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Thank you for your introduction and the opportunity to speak at such an important forum. I feel honoured to be the Tas McKee speaker for this yearÆs conference. I can honestly say that Tas McKee typified the spirit that has ensured the survival of the mining industry despite the modern-day challenges that we encounter. He was one of the most influential people in the New Zealand minerals industry. In 1938, with his father and brother, Tas established Lime & Marble Limited. Over its history, this company evolved from its original base of marble mining to diversify into gold mining and exploration for other industrial minerals, uranium, precious and base metals. He was truly a pioneer that persevered against the odds.   That leads me to the subject of my discussion today. I am going to delve into todayÆs challenges as they apply to gold companies. While we gold miners should be generating record returns, the gold industry shareholder return performance in this buoyant market has barely equalled that of the gold price. It is a dilemma but one that can be resolved with the right strategy.

Jan 1, 2006

By C Boyle

Brockman 2 mine is located in the Pilbara of Western Australia and is operated by Rio Tinto Iron Ore. Mineralisation is hosted by synclines where there is structural complexity to focus fluid flow. Mineralisation is hosted by the Brockman Iron Formation. Mining is on 10 m benches and blastholes spaced at 6 - 8 m apart are geologically logged, sampled by shovel cuts, and assayed using X-ray fluorescence for ten chemical variables. Blast blocks are digitised by mine geologists to assign destinations of material within blasts. Resource evaluation drilling is on a spacing of 50 m × 50 m across known mineralisation and consists of recent reverse circulation drilling and older open hole percussion drilling. Sampling of resource evaluation drilling is by rotary splitters or riffle splitters, and assaying is by X-ray fluorescence for ten chemical variables. Ordinary kriging of resource evaluation produces a long-term resource model. This study examines whether mine planning would be improved by using a blasthole estimate to extrapolate grades into deeper benches and merging the blasthole estimate with the long-term model made using resource evaluation drilling. The two estimates are merged into one model using an inverse weighting based on kriging variance. However, reconciliation results in a test bench show the original estimate made using resource evaluation drilling more closely matches mine geology block outs than does the merged model. This is due to a local trend of more high grade and higher iron grades of high grade in the area. The blasthole estimate of deeper benches must use extrapolation and it is diffi cult to take local trends into account. In contrast, the estimation using resource evaluation drilling is mainly interpolation and is better able to handle local trends.

Jul 11, 2011

By M McCarthy

Over the last six years Mandalay Resources has increased production rates and improved safety outcomes at its Costerfield mine in Victoria, Australia. This mine is an underground operation utilising narrow mining techniques to extract vertical veins, and produces up to 80 000 equivalent ounces of gold per annum, in both gold and antimony value.The operational challenges of narrow vein mining include controlling overbreak when veins being mined are only 300 mm wide. The mine has developed methods and modified equipment to suit extraction of these veins. Productivity improvements over the period have involved development of a stoping method and equipment to suit 1.8 m wide development drives. Over the last five years and during a skills shortage, recruitment, training and retention of personnel has been key to keeping corporate knowledge and skills to execute a careful efficient mining technique to minimise overbreak.Managing an underground operation close to nearby residents has unique challenges. Historically Victorian residents had family members work as underground miners; however, in the current day with few underground operations in this jurisdiction, community knowledge of mining has decreased. The Costerfield Operations are only 100 m from the nearest residence and the company values community engagement, partnership and investment with local Heathcote organisations.The mine has invested substantially in executive coaching of its leadership team early, which has paid dividends in problem solving potential of that team and ensuring the operation delivers on its promises to all stakeholders. The operation has become safer and employees are now more aware of their individual contribution in producing safe, efficient gold and antimony that benefit the whole operation, community and the region.CITATION:McCarthy, M, 2016. Costerfield – a narrow vein case study, in Proceedings International Mine Management Conference, pp 331-338 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jun 22, 2016

