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By C J. Berry, P H. Briggs

Assessment of metal mobility, acid rock drainage production, and toxic effects from weathering of mineralised materials (ie mine-waste piles and outcropping alteration/ore zones) is key in evaluating and mitigating metal mining sites. Many metal- and acid-generating materials at these sites are sulfur minerals (sulfides to sulfates) with differing reactivities, weathering characteristics and metal contents. Our working hypothesis predicts that data on the types and quantities of sulfur minerals, coupled with comparison of their sulfur isotopic compositions to that of aqueous sulfate in the surrounding environment, can be used to evaluate primary pathways of weathering reactions at mining sites. We developed a sequential extraction scheme to separate the phases of sulfur in mineralised materials. Operationally defined phases, including monosulfides, disulfides, elemental sulfur, water-soluble sulfo-salts, acid-soluble sulfates, and resistant sulfate phases such as barite, are quantified gravimetrically and/or instrumentally. Several sets of experiments were designed to test the effectiveness of this extraction scheme. First, a variety of ore sulfides diluted in an inert matrix was analysed with the scheme. Results showed that molybdenite and arsenic-bearing sulfides do not behave as predicted from just their sulfur oxidation states, indicating that samples containing these minerals need special treatment for complete phase recovery. Second, a natural mine-waste composite standard was analysed by the scheme. The sum of the phases was equal to the total sulfur concentration analysed independently. Each phase had a similar, but distinct sulfur isotopic composition. The results were verified with a laboratory prepared æproxyÆ having the same mineralogical composition as the standard, but with each phase having a very different sulfur isotopic composition. The sulfur isotopic compositions of the recovered phases from the æproxyÆ showed that the scheme effectively separated the sulfur with only minor cross contamination of phases. The speciation and isotopic analyses were applied to both mine-waste piles and naturally occurring alteration zones at nine mine sites. A case study from one site comparing the sulfur isotopic composition of minerals in an alteration zone and dissolved sulfate in proximal streams is presented. This case study shows the application of our data to differentiating sources of sulfate in the surrounding environment.

Jan 1, 2003

What is the real value of your data?Given that the cost of collecting and analysing an individual sample is always rising, it is important to understand the true value of a sample and that you are confident that you receive good value for your exploration dollar. Unfortunately too many samples are still collected today that will end up as worthless data; a liability to those who own it and a hindrance to finding that ore body.

Jan 1, 1986

By Butt C. R M

Resurgence in Au exploration during the past decade has been characterised by a considerable emphasis and dependence on geochemical procedures. This has been made possible, firstly, by marked improvements in analytical sensitivity over those previously available and secondly, of particular importance to exploration in Australia, by a better understanding of the distribution of Au in the regolith, which has led to the optimisation of sample media. These developments have given exploration companies the ability to seek and detect subtle and widespread geochemical signatures of concealed Au mineralisation and provided an enhanced capability to interpret the data. As a consequence, several new discoveries have been made, even in areas that have been intensively explored in the past. In the deeply weathered Yilgarn Craton (WA), and in equivalent areas elsewhere in Australia and overseas, Au has accumulated in the upper lateritic gravels and duricrusts of the regolith, probably during humid climatic periods in the Tertiary. The laterites may not only be Au ores in themselves, but research by CSIRO and CRC LEME has shown them to be very important sample media, (eg Anand and Smith, 1992). In many areas, however, the laterite has been eroded and hence is unavailable as a sample medium and chemical modification under more and conditions since the Tertiary has leached Au from the upper saprolite. This has greatly increased the difficulties of exploration, particularly where reliance was placed on sampling between 2 and 15 m of the surface. Further research, however, has demonstrated that, despite this leaching, recent remobilisation of An has caused it to concentrate in a specific soil component, pedogenic carbonate, usually in the top I - 2 m, thereby giving surface expression even to mineralisation that is concealed by over 20 in of leached overburden. Secondary carbonates, commonly referred to as calcrete, may precipitate as calcite and/or dolomite in regoliths where the average annual rainfall is less than about 600 mm. Pedogenic carbonates are those that form in unsaturated (vadose) soil horizons. They are widely distributed in the Gawler and Yilgarn Cratons. In the Yilgarn Craton south of about 30¦S ('the Menzies Line'), they are seemingly more abundant over more basic rocks and towards the south east (Figure 1). In contrast, groundwater calcretes form in saturated (phreatic) environments, typically in the axes of major drainages north of the Menzies Line. These are known to accumulate economically-significant grades of U but not, apparently, An.

