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By David Penswick

Despite anecdotal evidence to the contrary, the mining industry is not in decline. Rather, the world?s largest mining companies are among the most consistently profitable companies in any industry. In many cases, profitable mining companies have been built around a few large scale, long life mines. These criteria for success ? size and long life ? have led to the current preference for deposits that can be exploited using open pit methods. However, developments in the science of block caving have resulted in this mining method achieving costs and productivities that are competitive with the largest open pits, while achieving widespread applicability. One implication of the low costs and widespread applicability of block caving is that some current open pits are possibly too deep.

May 1, 2003

"These guidelines, implemented in 2003, were recommended by the Diamond Exploration Best Practices Committee established by the Canadian Institute of Mining, Metallurgy and Petroleum. The guidelines are applicable to public companies and their consultants reporting diamond exploration results.“The guidelines are referenced in the Companion Policy of NI 43-101 with a statement that disclosure regarding the reporting of diamond exploration sampling results should conform to them.”Reporting GuidelinesThe following guidelines have been recommended by the Diamond Exploration Best Practices Committee established by the Canadian Institute of Mining, Metallurgy and Petroleum. These guidelines are applicable to public companies and their consultants reporting diamond exploration results.In respect of these guidelines, Diamond Exploration Results are results derived from the initial activities undertaken to investigate a diamond bearing prospect or deposit, to generate tonnage, grade and value estimates that cannot be classified as a Mineral Resource or Mineral Reserve. They do not address the earlier stage reporting of geophysical, geochemical or kimberlite indicator mineral results.Public reports of Diamond Exploration Results relating to mineralization not classified as Mineral Resource or Mineral Reserve must address the confidence limits of the result and contain sufficient information to allow a considered and balanced judgement of the significance of the results.The objective of these guidelines is to assist public companies and consultants in making appropriate disclosure of diamond exploration results by reporting in a manner which is:Uniform within the diamond exploration industry; Consistent with reporting from other industry sectors .Comprehensive .Unambiguous .The guidelines are not prescriptive. Materiality is the overriding principle that determines the information that should be disclosed. However, where a company or consultant deviates from the guidelines, the disclosure or technical report should state the extent to which the guidelines have not been followed, and the reasons for the deviation.The guidelines do not in any way replace jurisdictional reporting requirements (For example, the requirement for Canadian reporting issuers to comply with Canadian Securities Administrators National Instrument 43-101 by having technical disclosure endorsed by a Qualified Person as defined in that legislation)."

Jan 1, 2003

?Four-wheel, skid-steer, rover developed for CSA ?U-chassis for payload accommodation ?Passive geometric suspension ?Max speed 13km/hr ?Remote workstation ?275kg payload capacity ?On-board processor, IMU, motor encoders ?5.2kW-h battery capacity

May 1, 2013

By L. C. So, S. Faucher, S. Mostaghel, D. Sauter, S. -Y. Oh, S. K. Lee

"Molten material from pyrometallurgical furnaces is tapped at high temperature, carrying a large amount of heat. Traditional handling methods of slow air cooling or water granulation do not allow for the recovery of heat from slag and matte. Furthermore, water granulation adds an inherent safety risk of explosions. Recently, there have been numerous studies into processes attempting to recover waste heat. However, most of them have never been commercialized due to numerous challenges including scalability, cost, low heat recovery efficiencies, and difficulties in heat utilization. Ecomaister-Hatch has recently developed and commercialized a reliable and simple dry atomization system that allows for heat recovery while eliminating the use of water. Comparisons of pilot and commercialized dry atomization and heat recovery technologies will be presented and challenges of these technologies will be highlighted.INTRODUCTION Slag has traditionally been regarded as an undesired waste product from smelting operations with slag management focused on removal and disposal of “waste”. Over 500 million tonnes of slag are produced per year, carrying with it ~220 TWh of energy (Barati, Esfahani, & Utigard, 2011). Depending on the process, the energy content of slag ranges from 10-90% of the total energy input (Barati, 2011, Rodd, 2010). There has therefore been great interest in recovering energy from slag. Slag handling methods can broadly be classified into three categories: (1) dumping and slow cooling, (2) wet granulation and (3) dry granulation. As discussed below, only dry granulation routes are amenable to heat recovery. Slag dumping involves the slow cooling of molten material and crushing of the resulting solid. In this process, slag is dumped on the ground directly from furnaces or transferred to slag pots that are moved by rail or haulers and then dumped on the ground. The molten material is left to cool and solidify until it can be broken and handled by heavy machinery."

