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By Eric Low

Raising capital by issuing debt or equity is necessary in almost every corporation. In the field of corporate finance, the raising of capital is a heavily-studied topic. However, some of what is studied on this topic in corporate finance is not applicable in the mining industry. There are also many financing options that were created for the mining industry such as flow-through shares, prepaid forwards, and royalty sales. The cyclical nature of the industry makes the risk-return profile of financings more difficult to estimate than in other industries. Additionally, the methods used to assess firm value are different than other industries, as the values of orebodies are not included on balance sheets. For precious metals companies, which are a hedge against most other securities, there are additional complications with determining investor expectations and cost of equity. This thesis puts forth a decision-making framework to explain mine financing choices from the perspective of mining companies. The approach is threefold. First, all of the major equity and debt financing instruments available to mining companies are presented and analyzed. Each financing method is assessed on a wide range of criteria. Next, these concepts are applied in case studies of four companies: BHP Billiton, Barrick Gold, Teck Resources, and Noront Resources. For each company, the overall choice of financing methods is shown and analyzed. The effect of financing choices on the weighted average cost of capital (WACC) is calculated. The final section deals with case studies of individual mine finance decisions during the past two years.

May 1, 2011

The past decade has seen revolutionary advances in communications and information-handling techniques which have been stimulated by "cold war" military requirements and by current programmes for probing into outer space. The tools used in exploration for petroleum and minerals have been improved significantly as a result of this new space age technology and even greater improvements are on the way.Two areas of technical activity have been particularly fruitful in enhancing the effectiveness of exploration methods. These are1. the development of new approaches, based on information theory,for extracting signal from noise more efficiently than before, and2. the use of high-speed digital computers for storing and processing all kinds of exploration information, not only geophysical but geological as well.In seismic prospecting, use of information theory has led to new techniques such as time-domain filtering, wave-number filtering and correlation methods which have made it possible to obtain usable reflection data from areas which were previously considered non reflective. Complex playback and other data processing facilities have been developed to apply these approaches.Digitization of geophysical data for handling by high-speed electronic computers facilitates many of these techniques for signal-to-noise improvement. Direct digital recording of seismic data in the field is now being d'one on an experimental basis in the United States, and this should become a standard procedure, at least for problem areas.The increased dynamic range, flexibility of filtering and other data processing, and convenience of information storage and retrieval make digital recording attractive in spite of its high cost compared to conventional analogue methods. Digital computers are being programmed to carry out many operations in data reduction and interpretation with substantial savings in time and cost over conventional procedures.INTROPUCTIONIn the years that have passed since the end of the Second World War, the western world has witnessed a technological revolution which may be as far reaching in its ultimate impqct as the Industrial Revolution of the last century.

Jan 1, 1963

By P. Dhar, H. R. Kota, M. Thornhill

Precipitated calcium carbonate is used as a filler and coating material in the manufacturing of paper because of its high brightness and light scattering characteristics. However, beneficiated calcite has similar potential, given the fact that the industrial specifications are already achieved. For paper industries, the requirement is that the desired product should be pure and have a brightness of 93 to 95 percent. A very-high-grade calcite deposit of around 92 percent is located in the north of Norway, which is used as the raw material for ground calcium carbonate (GCC) feed for the paper industries. There is a substantial amount of calcite resource, which has pyrite and pyrrhotite as major impurities. These sulfides, even when present in minor concentrations, impart color to the end product (paper). Removing these minerals is estimated to increase utilization of the deposit by 10  percent, which represents several million tonnes of calcite marble. Due to the requirement for environmentally friendly reagents and chemicals by the mineral industry, fatty di-amines are being tested for pyrite and pyrrhotite flotation. The interaction mechanism of diamine with the main components of the ore were studied and optimum conditions for removal of sulfide impurities are outlined.

By W. Biermann

All industrial processes are economically driven, resulting in the ever increasing need for process optimization in order to stay competitive and profitable. Numerous models has been published depicting the optimization of the raw material usage in an arc furnace, as well as the thermal and electrical efficiency; however, to obtain a holistic view of the cost-effectiveness of the process one needs to expand the model to include the cost of all the operational variables. This project therefore aimed to not only include the raw material feeds and power consumption as input variables, but also the labour, maintenance, and environmental costs to generate an all-inclusive financial balance. In the end, the model was able to mathematically optimize the ferrochrome (FeCr) production process through evaluating the effect of a specified combination of input parameters. It could therefore be used as a tool to aid in managerial decision-making; to appraise and correspondingly adjust certain operational variables in order to achieve a maximum return on investment. This paper fully describes the reasoning behind the choice of the essential model components, the assumptions made during the models development, the calculation approach, as well as the advantages, limitations, possible applications, and areas for expansion of the final model. Through running simulations with plant data, it was found that the accuracy of final model remained fairly constant when applied to stable furnace conditions, but was met with a number of limitations when applied to more complex situations. These limitations could, however, be overcome through further development and expansion of the existing model to include a larger number of process variables.

