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As this paper is being written primarily for perusal by milling workers, metallurgists and engineers, an attempt will be made to avoid the use of accounting technicalities. Its scope will be confined to a description of the methods employed in the collection of basic information for use in timekeeping, costing, and the compilation of statistics.TIMEKEEPINGEvery applicant for work is asked to furnish the following information, which is collected on a card (size 6 in. x 4 in.)...

Jan 1, 1922

By Mario E. Rossi

The full economic evaluation of a mining project requires a block model that provides an estimate of the tons and grades of available resources. The model must be representative of the mineralization to be found at the time of mining for specified extraction periods and within acceptable error margins. In an operating mine, there may be a reasonable understanding and estimates of actual dilution and ore loss. This paper discusses the issue from the perspective of a project at a feasibility or preproduction level of development. Three types of dilution are discussed. Internal dilution (or change of support) is function of the spatial distribution of the mineralization and its relation to the operation?s selectivity. Geologic contact dilution is the unavoidable mixture at contacts or boundaries of material with different geologic characteristics, grades, or metallurgical performance. Operational planned and unplanned dilution should also be considered, sometimes incorporated by factoring the resource model, but more accurately by mimicking the grade control process. The resource estimation process always carries uncertainty, which is sometimes significant, and usually caused by several factors. These include quantity and quality of drill hole information; quantity and quality of geologic data; grade estimation methodology; dilution and mining recovery factors applied; etc. A key decision is to whether estimate as accurately as possible the in-situ geologic resource or to estimate the tons and grade of the material to be fed to the processing plant. The geologic modeling and grade estimation methods used are conditioned by this decision.

May 1, 2009

By Canada Ernst & Whinney

INTRODUCTION The principal objective of this chapter is to provide guidance in understanding and making effective use of published financial statements of mining companies. Although financial statements only represent a gathering together of information relevant to an enterprise's financial position and results of operations, they increasingly reflect the complexities of the modern day business environment. In the mining industry, a wide variety of accounting practices have evolved to deal with the unique aspects of the business in the absence of authoritative accounting pronouncements from standard-setting bodies. Given such complexities and divergent practices, financial statements of mining companies are not easily understood and cannot be used effectively as a tool in decision-making without a basic knowledge of fundamental accounting concepts, generally accepted accounting principles and their application in the mining industry. As such, this chapter is not restricted to a discussion of the accounting for the unique aspects of the mining industry. These aspects are dealt with at length but the text also includes a discussion of general accounting concepts and practices which have wide application in the mining industry. Frequent references are made in the text to international practices and to specific rules and requirements of individual countries. In this respect, the scope is restricted to four major mining environments, Canada, the UK, the US and Australia, all of which have made significant contributions to the development of generally accepted accounting principles. Acknowledgements This chapter was prepared under the direction of Ian Murray of Ernst & Whinney in Toronto, Canada. Contributions were received from Graham Butt, Mark O'Sullivan and Dominic Robinson, all from Ernst & Whinney in Toronto and Bill Duvall and Tom Schoenbaechler from Ernst & Whinney in Louisville, Kentucky, US. The authors would also like to acknowledge the assistance received from David Ferguson, Don MacLean, David Taylor and Susan Zoutman from Ernst & Whinney, Toronto, from the UK and Australian practices of Ernst & Whinney and from Ernst & Whinney International. FINANCIAL STATEMENTS - ELEMENTS AND CONCEPTS Financial statements were originally a stewardship report to owners to satisfy them that management had given a proper account of the resources with which it had been entrusted. Today, the number of users of financial statements has expanded to include the following groups: - shareholders, present and prospective; - lenders, present and prospective; - financial analysts; - regulatory authorities; - taxing authorities; - labour unions and employees; and - creditors and customers. The expectations of these user groups differ. For example, investors and lenders require information that will indicate the adequacy of their security and the profitability of the enterprise; taxing authorities will be concerned with the concept of income; labour unions and employees will focus on the profitability of the enterprise. Ground Rules for Preparing Financial Statements Responsibility for Financial Statements Financial statements are the representations of management. This may strike the reader as a rather obvious statement. It is important to remember, however, the role of judgment in accounting. Notwithstanding the promulgation of accounting standards in the developed countries, considerable flexibility remains in the selection of accounting practices and methods and in their presentation. Arguably, there is more flexibility in the mining industry as few countries have developed standards to deal with its unique aspects. Accordingly, financial statements are as much a product of management's perspective and philosophy as they are a compliance document.