By D J. Robinson, L L. Kuhar

In-situ recovery (ISR) is accepted and applied across many geographies, and approximately 50% of the world’s uranium is currently extracted by using an ISR method (World Nuclear Association, 2014). The low environmental impact, the elimination of risk for mine workers and the fact that all of the lowest-cost producers of uranium use an ISR approach should raise interest from traditional miners (IAEA, 2014). However, the broader application of ISR to other commodities and mineral systems remains limited. A number of demonstration (experimental) copper projects have been undertaken (Sinclair and Thompson, 2015) with a few copper projects in Arizona being close to demonstration (Florence, 2018 and Gunnison, 2018). Evidence of very few economically operating ISR copper projects can be found (for example, the Russian, Uralgidromed OAO, built by the Russian Copper Company in 2005 and operated as an ISR facility from the Gumeshevskoye deposit (Russia Mining, 2018). A number of gold deposits, particularly paleochannel deposits, have also been considered for ISR, but, to the best of our knowledge, only limited demonstration and no commercial operations have been established, yet (Kuhar et al, 2018 and references therein).CITATION:Robinson, D J and Kuhar, L L, 2018. Extending mine life through application of an in situ recovery approach, in Proceedings Life-of-Mine 2018, pp 56–57 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 25, 2018

By D Teyhan, J Kirsch

Traditionally, most Australian iron ore mining operations have been surface-based. Processing plants were designed to handle dry ores. In recent years mining operations in the Pilbara have progressively moved below the water table exposing wet, sticky ores which have caused lost efficiency in screening operations as particles tend to agglomerate and adhere, blinding screening media. Miners and vibrating screen manufacturers have experimented with a shift from linear motion to elliptical motion screens. Elliptical motion conveys and lifts particles. Effective on flat deck (horizontal and inclined) or sloping decks it can be configured to provide a controlled transport rate, applying pressure in all directions to maximise screening efficiency. In practice, elliptical motion screens have proven to be effective in dislodging sticky particles from screening media, reducing blinding rates and improving screen efficiency. Moisture and clay content change during the life of a mine. These changes are sometimes the effect of seasonal rainfall, in other cases due to increased groundwater and clay content as mining operations go deeper. To compensate for such changes and optimise screen efficiency, changing the ‘shape’ of elliptical screen motion is required. This has traditionally required shutting down processing plants and making mechanical screen adjustments. Plant downtime is costly and machine adjustment has been a ‘trial and error’ practice. This paper will explore the results of a field trial that is currently underway in Brazil of a next generation elliptical motion screen design that allows operators to make changes to exciter rotational direction, speed and screen stroke angle, through electronic drive phase control. The machine’s electronic drive system synchronisation is enhanced for stability with a unique mechanical timing system. Operating at up to 6 g, screen adjustments can be made on the fly without stopping production. Early trial results are showing up to 50 per cent improvement in screen efficiency compared with traditional elliptical motion machines under certain feed conditions.

Nov 8, 2021

By S Karosiya, A Sharma, M Jain, N N. Viswanathan, M M. Pande, D Kumar, S Kumar

Desulfurisation of steel during ladle refining is governed by both thermodynamics and kinetics. For effective desulfurisation, thermodynamically, a low partial pressure of oxygen at the steel-slag interface and highly basic slag which possess a large sulfide capacity are desired. Kinetically, the mass transfer coefficient of sulfur in the liquid steel and in the slag determines the rate of desulfurisation. A fast desulfurisation rate is achieved by maintaining sufficiently strong argon stirring of the melt. In the present work, sulfur mass balance for steel and slag was performed after the desulfurisation treatment for several industrial heats. The decrease in the sulfur quantity of the liquid steel was more than the increase in the sulfur quantity of the slag. The discrepancy in the sulfur mass balance suggests that the sulfur could be transferred to: (a) the gas (via slag) phase; or to (b) the refractory (crucible) phase. The preliminary investigation of the refractory samples taken at slag-refractory and steel-refractory interface showed no interaction of sulfur with the refractory. Therefore, the possibility of sulfur transfer to the gas phase was verified by carrying out melting experiments of sulfur containing slag in an argon/air atmosphere. Sulfur containing slag was initially melted in an MgO-C crucible under an argon atmosphere followed by creating the air atmosphere just above the melt. Careful sampling and analysis from the cold spots of the crucible, much above the melt surface, revealed formation of a fibrous structure. Scanning electron microscopy energy dispersive X-ray spectroscopy (SEM-EDS) analysis of these fibrous deposits confirmed the presence of oxides and sulfides. Oxidation of sulfur containing slag under air atmosphere was also performed using a thermogravimetric analysis (TGA) set-up. It showed a constant sulfur loss in the range of 1300– 1500°C. Thermodynamic calculations carried out using FactSage™ ver 8.3 for these experimental conditions are in good agreement with the observed results.

