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By Dodd SF

Valuation of mining companies and their underlying assets prepared by brokers' analysts are, by necessity, approximations. The reliability of the valuations is entirely proportional to the quality of available data, the reliability of forecasts and the nature of underlying commodity price assumptions. The latter is perhaps the greatest single cause of gross variations in company and asset earnings estimates and- valuations. Assumptions are often necessary regarding commodity price achievement based on commodity hedge positions. Public disclosure from listed companies provides a sound base from which to project earnings, cashflows and balance sheets. The uncommon disclosure of projected production and cost schedules often reduces the reliability of future estimates. The application of reserve and resource estimates is contentious with practitioners applying differing weightings to importance of resources in estimating mine lives (and therefore cashflow streams). Valuation methods applied in equity markets usually focus on relative value and the identification of pricing anomalies. The commonest ""rules of thumb"" applied in the valuation of mining companies (and therefore their underlying assets) is with the use of year specific price/earnings (P/E) and price/cashflow (P/CF) ratios, with low multiples suggesting undervalued assets, high multiples overvalued situations (but these rules can often be clouded by market expectations of underlying commodity price movements). Another simply applied valuation tool is to examine the examine the value placed on reserves and resources by the market. Inexpensive gold in the ground (expressed as $ of market capitalisation per ounce of reserves or resources) might indicate a buying opportunity, but the market does discount the value of gold in the ground prior to mine development and where development risk is perceived.

Jan 1, 1994

Study on Rational Process Flow Sheet for Beneficiating Low-Grade Cu, Mo, Bi, S, W Polymetallic Ore

Sep 13, 2010

Project-finance risk assessment is mature and approached systematically. Mining industry due diligence remains fragmented with specialists addressing different aspects of the project such as reserves/JORC, environmental impact, commodity market, even financial analysis/ modelling. Each professional has a natural tendency to believe that the risk factors they have examined are the key ones necessary to be reviewed, as if their review will stand in isolation from others in the way a project materialises. By first laying out the project risk categories and risk matrices, this paper examines the due diligence process with a keen eye to the risk assessment and overlap/interaction. Some cross fertilisation of due diligence techniques from other industry sectors is placed into the mining context. Six case studies are then presented with regards to due diligence features in each projectÆs feasibility review or financial information/ offering memorandum. A power case first shows the differences between the due diligence expectations of banks versus bond financings. Then some Australian and Indonesian mining development cases are analysed to see the due diligence learning points. Some of these were project/due diligence failures. The conclusion focuses on the value of a systematic risk assessment for project evaluation, all from the project-finance perspective.

Jan 1, 2007

The mineral industry is an important element in the human environment and in varying degrees contributes to the general standard of living throughout most of the world, both by supplying the basic materials required for heavy industry, transportation, construction, scientific equipment, and many labour saving tools and also by its contribution to the international economy.When projecting population growth and per capita resource utilization against a finite amount of nonrenewable mineral resources, it is apparent that at some future time, if the established trend continues, the supply of industrial minerals will progressively become exhausted according to their relative scarcity and world demand.In one way or another all of nature's mineral resources are used in the sel'vice of man. Some of the products of their manufacture are essential to the survival and further development of our civilization, others are luxuries, desirable but not essential. Marine vessels are essential to maintain a flow of resollrces around the world, and as trade increases the size of the fleet will grow and the quantities of metals needed will be greater.The commodities they transport, may be used in an inefficient or extravagant manner causing unnecessary depletion which may adversely affect the activities of future generations. An example that comes readily to mind is fuel oil, the international transport of which uses a vast tanker fleet. When refined, large quantities of motor spirit are used in motor vehicles. The U.S.A. alone uses 70 billion gallons annually in the 90,000,000 automobiles in use.Much of this is used in private cars-of which there is one for every 2'3 people-for transport between home and city. Well organized community transport would serve the same purpose, conserve a scarce commodity, take some of the stress out of livingdriving in a major city can hardly be considered a relaxing experience-and minimize the problem of atmospheric pollution.Whilst man has demonstrated his great versatility...

