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By John Smith

"The RTZ Corporation PLCFrom a company's point-of-view, a good investment decision is one which results in the purchase of an asset that is worth more than it costs. Thus, in order to judge the merit of an investment opportunity, it is necessary to estimate the value of the assets to be acquired.Discounted cash flow (DCF) analysis has become widely adopted by companies in assessing potential new investments. The principle is a simple one: invest in projects which have a positive net present value, and reject those which do not. However, perhaps because of its apparent simplicity, DCF analysis is frequently misused. Good practice in the use of the technique is discussed, together with several common misconceptions.Sound analysis requires sound data; thus, the valuation process relies heavily upon a wide range of specialists to provide the basic input from which cash flow forecasts can be built up. The analyst must maintain close liaison with these specialists from the outset in order to ensure that the data provided is indeed relevant and complete.IntroductionBefore turning to the main subject of this paper ""How Companies Value Properties"", it is of interest to consider first a slightly different question ""Why do Companies value Properties""? In other words, for what purposes are such valuations prepared? Certainly the commonest, and probably the most important circumstance in which a valuation is required is when the company is considering an investment opportunity. This may be the direct purchase of a property or group of properties from a third party, but could also be the opportunity to develop a new operation or expand an existing one.A very simple objective in making any kind of investment is to make our shareholders richer than they would otherwise have been. That is, to make investments whose value to shareholders exceeds the consideration required to acquire them. Thus the investment decision focusses on the difference between an asset's value and its cost.This distinction between ""value"" and ""cost"" is an important one. Study of a company's balance sheet may tell a lot about the cost of this company's assets, but very little about their value. Then again, it is sometimes argued that a business should be bought because this will result in assets being acquired for less than their replacement cost. This merely compares one cost with another, it says nothing about value."

Jan 1, 1991

By Eric Toh, Michel David

"Geo-statistics was born from mining problems: grades not being what was expected; more tons of waste than expected; in other words, dilution. Geo-statisticians now claim to have solved many of these problems, but the solutions seem to have a hard time being picked up by practitionners. One of the reasons may be the jargon which geo-statisticians are using. The reason for jargon is that obtaining solutions required a strict formulation in a statistical framework. Practicing mining engineers and geologists are not used to such a framework, and they are not familiar with the jargon. In this paper, the authors re-examine dilution in operating mines and answer two extremely practical problems, using practical language as much as possible. Can dilution be reduced by improving the quality of blast hole samples? How many samples are needed to obtain a good ore-waste discrimination, i.e. to reduce dilution to acceptable levels? Citing real situations, this paper will try to show how fairly simple concepts can be used to answer both problems. It will try to present the solut ions using a minimum of jargon, even if the theoretical solution could be obtained in a few precisely worded paragraphs.The two problems considered are the following: the first one was encountered in the Panguna deposit of Bougainville Copper Limited, P.N .G., but it occurs in every open pit operation where selective mining is required. As the cut-off is lowered, more and more mining occurs in marginal areas. Grade control is mostly based on the grades obtained from blast holes, hence, it is essential that the quality of the blast hole samples be as good as possible in order to reduce dilution, waste being sent to the mill and ore being sent to the waste dump.The second example stemmed from the grade control technique used in many gold open-pit operations in Western Australia: channels are cut on lines 5 m apart and assays are taken every metre. The pattern in the same regardless of rock type, whether one is in the oxidized zone or not. The number of samples to be treated is enormous, hence, the question arises how to find an acceptable sampling grid, and whether changing it can reduce dilution at an acceptable cost.A solution will be given to each problem separately, although in fact it could be seen that the formal framework is the same in both situations."