Jan 1, 1985

By Dr. O’Neil Thomas J., Donald W. Gentry

"October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February." -Mark Twain Although the preceding chapters describe the type of preliminary evaluation frequently performed in the mining industry, it has been assumed that input data are known with certainty-clearly an enormous simplification. In reality, estimates of ore grade, mining cost, metal price, etc., are subject to varying degrees of uncertainty due to the inability to predict the future with much precision. Management would probably not, for example, be equally attracted to two projects each offering a 20% DCFROI-one for a new gold venture in Nevada and the other for an undersea manganese nodule operation in the Pacific. The high risk with the latter investment tells the obvious; there is more to investment decision-making than a deterministic analysis using "best estimates" of input parameters. The science of decision theory normally distinguishes between decisions under uncertainty, where probabilities of various outcomes are unknown; and decisions under risk, where such probabilities can be estimated. The first case is rarely en- countered in practical capital investment analysis in mining, so the remainder of this chapter focuses on that class of problems where rational probability distributions for the future states of input variables can be estimated. RISK IN MINING Risk in the context of this chapter is the unforeseen deviation of individual cash flows from expected values for a capital project. For a mining venture, the source of this uncertainty could be any number of factors relating to such items as ore grade, ore reserve tonnage, operating costs, product prices, etc. With conventional *Adapted from O'Neil, T.J., 1979, "Procedures for the Preliminary Financial Evaluation of Metal Mining Ventures," Computer Methods for the 80s, A. Weiss, ed., AIME, New York, pp. 556-573.

Jan 1, 1984

By Peter A. Eshun

This paper studies two methods that account for risks associated with gold mining projects such as mineral risks and country risks. The first method is sensitivity analysis, which investigates the effects of a change in any economic parameter such as operating cost, capital investment, gold price or taxes on the viability of the project. The second method is Monte Carlo Simulation technique, which takes into consideration the simultaneous random variation of the economic parameters on the project's viability. An automated simulation cash flow model has been developed as part of this paper. Sensitivity analysis and the simulation model have been used to investigate the economic viability of the Dokrupe Gold Project (DGP) serving as a test case. It is concluded that, the Monte Carlo Simulation technique gives a more realistic judgement of the economic viability of gold mining projects.

May 1, 2004

By R Valenta, J Owen, D Kemp, E Lebre, G Corder

Copper plays an essential role in our society. It is one of the key materials supporting economic growth and human development in emerging economies, for its common use in construction, power generation and transmission. It is also a critical metal for the transition to a low carbon future, particularly for its uses in renewable energy and electric vehicles. As a result, global demand for copper has been increasing steadily and is predicted to continue in the future. The demand-supply gap is currently growing, and new mines will be needed to fill it. This project observes the current pipeline of copper mining projects, which are characterised by technical complexity (lower grades, deeper deposits, complex mineralogy etc.) but also environmental, social and governance (ESG) complexities. A common assumption in the mining industry is that a rise in copper prices will unlock these deposits. However, while most technical complexities are price sensitive and are likely to be overcome in favourable economic conditions, the influence of ESG complexities is more difficult to evaluate. CITATION: Lebre, E, Valenta, R, Kemp, D, Owen, J and Corder, G, 2018. Accounting for social and environmental complexities in mining project developments: the case of copper, in Proceedings Complex Orebodies Conference 2018, pp 39–40 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 21, 2018