Aug 21, 2024

By M Lynch, B White

The historic city of Charters Towers in North Queensland is underlain by an extensive labyrinth of old mine workings in a large number of flat lying, subparallel, main and cross-cutting cross reefs extending of the order of 5 km along strike and down to a depth of 700 m in parts. These old workings produced over 6.6 million ounces of gold at a grade of over one ounce to the tonne prior to closure in 1920.Citigold is progressing the development of a modern, high productivity, low cost new mine to extract extensions of these reefs as well as other as yet un-mined reefs. To do this it is changing the paradigm for operating in such circumstances. This paper first briefly reviews the setting for the development and then discusses the philosophies and concepts that Citigold is proposing to use, harnessing technology to create a mine that exemplifies more productive and safer mining based on operating in the digital age.The paper addresses how a modern approach is being applied to the planning of a mechanised, deep, narrow vein, hard rock gold mine under a city. It also describes briefly the successful æexperimentationÆ with longhole open stoping methods developed at the companyÆs small underground operation (the Imperial Mine) to the south of the city, which will also be expanded substantially as part of the Charters Towers Gold Project.The paper also addresses the development of new and/or modified technologies in the venture, with the objective of pursuing continuous and autonomous mining methods. The company is adopting a holistic systems approach, addressing people, process and technology in order to efficiently identify and locate the high-grade ore zones and then extract them effectively at a high grade by minimising waste development and haulage, dilution and energy consumption, and with minimal environmental impact.CITATION:Lynch, M and White, B, 2013. Brave new world autonomous mining systems, in Proceedings World Gold 2013 , pp 157-166 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 26, 2013

By Denholm W. T, Rankin W. J

The reduction of zinc from lead blast furnace slags using hydrogen was studied at 1300¦C as part of a laboratory investigation of zinc fuming. To perform the experiments, 300 g "spent slag" was melted in a crucible. Hydrogen was then injected into the slag through a lance and fresh blast furnace slag was added regularly in small quantities over a period of 40 minutes. Zinc added in the fresh slag was reduced and the zinc level of the bulk slag attained a steady state value of between 1 and 9% after about 10 minutes, depending on the gas injection rate. Because of the high reactivity of hydrogen, bulk supply of hydrogen to the slag was the rate limiting step at the flow rates used and it is believed that the gas-slag reactions in the system were at equilibrium. A partially/stabilized zirconia cell with a Ni/NiO reference electrode was immersed in the slags during the experiments and the steady/state oxygen potentials of the slags were measured. By using the experimental oxygen potential values and calculated values of the steady state concentrations of zinc in the offgas, the activity of ZnO in the slags was calculated from the Gibbs's free energy change for the reaction:

Jan 1, 1989

By T A. J Hopper, S Mukkisa, K-O Ott, D Palmer

RIG Technologies has developed new technology that can successfully acquire high quality natural gamma ray (GR) and hole deviations, downhole while drilling, on reverse circulation drills. This technology survives the hostile downhole environment with shocks of between 400–2500 g for 7– 10 days at a time. The Logging While Drilling (LWD) service eliminates the need to run in-rod surveys, either by the driller or by wireline trucks and crews. This time saving is in the middle of the drilling process, thus enabling drills to keep drilling and increase their productivity. Additional to the natural GR and directional survey, the downhole tool is equipped with sensors to measure the downhole dynamic response of the drilling system providing insights into rock hardness, density and potentially clay types. These parameters have never been acquired behind the hammer before and coupled with surface measurements from the drills themselves, form a rich data set for trainable machine learning algorithms shortening the time to receive advanced geophysical answer products from sometimes months, to live feeds directly from drills (Hopper, 2019). Alive, high speed, two-way data link between surface data acquisition systems and downhole geophysics tools has been established and incorporates calibrated surface measurements of dynamic forces directly on the drill string to match up with those measured downhole. Receiving live streams of natural GR and hole deviation surveys as the drill is drilling allows true remote decisionmaking with live data available anywhere in the world. The combined data from surface and downhole dynamics builds a data set that could begin to enable true optimisation of autonomous drilling processes.

