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By T Tran, F Lucien

Supercritical fluids (SCFs) have gained recognition as solvents for the extraction of a wide range of organic materials. Their principle advantages over conventional organic solvents are that they possess much more favourable transport properties and that such properties can be easily altered by adjusting the system temperature and/or pressure. More recently, SCF solvents have been employed in the extraction of metal ions. The direct extraction of metal ions using SCFs such as CO2 is normally not possible due to the charge neutralisation requirement for solubilisation. However, extraction can be achieved with a SCF solvent containing an organic complexing agent as a cosolvent (Laintz et al, 1992; Laintz and Tachikawa, 1994; Dehghani, 1996). The role of the SCF is therefore similar to the role of a diluent in conventional liquid-liquid or solvent extraction processes. In this regard, SC-CO2 is a particularly good diluent since it exhibits good solubility for many organic complexing agents. The extraction of metals with SCF solvents has been examined mainly in the analysis of environmental samples and the treatment of metal contaminated wastes. Nonetheless, some interesting results have been reported recently on the extraction of rare earth metals, which highlight the potential of SCF solvents in mineral processing applications (Laintz and Tachikawa, 1994; Dehghani, 1996).

Jan 1, 2000

Coal water mixture (CWM) is a mix of finely ground coal with water and a small amount of chemicals. It is a new way of transporting and handling coal. CWM can be transported, stored and burned like fuel oil in steam generating boilers. It also has some environmental advantages over both oil and bulk coal. A group comprising Ube Industries Limited, Nissho Iwai Corporation (both from Japan) and Coal & Allied Industries Limited has been working in Japan and Australia since 1987 on a joint feasibility study into the production, transport and marketing of CWM from Australia to Japan. The group has been studying the development of a large-scale CWM plant on Kooragang Island at the mouth of the Hunter River at Newcastle, NSW. The project concepts and engineering plans for the CWM plant are well advanced and other studies related to the project are continuing.

Jan 1, 1995

The Coke Ovens Laboratory at Australian Iron & Steel, Port Kembla has been involved in the analysis of seam gases and mine airs for approximately twenty (20) years. This period has seen many developments and changes in the techniques used to the point when the current techniques are equal to other labora- tories involved in similar analyses. The laboratory has NATA registration for the analysis of mine airs and gases. Apart from routine testing of seam gases, ventilation airs and gases emmitted from coal bore cores a number of projects have been undertaken. These have served a twofold purpose, one to provide information to the customer, generally Collieries Research and Technology and secondly in developing the skills and capabilities of the Coke Ovens Laboratory. This paper discusses the development and services available at the Coke Ovens Laboratory for the analysis of gases and airs from collieries.

Jan 1, 1983

By Royston D

Victoria has an extensive brown coal resource, 202,000 Mt, of which 43,300 Mt is regarded as readily recoverable. This brown coal is located principally in the Latrobe Valley as thick seams and is being extracted at low cost primarily to support base-load electrical power generation. The high moisture content of the coal is partially off-set in many applications by the high reactivity of the coal and the generally low levels of potential pollutants such as ash, sulphur and nitrogen in the coal. Large scale development of this brown coal resource began in the 1920's. In addition to electricity generation, it is used for briquette production, carbonisation of briquettes to char and was gasified for town gas supply to Melbourne (1956 - 1969). The BCLV coal to oil pilot plant at Morwell is a major new initiative in the use of Victorian brown coal. Many other new developments are in place and emerging in the utilization of low rank coals. Examples of these developments are, the large-scale gasification of lignites in the USA, and value-added products such as bulk chars, solid fuels, activated carbons and coal-water mixtures. The Government of Victoria has created the Coal Corporation of Victoria to promote current sales of briquettes and to encourage further new industrial developments based on the State's brown coal resources, in particular the Loy Yang coalfield. The Coal Corporation also has a vigorous product and process oriented research and development Programme.