Jan 1, 1989

By Scott D. Long

"Abstract-Grass roots exploration has an emphasis on good precision at low (sub-economic) concentrations of an element, in order to identify "anomalies" which may lead to drilling targets. Although it is wise to have well-defined quality controls in place during early stage sampling, the control procedures at this stage tend to be rudimentary. When a deposit warrants detailed delineation, the need for accurate geological characterization and assaying of ore-grade rock must be supported by appropriate quality control procedures.As a project returns more promising results, and the likelihood of the project warranting a prefeasibility study increases, it is time to tighten quality assurance requirements and quality control protocols. Delays in instituting adequate quality control and verification procedures may lead to costly remedial actions that can also delay completion of the prefeasibility or feasibility study. Sometimes, as a project matures, the quality control and quality assurance aspects fail to keep pace with the changing nature of the work: an increasing emphasis on precise and accurate assaying of oregrade rock.A resource model is like a house of cards. The foundation of the house is the geological observations, the sampling methods and the geological interpretations performed upon those samples. Upon the sampling, which includes all the sub-sampling steps of sample preparation, rest the assay results. The quality of the assays can be no better than the quality of the sampling. Good assaying technique will preserve all biases and imprecisions introduced during sampling and sample preparation; it cannot remove them. If the sub-samples and/or assays are bad and must be redone, all the succeeding levels of the house of cards must also be rebuilt, or at least patched up.From geological observations, a geological interpretation is built, the quality of which is critical to the construction of an acceptable resource model. Geological elements are difficult to assess, and are not discussed here; they are dependent upon the expertise of the geologists involved. Geological knowledge contributes essential quality control elements to resource/reserve determinations (Sinclair and Postolski, 1999; Postolski and Sinclair, 1999).This paper consists of five sections: (1) overview of quality control protocols, (2) maintaining quality control of databases, (3) quality control of drill sampling, (4) optimizing crushing and grinding requirements, and (5) quality control of assay data acquisition."

Jan 1, 1998

By A. E. Aho

"The Pacific Nickel property lies 7 miles northwest of Hope and 100 miles east of Vancouver, in the Coast Mountains of southwestern British Columbia. Nickel-copper sulphides were discovered in ultrabasic rocks on this property in 1923 and the deposits were explored by Pacific Nickel Mines until 1937, then again between 1951 and 1954 by Pacific Nickel Mines and by Newmont Mining Corporation through its subsidiary,Canadian Ore DepositsWestern Nickel. The property was studied by C. E. Cairnes (1) in 1924, by W. E. Cockfield and J. F. Walker (2) in 1933, by H. C. Horwood (3), (4) in 1936 and 1937, and by the writer in 1951 and 1952. Except for a few thousand tons for trial shipments, the property has never been mined. Indicated ore reserves now total somewhat over one million tons averaging about 1.4 per cent nickel and 0.5 per cent copper, with lesser values in precious metals and cobalt.GEOLOGIC SETTINGThe nickeliferous ultrabasic rocks form part of the core of a 15-milewide block of Late Palæozoic metamorphic rocks and Mesozoic intrusives which extend north-south between the coast batholith of British Columbia and the Chelan batholith of Washington. Margins of this block are faulted in part against less metamorphosed volcanic and sedimentary rocks largely of Jurassic and Lower Cretaceous age (Geo/. Surv., Canada, Map 737 A, 1942). Serpentinites, suggestive of deep transgressive structure, occur within the block, and also at its east margin along faults which are southern extensions of the regional Yalakom-Fraser River fault zone. Some of the other mineral deposits in the Hope area appear to be spatially related to these major faults.The mineralization at Pacific Nickel occurs almost exclusively within a stock-like mass of ultra basic rocks which mingle with, and partly cut, a larger batholithic mass of genetically related diorites and norites of late Mesozoic age (Figure 1 ). The ultra basic mass consists essentially of fresh, medium-grained hornblendic pyroxenite with peridotitic cores and with a remarkable margin of pegmatitic hornblendite. The most hornblendic rocks appear to be chiefly products of reaction and replacement of the pyroxene and olivine rocks. The mineralization consists of disseminated and massive pyrrhotite, with subordinate pentlandite and chalcopyrite, amongst fresh olivine, bronzite, and, Jess commonly, augite and hornblende. Both the ultrabasics and mineralization are cut by small hornblenditic and dioritic dykes, and by veins and alteration zones."

