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The valuation of resources companies is open to a huge amount of subjectivity. Not only are valuations subject to fast changing assumptions, such as commodity prices, exchange rates, ore grades, etc., but there is also no common agreement on the methodology to be used. To borrow from Malcolm Fraser, life wasn't meant to be easy for the resource company valuer. I will demonstrate three recent examples of valuations carried out but where the market or actual transactions done show very different results.

Jan 1, 1989

By Watson D. F

P S B Stewart has rightly pointed to a possible obscurity in our paper on drilling patterns, viz. in comparing the improvement of a triangular drilling pattern over a square one, we used percentage improvements without always making clear their base. We hope, however, that other readers, like Stewart, have been able to understand the particular meaning from the context.Although different methods of estimation of an ore deposit will have different local bias (Philip and Watson, 1985), the critical relationship affecting the reliability of estimation of an unsampled location is the scale of local variation of the variable being estimated in comparison with the density and isotropy of sampling. This relationship overrides all other considerations.

Jan 1, 1985

This paper provides an overview of the future for underground thick seam coal mining in Australia. It reviews the available and anticipated mining systems and technologies which may be adopted to mine coal seams of greater than 4.5 m thickness, together with an assessment of the likely technological and operational risks and challenges involved. This overview of mining systems is presented in the context of both current and recently completed research projects funded through the Australian Coal Association Research Program (ACARP). The projects have been joint investigations between The University of New South Wales Mining Research Centre (UMRC) and the Centre for Mining Technology and Equipment (CMTE). Outcomes from the projects have included an appraisal and classification of underground thick seam reserves in Australia and their suitability for each mining method.

Jan 1, 2000

In July 1997 Macraes Mining Company Limited deferred a 9 Mtpa expansion of the Macraes Gold Project because of the uncertainty of the future gold price and its impact on equity markets.  Additionally delays in the resource consenting process led to further uncertainty.   It has subsequently announced that a study has been commissioned to recommend a staged approach to development of its New Zealand business. The best economic development path will be determined to maximise returns to shareholders.

Jan 1, 1997

Contractors have penetrated all areas of the Australian mining industry over the last 15 years. The process started in the WA gold and nickel mines and has since spread around the nation to iron ore, base metals and coal mines.The mine contracting industry has progressed from tentative beginnings in the 80s to the current situation where it is now providing high standards of professional management, safety and workmanship with competent people and high quality plant and equipment.

Jan 1, 1998

Almost all the countries of the south-west Pacific and the Australian states have recently completed or have commissioned mineral royalty reviews. The prime reasons for this widespread and consistent action is the desire of the governments of these entities to redress perceived effi- ciency and equity imbalances and to ensure that the revenue raising motive does not override the necessity to maintain mineral exploration and development incentives. Governments are tending to adopt royalty systems comprising a com- bination of base royalty and a profit component. Resource rent royalty and royalty holidays have been introduced and anomalies, such as royalty free gold production, still exist but appear to have uncertain futures. Tasmania ranks as the Australian state with the lowest aggregate royalty levy/production value ratio whilst Papua New Guinea has the highest royalty objective achievement level in the south-west Pacific region.

Jan 1, 1988

The Australian mining industry has suffered from a decline in its public image during the past decade. This has occurred partly as a result of increased questioning of accepted social and economic values since the mid-1960s and the greater restrictions placed on industry since then, and partly ò from the industry's inability to effectively answer its critics. Public opinion surveys have shown the depth of the decline in the industry's community acceptability and highlighted those issues which people regard as disadvantages of mining. The industry's poor public image has contributed to the difficulties of attracting young people to take up professional careers in mining. All those involved in the industry have a responsibility to assist in activities designed to improve the industry community Acceptability.

Jan 1, 1981

The Income Tax Assessment Act ["the Act"] levies tax on a taxpayer's taxable income. At a time when commerce and life were more simple, the calculation of taxable income had some connection with logic and a taxpayer's capacity to pay. However, as a result of successive governments' different views of equity, their perception of avoidance, their needs for revenue and their changing views on capacity to pay, the rules determining the calculation of taxable income have continually changed to the point that logic is no longer relevant. Taxable income now is simply the product of the application of a complex set of rules.

Jan 1, 1990

By Wadsley MW

This paper gives an overall view of the CSIRO-SGTE computer system for thermodynamic calculations. The basis of the system is the coupling of a large self-consistent numeric data bank of thermodynamic information to a modular set of application programs. These seven programs cover management of data files, calculation of thermodynamic properties for species and reactions, plotting of predomin- ance area diagrams, equilibrium and enthalpy balances for complex processes, analysis of thermodynamic efficiency and the estimation of unknown properties. The data bank contains a wide coverage of species and data types so that the system may be applied to many areas of chemistry and metallurgy.

Jan 1, 1984

Seven papers have been reviewed and in this session. Broadly they can be grouped into three categories as follows: A Chemical Characterisation of Mine Waters Miller & Murray - Prediction of Time Dependent Factors in Acid Mine Drainage Jeffrey et. al. - Sulphide Oxidation in Pyritic Overburden; A Controlled Leach Column Study Sheridan et. al. - The Effect of Ore Type, Depth, and Leach Time on Cyanide Species in Column Tests using NaCN Leach Solutions B Mine Water Treatment Management Gilchrist & Hunt - The Recovery of Water from a Colloidally Stable Kimberlite Suspension Chapman, et. al. - Treatment and Utilisation of Hilton Mine Water

Jan 1, 1988

By Michot LJ, Kongolo M, De Donato PH

Diffuse Reflectance Infrared Fourier Transform Spectroscopy (DRIFTS), Hallimond tube flotation tests and microelectrophoresis measurements have been used to investigate the reactions involved in the adsorption-ion of K-amyl xanthate on finely ground pyrite. Pure pyrite was finely wet ground, at different pH values, in specially built laboratory stainless steel or iron rod mills. Amyl dixanthogen was the only product identified on the surface of pyrite when stainless steel rods were used. When iron rods were utilised, ferric xanthate and physically adsorbed xanthate ions were observed in the superficial phase. The use of iron media was found to depress slightly the floatability of the mineral.

