Search Documents

By Rick Steen, Weldon Read, Morrism Tracy T.

Edging for starter sheet blanks used in conventional copper refineries has always been problematic for getting the edging to seal and adhere to the titanium material used for the blank so that copper is prevented from plating under the edging and cause undo problems in getting the copper sheets to separate from the blanks. A method was developed at the Amarillo Copper Refinery utilizing an injection molding process that better adheres the edging material to the titanium that makes the harvesting of starter sheets much easier to the point that robots are now used to strip with and which holds up very well to the unforgiving physical nature of the electroplating process. It is believed that this technology could be successfully utilized for permanent cathodes as well. INTRODUCTION ASARCO LLC (Asarco) was organized in 1899 as the American Smelting and Refining Company. Originally a consolidation of several lead-silver smelting companies, it evolved over the years into an integrated producer of primary non-ferrous metals, including copper, lead and zinc and associated co- products (Marcosson, 1949). Grupo México, S.A.B. de C.V acquired Asarco in 1999. Today, Asarco is a vertically integrated producer of primary refined copper and associated co-products such as gold, silver, molybdenum, selenium and tellurium. Asarco operates three open-pit mines and mills and two solvent extraction-electrowinning (SX-EW) plants all in Arizona plus a copper smelter in Arizona and a copper refinery in Texas. Figure 1 illustrates how the copper metal comes out of the ground at the mine and ends up as a refined product at the refinery. The copper refinery in Texas is known as the Amarillo Copper Refinery (ACR) and is located in Amarillo, Texas. It was built in 1975 to replace 3 other aging refineries and was designed to produce 550,000 tons (500,000 MT) of refined copper per year using conventional starter sheet technology. At the time it was commissioned it was the largest tankhouse in the world at just under 1/2 miles long under one roof.

Jan 1, 2019

By R. Roufail

Mineral exploration is in a race to employ drilling technology that can perform the exploration and drilling investigation in a fast and inexpensive manner. After an extensive study of the available drilling technologies in the market, coiled tubing was chosen as a tool to be employed for mineral exploration due to its flexible mobility and ease of operation with a minimum number of personnel. Since coiled tubing technology is primarily used in the oil and gas industry, it was important to re-design the coiled tube rig to drill hard rocks in a fast and feasible manner. The main requirements were to drill the smallest feasible hole diameter and go as deep in the ground as possible, in the shortest reasonable time. The drilled rock particles, cuttings, are to be collected and analysed at the surface for their metal mineral contents. The process also needs to be repeated multiple times at different locations for mapping, without the need to change the tube on the rig due to failure or potential failure. The focus of the new designed coiled tube, for drilling and mineral exploration, is three fold. First is to increase the rate of penetration in drilling by designing a small high speed turbo motor. Second is to determine the controlling parameters of cuttings transport to effectively lift the cuttings to the surface for analysis and third is to minimize the overall weight of the rig for manoeuvring and prolong the life span of the coiled tube string. In this paper, a small downhole turbo motor, 5cm outer diameter, is designed to achieve a rotation speed of up to 10,000 rpm to fit on a small bit, coiled tube drilling assembly. The motor design utilised multiple finite volume and finite element analysis softwares for fluid flow study and fluid structural interaction analysis. The paper is also introducing the concept of a flow slurry loop that is designed to lift the cutting particles to the surface for mineralisation analysis. The controlling parameters of the cuttings transportation are the particle?s physical properties such as size, density, concentration and shape, as well as the rheological properties of the carrying fluid, drilled hole angle, as well as the fluid flow rate and flow dynamics within the annulus gap between the coiled tube and drilled hole. Such parameters are addressed via experimental work as well as numerical analysis. The paper is also presenting the selection and testing procedure of the material type for the coiled tube string. The tube needs to be light in weight for overall rig weight and its transportability. The tube is also required to drill several dozens of investigation holes before failing due to fatigue. A fatigue bending machine is designed to test the endurance limit of candidate materials for coiled tube strings and a performance index methodology is followed for material selection of the optimum material. The coiled tube rig is designed to be light in weight for transportation and relocation. It is also required to speed the drilling operation with the minimum footprint and reclaim the drilled rock particles for mineral composition analysis at the surface.