By G R. Hancock, S Grant, T Whiteside, J B. C Lowry, J Boyden, T J. Coulthard

Physically-based landform evolution models (LEM) provide a spatial framework to forecast the long-term geomorphic stability of post-mining landscapes. When used to test the relative stability of different landform designs, LEMs may assist with the development of optimal closure designs for rehabilitated mines. However, in order to reduce prediction error, factors controlling landscape evolution must also be accurately represented by models. This requires that the correct sets of processes are represented and that driving parameters used in LEMs are, if necessary, calibrated to the landscape of interest.Vegetation exerts strong controls on the hydrologic and geomorphic processes that drive landscape evolution. Hence, the spatial and temporal scales over which typical patterns in vegetation are represented in different landscapes are important considerations in LEM calibration. However, vegetation is rarely accounted for in LEMs and even when integrated is often represented simply, without representing spatial dynamics of vegetation cover that may impact landform development.This study focuses on characterising vegetation patterns to calibrate a new vegetation module of the The Cellular Automaton Evolutionary Slope and River (CAESAR)-Lisflood LEM to be applied to a conceptual rehabilitated landform of the Ranger uranium mine located in the Alligator Rivers Region (ARR) of northern Australia. In the ARR the spatial dynamics of vegetation over time are largely driven by monsoonal rains and topography. Extensive dry season fires are also common in the region, temporarily reducing vegetation cover where they occur. Hence, hydrology, topography and fire disturbance interact to shape a distinct, yet dynamic, mosaic of different vegetation types of varying cover density. As a basis for calibrating the new vegetation function, the distribution and dynamics of vegetation are characterised for this savannah landscape by remote sensing, in conjunction with ground data.CITATION:Boyden, J, Lowry, J, Coulthard, T, Whiteside, T, Hancock, G and Grant, S, 2016. Accounting for vegetation dynamics in landform evolution modelling, in Proceedings Life-of-Mine 2016 Conference , pp 63–66 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jun 28, 2016

By G. F. Doggett

In describing accounting methods at Lake Shore Mines, it is the intention of the writer to limit the discussion to the principal features of the system used in securing cost figures and other statistics. The subject can be conveniently treated under the following divisions: (1) Time-keeping and Labour Distribution (2) Supplies: Handling and Distribution (3) Method of Assembling Data for Cost Purposes (4) Details of Operating Costs Time-Keeping and Labour Distribution After a new employee has gone through the routine of being 'hired on', he is assigned an employment number corresponding with the group applying to his occupation. This is for identification purposes in the plant and time office. He is also given an individual serial number, the use of which will be refer-red to later. On entering and leaving the plant, each employee passes through the clock room adjoining the time office, where he registers the time in and out on time recorders, on the clock card (Figure 1) bearing his name and number. It is the duty each morning of the time clerk to extend the hours worked by each employee, as indicated by the clock for the previous day, and at the end of the half-month period the total hours are multiplied by the rate and entered in the space provided for total wages at the bottom of the card.

Jan 1, 1935

By Joseph Domenico

AMONG others, one of the most important duties of the accounting department is to disclose to the management the cost of production accurately and as quickly as possible after the ore has been produced and treated. A report is issued daily showing man shifts and the cost of labor, supplies, power, and miscellaneous charges to each department of the operation: mining, crushing, milling, packing and loading, and general expense. Mining costs are broken down into stoping, handling, development, exploration, and miscellaneous, and each of these subdepartmental costs are further broken down into the branches making up the subdepartment. Costs of crushing, milling, packing and loading, and general expense are detailed in the same manner. With such a detailed daily report as this, the management is able to keep in close touch with the efficiency of the entire operation. Because no expense items are deferred or spread over a period, and so that the report does not lose its comparative valve, appearances of unusual charges are explained.

Jan 1, 1946

By D. T. Pritchard

"Introduction""No accounting system is very good, and all of them are infinitely variable*.”The purpose of this chapter is to discuss those facets of a typical accounting system which are most commonly encountered by operating managers in mineral processing plants. However, before concentrating in any detail on these it is important to understand the broad purposes and basic techniques of any accounting system in any major business.The three broad purposes of an Accounting System are:- Administering, controlling, and recording the flow of cash in and out of the business. Cash is, of course, converted into other assets (or stores of value) such as inventory, plant and equipment, etc. These assets also have to be administered, controlled and recorded.- Internal reporting to Management for information, for control, and for use in making business plans and decisions. - External reporting to stockholders, government, lenders and other outside parties.In this chapter we shall organize our discussion of accounting practice in mineral processing plants around these three purposes of accounting and focus in some detail on specific practices and techniques with which operating personnel will be routinely involved. This chapter is divided into the following: Accounting Basics; Administration, Control and Recording of Cash Flows; Internal Reporting; Planning and Budgeting; Cost Control; and External Reporting."