Jan 1, 1973

By R. Degel

Keywords: Pyrometallurgy, DC furnaces, electric smelter, FeCr, FeNi, FeMn, Si metal, ferro-alloys, platinum production, circular furnace, energy recovery system In 1906, the first submerged-arc furnace was supplied by SMS Siemag. Since then, the division has become established in various industries such as ferro-alloys and non-ferrous metals, and in numerous other special applications. During the evolution of this technology, more efficient units with longer lifetimes were developed. Today, especially the potential of DC-based smelters, raises worldwide attention, with some projects having already started to implement this kind of technology. This paper evaluates SMS Siemag?s general viewpoint regarding the potential application of DC smelter technology and possible options for the ferro-alloy and non-ferrous industry. SMS Siemag is currently executing a FeCr project in Kazakhstan, where four of the world?s largest closed-type DC smelting furnaces, with a power input of 72 MW, will be installed. These furnaces include the latest technological features of modern DC smelters, which are described in this paper. SMS Siemag has started a long-term research and development project allowing a direct comparison of AC versus DC technology on a large scale, using a recently installed 1 MVA test furnace at the IME at the University of Aachen, in Germany. For open-type ferro-alloy and Si-metal furnaces, SMS Siemag has developed an energy recovery system, which is presented in this paper.

Jan 1, 2011

By J. L. W. Birkinbine

INTRODUCTION. This paper is a discussion of a part of the mineral wealth of the States of Oaxaca and Puebla, Mexico. It does not refer to the precious metals, some miles of which, in these States, are said to have been worked before the advent of the Spanish conquistadores in the sixteenth century, as my purpose is to invite attention to the exploration of deposits of coal and iron-ores in the Mixteca region. The prominence given to coal is warranted by the great effect of the scarcity of fuel upon the industrial development of Mexico. Under the progressive administration of President Porfirio Diaz, the Republic has made wonderful advances in the past three decades; and this progress would have been greater but for the limitations imposed by expensive fuel. In the spring of 1906 I was detailed by the Birkinbine Engineering Offices, of Philadelphia, to accompany A. B. Adams, of New York, in a reconnoissance of reported deposits of iron-ores in the State of Oaxaca. The result of this expedition was the formation, in 1907, of the Oaxaca Iron & Coal Co., of which Mr. Adams became, and has remained, President and General Manager, and I have spent the past three years as Chief Engineer of this company in Mexico, principally in western Oaxaca, where field-headquarters were established. GEOGRAPHY AND POPULATION. Although the geographical anti topographical, features of the Republic of Mexico are well known, few realize that the majority. of its population is domiciled in the States which immediately surround the capital city of Mexico, including the Federal District, Mexico, Tlaxcala, Morelos, Puebla,

Sep 1, 1910

By Erle C. Donaldson

A study of subsurface waste disposal in the United States shows that in eight States a wide variety of industrial wastes are being injected into formations ranging in age from Precambrian to Recent. More than 30 wells ranging in depth from 300 to 12,000 feet are used for waste disposal into subsurface formations which include unconsolidated sand, sandstone, vugular limestone, and fractured gneiss.

Jan 1, 1964

By Juan Garcia de Blas

O presente trabalho aborda o desenvolvimento de liga titânio-nióbio obtida por metalurgia do pó no qual foi introduzida uma operação de extrusão angular em canal (Equal Channel Angular Pressing - ECAP) com o propósito de promover uma consolidação que favorecesse a homogeneização na etapa posterior de sinterização. Após o processamento o material foi caracterizado por microscopia ótica e microscopia eletrônica de varredura (MEV/EDS). Os resultados preliminares indicaram a importância da redução do tamanho das partículas de nióbio.

