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By Donald A. Ranta

Every mineral project or mine is based on a geologic entity-an ore (mineral) deposit. A well-defined mineral deposit and its associated geologic characteristics are the only aspects of a project that cannot be altered. Mine plans can be modified to exploit the deposit using alternative approaches and yielding similar results. A variety of processing methods also are often available producing generally comparable results. Major modifications can be made to other aspects of the project without substantially changing project economics. However, all engineering and metallurgical aspects of a mine must be accommodated to the spe¬cific location and geologic characteristics of the deposit. Geologic data and interpretations form the foundation for both mine evaluation and mine production by providing esti¬mates of reserves and essential information for mine planning and process design or control. Proper geologic work requires a keen awareness of and an ability to anticipate the technical requirements of geotechnical engineers, hydrologists, mining engineers, metallurgists, and other specialists. Geologists are inte-

Jan 1, 2008

By R Knight

"In project evaluation there are two matters of keen interest to non-executive directors: the process by which an investment recommendation is reached, as well as the investment itself, as presented. It is sometimes mistakenly believed that Boards of directors are interested only in the result. That is not so. The process by which project evaluations are derived and socialised with the Board is as important as the result, sometimes more so.Setting aside the gloomy predictions of the doomsayers and looking through short-term volatility in supply and demand, the overall availability of mineral resources more often than not exceeds demand. There are in reality more development projects in prospect at any one time than are needed to meet the market. Only the fittest will prosper, although some others may survive.Optimism springs eternal in the mining industry and every project promoter, executive or entrepreneur has a convincing project development case. Some will create value for shareholders, but the historical evidence suggests that many will fail to meet the expectations set in their evaluation.Boards of directors make the final decision to invest, or not, in a new mine. Knowledge is power, and on that basis the balance of power favours management. Management has the facts (or in some cases, what passes for fact) and the passion to invest. The non-executives have the power of approval – yes or no – but before making a decision directors must demonstrate due diligence, the essential precursor to project approval.Management has a vital part to play in facilitating that due diligence process and in encouraging the independent thought processes of the Board. A closed approach by management fosters a negative, risk-averse attitude on the part of the Board. One that encourages an understanding of the rigour of the project evaluation process and the robustness of the result will allow directors to understand better the implications of their decision.CITATION:Knight, R, 2016. Project evaluation – a non-executive director’s perspective, in Proceedings Project Evaluation 2016, pp 11–19 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 8, 2016

By Kyle Wightman

INTRODUCTION CRA Limited is the largest mining group in Australia by value of sales and the second largest company in Australia in terms of share market capitalisation. In the past 25 years, CRA, its predecessors and affiliates have been involved in a number of mining and further processing developments in Australia and elsewhere. Many of these have been financed using project financing techniques. These include Comalco's development of the Weipa bauxite deposits in Northern Queensland in the late 1950's, the Hamersley iron ore developments in the Pilbara region of Western Australia in the mid 1960's, the Queensland Alumina Limited alumina refinery in Gladstone, Queensland, at about the same time, and the Bougainville copper project in 1969/70. In the past three years CRA has again utilised project financing techniques to fund its Tarong steaming coal project in Queensland, the Blair Athol steaming coal project also in that State and CRA's interest in the Argyle diamond project in the Kimberley region of Western Austrlia. PROJECT FINANCE DEFINED Nevitt Definition Nevitt's is the most frequently quoted definition - "A financing of a particular economic unit in which a lender is satisfied to look initially to the cash flows and earnings of the economic unit as the source of funds from which a loan will be repaid and to the assets of the economic unit as collateral for the loan." Risk and Balance Sheet Treatment It is important to focus in more detail on two aspects of project financing, risk and balance sheet treatment. The assessment of the various elements of risk in a project and the sharing of that risk between sponsors and lenders is the most critical feature. At one end of the spectrum is full absorption of risk by the sponsor(s). This can be described as "on risk" or "on credit" or "full recourse" to the sponsor(s) and is effectively a corporate financing. At the other end of the spectrum the lenders absorb the whole risk in a non-recourse financing which is "off risk" or "off credit" for the sponsor. The other aspect is the sponsor's balance sheet treatment. If the balance sheet of the economic unit undertaking the project and the financing need not be consolidated into the balance sheet of the sponsor (because ownership does not exceed 50%) then the financing may be described as off-¬balance sheet. If consolidation is required then the financing is described as on-balance sheet. Most project financings involve some recourse to the sponsor, i.e. they are limited recourse. Very few are non-recourse or off credit to the sponsor. Limited recourse financings may be on-balance sheet although many may also be off-balance sheet insofar as consolidation is concerned. However, sponsor support may very well be a contingent liability to the sponsor and require disclosure by way of note to the balance sheet should consolidation not be required. CORPORATE FINANCE CONTRASTED A financing which is on credit or full recourse to the sponsor, whether it is directly borrowed or guaranteed by that sponsor, is a corporate financing. Lenders will tend to base their credit assessment on a historical assessment of the sponsor's activities and its financial results rather than an assessment of the project or a detailed assessment of the future activities and prospects of the sponsor. PROJECT FINANCE - A BORROWER'S PERCEPTION Although CRA could choose to arrange all finance on a corporate basis (except perhaps for the very largest projects or acquisitions), project financing techniques provide a number of specific advantages which CRA has noted and which should be carefully considered by a project sponsor. Advantages

