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By E C. Holloway

"The financial valuation of mining assets has a number of fundamental differences to the valuation of many other asset groupings. One such difference is that typically, the greater proportion of both the cost and revenue sides of the cash flow are inherently governed by systemic market forces.As a result, the range of outcomes for the valuation of each mining asset is more unpredictable, with higher levels of risk and uncertainty. In contrast, the management function of many other non-mining businesses or industry groups can control at least a portion of the cash flow by maintaining the margin or controlling the sales price. The management teams of mining businesses and operations typically have limited options, and are thus price-takers for both costs and revenues. As mining is an inherently cyclical industry, large, long-life operations can exist through several price cycles, making valuation both subjective and challenging.The outcomes of both static- and stochastic-based valuations, as well as the internal probabilities of the associated cash flow statements, are significantly impacted when the correlations between the appropriate parameters are quantified, modelled and incorporated into the valuation framework. The appropriate parameters for correlation modelling primarily include those that are governed by systemic market forces. Applying this process results in a different risk profile for the asset by allowing the risks resulting from systemic market movements to be more accurately quantified and then objectively minimised. This process also reduces the level of residual uncertainty in the valuation outcome.This paper presents a valuation methodology to pragmatically incorporate this level of valuation sophistication and statistically quantify the associated increase in the level of confidence of the valuation outcomes reported.CITATION:Holloway, E C, 2016. Correlated valuation methodology, in Proceedings Project Evaluation 2016, pp 181–200 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 8, 2016

By Valenta R. K

A technique is presented for the integrated forward modelling of the three-dimensional structure and the geophysical response of multiply deformed terrains. This technique allows information collected by field geologists and geophysicist to be reconciled by the development of a simplified kinematic structural history of the area. The structural modelling simulates the deformation history of the area in terms of a succession of structural events, such as folds, shear zones and intrusions. The interaction of these events with a starting stratigraphy results in the prediction of the geometry of the structures. By specifying geophysical rock properties for the units in the initial stratigraphy predictions are possible for the potential field anomalies for gravity and magnetics. This approach is suited to a range of applications, and its uses in the modelling of regional structures, testing of geophysical data processing, volume balancing, multiply constrained inversion and training are discussed.

Jan 1, 1995

By Lawless JV

Recent exploration for gold on the Pacific Rim has utilised similarities between active hydrothermal systems and epithermal gold deposits. The major control over formation of such deposits is the hydrology of the ore-depositing hydrothermal system, which varies depending upon its geologic setting.

Jan 1, 1987

The Peko copper orebody is associated with a body of magnetite rock which it has partly replaced. The primary ore averages about 9 per cent. copper and 4 dwt. gold per ton and locally IS much richer. It consists essentially of chalcopyrite and unreplaced magnetite, with lesser amounts of pyrite, marcasite, pyrrhotite, cobaltite, bismuthinite, native bismuth and native gold. The earliest formed mineral is wolfram, and the latest formed is goethite, so that the temperature of deposition ranged from about 5000 C. to 1650 C. or lower.Oxidation extends to 270 ft., which is 100 ft. below the present water level. The oxidized ore consists of cuprite and native copper, and has replaced more or less massive chalcocite of a former zone of secondary sulphide enrichment. The present zone of secondary sulphide enrichment extends from about 270 ft. to 310 ft. depth.INTRODUCTIONThe Peko mine is about 6 miles south-west of Tennant Creek township in the Northern Territory, adjacent to a small outcrop of hematite rock that projects above an otherwise featureless "bull-dust" fiat.The copper-gold orebody being developed in this mine did not outcrop. It was first detected in 1950 by a surface diamond-drill hole (DDH.1), which intersected primary copper ore at a depth of 400 to 425 ft. This ore contained from 4 to 11 per cent. copper and 1 to 25 dwt. gold per ton. Since then a shaft has been sunk, and crosscuts and development drives have been opened on the 210..ft., 300-ft. and 400-ft. levels, which are also connected by winzes. Two diamond drill holes sunk from the 400-ft. level have intersected theorebody at about 450 to 460 ft., and a winze from the 400-ft. level intersected the lode from 445 to 500 ft. At this point it is 54 ft. wide, and averages 9 per cent. copper. More recently an inclined surface drill hole (Peko No. 1) has cut the lode at 856 ft. to 921 ft., equivalent to a vertical depth...

