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"Option pricing is used in finance for valuing options to buy (or sell) shares at some future date because it provides a convenient framework for quantifying values subject to uncertainty. As one of the main sources of uncertainty in mining is the price (sales) of the metal, this approach can also be used for valuing mining projects.The first part of this paper reviews options and option pricing; the second part presents the approach developed by Brennan and Schwartz (1985) for using option pricing to value natural resources. Several applications of this methodology have been published; these are described. From a mining point of view, the assumptions made by Brennan and Schwartz are too simplistic. The weaknesses are discussed with a view to improving an apparently promising new way of assessing the value of projects. IntroductionThe collapse of the British merchant banking group, Barings, has highlighted the risks that can be incurred by speculators and arbitragers in the futures and options markets. But this negative attention on futures and options should not make us forget their positive aspects. They can provide producers and consumers of metals with more predictable sales prices. The introduction of the new traded average price options, TAPOS, by the London Metal Exchange in January 1997 is a response to this need. Equally important, the theory that the finance industry has developed for valuing options provides an interesting framework for valuing mineral projects as well. While this paper was being revised, the South African gold mining house, JCI, announced that it was using a methodology based on option pricing for valuing the mineral rights to deeplevel gold resources (see Box 1)."

Jan 1, 1997

By D. R. Willmer

An understanding of how health and safety management systems (HSMS) reduce worksite injuries, illnesses and fatalities may be gained in studying the behaviors of health and safety leaders. These leaders bear the accountability for identifying, understanding and managing the risks of a mining operation. More importantly, they have to transfer this knowledge of perception, recognition and response to risks in the mining environment to their workers. The leaders’ efforts to build and maintain a mining operation’s workforce that consistently executes safe work practices may be captured through more than just lagging indicators of health and safety performance. This exploratory study interviewed six leaders in occupations such as site-level safety supervisors, mine superintendents and/or general managers at surface and underground stone, sand and gravel and metal/nonmetal mine sites throughout the United States, with employee populations ranging from 40 to 175. In exploring leaders’ perspectives on how they systematically manage health and safety, examples such as approaches to task training, handling near-miss incidents, identifying future leaders and providing workers with feedback offer insights into how leaders translate their knowledge and management of site-level risks to others.

Jan 1, 2018

By D. R. Willmer

An understanding of how health and safety management systems (HSMS) reduce worksite injuries, illnesses and fatalities may be gained in studying the behaviors of health and safety leaders. These leaders bear the accountability for identifying, understanding and managing the risks of a mining operation. More importantly, they have to transfer this knowledge of perception, recognition and response to risks in the mining environment to their workers. The leaders’ efforts to build and maintain a mining operation’s workforce that consistently executes safe work practices may be captured through more than just lagging indicators of health and safety performance. This exploratory study interviewed six leaders in occupations such as site-level safety supervisors, mine superintendents and/or general managers at surface and underground stone, sand and gravel and metal/nonmetal mine sites throughout the United States, with employee populations ranging from 40 to 175. In exploring leaders’ perspectives on how they systematically manage health and safety, examples such as approaches to task training, handling near-miss incidents, identifying future leaders and providing workers with feedback offer insights into how leaders translate their knowledge and management of site-level risks to others.

Jan 1, 2017

By D. Richardson

Presentation Objectives ?Demonstrate the utility of 3D modelling for visualizing exploration data ?Demonstrate the target generation ability of 3D model query methods Exploration Criteria -Example Given the Geology of Sudbury What Are Our Exploration Criteria? (selected examples) ?Geometry ?Trends ?Lithology ?Proximity to Sulphides ?Length and Grade of Anomalous Mineralization ?Distance from Footwall In Addition ?Geophysical Criteria ?Economic Criteria ?Amount of Available Space ? Depth

May 1, 2006

By Larry Joe Linley

The Department of the Interior, Bureau of Mines is reviewing explosion protection methods for use in gassy coal mines. This performance criteria guideline is an evaluation of three explosion protection methods of machines electrically powered with voltages up to 15 000 volts AC. A sufficient amount of basic research has been accomplished to verify that the explosion-proof and pressurized enclosure methods can provide adequate explosion protection with the present state of the art up to 15 000 volts AC. The routine application of the potted enclosure as a stand alone protection method requires further investigation or development in order to clarify performance criteria and verification-certification requirements. An extensive literature search, a series of high voltage tests, and a design evaluation of the three explosion protection methods performed at White Sands Test Facility indicates that the explosion-proof, pressurized, and potted enclosures can all be used to enclose up to 15 000 volts AC, if the performance criteria and verification-certification requirements recommended in this guideline are implemented.

