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By Thomas D. Kaufmann, Robert C. Drury

Few factors are as important as fluctuations in aggregate economic activity and exchange rates in determining the profitability of mineral investments. Macroeconamic theory explains how the two factors are interconnected in today's world and in tomorrow's. We can use macro¬economic theory to lessen some of the risks in mineral investments. And in the current state of the world the risks are high. The above paragraph summarizes our argument. Our goal in this paper is to examine the nature of contemporary business cycles so as to explain their implications for the metal industries, particularly the implications for capacity. Thus, our first section examines the workings, causes, and history of the recent economic fluc¬tuations. In doing so we must understand how current world economy is interconnected, that is, how economic events in one country are trans¬mitted to the rest of the world. Our view is that governments and central banks are key actors in the creating of economic fluctuations. Then, in section two, we work out the implications of section one for the metal industries focussing on comparative advantage, trade, and capacity decisions. Over the last fifteen years the world economic system has had slow overall economic growth and has had strangely unpleasant recessions. While future business cycle will not repeat the de¬tailed pattern we have seen, there will be similarities. The similarities need to be under¬stood before investment occurs. The slow growth in the world economy since the early 1970s has aggravated the problems from business cycles, created its own problems, and has partially hidden the effects of other events. Major realignments of currencies are likely to take place over a business cycle. The nature of the causes of the cycle will determine the direc¬tion of change in the exchange rates. For example, whether a USA recession will be accompanied by a weaker or a stronger dollar will be determined by the cause of the recession. The realignment of currencies over a business cycle leads to a realignment of comparative advantage in the metal industries. Thus, not only will world metal consumption vary over the business cycle but the impact on various countries' metals industries will differ consi¬derably. Competitiveness often depends more on the value of the dollar than it does on inherent efficiency and wage rates. Capacity decisions are inherently riskier due to the country specific nature of exchange rate risk. A realignment of currencies changes the pattern of trade if and only if the country with the cheaper currency also has idle capacity. The importance of our topic is indicated by Table 1 which shows the impact of cyclical and exchange rate shocks on the USA metal industry. In the cyclical downturn, from the peak of 1979 to the trough of 1982, consumption dropped by a fifth to a third. Metal price moved in the same

Jan 1, 1989

Production scheduling of open pit mining is a key area as it deals with the management of operating cash flows of mining companies. The efficiency of long-term schedules is usually assessed with economic criteria such as net present value (NPV), discounted cash flow rate of return (DCFROR) and payback period, which are not sufficient on their own for revealing the complex picture of the decision-making process.This paper offers a thorough analysis of the most important contemporary criteria of long-term production scheduling, as way to provide the mining practice with a new approach to the decision-making process. The list of criteria includes technological, economic and probabilistic ones. A detailed case study is provided aiming to illustrate the applicability of the criteria for comparing the scheduling approaches regarding the economic interests of a mineÆs owner and contractor. The results obtained can be used for revealing new trends in the current methodology of open-pit production scheduling optimisations.

Sep 26, 2011

This paper will examine some of the significant developments in the training field in Australia in the past decade and the application of these changes to the mining industry generally, and the coal sector specifically. Three major aspects will be examined:1. Competency - the use of Industry Competency Standards and how these can be used for achieving enterprise performance requirements2. Assessment - making judgements about an individual's competence, and using a rigorous assessment system as the basis for the "authorisation" system at a mine3. Evaluation - ways to evaluate the return on investment in training, and convincing CEO's/shareholders that your training dollar is being spent wisely.Before examining these issues, it is important to understand the drivers of change in the training systems in Australia, and the functions that Industry Training Advisory Bodies (ITABs) perform.

Jan 1, 1998

By J. A. Beesley

This paper reviews contemporary international law concerning the seabed, current developments in the United Nations on the seabed, and the main outstanding problems. It emphasizes the importance that the Canadian government attaches to this area.

Jan 1, 1969

The Functional Performance Equation for ball milling circuits provides plant staff with a new means to improve circuit performance. However, successful execution of a plant project, with verifiable circuit processing performance improvements, requires a significant number of accompanying steps beyond the equation alone. In order to identify and articulate all these steps, a study with plant staff from two milling operations and a grinding media supplier was undertaken. ?Task analysis? of improving plant grinding performance was carried out. This analysis called for the development of a number of system components, and ultimately yielded a ?Plant Grinding Circuit Processing Performance Management/Improvement System.?

Feb 23, 2014

By K. Bartholomew

The Functional Performance Equation for ball milling circuits provides plant staff with a new means to improve circuit performance. However, successful execution of a plant processing performance improvement project, with verifiable improvements, requires a significant number of accompanying steps beyond using this equation. In order to identify and articulate all these steps, a study was undertaken with the metallurgical staff from two milling operations and process application specialists from a grinding media manufacturing company. “Task analysis” of improving plant grinding performance was carried out. This analysis identified the required steps, and ultimately yielded a “Plant Grinding Circuit Processing Performance Management/ Improvement System.

Jan 1, 2015

By Harold L. Walker

ENGINEERING educators have recently been discussing the advisability of extending the undergraduate curricula to five or six years, and a plan has also been proposed requiring a preliminary period of study in the liberal arts college before admission to the engineering college. Extension of the undergraduate curricula has been suggested as a means of more fully covering the subject matter in the major field of study. Interest in this proposed plan of requiring a preliminary period of study in the liberal arts college has been heightened through a bill recently introduced in the legislature of the State of New York. This plan intends to give a more professional status to engineering, and credit for these additional years of study would be allowed to those engineers applying for professional licensure. As a result of the interest in engineering curricula and due to the impetus given by these proposed plans a general reexamination of curricula has been conducted by a large number of schools with the stated purpose of determining if the present curricula are meeting the aims and scopes of engineering education.

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