Aug 1, 2013

By K. Kryst, K. Elkayar

The increasing need to process lower grade contaminated copper concentrates and simultaneously produce higher purity copper cathodes necessitates a more diligent control in the electrorefining process. Ion exchange processes can be a powerful tool in controlling electrolyte impurities to ensure trouble free operation within the tankhouse and to help maintain cathode purity. In addition, some impurities can be recovered as a value added product. The use of a short bed ion exchange process provides a unique opportunity for impurity management in copper refineries. Several metals are discussed in this paper, including Sb, Bi, As and Ni and their methods of control and recovery within the copper electrolyte circuit. INTRODUCTION To produce a high purity copper product by electro-refining a copper electrolyte, it is important to control the concentration of impurities such as arsenic (As), bismuth (Bi), antimony (Sb), and nickel (Ni). These impurities are introduced into the electrolyte from the copper anode and can affect the copper product and the production operation. The presence of As in the copper product results in a lower electric conductivity and reduced workability of the copper. High levels of Bi in the electrolyte will result in a copper cathode product containing Bi. High Sb concentration will cause undesired floating slimes. A variety of methods have been developed to control the level of these impurities in the copper electrolyte including precipitation, liquid extraction, and ion exchange. These impurities can be recovered and used. This paper discusses novel methods that utilize short bed ion exchange technology to control these impurities. Also, the use of ion exchange to recover acid from the liberator cells bleed for reuse in the tankhouse is reviewed. SHORT BED ION EXCHANGE Short bed ion exchange technology has been employed extensively in the metal finishing industries for over forty years. Unlike conventional ion exchange, short beds are fixed beds without freeboard space. The application of short bed technology results in significant benefits when compared to conventional ion exchange. The resin used in this technology has a significantly smaller diameter than conventional ion exchange resin. As a result of the smaller resin size, exchange kinetics improves dramatically. This facilitates operation at higher flow rates and the use of smaller beds with a small mass transfer zone length. Smaller beds are especially important for applications that use chelating resins due to the high cost of the resin.

Jan 1, 2019

By H. Warren Newcomen

Assessments of the stability performance of open pit highwalls have traditionally been based on consideration of surface movement rates. Although generally accepted in industry, this approach presents challenges for establishing appropriate threshold values to allow for safe mining operations and does not address the issue of total strain. Surface movement monitoring data from a limited number of open pit mining operations in North and South America has been evaluated in terms of highwall strain, rock mass quality and inferred mechanism of instability. Threshold strain levels for key stages of highwall stability proposed from previous work have been reviewed and are generally endorsed based on evaluation of additional data. An empirical highwall strain criteria for the assessment of highwall stability performance is postulated based on the observed trends in highwall strain data from the case histories presented.

May 1, 2004

By M. Sukhram

In the year 1992, T.A. Utigard published a paper titled "The measurement of the heat-transfer coefficient between high temperature liquids and solid surfaces." In that work, he instrumented an agglomerate of materials with thermocouples to infer the heat transfer coefficient of a high temperature liquid on a solid. The purpose of that research was to help in the design and operation of metallurgical reactors. Since that time there have been many researchers that have worked to characterize heat, mass, and momentum transfer phenomena in high temperature metallurgical processing operations. This paper presents results from the author’s experience with instrumenting thermocouples in copper elements coated with carbon to infer velocity of high temperature liquid metals. It also presents a methodology to determine velocity of a high temperature liquid by inferring the local heat transfer coefficient at a solid-liquid interface

Jan 1, 2015

By R. W. Schutz

"Titanium possesses an exceptional and wide-range resistance to chlorides and their compounds when compared to most corrosion-resistant engineering alloys (CRAs) used in the chemical process industry. This natural resistance to chlorides stems from titanium’s protective, tenacious, and readily rehealable titanium oxide surface film, which is chemically stable over a wide range of pH and redox potentials in aqueous environments. This passive film explains titanium’s elevated resistance to anodic pitting, crevice and stress corrosion, and erosion-corrosion in aqueous chloride environments.Guidelines for successful selection and application of industrial titanium alloys are derived from an extensive laboratory test database and more than forty years of industrial/chemical service experience. These guidelines are simplified, and alloy corrosion performance is assessed with respect to four basic aqueous chloride service categories where selection or consideration of titanium is highly merited. An overview of historical titanium alloy applications in chloride-rich environments in a wide variety of process industries substantiates their exceptional chloride tolerance. These industrial titanium alloys are cost-competitive with stainless steels and nickel alloys, readily commercially available, and routinely fabricated and welded in the shop and field via well-established methods."