Jan 1, 1987

It is generally known that Charters Towers was discovered by Mosman, Clarke and Fraser in 1871. However, the time was ripe, and these three were barely in front of others. There is one account that prospectors from Ravenswood visited the area months before but decided it was too far from water, and that one of them had told Mosman and party of the find. There is another account that Joe Larkins found the discoverers before they had registered any ground - this may explain Mosman's quick departure for Ravenswood.When the news spread, the rush was rapid, and there was soon a sizeable population: probably too many, as within twelve months the infant settlement was under considerable stress. First, the presiding Gold Commissioners had adopted "unusual and arbitary" interpretations of the Regulations, and many of the miners were aggrieved; Charters, the senior Commissioner, was accused of favouring moneyed interests, and of retiring ill whenever a brawl or confrontation occured. As a result, the law of the field soon became "the survival of the strong". Second, the settlers were, divided on where the main town should be: Millchester, near the water, or Charters Towers near the mines. Third, the discovery of gold at the Millchester Deep Lead in August, 1872 was followed by highly exaggerated accoants in_' the southern papers, apparently fabricated by local business speculators. The resulting rush resulted in hundreds of unlucky prospectors having to return or seek other fields. In that period two men were killed in squabbles over ground. To make matters worse, by October 1872 a drought had set in, water cost three pence a bucket, fodder was scarce, cartage expensive, and the price of crushing ore rose to thirty shillings per ton.

Jan 1, 1986

Much has been written about leadership over the years. It is probably one of the most written about but least understood and defined concepts in business. Leadership and management are often confused and blurred, and inspirational words such as mentor, coach, motivator and the like, are often interspersed when describing a leader. There are a few things we do know about leadership:The only thing common to all leaders is that they are different.Leadership is not the sole domain of business; it applies to every aspect of human endeavour. We are all required to lead at times, and we all have it in our ability to lead. There is no set of predetermined competencies, which a leader must possess to be effective. Hence there is no course in the world that can teach you to become a leader. There is no such thing as the perfect leader. Leadership is a verb, not a title; you actually have to do it to be judged a leader. All leaders no matter how you define the term, must leave a legacy. Thus in the busy world we all live in, what are the lessons in leadership that we can all learn from, that will assist us all in our pursuit of leadership. The purpose of today is to put forward a framework for leadership that I have been researching and working on for many years. It is not the definitive framework, merely a framework. Out of today you will take your own collective thoughts, learnings, observations, experiences, education and training, and collective wisdom, and apply it to yourself.

Jan 1, 2004

To the south and west of Broken Hill lies the Thackaringa silver-lead district, about 25 miles, and is the locality really of the first silver find in the country long before Broken Hill, the geological fomations of which it much resembles. The Iocks and their structure are identical, except that in this area they are  more irregularly foliated and apparently much more faulted and expose in places quick successions of complete anticlines and synclines, even in a single lease. Saddles of ore respectively are found coinciding with the flexures of the rock but many minor veins otherwise and branches exist and make connections which render the whole a mining problem. It follows then that the surface.of the ground after some denudation in dotted with croppings of all the series, and in such a confusing way that the actual strike of a vein may be even confounded with the dip and readily mistaken for it at a few places. The main character of the outcrops are those usual in the district consisting almost wholly of argentiferous and silicious ironstone, sometimes gossan, which at a depth in a few feet changes to a gangue of very silicious carbonate of iron (crystallised), which occurrence is uniform through this district.The exploration of the lodes has not been extensive as it has not been well understood. Shallow shafts and drives have comprised nearly all the mining at present, which is evident on first sight by the numerous shafts and small excavations dotted 'about, as in an alluvial field. The depth of exploration underground in one place had gone several hundreds of feet, never more than 150 feet vertical from the surface in depth and irregular. The undulations of the most continuous work in this direction is such that it presents at different places successively either a tunnel, shaft, underlay winze, level, or Tise, and is on ore all the time, and where the rocks are faulted (which occurs as much as 30 feet and more) these changes are very abrupt, but for working on are suitably connected by the management.