Jan 1, 1949

By Edgar Dernedde

Cryolitic melts at a temperature of about 960 °C are used in reduction cells to dissolve alumina and to produce primary aluminium. At these temperatures cryolitic melts with an acidic composition have a significant vapour pressure, which contributes substantially to the evolution of fluorides from these cells, The Antoine equation is commonly used for relating vapour pressure data of liquids at different temperatures, It is also applicable to cryolitic melts, Published equations have at least 20 numerical constants, in order to allow for the effects of melt composition. In the present work a simplified equation with only 12 numerical constants was developed and is applicable for multiple additions to molten cryolite up to 30 wt %, The simplified equation was compared with the published equations of Haupin & Kvande and Gustaysen & Ostvold using 472 vapour pressure data of cryolitic melts. Results showed that the simplified equation has the same accuracy as the published equations in the composition range of interest to industry.

Jan 1, 2004

By H. Z. Liu, J. M. Zhao, F. C. Wang

"Novel silicate-alginate composite beads containing 2-ethylhexyl phosphonic acid mono-2- ethylhexyl ester (P507) were synthesized and applied for the adsorption of Nd3+ from aqueous solutions. The adsorption amount of Nd3+ has been increased owing to the introduction of P507. The effect of equilibrium pH (pHe), the kinetic and isotherm experiments were investigated. The adsorption reaches equilibrium at 9 h and the maximum uptake capacity is up to 195.4 mg/(g dry adsorbent). The Langmuir isotherm equations are used to describe the adsorption process. Complete desorption can be realized with 0.2 M HCl within 20 min. INTRODUCTIONRare earth elements (REEs) have found various applications in different domains, such as metallurgy industry, ceramic industry, nuclear fuel control, photo-electro-magnetic functional materials owing to their unique properties. Neodymium (Nd), as a representative of all of the most valuable REEs, is widely used as catalysts, laser crystals, capacitors, rubber additives, Nd-Fe-B magnets, hydrogen storage and so on. Thus, the separation and purification of neodymium is significant. Unfortunately, Nd always coexists with other REEs and selective separation of the individual Nd from the REEs mixtures is still extremely difficult owing to their strictly similar atomic structures and chemical properties.Liquid-liquid extraction (LLE) and solid-liquid adsorption (SLA) are the most widely adopted techniques for the separation of REEs in the hydrometallurgical fields. The LLE process is well suited for large-scale continuous operation because of its inherent high capacity and fast kinetics. Nowadays, as a commercial extractant, 2-ethylhexyl phosphonic acid mono-2-ethylhexyl ester (P507) has been extensively studied for extraction and separation of REEs since it has considerably good extractability and high separation efficiency (Xu et al., 1992). SLA is one of the effective and green separation methods with some prominent advantages, such as easy regeneration of adsorbents, small footprint size, less industrial wastes, higher enrichment factors and column efficiency,rapid solid–liquid separation without emulsion and so on. Hence, the introduction of extractants with excellent performance into adsorbents will integrate the advantages of LLE and SLA (Lee et al., 2009)."

Jan 1, 2012

Arsenic bearing minerals such as enargite (Cu3AsS4) and tennantite (Cu12As4S13), which may associate with major copper minerals such as chalcopyrite (CuFeS2), chalcocite (Cu2S) and bomite (Cu2FeS4), usually report to the copper concentrate in conventional flotation due to their similar flotation properties. Arsenic in a copper concentrate causes environmental problems and also problems in the subsequent pyrometallurgical process. Voltammetric studies were carried out to investigate the oxidation characteristics of enargite, tennantite, chalcopyrite, chalcocite and bomite. Contact angle measurements and micro-flotation tests were conducted to examine the flotation characteristics of enargite and chalcopyrite under controlled pulp potentials. Selective flotation of enargite from chalcopyrite under varied pulp potentials was conducted to investigate the feasibility of arsenic removal from a copper concentrate. The test results indicate that the non-arsenic bearing copper minerals ( chalcopyrite, chalcocite and bornite) were easier to oxidise than arsenic bearing minerals ( enargite and tennantite) in an alkaline solution. Enargite floated well at a potential as high as +0.45 V vs. SCE while chalcopyrite was completely depressed at a potential higher than +0.43 V vs. SCE. Selective flotation revealed that enargite can be successfully removed from chalcopyrite through controlling the pulp potential at +0.30 ~ +0.50 V vs. SCE.