Nov 8, 2021

By O Dominguez

Mine value chain reconciliation (MVC) is a necessary procedure to evaluate a mine’s performance against the assumptions and models used to plan mining and processing operations. Using nomenclature from Parker (2012), F2 reconciliation is the ratio between material received at the mill, compared with material sent to the mill, commonly reported in terms of tonnes, grade and metal. Measurements of material sent to the mill can be estimated in many ways, including: fleet management system (FMS) records, truck counts, or volume reduction. Most time-based reconciliations (for example, month-end reconciliation) use short-term model depletions of in situ rock measured by periodic topographic scans or surveys.

Mar 22, 2022

Human resources (HR) practitioners use a general suite of tools that they adopt to suit their company needs and profile. This paper will cover the main areas of a selection and recruitment process from applying for a job, resumT writing, participating in an interview finalising the job offer. A holistic recruitment process has many facets to it. These processes can be quite sophisticated and technical but at the end of the day they are designed to identify talent. A recruitment process will generally include: ability testing (usually online);telephone interview;face to face interview;behaviourally based interviews;psychometric assessments;presentations;simulations (independent or team based); and assessment centres, etc. Understanding the basis of these tools will go a long way to prepare you for the job market, enhance your performance in a recruitment process and stand you out from the pack.

Jan 1, 2008

By A Campbell

Open pit blasting at Ernest Henry Mining has the potential to cause damage to nearby underground workings. This paper is a case study of the blast vibration management project that was conducted to ensure open pit blasting did not adversely affect the stability of upper production levels or cause damage to the underground primary fan units. The two upper levels of the underground mine surround the lower portion of the open pit mine. The remaining underground mine workings are directly below the open pit mine. This paper details the process developed to prevent open pit blasting causing excess vibration in the underground mine. Measurement of test blasts combined with historic blast monitoring data was used to determine site specific blast vibration parameters. Threshold vibration levels for blast-induced damage to underground drives and the fan chambers were developed from benchmarking and non-linear numerical modelling. A Monte Carlo simulation model was used to predict vibration levels in critical underground areas. Blasts predicted to exceed maximum vibration levels could then be redesigned to avoid damage.A scale distance law for determining peak particle velocity (PPV) from the distance and charge weight of blasts was developed. Underground observations were used to develop a site-specific relationship between PPV and ground support/rock mass damage. A Monte Carlo superposition prediction model was developed and compared to measured data to refine input parameters. Standards for redesigning open pit blasts in order to reduce blast vibrations whilst minimising impacts on productivity are described. Non-linear numerical modelling was used to establish the dynamic capacity of the fan chambers, and set a PPV of 250 mm/s as a threshold for damage. The numerical model captured the full dynamic behaviour of the fan chambers and installed support, including transient stresses, strains and induced damage, when subjected to a simulated open pit blast.This case study also outlines a procedure for monitoring and predicting blast vibrations at other mine sites where open pit blasting has the potential to impact on a nearby underground mine.