Jan 1, 1985

By Wi11iam I. Rau

In the recent past, there have been numerous projections of the capital requirements for additional mine and processing capacities required to meet projected non-Communist World demand for minerals during the next 15 years. A consensus judgment would place this currently at $14 billion per year, with the largest expenditures required for increases in aluminum and copper production. Until the early 1960's, internally-generated funds were used to finance nearly all of the large mining companies' capital requirements. Since that time, however, the enormous rise in capital costs per ton of capacity, accompanied by a relative stagnation in the financial condition of many of the major mining companies, have caused the industry to begin to rely on external sources for financing expansion, most notably, project financing from commercial banks and institutional lenders. Seven years ago, it was estimated that, in the five-year period 1972-1976,75% of the total capital requirements of $10 billion per year would come from internally-generated funds, with the balance to be provided by external sources. l There is little doubt that, in the coming decade, the percentage provided by external sources will increase. There should be little difficulty in attracting the necessary investment within the U.S., particularly in view of the expected continuation of companies in diverse industries seeking mineral investment opportunities. The more serious question lies in the availability of internal and external sources of funds for the expansion of mine and smelting capacity in the developing countries. Recently, R. F. Mikesell projected an average annual investment of $4.7 billion (in 1977 prices) over the 1977-1990 period would be required from foreign sources to expand metal producing capacity in developing countries. Mikesell concluded that external financing of mining projects in the developing world has averaged less than $1 billion per year over the past five years, thereby requiring more than a quadru1ling of this financing over the next decade.

Jan 1, 1978

By B. Morris

This presentation will describe the process by which the Quebrada Blanca (QB) copper project in northern Chile was financed. It will also show how a relatively junior mining company addressed the problems created by its inability to provide its share of the equity funding and the guarantees required by the project lenders. QB is located in the semi-arid Andean highlands of northern Chile, 170 kilometres southeast of the port of Iquique and 30 kilometres west of the border with Bolivia, at an altitude of about 4,300 metres (14,000 feet). Figure 1 depicts the project's location. The QB orebody is a secondarily enriched porphyry copper deposit containing reserves of 85 million metric tons grading 1.3 percent copper. Underlying the enriched zone is a significant primary ore zone containing several hundred million metric tons grading about 0.5 percent copper. In the late seventies and early eighties Falconbridge and its affiliates spent $20-30 million dollars exploring the deposit and conducting feasibility studies. For a variety of reasons they decided not to develop the property which was returned to its owners, Empresa Nacional de Mineria (ENAMI), which is a Chilean state mining corporation. In 1988 ENAMI announced its intention to privatize the property through a public bidding procedure.

Jan 1, 1993

By Ronald B. Stone

This paper describes a proposed solution to the problem of mining a 315 foot diameter unsupported sphere at a depth of 2700 feet in a salt dome by conventional mining methods. The proposed solution utilizes many of the varied technologies available to the mining engineer for solving mining and underground construction problems. The following are reviewed in the paper: A. The location of the sphere within the dome as required by construction criteria. B. The relation of the location of the access shafts to the sphere. C. The rock mechanics theory in relation to the salt dome and large size of the excavation. D. The proposed "honeycomb" method of mining which will be a partial answer to rock mechanics stability requirements. E. The equipment which it is recommended be utilized to accomplish the construction. F. The rock mechanics measuring instruments proposed. G. The methods of disposal of the mined salt. Conclusions and areas of further study are outlined in the final statement.

