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The ""comparable sales"" method of valuation attributes value to an asset by reference to actual sales of comparable assets or to the market capitalisation of companies with comparable assets. This methodology is widely used in real estate valuations. The real estate approach can be used to value mining and exploration properties where there are actual sales of comparable or similar assets in the recent past. The practical limitations of the comparable sales method are well known and self evident: limited number of transactions, limitations on comparability and inadequate data. The real value of the comparable sales method is in its use as a validity check. Estimates of value of mining and exploration assets are so sensitive to so many variables that all valuation methods have limitations. Accordingly there is real value in attempting to establish benchmarks from comparable sales. Apparently sophisticated valuation methods can mislead by creating the impression that valuation is a precise science. The judgement of the valuer is critical and judgements can be wrong. Any available evidence from actual sales that are even remotely comparable can provide useful input to the valuation process.

Jan 1, 1994

By Lowder G. G, Cooper R. S, Radke F, Watmuff I. G

During the past five years Amdel has in vestigated metallurgically and mineralogically most of the Western Australian nickel sulphide ores. The mineralogical work has been carried out primarily to assist the metallurgical stud- ies and this paper reviews the application of mineralogical techniques to such ores to obtain information of direct use to the process met- allurgist. The techniques are described briefly and results are given of various in- vestigations of head samples, concentrates and tailings.. It is demonstrated that mineral- ogy has an important role to play in the optim- ization of nickel processing operations.

Jan 1, 1973

By G P. J Dijkema, M A. Reuter

From a material cycles perspective all processes are interconnected and consequently a process can never be evaluated as an isolated and independent unit. This also holds true for the evaluated co-incineration options. Environmental and sustainability issues for example, such as raw material and energy utilisation or air pollution, are a resultant of the whole system of industrial activities. It is therefore important, not to optimise a single process or industrial activity, but rather the whole system. Although engineering procedures for the design of individual industrial units are well developed, the problem of determining the best arrangement of these interconnected units is often far more difficult. Regulation that manages the arrangement of the units for waste processing is still under construction. In the evaluation of co-incineration, analogous principle from process control can be used: feedforward control. This principle includes the determination of which outlets can be used for all process outputs, hence avoidance of any æunusableÆ products or wastes possibly arising from co-incineration. To establish the extent, to which produced wastes are usable, a system overview is necessary, in addition to in-depth information on the subsystems, which produce and can consume wastes. Material cycles modelling can be used as the basis for a tool that supports the development of a suitable playing field. It should provide overview of the system and in-depth information on its subsystems. This tool then represents an attempt to bridge the gap between æholisticÆ industrial ecology and process engineering.

Jan 1, 2000

By T Akiyama, J A. de Castro, H Nogami

Blast furnace is a countercurrent moving bed reactor that produces pig iron from iron bearing materials like pellet, sinter or lump ore. The furnace has cylindrical shape and the lump solid materials are alternatively charged onto the top of the furnace. Hot air is introduced through tuyeres that are set on the lower furnace wall. Auxiliary fuels (pulverised coal, oil or natural gas) and raw materials (fine ore or fluxes) are injected into the furnace with blast air from the tuyeres. In front of the tuyeres, coke particles react with oxygen in the blast air and generate carbon monoxide. The hot reacting gas heats up the lump solids and reduces iron oxides in the upper furnace. In the middle height of the furnace, the reduced iron and slag are fused by the combustion heat and form the cohesive zone. The molten iron and slag that are generated in this region trickle down through the packed bed of coke particles and flow into the bottom of the furnace. Therefore, the flows of gas, lump solids and liquids exist at the same time in the lower part of the blast furnace.

Jan 1, 2000

By R K. W Merkle, E Whiteman

The anorthosite complexes and related rock types of the Indian Precambrian shield are primarily associated with either cratons or mobile belts. They were metamorphosed under amphibolite to granulite facies conditions. The major rock types are chromite-bearing meta-anorthosites, amphibolites, basic granulites, pink granites and gneisses. This study was carried out on chromitite bearing samples from Sittampundi Anorthosite Complex (SAC), Tamil Nadu, to evaluate the nature and textural settings of platinum-group minerals (PGM), using state-of-the-art technology. The structure and petrology of SAC were well studied by earlier workers (Subramanian, 1956), but only scanty data on geochemical, petrology and mineralogy of PGM are available. The mineralogy of the samples is dominated by chromite (>70 mass per cent), plagioclase (An90) and chlorite-actinolite with orthopyroxene (En85). Details of the petrological evolution of the Sittampundi complex will still have to be studied further, but indications of magma replenishment at the level of chromite formation and the elevated PGE values associated with the chromitite samples make the Sittampundi complex a promising target for future exploration activity.