Aug 17, 2017

By Robert M. Baker

This document details the method whereby Allen Corporation of America gathered and analyzed data and developed an annotated bibliography of metal and nonmetal mine fire reports (1950-1979). The primary objective of this program was to develop the annotated bibliography which included MSHA accident reports and periodicals. Two additional objectives were to gather data on non-reportable fires and to conduct statistical analyses on the data to delineate trends. Data was acquired from three major areas: periodicals, MSHA fire reports, and mine safety directors. Data was separated into reportable fires (at least ½ - hour duration or injury), non-reportable fires, and opinion data. The data was then analyzed by time trends, state, ore, ignition source, burning substance, location, equipment, detection, duration, injuries, fatalities, and successful extinguishing agent. The authors make a number of recommendations: (1) improved stationary electrical equipment design and fire protection, (2) improved design of mobile equipment to separate combustibles from ignition sources, (3) improved maintenance, (4) improved housekeeping, and (5) improved training. The document is divided into two volumes and an appendix. Volume I contains data acquisition procedures, data analysis procedures, and conclusions and recommendations. Volume II contains a chronological list of mine fires and fifteen indexes to assist the reader in locating fire incident report of interest. The Appendix contains the annotated bibliography of over 300 metal and nonmetal mine fire reports and journal articles and a list of non-reportable fires.

Jan 1, 1980

By Wendell R. Peters

Shallow underground voids resulting from early coal mining and other resource recovery activities over the past several decades are now being recognized as a significant cause of ground subsidence problems in developing urban areas. Uncertain knowledge of abandoned coal mines also imposes potential hazards in coal excavation operations since water inundation or the release of methane gas is a pricnipal hazard when mine excavation operations break into an abandoned mine. U.S. Army requirements for an effective method for detecting and mapping subversive man-made tunnels have resulted in a surface-operated automatic earth resistivity survey system with a digital computer data processing system. Field tests aimed at demonstrating the system performance resulted in successful detection of tunnels having depth-to-diameter ratios up to 15 to 1. Under the sponsorship of the Bureau of Mines, a similar system was designed and constructed for use in the detection of coal mine workings. This report discusses the hardware and software aspects of the system and the application of the high-resolution earth resistivity method to the survey and mapping of abandoned coal mine workings. In the field tests reported, the targets of interest were both air-filled and water-filled workings.

Jan 1, 1980

By Erle C. Donaldson

A study of subsurface waste disposal in the United States shows that in eight States a wide variety of industrial wastes are being injected into formations ranging in age from Precambrian to Recent. More than 30 wells ranging in depth from 300 to 12,000 feet are used for waste disposal into subsurface formations which include unconsolidated sand, sandstone, vugular limestone, and fractured gneiss.

Jan 1, 1964

By Henry P. Chandler

[Diamond, because of its extreme hardness and abrasion resistance, has an important function in precision engineering and automation. With the increasing; requirements of modern production for fine tolerances, interchange-ability, and speed, it has become even more important. In spite of the supply of other abrasive and hard materials and of ultrasonic, electrospark rued other substitute grinding, methods, world industry seams likely to absorb large quantities of diamond for industrial purposes. An increasing part of the world's needs will be supplied by manufactured diamond, which was introduced commercially by General Electric Co. in 1957. Use of diamond for glass cutting roes bark several centuries, mid diamond drilling of rock became important to the mining industry M the 1870's. Today, diamond drilling is the most extensively used method of exploring the world's ore reserves; diamond drills two also used to determined the nature of bedrock below the foundations of buildings, dams, and bridges. Diamond drill bits are now used extensively in the petroleum industry, and replacement or steel rock bits with diamond drill bits in hard rock formations has affected substantial savings.]

Jan 1, 1964

By Henry P. Chandler

[Diamond, because of its extreme hardness and abrasion resistance, has an important function in precision engineering and automation. With the increasing; requirements of modern production for fine tolerances, interchangeability, and speed, it has become even hors, important in spite of the supply of other abrasive and hard materials and of ultrasonic, electrospspark rued other substitute grinding methods world industry seems likely to absorb large quantities of diamond for industrial purposes. An increasing part of the world's needs will be supplied by manufactured diamond, which was introduced commercially by General Electric Co. in 1957. Use of diamond for glass cutting goes bark several centuries, mid diamond drilling of rock became important to the mining industry M the 1870's. Today, diamond drilling is the most extensively used method of exploring the world's ore reserves; diamond drills two also used to determine the nature of bedrock below the foundations of buildings, dams, and bridges. Diamond drill bits are now used extensively in the petroleum industry, and replacement or steel rock bits with diamond drill bits in hard rock formations has effected substantial savings.]

