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The transition from exploration to feasibility is a stage in the development of mineral resource projects that is frequently not handled well. The transition marks a point in the project development process where resource evaluation priorities change significantly from the discovery of mineralisation and the rapid assessment of the potential tenor of the mineralised system, to the detailed assessment of the deposit.   Information used in the exploration process tends to be of a qualitative or theoretical nature initially, but gradually becomes more quantitative in character as geological knowledge relating to individual prospects grows.   The transition from discovery and rapid exploration of a new deposit occurs at a relatively early stage in project development, coinciding with the first attempt to prepare a resource estimate for the deposit. Fundamental assumptions regarding both structural and grade continuity and uncertainty inherent in existing information need to be made so that they themselves may be addressed during the collection of additional data.   The effective commencement of feasibility studies involve the introduction of new accountabilities either as a result of appointment of a project manager, and through needing to be able to quantify: ò     the quality of data being collected for resource evaluation purposes; ò     confidence associated with resource estimates; and ò     the need to develop an audit trail for the project, required to make the resource evaluation decision-making process as transparent as possible.   Quality assurance is a concept to which exploration geologists have frequently had little exposure. Being able to demonstrate the quality of data used in feasibility studies is, however, a crucial component of the overall risk management and reduction.   Development of a transparent audit trail for data assists in demonstrating the quality of data which is frequently perceived to translate directly to confidence inherent in resource estimates.   Establishing procedures for geological data collection and management also provides a more reliable framework for making decisions that impact on project execution, again resulting in improved confidence in resource estimates and associated geoscientific data.   Regular, independent technical audits, in principle similar to audits conducted for the ongoing certification of standards compliant quality assurance systems, are a major, positive factor in effective project management and execution.   Information used in project evaluation, feasibility and development must be based on facts. Facts are effectively observations that are ideally made systematically, recorded in a systematic manner, and by being collected effectively are not subject to change.   Effectively managing the transition from exploration to resource evaluation, feasibility and project development involves recognising the nature of changes in the nature, detail and scope of geoscientific data required at each stage of project development. In doing so it is essential to: ò     recognise when the change occurs (as early as preparation of the initial resource estimate for a project); ò     accept that the change may not be gradual; and, ò     ensure that the project evaluation team is adequately resourced.   These objectives require recognition of the value of previous experience and the need to instill a true team approach amongst both staff and contractors associated with the project. Regular formal and informal communications between staff, contractors and other stakeholders in the project are an essential tool in ensuring personnel are aware of factors affecting their role in the project.

Jan 1, 2004

Results of laboratory studies on the flotation of marmatite (zinc sulphide) with new reagents, which were developed to avoid the use of copper sulphate, are presented.Episulphides were chosen as the basis for the reagents because of their reported special chemical affinity for zinc and cadmium. Attempts were made to solubilize and introduce functional groups to episulphides with organic and inorganic acids, ammonia, phenol, aniline, diethylamine, and pyridine. As a class of reagents, the episulphide-amine combination was generally found effective in zinc sulphide flotation to a greater or lesser degree. Best results were obtained with ethylene sulphide-aniline combination. Although anilino-ethyl mercaptan is the reported reaction product of aniline and ethylene sulphide, it was concluded that the effective zinc sulphide flotation with ethylene sulphide-aniline combination is not entirely due to the formation of the mercaptan.The economics of the possible usage of ethylene sulphide-aniline reagent are discussed.

Jan 1, 1974

A rotating disc geometry was used to provide a uniformly accessible surface for a kinetic study of copper cementation with zinc in sulphate solution. For copper concentrations of the order of 10 p.p.m., a porous, adherent deposit is formed on the zinc surface and this has a significant influence on the reaction rate. When the specific mass of deposit is less than about O· 35 mg/cm2 the surface may be considered as smooth and the rate is described by simple convective counter diffusion of zinc and copper ions through a laminar diffusion boundary layer to the deposit-solution interface. In the presence of additional deposit, the diffusional mass transfer rate is increased by increased surface roughness.The rate under these conditions is first order, with the degree of enhancement independent of further increases in the specific deposit mass. The enhancement in rateis, however, directly related to the initial mass flux and the species involved in the reaction.Preliminary work showed the same mechanism to apply to cementation from chloride solution, solutions of high zinc concentration, and cementation of copper with iron..

