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By Tim Hughes, Steve Gannon, Jennifer Abols

"In the past year, two very innovative gold ore processing plants have been designed, built and commissioned by Gekko Systems Pty Ltd. The first plant in Vietnam utilizes conventional crushing and ball milling followed by gravity concentration (Inline Pressure Jig (IPJ) and Falcon concentrator), flotation, intensive leaching (GFIL), the first industrial scale use of AuRIX®1001 ion exchange resin and a cyanide destruction circuit. The second plant, in Australia, uses a 3 stage crushing circuit to crush the gold ore to minus 1mm, followed by gravity concentration utilising a rougher, scavenger, cleaner circuit of IPJ’s and a Falcon concentrator. A direct smeltable gold concentrate is produced as well as a lower grade concentrate for future intensive leaching or sale. Both plants were designed and built within very tight time frames and budgetary constraints. The experience gained during the plants’ design, commissioning and operation are discussed.INTRODUCTIONGekko Systems (Gekko) is a leader in the development of innovative technology for gravity recovery and intensive cyanidation. It provides low cost and metallurgically optimal solutions for its customers. It has also led the trend away from whole ore cyanidation (CIP/CIL) towards gravity/intensive cyanidation (GIL) and gravity/flotation/intensive cyanidation (GFIL) plants. These types of plants offer low capital costs, low environmental impact and maximum return to investors (Rob J Longley et al, 2002). Key to this type of flowsheet is the application of a continuous concentrate unit, such as the InLine Pressure Jig (IPJ), which is designed to produce high gold gravity recoveries at a coarse grind (Sandy Gray, 2003). When combined with other gravity devices, and/or flotation, and intensive cyanidation, using the Gekko InLine Leach Reactor (ILR), very high overall recoveries can be achieved.In 2004, Gekko launched a new range of products called Gekko Modular Systems. The idea was to provide off the shelf, complete solutions for the separation and recovery of complex and free gold as well as the pre-concentration of diamonds. A series of modules were designed that incorporated Gekko manufactured as well as outsourced equipment. Gekko now offers modules ranging from feeding and conveying to crushing, gravity recovery, flotation, intensive cyanidation, refining and detox (see Figure 1)."

Jan 1, 2007

By T. A. Kirk

"The Linatex Dewatering System is a compact, low capital and maintenance cost matched set of processing equipment suitable for solids recovery, dewatering and desliming sand-like materials in the range 3/8"" to 325 mesh ( 1). Since its introduction to North America in the early 1970s, various elements of the system have been successfully installed in a variety of applic11tions both in Canada and the U.S.A. Examples are chosen from the coal, fine aggregates, iron ore and industrial minerals industries.II. Elements of the Linatex Solids Recovery System(A) The Linatex Separator (See Fig.I)The Linatex Separator, which is the heart of the system, is a specialized type of hydrocyclone designed to give a self regulating rope discharge product. It has the familiar cyclone geometry of cylindrical and conical section, tangential inlet, apex and vortex finder. The apex is enclosed in a unique patented automatic underflow regulator consisting of a collapsible rubber sleeve, and the overflow line is a siphon-leg, with a controlled air bleed valve. The siphon leg is adjusted so as to balance the internal negative pressure acting as a closing force on the underflow regulator against the mass of slurry pressing down on it from the cone section of the Separator. With correct adjustment the underflow regulator will close drip-tight on a water only feed. As solids accumulate in the apex of the cone the weight of solids counterbalances the vacuum and cat1ses the underflow regulator to open and discharge classified material at a controlled density."

Jan 1, 1978

By C. Cornejo, C. Schuffeneger, J. Rosas

"At the end of 2010 the AMSA Esperanza Concentrator started commissioning. Located in the Atacama Desert this project is the first of several large size concentrators developed recently to operate in Northern Chile. In addition to the new operations to be implemented in the short term, many existing installations are planning expansions. The use of large size equipment is one of the common characteristics of the new concentrators, but also new technologies are being considered and innovation is present in most cases. Sea water or desalinated water will be required to process large tonnages of sulphide copper ores as well as gold bearing ores, since process water supply from the Andes will no longer be available. The high cost of sea water or desalinated water supply and the high cost of energy are not a limitation as the current metal market scenario allows obtaining an attractive NPV even from installations designed to process relatively low grade ores. A review of the current concentrators being developed in Chile is presented, including a description of the main design issues related to technology and innovation. An analysis of the Chilean mining industry is also presented, detailing mine and plant capacities as well as expected final products.INTRODUCTION The mining sector in Chile has become a reference when analysing the large concentrator plants projected or currently in operation all over the world. At present and as a consequence of the high price of metal commodities, most South American countries have an active mining sector. Chile is known as a major producer of metals. First records of copper production exported to Spain are dated to the early XVII century. Since then Chile has produced over 13% of the total copper ever produced in the world. After 1990 Chilean mining and the associated cluster of activities has substantially grown to levels never reached before, especially in the production of copper, gold and other non-metallic minerals. This dramatic increase is the result of an economic policy based on delivering comparative advantages and incentives for the admission of foreign capital to offset the weak domestic investment in previous decades. Massive mining of its huge mineral resources has allowed Chile to be a world leader in the production of copper and other base metals and mineral products."