Jan 1, 1968

By L Lorenzen, H Muller

"Every year a large number of projects are evaluated by small listed and unlisted mining companies that are hoping to find the ideal project, which will catapult them from a mining junior status to that of a mid-tier mining company. Usually this includes finding the æidealÆ or ærightÆ orebody and then developing a process which will allow cost-effective recovery of the valuable metals and the production of a saleable product. These dreams are seldom realised and there are a number of good and obvious reasons for this. Issues that are generally high up on the agenda for the smaller companies are: cost of developing a project before the feasibility study stage finding a suitable, or optimum processing technology financing of the project dealing with risk.The most expensive part of the development process for the small miner is often the exploration side of the business and finding the æidealÆ orebody. However, finding the right orebody will not be discussed in this paper. The æidealÆ orebody does not necessarily solve the problems of the mining junior, as much of the uncertainty lies in the process required to recover and produce the final metal product. Once a mineralised deposit has been identified and the grade at least reasonably qualified, the development of a suitable process becomes the driver to convert the deposit into an orebody. This paper proposes that a small exploration company has a very limited opportunity to succeed if it does not do sufficient homework before it identifies the æidealÆ orebody. The risk profile for the small mining company, by its very nature, has to be different to that of a major company and as a result the opportunities often lie in managing different and often new process options, which may be the key to bring such projects on line successfully.CITATION:Muller, H and Lorenzen, L, 2012. Project selection and process development for mining juniors, in Proceedings Project Evaluation 2012, pp 149-158 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

May 24, 2012

By Corinne Boone

CO2e.com, LLC - launched in November 2000 - aims to be ?the global hub for carbon commerce.? CO2e.com is a subsidiary of the Cantor Fitzgerald Group, one of the world?s leading brokerage firms Recent Investor in CO2e ? Mitsui & Co. Alliance with Cantor Fitzgerald Environmental Brokerage Services Group (CFEBS) Offices in London, Toronto, Tokyo, New York, San Francisco, Los Angeles, Connecticut, Houston Primary Goals/Benefits of ET § Goals of Emissions Trading: ? Permit Industrial Growth/Expansion ? Promote Economic Efficiency and Flexibility in Meeting Air Pollution Standards § Benefits of Emissions Trading: ? Enhance Air Quality w/o Economic Stagnation ? Encourage Development of New Technology ? Foster Most Efficient Use of a Limited Resource -- Clean Air § Contributes to Sustainable Development and objectives of UNFCCC, Kyoto Protocol?.

Nov 1, 2002

By D. G. Feuerbacher

Maximizing production of oil from sandstone petroleum reservoirs is aided by use of non-damaging drilling and workover/completion fluids. Various tests, such as X-ray diffraction, scanning electron microsccpy, petrographic microscopy, porosity and permeability are conducted on core samples. Several fluids are selected, on the basis of these results, for return permeability tests. A report is then written giving the results of all tests, potential reservoir problems, and recommended practices for exploiting the reservoir.

Jan 1, 1983

By R. E. MacDougall

Very few mineral properties spend their entire lifespans from discovery to depletion in the hands of one owner. More likely, properties will have several owners, and partial interests may change quite often. Similarly, mineral companies are bought and sold with frequency, in recent years at what appears to be an accelerating rate. The reasons for selling a property can be manifold -need for additional capital in other parts of the business, need for development capital, realization of a large gain at a perceived high point in the market, pessimistic commodity outlook, retirement of principals, or resolution of estate problems. Regardless of the reasons for a sale, there are specific steps that logically follow. Spruce up the business, package the information, market the property, negotiate the terms, close the sale, and make sure it stays sold. Adherence to certain very basic ground rules in property sales can maximize the profits and minimize the effort.

Jan 1, 1990

By Williams J. A.

"Changes proposed in 1969 to modernize legislation governing the exploitation of mineral deposits in the United Kingdom serve as the basis for a discussion of what is considered to be a desirable framework for future legislative proposals.Proposals with regard to prospecting and exploration, evaluation, and acquisition and exploitation are considered, as are suggestions relating, inter alia, to aerial surveys and land restoration.It is concluded that without legislation along the lines proposed there can be no significant revival of metal mining in Britain."

Dec 30, 1971

By Jerry G. Rose, Robert C. Howell

This paper addresses a process by which both the disposal and utilization of preparation plant coal refuse can be simultaneously accomplished with an attendant benefit of significantly increasing the percentage of extractable coal. A laboratory study is described in which coal refuse was successfully utilized as an aggregate in low cost concrete (coal-crete) mixes under simulated mine environments. Coal-crete specimens with compressive strengths of 14 000 kPa (2000 psd were consistently produced. A construction sequence and mining plans are offered for placing the low-cost coal-crete pillars in accessible areas in room and-pillar mines so that a substantial portion of the remaining coal pillars could be extracted. The method could be applicable in areas where mining procedures do not permit pillar extraction because of possible surface subsidence, roof problems, or other conditions. Possible structural difficulties with the coal-crete pillar support system are discussed. Using a discounted cash flow analysis, the economic feasibility of mining with the coal-crete pillar system is investigated. The cost of the system is compared to the cost of a mining system which would have less coal recovery. The analysis indicates that although at higher coal selling prices the coal-crete mining system may yield an acceptable rate of return, the alternative of leaving the coal pillars is more attractive at the present time.