Jan 1, 1982

The widely accepted kinetic model for the gaseous reduction of hematite is critically examined. The formation of the wustite layer during internal reduction cannot be explained in terms of solid-state diffusion. Present evidence indicates the existence of a micropore system in the wustite adjacent to the magnetite with the gas/solid type of reaction occurring not only at the iron/wustite interface but also at the wustite/magnetite interface. During the partial reduction of dense hematite pellets, in a controlled atmosphere, porous magnetite and wustite are formed as products. The mean pore size, as measured by mercury injection, increases with time at constant temperature and with temperature increase over the range 6500C to 950°C. The sizes of the pores indicate that Knudsen diffusion is the principal gaseous transport mechanism across thick layers of magnetite or wustite.The kinetics of the gaseous reduction to iron are consistent with a mixed control mechanism involving the interaction of gaseous diffusion effects with a first order reversible chemical reaction at the iron/wustite interface. Because of the larger pore sizes in the iron layers, ordinary molecular gaseous diffusion must be the principal transport mechanism. The usual experimental methods used for establishing the validity of chemical rate ~ontrol are incapable of differentiating between the mixed control- mechanism and exclusive chemical control.Some implications of mixed control kinetics are developed, including a predicted independence of rate on reducing gas pressure at higher pressures.INTRODUCTIONAn extensive literature review of the reduction of iron oxides has been compiled recently by Themelis and Gauvin (1962). From the large number of papers published and the widely divergent opinions of workers in this field, it appears that a simple unified quantitative analysis of reduction kinetics is not possible. The aim of the present paper is to show that a major cause of confusion is due to the attempts of many workers to interpret experimentally observed reaction rates in terms of a single rate controlling mechanism without due regard to other rate processes which must occur simultaneously.Some of the differences in behaviour reported for particles...

Jan 1, 1964

A dedicated tunnel construction version of the Caterpillar 328D LCR compact radius excavator is proving highly productive on the A9 Autoroute construction project near Visp, in Switzerland. It is the first machine of its kind to operate on a Swiss contract and uses a special dedicated front attachment designed and constructed by German Caterpillar dealer Zeppelin. The machine offers a powerful, stable and compact solution for tunneling contractors. A rear overhang of just 305 mm (12 in.) provides a tail swing radius of just 1.9 m (6.2 ft). The 328D LCR is ideal for the restricted working areas within a tunnel construction site. The machine is equipped with the wide tracks from the 330D L conventional crawler excavator, ensuring maximum stability when operating. In addition, the boom mounting has been moved further toward the center of the machine for the tunnel model, creating an increased lift capacity over the front end compared with a standard 325D L. The boom itself features a robust box section construction, with high-strength steels, additional supporting struts and reinforced bearings for maximum durability. All pins have hard-chromium plating for optimum protection against wear. Stick digging force is a powerful 134 kN, with up to 212 kN of bucket digging force available, for maximum penetration in blasted material. The 328D LCR is also equipped with a heavy-duty dozer blade as standard. This ensures outstanding stability when working and providing a useful secondary tool for clearing and leveling within the jobsite. Two 45° tilting mechanisms in the boom construction, allow the boom to be swung to 45° on either side of the machine. So the specially designed attachment linkage provides increased rollback for access to the roof of the tunnel. A Caterpillar CW45S mechanical quick-coupler allows rapid changes between specialist tunneling attachments, standard Caterpillar buckets and a range of Caterpillar work tools. The machine is powered by a Caterpillar C7 diesel engine. This six-cylinder EU Stage IIIA diesel motor [ ] offers 8 percent more power than its predecessor, with 140 kW (190 hp) available at just 1,800 rpm. Caterpillar?s ACERT combustion technology results in lower fuel consumption and reduced exhaust emissions. However, the tunnel machine is also equipped with a diesel particulate filter as standard, to further cut exhaust gases within the tunnel working. The 328D LCR is designed for use in transport tunnels of 6.8 m (22.3 ft) in height. With the tunneling boom in place, the machine has an operating weight of 42,540 kg (93,783 lbs), yet retains a transport height with the tunnel boom of just 3.9 m (12.8 ft). Transport width with 600 mm (23.6 in.) track shoes, is just 3.2 m (10.5 ft). On the A9 tunnel contract, the machine is being used by a consortium of Swiss and Austrian companies working for the canton of Valais? Routes Nationals Construction (RNC) department. The 31.8-km (19.7-mile) A9 Autoroute construction project will connect Sierre in the west and the town of Brig to the east. The tunnel that is bypassing the town of Visp is just one of a number along the mountainous route.