Jan 1, 2012

By L. Boyd, A. Charland, G. Potts, D. Fragomeni, N. O. Lotter

"The Raglan orebody and concentrator has been the subject of study in Process Mineralogy at Falconbridge since 1998. (Lotter and Tuzun, 1998) The orebody is classified into three distinct textural groups, or end members. These are referred to as disseminated, net-textured, and Massive Sulphides, and differ in terms of mineral grain size, nickel grade, hardness, and mineral association. In this paper, it will be shown that the sampling and characterisation of each end member on an individual basis develops a higher-level understanding of the processing requirements and behaviour of the mixture of ore as presented to the mill.The end members have been used in robust prediction of recovery at various grind size p80 from laboratory scale High Confidence Flotation Tests. Weighted mean mixtures of the end members have been mathematically combined to determine impact of textural distribution on metallurgical performance as a function of grind size.The ore end members also vary in hardness and breakage mechanism and have been used to model throughput capability for existing, optimized and retrofit grinding circuits. This modeling has provided a range of expected throughputs as the relative proportions of each end member varies.Finally, the differing grinding requirement per end member has led to the development of grinding and flotation strategy that increases rougher flotation recovery and provides flowsheet options for a concentrator expansion. This leads to further understanding of the plant performance as a function of ore mixture."

Jan 1, 2005

By Tingkan Lu

To understand the reinforcing mechanisms of the fully grouted resin bolt and clarify its performance in weak roof strata, the field monitoring investigation using instrumented bolts has been conducted in a coal mine. The total time of monitoring was around ten months. In the first 8 month period, the rock bolt performance relates to the initial development of the gateroad and subsequent time dependent strata response. After 8 months, the rock bolt performance relates to the effect of the approaching longwall mining operation, up to the point where the measuring station was destroyed due to the mining operation.

Jan 1, 1998

By Oliver Finn

Gold dredging has made such rapid strides of late and there is such a widespread interest in this branch of mining that I venture to contribute a detailed account of the way in which a Keystone driller was used by me in California to loosen, by blasting, a very tight gravel deposit, preparatory to dredging. There is a great difference between “cemented gravel” and “tight gravel.” A truly cemented gravel is not a dredging proposition, while the tightest possible gravel, where there is no cement, can be made easy working by the following method of blasting:

Jan 1, 2008

By Anastasia M. Suchowerska

The design of effective ground support requires a sound understanding of the pre-mining state of stress in the stratum to be mined. Irregularities in the stress field encountered during multiseam mining are governed primarily by the previous mining in the surrounding strata. The aim of this study is to quantify the effects of rock mass transverse isotropy on the vertical stress redistribution in the rock strata beneath supercritical longwall panels. Wilson?s equations for determining the stress distribution induced in and beyond a single longwall panel after it has been mined have been adopted, and a plane strain finite element analysis of an elastic medium, together with the stress changes predicted by Wilson, was used to calculate the final pre-mining stresses in the underlying strata. Values of the independent shear modulus (G¢) of the rock strata, ranging from 0.1 to 1 times the isotropic shear modulus (Giso) in the plane of the strata, and a Poisson?s ratio (?) of 0.25 have been investigated. The key finding of this study is that the predicted magnitude of vertical stress in the transversely isotropic strata beneath a mined supercritical longwall panel is larger and changes more quickly with horizontal distance than is the case for an isotropic rock mass. This finding is of significance for the design of ground support measures in multi-seam mining operations.