Jan 1, 1980

By Jerry G. Rose, Robert C. Howell

This paper addresses a process by which both the disposal and utilization of preparation plant coal refuse can be simultaneously accomplished with an attendant benefit of significantly increasing the percentage of extractable coal. A laboratory study is described in which coal refuse was successfully utilized as an aggregate in low cost concrete (coal-crete) mixes under simulated mine environments. Coal-crete specimens with compressive strengths of 14 000 kPa (2000 psi) were consistently produced. A construction sequence and mining plans are offered for placing the low-cost coal-crete pillars in accessible areas in room and-pillar mines so that a substantial portion of the remaining coal pillars could be extracted. The method could be applicable in areas where mining procedures do not permit pillar extraction became of possible surface subsidence, roof problems, or other conditions. Possible structural difficulties with the coal- crete pillar support system are discussed. Using a discounted cash flow analysis, the economic feasibility of mining with the coal-crete pillar system is investigated. The cost of the system is compared to the cost of a mining system which would have less coal recovery. The analysis indicates that although at higher coal selling prices the coal-crete mining system may yield an acceptable rate of return, the alternative of leaving the coal pillars is more attractive at the present time.

Jan 3, 1979

By Jerry G. Rose

This paper addresses a process by which both the disposal and utilization of preparation plant coal refuse can be simultaneously accomplished with an attendant benefit of significantly increasing the percentage of extractable coal. A laboratory study is described in which coal refuse was successfully utilized as an aggregate in low cost concrete (coal-crete) mixes under simulated mine environments. Coal-crete specimens with compressive strengths of 14,000 kPa (2,000 psi) were consistently produced. A construction sequence and mining plans are offered for placing the low-cost coal-crete pillars in accessible areas in room-and-pillar mines so that a Substantial portion of the remaining coal pillars could be extracted. The method could be applicable in areas where mining procedures do not permit pillar extraction because of possible surface subsidence, roof problems, or other conditions. Possible structural difficulties with the coal-crete pillar support system are discussed. Using a discounted cash flow analysis, the economic feasibility of mining with the coal-crete pillar system is investigated. The cost of the coal-crete pillar system is compared to the cost of a mining system which would have less coal recovery. The analysis indicates that although at higher coal selling prices the coal-crete mining system may yield an acceptable rate of return, the alternative of leaving the coal pillars is more attractive at the present time.

Jan 1, 1977

By M. Piard

The scarcity of literature referring to mines in the Rockies has compelled the writer to co-ordinate information and advice taken at the very source. Help was gladly given by active inspectors and mine bosses. Although the field is unimportant at the present time, due to its distance from markets for raw coal, it is quite worthy of the attention it is receiving from two continents; for, with the commercial synthesis of liquid fuels, it would become the largest fuel laboratory in the world, provided, of course, that freight cost drops to a low comparative level. As explained below, there are no obstacles to economical and safe operation under anything like the typical outcrop shown in Figure 1. Although coal dust is probably more dangerous in the Rockies than anywhere else, the damp outcrops afford means of control. The abundant gas may be bled to the open air, and the rigid roof will settle gradually under a wide span of opened outcropping. The Panel Retreating Wall The Measures: Coal measures having an attitude similar to that shown in cross-section in Figure x are characteristic of the active coalfield on the Alberta side of the Rockies, and they are also found on large tracts of undeveloped land west of the divide. The small anticlines, not shown in the cross-section, do not affect the progress of a pillar line, provided their crests are connected to the atmosphere by drainage bore-holes.