Jan 1, 2009

By Caithness SJ, Heape JMT

Following the discovery by CRA of gold at Mt Kare, and the subsequent 1988-90 gold rush, mechanised mining of the alluvial resource is now being carried by a company jointly owned by CRA (51%) and landowners of the area (49%). Mining is currently being carried out using small gravity processing plants fed by hydraulic excavators. Use of hydraulic mining techniques will be limited to over- coming difficulties related to the high clay content of the material and the soft nature of the bedrock. Current resource estimates suggest that the alluvials will have a mining life of three to four years. During this time, exploration of the hydrothermal gold mineralisation at Mt Kare will be carried out by a wholly-owned company of CRA. It is hoped that this will lead to establishment of an economic primary gold resource.

Jan 1, 1991

By E. Stiakakis

The paper presents a geotechnical simulation of the "Mavropigi" open pit mine (Western Macedonia Lignite Center, Greece), using the finite element method. The simulation was based on the initial planning of the pit using Mohr-Coulomb and Soil Hardening models. Results indicate high stability factors as well as the magnitude of the expected horizontal displacements and floor heaving. However, these deformations do not influence decisively the overall stability unless locally adverse tectonics are encountered. Results can be used in the ongoing update of mine planning and stability evaluation.

Jan 1, 2006

By Y. Jin

Magnesia ramming materials have been widely used in China instead of magnesia bricks as furnace lining materials of ferroalloy refining furnace. The paper introduces the development of the ramming material, recounts its chemical composition, physical property and application characteristics. Because of its high MgO contents and fine sintering property, the ramming furnace bottom has the properties of good refractory, monolithic construction and thermal shock resistance. The changes in mineral composition and furnace tearout characterization show the reasons for the bottom?s long service life. The obvious benefits are widely achieved, the annual saving cost in refractory is about 2 millions US dollars.

Jan 1, 2004

By G. W. Jones

"INTRODUCTION In a previous reports results were given of a manhole investigation carried out over a period from June,- 1929, to July, 1930, in cooperation with the Edison Electric Illuminating Co. of Boston, Mass., to determine the general hazards of combustible gases and vapors in manholes and other underground openings owned by this company. Considerable time was spent in this initial investigation in developing a suitable detector for determining the range of explosibility of the gases found in manholes. About 17,000 tests have been made with the detector since the investigation was started and its utility has been verified and its accuracy checked, by having complete analyses made of such samples that showed combustibles present equal to or above 25 per cent of the lower explosive limit, and those found deficient in oxygen.The initial investigation made in 1929 and 1930 demonstrated that the detection, control, and elimination of combustible hazards in manholes can best be obtained by a close cooperation of the interested parties through a systematic and continuous inspection of manholes, under proper supervision.COOPERATIVE INVESTIGATI0N DURING 1931The investigation carried out during the year 1931 has been along lines similar to that conducted during 1929 and 1930. In the present investigation the Edison Electric Illuminating Cc. of Boston and the Boston Consolidated Gas Co., have cooperated with the Bureau of lanes. The Boston Consolidated Gas Co. serves a major part of the territory under discussion with gas, but the tests covered the Edison territory irrespective of the gam company furnishing manufactured gas. A test crew consisting of two men, one an employee of the Consolidated Gas Co. and one an employee of the Edison Electric Illuminating Co., has been continuously employed during the year in the testing of games in manholes served by the Edison system. The test crew was under the direct supervision of John Campbell, superintendent of the special service department of the Edison Electric Illuminating Co., and F. M. Goodwin vice president of the Consolidated Gas Co.As in the previous investigation, all manhole tests were given test numbers. The test data sheets on which the information regarding the tests were recorded were prepared in triplicate, one copy going to the Edison Company, one going to the Gas company, and the third to the Bureau of Mines at Pittsburgh. These test data sheets were then filed (1) according to the town, (2) the street location, and (3) the manhole number; in this way a complete record pf each manhole tested was immediately available. A specimen test sheet is given below."