Jan 1, 1997

By K Friese, H P÷llmann

Clinoptilolites, modified with sodium, produced a material which has been tested for the ability to remove Hg (II) from aqueous nitric acid. The amount of adsorption depends on contact time, acid concentration of aqueous solution and initial mercury concentration. The study of the kinetics of mercury uptake revealed that all sorbents exhibit a fast rate of sorption. The highest sorption capacities were observed for sodium forms, and were up to five times higher than for the unmodified zeolite. The maximum sorption capacity toward mercury is determined as 0.093 ¦g/g at an initial concentration of 10.0 ¦g/L for a clinoptilolite from Tsagaantsav deposit (Mongolia). The sorption of Hg (II) has an ion-exchange nature and consists of three stages, ie the adsorption on the surface of microcrystals, the inversion stage and the ion exchange in the interior of the microcrystal. Sorption capacity decreases with the increase of mercury concentration. The presence of other metal ions such as Cd (II), Cu (II), Ni (II) and Zn (II) increases Hg (II) uptake capacity. Finally, sorption for Hg (II) was investigated in batch systems to evaluate the short-term stability of the sorption properties.

Jan 1, 2008

The Drummond Basin is a large intracratonic basin which developed in central Queensland during Late Devonian to Early Carboniferous times. It is postulated that the Drummond Basin developed as a foreland basin, to the west of a probable west dipping continental margin volcanic arc and subduction zone. The Drummond Basin sequence has been s,ibdivided into three tectono-sedirnentary cycles. Cycle I forms the base of the sequence and comprises thick sequences of intermediate to felsic volcanics and proximal volcanolithic sediments. The volcanics, particularly in the northeast of the basin, occur in separate sub-basins around what were probably isolated eruptive centres. In contrast, the rocks of Cycle 2 and Cycle 3 have been deposited during episodes of broad, basin wide subsidence. Five major igneous episodes, some of which may be co-magmatic, are recorded in the eastern Drummond Basin and environs between the Late Devonian and the Early Permian. The first and second episodes occurred during the Late Devonian to Early Carboniferous and are represented by the volcanics in Cycle 1 and Cycle 3. The third episode involves the intrusion of granitoids of Early Carboniferous age into the Drummond Basin sequence. These occur in the Ukalunda area and are related to gold mineralisation at Ukalunda and Valhalla. Episode four includes the felsic volcanics of the Bulgonunna Volcanics. This episode does not appear to he broadly auriferous but gold mineralisation does occur in possible basal Bulgonunna Volcanics at Mount Coolon. The final episode includes a suite of granitic intrusives which intrude the Bulgonunna Volcanics and which are considered to be co-magmatic with them. These intrusives do not appear to be generally associated with gold mineralisation. Gold mineralisation is widespread in the north- eastern Drummond Basin and environs. It is probable that the gold mineralisation is concentrated in epithermal cells during the Late Devonian to Early Carboniferous volcanic cycles. This style of mineralisation appears to be related to tectonic setting in modern analogues.

