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By C. Nangolo

Mineral commodity prices comprise one of the key criteria in the selection of mining stocks. We contend that of the three principal elements of mineral commodity prices, spot price, forward price and long-term price, one has a greater impact on the share valuation processes used by investors. This research paper examines the extent to which each of these elements influences the valuation process. The intention is to provide investors in mining stocks with a greater understanding of how fluctuations of commodity prices over time affect the prices of the mining stocks they hold, or intend to sell or buy. Three mineral commodities, gold, silver, and copper, were used as case studies, since market data on these commodities is readily available in the public domain. Nine market indices covering all three mineral commodities were selected. These are based on clearly defined criteria with the intention of eliminating ambiguity and to test for correlation with the three sets of mineral commodity prices. Nine mining companies, which were not the primary drivers of the relevant indices employed in the study, were used to validate the results obtained from the indices in order to avoid duplication of the same correlation during cross-checking. Each commodity price was adjusted for operating costs. For each market index, an average operating cost was calculated from the companies comprising its basket, while each company?s annual operating costs were used for the stocks of the individual companies examined. The data was collected for the period January 2004 to October 2010. This period was further split up into three sub-periods to account for the Global Financial Crisis (GFC) period that started in mid-2008. We conclude that mining stock prices are correlated with mineral commodity prices, but with spot and forward prices exhibiting stronger correlations than long-term price. This finding should be useful for evaluation purposes. Where cash flow methodologies such as discounted cash flow or earnings per share are used to value ordinary shares and commodity prices are required to estimate future cash flows, the findings suggest that spot prices should be used as opposed to long-term prices. The work reported in this paper is part of a current MSc research study at the University of the Witwatersrand.

Jan 1, 2011

By J. Levin, I. J. Corrans

Wet high-intensity magnetic separation (WHIMS) for the concentration of gold and uranium was tested on many Witwatersrand cyanidation residues, and on some ores and flotation tailings. The results varied, but many indicated recoveries of over 60 per cent of the gold and uranium. The main source of loss is the inefficiency of WHIMS for material of smaller particle size than 20fLm. The recoveries in the continuous tests were lower than those in the batch tests. The continuous tests indicated an operational difficulty that could be experienced in practice, namely the tendency for wood chips and ferromagnetic particles to block the matrix of the separator. It was decided that a solution to the problem lies in the modification of the separator to allow continuous removal of the matrix for cleaning. A system has been developed for this purpose and is being demonstrated on a pilot-plant scale. Promising results were obtained in tests on a process that combines a coarse grind, gravity concentration, and WHIMS. In the gravity-concentration step, considerable recoveries, generally over SO per cent, of high-grade pyrite. were obtained, together with high recoveries of gold and moderate, but possibly important, recoveries of uranium. A simple model describing the operation of the WHIMS machine in terms of the operating parameters is described. This should reduce the amount of empirical test work required for the optimization of operating conditions and should provide a basis for scale-up calculations. The economics of the WHIMS process is discussed.

Jan 1, 1979

By H. F. Fuls

Skorpion Zinc, an integrated zinc mine and refinery located in the south of Namibia, has a production capacity of 150 000 t/a of special high grade (SHG) zinc. The Skorpion zinc oxide resource will be depleted by 2017. Extensive exploration drilling for additional zinc oxides was conducted without success. With the abundant availability of zinc sulphide concentrates regionally (Black Mountain and Gamsberg in the Northern Cape or Rosh Pinah Zinc and new deposits in the Rosh Pinah region) the life of the operation can be extended by processing of zinc sulphide concentrates. The leach kinetics of zinc sulphides is vastly slower than for oxides, preventing the processing of zinc sulphides in the existing process under current conditions, and Skorpion Zinc faces the challenge to identify a suitable zinc sulphide treatment process that can be integrated with the existing plant. Various zinc sulphide processing options were identified through an extensive literature search and non-viable options were eliminated. Mass and energy balances were established for potential options and an economic evaluation (including capital and operating cost estimation) was conducted to identify a suitable process. It is concluded that ferric leaching of sphalerite in a sulphate medium under atmospheric or pressure leach conditions are suitable processes for Skorpion Zinc. These processes present advantages over all other zinc processing options when elemental sulphur is preferred as the final deportment for sulphide sulphur. Both these processes can be integrated into the existing refinery and will be able to process concentrates with a wide composition range.