Jan 1, 2007

By Gheorghe Vieru

Security and safety due to environmental impact as well as the radiological consequences during the uranium mining operations, tailings management, uranium processing, disposal of waste in conventional landfill sites are matters of great importance. The Uranium National Company (CNU) from Romania is responsible for all aspects belonging to the management of the entire Romanian uranium industry- the uranium ore extraction, transport and processing of uranium ore, concentrates processing, as well as disposal of sterile ore and waste. The paper will presents specific safety problems related to the identification and evaluation of potential environmental risks, as well as possible radiological consequences associated with the disposal of sterile and the uranium processing waste resulting from processing of the uranium ore. Computer codes will be used, such as IAEA INTERTRAN II and RADTRAN 5. It is also to be noted that this paper considers the main results of the scientific research carried out by the main author as CSI (Chief Scientific Investigator) for Romanian Research Contract on NORM concluded with IAEA Vienna.

Aug 1, 2010

By F. Rashchi, N. Naseri Joda

Recycling of electronic wastes is an important subject both from an environmental point of view and also the recovery of valuable materials. In this research, PC board scraps were leached to recover Cu, Ag, Au and Pd. Due to the high cost of the shredding process and to avoid secondary pollution from odors and dusts, board scraps were cut into 5X5 cm2 pieces. To determine the most effective leachant, aqua regia, nitric acid, hydrochloric acid, ammonium persulfate and potassium persulfate were tested. The effect of the leaching parameters, the leachant concentration, temperature, leaching time and liquid to solid ratio were studied and optimized using response surface methodology.

Jan 1, 2011

By R. A. (Dick) McIvor

"It is important to ensure that the basic mine hoist plant design fundamentals are incorporated into any new mine hoist plant project before detailed design engineering is commenced. Some of the basic design fundamentals to be considered are: hoist rope fleet and flight angles for good hoist rope coiling, hoist rope harmonic frequency study to ensure that the hoist rope does not run at full speed at a rope resonance frequency, head frame and shaft clearance diagrams to establish the optimum positions for the loading and dumping of the shaft conveyances, access in the head frame and shaft collar for hoist rope and shaft conveyance installation and removal. Failure to consider the hoist plant fundamentals before detailed engineering commences will result in extra costs for hoist plant redesign or a significant increase in operating and maintenance costs for the mine due to increased hoist plant downtime to perform tasks and a lower mine operating efficiency. INTRODUCTION The mine hoisting plant is the most critical single line component in the operation of a shaft sinking operation or a permanent installation. Bad decisions in the design and selection of the hoist plant equipment can significantly add to the operating costs and up-time in the operation of the mine. Mine hoisting plant equipment installed costs represent approximately 5 to 8 percent of the capital cost of a new mine, yet price sometimes becomes the deciding factor for procuring the hoist plant components, sometimes selecting used equipment that may compromise the design and maintainability of the mine hoist plant. Mine downtime can cost upwards of $100,000 per hour and it will not take a very long time to eat up all the so-called savings on hoist plant equipment purchases. This paper will provide guidelines for the design, selection, installation and maintenance of mine hoist plant equipment with the objective to having the right mine hoist plant with the highest operational availability and best maintainability. PRELIMINARY DESIGN INFORMATION Before any engineering commences, the following information needs to be obtained to allow the preliminary sizing of the hoist plant equipment: • Shaft depth: The shaft depth will influence the hoist rope selection based on the material and personnel loads anticipated for the mine design. The shaft depth will also influence the maximum speed of the shaft conveyances. • Annual production: The desired annual production will influence the required payload sizing with allowances for maintenance and inspections of the hoist plant equipment."

Jan 1, 2019

By M. Hajian Heidary

In this investigation, effect of pressure depth on the globulizations of AZ91 magnesium alloy was studied. Cylindrical samples of AZ91 alloy with 1 cm and 2cm in height and 2.5cm in diameter (H/D = 0.4 and 0.8) were prepared, then the samples were hot pressed at 10 and 30% strain at a constant temperature of 200°C; subsequently reheated at 555°C in different times. Results obtained from optical microscopy (OM) showed that the thickness of the samples and consequently, depth of strain affected regions have remarkable effect on the degree of globulization. In addition, it was found that at a constant strain and holding time, structure of thinner samples is more globular than thicker ones.