Jan 1, 2012

By H. M. Lizama, R. L. Stephens

Secondary leaching of previously leached supergene copper ore has been developed and implemented at Teck’s Quebrada Blanca operations. This consists of using in-situ leaching techniques aided by geophysics to recover the residual metal value from dormant copper leaching heaps. These heaps of crushed and agglomerated ore had been leached 20 years previously but still contained significant copper values. The concept was first tested on a 3,200 m² sector, where injection wells introduced leaching solution into a production zone and electro-resistivity tomography was used to track solution movement within. Operating parameters such as well spacing and injection flow rates were determined. Copper recovery and leaching performance were evaluated based on solution and metallurgical balances. Both ferric leaching and bacterial leaching were enhanced through strategies to pull air into the heap. Positive results from the initial test prompted a larger, industrial pilot test on a 60,000 m² area and 97 injection wells. This larger test obtained a copper recovery of 30% in 457 days. Secondary recovery is now being implemented to all of the abandoned heaps at Quebrada Blanca and has become a production stream. This technology has the potential of wide application to mature copper heap leach operations, and Teck has patented the process and associated methodologies. INTRODUCTION Heap leaching of copper secondary sulphides has been carried out at Quebrada Blanca (QB) since 1994. Ore from the supergene deposit was crushed and agglomerated prior to leaching. Originally, the ore was leached in 6 m lifts stacked one on top of another, known as a static pad configuration. However, in 1998, after the second lift, the operation changed to a dynamic pad configuration; the ore was leached in a single lift and the resulting residues were removed to make way for fresh ore (Yáñez, Ahlborn, & Ramos, 2007). The first two static lifts were left in place and served as a foundation for the dynamic lifts above. Those two buried lifts of leached residues, some 16.8 million tonnes and covering an area of approximately 0.71 million m², remained buried under the dynamic pad.

Jan 1, 2019

By Lionel A. York

THE first application of the cementation process took place in the year 1864, according to H. Standish Ball, when a break in the brickwork lining at a depth of 270', in one of the Rhine Preussen pits near Homburg, was sealed by running in milk of cement from the surface by means of a small hand pump. At about the same time Monsieur Portier adopted the method in France for repairing breaks in shaft lining. Figure 1 is descriptive of the Portier system and is of interest when compared with modern practice. During the next thirty years numerous attempts were made to improve the process; the general method used in sinking being to put clown bore holes outside the perimeter of the shaft for the purposes of injection. The cementation process was first recognized as an important as-set to mining in 1896 when Monsieur A. Francois developed his method of boring and injecting inside the shaft below the permanent water level. The Francois cementation process rapidly attained fame on the Continent and many shafts were sunk by its use in France, Belgium and

Jan 1, 1961

By J. S. Kirkaldy, W. J. Slater, G. R. Mason

Activation analysis for copper and manganese in 10 mg samples machined from aluminum-base diffusion couples has been used in the study of ternary diffusion in the Al-Cu-Mn system. The accuracy, economy and convenience of the method are considered to be very competitive with other methods for analysis of such small samples. Neutron-activated aluminum-zinc alloys in the range from 10 per cent to 100 per cent zinc have been equilibrated with a known volume and the vapors subsequently condensed and collected. The vapor pressures relative to pure zinc (the thermodynamic activities) have been determined at 550°C' by recording the relative count of /'-rays from zn65 in the collected samples. The method is a sensitive one, although subject to serious obstacles to experimental accuracy.