Jan 1, 2008

By Evans A. F

Arising out of the increasing demands for efficiency in modern ore-dressing operations has grown a requirement for fuller knowledge of the characteristics of the ore treated. In part, this is being met by improved methods of study of the mode of occurrence of the constituent minerals, and of the intricacies of their physical relationships.A typical instance of the need for such a study is the presence of some undesired mineral in a flotation concentrate or tailing, which may be due either to mechanical association through insufficient grinding, or to incomplete separation in the flotation operation.Again, with modern practice in fine grinding, which often requires that from 70% upwards of the ground ore shall pass a 200-mesh screen, it is obviously impossible to obtain data on comparative grinding efficiencies, for instance, unless there is adequate knowledge of the size-composition of the material passing the finest available screen.Studies like these can be made satisfactorily only after size-separation (which may be carried out conveniently by elutriation) and by actual visual examination with the aid of a microscope, and the minute size of the mineral grains to be examined has necessitated the development of a new technique of sizing and microscopic examination.

Jan 1, 1932

By Phillips D. N, Herbert H. K, Fletcher A. C, Lewis R. K

Quartzite is a common feedstock used for the production of silicon by reduction at high temperatures in a submerged electric arc furnace. Silica fume, formed as a by-product in this process, contains crystalline silica in the respirable fraction. The crystalline silica in the fume represents entrained quartz derived from unreacted quartzite raw material within the furnace. A knowledge of the fragmentation of quartzite feedstock, in response to thermal disaggregation in the furnace, is important in feedstock selection to help minimise (a) the amount of crystalline silica in fume, critical from an occupational health and safety perspective, and (b) impurity levels necessary to achieve the highest possible purity of product silicon. In this study, a series of quartzites has been assessed in terms of the above requirements and correlations drawn between mineralogical and chemical characteristics. Alkaline solubility correlates with grain-size and level of stored strain in the quartz matrix. Grain-size affects the surface area available for attack while stored strain enhances the chemical reactivity of the strained matrix as well as profoundly influencing the disaggregation and microfracturing characteristics of strained grains and, hence, available surface area for chemical reaction.

Jan 1, 1995

This paper will examine the prospects for Queensland's non-fuel mineral industries as we approach the 21st century. The opportunity for growth is unprecedented. Exploitation of recent discoveries, proposals and developments in downstream processing are predicted to contribute to a doubling of the State's mineral exports to around $10 billion by the year 2000. In 1995 - 96 the value of Queensland's mineral production was $6 billion, comprising $1892 million metallic minerals, $127 million non-metallic minerals and $4 025 million total fuel minerals. For many years Queensland has been among the world's major producers of copper, silver, lead, zinc, bauxite and mineral sands. Recently Queensland has become an important producer of magnesia. Queensland's ability to compete results from its location close to rapidly developing Asian markets, the diversity of its major minerals and an increasing ability to add value to the resources base using competitively priced energy. Northwest Queensland is one of the richest base metal provinces on earth following the recent discovery of five world-class orebodies. Of these deposits, Osborne (copper-gold) has commenced production and Cannington (silver-lead-zinc) and Ernest Henry (copper-gold) are scheduled to be developed by 1997. Century Zinc Limited and the Queensland Government are negotiating with native title claimants on the development of Century (zinc-lead-silver). Expansion is in progress at the Mount Isa copper mine (renamed the Enterprise) and copper smelter and a high analysis fertiliser project may be developed based on Phosphate Hill. Korea Zinc Company Limited has reached agreement to construct and operate a 350 000 Mtpa zinc smelter/refinery near Townsville. There are future expansion prospects for the vertically integrated major industrial mineral operations based on Weipa bauxite and Kunwarara magnesite. Upgrading of the Boyne Island aluminium smelter will require a doubling of alumina consumption. Downstream processing options for Kunwarara magnesite are being investigated and are expected to lead to increases in production and the manufacture of a range of value-added products. At the Yabulu refinery near Townsville, nickel and cobalt production using imported ore is to be increased and a commercial cobalt plant is to be built. Additional opportunities for further processing and manufacturing are associated with proposed new mines at Ely (bauxite), Skardon River (kaolin) and Goondicum (ilmenite). Recently discovered resources of zeolite and perlite also offer exciting development possibilities. Other manufacturing opportunities such as glass and ceramics based on local and plentiful clay and silica sand could replace imports. Silica sand at Cape Flattery is currently exported and production is expected to double.

