Search Documents

By D Macdougall, J Otto

The financing of large mining projects in developing countries is often achieved, at least in part, by limited-recourse financing methods. Financing agreements are affected by the basic accord that is struck between the host government and the sponsors of the project. It is concluded that governments and project sponsors should take into account the requirements of lenders when structuring such mineral development agreements to maximise the potential for attracting project financing. Lenders are likely to be most interested in aspects such as fiscal arrangements, calculation of taxable income and general accounting rules, royalties, transferability of payments/dividends overseas, corporate structure and control, staged development, financing, loan support and state guarantees/approvals, political risk, provisions for default, product marketing, settlement of disputes and environmental issues

Aug 1, 1994

By R. F. Balazik

By March 2001, shrinking global markets, reduced consumer spending and declines in domestic manufacturing and industrial output ended the longest economic expansion in US history and pushed the nation’s economy into its first recession in a decade. Aggravated by the terrorist attacks of Sept. 11, the recession led to large reductions in the domestic production of processed mineral materials. Some of the most significant production declines in the US metals industry were registered by aluminum, copper and steel producers. They faced strong foreign competition, higher energy costs and lower prices for their products. However, homebuilding and other domestic construction sectors — major users of nonmetallic mineral products such as cement, brick, glass and stone — remained strong enough to help raise the output of industrial mineral materials slightly above previous year levels. A strong US dollar continued to weaken the competitive stance of US metal and nonmetallic mineral materials companies alike against foreign producers in markets at home and abroad.

Jan 1, 2002

By F. M. Vokes, P. M. Ihlen

Paper presented at Mineralisation in the Caledonides, the Mike Gallagher memorial meeting held in Edinburgh, 27-28 June 1996. Ore deposition was related to three major stages: continental rifting and separation (Vendian-Late Cambrian), convergence (Late Cambrian-Early Silurian) and collision (Early Silurian-Devonian). The first stage included deposition of volcanogenic massive sulphide Zn-Cu and stratabound or stratiform Fe and Zn-Pb(-Cu) on continental margins, as well as less economic Nb and Fe in carbonatites, U, Mo, Ni and V in Alum Shales and orthomagmatic Cr, Fe-Ti and Ni(-Cu). The numerous volcanogenic massive sulphides formed during convergence included Early Ordovician Cu-Zn, mature-arc Cu, Zn, Pb and Fe-oxide deposits, Besshi-type deposits dominated by Cu or Zn in gabbro-intruded sediments and minor Cu-Ni(-PGE), Cu-Mo and skarn deposits. The collisional stage is represented by epigenetic deposits including sandstone Pb deposits (Pb, Zn, Ba, F and Cu) and minor vein deposits with variable Au, Ag, Pb, Cu, Zn, Fe, As, Sb, W and Mo

Jun 19, 1905

This paper reviews the history of refractory materials, highlights the development of refractory technology over the years, draws attention to the technology behind these materials, and comments on future developments in this field. By walking the path with refractory materials, from their initial uses in BC times, to the composite materials that are used nowadays, and the nanotechnology developments that are currently taking place in this field, the reader will come to agree that refractory materials are indeed very ?cool?! Keywords: refractory materials; bricks; monolithic materials.

Jan 1, 2008

By Reynold Q. Shotts

A study was made of the coal resources of an area in Jackson County, Ala., forming a part of the Flat Rock, Henegar, and Stevenson quadrangles. The area studied is a portion of the Plateau coalfield on Sand Mountain and is near the Tennessee Valley Authority's Widows Creek steamplant. Since no detailed geological study of this area had been published, some reconnaissance work was done. The coalbeds and adjacent strata such as sandstones, conglomeratic sandstones, and conglomerates were studied. Available drill logs, together with the areal geology, provided sufficient information to permit correlation of the coalbeds and an estimation of coal reserves. For all categories of reserves, computed on a regional basis, a total of 72,920,000 tons of coal more than 14 inches thick is estimated for the areas studied in Stevenson. Flat Rock, and Henegar quadrangles. Of this tonnage, 40,001.000 tons is estimated to have less than 60 feet of overburden. The total measured coal reserves for the above three quadrangles are 16,359,000 tons, with 12,471,000 tons under less than 60 feet of cover.