Jan 1, 1961

By Paul J. O'brien, George N. Neary

"The base metal mine at Buchans, Newfoundland, has been producing since 1928. For many years, mill tailings were disposed of by dumping into a nearby natural watercourse via which they were transported to Red Indian Lake and deposited. In 1965, environmental concerns prompted the establishment of settling ponds near the mine site. Effluents fed to these ponds included slimes washed from mine backfill sand and waste water pumped from underground as well as mill tailings. Dusting around the perimeter of the ponds was first observed around 1970and within a couple ofyears reached serious proportions. A program to alleviate the condition by developing a vegetative cover over the tailings was commenced in 1974. The work was successfully carried out and demonstrated that the large area of waste could sustain a permanent cover of grasses.This paper outlines the experimental work done at Buchans as well as the procedures followed and the problems encountered in carrying out full-scale revegetation."

Jan 1, 1981

By R. G. K. Morrison

By arrangement between the Ontario Mining Association and Messrs. John Taylor & Sons, Mining Engineers, 6 Queen Street Place, London, E.C.4, the writer was engaged for a period of not more than three months to report on the rockburst situation in Ontario mines. This was later amplified, by mutual agreement, to include, at the expense of detail, visits to the larger camps where rockbursts had not occurred, to get a general picture of conditions and to discuss the subject with operators in their respective areas. Scope of Activities Visits were paid to the following properties for the purpose of enquiry and discussion; the underground workings of those mines marked with an asterisk were visited on one or more occasions: KIRKLAND LAKE * Macassa Mines, Limited * Kirkland Lake Gold Mining Co., Ltd. * Teck-Hughes Gold Mines, Limited * Lake Shore Mines, Limited * Wright-Hargreaves Mines, Limited Sylvanite Gold Mines, Limited Toburn Gold Mines, Limited EAST KIRKLAND & LARDER LAKE Upper Canada Mines, Limited Chesterville Larder Lake Gold Mtng Co., Ltd. Kerr-Addison Gold Mines, Limited Omega Gold Mines, Limited PORCUPINE * Hollinger Consolidated Gold Mines, Ltd. * Mcintyre Porcupine Mines, Limited * Dome Mines, Limited * Buffalo Ankerite Gold Mines, Limited Paymaster Consolidated Mines, Limited Preston East Dome Mines, Limited Pamour Porcupine Mines, Limited Broulan Porcupine Mines, Limited Hallnor Mines, Limited Naybob Gold Mines, Limited Delnite Mines, Limited Moneta Porcupine Mines, Limited DeSantis Porcupine Mines, Limited Coniaurum Mines, Limited SUDURY lnternational Nickel Co. of Can., Ltd. * Falconbridge Nickel Mines, Limited LITTLE LONG LAC AREA * Little Long Lac Gold Mines, Limited MacLeod-Cockshutt Gold Mines, Ltd. Hard Rock Gold Mines, Limited Bankfield Consolidated Mines, Limited Magnet Consolidated Mines (1936), Ltd. à PICKLE LAKE AREA * Central Patricia Gold Mines, Limited * Pickle Crow Gold Mines, Limited UCHI LAKE * Uchi Gold Mines, Limited McKENZIE ISLAND AREA Gold Eagle Gold Mines, Limited * McKenzie Red Lake Gold Mines, Ltd. * Cochenour Willans Gold Mines, Limited RED LAKE * Howey Gold Mines, Limited Hasaga Gold Mines, Limited Madson Red Lake Gold Mines, Limited

Jan 1, 1942

By G. M. Ritcey, K. E. Haque, S. H. Lucas

"Laboratory-scale hydrochloric acid leach tests were conducted on an Elliot Lake uranium ore. Hydrochloric acid leaches without an oxidant or with molecular oxygen (i.e., air or pure oxygen gas) as an oxidant favoured uranium and radium extractions. Conditions for maximum uranium, thorium and radium extractions with hydrochloric acid in the presence of sodium chlorate were determined. The highest extractions of uranium (96%), thorium (81%) and radium (91%) were obtained using a mixture of 44.0 kg HCI and 2.5 kg NaCIOJ per tonne of ore at 75°C with 18 hours ' retention.Flowsheets for two-stage leaching are proposed. The residues obtained from the second-stage leach contain uranium (0.002%), thorium (0.006%) and radium (15 to 20 pCi/g). Tailings of this nature are considered suitable for mine backfill, and, if pyrite is removed, suitable for surfacedisposal.IntroductionThe nuclear energy industry forecasts an increasing demand for uranium. This increasing demand requires not only largescale mining and processing of conventional and complex uranium ores, but also leads to the consideration of new and nonconventional sources of uranium, e.g., black shales, phosphate rocks, granite, sea water and fossil-fuel ash.Sulphuric acid leaching is the most widely used process to extract uranium from the ore(l). The leach liquor is separated from the solids (tailings), purified, concentrated in various intermediate stages, and finally a semi-purified product, yellow cake (80-85070 U30 8) , is precipitated. The tailings, which constitute nearly 98% of the total bulk of most ores, are usually discarded in surface disposal areas.The Elliot Lake region of Ontario is one of the major uranium producing areas in Canada. The principal uranium minerals are brannerite and uraninite, present as microscopic grains in the matrix of quartz-pebble conglomerates. The average grade is between 0.10 and 0.15% UPs. Up to 6.5% pyrite is also present in the conglomerates. Because pyrite is less reactive toward sulphuric acid leaching, almost all the pyrite goes into the tailings and eventually into' the disposal sites."

