type that has been completed. Since the second and third periods of the reservoir impounding, after which the reservoir water level was raised by about 200 m, a significant amount of leakage was observed out of the drainage holes deployed in the lowest drainage tunnel at the left-bank abutment at EL. 1595 m, with a pressure of 0.3 MPa at one typical hole when it was blocked. In this study, a number of analyses including water quality analysis, digital borehole imaging, tunnel geological mapping and in-situ groundwater monitoring were performed to investigate the source of leaking, the leakage passages and the performance of the grouting curtains. An inverse modeling procedure combining the orthogonal design, finite element forward modeling of the transient seepage flow, artificial neural network and genetic algorithm was invoked to further evaluate the permeability of the foundation rocks whose permeability was underestimated in design, using the in-situ measurements of flow rate and piezometric head. The geological structures that lead to the leakage were identified and the seepage flow behaviors in the dam foundation and the left bank abutment were assessed. Given the connectivity nature of the sub-vertically oriented fractures that induce the leakage event, it is found that some of the drainage holes with relative larger amount of discharge could be closed or blocked for reducing the amount of leakage without remarkably increasing the pore water pressure in the foundation rocks.

Jan 1, 2015

By S. Esfahani, M. Barati, Y. Kauwachi

"Heat recovery from slag has gained attention due to its high potential in lowering energy intensity of metal extraction processes. A direct method to recover the thermal energy of slag is to use countercurrent air flow that extracts the heat from falling droplets. Often, the solidified slag is aimed to be used as a substitute for Portland cement, thus high cooling rates are required to form an amorphous slag with sufficiently strong hydaulicity. Rapid cooling however involves using large gas flow rates that in turn lower the thermal efficiency of the process. This article presents a mathematical model that was developed to determine the optimum conditions in the heat recovery process and to investigate the effect of the air flow and granule diameter on the cooling rate of the droplets as well as the thermal efficiency of the heat recovery system. INTRODUCTIONMetallurgical slags are the largest by-product of high temperature materials refining and extraction processes. The total amount of metallurgical slag produced in the year 2008 has been estimated at up to 422 million tonnes containing up to 222 TWh/y (Barati and Esfahani, 2011) of thermal energy. Over the past four decades attempts have been made to recover this substantial amount of energy as heat, electricity, or fuel, while none of the proposed method has been commercialized yet.During slow cooling the slag tends to crystallize the constituents (CaO, SiO2, Al2O3, etc.) into a hard, heavy solid. In the past, over 90% (Bengt, 1983) of the molten waste was discharged onto heaps and allowed to cool slowly, then crushed and used in road construction or land filling or as coarse aggregate for concrete. However, later it was found if cooled rapidly, the slag can be used as a substitute for Portland cement. As a result, processes such as wet granulation were created in which molten slag is fragmented with water, forming amorphous (glassy) phases. Despite its effectiveness in producing a suitable material, heat would not be recovered through this process. Thus, dry granulation was introduced in 1930’s and was developed further in 1970 – 1980’s."

Jan 1, 2012

By K. D. Peaslee

Slag splashing is an important development that has dramatically improved BOF vessel campaign life and reduced operating costs. This paper highlights research from physical modeling work using a 1/8-scale room temperature model BOF and slag characterization studies from several plants in North America and China. In the model studies, gas flow rate during blow and viscosity of the liquid were found to be two of the most important factors to changing the overall rate of liquid splashed onto the vessel sidewalls. When the flow rate was increased or viscosity decreased, the lower regions of the walls were splashed at a much greater rate. It was also shown that by changing the lance height, more liquid was deposited in the upper regions of the vessel at the expense of lower regions. Reducing the number of nozzles was found to be the most effective method of selectively coating a particular vertical section of the wall. Studies of BOF's using slag splashing in North America and China showed a difference in the melting characteristics of the final slag. Generally, slag splashing is successful when the melting point of the slag is 220-270°C below the tap temperature to maintain a balance between fluidity and refractoriness.

Jan 1, 2004

By Claudio Rocha Rosales

"Peñoles is a mining group with integrated operations in the smelting and refining of non-ferrous metals, and is also a chemicals producer. Peñoles is the world’s foremost producer of refined silver, metallic bismuth and sodium sulphate and is the leading Latin American producer of refined gold, lead and zinc. The Met-Mex Peñoles Zinc Plant commenced operations in 1973 with an annual production capacity of 105,000 t/y. Year after year the production has been increased, and at present, the production capacity is 240,000 t/y. In this paper, the leaching process,particularly the operation of the jarosite circuit is reviewed ,specifying process improvements to treat high iron calcines.INTRODUCTIONThe purpose of the leaching process is to recover the metals, mainly zinc,through a series of extraction stages with sulphuric acid solutions, which progressively increase the zinc recovery. After the series of acidification stages,the solution, which is rich in iron, is sent to the jarosite circuit to separate the zinc from the iron (Garcia & Valdez, 1996).The first step of the leaching process is the neutral leach circuit which produces a zinc sulphate solution that is sent to the purification section for the removal of impurities such as cadmium, cobalt and copper, after this solution is sent to the tankhouse to feed the electrolytic cells."

Jan 1, 2016

By T. M. Ruff

A GPS-based traffic awareness and collision avoidance system has been implemented at mines with long, narrow access roads to help avoid accidents involving two approaching vehicles or vehicles following too close. A simple display in the cab of each outfitted vehicle gives an indication of oncoming traffic and a voice announcement indicates the type of vehicle that is coming as far out as 300 meters. Advanced warning of approaching vehicles is increasing driver awareness, especially around blind corners and in adverse weather such as heavy fog, snow, or rain. Speeding alarms have also been implemented and are especially critical as a vehicle approaches reduced speed areas near single-lane bridges or tight curves. A description of the system, safety improvements seen since its introduction, and implementation challenges will be discussed.