Jan 1, 1966

By J. W. van der Merwe, A. Palazzo

"Owing to the corrosiveness of the untreated brackish cooling water typically used for steel mills (and other environments), it is important to treat the water and monitor corrosion in such systems. Generally, corrosion rates are monitored with corrosion probes inserted into a pipeline or vessel. This has been standard practice for many years, and is widely accepted in industry. Typically, two kinds of probes are used - electrical resistance and linear polarization resistance (LPR) probes.In this study, the effectiveness and accuracy of the LPR technique was evaluated by comparing the electrochemical measurements with the results of mass loss tests using corrosion coupons. The corrosivity of the environment, a synthetic brackish water, was varied by varying the calcium hardness and alkalinity, and to simulate actual plant conditions temperatures of 35°C and 45°C were used. In addition to the corrosion rate measurements, the iron concentration was measured, as well as the imbalance from the probe.The corrosion rates obtained by LPR were from 57% lower to 385%higher than those from the immersion tests. Most probe measurements were higher than the immersion results, and 50% of the probe results were50% or more higher than the immersion results. The best correspondence between the two methods was obtained at low calcium levels, except for one measurement that was 93% higher than the coupon results. There was no clear correlation between parameters such as temperature and total alkalinity and the difference between the results. It would therefore appear that LPR measurements can differ significantly from immersion results, and LPR results should therefore be used with caution in industrial applications."

Jan 1, 2015

Delhi Australian Petroleum Ltd., acting as operator for the joint interests of Delhi and Santos Ltd., has been engaged in petroleum exploration in the western Great Artesian Basin since 1958.Extensive airborne magnetometer, gravity meter, reflection and refraction seisomograph, and surface geological surveys have been carried out. Results of the surveys have considerably altered the concepts of the geology of the area.Seven exploratory wells have been drilled in the area. Results of the drilling have established the presence in the subsurface of previously unknown Paleozoic sediments which are capable of generating hydrocarbons.Production of oil or gas has not been achieved, but each phase of the exploration programme has resulted in progressively establishing the basic conditions necessary for the discovery of commercially profitable accumulations.INTRODUCTIONDelhi Australian Petroleum Ltd. commenced operations in Australia in 1958. They have subsequently been engaged in systematic exploration for oil and gas, acting as operator for their partner, Santos Limited. The methods and techniques employed are those used throughout the petroleum industry. The results of the exploration programme contribute to a better understanding of the basic geology, and concomitantly a firmer analysis of the petroleum producing potential, of the western Great Artesian Basin.Each phase has progressively enhanced the gross geological interpretation of the area with regard to favourable conditions for the generation and accumulation of hydrocarbons, but the stage has not been reached where productive potential is definitely established.Exploration status in 1958Basin configurationIn 1958 knowledge of the pre-Jurassic stratigraphy of the geographically defined western Great Artesian Basin...