Jan 1, 1970

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

The Martha deposit is an economic giant epithermal gold deposit, with mined and unmined resources of more than 218 000 kg (7 Moz) Au. The Au-Ag, base metal sulphide-bearing quartz lodes in the Martha deposit form an extensive braided pattern within hydrothermally altered andesite wall rock. There are five main quartz lodes: 1.      Martha, 2.      Welcome, 3.      Edward, 4.      Empire, and 5.      Royal.   Information from historic mine plans and reports has been used to determine the depth distribution of economic ore within the Martha deposit. Economic ore (average of 10 g/t Au) in the Martha underground mine was at a maximum width and strike length between a vertical depth of 160 and 350 m. Below this depth the quartz-sulphide lodes continue, but the grade declined to sub-economic grades (< 4g/t Au) at about 575 m depth and economic ore shoots were localised, mainly on the hangingwall side of the lodes. Samples from exploration drill holes indicate that this decrease is associated with a depth zonation from electrum-bearing Zn-Pb-Cu-Ag sulphide ore (average 10 g/t Au) to sub-economic (< 2 g/t Au) electrum-poor Zn-Pb sulphide mineralisation.

Jan 1, 2006

Exploring the Breakage Environment in Mills with Discrete Element Methods

Sep 13, 2010

By E Corpuz, J Weissman, S Winter, R Evans

The surface-to-inseam (SIS) directional drilling technique has been utilised at Oaky Creek Coal for more than a decade to predrain both the Oaky No 1 and Oaky North mining areas. The cumulative drilling program constitutes a total of 140 lateral and 200 vertical holes, and 405 km of lateral drilling.The use of SIS gas drainage has been successful with the following site-specific benefits being recognised:ability to drain German Creek seam gas contents to residual gas levels of new mining areas within an 18-month period from commencement of well productionstructural geological verification of the mine design well in advance of development mining occurring in an areaability to conduct successful predrainage of the overlying Aquila seam to reduce subsequent goaf emissions.Appropriate and up-to-date geological knowledge during the design and drilling process is a significant influence to achieving success. Vertical production wells need to be located in a position that is most effective to remove water from hole. The lateral hole should not include intersections with significant geological structure.SIS drilling provides continuous seam roof/floor data to help define seam geometry and locate geological hazards with high accuracy. In faulted ground and with variable seam gradients, SIS data can resolve geological ambiguities from seismic sections and enhance seam correlation that would otherwise be available only from discrete and closely-spaced infill vertical exploration drilling.Here, we review some examples of SIS configurations and practice to highlight key learnings in drilling long inseam holes (up to 1900 m per arm) ahead of development and mining. Aspects on prerequisites, evolution of network design, tolerances and drainage outcomes in a variety of geological situations are discussed as technical basis towards a viable and effective SIS drilling program.CITATION:Corpuz, E, Evans, R, Weissman, J and Winter, S, 2015. Surface-to-inseam (SIS) drilling at Oaky Creek coal mine – SIS design aspects and drilling environment, in Proceedings The Australian Mine Ventilation Conference, pp 93–104 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 31, 2015