Jan 1, 1980

By L. O. Thomas

BROADLY, Yukon is divisible into three physiographic provinces which are extensions of the similar divisions in British Columbia that are there known as the Coastal system, the Interior system, and the Rocky Mountain system. South of Yukon to about the 50th parallel of latitude, the Coastal system consists solely of the Coast range, which, in Yukon, passes behind the St. Elias range and for the remainder of its course constitutes the most easterly portion of the Coastal system. The extension, in Yukon, of the Interior system of plateaus and mountains of British Columbia is commonly referred to as the Yukon plateau, and the extension of the Rocky Mountain system as the Mackenzie Mountains system. The Coast-Range province is largely made up of granitic intrusives; the Mackenzie Mountains province of folded sediments; and the intervening Yukon Plateau province of ancient metamorphic rocks, folded sedimentary rocks, volcanics, and intrusives. Almost the entire area dealt with in this article was subjected to glaciation and, in those parts where its full effect was experienced, the valleys were invaded by vast masses of ice which transported and scattered the stream gravels, with their gold content, so that, even where gold still remains in the old stream channels, it has become so buried under boulder clay and other glacial accumulations that it is, in most places, difficult to find, and, when found, may prove very expensive to mine. Most of the present rivers have done little more than cut new channels in the glacial debris, touching only here and there upon the subjacent rocky floor. The territory in Yukon adjacent to the section of the Alaska highway between Watson and Teslin lakes is for the most part unknown both topographically and geologically. From Teslin to Kluane, the highway travels a fairly well-mapped part of Yukon, but beyond that point, until White river is reached, the geology of the adjacent country has, largely, yet to be determined, particularly on the north side of the highway.

Jan 1, 1943

By Réjean Lévesque

SIDBEC-NORMINES a été incorporée en 1976. Depuis la fin de 1977, ses activités comprennent outre la concentration au lac Jeannine, près de Gagnon, du minerai de fer extrait du gisement du lac Fire, I'exploitation d'un atelier d 'enrichissement secondaire et une usine de bouletage à Port Cartier. L 'objectif principal de SIDBEC-NORMINES est de produire six millions de tonnes de boulettes d'oxyde de fer par année, dont trois millions auront une faible teneur en silice afin de répondre aux exigences de la réduction directe. Les installations de SIDBEC-NORMINES sont adjacentes aux installations portuaires de la Compagnie Minière Québec Cartier, à l'est de la ville de Port-Cartier. L 'ensemble est conçu pour produire les deux types de boulettes avec deux circuits d'agglomération installes en parallèle. La production de concentré enrichi (68% Fe et plus) est obtenue dans une usine d'enrichissement utilisant le precédé de séparation magnétique hum ide ahaute intensite (separateurs Jones). À l'usine de bouletage proprement dite, on effectue Ie broyage du concentré et sa mise en boulettes sur disques; l'in duration des deux types de boulettes est obtenue sur deux chaînes d'agglomération Dravo dont chacune a une capacité annuelle nominale de trois millions de tonnes.