Jan 1, 2013

By C. Birch, M. Katuruza

"The purpose of this study was to demonstrate unmanned aircraft system (UAS) technology in opencast highwall mapping using the experience at Isibonelo Colliery in Mpumalanga Province of South Africa. In opencast mines, geological mapping has evolved over time and there have been challenges in extracting valuable information from exposed highwalls due to restricted access for safety reasons. A UAS was used at Isibonelo Colliery to conduct highwall mapping, using drone-based digital photogrammetry techniques. A demonstration survey was undertaken during February 2018. The highwall flyover demonstration was planned for two areas (North and South pits) where field control points were placed by the mine survey department. A contractor used a DJI Phantom 4 (Pro) for the highwall mapping. Raw data was processed within 48 hours and a 3D model of the mapped pit area was produced. Further data extraction included obtaining updated weathering and lithological contact elevations and thicknesses for use in short-term planning. The results showed a good correlation between the resource model and the UAS data model. The project was considered a success and highwall flyover mapping and is now standard practice at Isibonelo Colliery.IntroductionDetailed geological mapping is crucial to the understanding of the structure of any mineral deposit. Several mapping methods may be applied depending on the available exposure/outcrop and nature of the orebody; for example, coal deposits typically suboutcrop only, therefore an opencut highwall provides the best exposure for mapping the geology. Mapped information, when incorporated into a resource model (generated from exploration borehole data), improves the understanding of the orebody or coal seam. This research paper focused on the use of unmanned aircraft system (UAS) technology for pit highwall mapping to generate data for updating geological models and avail the latest information to mine planning to improve the short-term plans."

Mar 1, 2019

By R. Haldenwang, R. Erasmus, P. T. Slatter, R. P. Chhabra

Notches are used routinely for measuring the flow rate of water with free surface flows. As far as can be ascertained, no work has been done to investigate the performance of these flow rate measurement devices for non-Newtonian suspensions. The Flow Process Research Centre at the Cape Peninsula University of Technology has investigated the flow rate of kaolin and bentonite suspensions from a tank for two notch shapes, namely rectangular and triangular, and for 3 different concentrations of each suspension. The notches were calibrated using water and then the kaolin and bentonite suspensions were tested in them. The rheological characterisation of the fluids was done with a Paar Physica MC-1 rotary viscometer fitted with a cup and roughened bob. Analysis of the results shows a significant increase in discharge coefficient with increase in concentration, and the discharge coefficient has been correlated to the yield stress. This is the first such study, and further investigation is needed to confirm and extend these findings.

Jan 1, 2007

A. Sutherland Brown (ed.). Porphyry deposits of the Canadian Cordillera. The Canadian Institute of Mining and Metallurgy, Special Volume 17, 1976. C. G. Down and J. Stocks. Environmental impact of mining. G. B. Rothenberg. Refractory minerals. Park Ridge (V.S.A.), Noyes Data Corporation, 1976. Geology, mining and extractive processing of uranium. London, Institution of Mining and Metallurgy, 1977.

Jan 1, 1978

By J. C. David, G. Coetzer

The effect of varying aliphatic, olefinic, and aromatic groups in the N- and S-positions of dithiocarbamates was investigated in the selective and bulk flotation of a mixed copper-lead-zinc-iron ore. Selective and bulk flotation were found to be dependent on the type of functional group, as well as on the position of substitution.

Jan 1, 1989

By L. H. W. Walker

As part of an overall design of a computer based mining managerial system, the geological and mineral estates management disciplines find themselves centrally placed in terms of producing fundamental data both before and during the mining operation. Computerisation of all aspects of these fields of endeavour has come to be seen as essential for complete integration with other mining orientated disciplines. Release 1 .l. of the Anglo American system of mineral estates management has been tested and is in the process of being implemented at several Anglo American Gold Division mines.