By D N. B Skinner

Changes in the configuration of late Cenozoic volcanic arcs related to Pacific-Australian plate convergence in northern New Zealand may have localised large-scale epithermal gold-silver mineralisation to a particular part of the volcanic arc system, the Coromandel Volcanic Zone (CVZ). The history of arc-type volcanism in northern New Zealand began with the development of the continental margin Northland Volcanic Arc from early-mid Miocene (26-15 Ma). From 18-15 Ma the Northland Volcanic Arc extended south into the northern and western part of the CVZ where it is dominantly composed of andesite with lesser dacite and very minor rhyodacite. In the south, centre and east of the CVZ, younger andesite-dacite volcanism overlapped in space and time (14-5 Ma) with voluminous rhyolitic volcanism associated with rift-hosted calderas and minor basaltic eruptions. This change to bimodal rhyolitic-basaltic volcanism and extensional tectonics was a result of southwest (SW)-directed propagation of the Colville-Lau oceanic island+ arc into the north-northwest (NNW) trending Northland Volcanic Arc and its underlying continental crust. The extensional tectonic regime created in the collision zone between the two arcs is also the site of the 14-6 Ma Coromandel epithermal gold-silver province, which contains some 50 separate deposits and has a production (1862-1996) of about 300 t Au and 1150 t Ag. Extensional tectonics facilitated the emplacement of silicic magma at shallow crustal level and led to reactivation of deep basement faults. The resulting enhanced heat flow and fault-focused fluid flow localised large hydrothermal systems and associated extensive low-sulphidation epithermal gold-silver deposits in the southern part of the province, as at Waihi, Golden Cross and Karangahake.

Jan 1, 1997

By C Mark, Z Agioutantis

This paper presents an empirical design methodology that is based on successful US roof support systems using both primary and secondary support in coal mining entries and intersections. The recent nationwide dramatic reduction of roof fall rates, especially in areas with weaker roof, can be directly correlated to the effectiveness of the roof support systems. A large database of roof fall histories at several mines is used to define the approximate boundaries of three modes of roof support with respect to roof strength as classified by the Coal Mine Roof Rating (CMRR) and in situ vertical stress as indicated by the depth of cover. These roof support classifications are: • Suspension, where roof bolts mainly provide skin control for strong roof. • Beam building or reinforcement, where a roof of moderate strength can be supported by roof bolts only. • Supplemental (secondary) support, where the primary support by roof bolts may be augmented by several secondary support systems, eg cable bolts, trusses, additional roof bolts or standing supports. The Primary Support Rating index (PSUP) captures the capacity of the primary roof bolt system as a function of the actually implemented roof control plan, ie roof bolt length, roof bolt density, and roof bolt capacity, while it does not consider the type of bolt. The actual PSUP value is compared against a suggested PSUP value derived from statistical analysis of US case histories. Where secondary support is indicated, the expected rock load determines the necessary capacity of the secondary support system. A new (free) software package, Analysis of Mine Roof Support (AMRS), implements the design methodology and also allows comparison with other international indices such as the Reinforcement Density Index (RDI), the PRSUP, etc.

Nov 29, 2022

By S C. Dominy, R C. A Minnitt

Determination of the sampling constant and liberation diameter are of importance when applying the Fundamental Sampling Error (FSE) equation to optimise sampling protocols. The method for the direct determination of the sampling constant is based on the æGy 50-pieceÆ experiment and variants thereof, which is generally known as the heterogeneity test. In the coarse gold environment, the heterogeneity test is prone to poor repeatability and bias due to the very heterogeneity that it aims to quantify. A key issue is the large sample mass that can be required in the coarse gold environment, which may reach 1 t or more. The heterogeneity test often provides an evaluation of the background gold grade heterogeneity, but understates that of the high-grade coarse-gold component. This is because the total mass of fragments is usually too small to represent the mineralisation. Despite this relatively well-known problem, heterogeneity tests are often undertaken on deposits where the presence of coarse gold is ignored, not fully realised or vastly understated. Sampling types and protocol designs are frequently based on poor quality data that do not match the characteristics of the orebody. For this style of mineralisation, an empirical approach to define ore characteristics is recommended.CITATION:Dominy, S C and Minnitt, R C A, 2012. Application of heterogeneity testing to coarse gold ores, in Proceedings Sampling 2012 , pp 143-160 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 21, 2012

By P J. Minehan

The investigation of the potential of the Webb/Baynes block of the Buller coalfield for anode carbon manufacture has generated much information on the physical beneficiation characteristics of the Buller coals in general. A further 36 drill holes of the block in question and several other samples have been analysed by sink/float analysis, either at a single density or over a range of densities. In addition, many samples have been beneficiated on a laboratory shaking table or by flotation. The ash content can be reduced by a variable factor. The reduction factor of between two and four by sink/float analysts is understandably less for tabling where separation is not perfect. All Buller coals behave similarly, there being greater ash reduction factors for higher ash coals.