Jan 1, 1997

The history of the physical chemistry of steelmaking is reviewed through international conferences, and compared with the Japanese contribution. Subjects remaining to be solved are discussed. Several steelmaking technologies developed recently in Japan are surveyed.

Jan 1, 1980

The history of the discovery. and successful development of the offshore Gippsland Basin oil and gas fields has been well docu- mented in contemporarary and more recent industry and profes- sional literature. The various articles, papers and books record fairly balanced views and comments as to the nature and results of the explora- tion effort, and factual data concerning the subsequent develop- ment of the fields and facilities concerned with petroleum production in the Bass Strait and Gippsland environment. Recommended reading for those interested in the scientific and technical aspects of the Gippsland Basin developments and the search for petroleum in the Bass and Alway Basins includes the available library contained in the publications of The Australasian Institute of Mining & Metallurgy The Commonwealth Mining Congres since 1960 The Australian Petroleum Exploration Association The Geological Society of Australia The American Association of Petroleum Geologists Various Commonwealth and Victorian Government instrumentalities Trade Journals

Jan 1, 1988

There is no good news! The market environment for raising capital for resource projects is getting tougher. The regulatory and accounting environment is fast becoming more difficult and the hurdles to successfully raising debt, lease, equity or hybrid finance are now considerably higher. As ever, well structured companies and capital issues can and will survive, if not thrive. An outline of the market and regulatory environment for successful issues is set out below, followed by some comparison of stockmarket values of resource assets compared to more technical appraisals.

Jan 1, 1990

By R M. Anderson, S P. Pigdon

The production of stabilised backfill at mine sites commonly uses Portland cement as the binder. Calcined gypsum has cementing properties and is cheaper to produce than cement. This paper discusses the strength of fills stabilised with calcined gypsum. Laboratory tests were carried out on specimens prepared from tailings obtained from four different sites to allow for the wide variety of tailings found in practice. The results show that the gypsum-based fills can achieve a strength of 1 MPa using around two and a half to four times the corresponding amount of cement.

Jan 1, 1998

The Savage River Mines concentrator and pipeline has operated for seven years. During this time some problems of general interest have been overcome, particularly in the area of autogenous grinding in large mills and in pump- ing solids over long distances. The plant flow sheet and equipment at Savage River and the control techniques are. described. Ore type has varied widely over the per- iod of plant operation. Techniques developed to minimise the effect of variations on through- put are discussed'. The main technique is the controlled rejection or addition of grinding Media.

Jan 1, 1975

The techniques used in evaluating gold placers and in recovering gold therefrom are briefly reviewed and critically assessed, relative to the estimated and actual recoveries from many operations. The discrepancies between these quantities can be significant and sometimes disturbing. The coefficient of variation for the annual percentage recoveries, relative to the estimates, is in excess of 10 and commonly above 20 . The difficult- ies in evaluating placers are recogni- sed both in the gathering of meaning- ful sample data and in the derivation of estimates. There are deficiencies, perhaps insurmountable at reasonable cost, in the techniques used to derive an estimate and in the gold saving devices usually employed. There is a subconscious trend to use recovery as a check on the estimate. The industry could have extracted more information during the evaluation and working of deposits in order to fully characterise them and in order to quantify metallurgical efficiency. There is a place for other prospecting techniques, particularly geophysical, in placer evaluation and a need for more appropriate and sophisticated

Jan 1, 1976

By P Heppner, J Schell, R Newell

The effect of various methods of conditioning on subsequent flotation performance was reviewed, where complex interactions involving attrition, aggregation, dispersion and surface cleaning were discussed. The present study focussed on the influences of standard laboratory cell conditioning, ultrasonic dispersion and high intensity conditioning on copper mineral flotation characteristics. The effect of substituting demineralised water for the WMC plant water was also examined. It was found that higher copper concentrate grades were often obtained using demineralised water, however the use of high intensity conditioning in mill water gave the highest copper recovery and highest flotation rate constant. This process should be considered if copper grade and recovery in this section of the plant drops, especially if the drop is due to surface oxidation of the copper minerals. Other methods of conditioning (cell and ultrasonic techniques) improved the rate of copper flotation above that obtained in the virtual absence of conditioning, showing the importance of conditioning on subsequent flotation operations.