Jan 1, 1987

By J. J. Taute, N. B. du Preez

"A well-performing solvent-extraction circuit is a key part of producing good quality copper cathode. To ensure consistent operation, a good understanding of the circuit’s operation and an ability to rapidly troubleshoot key parameters is required. This paper briefly discusses the modeling of solventextraction circuits. The paper then goes on to discuss the determination of key performance parameters from plant data and comparing these with the circuit models to quantify circuit performance. The identification and troubleshooting of circuit issues is presented with a worked example. INTRODUCTIONA well-performing solvent-extraction (SX) circuit is a key part of producing good quality copper cathode. To ensure a consistent, high-quality operation, a good understanding of the circuit performance is required. Evaluating the performance of an SX circuit is an extensive topic. The objective of this paper is to focus on the evaluation that the metallurgist should be performing on a regular basis using flow and concentration data. This paper does not cover important topics, such as crud management, phase continuity, or organic management. Some basic SX modeling concepts are first be presented. The calculation of the parameters is then presented with a brief discussion and recommended ranges (where applicable). A worked example is used to provide a basis for further discussion on the evaluation of the calculated parameters and use of data collected.BASIC SOLVENT-EXTRACTION MODELING CONCEPTSThis section presents the basic modeling concepts used in SX simulation packages currently available. SX reagent suppliers have invested significant time and effort into collecting data on the performance of their reagents under different conditions. Based on these data, suppliers have developed packages which they normally make available to their clients for free. These are typically used for process design and plant optimization studies. For example, BASF developed ISOCALCTM and CYTEC Industries developed MINCHEM® and MEUMTM.Chemistry of Copper Solvent ExtractionLiquid–liquid extraction involves the selective transfer of a substance between two immiscible liquid phases by controlling the relative solubility in each phase. In the case of copper SX, the exchange is typically achieved by an oxime-based chelating mechanism. In particular, mixtures of aldoxime and ketoxime are normally used in conjunction with modifiers. More detail on this extensive topic can be found in Schlesinger et al. (2011)."

Jan 1, 2015

By Marthie Kotze, Jacolien Wyethe, Bert Van Hege, Richard Bell

Base metal refinery effluent streams may contain low metal concentrations that cannot be recovered by precipitation. Although the concentration is low, the total mass of unrecovered metal can have significant value because of the volumes of effluent generated. This metal may be recovered with high efficiency using selective ion exchange resins. Three process schemes are considered, viz., fixed bed column ion exchange, continuous countercurrent resin-in pulp, and continuous carousel resin-in-pulp. Each of these has different requirements in terms of equipment, resin inventory, capital and operating costs, and different limitations on feed conditions. Bateman and Mintek recently developed a model which allows an upfront economical evaluation of ion exchange options. The model evaluates the capital and operating costs for each process scheme for various base metals. This provides a general guideline for selecting the appropriate process arrangement for a given process stream.

Jan 1, 2005

By H. M. Dus, D. J. Smith

Resistivity tests indicated that, at temperatures lower than 1450°C, reducing agents alone, as well as burdens consisting of high-carbon ferrochromium and reducing agents, exhibit wide differences in resistivity. These differences are less pronounced at elevated temperatures. The resistivity of a reducing agent and the volume fraction it occupies are important factors controlling the resistivity of burdens of high-carbon ferrochromium. A mathematical model is formulated to describe the dependence of the resistivity of mixtures of conducting and insulating particles on the particle sizes and the volume fraction occupied by the conducting phase. The resistivity of burdens of high-carbon ferrochromium is high if the particle size of the reducing agent is larger than that of the other components of the burden. A number of reducing agents showed small variations in their reactivity towards chromite ore in the solid state. However, with chromite ore in the liquid state, reduction proceeded more rapidly with reducing agents occupying larger volume fractions. During the smelting of manganese ore, high initial rates of reduction were observed for reducing agents that had a high reactivity towards carbon dioxide and a high content of volatile matter, and that occupied a large volume fraction. High liq'uid-state reactivities were observed for reducing agents occupying a large volume fraction and having a Iow degree of graphitization.

Jan 1, 1980

By I. R. M. Chaston

A full and detailed description is given of the dense-medium cyclone plants used in Africa for the recovery of diamonds.