Jan 1, 1964

By E. Marcoux, F. Lotfi, A. Belkabir, L. Maacha, A. C. Brown, S. Brunet

"Koudiat Aïcha is a small Zn-Pb-Cu deposit, enclosed in the Visean Sarhlef volcano-sedimentary series of the Moroccan Hercynian Jebilet massif. Base metal mineralization is located between a basal unit consisting of black argillite with arenite intercalations, and an upper unit composed of black argillite with locally fossiliferous calcareous units towards the top. Paraconcordant gabbro sills are present in both the upper and basal units, and the enclosing strata. Three successive phases of deformation linked to regional deformation overprint the volcano-sedimentary rocks and gabbros, as well as the sulfide mineralization.The mineral deposit includes several lenses of massive to semimassive pyrrhotite, 1 to 20 m thick, with a large halo of disseminated sulfide veinlets and sulfide nodules within a zone of intense chlorite alteration in the footwall. The ore mineralogy consists of massive to semimassive pyrrhotite with lesser amounts of sphalerite, chalcopyrite, arsenopyrite, galena, pyrite, and stannite.Lead isotope results (206Pb/204Pb averaging 18.27) suggest that the metals of the Koudiat Aïcha deposit are derived from the volcano-sedimentary host rocks. Sulfur isotopes also indicate a volcano-sedimentary origin, with bacterial reduction of sulfate (d34SCDT = -7.5‰ to -10.5‰). The conditions for sulfide meta-morphic equilibration range from 250° to 330°C (sphalerite and chlorite geothermometers). The gabbroic sills could have been a local heat source for hydrothermal circulation. Based on these geological and mineralogical features, a Besshi-type model seems appropriate for the genesis of the Koudiat Aïcha mineralization.Koudiat Aïcha est un petit dépôt de Zn-Pb-Cu, encaissé dans la série volcano-sédimentaire Viséenne de Sarhlef dans le massif Hercynien de Jebilet au Maroc. La minéralisation en métaux usuels se situe entre une unité basale d’argilite noire interlitée d’arénite et une unité supérieure composée d’argilite noire comprenant localement des calcaires fossilifères près de son sommet. Des sills de gabbro paraconcordants sont présent à la fois dans les unités basale et supérieure, ainsi que dans les strates environnantes. Trois phases de déformation successives associées a la déformation régionale superposent leurs effets sur les roches volcano-sédimentaires, les gabbros, ainsi que la minéralisation sulfurée. Ce gîte comprend plusieurs lentilles de pyrrhotite massive a semimassive de 1 a 20 m d’épaisseur au sein d’un large halo de veinules de sulfures disséminés et en nodules au sein d’une zone intensément chloritisée dans le mur du gisement. Le minerai consiste en pyrrhotite massive à semimassive avec des quantités subordonnées de sphalérite, de chalcopyrite, d’arsénopyrite, de galène, de pyrite, et de stannite. Les résultats de l’analyse des isotopes du plomb (206Pb/204Pb moyen de 18.27) suggèrent que les métaux du gîte Koudiat Aïcha proviennent des roches volcano-sédimentaires encaissantes. Les isotopes du souf¬fre indiquent eux-aussi une origine volcano-sédimentaire, impliquant la réduction bactérienne des sulfates (d34SCDT = -7.5‰ et -10.5‰). L’équilibration métamorphique des sulfures s’est produite entre 250° et 330°C (géothermomètres à sphalérite et chlorite). Les sills de gabbro pourraient avoir été la source de chaleur locale responsable de la circulation hydrothermale. Sur la base de ces caractéristiques géologiques et minéralogiques, il semble approprié d’invoquer un modèle de type pour Besshi pour expliquer la genèse de la minéralisation de Koudiat Aïcha."

Jan 1, 2008

By M. Seeger

The demographics and the growing numbers of people provide a strong signal that the demand for electrical power in Southern Africa will grow considerably over the foreseeable future. Without a steady and increasing supply of electricity development of the continent is likely to be constrained. The inventory of solar, wind, hydrothermal, geothermal and biomass resources will probably provide sources of energy for the future The parallels between extraction of natural resources in the minerals industry and the green energy industry is striking, and the well-established project development process in the minerals industry provides an ideal and useful template for comparing the establishment and development of green energy projects. The potential levels of power generation and carbon savings are described.

Jan 1, 2010

By Frank B. Fulkerson

Of the about 60 million pounds of aluminum used in the Pacific Northwest in 1960, 40 million pounds or two-thirds was used by 10 companies. One of these companies made airplanes and missiles; one manufactured roofing, siding, and tubing; three produced truck tractors, truck bodies, or truck trailers; two made architectural metal products; one made irrigation and industrial products; one was a general foundry; and one was a shipyard. These companies contributed to regional growth by developing markets outside the area; some have worldwide sales. Aluminum consumption increased at an average rate of 7 percent annually from 1954 to 1960. Airplane manufacture, formerly preeminent in aluminum use, no longer was in first place in 1960. By industrial group, the leading users were manufacturers of building products, 30 percent; airplanes and missiles, 22 percent; truck tractors, truck bodies, and truck trailers; 17 percent; general foundries, 5 percent; ships and boats, 4 percent; mobile homes, 4 percent; other transportation equipment, 3 percent; and irrigation equipment and all other products, 15 percent.