Jan 1, 2007

By Bong Sun You

AZ31 magnesium plate of 300mm in width and 40mm in thickness was produced by horizontal continuous casting machine, and its microstructures were analyzed on the surface and in the plate interior. The defect formation on the surface and subsurface, such as side cracks, buckling, pores and segregation, was very sensitive to the casting condition and processing parameters. Especially, casting speed and secondary cooling were the most dominant parameters to control the solidification behavior of magnesium melt, for example the position and shape of the solid/liquid interface in the mould. The cyclic marks on the surface were obvious because the plate were drawn by 4-step cycle and can not be removed. The average grain size of as cast plate measured as 50-65µm at the near surface and 300-400µm in the center of the plate was relatively small because secondary cooling water was applied to control the surface quality resulting in rapid solidification of the melt in the mould.

Jan 1, 2006

By K. S. Coley, G. A. Irons, T. Kaneyasu

"It is very important to reveal the lime dissolution mechanism in steelmaking slag, to promote its dissolution without calcium fluoride, which is now almost forbidden for use in most industrialized countries. In this research, the purpose was focused on the development of an experimental method to measure the mutual diffusivity of Ca2+ under the condition of lime dissolution into slag. By forming diffusion couples using a ""vacuum slag aspirating technique"", the method was established. The following mutual diffusivities of Ca2+, in CaO-SiO2-FeO slag systems, imitating oxygen steelmaking slag, were determined using this method:4.1*10-10 m2/s at 1400°C for 27wt.%CaO-53wt.%SiO2-20wt.%FeO slag,4.3* 10-10 m2/s and at 1400°C for 20wt.%CaO-40wt.%SiO2-40wt.%FeO slag, and 1.3*10-10 m2/s at 1250°C for 20wt.%CaO-40wt.%SiO2-40wt.%FeO slag.It was also verified that, if the basicity and ferrite content of the bulk slag are low, then a calcium silicate film forms on the lime surface, and drastically deters the lime dissolution."

Jan 1, 2004

By H. Asgari, A. G. Odeshi, J. A. Szpunar

In the present study, the dynamic response of AZ and AE cast magnesium alloys to shock loading, are compared for strain rates ranging between 900 and 1200 s-1. Texture measurements showed that after shock loading, the (00.2) basal texture component of both alloys was strengthened. However, the strengthening magnitude was higher for AE samples. Also, it was observed that the twinning fraction decreased in both alloys with increase in the amount of alloying elements. In addition, cracks are formed at the interface between matrix and second phase particles in the AZ alloys. However, crack nucleation and fracture in AE alloys occurred at the sites where twins accumulated. Furthermore, analysis of the dynamic mechanical behaviors showed that the ductility of AE grade is higher than that of AZ alloy for all strain rates used in this research. This difference was explained by differences in deformation mechanisms of these alloys.

Jan 1, 2014

By Paul Clayton

Case Study ? Site: BMA Saragi Coal Mine Queensland Australia ? Model: Marion 8050 ? YOM: Mid 1970s ? Boom: 97M ? Bucket: Original capacity of 100 Tonnes upgraded to 125 tonnes at time of filtration upgrade. ? Apps: Swing, Hoist & Drag Gearboxes ? Oil: Oil Castrol Alpha TT1200 Viscosity of 1208 cSt @ 40° C (104° F) 720ltr Oil Volume Trial and Installation Justifications ? To reduce gearbox overhauls. Typical schedule being 5 years. ? Bucket upgrade from 100 tonnes to 125 tonnes. Increased gearbox demand and stress. ? Increase of overhauls out to 10 years + ? Saving per Dragline estimated to be US$8-10M in downtime and maintenance if successful. ? In compliance with BHPBilliton Global Maintenance FLAC program ? Fuels, Lubricants, Air and Coolants ? Cost Justification ? Downtime: 4 days ? Lost production: $420,000 ? Cost of parts: $162,000 ? Labour and misc: $41,000 Gearbox failure cost $623,000

May 1, 2008

By Bob Butler

Brunswick Mine has been involved in a comprehensive research program investigating site specific aspects of thiosalt management to eliminate its adverse environmental effects. Minimum annual reagent cost estimates for thiosalt treatment using hydrogen peroxide and sodium hypochlorite are $400K and $1.5 million respectively. Also, minimum costs for the use of bicarbonate to buffer the pH depression associated with thiosalt oxidation in the receiving environment is in the order of $400K annually. A design of experiment (DOE) research program identified that natural UV radiation, temperature, DO and water chemistry are key factors influencing the natural oxidation rate of thiosalts within Brunswick?s water management system. A DOE surface response model was used to describe the thiosalt oxidation kinetics, which were then used to develop a predictive oxidation model for thiosalt and pH control of the mill?s reclaim water system.