Jan 1, 1928

By E. E. AGGER, Arthur Notman

THE proposal has been made in a bill introduced into Congress at the last session by Representative Jones of Michigan that an import duty of 6 c. per lb. shall be placed on copper. This action is urged after eighty years of prosperity for the industry in this country; during most of which copper has been on the free list, and during all of which a tariff would have been without real effect. To comprehend the general situation upon which this action would be imposed, we must refer to the past history of the industry and its trends at the present time. The following table supplies us with a picture of the physical growth of the industry in this country and its relation to that of the world as a whole down to Jan. 1, 1921:

Jan 1, 1925

By Michael Altepeter

Big River Zinc Corporation, located in Sauget, Illinois, operates a neutral leach residue circuit. The residue produced in the circuit is sold to lead smelters for subsequent recovery of valuable metals. A research program was initiated several years ago to find a means of treating the residue at Big River Zinc to recover the valuable metals. The Ausmelt submerged lance reactor was selected as the best alternative for the first step of the process. Pilot scale tests were conducted at Ausmelt's facilities in Melbourne, Australia. Separations were excellent. 99%+ of the Zn, Pb, Cd, and Ag contained in the residue reported to the oxide fume. 99%+ of the SiO2,, Fe, Mg, and Ca in the residue reported to the slag which passed the EPA TCLP test. Subsequent leaching of the oxide fumes and purification of the leach solutions using conventional procedures produced solUtions suitable for zinc electrowinning and an upgraded lead sulfate cake for sale.

Jan 1, 1992

By Denis Labrie

Le minage en profondeur sous contrainte modérée à élevée présente de nombreux défis aux opérateurs et aux ingénieurs de mine notamment au niveau du contrôle de terrain et de l?environnement minier souterrain, pour assurer la sécurité des travailleurs sous terre et la continuité du cycle d?opération. Des conditions de contrainte élevée signifient une pression accrue au front de taille et sur les structures minières tels les piliers de mine et les fins de zone, un risque de rupture violente ou de coup de toit plus élevé, des zones de rupture plus grandes au pourtour des excavations, des charges accrues sur le support de terrain, etc. Le présent article fournit un aperçu du travail fait à l?intérieur du Programme de Contrôle de terrain de CANMET au cours des sept (7) dernières années, entre 1995 et 2001, pour comprendre et suivre l?évolution des niveaux de contrainte à l?intérieur des structures minières. Les propriétés déterminées en laboratoire sur des échantillons rocheux et les prévisions effectuées au moment de la conception sont comparées avec les observations effectuées en chantier à la paroi des excavations et à l?intérieur de la masse rocheuse. La plupart des cas discutés ici montrent une corrélation satisfaisante entre les observations effectuées en chantier d?une part, et les résultats d?essai obtenus en laboratoire et les calculs réalisés lors de la conception d?autre part. Ces observations peuvent donc être considérées comme des moyens relativement sûrs pour vérifier et suivre l?évolution des niveaux de contrainte présents à l?intérieur des structures minières.

May 1, 2002

By A. E. Moss

"IntroductionTHE WORLD-WIDE search for iron ore has been vastly accelerated during the past fifteen years .and Canada is playing a most prominent role in this prospecting boom. During this period, the search for .and development of iron ore deposits in Canada bas proven eminently successful and there is every indication that exploration will continue to be active for many years.This paper has been prepared primarily for the information of those who have bad little or no experience in iron ore exploration. For convenience, it is divided into three parts: ( 1) a brief discussion of the marketing of iron ores, with special reference to Canadian production; (2) a summary of the main features to be considered when prospecting for or evaluating a potential iron ore deposit; and (3) an outline of the methods and procedures used in the search for the direct-shipping iron ores in the Quebec•-Labrador iron ore field.The Iron Ore MarketDue to the tremendous tonnages of high-grade direct-shipping iron ore indicated in the iron ore fields of the Quebec-Labrador and Steep •Rock areas, it might be assumed that there would have been a sharp decline in iron ore prospecting in this country. On the contrary, the development of these two major fields, which must be classed among the world's greatest, has been responsible for much of the current activity. The search for high and medium grade magnetite deposits is being• conducted in many parts of the country and a number of these have reached the development stage. Production is being expanded from the known fields, such as Wabana in Newfoundland and Michipicoten in Ontario."

Jan 1, 1955

By William B. Millar

IN ONTARIO development of the gold mines is being rapidly pushed, while the intensity of the search for new mines has probably not been equaled at any time in the past. Even to outline the results of recent prospecting activity in Ontario would be a big undertaking, but it would be timely and, I hope, interesting to Institute members to review some generalities regarding the work of the prospector and then to discuss in some detail the growth of Ontario's most promising prospect area, the Swayze district, where serious mining operations are already under way. Probably no one writing about prospectors and pros¬pecting can resist hoping that his article will not reach the eyes of a certain portion of the uninformed general public and cause a further influx of "prospective prospectors" into any given area. It is somewhat mystifying how so many people reach the conclusion that prospecting is in

Jan 1, 1933