This paper presents a review of heat illness in mining, including reference to several recent investigations by the author. Heat illness is a collective term, covering the conditions of heat stroke, heat exhaustion, heat cramps and miliaria rubra. Heat stroke is life-threatening and is by far the most serious condition. It is rare in mining, if appropriate control measures are instituted. Heat exhaustion is primarily due to hypohydration, following prolonged sweating in hot conditions. Symptoms include fatigue, headaches, dizziness, anorexia, nausea, vomiting, shortness of breath, or brief syncope. Confusion, ataxia, prolonged unconsciousness or convulsions are strongly suggestive of heat stroke. Heat cramps are painful involuntary contractions of skeletal muscle associated with work in hot conditions. The limbs are usually involved and the spasms typically last a few minutes, during which the affected part of the body is incapacitated. Heat cramps tend to occur in heat exhaustion, when hypohydration becomes marked. Miliaria rubra is a skin rash caused by extravasation of sweat into the skin, as a result of obstruction of the sweat glands. It occurs after prolonged and profuse sweating in hot environments. It can take three to four weeks of sedentary duties, in an air-conditioned surface environment, for the condition to resolve. Heat illness would be unlikely in underground mining, if the thermal environment was sufficiently well controlled by ventilation and refrigeration. This is however, often not practicable. Where engineering controls alone cannot provide sufficient control of risk, the residual risk can be assessed using an appropriate heat stress index. While procedural controls may further reduce the residual risk, it is important to remember that these are less reliable than engineering controls and cases of heat illness may still occur. Procedural controls include the application of heat stress limits, education, hydration, self-pacing, early symptom reporting, medical advice, acclimatisation procedures, air conditioned accommodation, support to achieve a healthy body mass index, and an effective emergency response capacity.

Jan 1, 2005

The last decade of national water reform implementation has improved the availability and efficiency of water source allocation in Western Australia. However, it is critical to recognise that the concurrent mining boom witnessed the approach of full water allocation limits, and increasing trends in mineral processing, water infrastructure costs, and wastewater management costs. Water supplies are commonly viewed as absolutely critical to project feasibility in mining, industrial and energy generation projects, even if considered 'non-core business'.   An increasing density of mining projects and industrial estates in Western Australia (WA) creates an opportunity for water infrastructure cost sharing and synergies. The WA government and its agencies have given preliminary consideration to the establishment of independent water utilities in the goldfields (Kalgoorlie), the Pilbara, and Collie regions, and in the Kwinana Industrial Area. The impending Oakajee industrial area and Mid West regional development, and Anketell port in the East Pilbara, could also be considered for common non-municipal water supplies.   The critical issue of apparent commercial risk due to the large scale of water demands and the low customer numbers in the minerals sector relative to other water markets is expected to mandate government partnership in any non-municipal water utility ownership. The commercial feasibility risk is observed as a risk to water supply security for potential mining and industrial customers. Absence of proper water infrastructure planning and governance has the potential to create infrastructure access issues as observed for Pilbara rail developments under the Trade Practices Act 1974.   Other aspects of water cycle management which could be addressed by a non-municipal utility include resumption of mine dewatering water (required changes to WA legislation that are progressing) and consolidated wastewater management for maximising synergy or reuse opportunities and minimising cumulative environmental impacts.   Address of water infrastructure planning for non-municipal water demands must cover commercial and environmental sustainability outcomes to successfully progress minerals sector growth in the State.

Jun 1, 2010

By P D. Munro

The spatial distribution of ore with similar processing properties or domains within an orebody may be identified early in the assessment of an orebody to provide a sound basis for later development of the orebody. The assignment of domains in the primary sulfide portion of an orebody is often more difficult than recognition of the oxidised, supergene and related domains usually located towards the top of the mineralised volume. This paper will discuss some approaches to assigning domains within the primary sulfide portion of an orebody. The processing properties of each mining block will be known if the contained domain(s) and their proportions are known. The use of both physical and chemical ore properties to assign the domains is discussed. The domains based on similar processing properties do not necessarily coincide with geological zones assigned by geoscientists. As part of assessing the physical properties of ore, the modal analysis of the ore with respect to the valuable sulfide minerals and the sulfide and non sulfide gangue minerals has to be known, along with the traditionally used elemental assays for valuable and penalty elements. Two scales for determining other physical ore properties will be considered: the mesoscopic scale (examined by human eye) and the microscopic scale (examined via a microscope under high magnification). The strengths and weaknesses of the data obtained at the two scales are discussed in the paper. Broadly, data collected at the mesoscopic scale are much less expensive but the types of data available are more limited. Methods for evaluation of chemical ore properties are also discussed. After establishing a basis for establishing the spatial distribution of domains, variability testing is required to verify the integrity of the designated domains. In contrast, each block of ore in some orebodies has been assessed principally via the results of a laboratory separation on a number of drill core samples or composites from throughout the block, with minimal or no attention to the concept of domains.