Jan 1, 2017

By A. E. Wraith, J. Protheroe Jones, P. J. Mackey

The world’s first copper electrorefinery started production in 1869 at Burry Port in South Wales. Built within the Pembrey Copper Works which had commenced smelting operations in 1849, the new refinery was based on principles described in the British patents issued to J.B. Elkington in 1865 and 1869. Refining principles and practices pioneered there were key to the foundation of modern electro-refining practice in what is now a dominant international industry producing over 16 Mt of electrical grade copper annually. This paper explores the background to this pioneering application of the new, early 19th century, science of “electro-metallurgy” and examines its links to the contemporary decorative electro-plating industry and to the shortcomings of 19th century fire refining. The beginnings and early years of the Pembrey electrorefinery are briefly discussed in relation to the quality, applications and pyrometallurgy of copper at the time. More than a decade would elapse before the birth of the electrical age: the Pembrey refinery may be seen as one of its vital precursors. Note: This paper was originally published as part of the Copper 2013 proceedings (A.E. Wraith, P.J. Mackey and J. (formerly R.) Protheroe Jones, “Origins of Electrorefining: Birth of the Technology and the World’s First Commercial Electro-Refinery”, paper in Electrorefining, Vol. V, Book 2, (Eds. R. Abel and C. Delgado), Cu 2013 International Conference, pp. 19-33, IIMCh, Santiago, Chile, 2013). It is reproduced here together with a new Appendix and supporting references that lists the year of commencement of the first electrolytic copper refinery by country, 1869 to 1956. It all, the year of the first electrolytic copper refinery established for 15 countries is included. These 15 countries now produce more that 70% of world refined copper (for 2018). INTRODUCTION In the 1840s, the new science of ‘electro-metallurgy’, a term coined by Smee in 1841 (Smee, 1841), was being adapted to the decorative electro-deposition of silver in a thin, bright adherent coating that was evidently equal in appearance to traditional silverware (Williams, 1976). Chief among innovative manufacturers of decorative objects who took up the new art of silver electro-plating was the acclaimed firm of G.R. Elkington and Co. of Birmingham, England. The company, which vigorously developed all aspects of electro-metallurgy for the decorative trade, entered the field of ‘electrotyping’, a technique in which the surface features of a mould are copied on an electro-deposited copper layer which, when stripped off, can be used to reproduce an imprint of the mould. In essence, it is a form of casting by electrodeposition, invented in 1837 independently by Jacobi in Russia (Pavlova, 1968) and Spencer in England (Wyatt, 1851).

Jan 1, 2019

By M. Board, R. Pakalnis, S. Seldon, R. Brummer

The Kidd operation mines roughly 10 000 tpd of copper and zinc ore from underground and employs about 700 personnel. In the late summer and fall of 1997, major movements in the proximity of the east wall of the Kidd open pit had been observed. The Kidd pit had been mined from 1965 to 1977 to depths of 260 m (850 ft), followed by subsequent mining by underground methods to current depths in excess of 1830 m (6800 ft). The No. 1 Mine (2600 Level to pit bottom) is approximately 90% extracted, with most of the remaining reserve between 2000 and 2500 levels. Although initial concerns centred on the stability of the pit walls, the potential ramifications of the movements to the underground were recognized and measures were implemented to ensure the safety of personnel as well as to minimize the potential damage to existing operations. In late October, damage to underground operations was observed as deep as the 2000 Level. In the final assessment, the global mobilized mass was a “wedge”-shaped hangingwall block extending from surface to about 610 m (2000 ft) below surface. The “wedge” boundaries are defined by a fault and shear zone which have continuous lengths in excess of 1070 m (3500 ft); its base by shearing through the host rock mass; and its eastern face by deep tension cracks (Fig. 1). Mined and filled excavations at the western face of the “wedge” allowed mobilization of a mass in excess of 30 M tonnes. Movements in excess of 75 cm (30 in.) per day were recorded on the surface stations that preceded the complete shutdown of operations on October 29, 1997. The evaluations in the days following the shut-down were centred on mitigation of immediate and future possible negative impacts on infrastructure and mining of the remaining No. 1 Mine reserves while ensuring the safety of the operators. This effort required the rapid assessment of the potential damage of the block movement on underground infrastructure, stope access, drainage and ventilation, as well as airblast potential due to the falling of a large block into the pit near the ventilation intake at the base of the pit. These assessments were presented in a previous paper (Seldon et al., 1999). In total, the lateral movement of the block on the ground surface was over 4.3 m (14 ft). This paper describes the detailed studies performed to understand the failure mechanism and to assess the impacts on future mining in No. 1 Mine.