By G. R. Addie

The Hydraulic Institute has completed the task of developing a new ANSI/HI standard 12.1-12.6 (2005) for rotodynamic (centrifugal) slurry pumps covering nomenclature, definitions, applications, and operation. The standard provides examples of the different slurry pump types and contains an extensive section on pump and slurry definitions. The effect of slurry on pump performance is covered along with the pumping of froth. Reference is also made to ANSI/HI standard 9.6.7 (2004), which contains a new method for pump performance correction when handling viscous fluids. Classification of slurry services is established and then is used to determine limitations on velocities and total head per pump in order to obtain acceptable wear performance. The new service class, head per stage and other limits are directly related to capital and other cost considerations that will affect solids transport system economics. The writers review the contents of the new standard, highlight the main points, and discuss the reason for the slurry classification, corresponding limits and expected implications, particularly with respect to operating costs of the pumps in solids transport systems.

Jan 1, 2007

By A E. Paterson

General aluminium corrosion charts based on 1100 alloy listing product and temperature have been developed by AFSA, mainly from available sources. The categories of corrosion expectation are fairly wide. As a result the charts are more useful in indicating what is not suited as distinct from what is. The question of how to develop useful information is assessed. Having discarded improbable options one is left with the need to refine the possible. Within each alloy group corrosion potential differs. From an engineering application point of view, the corrosion resisting marine alloys, the 5xxx series show increasing corrosion as the percentage of Magnesium increases. An important issue is that as the welding filler used for 5xxx series is Mg rich (to avoid hot cracking), the filler is likely to show the weakest resistance. In addition, when subjected to fatigue loading, the preference for critical joints is to dress the joint to the level of the base material. Overheating of the weld extends the HAZ zone and weakens the material as Mg moves to the grain boundaries. Indicator chart refinement approaches suited to aluminium use in commercial transport are discussed.

Jan 1, 2006

By L. S. Belyayeva, A. S. Chumak, N. N. Boyko, A. V. Bondarenko

Analysis of results of many years concerned study of the fire hazard parameters of the material of the mine conveyor belts come in for use at the mines of the Ukraine in 1984-2002 that was carried out in the laboratories of the Scientific-Research Institute of Mine-Rescue Work is adduced in the paper. The basic tendencies on raising the fire safety of the conveyor belts that are retraced in their world production are shown.

Jan 1, 2003

By A. W. Bryson, J. D. le Roux, B. D. Young

Several rate models for the adsorption of gold cyanide from aqueous solution onto activated carbon are given in the literature. The purpose of this study is to critically examine their ability to simulate the adsorption process over a wide range of conditions. An account is given of a comprehensive set of experimental work on the kinetics of gold adsorption onto a coconut shell- based activated carbon. Equilibrium isotherms were also determined. It is concluded that the homogeneous surface-diffusion model fits the experimental data reasonably well and provides a good balance between simplicity and descriptive accuracy. The model contains two parameters: the extra-particle mass-transfer coefficient and an effective intraparticle surface-diffusion coefficient. Both can be evaluated readily from simple adsorption experiments.

Jan 1, 1991

By D. G. Krige

The scope and salient features of a general risk-analysis model for the main types of new mining ventures are covered in brief outline. The following special features and their effects on the investment criteria are discussed: - various criteria for viability, - the maximum shortfall of funds, - correlations between the grades of up to five ore constituents and between the corresponding product prices. differential inflation and escalation rates for costs and prices, - the estimation, if relevant, of a pay limit based either on the major product only, or on the two major products jointly, - the likely recovery grades of all the products to be obtained when the ore-body is mined to any such pay limit. - an option to take account of the effect on the pay limit of any negative taxation on marginal ore, - investment analyses in current and real terms for individual groups of investors subscribing for equity and any loan capital on differential terms.

Jan 1, 1979

By G. R. Addie, A. S. Roudnev

The Hydraulic Institute has completed the task of developing a new ANSI/HI standard 12.1-12.6 (2005) for rotodynamic (centrifugal) slurry pumps covering nomenclature, definitions, applications, and operation. The standard provides examples of the different slurry pump types and contains an extensive section on pump and slurry definitions. The effect of slurry on pump performance is covered along with the pumping of froth. Reference is also made to ANSI/HI standard 9.6.7 (2004), which contains anew method for pump performance correction when handling viscous fluids. Classification of slurry services is established and then is used to determine limitations on velocities and total head per pump in order to obtain acceptable wear performance. The new service class, head per stage and other limits are directly related to capital and other cost considerations that will affect solids transport system economics. The writers review the contents of the new standard, highlight the main points, and discuss the reason for the slurry classification, corresponding limits and expected implications, particularly with respect to operating costs of the pumps in solids transport systems.