Jan 1, 1955

By Oda Y, Hashiuchi M

In the smelting section, flexible fuels such as coal or coke are used in place of heavy fuel oil in order to utilize energy sources more efficiently. Heat recovered from the off gas of the furnace has been converted by the waste heat boiler into steam, which is used for self power generation and for heating or maintaining various temperatures. The amount of the recovered steam in the smelter is currently increasing due to maximum utilization of powdered cokes. The heat source required to maintain the temperature of the electrolyte in the tank house is electric power and steam. However until recent year this steam was provided by its own heavy oil combustion type boiler in the tank house since the amount of steam consumed in heating the electrolyte is large. Though experimental work over the last few years has shown the advantages of reducing steam in the tank house by fully covering the cell, the implementation of the full cover can lead to other operating problems. However various improvements, mainly the covering of the cell with a simple device, have led to greatly reduced steam consumption. As a result, steam for the tank house is now provided by the waste heat boiler only bringing more efficient energy usage.

Jan 1, 1987

By Bassett N

The Eneabba deposit, located 280 km north of Perth, Western Australia, and 30 km inland (Fig. 1) is one of the most recently developed deposits of mineral sands in the world. The area has been in production since 1974, while the Associated Minerals Consolidated Limited (AMA) operation commenced production in 1976. Total ore reserves of close to 400 million tonnes contain about 40 million tonnes of heavy minerals (proved and probable).

Jan 1, 1979

This paper firstly reviews the requirements for container and hopper design for reliable discharge. Discussion is then directed to the evaluation of the consolidation stresses acting in both in both the cylinder and hopper sections during both initial and flow conditions. Here the vast difference, especially in vicinity of the bin outlet, between the initial or filling and flow conditions is highlighted. This vast difference has major design and operation implications. A further major implication is that all bulk solids must dilate to flow. The opportunity to simultaneously attain reliable discharge and partial moisture removal is also examined.The selection of design parameters to maximise the consolidation stresses in both the cylindrical and hopper sections is detailed. In regard to the latter, it is recommended fine coal bins be discharged using low friction lined transition hoppers with large outlet spans. Such outlets will discharge fine coal in a relatively compacted state. This compaction state should exhibit minimum water retention and short term moisture uptake.

Jan 1, 1998

By Todd S, Lam K, Hewitt A

A series of field experiments investigated the perfonnance of fine mesh curtain screens which were used to suppress coal dust in a transport roadway of a New South Wales colliery. Four types of screens were tested under dry and wet conditions. The screen materials consisted of flyscreen and garden "shadecloth" with single and double membranes of both materials. Personal dust samplers coupled to dust cyclones and filtration cassettes were used to collect the respirable and total components of dusts respectively. The procedure used for locating the samplers upstream and downstream of the screen was based on the roadway air velocity profiles. The number and configuration of the water sprays impinging onto these screens had significant influence on the results. The study showed that wet double layered flyscreen is the most effective of the four configurations tested.

Jan 1, 1991

By Hill KC, Foster DA

Methods for ore reserve estimation are classified. The amount of information needed to asses ore reserves is analysed. Reference is made to gold sampling. Consideration is given to nugget effects and ore reserve estimation procedures where they are significant. Computer methods are discussed

Jan 1, 1997

Polish coal mines are well equipped with methane monitoring systems,nevertheless the worsening conditions force a continuous impro- vement in the field of environmental monitoring. Application of modern electronic components make it possible to design the new modular telemonitoring system incorporating the best features of the older systems,widely employed in Polish collieries, eliminating their weak points. Several new sensors and portable instru- ments for methane monitoring and early fire detection have been developed and tested in mining conditions.