Jan 1, 1989

The economically significant seams in the Bowen Basin fall into four age groups, two in the Lower Permian and two in the Upper Permian. Coal deposition in the Galilee Basin did not commence until late in the Lower Per- mi-an and persisted into the Upper Permian. The Lower Permian and early Upper Permian coalfields of the Reids Dome Beds, the Collinsville Coal Measures and the Fair Hill-German Creek Formation are restricted to the west flank of the Bowen Basin. The uppermost Permian Rangal-Elphinstone-Baralaba Coal Measures have widespread distribution across the northern half and on both flanks of the Basin. Coal Measures in the subsidiary basins at BlairAtho/ and Ca/en were probably deposited at the same time as the Collinsville Coal Measures. The structure of the north west flank of the Bowen and the east flank of the Galilee Basin is essentially simple, but in the remainder of the basin doming and faulting complicate the structure. Also, bordering a large sec- tion of the east flank, is the Dawson Tectonic Zone, where the beds are tightly folded and faulting is intense. Cok- ing of seams is common in the northern sector of the Basin associated with igneous intrusion. With the exception of the Duaringa Basin on the east flank of the Bowen Basin, Tertiary sediments and basalt flows are more common at the western basin margin. Thick deposits of Tertiary sediments also occur in the south of the Galilee Basin. Con- sequently, coal subcrop, especially in the older, more westerly situated, coal measures is often at depths in excess of 100 m. East of this, the depth of weathering can be as shallow as 13 m and most of the coal subcrop is acces- sible to mining by open cut techniques. Coals deposited in the early Upper Permian are commonly more vitrain rich than those above and below. In the Bowen Basin, coal rank decreases from the north west to the south east, that is, from the semi-anthracites associated with the Dawson Tectonic Zone to the sub-bituminous coals of the southern Galilee Basin.

Jan 1, 1975

There are two mechanisms in the flo- tation process by which particles are transported from the pulp to the con- centrate: bubble-mineral aggregation and entrainment. It is the chemical processes which occur in the pulp which are critical to the success of flotation since they control the floatability of different min- erals and the selectivity which can be obtained. However, these chemical pro- cesses are so complex that metallurgists are still limited in their ability to predict the floatability of particles in industrial circuits by consideration of the minerals present and the chemical environment. The alternative approach to understand- ing flotation is to examine the behaviour of minerals in industrial flotation pro- cesses, to recognise similarities and differences, and to define the "laws" which appear to apply. Using this ap- proach it has been found that minerals float at a rate which is proportional to their concentration in the pulp, and that the rate of flotation of different min- erals is influenced by variables which' affect the pulp or the froth phase. The ultimate application of this approach is the use of models for circuit simulation purposes. It is this alternative approach which is the theme of this paper. One of the most important problems in understanding the technology of flotation has been in defining the characteristics of the particles being floated. Particles entering flotation vary widely in size and mineral composition, and different par- ticle types float at different rates. These rates do not change uniformly as operating variables change. It has been conventional practice to assess flotation performance in terms of the metal contents of total streams because no better method has been available, and this procedure has obscured important effects which occur in

Jan 1, 1984

By Rowley M, Bradford P

Plutonic Resources Limited (formerly known as Pioneer Mineral Exploration Limited) delineated, developed and operates the Plutonic Gold Mine located 180 kms northeast of Meekatharra, Western Australia. Gold mineralisation was discovered in the Marymia greenstone belt by Great Central Mines NL (GCM) in 1988. There was no previous, recorded gold mining activity in the area. In May 1989, Plutonic Resources Limited (PRL) entered into an agreement to acquire a 51 per cent interest in the three Mining Leases containing the Plutonic deposit from GCM. Subsequently in December 1989, PRL acquired the remaining 49 per cent interest in the Mining Leases. PRL and GCM are also involved in a 51:49 regional joint venture on extensive Exploration Licences in the vicinity of the Mining Leases. Following due diligence validation, reserve delineation and testwork, a feasibility study was undertaken in conjunction with JR Engineering Services, which led to the financing and development of the project for operation in August 1990.