Jan 1, 1962

By Mary Ellen Bruce Large, Antonio Marinucci, Silas C. Nichols

Tip post-grouting of bored pile (drilled shaft) foundations refers to a method where cementitious grout is injected beneath the tip of a shaft to improve the overall performance of the constructed foundation. This technique, when performed satisfactorily and in the appropriate ground conditions, enhances axial load-displacement performance by improving the mobilization of pile’s resistance. Potential benefits associated with tip post-grouting include reduced settlement under loading, better alignment of load transfer curves, and improved ground beneath the base of the bored pile. However, to be able to realize the benefits attributed to this method, the design, construction, of both the bored pile and the post-grouting system must meet a minimum level for quality assurance. The various factors affecting the successful installation and performance of a bored pile (e.g., workmanship, base cleanliness, borehole integrity, and concrete placement) have been discussed by numerous practitioners and researchers in the available technical literature. For a conventional (i.e., ungrouted) bored pile, acceptance is based on a combination of visual inspection, material testing, and the results of integrity and/or performance testing of the constructed pile. A properly executed tip post-grouting program can be a relatively comprehensive and complex process, which is typically evaluated throughout the construction process based on the results of prior projects and/or on test pile(s) at the particular site. For tip post- grouting programs, verification procedures and acceptance criteria should be established during and incorporated into the design process to ensure design intent and objectives are achieved. Project specifications should be produced to ensure performance requirements are achieved. This paper will present and discuss factors affecting the successful execution of tip post-grouting, including grouting criteria, instrumentation, reliability and uncertainty with the method and outcome, and verification and acceptance. INTRODUCTION Constructing bored piles (drilled shafts) is increasingly more challenging given the lack of ideal site locations, tight project site confines, difficult or restricted access, greater demands on drilling equipment, and close proximity to adjacent structures. To evaluate the feasibility of bored piles as an appropriate foundation system, a myriad of factors is evaluated during design, including site conditions and constraints, budgeting and scheduling, reliability and risk exposure, presence of and depth to adequate load bearing soils/rock, and the magnitude of the imposed loading. Moreover, updated design codes increased load demand per element, and improved material strengths have led to more complex foundation designs, larger foundation elements, and significant increases in load magnitude. Monopile (monoshaft) foundations have been utilized where one large bored pile is used in lieu of a group of piles connected via a pile cap. In addition, to accommodate the design criteria, site conditions, and imposed loading, the geometry of the bored piles being designed and installed have been as large as 13 feet (4 m) or greater in diameter and to depths in excess of 260 feet (80 m).

Jan 1, 2018

By Bagley A. S

The accuracy and precision of rutile analyses are discussed. Comparison is made between the wet chemical and X-ray fluorescence spectrographic methods of. estimating Ti02 in commercial rutile. Various allotropes of 'I'i02 are identified by diffractometry and a comparative analysis of the coloured varieties of rutile is given. For X-ray fiuorescence . analysis, specimen preparation is critical and sample grinding and pressures. for pellet making are discussed in detail.Cellulose bonded and backed pellets are shown to be subject to relaxation with increasing age.INTRODUCTIONTo date much of the analytical work on commercial samples has been done by wet chemical methods.This led to various discrepancies in results, which are of particular importance when certificates must be issued for overseas shipments. The present work reviews the nature of rutile and compares the results of Ti02 estimation by wet chemical methods and those obtained by X-ray fluorescence spectrographic analysis.In the rutile industry the results from different analysts and even those from the same analyst are not always consistent. To the analytical chemist this should not be surprising.Fairbairn (1951) showed the results obtained from 34 different analysts on a specially prepared sample of granitic rock. It is of some interest to note that the Ti02 content as determined by the 34 analysts using unspecified methods ranged from 0-17 per cent to 0·30 per cent. Fairbairn (1953) found that1. replicate analyses from the same analyst give a high order of precision,2. analyses by different analysts using the same procedures give reasonable precision, and...

Jan 1, 1965

Variations in delay timing can have a marked influence on blasting effectiveness and, hence, on total production costs. In single-row bench blasts, delay firing is invariably more effective than simultaneous initiation. In single-row delayed blasts, there is an optimum inter-hole delay above and below which inferior blasting results are obtained. This optimum delay is equal to the time required for each charge to just effectively detach its quota of the burden. The inter-hole delay should seldom be less than 4 ms.m-l of burden.In multi-row blasts in which holes in a given effective row are fired on the same delay, the entire burden on any effective row should be detached from the rock mass just before charges in the next effeotive row detonate. Delays shorter than this give inferior blasting results and an increased likelihood of environmental and slope stability problems. If the inter-row delay is too long, cut-offs can occur, especially where the delay unit is located outside the blasthole. For a surface delay system, the optimum inter-row delay usually varies between 4 ms.m-l and 8 ms.m-l of effective burden. The number of rows that can be fired effectively with surface delay systems (in a single blast) is limited by the threat of cut-offs. Greater interrow delays and a larger number of rows per blast can be fired to advantage with down-the-hole delay systems.There are practical limits to the timing accuracy of all available delay systems. The existence of delay time variability should be recognized and duly considered in the design of blasts.The relationship between delay timing and blasting vibrations is not discussed.