Jan 1, 1988

A number of terrane reconstructions conflict with global plate histories or with data from adjacent regional studies. Paleogeographic maps have ignored terranes thus are over-simplified. This paper represents an attempt to "marry" Mesozoic global plate reconstructions and terrane analysis to produce examples of a "third generation" of global plate tectonic maps. The best approach to global terrane analysis involves intercomparison of all regional data and the evolving global model. Data conflicts within and between terranes and regions must be resolved by a system of relative data reliability "weighting." The most reliable and useful data are those which constrain "departure" (rift) and "arrival" (collision) times. Certain ad hoc decisions aid in the analysis (e.g. only one net vector allowed per plate). The maps that follow summarize Early Mesozoic global tectonic history at three critical junctures: 240 MA (Triassic); 180 MA (Jurassic); and 120 MA (Cretaceous). Due to space limitations, maps drawn at 20 m.y. intervals appear elsewhere. A preliminary Middle Triassic reconstruction is presented in Figure 1. Major plates and continental blocks are labeled; smaller blocks are marked with abbreviations. Examination of Figure 1 indicates the necessity of modeling Triassic tectonics with at least 68 blocks. Spalling- off of microcontinental slivers from Gondwanaland is active some 70 m.y. before the actual breakup of the supercontinent. In the SW sector of the Pacific, the Australian margins were embroidered with several terranes (e.g. Sumba) which eventually rifted away and crossed Tethys. The NW sector at this time included 10 microcontinental chips forming a huge archipelago along the Asian margin. All blocks inboard of Indochina collided by latest Triassic. Terranes of the NE sector include several (e.g. Arctic Alaska) along the North American margin, and at least six large blocks (e.g. Stikinia) drifting SE with the Farallon Plate. The SE sector

Jan 1, 1987

By D J. Brake

The risk from fire remains one of the most serious of underground mine disaster scenarios. The impacts of mine fires on the underground ventilation system and the production of toxic gases have been difficult to model and therefore assessments have relied largely on empirical data, historical precedent and subjective opinions. Underground fire modelling software has had limited availability and been technically challenging and time consuming to use especially for routine mine investigations. There has also been no well-accepted set of assumptions for fire modelling in mines, which has resulted in a lack of confidence in adopting its use more widely. This paper describes modelling of three critical fire scenarios in underground hard rock mines: a fire (LHD) in an underground diesel refuelling facility, a fire in an underground explosives magazine and a fire on an underground ore transport conveyor. Modelling was undertaken using VentsimÆs VentFIREÖ fire simulation module. It describes the basis of design, the key assumptions, the methodology used and provides examples of the outputs, conclusions and recommendations. It reviews the impacts of these fires on egress and entrapment strategies in the mine. Some general principles regarding improvements to ventilation circuit design based on this analysis are also recommended. Whilst the fire scenarios were based on actual case studies, they have been disguised for this paper.CITATION:Brake, D J, 2013. Fire modelling in underground mines using Ventsim Visual VentFIRE software, in Proceedings The Australian Mine Ventilation Conference , pp 265-276 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 1, 2013