Jan 1, 2000

By X. -G. Chen, E. M. Elgallad

Direct chill (DC) cast ingot plates of 2xxx alloys have been increasingly used for large mold applications in the plastics and automotive industries. A novel heat treatment practice for Al-3%Cu-1%Mg DC cast ingot plates has been developed, involving solution treatment, furnace cooling to the desired aging temperature and holding for appropriate time at the aging temperature. The mechanical properties of the plates were studied for different combinations of aging temperature and time, using hardness measurements and tensile testing. The evolution of the strengthening precipitates was investigated under different cooling rates corresponding to cold water quenching, still-air cooling and furnace cooling, using electrical conductivity measurements. The results showed that by applying the novel heat treatment, the cast ingot plates could provide a wide range of combinations of strength and ductility satisfying the design specifications of large molds. This, in turn, offers a practical solution for the fabrication of extremely large DC cast plates combining between good mechanical properties and low levels of residual stress using the shortest possible heat treating cycle.

Jan 1, 2015

"The ventilation-related risks from mines with elemental sulphur include dust explosions, spontaneous combustion with emission of heat and toxic sulphur dioxide or hydrogen sulphide gases, reactions with nitrates, corrosion, acid water, and pyrophoric reactions with naked iron or other metals. Elemental sulphur will form explosive mixtures in air at lower dust concentrations and at lower ignition temperatures than coal or sulphide dusts. Potential controls include primary ventilation circuit design, control of dust deposition and static discharges, enclosing steel surfaces, inert stone dusting, FRAS ducting, humidifying the air, alternate stench gas, self-contained self-rescuers with goggles, careful siting of underground infrastructure, controls on explosives formulations and procedures, mining method selection, controls on surface temperatures and protection of equipment, careful materials selection for ventilation seals and changes to worker clothing and training.INTRODUCTIONSulphur (“Brimstone” in biblical times) is one of the world’s most important industrial feedstocks and is used in a wide range of chemical processes and industries. Until the early 20th Century, most of the world’s production of sulphur came from ‘conventional’ underground mines in Sicily (Demetra produzioni, 2006; Bellia, 2006). This was a hazardous activity. The Frasch solution mining process replaced traditional underground mining of sulphur until the late 20th Century. Most of the world’s production of elemental sulphur is now as a by-product from sour gas produced in petroleum refineries and natural gas installations (Anon, 1993). As such, there is considerable experience in understanding and managing the hazards of elemental sulphur in chemical plants and surface transport.Whilst rare, underground mines with high elemental sulphur contents (as a gangue mineral) create an unusual range of mine design and operational issues, including many ventilation-related ones. The key hazards from elemental sulphur include: primary and secondary elemental sulphur dust explosions, fires and burning (with emission of heat and sulphur dioxide or hydrogen sulphide gas), reactions with nitrates used in explosives, corrosion of steel and other metals, generation of acid water (especially at higher water temperatures), and pyrophoric reactions with naked iron (e.g., ground support, ladderways or underground fixed plant) or other metals including silver and copper (e.g., used in electrical components and equipment)."

Jan 1, 2019

By J. Y. Kim

This paper presents a novel action recognition method for observing human workers using interactions between actions and related objects on an internal construction site. This method can be used to measure work rates for labour productivity monitoring. This monitoring is critical because the performance of a construction project is significantly impacted by labour productivity. However, construction sites are generally crowded with a large number of workers and objects. Such congestion disrupts the accurate, automatic recognition of construction workers? actions. This congestion is one reason that existing automatic action recognition studies of construction areas mainly focus on workers? actions themselves. However, the crowded conditions mean that sites could offer a great deal of clues that could be used for automatic action recognition. According to psychological studies, interactions clearly take place between human actions and related objects, such as between hammering and a hammer. Humans use these interactions to recognize actions or objects more accurately. On the construction site, workers, materials, tools, and equipment are carefully planned out ahead of actual construction. The categories of workers and objects are pre-defined and, as noted, specific interactions define relations between worker actions and objects. In this paper, the interactions are limited to human workers and their hand-held objects. Action recognition results can be combined with hand-held object information to improve recognition accuracy. With the limited interactions, experiments in this paper show a significant improvement in action recognition. This paper describes the utilization of these interactions to improve construction action recognition accuracy based on human skeleton data and 2D color video from Microsoft KINECT sensor.