Jan 1, 2008

The phrase "Total-Energy" has, during the past few years, become widely used to describe a wide range of very different operations. However, if accurately described they all have one basic factor in common - energy usage is optimised with the prime mover being powered by gas or oil to generate shaft horsepower and the products of combustion being put to some use. The item which distinguishes a Total Energy system from any other engine or turbine driven project is that orate pains are taken to utilize the waste heat, whether this be in the form of exhaust gases and/or engine jacket ling water. n areas where grid supplies of electricity are readily available, the economics of most projects undoubtedly hinge upon the successful application of waste heat. However, there has been a growing awareness of other benefits, such as reliability of supply, which can be incorporated into the system. In particular these factors sway managements of hospitals and companies with complex computer facilities to examine closely the feasibility of Total Energy, Consequently, in America for example, where many systems have proved themselves the list of applications is wide - shopping centres, apartment blocks, office buildings, airline terminals, universities, schools, motels. And these do not cover the industrial sectors where the range is wider. The total number in North America is now approximately 500 and this to some extent-speaks for itself. In Australia, the real work involved in carrying out feasibility studies for Total Energy is only just beginning. 'in some quarters, the concept is not well received in that it is too new. Therefore, a typical approach is to play safe and wait until some other company has proved its operation "under Australian conditions". This is certainly a realistic approach when considering something revolutionary but as far as Total Energy.is"concerned all the individual components and sometimes combinations, (engines, generators, boilers, air-conditioning units) have been in operation for many years. The only innovation is that they are now all being brought together under one roof. This should not be forgotten when the question "where can I see something like this operating?" is asked.

Jan 1, 1970

Agitation leaching data has generally not been analysed to extract the maximum amount of information that is available. Analysis of heap leaching systems has been developing over the last five years to include the underlying rate determining process. This has been found to be diffusion control for all copper leaching; irrespective of whether they are oxide or sulfide minerals. Extension of the diffusion model has enabled better scale-up protocols to be developed. Acid consumption in copper heap leaching operations has been found to be a first-order chemical controlled system. The analysis of the data is relatively straightforward. However the interpretation and scale-up is not as direct as for agitation leaching. The differences in the residence time distributions (RTDs) are required to properly account for the scale-up between test columns and field. The leaching of oxide copper in agitated systems has also been found to be diffusion controlled. However, there are significant differences in the control mechanisms. Initially the leaching control is the supply of acid to the mineral surface. This is limited by the diffusion through the surface boundary layer and is thus subject to the level of agitation. Higher agitation provides thinner boundary layers and faster diffusion rates. Similarly, higher grade material creates a thicker concentration boundary layer and relatively slower leaching. Acid consumption in agitated leach systems is also a first-order system. However, the interpretation of the RTD is easier from batch testing to continuous multiple CSTR series plant operations. Altering the method of acid delivery can significantly reduce acid consumption rates. Predilution of the acid minimises the local acid concentration near the addition point and can reduce the consumption by up to 50 per cent. Modelling of the combined leach rate(s) and acid consumption rates in agitated systems allows comparison of various leaching strategies and selection of the most appropriate. Similarly, the model allows the identification of economic limits to leach recovery; where the cost of acid consumption is greater than the value of the copper recovered. From this analysis selection of residence times for agitation leaching can be determined. The modelling tools are useful in identifying optimum conditions for the leaching process.