The nation of Fiji is located the South Pacific on the æRim of FireÆ some four hours flying time from the eastern sea board of Australia. It is a tourist destination situated on the main route from Australia to the Americas. Fiji is a developing country that has had a fewsetbacks but the country has able, happy people that are very resilient. Most importantly, the country is a safe destination for tourists and businesspeople as the local people are friendly, have good ethics, and most speak English. Fiji is a very willing nation, hungry for knowledge and advancement. The Fiji geological setting on the æRim of FireÆ, that runs from New Zealand across the Pacific through Fiji and on to Papua NewGuinea, has many large deposits of gold and copper. Fiji is an exciting destination for mineral explorers with discoveries of gold, silver, manganese, bauxite, iron and copper. Gold was first discovered in 1921 and the first two mines opened in 1935; one of which was Emperor Gold Mining Company (EGM) the other being Mt Kasi. EGM mines gold on the margin of the Tavua caldera, some 85 km north of the Nadi international airport. EGM has operated continuously for close to 70 years, producing approximately 6.9 million ounces of gold and has an underground reserve of 847 600 ounces with a total mineral resource of 12 335 600 tonnes at 10 g/t (as given in the Emperor Mines Limited Annual report 2003). The mineralisation in Fiji is very exciting and it is common to discover spectacular intersections and outcrops, which are typical for this type of epithermal narrow vein mineralisation, but be aware that the orebodies are variable and not easy to understand.

Jan 1, 2004

By Reichardt Y

Fine feed fractions in the size range from 1 to 40 ¦m of materials with different hardness as limestone and silicon carbide have been stressed in two different devices. A tungsten-carbide-blodc allows a single stressing with a pressure up to 2000 MPa and a 4-piston-block enables a multiple stressing procedure in which the material bed is stressed in alternating directions with a pressure up to 700 MPa. The experiments show energy absorption as the major factor for the interparticle breakage of hard material, like quartz, zircon silicate, silicon carbide and smelted oonindum, pressure, however, does not influence the results within the investigated range from 100 to 700 MPa and even up to 2000 MPa for corundum. But the breakage of the middle-hard limestone depends on the pressure so far as more fineness can be produced if the same energy is introduced at a lower pressure level. The creation of very fine and microfine fragments decreases strongly with increasing hardness of the feed materiaL The energy consumption for producing microfine material with a multiple stressing procedure on a particle bed is much lower than that one of a usual milling process. But this procedure needs a classification with a seperation cut at a couple of microns, which is not easy to accomplish.

Jan 1, 1993

In the last 40 years, New Zealand has developed a number of liquid- dominated geothermal steam fields, for electricity generation and indus- trial process steam. New technologies were developed, and in this work, New Zealand led the world. The policy of full publication of the results, in a wide range of sciences, provided a reservoir of detailed data defin- ing the geology, size and shape, and the chemical and physical regime, of many geothermal fields and their constituent parts. The discovery of precious and base metal deposits /precipitates in geothermal drill cores and steamfield equipment, suggested a clear link- age with epithermal mineral fields in general, and with that of the Coromandel (Hauraki) Region in particular. Further work on geothermal/ epithermal relationships have implied that the techniques, developed to obtain an understanding of geothermal fields, could be applied also to epithermal mineral exploration. This work is developing fast, and is now proceeding in many coun- tries. Future work may show that the presumed relationship between geothermal and epithermal deposits may be applicable in the wider con- texts of all hydrothermal deposits, and possibly in many other minera- lised areas with volcanic "country rocks".

Jan 1, 1988

By Jarvensivu M, Ylinen R, Jamsa-Jounela S-L

The paper presents a new integrated system for control of concentration processes. The system is based on cluster-based modelling taking the ore quality into account and a new on-line particle size analyser capable also for reliable measuring of particle size distribution of concentrate. A metallurgical precontrol audit was performed at the Hitura concentrator in order to design the control strategy of the integrated grinding and flotation control. A new analyser PSI-200, was used to the measurement and control of the distribution of nickel in the total particle size range. An expert control system using the cluster model together with a new control strategy for decision of necessary control actions is outlined. The method has been tested to real data from mineral processes. The results are in good correspondence with empirical process knowledge. KEYWORDS: Cluster analysis, expert control, flotation control, mineral processes, modelling, particle size.