Jan 1, 1964

By Ching-Liu Wu, John Hawley, Andrew H. Liu, James Chai

The Hatch Mott MacDonald/Bechtel Joint Venture team is designer and construction manager for the 5.25-mile Tunnel Segment of the overall 16-mile Silicon ValleyRapid Transit Project, which extends the existing Bay Area Rapid Transit (BART) system southward from Fremont to San Jose. The Tunnel Segment includes twin boredtunnels, mined cross passages, and three deep station excavations situated in highlyvariable ground, high ground water table, and a dense urban setting with high-risebuildings adjacent to the largest excavation. This paper will discuss design challengesthat have arisen with the excavations and the proposed solutions.

Jan 1, 2007

The plant and processing site at Porgera has been built on a levelled mudstone ridge about lkm E of the mine. Excavation of 7xl06m3 of soil and rock was necessary to achieve the required area. The exposed mudstone belongs to the Chico Formation and is weak, sheared and readily breaks down by slaking upon exposure. Tectonic uplift and subsequent erosion have produced the present landscape of narrow bedrock ridges, with deep colluvium in the incised valleys. The deep excavation to a maximum of 60m, has rapidly unloaded the mudstone, and subsequent stress relief has caused rebound and dilation of the material. The processes of pore pressure equilibration, softening, progressive failure and loosening, combine to deteriorate the newly exposed rock mass. These processes are commonly associated with pre-existing shear surfaces, fissures and a

Jan 1, 1991

By Luiz Alberto dos Santos

Neste trabalho foram usinados CDPs da liga com composição de 50,9 % at de Ni e, em seguida, as amostras foram envelhecidas em temperaturas entre 350-550 ºC, tensões aplicadas de 60 MPa e tempos de 45 e 180 minutos. Além disso, foram realizados também envelhecimento sem aplicação de carga nas mesmas condições de temperatura e tempos para comparação das propriedades, porém acrescentando uma amostra solubilizada a 850ºC durante 1 hora. Posteriormente as amostras foram caracterizadas por DSC para determinação das temperaturas de transformação de fases. Observa-se neste trabalho que o DSC de algumas amostras apresentou tanto no aquecimento quanto no resfriamento dois picos de transformação que pode estar relacionado ao aparecimento da fase R. Além disso, pode ter ocorrido a formação da fase Ni3Ti4, pois ligas com teores acima de 50,6 %at. de Ni são caracterizados pela formação de precipitados ricos em Ni, que pode acarreta na diminuição da concentração de Ni na matriz e aumento da temperatura de transformação. Este trabalho é importante, pois há poucos estudos relacionados com o efeito do envelhecimento sob carga nas propriedades de efeito de memória de forma e superelasticidade da liga NiTi.

Aug 16, 2017

By J. H. Schuenemeyer

Consider a set of points, some of which are anomalous (larger than a specified cutoff value), located on a plane. Whether some or all of these points are clustered to form one anomaly or more or, alternatively whether these points are scattered at random, may be investigated by measuring perimeters of convex hulls. A convex hull is the smallest convex polygon that will encompass a group of points. (Examples of convex polygons are triangles, rectangles, and all other regular polygons.) A set of anomalous points is selected and the perimeters of the convex hulls of this set and all its subsets are measured and compared with tabulated values of perimeters for each subset size. For a given subset size consider those perimeters which are less than the tabulated perimeter. If the number of convex hulls is greater than the maximum number expected by chance, then the chance that any one of the observed-hulls-is a nonrandom cluster is the ratio of the observed number to the sum of the observed and the maximum number expected by chance. Otherwise, the points are evidently not clustered. If many sample points are anomalous, an alternate model defines various configurations of contiguous points and compares the observed number of configurations per unit area with the expected number. Applications are discussed in several fields of geology and geochemistry-including geochemical exploration surveys and heavy mineral spatial distributions--as well as in mining (dust control) and medical geography.