Jan 1, 2002

By D. E. Parson, W. A. Morgan

This paper offers a brief review of current literature pertaining to vacuum degassing or vacuum casting of steel as practiced in the U.S.A., Germany and the U.S.S.R. The advantages of vacuum degassing of large forging ingots, heavy section casting, for the conversion of rimming bessemer steels to killed steel and for the production of transformer steels are discussed. Operating pressures, reduction in gas contents and improvements in hydrogen segregation, steel cleanliness and mechanical properties, obtained with the various techniques, are described. The paper includes a description of an experimental vacuum stream-droplet degassing unit and some preliminary results obtained at the Physical Metallurgy Division Research Laboratories Department of Mines and Technical Surveys, Ottawa on laboratory steel melts. Experimental 500 lb direct arc, basic melts have been spray cast into either ingot moulds or dry sand moulds, held inside a vacuum tank. Also 500 lb melts have been

Jan 1, 1961

"The Val d'Or Division now comprises the Lucien C. Beliveau Mine and Concentrator (formerly the Pascalis, described below) and the Chimo Mine. Cambior acquired an initial 50% interest in the Chimo Mine in May 1989 and the remaining 50% in April 1990. Cambior's share of 1989 production was 2121 ounces; the company expects to net 23 750 ounces from Chimo in 1990. Pascalis MineUPDATERenamed the Lucien C. Beliveau Mine at its official inauguration in September 1989, the mine is exceeding forecasts, producing over 11 500 ounces of gold in the first half of 1990. Cambior expects 1990 production to total 34 000 ounces.IntroductionThe Pascalis Mine is located 16 miles east o f Val d'Or, Quebec, and is accessible by a three mile gravel road off highway 117 (Fig. I).The property is wholly owned by Cambior.The Pascalis gold deposit consists o f a sub-vertical diorite dyke 1000 ft long by 30 ft wide containing quartz and tourmaline veins with inclusions of pyrite and native gold . Three vein systems ca n be seen in the deposit , the most important being tensile veins oriented at a right angle to the direction of the dyke and inclined at 40 degrees. These overlapping veins vary in thickness from 4 in. to 40 in. and occur at intervals of six to ten ft. The deposit is, therefore, very difficult to evaluate; a complete evaluation would require drifts over the whole width of the dyke combined with relatively short drill holes (Fig . 2)."

Jan 1, 1990

"Cambior now holds a 49% interest in the Valdez Creek Placer, having acquired American Barrick's 23.125% interest in May 1990. At the same time, the company assumed the management of the operation and received environmental permits to divert the river. Plans are underway to divert the Valdez River in order to continue mining the deposit upstream, and to construct a new, higher capacity wash plant (by 60%) closer to the operations. Mining operations, which were suspended in October 1989 pending higher gold prices, resumed in August 1990. The mine is expected to produce 10000 ounces of gold in 1990and more than 80 000 ounces in 1991.IntroductionThe Valdez Creek Placer is located in the Valdez Creek mining district of Alaska on the western flank of the Clearwater mountain range, about 150 miles northeast of Anchorage by air (Fig. I) . The mine is accessible by air or by road.The mine is situated at an elevation of about 3000 ft and is isolated from towns and villages. Consequently, the mine site contains the facilities necessary to house and feed 135 people at any given time. The Valdez Creek Placer has 159 employees, including 130hourly and 29 salaried employees. The hourly employees are divided into three rotating teams. The daily schedule consists of two shifts of 12 hours, and each team works 14 days followed by seven days off, resulting in a weekly rotation of teams.The salaried employees work normal hours for ten consecutive days followed by four days off. A weekly rotation ensures continuity of services and management.Gold was first discovered at Valdez Creek in 1903, when a team of four men led by Peter Monahan left the village of Valdez to explore the area up the Susitna River, to the east of Mount McKinley. They discovered gold at the mouth of a creek that they immediately named Valdez Creek, in honour of their native town. In 1904, they discovered the Tammany Channel to the right of Valdez Creek. This was the beginning of a long period of mining in the area which continued until the beginning of World War II .In 1980, the Denali Mining Co. was formed. Geophysical work and drilling carried out through 1980 and 1981 led to the discovery of Channel A, a second channel which is older than the Tammany Channel. In 1983, Denali Mining optioned its claims to Camindex to explore, develop and mine the Valdez Creek property. A joint venture agreement was signed among Camindex, Talcorp, BCP Alaska (Barrick), Sum Resources (Cambior), Norfran and WGM to form Valdez Creek Mining Co., Inc., and production began in 1984. Valdez Creek Mining Co., Inc. (VCMC) was subsequently restructured and in 1989 was held by the following three companies: Camindex Mines Ltd. - 51070; Cambior Inc. - 25.875%; and American Barrick - 23.125%.VCMC is managed by a committee of the partners. Decisions made by the committee are subject to a 70% majority vote. Cambior receives its share of production in kind, and contributes in the same proportion to the expenses of the joint venture (VCMC)."