Sep 1, 1932

By S Smit, P J. J Strobo

ZINIFEX Century Mine is a zinc, lead and silver concentrate producer. Flotation is the primary method of minerals separation in this circuit. The flotation circuit is quite large with 79 flotation cells. The levels in each of these interconnected cells are controlled at more than 45 level control stations. Due to the multivariable interaction throughout the circuit, good level control was found to be difficult to achieve by just using normal Proportional-Integral-Derivative (PID) control. As a first step in advanced process control, the FloatStar Level Stabiliser, a multivariable controller developed specifically for flotation circuits, has been commissioned at Century mine to solve the level control problems. The first section of this paper therefore discusses and shows the results and improvements obtained by using the FloatStar level stabiliser. The results and benefits of the FloatStar Flow Optimiser are discussed in the second section of this paper.

Jan 1, 2004

More than 100,000 people are expected to be in Las Vegas, NV in March for ConExpo-Con/Agg 2002, the largest exhibit of its kind in the Western Hemisphere. This triennial event features equipment, services and technical sessions geared toward the global construction aggregates and ready mix concrete industries. ConExpo-Con/Agg 2002 will take place March 19-25, 2002 at the Las Vegas Convention Center. For registration information, contact the show offices, phone 800-867-6060, 414-298-4141, or 301-587-3140, Website www.conexpoconagg.com.

Jan 1, 2002

By Scott Chesman

Increased TBM performance is leading the way for resurgence in tunneling activity in NYC. Tunnels will be excavated in the same geologic formations as previously excavated D&B tunnels whose construction records are providing valuable insight into the prediction of rock mass behavior. This report compares an eight mile stretch of NYC Water Tunnel #2 with the recently excavated eleven mile stretch of the TBM driven Water Tunnel #3. Comparisons of the type and amount of rock support installed as well as water inflows and grout quantities are made. Rock mass characteristics specific to TBM performance are also evaluated.

Jan 1, 2005

By Graham Davis

The future of the world's minerals industries is often painted as bleak. Peter Drucker has repeatedly proposed that the demand for minerals has become "uncoupled" from world economic growth.' This implies that, while mineral demand was in the past linked to the growing demand for and consumption of goods and services, further world development will not require substantial mineral inputs. Lester Thurow noted that for these reasons the US minerals industry is diminishing in scale and economic importance.2 There is some documented evidence of such uncoupling, and the demand for minerals may indeed diminish in the future. But such announcements are, to this point, no more than speculation. For instance, is it not just as likely that renewed environmental concerns will cause increased demand for the relatively innocuous environmental properties of metals, replacing plastics? And even if the prophesied demand decreases do occur, a sufficient fall in metal prices due to technological advances could increase the quantity of minerals demanded above current levels, in spite of leftward shifting demand curves. Thus, worldwide mineral production activity may increase or decrease in the future and no one can say whether more or fewer of the earth's citizens will become involved in the extraction and processing of minerals.

Jan 1, 1994

By Robert C. Maxton

The foundry industry is a basic source of structural component for all industry. Millions of tons of castings are produced annually in both ferrous and nonferrous alloys. These castings are subjected to a wide variety of heat treatments, finishing techniques, mechanical tests and machining operations. Through all of these steps the quality of the casting is of paramount importance to the end use of the product. The Quality Assurance Program at Minneapolis Electric Steel Castings Company is designed and established to provide a superior product for both original equipment manufacturers and the mining industry.