Jan 1, 1991

By Lang SC

The Broken River Province, in the northern part of the Tasman Orogen, is divided into the Camel Creek and Graveyard Creek Subprovinces. In the Late Cambrian to Early Ordovician, and again in the Late Ordovician, the northern part of the Tasman Orogen was probably a convergent margin with calc-alkaline volcanism. These episodes may have been separated by a passive phase in which quartz-rich flysch and tholeiitic volcanic rocks were deposited. Subsequently, in the Silurian, the region underwent extension forming a large turbidite basin which included the Camel Creek Subprovince and the Hodgkinson Province to the north. Melange is pervasive in the Camel Creek Subprovince which was folded twice in the Devonian. The melange may be related to thrusting accompanying D1. No rocks younger than Early Devonian have been recognised whereas, in the Hodgkinson Province, deposition continued until the latest Devonian. The Graveyard Creek Subprovince formed adjacent to the Camel Creek Subprovince, probably as a pull-apart basin on stable crust. The deformation history of the Graveyard Creek Subprovince contrasts markedly with that of both the Hodgkinson Province and Camel Creek Subprovince. In the Graveyard Creek Subprovince, melange is only present in Early Ordovician rocks. No major angular unconformities have been recognised in the overlying marine to non-marine sequence, which ranges from Early Silurian to Early Carboniferous. Several hiatuses and a slight angular unconformity, all within the Devonian, may be related to the major events in the Camel Creek Subprovince. A major deformation in the Graveyard Creek Subprovince in the Early Carboniferous had only slight effects in the Camel Creek Subprovince. Movement on the Clarke River Fault was probably an important influence on sedimentation and deformation in the Broken River Province.

Jan 1, 1990

By Jancar T, de Guzman M M, Matthews B, Tu J. Y

The use of computational simulation to predict the performance of existing equipment or for the design of improved mineral processing equipment will be referred to as Computational Mineral Processing (CMP) in this paper. The emphasis will be on solving the governing equations for liquid solid flows in complex geometric domains to obtain, typically, the three-dimensional distributions of velocity and pressure for the liquid phase and the velocity and concentration for the solid phase. The underlying technology, computational fluid dynamics (CFD), is very well-developed in other industries (aircraft, car and chemical) and forms a vital part of product design and analysis. The subsequent design of improved mineral processing equipment may also involve finite element structural analysis (FESA). Computational fluid dynamics (CFD) and finite element structural analysis (FESA) are part of the generic discipline of Computational Engineering and Science (CES). Ciment and Scherlis (1993) define CES as `The systematic application of computing systems and computational solution techniques to mathematical models formulated to describe and simulate phenomena of scientific and engineering interest'. Increasing computer power (Kaufmann and Smarr, 1993), is a dominant factor determining the rapid growth of industrial utilisation of CES. This increase is happening at both the supercomputer and the workstation level. Indeed, today's typical workstation, a Hewlett-Packard 735, is as powerful as a CDC 7600, the leading supercomputer in 1970. Future computer architectures are expected to become increasingly parallel (Gartner Group, 1990) allowing a sustained performance of a teraflop (a million megaflops) to be achieved well before the Sydney Olympics in the year 2000. It is recognised that the modem development of most disciplines in the physical sciences rests on the three complementary strategies of experimentation, analysis and computational simulation. As the 21st century is approached the volume of computational simulation, both fundamental and applied, is growing dramatically and the role of experimentation is diminishing. In the area of equipment design, CES provides the following advantages over experimental testing and measurement: 1. lead time in design and development is significantly reduced; 2. CES can simulate conditions not reproducible in experimental tests; 3. CES provides detailed and comprehensive information; and 4. CES is more cost-effective and time-efficient. The ultimate benefit for industry is greater productivity and hence greater profitability. The broader issues in relation to CFD are discussed by Fletcher (1993b). In the five- to ten-year time frame, growth in computer power will make it practical to combine CFD and FESA with optimisation procedures to produce a design process that is almost fully computerised. It is expected that fully automatic