Jan 1, 2012

By A. E. Chute

The shortage of sulfur is not only continuing but appears to be worsening, attended by steadily rising prices. At the same time emphasis on air-pollution abatement is also increasing. These two factors, a rising market and the growth of environmental attention, have encouraged producers to carefully review all possible sulfur sources. As a result, production of sulfur from hydrogen sulfide occurring in petroleum is receiving greater attention than ever before. Until about a decade ago, the practice of recovering sulfur from hydrogen sulfide separated from gases (either found naturally or generated in desulfurization of liquid petroleum) was wide1y recognized but contributed little to total free-world sulfur production. However, during the past ten years, the production of sulfur from this source has increased so rapidly that it now accounts for a substantial portion of total production. This trend shows no signs of slackening, and current forecasts predict that recovered sulfur may become the dominant source of supply within ten years, exceeding mined sulfur production. This paper is intended to list sulfur sources and relationships, and to discuss the potential of producing sulfur from petroleum. The processing involved, in addition to product storage and transportation will also be discussed along with important economic aspects of sulfur recovered from hydrogen sulfide. For many years, most of the world's elemental sulfur has been produced from salt domes, predominantly by the Frasch process. During the past decade, however, another production source has developed so quickly that it is expected to surpass the Frasch production sources within a short time. This new source lies in the petroleum gases and liquids from which dramatically increasing quantities of elemental sulfur are being recovered. In the phraseology of the trade, the sulfur so obtained is know as "recovered sulfur," a term which does not, as one might expect, include sulfur recovered from other sources such as smelter gases. The growth rate of recovered sulfur compared to that of Frasch sulfur, total elemental sulfur, and total Free World sulfur in all forms is shown in Fig. 1 Since 1963, sulfur consumption has exceeded production,with the natural result that the price of sulfurhas continually increased. The posted price reported for f.o.b. Port Sulphur, La., has risen from as low as $18 per ton in 1962 to $32.50 per ton in mid-1967. With freight and other charges, delivered prices have of course run much higher, amounting to $45 or $46 per ton on the east and west coasts. In some cases, spot sales for as much as $60 have been reported. Although it is playing an ever-increasing role in the sulfur market, recovered sulfur was originally a by-product of the removal of hydrogen sulfide from natural and petroleum refinery gases. Today, however, it is often the most valuable product of a multi-product processing facility. Since there are two major sources of recovered sulfur—production and refining processes —natural gas is included with liquid petroleum for purposes of this discussion. Sulfur from these sources is produced in the form of gaseous hydrogen sulfide which is removed from a gas stream and converted to elemental sulfur. Gases in which hydrogen sulfide occurs naturally are natural gas and the gas produced from a high=pres-sure crude=oil or condensate field.

Jan 1, 1969

By M. Martins

This work presents and discusses the influence of the surface tension (gLV) of methanol/water mixtures on the flotation response of apatite versus gangue minerals conditioned with flotation reagents (75 g/t cornstarch and 100 g/t Berol 867) at pH 10.6. Berol 867 is a collector composed of sodium alkyl sarcosinate plus nonionic surfactant. The highest Schulz efficiency of separation (recovery of apatite minus recovery of gangue) was achieved at ?51.0 mN/m. The critical surface tension of wettability (gC) of apatite was found to occur at 34.7 mN/m when determined by means of gamma flotation experiments, and it was 33.9 mN/m when determined by Zisman?s approach.

Jan 1, 2009

By J. M. Pei

In this paper, the nonlinear finite element analysis is used to study the support system of a tunnel which is designed to pass through deep-embeded stratum. The rock mass is rather intact, though a section of tunnel will pass through the weak belt. Under the influence of the high ground stress, the condition of stability and the form of support become complicate. This paper, talcing into account the nonlinear properties of rock mass and the Interaction between rock, and support, makes a comparison between the two kinds of soft and rigid support systems, and analysed the changes of their bearing forces.

Jan 1, 2010

By John B. Tieder

Arbitration is a legally recognized alternate litigation for the resolution of civil disputes. The parties agree, either before or after a dispute arises, to submit that dispute to an independent third party for resolution. The decision of that third party is binding on the parties. A decision of an arbitral tribunal, typically referred to as an "award," cannot be reviewed by a court except on very limited grounds, such as fraud. See, e.g., Va. Code 8.01-581.010. Indeed, an arbitral award is typically less subject to judicial review than the decision of a trial court, whose decisions are almost always subject to appellate review as a matter of right. Arbitration is typically the result of a contractual agreement between the parties to submit disputes to arbitration. On occasion, arbitration can be required by statute. For example, the California Department of Transportation requires the arbitration of all disputes arising under its contracts. Public Contract Code, Article 7.1 (§§10240-10240.13). There may be a question whether statutorily required arbitration is truly arbitration or an administrative law disputes resolution procedure. The significance of the difference is that the decisions of administrative law bodies are typically reviewable by a court of law as a matter of right while, as set forth above, arbitral awards are almost never reviewable.