Jan 1, 2000

By J Herbertson

æZero waste steel making productionÆ has already been the subject of several studies and also the successful result of some companies. Regarding waste and by-products, slags are the largest in terms of weight, although among the least hazardous. All steelmakers around the world are presently looking into profitable solutions, according to their local conditions: environment constraints, available markets, and mode of operation. Today the major technical methods of slag value capture include different levels of magnetic separation and screening to remove entrained steel, for production of aggregate in civil works. A survey of different retrieval processes shows that pyrometallurgical processing of steelmaking slags will increase the recovery ratio of iron and other metals. In the process, the remaining part of the material, a mixture of metallic oxides, can be easily transformed into hydraulic binder such as cement. Can steelmakers consider the slag as a co-product, and not only a waste or by-product? The ability of pyrometallurgical processes to treat other wastes and by-products generated in the steelplant is an opportunity for the steelmakers to reach the æzero waste productionÆ status. A technical survey of the experiences and possible solutions of pyrometallurgical processing is presented as well as technical descriptions of technological, economical and profitability analysis in relation with foreseeable markets.

Jan 1, 2002

By Roberts JD

The design and installation of a major on-line stores and purchasing system, with built-in maintenance reporting and plant register capabilities, needs more than just close attention to computer design details. When the system must be available almost 24 hours a day to a number of mine stores sites, and is used by a variety of mining staff including engineers and stores clerks, as well as by remote purchasing and office staff, then simplicity of use, availability, fast response times, and other human factors become vital. Critical aspects include easy to use screen design, involving a change from the traditional hierarchical menu system, and fallback and recovery to the last transaction. Business, people and systems objectives need to be established at the preliminary design stage, so that results can be measured and corrective action taken. The amount and type of user involvement and training, at all stages from initial design to systems tuning, has a major effect on people wanting to use the system. Active user participation in systems design, data definition and collection, and use of relevant training material is needed. Project management and design problems can arise in working with database oriented computer staff, and certain design features are found useful in ensuring a responsive, robust overall system.

Jan 1, 1983

By A D. Ferreira, A E. C, A D. Padovezi

The increasing market requirements regarding the quality of products, the enhanced predictability from detailed mine planning, the need for process consolidation and upgrading require continuous investigation on the characteristics of different ore types to be concentrated. This paper addresses the mineralogical and technological characterisation of several itabirite iron ore types and the influence of the composition and mineralogical associations on desliming and flotation. Pellet feed quality and the influence on the major performance indicators, such as weight recovery of slimes, selectivity index, metallurgical recovery, flotation kinetics of iron minerals and gangue is also emphasised. The investigation resulted in a classification of iron ores according to their mineralogical composition, morphology of the crystals, and/or texture and microstructure of mineral particles with respect to desliming and flotation performances.

Jan 1, 2005

By Reynolds JO

This contribution by. The Australasian Institute of Mining and Metallurgy has three main thrusts. First, an Institute (and industry) view on academia and the need for more entrepreneurship at top academic levels, second the need to lift our technological game, and third, professionalism and the perceived role of mineral industry education. While I will deal with each of these separately they are of course inter- related and can be brought together under the frequently used, but insufficiently practised title, "communications". First then, The Institute and industry view of academia. There are some academics in the audience and I imagine they may wish to reply to my remarks with an academic view of industry. That is not unreasonable. Like all human institutions, academic institutions vary in quality and characteristics. Some are successful and some less so. Some historically are well renowned. Others that were once successful schools have declined. Lesser known schools have grown into prominence. What is it that sets apart 'good' highly regarded schools from those that are not so well regarded? It comes down to one main ingredient - "leadership". The strong mining schools in the past 100 years have been strong because they have had outstanding and clearly identified leaders. Strong clearly identified leadership has always had rapport with, and the support of the industry. The two go hand- in-hand, each nourishing and supporting the Other.

Jan 1, 1986

The most frequently applied project evaluation criteria are the Net Present Value, the Internal Rate of Return, and the Pay Back Period. Unfortunately, the Internal Rate of Return and the Pay Back Period, if interpreted according to their traditional definitions, easily produce results which contradict the Net Present Value. The reasons for the Net Present Value incompatibility of the two criteria are that these criteria have not been adequately defined and so new, complete definitions are recommended. The concept of the True Rate of Return is proposed as a substitute for the interest rate that the Internal Rate of Return has been believed to represent. The redefined Internal Rate of Return and Pay Back Period criteria, as well as the True Rate of Return are all Net Present Value compatible and can, therefore, serve as independent project evaluation criteria. Also, the correct approach to the evaluation of mutually exclusive alternatives and the status of the often neglected borrowing projects in project evaluation are found to be quite important.

Jan 1, 1991