Jan 1, 1995

Around 35 Mt of industrial clays were produced in 1994 under the broad classifications kaolin (25 Mt), bentonite (8 Mt) and attapulgite/sepiolite (2 Mt). A brief review of world sources and markets is given as background to Australia's small production (0.5 Mt) but developing interest in industrial clays. Clay markets have changed significantly over the past 30 years resulting initially in consolidation and expanded production from traditional high-grade clay sources but also creating opportunities for development of new discoveries. Decline in the use of clay-based refractories has come at a time of strong growth in demand for refined kaolin for the paper industry. Traditional markets for bentonite as oil drilling muds, iron ore pelletising and foundry bond sands are mature and in overall decline. Today, bentonite has a significant share of the growth market in pet litter which a few years ago was dominated by attapulgite/sepiolite clays. Both bentonite and attapulgite/sepiolite have good prospects for increased demand in environmental markets both in containment of hazardous wastes and sorption of toxic substances. In common with all industrial minerals, markets for clay minerals will demand continuous improvement in product quality and consistency. Development of new and improved products will be increasingly the responsibility of the raw material supplier. In order to remain competitive, this will require a substantial commitment to quality assurance and research and development. Increase in market share will come for those producers able to translate developments in their products to cost savings or increased competitiveness for the industries that they Supply.

Jan 1, 1997

By Dierling D. H

The paper briefly describes the mining system employed on Western Deep Levels for the past 20 years. The negative aspects which gave rise to a new mechanized method of mining are discussed. The sequence of events leading from the Mine's first attempt at trackless mining in 1980 to the present day in-stope project is presented. The original justification for this project and the in-stope trackless mining method is described in detail. The results to date are evaluated and the original rationale for going in-stope trackless mining questioned. A totally new mining philosophy for Western Deep Levels, whereby major geological disturbances are left in situ and longwalls re-established and mined using trackless mining machinery is described. The economics of this mining method are discussed. Trackless mining machinery can also be put to good use within the conventional longwalls in a new method of mining using Load Haul Dumpers (LHD) in reef drives. When the instope trackless mining project commenced in 1983, it was stated that expansion to any significant degree with diesel powered vehicles could be ruled out and electrically driven alternatives would have to be developed. This issue is discussed and the Mine's decision to expand with diesel powered vehicles explained. Finally, the extent to which trackless mining is likely to be seen in the 1990 s at Western Deep Levels is discussed.

Jan 1, 1986

By R Smart

This paper examines the longer-term predictive capacity of the GAMSPATH computer program (developed by the Alberta Research Council) for a waste rock (sample MS) obtained from the Kaltim Prima Coal (KPC) mine, Kalimantan that contained significant framboidal pyrite. The model was refined by comparison with the net acid generation (NAG) and column leach tests to provide a basis for calibration of the model for both short term and longer-term reaction trends. The oxidation of pyrite during the kinetic NAG test using H2O2 provides oxygen directly at the mineral surface, generating a measured oxidation rate for pyrite of 1.16 + 10-6 mol m-2 s-1, whereas the oxygen diffusion limited rate in the leach column air equilibrated reaction was of the order 10-8 mol m-2 s-1 as calculated from the GAMSPATH thermodynamic database. Results indicated that the oxygen derived from hydrogen peroxide had to be included as a reactant (eg a reacting mineral) in the simulation to account for the direct availability of oxygen at the sulfide mineral surfaces. Optical investigations identified the proportion, particle size, and surface area, of framboidal and euhedral pyrite in sample MS. The reactive surface areas of the two morphologies were very different (eg ratio: 5:1). To manage these two different pyrite morphologies the GAMSPATH thermodynamic database was updated to include framboidal pyrite, with similar thermodynamic properties and oxidation rate to euhedral pyrite but with a particle size based on the size of the individual internal framboid microcrysts. This modification, with framboidal pyrite reaction based on the size of its microcrysts produced results that correlated well with the kinetic NAG and column leach test results when the measured (kinetic NAG test rate) and calculated (column test rate) pyrite oxidation rates were employed. This provided some confidence that the model could be extrapolated to indicate longer-term geochemical reaction trends.