Jan 1, 2005

The discovery of minerals in any community, especially precious minerals, gives a sense of hope and optimism about development prospects within the community. However, the euphoria surrounding such a find could be short lived if the wrong perception is created at the inception of the project, that the exploitation of the mineral resource will pose a serious problem to the community. The socio-economic impact can be negative or positive but if not properly handled, the negatives will outweigh the positives. Illegal mining activity, popularly known as Galamsey in Ghana, is a typical example of the negative impact of the mineral industry. Galamsey activities have resulted in an increase in school drop-out rate, pollution of water bodies affecting entire communities bringing a lot of health problems, destruction of farm lands, destruction of rail lines resulting in transportation problems, armed robbery, prostitution, just to mention a few. The improvement of the water supply system in the surrounding communities, implementation of sustainable development programs, improvement in the infrastructure, are just a few examples of positive socio-economic impact.Factors responsible for the socio-economic and environmental impact include: the unwillingness of most companies to invest substantial resources to deal with environmental issues, lack of adequate professionals with the requisite appreciation for environmental issues related to their activities, realisation that support of surrounding communities is key to successful operations, the now globally accepted view that multinational companies should invest in the socio-economic lives of the surrounding communities, etc. In order to ensure the prevention of the negative impact of mining activities on local communities, there should be a paradigm shift in the way the training for the new crop of mining and metallurgical engineers have been structured in the past, social contract with the local communities must be drawn and implemented; it must not be an imposition on the communities but rather a contract arising out of extensive interactions between the industries and the local communities. Environmental awareness has reached a level where communities affected by the minerals industry, to a very large extent, know what they should tolerate and what they should not. There is therefore the need to ensure that effective systems are in place to exploit mineral resources without damaging the environment.

Jan 1, 2008

By Rynn J. M W, Paynter A

Recent studies by the authors have concerned themselves with assessing the earthquake risk to north-eastern Australia, based on available historical earthquake data for the area. There have been several significant earthquakes (Richter local magnitudes of the order of 6) concentrated in the Wide Bay - Burnett region in central eastern Queensland, although none of these has occurred close to a significant centre of population or development. Using derived average acceleration attenuation relations and world-wide data on earthquake-induced damage as a basis, conditions under which earthquake-induced liquefaction may occur have been investigated and presented in graphical form. Historical earthquake data for north-eastern Australia have been overlain on this graphical presentation and it has been demonstrated that the Wide Bay - Burnett region, in particular, may in the past have been on the verge of earthquake-induced liquefaction, where ground conditions are susceptible. When this is viewed in the context of the rapid growth in population and development in this area over recent years, the risk can no longer be ignored with impunity.

Jan 1, 1990

The earth is a planet limited in size and limited in total resources. For the forseeable future, it is the only available habitat for mankind. Therefore, it follows that the more we know about our planet the better we can utilize its space and its resources for our well-being now and in the future. But, to accomplish this, we need reliable basic information. Geosciences provide such information. Recently, Dr. M. King Hubbert took note of the important effect of the geosciences on society, on how we think, and how we live. In the first century of modern geology, 1780- 1880, the influence of geology was primarily on how we think, i.e. changing our concept of the earth from one with a short catastrophic history to one that developed gradually over enormous spans of time. In the second century, 1880-1980, the emphasis was on how we live, on expanding the knowledge base so that we could more easily find and utilize the earth's resources. Now, in the third century, i.e. from 1980 towards the year 2000 and beyond, we should concentrate on both how we think and how we live; i.e. how we can better estimate potential global' resources and how we can manage these resources for maximum benefit to mankind. Like other sciences, the geosciences build upon what has already been done. Progress is achieved by using the thoughts, measurements, and observations of past workers, adding to these the insights from new experiments and from new concepts. Geology has its own methodology and approaches; but more than most sciences, it calls also upon the tools of physics, chemistry, mathematics, engineering, and biology to help solve its problems. Today's increasing population, increasing industrialization, and increasing complexity of modern society demand more detailed geoscience information so as to better use the land, reduce geological hazards, provide an inventory of resources, facilitate waste disposal, and prepare for long-term effects such as changes in climate and sea level.