Nov 8, 2011

By J Player, G Sweby, S Webber, E Jones

Seismic systems are a tool for the monitoring and forecasting the rock mass response to excavation. Common issues encountered at mine site audits and reviews are: how to design an effective seismic system, implementation of the design, interpretation of seismic source results and understanding the reliability of the seismic source. These issues are often a function of several items including: • Experience of site personnel in undertaking seismic system design. • Personnel not envisioning multiple phases of system expansion to understand system robustness issues. • System design/expansion occurring in response to damaging seismic activity rather than planned expansion of a system • The mine access development is often localised in comparison to the total orebody being mined hence, planning sensors in longholes in advance of development rather than in short holes close to development will improve the three-dimensional aspect of the network. • Limited site processing of the seismic event data, hence engineers do not see the uncertainty associated with event location, size, source and system layout. Mine site users require a framework to appreciate the challenges and limitations in locating large events. For example, event locations are given as precise measurements (to the nearest centimetre) whereas the volume of deformation resulting in the event often has dimensions of tens of metres or more (as defined by the source radius). A stronger awareness of the uncertainty of rock mass yield within large seismic sources will assist site users in the interpretation of rock mass damage. The encountered design and implementation errors are reviewed and discussed with a practical set of rules presented to provide a robust seismic system that provides consistent results and increases the user’s understanding of uncertainty in source location and size. The authors’ experience across multiple mine sites, seismic systems and damaging seismic events over a 30 year period has been summarised into practical rules for site personnel of all experience levels.

Nov 29, 2022

By M Randall, P Ebzery, F Burns, C Aisthorpe, P Blanz

SAG Mill process control classically maintains the SAG mill volumetric filling within a set operating range. Typically a SAG mill weight measurement, by either bearing pressure transducers or load cells, is used as an inferred measurement of volumetric filling. To maintain volumetric filling within a set operating range the SAG weight setpoint use for process control requires regular review due to changes in SAG mill charge density (rock:ball ratio) and the wearing of mill liners. At Lihir Gold Mine in Papua New Guinea, the use of SAG mill weight for process control is additionally complicated by compromised load cells and drifting bearing pressure measurements. The need for an improved method of measuring and controlling volumetric filling led to the recent installation of the Outotec MillSense, a SAG mill toe angle instrument. This paper presents the integration of the toe angle control in to the Lihir SAG mill process control philosophy as replacement for the traditional mill weight control.CITATION:Burns, F, Aisthorpe, C, Blanz, P, Randall, M and Ebzery, P, 2018. Toe angle measurement for SAG mill control at Lihir gold mine, in Proceedings 14th AusIMM Mill Operators' Conference 2018, pp 59–76 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 29, 2018

By T Ireland, B Wright, S Weaver

All tunnels have unique characteristics that result in different fire and life safety risk. The fire safety systems for each tunnel also give different benefits at different costs. It is therefore neither pragmatic nor cost-effective to prescribe specific fire standards requirements for all tunnels. Each tunnel needs to be assessed individually but using a common process.The owner/client is normally the risk owner and needs to make the decision on what fire and life safety provisions will be provided within the tunnel. To make this decision they need to be appropriately informed. The low probability and high consequence nature of fire events creates a challenge such that traditional analysis processes, which tend to focus on a major event after it has happened, are not easily applied and do not give the best value for money. Therefore a process is required that provides the relevant information to the owner for decision-making.A quantitative risk assessment (QRA) provides a process and framework for the consideration of fire life safety risk when applied properly. This involves a risk assessment of the ‘do nothing’ option together with assessments of improvement options and their costs. It also involves consideration of benchmark safety levels for other tunnels and the open road.This paper will outline a QRA process for assessing fire and life safety risk in tunnels and how this has been used for three existing tunnels, Homer Tunnel, Lyttelton Tunnel and Mt Victoria Tunnel. Key challenges include determining an acceptable safety level, defining realistic inputs, providing sufficient complexity to get meaningful results but not so complex that transparency is lost and interpretation to enable decision-making by non-technical personnel.CITATION:Weaver, S, Wright, B and Ireland, T, 2014. A transparent and pragmatic quantitative risk assessment process for assessing fire safety in New Zealand tunnels, in Proceedings 15th Australasian Tunnelling Conference 2014 , pp 121–128 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 17, 2014