Jan 1, 2003

By De Jong HJ

During the forthcoming reline of No.3 Blast Furnace at the Newcastle Steelworks of the Broken Hill Proprietary Co. Ltd., facilities for the screening and weighing o' coke will be installed. The equipment is needed to optimise the sizing and the quantity of coke immediately prior to it being charged to the furnace. Up till the time the furnace was blown out in November, 1982, coke was charged to the furnace by volume, ie by skip fulls only. This resulted in variation to the ore/coke ratio charged due to bulk density changes and erratic skip filling levels. This in turn affects the heat balance of the furnace and causes fluctuations in hot metal chemistry and temperature. A coke rate penalty has to be paid also. Coke layer thickness in the furnace burden cannot be controlled closely, resulting in loss of control over gas distribution in the furnace. A grizzly type screen was incorporated in the skip loading chute but this ineffective method left a great amount of fines with the coke being charged to the furnace. Furnace permeability was therefore reduced, particularly in the hearth.

Jan 1, 1984

By Draper J. J, Lang S. C

Regional geological mapping and facies analysis of the Late Devonian to Early Carboniferous Keelbottom Group of the Burdekin Basin have resulted in a depositional model representing six siliciclastic-carbonate facies. The six facies represent alluvial fan, braidplain delta, siliciclastic shoreline, siliciclastic shallow marine, restricted siliciclastic/carbonate shelf, and carbonate shoal depositional environments. These facies are identified in the Star beds which are equated with and included in the Keelbottom Group in this paper. Facies are repeated throughout the Group, as a result of two transgressive-regressive cycles.The first transgression recognised in the Keelbottom Group began in the mid-Famennian, and followed deposition of the Late Devonian Dotswood Group. It was marked by the deposition of Siliciclastic Shoreline facies in the basal Myrtlevale Formation, which was succeeded by Siliciclastic Shallow Marine facies at the peak of the transgression. The return of Siliciclastic Shoreline facies in the upper part of the Myrtlevale Formation marked the onset of the first regression, which resulted in the progradation of Braidplain Delta facies from the northwest of the basin. During the peak of this regression, deposition in the western part of the basin was dominated by Alluvial Fan facies.

Jan 1, 1990

A number of suggestions have been made to improve the design of cells used for electro winning and electro refining of metals. Most of these designs have been aimed at increasing the current density used in order to improve cell capacity, although the purpose of some has been to produce electro deposited metals in a continuous manner. Improvements in the electrolyte flow pattern in conventional cells have resulted in an increase in the rate of mass transport of metal ions to the electrode surface; giving rise to lower concentrat- ion polarization and an improvement in the nature of the product obtained, Other cell designs are based on a moving electrode, usually a rotating disk, and these may include provision for removal of the product in a continuous manner, The maximum current density which can be used in an electro- lytic deposition process is determined by the limiting diffusion current, the physical nature of the, product, the purity of the product required and by the increase in power costs which result from the higher cell voltages, This paper examines the properties of an agitated bed of particles as an electrode system when used for a metal deposition Process,

Jan 1, 1969

In 1969, Queensland Mines Limited obtained two large Prospecting Authorities in Arnhem Land, Northern Territory, Australia. The Nabarlek uranium deposit containing some 12 000 t of U308 was discovered on one of these in June 1970. Mining and stockpiling of this deposit were completed in 1979 and processing to yellowcake, which commenced in June 1980, is expected to occupy an 8-10 year period. The continuation of exploration, essential for the company to become a longer- term producer, was inhibited in 1972 by a Federal Government "freeze" on exploration in Aboriginal Reserves in the Northern Territory. Subsequently, the procedure for explorers to gain access to exploration areas in Aboriginal land was radically changed by the proclamation of the Aboriginal Land Rights (Northern Territory) Act 1976. As a result of this Act and the associated administrative policies adopted by Governments, Queensland Mines Limited has not yet regained access to the exploration areas it formally held in the early 1970's.