Jan 1, 1983

The additional information that Clarke and Taylor (1982) provide about the important but poorly documented Ardlethan deposit is, of course, very welcome. However their contention that structural considerations, in conjunction with petrology, alter the interpretation of the mineralogical and geochemical data presented previously (Scott, 1981) is not accompanied by adequate supporting evidence. Indeed characteristics of the orebodies studied invalidate their arguments.Heterogeneity between matrix and fragments is not a problem in the South Cherry and Ardwest orebodies because most samples are comprised entirely of interlocking hydrothermal assemblages with a fabric and mineralogy that is uniform through both former breccia fragments and matrix. In hand specimen, the rock superficially resembles altered granite and, as indicated by Clarke and Taylor (1982), a brecciated texture is difficult to discern. In thin section, relict brecciated textures can be observed as localized changes in the grainsize or in the distribution of minerals that outline former breccia fragments (P. J. Eadington, 1982, personal communication).Because of the intense brecciation and comminution of rocks (fragments < 10 mm are usual) in the South Cherry and Ardwest breccia bodies, hydrothermal recrystallization was complete, resulting in homogenization of fragments and matrix. Furthermore, the amount of sample analysed (-100 g for drill core and 2-3 kg for hand specimens) is sufficiently large to be representative of both former breccia fragments and matrix. The Carpathia and Stackpool orebodies, with their abundance of sedimentary fragments, have alteration superimposed on a heterogeneous fabric, and were not studied. Thus the problems of differentiating between fragments and matrix (Clarke and Taylor, 1982) are irrelevant to the particular orebodies described in my paper.Within the alteration halo, which is several hundred metres wide (Paterson, 1976), the very uniformity of the alteration assemblages implies that subsequent, postmineralization brecciation is of only minor significance.Indeed tourmaline pipes in the Ardwest pit are less than several metres across (Clarke, 1979) and produce minimal alteration in the surrounding rocks. Therefore the interpretation of the mineralogical zonation is not compromised by the recognition of several periods of brecciation.

Jan 1, 1982

By J L. Mauk

Golden Cross is a volcanic-hosted, low-sulfidation, epithermal Au-Ag deposit in the Hauraki Goldfield. Irrespective of the rock type (andesite versus dacite), hydrothermally altered wallrocks are enriched in K, Rb, As and Sb around Au-Ag mineralised veins of the Empire vein system and stockwork. Sodium and Sr are strongly depleted around these veins, whereas Mg and Fe are locally depleted. Calcium and Si display mixed behaviour, varying from unchanged to depleted to enriched. Other elements including Al, Ti, Mn, Zr, Y, and Nb show little change or are immobile during hydrothermal alteration. Element enrichment and depletion trends are directly related to the degree of alteration and the alteration mineralogy. Addition of K and Rb and converse loss of Na and Sr in intensely altered wallrock surrounding veins corresponds to the replacement of igneous plagioclase by hydrothermal adularia. Sodium and Sr occur in moderately altered rocks on the margins or in æhard barsÆ that contain plagioclase. Locally, elevated Si concentrations and depletion of Mg adjacent to the Empire vein system reflects intense silicification of the wallrocks and the replacement of mafic minerals by quartz rather than by chlorite. The geochemical zonation patterns at Golden Cross are very similar to those at the McLaughlin deposit California, and shallow levels of the active Broadlands Ohaaki geothermal system. Therefore, determination of K, Na, Rb, Sr, and Ca enrichment and depletion patterns provides insight into alteration intensity and mineralogy that is complimentary to traditional trace element analysis of As, Sb, Hg, Au, Ag, Zn, and Pb used in the exploration of shallow level (< 500 m) epithermal Au-Ag deposits.