Jan 1, 1989

Balance Sheet at 30 June 1988 ACCUMULATED FUNDS Balance at 30 June 1987. Excess of income over expenditure for the year ended 30 June 1988

Jan 1, 1988

Balance Sheet at 30 June 1989 ACCUMULATED FUNDS Balance at 30 June 1988. Excess of income over expenditure for the year ended 30 June 1989

Jan 1, 1989

ACCUMULATED FUNDS Balance at 30 June 1990 (Loss) income over expenditure for the year (63 154)

Jan 1, 1991

Balance Sheet at 30 June 1990 ACCUMULATED FUNDS Balance at 30 June I989 . Excess of income over expenditure for the year ended 30 June 1990

Jan 1, 1990

David Pollard will raise this matter in more aetail in a later paper, but mere are some obvious points that I wish to make. It is a relatively straightforward exercise to assess the competency at a low level in the workplace where the consequences of a worker's actions can be observed immediately. Assessing competency at higher levels which may involve creative, planning, design or supervisory functions is more difficult, especially where managerial responsibility and accountability for the output of others is involved. This is generally the case with the daily activities of most mining professionals, whether they be in operations, in a consulting capacity, in research, or in government.

Jan 1, 1994

The Central Andes in Peru, Chile, Bolivia, and Argentina , contain two contiguous terranes which were accreted to Gondwanaland between the end of the Devonian and the end of the Triassic. These terranes, Arequipa in the north, and Chilenia in the south, differ from each other in the timing and style of their metallogenic development. However, they contain over 90% of the Central Andean porphyry copper resource. The copper porphyries in the Arequipa terrane are Paleocene to lower Oligocene in age, whereas the Chilenia deposits are mid-upper Cretaceous and mid-upper Miocene. Porphyry copper deposits occur outside these terranes, but are all Miocene in age. Miocene porphyry-style mineralisation also exists in the Arequipa terrane, but is copper-deficient and gold-rich. The accreted terranes may have favoured porphyry and other styles of copper mineralisation because they possessed relatively thin continental crust compared to adjacent parts of the Andes. Crustal thickening which commenced at about 30 Ma in the Arequipa terrane coincided with a major change to polymetallic, precious metal mineralisation which commonly displays high sulfidation characteristics.

Jan 1, 1995

The Central Andes in Peru, Chile, Bolivia, and Argentina, contain two contiguous terranes which were accreted i, Gondwanaland between the end of the Devonian and the end of the Triassic. These terranes, Arequipa in the north, anni Chilenia in the south, differ from each other in the timing and style of their metallogenic development. However, they contain over 90% of the Central Andean porphyry copper resource. The copper porphyries in the Arequipa terrane are Paleocene to lower Oligocene in age, whereas the Chilenia deposits are mid-upper Cretaceous and mid-upper Miocene. Porphyry copper deposits occur outside these terranes, but are all Miocene in age. Miocene porphyry-style mineralisation also exists in the Arequipa terrane, but is copper-deficient and gold-rich. The accreted terranes may have favoured porphyry and other styles of copper mineralisation because they possessed relatively thin continental crust compared to adjacent parts of the Andes. Crustal thickening which commenced at about 30 Ma in the Arequipa terrane coincided with a major change to polymetallic, precious metal mineralisation which commonly displays high sulfidation charcteristics.