Jan 1, 1979

By S. Rivard

"This paper demonstrates the selection of grinding circuit technology for a number of recent projects including discussion of the key drivers and the role of energy efficiency. Decreasing head grades combined with a strong and sustained increase in operating costs has forced miners to examine increased project size, increased equipment capacity and efficiency improvements in order to reduce their unit operating costs and improve overall project economics. Comminution energy consumption, safety and capital cost considerations play a critical role in the success of projects. This paper presents some key guidelines for a successful and cost effective comminution circuit design and includes a case study on three projects, outlining the issues and the drivers which led to the ultimate circuit selection and the critical role that energy efficiency played.IntroductionComminution circuits for minerals processing are selected based on their suitability and efficiency in reducing run-of-mine ore to the desired feed size for the downstream process. The input material (ore) properties and downstream process requirements are the key determinants and there are standard approaches for each circumstance.The minerals processing industry has been a fast adaptor of efficiency improvements based on increasing capacity of equipment (e.g. trucks, crushers, mills, pumps) but less successful in adapting radically new technologies that disrupt incumbent flowsheets or processes.The installed power of grinding mills has increased linearly over the past 25 years (Meka & Lane, 2010) and pumps and classification equipment have kept pace. The autogenous grinding (AG) and semi- autogenous grinding (SAG) mills displaced stage crushing as a dominant method of coarse rock breakage in many applications causing crusher manufactures to increase the capacity of cone crushers to meet the competitive demand.Examples of new comminution technology in the 20th and 21st centuries are the development and adoption of cyclone classification in the 1940s (Newtech, 2016), AG milling in the late 1950s, vertical grinding mills in the 1980s, high pressure grinding rolls (HPGRs) also in the 1980s and ultrafine milling technology in the 1990s (Meka & Lane, 2010)."

Jan 1, 2017

By M. Kunst

The creep behavior of three AJ62 alloys was investigated in a wide range of stresses and temperatures. Multi-level tensile creep tests revealed a distinct primary creep stage and a high stress exponent up to a value of 10. The threshold stress concept which is commonly used in combination with high stress exponents was utilized in the analysis of creep behaviour. This resulted in an effective stress exponent for the AJ alloys indi¬cating dislocation climb as the dominating creep mechanism. In addition, microstructural observations of the lamellar eutectic and of the a-Mg-matrix were carried out using opti¬cal microscopy, SEM and TEM. The creep properties of the alloys are discussed in the context of microstructural parameters such as phase volume-fraction, stability and solute supersaturation.

Jan 1, 2006

By Robert Boyd

The Diamond Markets ? Supply has continuously increased over the past 25 years ? However, global supply is expected to drop by 1 to 2% by 2015 ? Demand Driven Market ?Demand is expected to grow 3% annually through to 2015 ? Supply Squeeze Anticipated (2010 to 2015) ? Consumption is exceeding rate of discovery, mine development and reserve replacement ? These fundamentals are driving increased capacity and production at existing mines in South Africa, Botswana and Russia and new areas such as Canada ? Canada is now the third largest diamond producing country in the world ? These fundamentals are also driving record levels of exploration expenditures throughout the world with particular focus on Africa and Canada

May 1, 2006

By R. Dahlke, J. A. Finch

A campaign was undertaken during the greater part of 2001 at Noranda’s Brunswick mine concentrator to investigate the role of gas (air) superficial rate (Jg) distribution to the cells in the final Zn cleaning stage (bank of seven cells), i.e. the Jg profile. Three profiles were tested: “balanced” (each cell with same Jg), “increasing” (from cell 1 to 7 proportionally), and “decreasing,” along with an “as found” profile in a parallel control bank. The experimental design allowed for two confounding factors, changes in ore type and circulating load. The increasing profile consistently gave the best metallurgy (down-the-bank grade / recovery). The reason for improved performance was the response of the first cells in the bank where the increasing profile gave the highest selectivity of sphalerite against nonsulphide gangue (NSG). The other profiles gave lower selectivity and higher zinc recovery in the first cells, which combined to reduce overall bank performance. The higher selectivity with the Increasing profile is attributed to the low gas rate in the first cells reducing water recovery and hence limiting entrainment of NSG. The increasing profile was subsequently configured for all four stages in the zinc cleaner circuit.

Jan 1, 2004

By H. A. Bilgin, G. G. U. Aldas

"Ground vibration is the natural result of the blasting process. Many empirical formulae and methodologies including analysis of travel path effects have been developed. The scaled distance, which is the most popular approach for the calculation of the attenuation of particle velocity in the ground, has led to significant advances in the prediction of particle velocity when both explosive charge and distance vary. However, this approach does not consider the effect of ground anisotropy and existence of structural geological features on ground vibration. Therefore, in this study, the effects of these rock mass properties on types, amplitudes, and frequencies of ground vibration waves at four surface mines are examined. The results, which were implemented at Kangal coal mine, Bastas quarry and Kíbrís quarry, provided guidance for the extensive study at Orhaneli surface coal mine.As a result of the study, the authors came to the conclusion that vibration amplitudes change depending on the ground on which sensors were deployed and the conditions depending on whether measurements were done near major structural geological features. It was determined that the vibration amplitudes, measured at equal distances from the source but in different directions, change because of the propagation velocity anisotropy. Besides the change of wave type due to the kind of ground at the measurement location, it was determined that vibration anomolies were due to structural features."