Jan 1, 1988

By Pietro Navarra

A great deal of effort has been expended on how to optimize conventional water cooling circuits in furnace cooling elements, and the results have been largely satisfactory. However, there is a general agreement that the proximity of high-pressure water passages to the flow of molten furnace products is a safety concern. Nonetheless there exists little alternative to the formula: increasing furnace integrity implies the incorporation of more extensive forced-convection water cooling systems. Recent developments in evaporative cooling technology have resulted in the development of a high-capacity heat pipe capable of operating under the thermally intense environments of a metallurgical furnace. The system functions using several kg of a working fluid (water) in total, has no moving parts, and allows for a significant reduction in cooling water requirements. Full-scale pilot tests of a copper tap hole and slag launder were done in 2003 and2005, with detailed results given in this paper.

Jan 1, 2006

The simple act of taking a sample implies that someone will use the information contained in the analytical result to make a decision about a course of action. In the mining industry, the decisions may involve huge capital commitments for opening or closing a mine, or marginal tactical costs that involve deciding if a truckload of mineralized rock should be sent to the mill for processing, or the waste dump. Sampling is among the most fundamental activities in a mining operation, and this paper aims to examine some of the technical issues that can assist in ensuring that samples are representative and correct. Insights into the scale of variability require that we disaggregate sampling variance into its component parts and evaluate each one individually. The work of Pierre Gy in understanding the different sampling errors is the first step in establishing an optimal protocol. This must be followed by the appropriate measures to ensure the protocol is implemented such that minimal bias is introduced in the sampling process. Even with these insights the possibility exists for large unseen and hidden costs can accumulate in a mineral development because of sampling errors. These hidden costs arise due to misunderstanding of the principle factors that affect the size of sampling errors, such as the mass of the sample, the effects of splitting a sample to reduce the mass, and the influence of the nominal particle size. The handling of sample material without due regard to the sampling characteristics of the material being sampled is also a major source of sampling errors. The most significant problem is due to the influence of the so-called volume-variance effect. This effect is a consequence of the support effect and the information effect both of which relate to the difference in size at which samples are collected and mining blocks are extracted. The information effect is a function of the availability of data at the time that decisions are made about the destinations of mineralized rock, namely the mill or the waste dump. Implementation of appropriate sampling protocols in the mineral value chain remains a challenge throughout the industry. The growing understanding and deepening appreciation of sampling theory and methods means we stand on the threshold of a new era for implementing and understanding appropriate sampling procedures and protocols. In the interests of optimal development of the national patrimony it is suggested that standardization through the identification of structural problems and continuous improvement of mining processes be instituted at a national level.

Jan 1, 2007

By L McCracken

Up until 1990 CoalCorp North Island's accident record was six times that considered acceptable in those NSW operations with good accident prevention programmes. This was an obvious avoidable burden on the company in both human and cost terms.   Late in 1989 an accident prevention programme was implemented with the objective of achieving a 50 per cent reduction in the lost time accident frequency rate within 12 months. The key to achieving this objective was recognised as being an attitude change in the total workforce from General Manager downward. Management commitment and action were seen to be critical to the success of the programme.   Through very basic and simple training programmes in accident investigation, analysis and reporting, communication, on-the-job coaching and in focusing on improving supervision skills, the original objective was achieved.   During 1991 the application of methods improvement and hazard recognition techniques are seen as the logical step to achieving a further 50 per cent reduction in the accident frequency rate.

Jan 1, 1991

By J. Riss, S. Gentier, A. Marache

The study of the hydromechanical behaviour of fractured rock masses requires a detailed knowledge of the isolated fractures. The aim of the paper is the simulation of the evolution of the void space, located between both walls of a fracture, during a shear test under constant normal stress. Results of the mechanical simulation model are first validated then analyzed in detail. We observe that, during the shear process, there is an opening of the fracture with the creation of preferential channels. These channels are determined at the early phase of the shear process (pre-peak phase), and we observe during the post-peak phase that void areas increase in size rather than the creation of new apertures. Die Untersuchung des hydromechanischen Verhaltens eines zerlegten Felsmassivs erfordert genaue Kenntnisse der einzelnen Spalten. Ziel dieses Artikels ist die Simulation der Evolution des Hohlraumes zwischen den beiden Wänden eines Spaltes während eines Abscherungsexperimentes unter konstantem senkrechtem Druck. Die Ergebnisse der Modellierung werden zunächst mit dem Abscherungsexperiment verglichen und dann im Einzelnen ausführlich analysiert. Während des Abscherungsprozesses tritt eine Öffnung des Spaltes auf, die die Bildung von bevorzugten Fliesswegen fördert. Diese Kanäle werden bereits in einer frühen Phase des Abscherungsprozesses (pre-peak Phase) festgelegt. In der post-peak Phase tritt dann eher eine Vergrößerung dieser Kanäle, als die Bildung neuer Hohlräume auf. L’étude du comportement hydromécanique d’un massif rocheux fracturé ne peut se faire sans une connaissance approfondie des fractures le constituant. L’étude présentée dans cet article concerne la simulation de l’évolution de l’espace des vides présent entre les deux épontes d’une fracture au cours d’un essai de cisaillement à contrainte normale constante. Les résultats du modèle sont tout d’abord validés puis analysés en détail. On constate que, au cours du cisaillement, il apparaît une ouverture de la fracture permettant la création de chenaux préférentiels. Ces derniers sont déterminés très tôt dans le cisaillement (phase pré-pic), et on observe dans la phase post-pic davantage un accroissement de la taille des chenaux plutôt que la formation de nouvelles zones de vides.