Jan 1, 1986

By Wall J, Platell R, Knight P

The Argyle diamond mine is located in the East Kimberley area of Western Australia, some 100 km south of the town of Kununurra. The diamondiferous Argyle olivine-lamproite diatreme was discovered in August 1979. Production began in December 1985 at a planned throughput of 3 Mtpa to recover 25 million carats of diamonds. Presently, Argyle is the world's largest producer of natural diamonds and produced over 40 million carats in 1993 from seven million tonnes of lamproite ore treated. Two phases of evaluation have been carried out. The first in 1981-82 was designed to prove around 60 million tonnes of ore to justify the establishment of a mine with a minimum life of 20 years. The second phase, in 1989-90 involved drilling the orebody to greater depths to provide data on which to plan the final pit design. The final pit contained 120 million tonnes of ore at 5.3 carats per tonne (ct/t) grade. Mining of the planned pit will extend the mine life to around the year 2004, following which it is possible that a further cut-back could be mined. There is also the potential for future underground mining. A substantial amount of geotechnical work has been undertaken due to the fact that the pit will be nearly 500 m deep and is located in a mobile zone causing abnormally high residual stresses to occur in the pit walls. The occurrence of low strength rocks at depth in the pit walls further complicated the situation. Hydrogeological investigations were done to determine pit dewatering requirements and to assess the effect of dewatering on pit wall stability.

Jan 1, 1994

By Sorentino C

Mineral valuation may appear to be a special field of financial valuation when in fact it is a subset of general investment decision theory. The only significant difference in mineral valuation is that in the case of valuing an on-going mineral asset, ie a mine, often there is no initial capital outlay involved. One is required to determine what the mineral asset as it stands is worth. But this is the same problem as determining the maximum one could pay today and not incur a loss over the life of the asset. In other words one needs to determine the Net Present Value (NPV) of the asset. The two most widely used discounted cash flow methods, NPV and Internal Rate of Return (IRR) came of age with the rapid adoption of the personal computer and spreadsheet programs. The two methods are directly related as the IRR is a special case of NPV. NPV measures the absolute increase in real wealth that can be expected from a certain investment, which makes it particularly suitable for mineral asset valuation, but ignores the efficiency of the investment. In contrast, IRR gives the expected efficiency of the investment but ignores the increase in wealth aspect. IRR has two serious theoretical weaknesses; multiple IRR's and a very rigid assumption about the rate of return of reinvested proceeds, plus if no initial equity expenditure is involved there is no IRR. The choice of the ""hurdle"" rate can also be a problem and in certain circumstances one can obtain different rankings of mutually exclusive projects using IRR and NPV. Although NPV and IRR supposedly measure financial risk, in fact they only address a very narrow area of risk, namely the time value of money given the real discount rate. They side step the issue of what the real discount rate should be and varying degrees of risk. The classical way to establish the real discount rate is to use the weighted average cost of capital.

Jan 1, 1994

Published information on technical and market developments in the uses of zinc tends to dwell very largely on two groups of uses of zinc - zinc coatings (mainly galvanising) and zinc casting alloys. These two groups account for two-thirds of primary zinc consumption. However, if total zinc consumption is taken into consideration, coatings and casting account for a little over half the total. Either way, the health - or otherwise - of these 'other' uses of zinc can have a substantial effect on the industry as a whole. The aim of this paper is to put the whole market picture for zinc into better focus, concentrating on the factors which can affect consumption in the 'other half' of zinc's markets: ò brass - the third most important market for zinc at around one million tonnes - responds to changes in the economic cycle. It has seen substantial changes in the balance between different forms of semi products, and, in Europe at least, some real market gains; ò zinc sheet - one of the original uses of zinc in Europe - has grown substantially in some countries, but remains almost unknown elsewhere; and ò zinc pigments and compounds are so numerous that - barring the substitution of zinc oxide in rubber - major overall changes in the market are unlikely. The paper examines these markets and assesses their potential and implications for zinc markets as a whole.

Jan 1, 1993