Jan 1, 1977

By Christian Wawrzyniak

An analysis method for modeling compensation grouting based on the finite element method is presented. By this method the design parameters of compensation grouting, grouting pressure and grouting volume, can be evaluated. Also the subsidence of a building due to tunnel driving as well as the lifting of the building by compensation grouting can be simulated. The stress changes in the tunnel lining and in the foundation of the building are computed as well. The application of the analysis method is demonstrated on two examples for compensation grouting in combination with construction of tunnels.

By R Adofo

Underpinning the mining process is a continuum of prediction, specifically of tonnes, grade and recovery from exploration to grade control, through short-term mine design, to mining and processing. The interdependence of one activity on the other is so strong that it can be difficult to partition the activities and determine where there are issues, if any. Reconciliation is the process that compares the predictions of the various estimates to the actual product produced at the end of the production chain. Quite often, an attempt to understand the variances from one measuring point to the other creates a ‘wicked problem’.This study outlines the benefits of incorporating the principles of ‘systems thinking’ into the mining reconciliation process, by constructing a framework within which reconciliation is effectively managed. The philosophical base for any variances between successive links in the reconciliation chain cannot be attributed purely to the statistical variance between the predicted and the actual grades achieved, but should include the interrelationships between the technical and managerial professionals involved. Systems thinking, as an interdisciplinary approach, draws its ideas and concepts from a variety of disciplines, and in so doing can exploit their different strengths.The study described in this paper offers methodologies to analyse the task, in advance of developing a technical solution. Two systems thinking methodologies, Grounded Theory (GT) and Soft Systems Methodology (SSM) were employed. These methodologies, are geared towards dealing with relationships and interactions between individual parts and the whole. The GT coding in the study specified that the key activity that would drive the reconciliation process is through an effective reconciliation meeting, and the competencies of a ‘reconciliation team member’ This team member should be a good communicator and enjoy challenges, be open-minded and transparent, and have a broad perspective of the mining process and relationships across the different activities.CITATION:Adofo, R, 2017. A systemic approach to managing the Mine to Mill reconciliation process, in Proceedings Tenth International Mining Geology Conference 2017, pp 95–102 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 20, 2017

By Linda L. Chasko, Charles P. Lazzara, Gary Braselton, Ronald S. Conti

Preparedness is an important element of any underground mine's strategic plan in dealing with an unexpected event, such as a fire. A fully implemented fire preparedness and response plan is essential in reducing the probability and seriousness of a mine fire. This report describes the development of an underground coal mine fire preparedness and response checklist (MFPRC). The checklist is a data collection instrument for profiling both the fire prevention and response capabilities of a mine site and usually requires 3 to 4 days to complete. The checklist encompasses conditions, procedures, and equipment that have frequently been identified as the primary or contributing causes of underground coal mine fires. At least 1 day is needed underground to evaluate the water system. This entails measurements of water flows and pressures at fire hydrants, and water throw distances of fire hose and nozzles at several locations (mains and branch lines). A few of the other topics that are discussed with mine personnel include detection and suppression systems, combustible materials, mine rescue and fire brigades, and firefighting equipment. The MFPRC was developed by the National Institute for Occupational Safety and Health (NIOSH),Pittsburgh Research Laboratory. Under a Cooperative Research and Development Agreement (CRADA) with Cyprus Amax, Twenty mile Coal Co. (Oak Creek, CO), the checklist was field tested and further refined. Additional field tests were conducted at several other operating coal mines.

Jan 1, 2000

By Daniel Hauer

Blocking. (5) The “blocking” of boulders is a much cheaper way of breaking them up than “mud capping.” It should always be used in preference to that method except when too much time will be consumed by a crew of men waiting for the drilling to be done, as shown in example of cost No. 1, as given under “mud capping.” Under such circumstances the time consumed would be a greater cost to the contractor than the extra amount of dynamite. Then, too, on large thin boulders to drill one hole would result only in breaking the stone into such pieces as would again have to be broken; and the many holes might equal the cost of extra dynamite. Under such circumstances if method (6) cannot be used, “mud capping” will have to be resorted to, to do the work economically.