Jan 1, 1990

By K. Scholey, S. Marcuson

As high grade nickel sulphide ores are being depleted and with the continuing challenges experienced in economically processing nickel laterite ores, it is important to investigate technologies that can extract nickel from low grade ultramafic ores which are present in large quantities worldwide. In the Thompson Nickel Belt, there are some hundred million tonnes of mineralization that are potentially amenable to surface mining. Since the original discovery of the Thompson orebody, recovery of nickel from these ultramafic deposits has been an elusive goal. Research and development projects as well as commercial processing have been attempted. In the 2000's as other resources became scarcer, a major drilling, mine evaluation and research project was initiated at Vale. In 2007, Vale Base Metals Technology Development invited Cytec and potential academic partners to participate in an industry-university research consortium with the goal of developing new technologies and methods of processing the ultramafic deposits. Three university professors, J. Finch of McGill, P. Somasundaran of Columbia and R. Pelton of McMaster accepted, each group attacking the problem with a different approach. This paper describes the management of the research consortium and the significance of the results from Vale's perspective. The next four papers in this session will summarize the project and results from the partners' point of view. Vale is pleased to share the experience of the collaborative research and development with the mining industry.

Jan 1, 2011

By John A. Herbst, Xiangjun Qiu

"Prediction of wear on a microscale level in mineral processing equipment turns out to be a challenging undertaking. This is particularly true for cases in which the objective is to use such predictions for wear parts design. The key to obtaining such predictions has turned out to be the use of physics based models along with phenomenological constitutive equations. In this paper, two components of the HFS tool set, one for particles (DEM) and one for slurry (MPF), are used for modeling. These tools are applied to the simulation of wear of SAG/AG shell lifters/plates and wear in slurry pumps. In each case wear predictions are validated with plant measurements.INTRODUCTIONHigh Fidelity Simulation (HFS) has emerged as an important tool set for mineral processing plant equipment design and optimization (Herbst and Potapov, 2003; Herbst and Nordell, 2002; Herbst and Lichter, 2006). This tool set consists of Discrete Element Modeling (DEM) of particle motion, Multi-Phase Flow (MPF) for liquid motion, discrete grain breakage (DGB) for particle fragmentation and discrete grain liberation (DGL) for mineral liberation (Campbell, Potapov and Tsuji, 1997; Ferzinger and Peric, 1997; Potapov and Campbell, 1996; Herbst and Potapov, 2005).Three sample snapshots of basic HFS illustrating the use of each of the various types of mineral processing equipment are shown below.Figure 1 shows a snapshot of a DEM simulation of ball charge motion in a commercial scale Vertimill. DEM simulation involves simultaneous solution of Newton’s Laws of Motion for 400,000 balls."

Jan 1, 2007

By M. J. Lopatka

This paper presents the results of field test and theoretical analysis driving resistance articulated 4x4 tracked robot test-bed. Tests were made on four different grounds. Designated elastomeric tracks resistance coefficients are much higher than for steel tracks. This information was important for the proper estimation of energy consumption in the process of driving.