Aug 1, 2013

By Jamie N. Burdeski, Susan E. Hartfield-Wünsch

Aluminum sheet use has been steadily increasing in the automotive industry to achieve mass reduction and improve fuel economy. One significant manufacturing challenge for aluminum sheet implementation is the reduced formability compared to the steel alloys it replaces. This paper includes friction results from the draw bead simulator (DBS), twist compression (TCT) and strip draw (SDT) tests, for two oil based lubricants and four hot melt lubricants. Formability testing was done with the same lubricants and materials, testing in pure stretch with a hemispherical punch, and in draw with a breadpan shaped die.

Jan 1, 2015

By Steve Cole

"The economic and strategic importance of PGE bearing deposits is fuelling renewed exploration and development efforts in the precious metals mining sector.This paper presents a review of the various techniques used in the processing of PGE bearing ores, from primary benificiation to processing routes for the different flowsheets that have been developed amongst current producers. Recent innovations such as preconcentration of ore using gravity separation, recent trends in flotation circuit design and the development of hydrometallurgical routes for the direct treatment of flotation concentrates without the need for smelting will be discussed. Data from recent projects will be presented to illustrate common characteristics of PGE ores and concentrates.INTRODUCTIONThe six platinum-group elements (PGE): ruthenium, rhodium, palladium, osmium, iridium and platinum, together with gold and silver, are considered to be ""precious"" metals. The recent spike in platinum and palladium prices coupled with the projected increase in demand for the metals has fuelled a spate of exploration and new projects in the PGE sector. Historically primary producers of PGE metals have controlled the flow of information relating to the mining and processing of these ores into the public domain. Very little published information relating to individual operations and processes is available in comparison to the abundant literature relating to other metals.The purpose of this paper is to provide a general overview of the issues relating to the processing of PGE ores. Each topic discussed could easily be the topic of a paper or book and so in many cases only the surface of the topic will be scratched. An attempt has therefore been made to provide as many references as possible.This paper discusses the classification and location of PGE ores, the mineralogical factors that affect recovery of PGE's, methods currently used for recovering PGE's and process trends in PGE metallurgy."

Jan 1, 2002

By G G. Suffel

T HESE remarks on the occurrence of strata-bound massive sulphide deposits are submitted be-cause the writer recently visited the principal Cyprus deposits (in January, 1965) and has also a back-ground of many years spent largely in detailed observation and map-ping of the Horne and Amulet ore-bodies, now largely inaccessible. They are particularly related to the Symposium papers (September Bulletin) by Hutchinson and by Roscoe. Some comments are offered on the cupriferous pyrite deposits of Cyprus. As the writer is currently reviewing the published literature on the related deposits in Turkey, a brief account of some characteristic Anatolian sulphide occurrences is given. The discussion is closed with some thoughts on the relationship between these Mediterranean sulphide deposits and those of northwestern Quebec and the Superior province in general. The geology of Cyprus, as it relates to the sulphide deposits, is well summarized by Hutchinson (1965). After visiting Mavrovouni, Skouriotissa and Limni and after much thought on the possible ge-nesis of these ores, it seems quite logical to me that he is right. They are indeed closely related to late-stage submarine volcanism.

Jan 1, 1965

By Göran Bäckblom

The Swedish mining companies LKAB and Boliden, the equipment supplier Atlas Copco, the general contractor NCC and the specialist company Reflex joined forces in 2005 to advance the field of rock technology for the purpose of mining and underground construction. The creation of the company Rock Tech Centre is part of the strategy developed by the Swedish mining industry to strengthen co-operation with industry, academia and society. This paper outlines the current R&D strategies developed for the industry in general, discusses what focus areas are selected and provides some details on the current RTC project portfolio, especially faster and better drifting.