Nov 1, 2002

By M. Fujikawa

The Kamioka Zinc Smelter was converted from the jarosite process to the goethite process in the year 2000. The reasons for the conversion of the process were that the silica content of the raw material increased and the iron content decreased. The silica easily turns to a gel in sulfuric acid solutions and this causes the solid-liquid separation characteristics to deteriorate. The basic behavior of silica in sulfuric acid solution was investigated and it was found that the goethite process is the most suitable to effectively separate and remove silica from solution. Furthermore, Fe has the capability to remove elements such as Ge that have an adverse effect on zinc electrolysis. This means that, when the Fe content of the raw material decreased, the impurity removal capability also decreased and there was a risk of a build-up of impurities in the process. Iron precipitates in many forms in sulfuric acid solutions. The capability to remove elements such as Ge differs depending on the compound precipitated. Goethite has a higher capability than jarosite to remove elements such as Ge. In this report, the results of applying the process established by investigations of the basic behavior of Fe, silica and Ge in the zinc refining plant are presented.

Jan 1, 2006

By Richard Dawson

Increasing global demand for coking coal has initiated several new coal mine developments in northeast BC. These developments are able to take advantage of the currently under utilized infrastructure that was put in place during the 1970?s and 1980?s for the Quintette and Bullmoose coal mines; which includes the Town of Tumbler Ridge, a 1,000km rail line to the coal terminal at Prince Rupert and a road system providing highway access to the town site. Coal within the two foothills regions of BC (north-east and south-east) is mined by open pit truck/shovel methods. Optimized mine plans require a thorough understanding of Rocky Mountain structural geology, attention for access in steep terrain, and a related understanding of the geotechnical conditions that control the stability of pit slopes and waste dumps. Thus there is a requirement to properly integrate mine planning with geotechnical engineering considerations. Many of the technical issues are well understood from experience during the past 30 years of Western Canadian coal mining. The challenge is to ensure that the mine plans are able to take full advantage of these lessons learned. The paper will focus on mine planning and geotechnical design issues to do with high angle-of-repose waste dumps and steeply bedded footwall slopes to illustrate the advantage of properly recognizing the important stability control issues during the early stages of engineering evaluations. Case histories from the existing and planned coal mining operations will be presented.

May 1, 2006

By Henry F. Hebley

THE solid fuel industry, especially that branch represented by bituminous coal, is gradually becoming aware of its ? paramount importance in a world where there is an ever increasing demand for the products of a mechanical age. In practically every process of manufacture, the necessity for energy in some form is being multiplied. Some of that prime energy is derived from water power-hydro-electric schemes, flood control schemes, etc. - but often the electrical energy thus developed is generated at great distances from the load centres, requiring long transmission lines with consequent transformer and transmission losses. A few plants have harnessed the tidal power of the seas and one has harnessed the energy of the wind in a modern manner. All of these schemes are dependent on certain natural geographical, hydrographical, and physical advantages of terrain, as well as an adequate area of consumption of the energy developed. If flood control is the primary object, then power generation is a by-product; and the economics of large capital expenditure on power generating equipment must be considered in that light.

Jan 1, 1945

By R. A. Nemchek

Over the years, concentrator plant design has evolved from a large number of small grinding mills to a small number of large mills. In many cases, all of the tonnage runs through a single mill (typically a large SAG mill), so that the plant?s performance hinges on the productivity of this one machine. Industry specifications attempt to address the critical nature of today?s grinding mills in a manner that is often overly complex, neglects economics, and is not clearly focused on the end user?s goals. This paper surveys current industry practices, and proposes an improved approach to standards writing recognizing that product design, procurement, manufacturing, and quality are all inter-related in contributing to a project?s success. The lessons learned here can be extended to specifications for all types of machinery.

Jan 1, 2012