Aug 1, 2013

By D. Ling, Santos. R. M., T. Van Gerven, M. Guo

The valorization of alkaline waste materials from thermal processes utilizing intensified mineral carbonation routes is investigated. The principal advantages of this approach are the chemical stability and storage safety of mineral carbonates, the opportunities for process integration presented by the technology, and the potential for conversion of low-value materials into useful products. Treatment and disposal of steel slags are a costly burden on steel plants. Sustainable solutions for Argon Oxygen Decarbonisation (AOD) and Continuous Casting (CC) stainless steel slags and Basic Oxygen Furnace (BOF) steel slag are desired. An integrated on-site mineral carbonation approach is envisaged as a favourable solution.

Jan 1, 2011

By M. B. Kime, E. K. Kanowa

"Heap leaching of low-grade copper-cobalt oxidized ore and solvent extraction of copper, cobalt, manganese, and zinc were investigated. Heap-leaching parameters were optimized using agitated and tray batch leaching tests, capped by tests on a pilot semicontinuous heap-leach plant. The optimum pregnant leach solution yielded 2,350 mg/L Cu, 3,800 mg/L Co, 3,600 mg/L Fe, 130 mg/L Mn, 25 mg/L Zn, and 0.58 g/L solids in suspension, with pH and acidity of 1.27 and 3.66 g/L, respectively. Copper, cobalt, and impurities (Mn and Zn) were extracted using (v/v) 30% CP-150, 20% IONQUEST® 290, and 20% D2EHPA, respectively; overall recoveries of copper, cobalt, and impurities were 98, 99, and 70%, respectively.RÉSUMÉ La lixiviation en tas des minerais oxydés de cuivre et de cobalt et l’extraction par solvant du cuivre, du cobalt, du manganèse et du zinc ont été étudiés. Les paramètres de lixiviation en tas ont été optimisés à l’aide d’essais de lixiviation en discontinu sur un plateau, complétés par des essais relatifs à une usine pilote de lixiviation en tas en semi-continu. La liqueur-mère optimale a produit 2 350 mg/L de Cu, 3 800 mg/L de Co, 3 600 mg/L de Fe, 130 mg/L de Mn, 25 mg/L de Zn et 0,58 g/L de solides en suspension, avec un pH et une acidité respectifs de 1,27 et 3,66 g/L. Le cuivre, le cobalt et les impuretés (Mn et Zn) ont été extraits avec un pourcentage volumique (v/v) de 30 % de CP-150, de 20 % d’IONQUEST ® 290 et de 20 % de D2EHPA, respectivement. Les récupérations totales de cuivre, de cobalt et d’impuretés étaient de 98 %, 99 % et 70 % respectivement.INTRODUCTIONBoss Mining S.P.R.L. is a privately owned hydrometallurgical plant located in southeastern Democratic Republic of Congo. It treats oxidized ores of copper and cobalt that are recovered by sulphuric acid heap leaching (Trujillo, Cisternas, Gálvez, & Mellado, 2014; Kime, Kanowa, Mulaba- Bafubiandi, & Diyambi, 2016) and solvent extraction processes (Crane, Urbani, Dudley, Horner, & Virnig, 2009; Fisher, 2011; Kime et al., 2016). The ore to the plant is primarily sourced from the Luita and Mukondo mines. Geological prospecting work by Gecamines and Boss Mining showed that the Mukondo mine contains a very large cobalt reserve not yet exploited, but with grades as low as 0.2%.Currently, Boss Mining is focusing on the production of copper, but is investigating methods to efficiently produce both copper and cobalt. A challenge in the production of cobalt from this ore is its presence in the third oxidation state. This requires the addition of reducing agents, which increases the overall operating cost (Kime & Makgoale, 2016). Cobalt solvent extraction is also very sensitive to impurities such as nickel, zinc, manganese, and aluminum, which are often co-extracted (Swartz, Donegan, & Amos, 2009). This sensitivity to impurities requires the optimization of operational parameters to lower impurity levels as much as possible in the electrolyte."