By S J. Hawke, L A. Dominguez

In non-ferrous metal mining operations, it is generally necessary to crush and grind the ore to a very fine particle size to effectively liberate the contained mineral from the host rock. Fragmentation by blasting is the first stage of this comminution process.Numerous studies and independent modelling of the Mine to Mill process have demonstrated the potential for significant downstream productivity improvements from improved blast fragmentation. However, safety and environmental constraints associated with the blasting process usually limit the extent to which blast energy or powder factor can be increased.An effective blasting solution has been identified that enables the safe utilisation of powder factors several times higher than those used conventionally to provide significant improvements in fragmentation. The solution uses a static ‘blanket’ of broken rock overlying the blast to contain this increased blast energy and control rock movement. To produce this broken layer of rock, the subdrill in each blast is significantly increased to preblast (or precondition) the entire stemming region of subsequent blasts on the next mining bench.The solution has been evaluated at a large open cut poly-metallic mine in Mexico. Results from the application of this technique have shown significant improvement in run-of-mine fragmentation, with subsequent downstream productivity improvement indicated.CITATION:Hawke, S J and Dominguez, L A, 2015. A simple technique for using high energy in blasting, in Proceedings 11th International Symposium on Rock Fragmentation by Blasting, pp 321–326 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 24, 2015

By E R. Ramanaidou

The presence of clays in channel iron deposits (CID) within the Pilbara region of Western Australia causes problems in the classification and subsequent processing of the iron ore. In particular, the presence of clay adversely affects the processing and ore metallurgical properties by increasing the amount of Si and Al. Iron ore companies are seeking new methods to quickly and objectively detect the type and amount of clay in these deposits. Traditional methods of clay quantification such as X-ray diffraction (XRD) and thermal analysis are time consuming and expensive. Reliance on bulk chemical techniques (eg X-ray fluorescence, (XRF)) to derive normative mineral abundances can give misleading results. For example, the replacement of Fe by Al in the structure of the iron oxide minerals, goethite and haematite, which dominate in CIDs, can be significant. Silicon can also occur in association with these Fe minerals. If not accounted for, chemical techniques may overestimate the normative abundance of clays. In comparison, reflectance spectroscopy in the visible-to-near infrared (VNIR) and short wave infrared (SWIR) wavelength range (eg 400 - 2500 nm) and Fourier transform infrared (FTIR) (6000 - 900 cm-1) analysis are non-destructive techniques that can provide rapid and objective mineralogical information. Both techniques are particularly suited to Al-, Fe- and Mg-OH bearing minerals such as clays. Kaolinite and, to a lesser extent, montmorillonite are the most common clay contaminants that occur in the Pilbara CIDs. Previous applications of VNIR-SWIR spectroscopy have demonstrated the potential of these methods in quantifying the clay mineralogy of CID ore. In this study, variations in the depth of diagnostic spectral adsorption features in the SWIR wavelength range of kaolinite and montmorillonite in standardised mixtures, with known proportions of clay, were well correlated to the abundance of kaolinite and montmorillonite, and to the clay alumina content (ie per cent Al2O3 û clay).

Jan 1, 2007

By J A. Rumball

Measuring cyanide in the leach liquors associated with high copper and/or sulfide ores is a non-trivial exercise. It is well known that copper complexes with cyanide and reduces the amount of cyanide available for gold leaching. What is not so well known is that the rhodanine end point overestimates the amount of cyanide available for leaching in the presence of copper. Sulfide ions also interfere with a rhodanine end point titration, although this is less of a problem as the black silver sulfide precipitate formed clearly indicates to the operator that something is wrong. Thiosulfate, which forms readily from the alkaline oxidation of sulfides, causes an overestimation of the cyanide available for leaching due to the formation of Ag(S2O3)-. The net result of these observations is that rhodanine is rarely of value as an end point indicator in complex solutions. It generally overestimates the amount of cyanide available, providing plant metallurgists with a false sense of security. Potentiometric titrations are generally much more capable of accurately measuring cyanide in complex solutions. The interfering effect of copper can be resolved and it is even possible to estimate the copper concentration using the inflexions associated with the titration of CN- + Cu(CN)43- versus Cu(CN)32-. Using the potentiometric method sulfide ions can be determined before the cyanide measurement is made due to the formation of AgS2, although the electrode will foul with repeated measurements. Thiosulfate can also be distinguished from cyanide with a potentiometric titration. Rhodanine and potentiometric titrations are both affected by the pH of the liquor. At pH 9.2 half the cyanide will be present as CN- and half as HCN(aq) with only the CN- being titratable. This does not hold in the presence of a buffer active around pH 9. In the presence of sufficient buffer, both the CN- and HCN(aq) are titrated. Ca(OH)+ may buffer the pH when large amounts of lime have been added.