May 1, 2006

By K. T. Audt

The Yayoi period, from about 300 B.C. to A.O. 300, represents a time of important changes in Japanese history. During this period the advanced rice culture of the Asian continent was introduced to Japan, along with the techniques of animal husbandry, spinning, bronze casting and metal working(1) . As was the case in the Jomon period (11000 B.C. to 300 B.C.), the Yayoi period is traditionally defined by a particular type of pottery, characterized by the use of the potter's wheel and an extreme simplicity of decoration and form(2) . Pieces of this pottery were found in 1884 in a district of Tokyo, known as Yayoi-Cho, not far from Tokyo University. Within a decade the name Yayoi had come to be used for the period which also saw the first casting of metals in Japan121. During the Yayoi period, the foundation of the ancient Japanese state was laid as the individual small communities were unified and as labour specialization and social levels developed. In fact, the Yayoi may be the true ancestral culture of Japan(3) . However, the origin of the Yayoi is not definitely known. One theory indicates that the Yayoi people may have been driven from the Asian mainland (via Korea) by the dynastic wars that accompanied the unification of China under the Ch'in and Han and that these settlers rapidly displaced the Jomon. Bronze objects and the cultivation of rice may have arrived about the same time - in the third century B.C. Iron was in Japan within another century, but since it rusts badly and disintegrates, only a few small pieces are known from such an early date(4) . After about 50 B.C., the Yayoi cultures of western Japan were in fairly close and regular contact with the continent via Korea(5)

Jan 1, 1999

By K. Himbeault, D. Campbell, N. C. Garisto, D. A. Orava, A. Rosaasen

"The level of scientific knowledge about the effects of contaminants is increasing and changes in environmental monitoring are likely to allow for the assessment of environment effects particularly to the aquatic environment. This paper provides an overview of recent developments in this area which include the environmental effects monitoring program for pulp and paper operations, the assessment of the Aquatic Effects of Mining (AQUAMIN) program, the Aquatic Effects Technology Evaluation (AETE) program, and the review of the federal Metal Mining Liquid Effluent Regulations (MMLER). The paper also provides a look forward at the direction of environmental monitoring of mine projects in Canada. IntroductionEnvironmental monitoring programs provide a wide range of data to environmental management systems, regulatory authorities, and stakeholders. The data obtained are used to demonstrate that operations are in compliance with regulatory environmental protection requirements, and provide the scientific basis for assessing the effectiveness of environmental protection measures. Environmental monitoring requirements for mine projects are established based on the type of operation, site specific issues and concerns, and the requirements of regulators and mine proponents.The level of scientific knowledge regarding the potential effects of contaminants on the receiving environment is increasing, and in particular with regards to the receiving aquatic environment. Regulatory controls regarding the protection of fish, fish habitat, and fishery resources are being reviewed with regards to their adequacy, and the environmental effects monitoring program on the pulp and paper industry is expected to provide useful data relevant to those types of operations. These developments are of interest to mine proponents as it is presently expected that an environment effects monitoring program will be developed specifically for the metal mining industry under a regulated environmental effects monitoring program as part of the Fisheries Act. This paper reviews recent developments in this area, and provides a look forward on the future directions of environmental monitoring programs."

Jan 1, 2000

By R. Bashir, J. F. Hatley

ABSTRACT Northern Saskatchewan boasts some of the world’s largest known high-grade uranium deposits. The successful mining of these deposits cannot be accomplished without overcoming technical challenges, however, which include high grade of the uranium ore, specialized mining methods to deal with groundwater at high pressures, and poor ground conditions. This paper discusses the various mechanisms of inflows at three of Cameco Corporation’s sites in northern Saskatchewan. The risk of inflows is quantified in terms of unique challenges due to hydrogeological conditions, rock mass integrity, and uncertainty in geological conditions. Strategies in the case of an inflow are also briefly described.

Jan 1, 2013

By K. Bruce Hodgins

The North American mining industry faces challenging emissions regulations in coming years with the introduction of new standards for off-road diesel engines. In order to remain competitive, industry stakeholders must invest in new technologies that are economically and environmentally sustainable. Westport Innovations Inc., of Vancouver B.C. has developed high pressure direct injection (HPDI) technology that allows diesel engines to run primarily on natural gas with no intrusive engine modifications, reduced emissions of NOx, PM, and CO2, with no loss in performance. This is accomplished through late-cycle high-pressure injection of natural gas directly into a diesel engine combustion chamber. The natural gas is injected at the end of the compression stroke. A small amount of diesel fuel is injected first to initiate combustion, followed by the main natural gas fuel injection. The diesel cycle and its operating characteristics are fully retained including high combustion efficiency, low speed torque, high-power output, no engine knock and fast response to load changes. Natural gas has not been an attractive fuel alternative in mining operations due to reduced performance associated with spark ignition engines and the added weight and space required for compressed natural gas tanks. However, liquefied natural gas (LNG) can be stored in a similar manner and volume to diesel fuel by virtue of its increased energy density over compressed natural gas. Cummins, Inc. of Columbus, Indiana and Westport have formed a joint venture, Cummins Westport Inc. (CWI), under which agreement the HPDI technology is being applied to a Cummins QSK engine series for high horsepower applications such as mine haul trucking. CWI, along with Komatsu Mining Systems, ENRG Fuels, Placer Dome, and Cortez Joint Venture are performing a feasibility study for the development and demonstration of an LNGfueled HPDI QSK engine in a large mine haul truck. The goal would be to demonstrate low emissions consistent with EPA ?Blue Sky? standards, high efficiency based on HPDI technology and good economics resulting from the high fuel consumption of 2,000+ hp trucks.