Jan 1, 2000

The process of electrostatic separation was developed in the late 19th century, but did not make much headway for about 25 years. High dc voltages, of the order of 20 kilovolts, are involved, and the only means of obtaining such voltages at that time were by the use of frictional machines, such as the Wimshurst. These were not reliable, for two reasons:-a. If a spark discharge occurred it took an appreciable time before a steady voltage was again attained.b. In damp weather the machines were almost useless.In the first 20 years of the 20th century the advent of mechanical and vacuum-tube rectifiers led to promising developments of 'the process. In the early 1920's flotation became widely used commercially, and proved to be more reliable, and capable of wider application, than electrostatic separation. During the last 15 years or so, with a better knowledge of the fundamentals forming the basis of the process, electrostatic separation is beginning to compete with flotation, especially in the treatment of smallsizedgranular material, such as beach sands. Electrostatic separation can be, and is, widely used in many cases where flotation is impossible, such as in the cleaning of food products which must be kept dry.

Jan 1, 1950

The construction of mine headframes of reinforced concrete is not a new departure as many structures have been built of this, material particularly in Canada and South Africa. This type of construction has been satisfactorily tested in service and is now accepted by the mining fraternity.The two headframes at New Broken Hill Consolidated Limited are the first structures of this type to be built in Australia, and provide an interesting application of reinforced concrete design and construction.Reasons for Adoption of ConcreteDuring 1947 the writer visited D.S.A. and Canada and inspected three headframes, of reinforced concrete construction.Leading details are as follows:(i) Hollinger Gold Mines. (Timmins, Ontario) : Height of sheaves 110 ft. Shaft has provision for 4 skips each of 12,000 lb. capacity. Structure incorporates surface crushing plant.(ii) International Nickel Corporation-Murray Shaft (Sudbury): Height to sheaves 153 ft. 6 in. Shaft provides for 2-12 ton skips and 2 cages. Surface crushing plant built integrally with frame.(iii) Asbestos-Johns Manviae (Quebec): Height of sheaves 116 ft. Shaft provides for 2 skips 200 cu. ft.

Jan 1, 1956

The addition of a thallous salt to the cyanide leach of a calcined pyritic concentrate causes a marked increase in the rate of extraction of gold. This is due probably to the activation of passive gold by the thallous ions. Lead, bismuth, and mercury salts, which should produce a similar effect, fail to do so. It is postulated that this latter result, together with the reprecipitation of silver at low cyanide levels, is due to the presence of soluble sulphide.INTRODUCTIONThe work of Fink and Putnam (1950) showed that the rate of solution of gold in cyanide can be increased by the addition of small amounts of lead, bismuth, mercury, and thallium salts. Mills (1951), during a study of the electrochemistry of gold, with particular reference to cyanidation, was able to show that gold may become passive towards cyanide solution. The addition of lead or thallium salts prevented this passivity, although the action of lead was limited to the pH range 10 to 12. In a recent paper Cathro (1963) confirmed the findings of Mills, and presented results which showed that the addition of thallium to a cyanide leach of a calcine from Lake View and Star mine, Kalgoorlie, increased the rate of extraction of gold appreciably. In, this paper the use of thallium to prevent the gold becoming passive, and hence to decrease leaching time and cyanide consumption, is examined.EXPERIMENTALA series of leaching tests was carried out on a sample of Lake View and Star calcine, comprising calcined pyrite (about 70 per cent.) and siliceous gangue (about 30 per cent.) and containing 165 p.p.m. gold, 45 p.p.m. silver, 0·1...

Jan 1, 1964

Is your company paying taxation on profits which are partly illusory?ò Are unions making wage demands based on erroneous notions of the real level of value added to your companyÆs production?ò Do you receive historic data on profit contributions by different products, or for different market areas, which you feel may be misstated?ò Do you find that cash is not always readily available to pay dividends out of reported earnings because, it is required to finance additional working capital without a real increase in the level of activity?ò Are your planning and budgeting routines hampered by the need to rely on historic financial data which bear little resemblance to what the future may hold for your company?ò Are you able to maintain your business at its optimum operating capability or do you feel each year that it becomes more and more difficult to achieve the same volumes of prdduction at the same level of return on assets employed without having to raise more capital?If your answer to any of these questions is "yes", then it is very likely that Current Cost Accounting (CCA) has something to offer you!characteristics of the mining industry and for single venture mining operations.