Jan 1, 2007

By C Tapia, B Hay

There is a close relationship between the mining industry, economic growth, and technological and social development. Mining activities benefit all economic agents, but only during a timespan determined by available reserves, primarily driven by internal factors such as production rate, technology and costs, and external factors such as prices determined by the market and taxes and royalties controlled by governments (Gordon and Tilton, 2008; Henckens, 2021; Tapia Cortez et al, 2018). The intense use of Mineral Commodities (MC) needed to maintain the current lifestyle has placed ore depletion as one of the main threats to sustainable economic, social and technological development. However, ore depletion does not only arise due to the finite nature of MC, price fluctuations or technological challenges. It is also triggered by the ‘economic limits of extraction’, determined by the optimisation of financial factors and technical restrictions within the regulatory framework (Henckens, 2021). Most reporting standards – if not all – define ore reserves as ‘the economically mineable part of a Measured and/or Indicated Mineral Resources’ determined by the technical and economic viability of extracting, processing and commercialising MC having the NPV as the fundamental decision – making tool (JORC, 2012; Krzemień et al, 2016). However, is the NVP an ‘economically’ basis index able to capture the complexity of economic phenomena? No, it is not, and it is crucial to define what is economic and financial. Although related, they are different disciplines. Economics studies the behaviour of the different market agents, including human behaviour and policies and explains the factors involved in the scarcity (or surplus) of goods and services. Finance focuses on financial systems and managing funds considering the time, cash available, and risk. It involves banks, loans, investments, and savings and can be considered a small subset of economics (Simon, 1959; Tapia Cortez et al, 2018). Given the economic nature of ore Reserves, endorsed by governments (Figure 1), NPV is an incomplete tool to determine ore Reserves as it limits the problem to simply maximising cash flows instead of optimising the economic benefits for all economic agents. In addition, using the rigid scheme of controlling taxation – unable to adapt to new market or economic conditions and systematically increasing – within the NPV framework only increases the sub-optimisation of ore reserves, mainly due to the systematic taxation rise. Short-term benefits of higher taxes and royalties are unlikely to offset the impacts of reducing exploration and project development in the long-term, which not only boosts ore depletion concerns but also reduces competitiveness, threatening economic and social welfare (Fisher, Cootner and Baily, 1972; Gordon, Bertram and Graedel, 2007; Lilford, 2017; Mardones, Silva and Martínez, 1985; Radetzki, 2009; Rodrik, 1982; Tan, 1987; World Bank, 2000). Holistic methods and collaborative tools, able to dynamically simulate and assess how changes in the technical settings, regulatory framework (taxes and royalties), and financial factors affect the availability of ore reserves and the impact for all economic agents, should be incorporated into the evaluation process to fill the gap.

Aug 2, 2023

By Wall L, Dobos S. K, Berry-Lyons W

The air we breathe and both plant and animal matter consist largely of nitrogen, oxygen carbon and hydrogen; each of these elements has two or more isotopes, The rocks, soils and waters on which we live and from which we extract minerals and other resources are comprised of elements such as oxygen, silicon, hydrogen, sulphur, iron and magnesium; each of which has two or more isotopes. Since isotopes of an element behave identically in chemical reactions, they cannot be separated or analysed by chemical means. The different isotopes of a particular element, however, vary in mass, reflecting the variation in the number of neutrons in their nuclei, so that physical processes based on the relative atomic masses of the isotopes are used to separate and analyse them (eg, mass spectrometry). Many biologic, atmospheric and geologic processes alter the ratios of the different isotop1ees of many elements. The isotope ratios D/H and O/ O, for example, exhibit significant variations in natural waters because of isotope fractionation during evaporation and condensation. Isotope analyses of both naturally-occurring and synthetic isotopes in the near-surface and biospheric environments can be used to understand natural processes and predict the results of man's interaction with his environment.

Jan 1, 1991