May 1, 2002

By Nicola Robjohns, Kenneth A. Grace, Jane Spooner

"The important volume end use sectors for the rare earth elements and yttrium continue to be in steelmaking, petroleum cracking catalysts and glass polishing. The market sectors which may provide future high volume demand, to replace the older sectors where demand has declined over the past decade, include magnets, automobile catalysts, ceramics and superconductors. Increases in production capacity in all major rare earth producing countries are expected to restrain large price increases for high purity rare earth oxides over the short term. A sharp increase in demand for yttrium in advanced ceramics and superconductors would lead to a shortage in separation capacity, however, and to a corresponding rise in prices for separated rare earths.IntroductionWhile visiting the Geology Department of the University of Toronto in 1981, Professor Lu from the Institute of Geochemistry of Academia Sinica at Gweiyang in China introduced one of his seminars with the observation that in China, rare earths are not rare at all.Indeed, while being rare in terms of abundance as measured by, say, the Clarke scale, the rare earth elements, like many other low abundance elements, are subject to geological, geochemical and mineralogical concentration.The rare earth elements comprise the fifteen inner transition elements of Group IIIB, Period 6, of the periodic table, from lanthanum to lutetium (the lanthanides), as set out in Table 1. The rare earths constitute a distinct group as they have extremely similar chemical characteristics due to the uniformity of their outer electron shells. The element yttrium is usually, by convention, included in the rare earth group as it occurs with the rare earths in nature and has properties very similar to them.The rare earths are divided into two subgroups, the ""light"" rare earths, made up of the first seven elements of the series, lanthanum to europium, and the ""heavy"" rare earths, comprising the remaining eight elements, gadolinium to lutetium, plus yttrium. These two subgroups are also referred to as the cerium subgroup and the yttrium subgroup, respectively. The subdivision is based on differences in the atomic radii resulting in somewhat different properties for the two subgroups."

Jan 1, 1991

By Mark G. Lafontaine

Underground 802.11 wireless communications has become widely adopted for automation and communication purposes but maximizing the wireless signal presents many obstacles given the harsh environment as well as the presence of materials and conditions that can reduce signal propagation. Changes in elevations and curvatures in ramp to drift transitions also affect the wireless signal. Based on the requirements of wireless applications such as voice, data, or location tracking, the wireless site survey is the key tool for measuring and predicting signal strength and signal-to-noise ratio. These readings help determine the maximum distance between access points in order to sustain an overlapping wireless signal where required. This paper describes the methodology and tools used for measuring 802.11 wireless signal strength in an underground mine environment in Northern Ontario. The physical characteristics of the mine and the actual recorded wireless signal data will be presented in order for the audience to gain an understanding of the factors that affect signal throughput. Antenna selection used for the site survey will also be discussed as it played a key role in propagating the wireless signal.

May 1, 2013

By R. D. Lawrence

"Suggestions have been made that the appraisal of mining assets using discounted cash flow techniques should be based solely on proven and probable reserves in reliance upon the widespread international recognition of uniform resource definitions. Following a review of general accepted valuation principles, a survey of the literature and, most importantly, a review of real transactions in the open market, it is clear that valuators should not be constrained by the growing acceptance of modern mineral resource codes. On the contrary, valuation practitioners should be encouraged to examine all classes of mineralization and, after making due allowance for risk, to utilize all mineral resources as a basis for determining fair market value.INTRODUCTIONGreat strides have been made recently in achieving an international consensus on mineral reserve and resource definitions and classifications. The Australasian JORC code, the CIM code in Canada, the SME proposal in the United States and even a proposed code from the United Nations have all brought the objective within reach.Unfortunately, this success has led to another problem for mineral valuators. Certain securities regulators, tax collectors and their ilk have begun to expound on the opinion that discounted cash flow projections carried out to calculate net present values that would form the basis for a valuation determination should be based solely on proven and probable reserves. The author disagrees with this position. This paper examines the subject from four points of view:"

Jan 1, 2003