Jan 1, 2003

By Valentín Pamo

El presente trabajo describe los procesos y equipos que permiten la extracción de metales preciosos de la refinería de Ilo en condiciones agresivas, obligando a investigar materiales resistentes a la corrosión. Asimismo, se presentan alternativas que aseguren la continuidad de las operaciones en el proceso productivo de dicha refinería.

Sep 9, 2007

By M. Ayhan

Drums of a modern longwall shearer are manufactured to include various constructional features conveying extracted material onto the face conveyor as efficiently as possible. Designing a drum with a conical shell or with reduced vane length, consequently with a stepper vane angle, is the most widely employed method in an attempt to increase loading efficiency. This study compares loading performances of two such drums, one having a conical shell with modified loading vanes, the other with a cylindrical shell with reduced vane length. Firstly, the loading performances of drums are predicted and the maximum haulage rate attainable with the drums are calculated. Then the performances of drum are compared by long-term comprehensive underground trials with coal shearers under similar conditions during the production operation of Park Termik Cayirhan coalmine in Turkey. Although higher loading performance is predicted for cylindrical drums, the in situ trials point out that Globoid drums have a slightly higher loading performance than cylindrical drums. Furthermore, the relationship between operational variables, i.e. extraction height, sumping depth, haulage rate and in situ loading performance, were investigated statistically on the basis of data gathered during the underground trials. Keywords: longwall mining, shearer drums, loading performance.

Jan 1, 2006

By R Dwyer, S Rea, W J. Bruckard, N McSweeney, R Holmes

"The innate ability of microorganisms to adapt to changing or inhospitable environments has often been exploited for industrial purposes and forms the basis of many current biotechnological processes. The ability of bacteria to adapt and adhere to specific mineral surfaces ensures that the energetic or nutritional requirements of the cell are met and often serves as a survival mechanism under unfavourable?growth conditions or conditions of stress. In this process, cells may rearrange or modify the macromolecules expressed on the cell surface itself or produce extracellular molecules, modifying mineral surfaces to render them more suitable for growth. The modifications that these molecules produce on mineral surfaces may result in changes to the surface charge and hydrophobicity of a mineral. As a result, these biomolecules may have some potential application as flotation collectors or modifiers.In this work, the effect of long-term exposure of Paenibacillus taiwanensis to goethite and common gangue minerals associated with Australian iron ores on the differential expression of membrane and extracellular proteins was determined. Both groups of proteins play a role in cell adherence to mineral particles. Cells were adapted to grow in the presence of each mineral over time. The proteins expressed on the cell membrane and the extracellular proteins excreted by the cell were isolated and analysed by two-dimensional polyacrylamide gel electrophoresis (2D gel PAGE). The outcomes of these studies are presented here and potential application of these products for flotation discussed.CITATION:Dwyer, R, Rea, S, McSweeney, N, Bruckard, W J and Holmes, R, 2013. Microbes and their metabolites - potential iron ore flotation reagents, in Proceedings Iron Ore 2013, pp 369-372 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Aug 12, 2013

By B. G. D. Smart

An understanding of the nature of yield zones surrounding coal mine excavations is fundamental to the design of mine support systems. Various methods have been designed for investigation of underground rock masses and an extensometric technique, the Magnetic Rod Extensometer, has been developed to overcome inherent design limitations in existing equipment of this type. This paper refers to the prototype form of the extensometer and details changes designed to overcome a variety of drawbacks indicated by routine use of the equipment. The principal change has been one of manual to computerised data acquisition and presentation in the laboratory phase of the system. This has dramatically reduced the time taken to process underground measurements and produce numerical and graphical results. The revised Magnetic Rod Extensometer represents an integrated instrumentation system that combines speed and accuracy in all areas of data handling.

Jan 1, 1984