Jan 1, 2017

By Lawrence Devon Smith, Keith Spence, William Roscoe

"In March 2003 the CIM Council adopted and approved the document “Standards and Guidelines for Valuation of Mineral Properties” as developed by the Special Committee of the Canadian Institute of Mining, Metallurgy and Petroleum on Valuation of Mineral Properties (CIMVal). The document is referred to as the CIMVal Standards and Guidelines. The document evolved from a specific recommendation by The Mining Standards Task Force (MSTF) of the Toronto Stock Exchange and the Ontario Securities Commission in its Final Report (January 1999) that the CIM form a committee of valuation practitioners to review and advise on approaches to valuation of Mineral Properties. The CIMVal Standards and Guidelines are organized into two parts: •,Standards which are general rules in the Valuation of Mineral Properties. The use of the Standards is mandatory if the Valuation Report is stated to follow CIMVal (although not mandatory in the sense of having regulatory authority). Definitions are given at the beginning of the Standards. •,Guidelines which elaborate on the Standards and, while not mandatory, provide guidance and best practices which are highly recommended to be followed in the Valuation of Mineral Properties.CIMVal specifies requirements for the Qualified Valuator who has the responsibility for choosing the appropriate approaches and methods for the valuation of mineral properties. With regard to the specifics of the application and practice of valuation approaches and methods, CIMVal directs the Qualified Valuator to the large body of published papers, published valuations, presentations and court judgments to guide his or her choice. This is also the approach taken by VALMIN (Australia) and SAMVAL (South Africa). To facilitate the dissemination of industry practice, the CIMVal Committee organized a “Valuation Day” at the CIM Annual General Meeting in Toronto (Mining Millennium 2000), on March 8, 2000. Industry experts presented papers on valuation of Mineral Properties which were subsequently published in a proceedings volume and individually ad technical papers in the CIM Bulletin. The Management and Economics Society of CIM has continued to identify and publish papers on valuation in the CIM Bulletin and Magazine. The present document gathers in one place the CIMVal Standards and Guidelines, the papers from the 2000 Valuation Day, and a number of subsequent papers that illustrate industry practice for the valuation of mineral properties."

Jan 1, 2003

By A. M. Nordale

Let us first trace a line, mentally, across Alaska and Yukon, starting at a point in the west slightly south of the delta of the Yukon river and from there continuing eastward, loosely following the 63rd parallel of latitude until we have passed beyond the eastern border of Yukon. We will make two pronounced digressions southward to include the greater parts of the Iditarod and Tanana River valleys. That visualized line roughly defines the southern boundary of permafrost. North of it lies a vast region, fully three-fourths of the area of the two territories, which includes Seward peninsula, the great Yukon River basin, and the tractless wastes of the Arctic. During some frigorific cycle in the distant geological past, the ground there was frozen to a depth of many hundreds of feet. How deep the frost actually penetrated is not known, but it has been found to exceed three hundred feet in many places. Nature afterwards provided a perfect insulating cover in the form of heavy moss and dense grass, which has protected the ground from the heat of the sun's rays during the intervening ages. This frozen condition has always been accepted as something indigenous to the North and little thought was given to -it until recently, when the United States Government and, I believe, the Canadian Government, began extensive studies of it, particularly in respect to its effect and bearing on the development of the great oilfields of the Arctic. Within this large region and but a short distance south of the Arctic circle are the three principal producing placer gold fields in the sub-arctic, whose hubs centre at Nome and Fairbanks in Alaska and at Dawson in Yukon Territory. The geological structure and history of the gold-bearing deposits of Dawson and Fairbanks are very similar and probably closely related. They are typical placer deposits produced by stream action during periods of erosion and inundation and subsequently covered with a thick layer of fine, powdery silt mixed with decayed vegetation which, locally, is termed 'muck'. The depth of muck varies from less than 10 to more than 250 feet, with the greater depth near the lateral edges of the valleys. The gravel underlying it is medium in size, well rounded, and composed mostly of quartz and schist. The proportion of sand or fines is approximately 40 per cent. No large boulders and little clay are found, for those districts, as well as that of Nome, have not been subjected to glaciation. The most common bed-rock found is either decomposed or hard schist, but infrequently it is slate, quartz, diorite, or a porphyry. The vertical concentration of the gold is invariably on bed-rock and in the lower few feet of gravel which overlie it. The horizontal concentration or paystreak is roughly parallel to the trend of the valley but does not ordinarily coincide with the course of the present stream. The width of the paystreak usually expands from a few feet at the head of a creek to several hundred feet near its mouth.