Jan 1, 1986

By Ren T. X, Jozefowicz R

In many branches of engineering, there has to be an understanding of the motion of fluids in order to solve problems. Many safety and health problems in the mining industry are typical examples that involve the understanding and analysis of fluid flow, such as explosions, the spread of fires, dispersion of gas and dust, and ventilation patterns. Computational Fluid Dynamics (CFD) is concerned with the use of computers to produce information about the ways in which fluids flow in given situations. Until recently CFD has been widely applied to a variety of industrial sectors and increasingly to problems in the health and safety areas. With the arrival of more powerful computers and CFD packages, CFD techniques are no longer practised solely in a research environment, but can be used by engineers in many industrial fields. This paper introduces the basic concepts and general procedures involved in the use of CFD technology. A comparison is given as a guide to the major features of a number of widely used commercial CFD codes. Areas of potential CFD applications are identified in a range of safety and health problems in mining industry. An example is presented to illustrate the use of this technology. It is believed that the exploitation of these areas using CFD approach will contribute significantly to the solution of today's many mine health and safety problems.

Jan 1, 1995

By D B. Donato

Gold mining cyanide-bearing solutions can pose a risk, cause significant wildlife deaths and adverse public relations and result in non-compliance with regulatory conditions. The International Cyanide Management Code for the Manufacture, Transport and Use of Cyanide in the Production of Gold (the Code) was developed as a voluntary code to encourage industry-wide improvements in managing cyanide responsibly. The Code requires design and implementation of robust monitoring programs for compliance under the following standards of practice: 4.1, 4.4 and 4.9. A robust monitoring regime can be complicated as each processing and tailing system is different. The following systems are commonly used in Australia: carbon-in-leach (CIL); carbon-in-pulp (CIP); heap leach process ponds; tailing waste disposal systems; peripheral discharge, central discharge and in-pit disposal. Some terrestrial wildlife can be denied access by fencing tailing storage facilities (TSFs) or other physical barriers, therefore limiting wildlife interaction with cyanide-bearing tailing and solutions to mainly birds and bats. While wildlife monitoring programs for processing and TSFs contain similar core attributes, it is necessary to adapt monitoring to take into account the site-specific features of each system. These core attributes are discussed in this paper, with reference made to cyanide concentration and associated methodologies. The issue is considerably complicated if tailing solutions are deemed or discovered to be toxic to wildlife. Essentially cyanides are required to be measured to gain an understanding of the concentrations to which wildlife may be exposed. This usually equates to measuring the cyanide concentration of solutions entering and leaving a tailing system. To assess the risk to wildlife presented by tailing and heap leach systems it is necessary to monitor both the hazard (cyanide concentrations) and the exposure (live wildlife species, presence and interaction). These tasks need not be arduous and a system of simple frequent monitoring has been developed and implemented for Code compliance. The wildlife monitoring developed by Donato Environmental Services (DES) and used at mining operations departs from the industry norm. It documents observer effort, live wildlife presence, habitat and behaviour in a tailing system, as well as deaths and carcasses. A greater understanding of wildlife cyanide toxicosis associated with this monitoring approach will enable mining companies to adopt a proactive approach to significantly reduce, or preferably eliminate, the impact on wildlife and assist in gaining Code compliance.

Jan 1, 2007

By A Seneviratne, Y Li, N Udugampola, X Ai, B Li

LoRa (Long Range) is a low-power, long-range wireless communication technology that has gained significant research interest for its potential use in multi-hop linear wireless sensor networks (LWSNs) for underground mines. These networks deploy LoRa-enabled sensor nodes in underground mines, together with LoRa repeaters placed along mine tunnels to relay sensor data to a LoRa gateway, which connects to a backend network for application-level processing. Since the packets generated by sensor nodes farthest from the gateway have to hop through many repeaters, their probability of successfully reaching the gateway is significantly lower due to the higher chance of packet collisions compared to sensor nodes closer to the gateway, resulting in a lack of network fairness for the sensor nodes. In this paper, we first present an algorithm to improve the fairness of a LoRa LWSN by grouping neighbouring nodes and adjusting the number of packet re-transmissions and transmission intervals for each group. Then, we demonstrate that the fairness of a simulated LoRa LWSN can be improved by approximately 500 per cent by applying our algorithm. We verify our algorithm with network simulations under different network traffic levels and grouping strategies, obtaining fairness improvements in each scenario. Our algorithm and results will pave the way towards developing highly fair LWSNs for underground mining applications.