Jan 1, 2004

Leadership "Organizing a group of people to achieve a common goal" Paradigms ? Rush to produce or cut costs. ? The most important thing after safety is production. ? We?ll take care of ??this?? once in production. ? I know what to do, 30 years of experience in mining. ? I want a 100% reliable operation.

Aug 1, 2013

By Christoph Broeckmann, Andrew Gardula

"The adoption of high-pressure grinding throughout the cement industry has yielded enormous savings in energy and wear material costs. There are also a number of installations, which are applied in iron ore and kimberlite processing operations. High pressure grinding offers the same potential for energy and media savings, as well as opportunities for improved, downstream metallurgical performance, in hard rock mineral processing. This paper focuses on developments in machine design and wear surface engineering for high-pressure grinding of the hard rock ores in the mineral processing industry.INTRODUCTIONIn the early eighties 3.4 % of the world electric energy was consumed for crushing and grinding operations of minerals and 0.6 % in the ore dressing industry. During that time using a laboratory press Prof. Schönert found that interparticle comminution at high pressure requires remarkably less energy as conventional grinding technologies. In grinding of cement clinker he expected energy savings between 33 and 50 % compared to ball mills [1]. Piston presses are limited in throughput. Thus, the principle of interparticle comminution was adapted by the use of high pressure grinding rolls (HPGR) to a continuous plant process. Figure 1 shows the main components of a roller press: The roller nip of width s is formed between the floating roller (1) and the fixed roller (2). The diameter of the rolls will be denoted with D, the width with B. The total press force F can be adjusted using a hydraulic system with two or four pistons (3). In order to compare machines with different roll geometries the specific pressing force p is introduced:"

Jan 1, 2005

By G. R. Guillet

THE LATE Dr. D. F. Hewitt, Ontario's foremost authority on industrial minerals, was the first to point out the importance of urban minerals when he produced figures (Hewitt 1968) to prove that the Toronto-Hamilton area was Ontario's second largest mining camp in 1966 (Fig . 1). In that year, the value of mineral production within a 60-mile radius of downtown Toronto exceeded individually that of Steep Rock, Kirkland Lake, Timmins, Manitouwadge and Elliott Lake. Only the nickel and precious-metal production of Sudbury .surpassed in value that of Toronto's pits and quarries. Although that position was unchanged for some years during the early sixties, it was admittedly an unusual situation: gold was still pegged at an artificially low value; uranium was stagnant; and Texasgulf had not entered the scene. However, the point had dramatically been made. The combined value of production from hundreds of sand and gravel pits and dozens of limestone and shale quarries was of formidable proportions. The mining industry of the urban fringe could not be denied. Construction aggregates, cement, building stone and bricks were fueling an apparently insatiable appetite for urban expansion and redevelopment.

Jan 1, 1978

By R. A. Leveille, M. D. Doggett

"Economic returns for the copper industry have been assessed by building cash flow models for each of the 100 new mines brought into production over the past 20 years. Ninety-one of the 100 new mines returned the assumed 8% cost of capital and generated a positive net present value (NPV) at the development decision point. Economic criteria for individual mines are highly variable with NPV ranging from -$111 million (-$111M) to +$3850M (all money values are presented in United States dollars) and internal rate of return (IRR) ranging from -8% to +95%. The copper industry collectively would generate approximately $39 billion dollars in NPV through the development of the 100 new mines.The returns to exploration ($174M per deposit) were measured by deducting the cost of exploration per deposit ($221M) from the returns to development per deposit ($395M). Overall, the copper business has provided positive returns to exploration. However, the variability in returns across deposits means that only 41 of the 100 new mines can carry the average cost of exploration. The long lead times and high costs associated with exploration result in only those deposits with large amounts of contained copper being able to cover the average finding cost of the industry.The returns to development and exploration are shown to be highly sensitive to the cost of capital and metal price assumptions. With respect to deposit type, porphyry deposits are both larger (NPV) and exhibit lower profitability (IRR) than the nonporphyry deposits. On a geographic basis, returns to development and exploration are higher in Chile than elsewhere, reflecting the larger average deposit size and lower average exploration cost per deposit."

Jan 1, 2009