Jan 1, 1972

By Laurance L. Oden

The Bureau of Mines is developing melting data for binary combinations of the alkaline earth fluorides and yttria to facilitate the formulation of slag compositions. The present report deals with the CaF2-Y203 system for which solidus and liquidus temperatures and solid solubilities were determined. The information is presented as the phase diagram. All specimen compositions were blended from high-purity materials and encapsulated in Mo or Pt20Rh prior toheat treatment. Liquidus temperatures were determined by ceramographic examination of heat-treated and quenched specimens. Solidus temperatures were determined by differential thermal analysis and by electron microprobe analysis of quenched specimens. Terminal solid solubilities were derived by parametric methods. The peritectic system was found to be pseudobinary due to the formation of yttrium oxyfluoride at temperatures near the liquidus. The peritectic point occurs at 7 mole pct Y203 and 1,438° ± 5°C. The terminal solid solubility of Y203 in CaF2 decreases from 7 mole pct at 1,438° C to 1 mole pct at 1,100° C, and the solubility of CaF2 in Y203 decreases from 9.5 to 7 mole pct over the same temperature interval.

Jan 1, 1970

By J. D. Bliss, G. J. Orris, W. O. Menzie

"Analysis of gold placer data from gold placers throughout the world suggests that gold grades and volumes cannot be used to distinguish between most types of gold placers. Only the alluvial plain and fan placers are significantly different among the types of gold placers considered. Gold grades and volumes change when working gold placers go from small-volume methods to large-volume methods. The small-volume methods are either of the surface or subsurface (drift mining) type. The odds that a gold placer will be dominantly worked using small volume methods at the surface are about 5:3. Once small volume mining has occurred, the odds against subsequent large-volume mining are about 4:1. If a placer deposit is suitable for large-volume mining, and the amount of gold produced from small-volume mining was reported, an estimate of the remaining gold (log10kg) can be made using the following equation:The relationship shown by this equation suggests that very large gold placers have over half their total gold content in the rich gravels appropriate for small-volume mining. These relationships in conjunction with other data and computer simulation can be used to estimate placer gold resources for an area targeted for mineral resource assessment. IntroductionGold placers have been an important source of gold throughout man's history and may have been one of the first sources-dating back to around 6000 B.C. (Gregory, 1980). From the primitive basket to the modern floating dredge, a variety of methods have been used to work gold placers. Placers are found in a wide spectrum of geologic and climatic settings. They have been classified by using a mixed set of criteria including age (Recent, Tertiary), climate (desert), fluvial position (modern channel, bench, alluvial fan), environment of deposition (eluvial, alluvial, residual, beach), type of transport (stream, wind, glacier), and whether the placer is buried or at the surface (Boyle, 1979; Wells, 1969). Several mining methods have usually been used to extract gold from anyone placer."

Jan 1, 1987

By R. D. Berkenkotter

Titanium and iron assays obtained from cores of three diamond-drill holes from the Cebolla Creek titaniferous iron deposit were evaluated by statistical techniques to obtain information concerning the mineral characteristics of the deposit and to make a preliminary determination of sampling requirements for the deposit. A range of sample volumes representing sizes from one-sixth NX core 2 feet in length through full NX core 10 feet in length were prepared by split-ting the NX core with a diamond saw and combining pulverized splits. Results indicate the existence of at least two statistical populations having different average grades of iron and titanium. Each has an assay frequency distribution that is not normal but is highly peaked (leptokurtic). Frequency distributions of assays from specific altered zones of the drill holes appear to be normally distributed. Increasing the cross-sectional area of the sample unit to change assay volume did not result in significant changes either in assay values or the resulting frequency distributions of assays. However, when assay volume is increased by increasing sample interval, the shape of the assay frequency distribution changes, and a normal distribution of assays is approached. Positive correlation exists between titanium and iron assays. The degree of correlation, although very significant, is too low to use for prediction purposes. Although the amount of data from three widely separated drill holes is not sufficient to establish an average grade for this large deposit, it indicates a range of expected assay values and provides some information for determining requirements of future sampling for evaluation purposes.

Jan 1, 1963