Sep 1, 2024

More than in any other way, the community judges the minerals industry by its environmental performance. Minerals Council of Australia web site www.minerals.org.au/media/code Time is overtaking us. What was good enough yesterday is not good enough today. What may be acceptable today wonÆt be tomorrow. So we need to leap forward. We need to begin to move towards sustainability. Dick Zandee, Managing Director, Placer Dome Asia Pacific The competition for access to exploration and mining opportunities is intense. So is competition for the best people, capital and community support. Poor environmental performance damages a companyÆs ability to attract these. Quite simply, good environmental management is good business. Hugh M Morgan AO,Chief Executive Officer,WMC Limited. Decisions made by private industry and international corporations are increasingly determining the fate of the environment. ...Nothing could be more shortsighted than for todayÆs conservationists to neglect cooperation with business and industry as a means of moving company philosophy and public accountability ahead in favour of the environment. Dr Claude Martin,Director General,WWF International The four quotes above well illustrate the challenges faced by companies and conservationists in attempting to achieve the societal goal of sustainable development. That this aspirational goal itself is far from clearly defined, although it has been widely accepted and endorsed by governments, business and civil society, exacerbates the challenges. Sustainable development has as its central thesis the integration of environmental, social and economic policy. Its attainment by business has been described John Elkington (1998) as the pursuit of the ætriple bottom lineÆ - the achievement of social and environmental targets, in addition to the traditional economic bottom line. It is self-evident that business is both competent and comfortable defining and measuring economic performance and reporting that performance to internal and external audiences. As long as information has been prepared according to the established standards of measurement and reporting of economic performance, all audiences can have confidence in its accuracy. Business does not enjoy the same competence and comfort with regard to social and environmental performance. This is no startling condemnation of business, any more than it is a criticism of governments, non-government organisations (NGOs) or academia. It is a statement of fact that the tools to allow for credible definition and reporting against the other two components of the ætriple bottom lineÆ have yet to be fully developed and are, therefore, far from being widely accepted. Crucial to achieving sustainability is the ability to measure progress toward the goal. The task is to develop means to define appropriate performance standards and to credibly measure and report company environmental and social performance against those standards.

Jan 1, 2000

This paper focuses on the significant impact that geological information has in relation to the valuation, both equity market and accounting records, of mining companies. There are many different measures adopted by investors and analysts in valuing mining companies. In particular, focus is primarily on calculation of profit as it is the authors primary expertise. The importance of geological information to the calculation of profit (and to many other measures of a mining company performance) is not always understood by the geologist. The aim of this paper is to raise the awareness of geologists (particularly those who are competent persons under the JORC code) of the impact that reserve statements û and changes to û have on profits. This is the first time that this subject has been presented directly to geologists. Similar versions of this paper have been presented at other forums where other important users (directors, auditors, accountants, analysts, investors) or preparers of financial statements have been made aware of the importance of the geological information. In essence, all mining companies prepare annual financial statements, which are adopted by directors and audited. The major items that require judgement generally revolve around two areas û commodity price outlook and the accuracy of reserves and resources. Reserves and resources are important, and that there is undoubtedly a lack of understanding about the assumptions and accuracy of reserves and resources by accountants, directors and auditors, and a general lack of understanding by geologists as to how the information that they prepare is used. Across the globe the majority of mining companies are listed on stock exchanges (with the main exception being nationally controlled mining companies û eg Codelco). In a very simplistic manner, I have divided all mining companies into three types: exploration plays û these companies are still in the finding or proving modeÆ and typically the stock market and investors rely on geological information and remaining cash in determining their assessment of the company; single mine companies û the major items that investors and the stock market look for are reserves, inferred resources, commodity price outlook and discounted cashflow calculations; and multiple mine companies û the investment community and stock market are looking at reserves, inferred resources (generally to a lesser extent at this stage), commodity price outlook, discounted cashflow calculations and profit and loss accounts. Regardless of the type of company, the equity markets, including analysts, try to determine appropriate valuations for mining companies. In doing this the major two areas that require judgemental consideration are the commodity price outlook and the level of reserves and resources. Generally speaking, most mining companies have a strong understanding of their cost structures û in particular their cash costs as distinct from their accounting costs of production û and therefore this area generally gets less consideration than the other two matters mentioned above.

Jan 1, 2003