Jan 1, 1947

By Hrayr Agnerian

The fair market value of an exploration property is determined by its potential to host a mineral deposit. This potential is gauged by the results of previous exploration, exploration stage, meaningful past expenditures and remaining targets that are not yet tested. Values of exploration properties can be viewed as distinct points in a three-dimensional space defined by orthogonal axes, namely: Exploration Stage (x-axis); Cumulative Expenditures (y-axis); and Property Value (z-axis). In general, these values are estimated by applying activity factors on previous exploration expenditures, e.g. an activity factor of 100% for an active property with good potential and a factor of 50% for an active property but past expenditures have not upgraded the property. At certain periods, a market factor may also be applied to reflect the activity of mineral property acquisitions. For properties that do not exhibit any exploration potential, only nominal values are applied.

Jan 1, 1996

By W. E. Roscoe

"Mineral exploration properties are those on which an economically viable mineral deposit has not yet been discovered. Such properties are bought, sold, optioned and joint ventured on the basis of their perceived potential for the existence and discovery of a viable mineral deposit. The intrinsic value of an exploration property is therefore based on the exploration potential. One measure of the exploration potential is the amount that can be justified to spend on exploration for a viable deposit.The appraised value method uses a cost approach to value exploration properties. It is based on the premise that an exploration property is worth the meaningful past exploration expenditures plus warranted future costs to test remaining exploration potential. Results of past exploration work are analyzed in order to retain only those past expenditures that are productive in terms of identifying remaining potential. Warranted future costs comprise a reasonable exploration budget to test that potential."

Jan 1, 2002

By William E. Roscoe

"Mineral exploration properties are those on which an economically viable mineral deposit has not yet been discovered. Such properties are bought, sold, optioned and joint ventured on the basis of their perceived potential for the existence and discovery of a viable mineral deposit. The intrinsic value of an exploration property is therefore based on the exploration potential. One measure of the exploration potential is the amount that can be justified to spend on exploration for a viable deposit.The appraised value method uses a cost approach to value exploration properties. It is based on the premise that an exploration property is worth the meaningful past exploration expenditures plus warranted future costs to test remaining exploration potential. Results of past exploration work are analyzed in order to retain only those past expenditures that are productive in terms of identifying remaining potential. Warranted future costs comprise a reasonable exploration budget to test that potential.INTRODUCTIONThe purpose of this paper is to describe a cost approach to the valuation of mineral exploration properties and to provide some valuation examples. The particular cost approach described is the Appraised Value Method, which is best applied to mineral properties at the exploration stage.At present there are no comprehensive regulations or guidelines in Canada which specify what approaches and methods to use for the valuation of mineral properties. In this paper, the Appraised Value Method described is one method that the writer considers to be accepted industry practice for mineral properties at the exploration stage.Mineral properties are valued for a number of reasons, including mergers and acquisitions, non arm's length transactions, pricing of initial public offering of stock, support for property agreements, litigation, expropriation, and insurance claims."

Jan 1, 2003

By Lionel C. Kilburn

"This geological engineering method is based on jour main characteristics of mineral properties, viz; location: inclusion of valuable mineralization; inclusion of geophysical and/or geochemical targets; and inclusion of geological targets. These are subdivided into a total of 19 subcategories, which are used to determine the value of the property.The nineteen subcategories are prioritized and assigned relative value factors from 1.3 to 10. Value of each mineral claim unit is determined by applying the appropriate subcategory factors to a base value of $400per 16.2 hectare unit. Property value is calculated by totalling the values of such individual claim-units.The boundary between ore grade and sub-ore grade must be estimated for each property under valuation, thereby making the method sensitive to mineral commodity prices.A clear and disciplined sequence of decisions based on personal experience forms the basis of this method. The method utilizes all factors normally used to value a mineral property.IntroductionIt is generally accepted in the exploration industry that valuation of exploration properties is a subjective rather than objective process (Roscoe, 1986; Lawrence, 1988; Lawrence, 1989; Woodcock, 1985), and that it is greatly influenced by the experience and qualifications of the person who is doing the valuation. However, the significantly low degree of objectivity in mineral property valuation at this point in time invites effort to achieve a more quantitative engineering basis.Value of a mineral property depends basically upon metal prices, recoverable grades, mining and metallurgical practices, commodity supply and demand , and political-economic conditions, all of which vary with time. Therefore, any valuation is valid for only that point in time when it is made. Mineral deposits can decrease as well as increase in technical value with time."

Jan 1, 1990