Jan 1, 1993

The alluvial diamond deposit in the Kimberley Region of Western Australia which became to be known as the Bow River Diamond Mine was discovered in 1982 by joint venture partners Freeport of Australia Inc and Gem Exploration and Minerals Ltd. Mining commenced in 1987. This paper describes the exploration programs and results from discovery to commencement of mining and reviews the public reporting of this process in the light of 1992 Ore Reserves Code (JORC, 1992). This case study illustrates the difficulties involved in resource estimation of alluvial diamond deposits. The study also shows that current reporting standards were, to a large extent, adhered to a full ten years before the diamond reporting section to the Code was formulated.

Jan 1, 1996

Petroleum exploration and development is vitally important for the future well being of Australia. The Australian petroleum exploration/development industry is alive but not so well. A combination of.:factors point to the industry requiring a much more mature effort in both short and longer-term planning to ensure greater success and effectiveness for petroleum discoveries and development. While many petroleum exploration companies are competently run, there are far too many which will be lucky to survive, even though their exploration areas are highly Prospective.

Jan 1, 1983

By R F. Weinberg, R A. Armstrong, A G. Tomkins

We investigated the duration of formation of the giant Ok Tedi porphyry copper-gold deposit in Papua New Guinea using zircon SHRIMP U-Pb dating. The intrusions that host the Cu-Au mineralisation have a maximum age of 1.43 ¦ 0.22 Ma. Since previously published K-Ar dates on the same intrusion constrain the last thermal event at 1.11 ¦ 0.05 Ma, we conclude that the magmatic-hydrothermal event that produced the deposit lasted ~0.45 million years (Myr). A comparison of Ok TediÆs calculated volatile fluxes with those from arc volcanoes and active mineralising hydrothermal systems suggests that the efficiency of metal deposition is a key factor in determining the duration of deposit formation. An EXTENDED ABSTRACT is available for download. A full-length paper was not prepared for this presentation.

Jan 1, 2008

In the exploration of an area proposed for the establishment of an underground colliery, consideration of all land and mining titles and consents has early priority. Environmental aspects have become more meaningful. Preliminary assessments of previous geological knowledge, together with new geological and geophysical data from surface investigations, condition the decision to proceed with costly diamond drilling programmes. Methods other than fully cored diamond drilling have a useful application in appropriate circumstances. Drilling exploration is conducted in stages of increasing density of-hole spacing to the point where, with holes at 1 km centres, reserves are categorized as measured. The programme is subject to constant review in the light of market changes.

Jan 1, 1976

By Morrison R. D

This paper describes major events in the design, construction, camtissioning and operation of the Elura concentrator. It covers the period fran September, 1974 when laboratory testwork on drill core cotmenced to March, 1983 when the concentrator catmenced operation on run of mine ore following successful completion of initial ccnmissioning tests. The concentrator was designed to treat 1.1 million tonnes of lead-zinc-silver ore per year with a plant availability of 89 per cent. This treatment rate has been achieved for test periods.

Jan 1, 1983

With the advent of the mini computer and the relational database project management has experienced a new lease of life. The project manager no longer has to wait days for his reports, and he doesn't have to thumb through a foot of four part stationery to find that one line of information. The new techniques bring characteristics that are music to the ear of the project team giving them a better chance of bringing the projects in on time and within budget.

Jan 1, 1983

Comalco Aluminium Limited uses a computer system for cost, supply and maintenance reporting and control at its bauxite mine in Weipa, North Queensland. The system collects data on a daily basis at a high level of detail on both cost and maintenance history. This allows useful reporting to all levels of management from the shop floor to the General Manager. The most successful aspect of the system is that the information is available in all workshops on visual display units. This allows the real spenders of the Company's money, Foremen and Tradesmen, to make well informed decisions. The system has also decreased the time taken to find parts and information which gives the Foremana greater opportunity to do his real job of supervision and quality control.

Jan 1, 1983

This paper details the approach adopted to develop an integrated asset management system for a GreenfieldÆs Metallurgical Plant during a recently completed feasibility study. The proposed asset management system deals with general aspects related to metallurgical operations and includes the following:plant operation and control, human resources, security systems, stores, and maintenance management. The paper deals with the establishment of requirements for the asset management system, the interfaces required, available systems in place and cost estimations for implementation. Every effort was made to integrate the system into existing corporate installations to create an integrated and effective management tool from both a plant operation and support perspective.

Jan 1, 2002

The Cooperative Research Centres (CRC) Program was established and is supported by the Australian Government at a total cost of $140 million per year. Six of these centres have been established to help Australia's mineral industry: three in exploration, one in mining and mineral processing and two in extractive metallurgy. Since the CRC Program has now been in operation for five years, it is a good time to ask whether the minerals industry is being served adequately by these centres. In this paper, the performance of one CRC, namely the A J Parker Cooperative Research Centre for Hydrometallurgy, will be discussed in terms of the objectives of the CRC Program. As will be shown, the Parker Centre has made considerable progress since its establishment in 1992.

Jan 1, 1996