Jan 1, 2007

By N. von Stade, G. du Plessis, W. van Niekerk, H. Bosman

Exploration, and other, boreholes are drilled to obtain information about the geological environment. Knowledge of the exact position (dip and direction) of the holes is important to ensure compatibility between the hole and the geological information. Kumba Resources traditionally used mechanical methods to determine the hole characteristics. These are cumbersome and expensive, and as a consequence a new method, the IVEC (Iscor Video Exploration Camera), was developed which utilizes a charged coupled device (CCD) image sensor focused on a three-dimensional compass. This system is rugged, relatively inexpensive and gives real-time results during borehole logging. Keyword: Borehole inclination, deviation, dip and direction, geophysics, exploration.

Sep 1, 2001

A banquet, attended by 467 members and visitors, was held at the Wanderers Club, Johannesburg, at 8 p.m. on Friday, 21st March, 1969, to celebrate the 75th Anniversary of the founding of the Institute. Introduction of Dr Carel de Wet R. C. J. Goode (President) Dames en here: Ons het 'n aantal vooraanstaande gaste in ons midde vanaand en mnr Maxwell sal u later meer van hulle vertel. Dit is my aangename plig om u voor te stel aan sy Edele, die Minister van Mynwese, van Beplanning, en van Gesondheid, Dr de Wet en sy gade, mev de Wet. Sy Edele Dr de Wet het geen bekendstelling nodig nie-alhoewel hy ons minister vir slegs die afgelope twee jaar is, het hy reeds talle funksies van ons Mynbedryf bygewoon en het baie vriende gemaak onder ons. Hy het homself baie bemind onder ons gemaak toe hy Wes-Driefontein onlangs besoek het om hulle ondersteuning en aanmoediging aan te bied in hulle uur van nood. The Honourable Dr de Wet was born in the Free State. He is a grandson of that very famous general Christiaan de Wet, who caused so much pain to the British forces and for so many months so successfully eluded them in the Transvaal and Orange Free State. He was educated at both the Pretoria and Witwatersrand Universities. He first practised medicine at Boksburg and then moved to Vanderbijlpark, so you see he has an early association with gold mining on the Witwatersrand, and in moving to the Vereeniging-Vanderbijlpark district he became closely involved in our coal mining and metallurgical industries. South Africa's first steel was poured from a l0-ton open hearth furnace belonging to the Union Steel Corporation in Vereeniging in 1913. Dr de Wet has been mayor of Vanderbijlpark and for several years has been their member of parliament. More recently, the Honourable Dr de Wet has filled with great honour that most important office of Ambassador for the Republic of South Africa in London. At present he wears two hats, in that he is Minister of Planning and of Health, but more important is his cloak, that of Minister of Mines, which I trust offers him the greatest comfort. To fulfill these three arduous tasks must demand of him a terrific devotion to duty, and in doing this he carries on that loyal tradition of service to his fatherland so evident in his grandfather. Dames en here, dit is vir my 'n groot genoeë om Sy Edele Dr de Wette vra om 'n heildronk in te stel op die Instituut vir Mynwese en Metallurgie. Toast to the Institute of Mining and Metallurgy Dr the Honourable C. de Wet (Minister of Mines): Mr President, ladies and gentlemen, Mr President you have introduced me gracefully to this distinguished company and I am appreciative of your remarks. I am fully conscious of the responsibilities that devolve upon me as Minister of Mines in a country where mining makes so vital a contribution to economic progress and development and has, in fact, laid much of the foundation on which our present proud edifice is built. The achievements of the mining and metallurgical industry in its diversified activities arouse feelings equivalent to paternal pride, but let me speedily add that in considering any family relationship that may exist, the Minister of Mines should not be regarded in the role either of a fairy godmother or an indulgent father.