Jan 1, 1982

Under contract from U. S. Bureau of Mines, Harza Engineering Company in cooperation with Eastern Associated Coal Corporation, conducted a ground control study of two mechanized longwall panels at the Federal Number 2 Mine. The mine is located in Northern West Virginia, and the coal is mined from the Pittsburgh Coal Seam. The prime objective of the study was to collect data which will aid in the proper selection of the longwall supports system and to control the entry caving problem. Instruments installed in the mine were borehole pressure cells, convergence recorders, roof sag recorders, horizontal roof strain indicators, differential floor movement systems, and lateral roof and floor movement systems. Instruments installed on the surface, above the instrumented longwall panels, consisted of slope indicator system, vertical bed settlement probe system and shear displacement detecting system. A comprehensive surface subsidence study was conducted in conjunction with the instrumentation. In addition to the instrumentation and monitoring, special tests were conducted to determine the bearing capacity of the roof and floor rocks, in situ modulus of coal, roof and floor rocks, and response of borehole pressure cells to ground stress. Cores of coal measure rocks were collected for the physical property tests. Face observations were made to detect various roof behavior parameters under the different jack setting pressures. This report essentially describes the instrumentation work, special tests and presents the data collected.

Jan 1, 1976

By Lucas Coelho da Silva

Nesse artigo, foram desenvolvidos experimentos que visam determinar e avaliar a microestrutura presente em tubos de polímero reforçado por fibra de vidro. O trabalho apresenta uma breve introdução do processo de obtenção das fibras de vidro através da pultrusão e suas vantagens e aplicações. As técnicas de caracterização microestrutural são listadas e explicadas bem como a finalidade de se realizar esse procedimento. As amostras foram envelhecidas no forno a uma temperatura próxima da deterioração e depois resfriadas à água e ao ar. Após isso, foi feito ensaio de achatamento nas amostras a fim de se determinar se o envelhecimento afeta o grau de deformação da amostra até ela se romper.

Aug 16, 2017

By Wilbur I. Duvall

This report presents experimental data on crater formation in four rock types. From an analysis of these data a general theory of rock breakage by explosives is deduced. This theory accounts for most of the rock breakage and other phenomena that occur when a concentrated charge is detonated in a drill hole near a free surface. From instrumented crater tests and high-speed motion pictures of the explosions, various experimental checks on the deduced theory of rock breakage are made. The general mechanism of rock breakage by explosives as described in this report is outlined briefly below. The detonation of the explosive charge creates a high gas pressure in the charge hole, which in turn generates a compressive strain pulse in the surrounding rock. This compressive strain pulse travels outward in all directions from the charge hole. Near the charge hole the amplitude of this strain pulse is sufficient to cause crushing of the rock. However, as the strain pulse travels outward its amplitude decays rapidly until no further crushing of the rock is possible. The compressive strain pulse continues to travel outward until it is reflected by a free surface. Upon reflection the compressive strain pulse becomes a tensile strain pulse. As the strength of rock in tension is much less than in compression, the reflected tensile strain pulse is able to break the rock in tension, progressing from the free surface back toward the shot point. In other words, the rock is pulled apart, not pushed apart.

Jan 1, 1957

By Daniel Tao, Jike Qiao, Hao Ren, Feifei Ji, Gonglun Chen

The floatation of niobite was studied using a number of collectors at various dosages and solution pH’s. Octyl diphosphonic acid was found to be an effective collector for niobite flotation with good selectivity. A flotation recovery of 91.2% was obtained with 140 mg/l octyl diphosphonic acid at pH’s less than 5.0. Infrared absorption spectroscopy (IAS) and X-ray photoelectron spectroscopy (XPS) were used to characterize the interactions of niobite with octyl diphosphonic acid. Species distribution diagram of octyl diphosphonic acid and niobium species was used to elucidate the flotation behavior of the mineral with octyl diphosphonic acid. A chemical adsorption mechanism of niobite with octyl diphosphonic acid was proposed. Keywords: octyl diphosphonic acid, electrokinetic measurements, niobite flotation, XPS.

Jan 1, 2005