Jan 1, 1993

There are a number of mineral processing operations which produce at some point a stream of hot particulates. At today's energy prices it becomes important to recover the energy held in the hot particulates. Sometimes it is convenient to use gas, e.g. in air pre- heating, and this will be appropriate in some circumstances. There are cases where it would be very useful if energy in the hot processed particles could be exchanged to the cold feed solids. This can be achieved within appropriate limitations by countercurrent heat exchangers comprised of parallel channels which contain, alternately, fluidized solids of 'hot' and 'cold' streams respectively. A pilot- plant has been built. Some calculations relating to industrial application will be Presented.

Jan 1, 1981

By Bernard G, Limpach R, Ulveling L

A major aspect in competitive ironmaking is to replace metallurgical coke by injecting alternative cheap fuels. Whereas in the past, heavy oil injection as well as on a lower scale natural gas injection have proved to be reliable, the progressing high price level of these fuels has prompted international interest in looking for alternative cheaper fuels, especially pulverized coal. Theoretical analysis and practical operations showed that for constant adiabatic flame temperature, potentially more coke may be replaced by injected coal than by heavy oil, because of less endothermic cracking of hydrogen components. Since about 1974, the ARBED-Group has been looking for alternative fuels and in 1976 came to conclusion to select for first trials pulverized lignite for the following reasons:

Jan 1, 1981

After some 50 years of worldwide research in relation to coal pillar mechanics and design as well as numerous workshops and technical papers related to these issues there is still some significant disagreement as to the approach one should adopt in the assessment and design of a coal pillar. Of course there are many different types of coal pillars that fulfil a wide range of roles at any particular mine and in this instance it is appropriate to have a 'tailored' approach for each pillar type in relation to the role it fulfils. However where it can become very difficult for the mine operators is when various researchers or consultants use or recommend significantly different approaches for the same type of pillar fulfilling the same role. By 1999 two pillar design techniques had been developed specifically for the Australian underground coal mining industry (ie The University of New South Wales Pillar Design Procedure, UNSW PDP and Analysis of Longwall Tailgate Serviceability, ALTS) and several other pillar design techniques were being practiced by individual consultants. The Australian industry hoped to resolve the issue of what technique to use for each pillar type and role, when it funded UNSW in 2000 to develop a 'Systems Approach to Pillar Design'. The findings of the abovementioned project were published in 2005 and while every attempt was made by UNSW to include the views of various local and overseas researchers and consultants it would be fair to say that a unified approach to pillar design in Australia was not adopted as a result of that project. This is the experience of one country where there has never been one central group solely undertaking such research in relation to pillar design (such as the Chamber of Mines in South Africa). This paper explores the Australian experience in terms of pillar research and what that experience may offer to researchers in Australia and other countries. At the First Australasian Ground Control in Mining Conference (2003) the first 'update' of the ALTS Design Methodology (ie ALTS II) was presented. In subsequent years the ALTS database was continually updated and significantly expanded such that it now includes detailed information in relation to both the tailgate (148 cases) and maingate belt road (58 cases). In addition to tailgate roof support and chain pillar design, the current version of ALTS (referred to as ALTS 2009) includes a maingate belt road roof support design module. This paper is also intended to update and summarise the development and application of the ALTS Design Methodology for longwall gateroad design over the last decade both directly and in the context of coal pillar research conducted in Australia over the last 15 years.

Nov 25, 2010

The Bureau of Mineral Resources has been engaged in regional geological and geophysical field work in the Alligator River and Cobourg Peninsula area since 1971, following the discovery of major uranium deposits. Geophysical work commenced with a regional airborne magnetic and radiometric survey which was followed up by some helicopter and ground work in August 1973. The interpretation of the earlier radiometric work is presented in conjunction with the results obtained from the follow-up work. Analyses of 100 outcrop and drill core samples collected have provided basic information on the physical properties and concentrations of uranium and thorium in various rock types. The uranium determinations were made by X-ray fluorescence and delayed neutron analysis, good agreement being obtained between the two methods. X-ray fluorescence was the main analytical technique used because of its ability to produce both uranium and thorium determinations.

Jan 1, 1975