Jan 1, 2006

By E. A. van Wyk, M. R. de Villiers

"Mining companies strive to increase and maintain production, while simultaneously remaining competitive in the global economy. Furthermore, they must ensure workers’ safety and maintain good safety records. The use of virtual reality (VR) facilitates the development of tools and systems for various purposes that can improve knowledge and understanding of the work environment. VR is a rapidly growing technology that uses the ever-increasing power of computing to simulate real-world and imaginary environments and situations with a high degree of realism and interaction. The availability of 3D modelling tools and simulation programming engines that work effectively with a mid-range desktop PC and standard 3D graphics card, make VR technology viable and attractive for mainstream training applications. The design, development, and implementation of interactive VR training systems is proposed as an innovative approach to augment safety training. However, in order to assess the impact of such VR training systems it is of particular importance to determine the effectiveness of the design of such systems. This article proposes an evaluation framework for this vital purpose. This framework comprises criteria to assess VR training systems, specifically relating to usability, instructional design, VR systems design, and mining industry context-specific aspects. Although the framework was developed as an evaluation tool to assess effectiveness of the design of such systems, it can equally well be used as a set of design principles to inform the design of VR training systems for mining. IntroductionMining in South Africa has been the main driving force behind the history and development of Africa’s richest and most advanced economy (Coka, 2012). The South African mining industry is frequently criticised for its poor safety record and high fatality rate (Stoddard and Skweyiya, 2016). Inadequate or insufficient training is often cited as a root cause of accidents (Van Wyk and De Villiers, 2009; Tichon and Burgess-Limerick, 2011). Virtual reality (VR) is a rapidly growing technology that utilizes the ever-increasing power of computing to simulate real-world and imaginary environments and situations with a high degree of realism and interaction (Webber-Youngman and Van Wyk, 2013). VR is currently being used or investigated as a training solution in a variety of industries. VR technology has developed rapidly and costs have fallen to levels where it can now be considered for mainstream training applications. The availability of 3D modelling tools and simulation programming engines that work effectively with a mid-range desktop PC and a standard 3D graphics card, make VR even more attractive to mine training centres (Van Wyk and De Villiers, 2009)."

May 1, 2019

By J. C. Borland, J. H. Rogerson

Jan 1, 1963

By Andrew Bamber

Between the early 20th Century and the present, the production of mined copper ore has increased from tens of millions of tonnes per annum to several billion tonnes per annum, an unprecedented increase. Contemporaneously, the average grade of mined copper ore has declined from over 2% to approximately 0.5%. Again, in parallel, the price of copper has increased dramatically to reflect the increasing cost of extracting and beneficiating such large amounts of low-grade ore. Within the period the copper price however exhibited several periods of intense volatility, driven by interrelationships between demand and supply, themselves strongly driven by periodic industry developments in the fields of exploration, ore extraction, mineral processing and extractive metallurgy. It is notable that these periods of intense innovation exhibit a strong correlation to preceding periods of price, demand or production volatility. This paper examines key trends in each theme between 1900 and 2018 and draws strong conclusions as to the interrelationship between them. INTRODUCTION The production of copper metal has increased from around half a million tonnes per annum to over fifteen million tonnes per annum over the course of the 20th Century. Contemporaneously, the average grade of copper ore mined has declined from over 2% to approximately 0.5% copper by weight. As a result, the volume of Run-of-Mine (ROM) copper ore required has increased from around ten million tonnes per annum to over a five billion tonnes per annum over the period, an unprecedented increase. The adage is that demand drives supply, that prices rise in times of high demand and/or short supply, and that prices fall when supply catches up with demand. The market sellers in biblical times knew this well; mediaeval market sellers equally. Dutch tulip sellers in the 1600’s experienced both in extremis — much to their dismay — and the great industrialists and early capitalists of the industrial revolution knew this also. Mining recently went through a cycle where investors and producers both believed that the “old” rules did not apply any more and that the industry was in a “supercycle” where prices would continue to rise on the back of increasing demand. However, as the GFC of 2008–2011 showed, this was not to be. Another adage says that we constantly innovate to lower costs of production. Is this true? Do we only innovate to lower cost? Has the true cost of producing copper actually gone down over the century? Or are there other balancing forces at play? Herb Kellogg, in his Centenary address to the American Institute of Mining Engineers (now SME), categorized two types of innovation: ‘Bigger and Better’, and ‘New Process’ (Kellogg, 1970). ‘Bigger and Better’ allows increased production at presumably lower cost; ‘New Process’ supports the same result at presumably the same scale, but at significantly enhanced efficiencies and (therefore) lower cost. It is suggested that both types of innovation are constantly and interchangeably required to achieve the kind of scale-up, at achievable operating and capital cost that the industry has achieved over the period. What can be shown, over this last Century and a bit, is that supply and demand are indeed inextricably linked, price and demand are linked, but so are price and cost of production. And the innovation required to sustain that weaves in between them all, cost-effectively increasing production capacity or lowering the cost of production at the same throughput, and sometimes both.

Jan 1, 2019