Jan 1, 1995

Accretions of dust on the walls of the offtakes from furnaces and in the waste heat boiler are a cause of significant operating and maintenance problems in non-ferrous smelters. The dust originates from entrained solids in the gas stream and vaporised species that condense during gas cooling. Control of dust formation is very important for minimising the formation of accretions and reducing the severity of environmental problems caused by toxic species, such as those containing arsenic, in the dust. The present paper discusses the formation of accretions and the condensation of dust in copper smelting from a thermodynamic viewpoint. Changes, in gas composition and the amounts and identities of the condensed species in the dust are calculated using computational thermodynamics. Interactions between dust species to form accretions are considered in the light of appropriate phase equilibria. The results show that the nature of the dust formed varies greatly, depending on the temperature and the amount of oxygen present during cooling. Control of the amount of oxygen is required if offtake and waste heat boiler accretion problems are to be minimised.

Jan 1, 2002

By A. K. Kyllo, G. G. Richards

"The formation and control of accretions is an important aspect of process operation for gas injection. The nature of the accretion formed can have a considerable effect on a process, especially on the life of the lance or the refractories in the tuyere region. There are three basic shapes of accretion formed on tuyeres; pipes, hemispheres and hollow-cored hemispheres. However, there are wide variations within these shapes. Generally, the type of accretion formed will depend on the injector design, certain operating parameters and the physical properties of the bath materials. This paper seeks to collect the results of previous and current physical and mathematical modelling together with data gathered from operating furnaces, to obtain a better understanding of the effects of process design and operating variables on accretion formation.IntroductionAn important consideration in the design of a gas injection process is the possible freezing of the bath either around the tuyere or on the lance. With proper design, freezing may be controlled to provide protection of the lance or refractory, and to avoid blockage. Improper design may lead to tuyere blockage and significant refractory or lance erosion. In view of this, a good understanding of the heat transfer in the injection region is essential.While tuyere blockage has been a persistent problem since the inception of submerged gas injection processes, the problem of accretion formation was not studied in detail until the development of the shrouded tuyere by Savard and Lee. A number of studies relating to accretion formation have been carried out since then, but there is still little information available relating the nature of the accretion formed to the design of the injection system.The build up of materials on lances is a similar problem, and may also be either beneficial or detrimental, depending on circumstances. Unfortunately, there is even less information available regarding build up on lances than there is relating to tuyere accretions. While the form of build up on lances is generally a simple coating of the lance, accretions on tuyeres tend to be more complex. Tuyere accretions tend to occur in one of three basic forms: pipe, hemispherical and hollow-cored hemispherical (Figure 1). However, there appears to be a considerable variation within these forms."

Jan 1, 1996

By A. M. Garbers-Craig, T. Coetsee, T. M. Nemavhola

Accretions often form in furnaces when slag and charge materials attach to the refractory wall and build up over time. Accretion formation is usually unwanted because it reduces the working volume of the reactor and hinders material flow through the reactor. However, in some instances a thin, stable accretion layer may be desirable to protect the underlying refractory material. In order to prevent and/or manage accretion formation, it is important to understand the underlying principles of this phenomenon in the particular reactor. Excessive accretion formation hampered production at the Exxaro FerroAlloys ferrosilicon melting and atomization plant. This plant uses induction furnaces in which a 15% silicon-iron alloy is produced by batch smelting a mixture of ferrosilicon of 75%Si grade and low-carbon steel. The molten ferrosilicon alloy is then gas-atomized to a powdered product for use as a dense medium in mineral processing plants. The objective of this study was to investigate the effect of different impurity levels in the ferrosilicon feed material on the extent of accretion formation as well as the effect on the accretion properties, which influence the ease of accretion removal upon furnace shut-down. Refractory and accretion samples were collected after a furnace shut-down and characterized using X-ray diffraction and scanning electron microscopy–energy dispersive spectroscopy. It was concluded that the trace elements in the FeSi-75 feed material (Al, Ca, Mn) were mostly responsible for accretion formation, but that rust on the low-carbon steel and oxidation of the steel contributed to accretion attachment to the lining. The total contaminant content, calcium to aluminium ratio in the FeSi-75 feed material, and thereby the liquid to solids ratio in the accretion at temperature determine the strength of attachment as well as growth of the accretion.

Feb 2, 2021