Aug 1, 2013

By Geoffrey Gilbert

Rossland is in the West Kootenay district; 5 miles north of the International boundary and 4 miles west of Columbia River at Trail. The first claim in the district was located in 1887; but there was little activity until 1890; when the showings that later became important were staked and development began. Production increased rapidly from 1; 800 tons in 1894 to a peak of 360; 000 tons in 1903; and averaged 286; 000 tons for the next 13 years. It declined sharply in 1917; and continued to decline until the closing of the main mines in 1928. Between 1933 and 1941 leasers mined a further 137; 000 tons. Total output has been about 6; 200; 000 tons; with average recovery of 0.47 oz. gold; 0.6 oz. silver; and 1 per cent copper. The total value was $82; 500; 000; of which aboµt three-quarters was in gold; the camp still leads the province in total gold produced. Ninety-eight per cent of the tonnage came from a small compact area worked by four inter-connected mines : the Le Roi (39 per cent); Centre Star (25 per cent); War Eagle (24 per cent); and Josie (10 per cent); all now owned by the Consolidated Mining and Smdting Company of Canada; Limited.

Jan 1, 1954

By E. A. Roux

As the first mine-to-metal zinc operation utilising atmospheric leaching, solvent extraction and electrowinning, Skorpion Zinc faces unique challenges and opportunities. One of these challenges is found in the solvent extraction circuit, in which di-ethylhexyl phosphoric acid (D2EHPA) is used as the organic extractant. Although D2EHPA is an excellent extractant for zinc, it suffers from the co-extraction of ferric iron, which is produced during leaching and by the corrosion of the grinding media. This situation is partially mitigated by iron precipitation in the neutralisation step prior to solvent extraction. Unfortunately, some ferric iron still reports to the solvent extraction process. This leads to a slow build up of iron in the organic phase. Chemical stripping is used to maintain the Fe concentration at an acceptable level. In this paper, the efficiency of the iron removal process is discussed.

Jan 1, 2006

By Michael L. Free

The hydrometallurgy curriculum for undergraduate students at the University of Utah has evolved to contain a variety of tools to help students understand and apply hydrometallurgy in a context that has industrial relevance. In order for students to perform as engineers in an industrial hydrometallurgy setting, they need to understand thermodynamic and kinetic fundamentals and be able to apply these fundamentals to extraction, concentration, and recovery applications. Students must also understand related environmental, economic, and assessment issues in hydrometallurgy and be able to work with others. In order to meet these needs, the hydrometallurgy curriculum includes a variety of relevant subject information, on-line resources, laboratory experiences, and team work opportunities to help prepare students for careers involving hydrometallurgy. The development and use of these resources will be discussed in this paper.

Jan 1, 2014

Of the many organic impurities present in Bayer liquor, sodium oxalate is known to have one of the most detrimental effects on the Bayer process. Because of its limited solubility, it will co-precipitate with gibbsite during the precipitation stage which results in many operational challenges for the refinery. Despite the importance of this phenomenon, the interaction mechanism between gibbsite and sodium oxalate is not well understood. In this study, the growth of sodium oxalate on three main morphologies (random agglomerates, prims and hexagons) of water-washed and caustic-washed gibbsite was observed under synthetic Bayer conditions using in situ optical microscopy. After a short induction period, oxalate started to nucleate on gibbsite crystals, and grew with a needle-shaped morphology which eventually developed into oxalate bundles. In addition, the results indicated that caustic washing was able to partly decompose gibbsite crystals and thus make the gibbsite surface rougher, which provides more potential sites for oxalate nucleation and growth. The growth rate of oxalate crystals on the basal (001) face of water-washed gibbsite was 1.33 µm/min determined by the time-lapse imaging of in situ optical microscope.

Jan 1, 2014

By J. F. Liu, L. Chen, C. P. Wang

"Calcite-cemented joints abound in the rock masses of Beishan area, which is the most potential area for the high-level radioactive waste (HLW) disposal of China. The mechanical properties of Beishan granite containing a calcite-cemented joint with a dip angle of 82° was investigated under uniaxial compression and the acoustic emission (AE) characteristics were also studied in this paper. Compared to intact granite, the calcite-cemented joint caused a decrease more than 50% in uniaxial compressive strength and a decrease more than 90% in shear strength. The Young’s modulus was also decreased, while the circumferential deformation of jointed granite was sharply increased. The AE monitoring system successfully recorded the process of micro-crack development and the results indicated that the risk of rock-burst could be reduced due to the appearance of calcite-cemented joint.INTRODUCTIONThe properties of jointed rocks differ considerably from that of intact rock. Due to the difficulties in specimen preparation, analogue experiments with artificially prefabricated fractures are often used to study the mechanical behavior of jointed rock (Chen et al. 2012; Kulatilake et al. 2001; Singh et al. 2001). However, natural joints are not quite similar to the artificial fractures and it is necessary to investigate the mechanical behavior of jointed rocks. Xie et al. 2011 studied the mechanical properties of marbles with natural joints by uniaxial compression tests and found that the uniaxial compressive strength of jointed rock is greatly decreased. With the unaxial compression tests, Jacobsson 2005, 2007 tested the intact and jointed granites, which were taken from the potential site for high-level radioactive waste (HLW) disposal of Sweden. However, no significant difference in strength or modulus was found. The above research results are inconsistent and it indicates the complexity of the mechanical properties of natural joints."

Jan 1, 2015