Jan 1, 1984

The subject which I have chosen for my paper is one that I am sure has occurred to the minds of nearly every mining man on these goldfields at some time or other. I refer to the carrying out of hydraulic mining on a fairly large scale on some ofthe alluvial areas of the West Australian goldfields. There are many, no doubt, who have the question ready at the present moment, "But where is the water coming from? " However, the great difficulties in the way are not due to the want of natural facilities, but due to the fact that sufficiently large areas cannot be leased for this purpose under the present Mining Act. Now, ever since the inception of the West Australian goldfields there has been the old familiar cry when referring to some alluvial gully or flat, "I wish I had a head of water to sluice that ground," but what seems an impossibility at times can be brought to a very great possibility by the use of a little thought and the expenditure of the necessary capital. This is so as regards West Australia with sluicing which, in spite of the its having so many detractors, can be carried out successfully in certain localities if the ordinary facilities on the part of the Govenment are given, and on the other hand the necessary capital is supplied. Alluvial gold areas, I propose now to draw your attention to first of all, the numerous alluvial areas that exist around Coolgardie, Kalgoorlie, Bulong, Kurnalpi and many other centres. Some of these areas have afforded fortunes inthe early days to the alluvial miner, and also afforded a living for years to many diggers' by the use of the dryblowing...

Jan 1, 1901

By G J. Corbett, T M. Leach

Approximately 42 t of mercury were produced from Puhipuhi from the late nineteenth century until the end of World War II, with no significant gold or silver production. Sinter, eruption breccias and veins, mined for mercury at Puhipuhi and essentially barren of gold, are inferred in many geological models to represent the surficial levels of adularia-sericite style low sulfidation gold-silver systems. These systems may contain economic gold-silver mineralisation at depth. Conceptual geological models have been employed at Puhipuhi in the search for buried gold mineralisation. Homestake Mining utilised a McLaughlin model for exploration from 1982 to 1987, targeting mainly the vicinity of the sinter deposits. From 1987 to 1989 BHP sought deeper structurally controlled gold mineralisation within the basement greywackes, utilising models derived from studies of Round Mountain, USA and Hishikari, Japan. Macraes Mining Company Limited have accessed the previous work and applied a conceptual geological which invokes a north-south structural control for the emplacement of high-level felsic intrusions at depth. Dextral movement on these structures associated with oblique convergence facilitated the formation of a pull-apart basin in which lacustrine sediments overlie basement greywackes and are in tum overlain by Pliocene basalts. Continued activation of the NS structures created a series of inferred NE-trending dilational structures, which are targeted as fluid upflow centres for the surficial outflows. Upflows occur as eruption breccias (e.g., Plumduff) and outflow as silica sinters (eg Mt Mitchell, Williams) which are also partly obscured by the basalt cover. Argillic alteration and mercury mineralisation occur at elevated crustal levels (eg Puhipuhi mine). Modelling from structure and alteration zonations have targeted a fluid upflow in the vicinity of Bush Hill, which was not accessed by previous workers. This target was subsequently supported by surface geology and multi-element soil geochemistry.

Jan 1, 1997

By McMahon D

The approach to valuations at the Normandy Poseidon Group is a measured and methodical process that utilises skills sourced from a number of different disciplines. Whilst being subject to a strict set of guidelines, it is also sufficiently flexible to be able to cope with the considerable variety across the resources industry. The group uses Discounted Cash-Flow (DCF) techniques extensively in order to develop a base valuation. Other external factors (eg the market) are, however, also taken into account when forming a view on value. Other methods of valuation are used in tandem or as alternatives depending on the task. DCF techniques are an important tool but would never be used in isolation. Considerable care must be given to developing the DCF analysis as its components (eg discount rate) are prone to misuse. Whilst the valuation process is quite detailed and scientific, it is really only as good as the inputs or assumptions (technical, financial, etc) that are used. The methodology used remains consistent whether the group is undertaking the corporate planning process or making an acquisition.

Jan 1, 1994