Search Documents

By Eric Low

Raising capital by issuing debt or equity is necessary in almost every corporation. In the field of corporate finance, the raising of capital is a heavily-studied topic. However, some of what is studied on this topic in corporate finance is not applicable in the mining industry. There are also many financing options that were created for the mining industry such as flow-through shares, prepaid forwards, and royalty sales. The cyclical nature of the industry makes the risk-return profile of financings more difficult to estimate than in other industries. Additionally, the methods used to assess firm value are different than other industries, as the values of orebodies are not included on balance sheets. For precious metals companies, which are a hedge against most other securities, there are additional complications with determining investor expectations and cost of equity. This thesis puts forth a decision-making framework to explain mine financing choices from the perspective of mining companies. The approach is threefold. First, all of the major equity and debt financing instruments available to mining companies are presented and analyzed. Each financing method is assessed on a wide range of criteria. Next, these concepts are applied in case studies of four companies: BHP Billiton, Barrick Gold, Teck Resources, and Noront Resources. For each company, the overall choice of financing methods is shown and analyzed. The effect of financing choices on the weighted average cost of capital (WACC) is calculated. The final section deals with case studies of individual mine finance decisions during the past two years.

May 1, 2011

By R. Ressel

Keywords: ferrovanadium, thermodynamics, phosphorus Recyclable material is rapidly gaining in importance as a source of raw materials in industrialized countries. This is also the case in the production of ferrovanadium, where, increasingly, materials such as discarded capacitors, spent catalysts, slag, dust and sludge are used. As the V-content in the raw material varies greatly, the demands on process technology are very high. The share of perturbing elements depends very much on the source of the raw materials, which, in turn, makes a corresponding optimization of the various refining steps necessary. The raw materials are mostly available as oxides, which means that carbon, silicon or aluminium are used as reducing agents. Thermodynamic calculations were used to show especially the behavior of vanadium and phosphorus at different process conditions.

Jan 1, 2005

By T. J. Snell

Bolnore Village in Haywards Heath, Sussex, England, is a large development covering 8 to 10 hectares and expected to provide 1500 homes in five phases to assist in the continuing demand for new homes in the London area. Part of the development required housing on a relatively shallow slope found to have deep seated failure planes which are fairly prevalent in this part of Sussex. Locally the slope angle was around 20 degrees but more typically the gradient was 6 to 7 degrees. There were significant concerns about slope stability and bearing capacity due to pre-existing shear surfaces and the complex geotechnical profile. There was some evidence of instability in the form of residual shear surfaces and tension cracks. The development required terracing the site with retaining structures up to 5 meters in height, formation of access roads and foundations of new houses. The developer Crest Nicholson adopted a collaborative approach with consulting engineers Powell Tolner and specialist geotechnical contractor Keller Ground Engineering. The solution consisted of a novel combination of contiguous bored piling, ground anchors, and both block work and timbacrib retaining walls to ensure the geotechnical issues were adequately addressed within the time and cost constraints set by the team. The paper describes the geotechnics of the problem together with the design, practical implementation, and site progress achieved

Jan 1, 2006

When the Organic Act of 1910 established the Bureau of Mines within the Department of the Interior, the Bureau's programs involved only health and safety research and education, and fuels testing. As the Federal Government's primary agency for research in minerals, the Bureau has expanded its scientific and technological investigations to mining, processing minerals substances, eliminating occupational health and safety hazards in the mineral industries, economic development, and resource conservation. Today, Bureau activities cover a broad spectrum of programs for meeting the diverse (and sometimes conflicting) needs of mineral industries, government, and the public. In the 1960's, the Bureau initiated programs to resolve environmental problems associated with past mining and mineral processing. In the 1970's, the energy crisis raised the national consciousness concerning our limited supplies of domestic mineral and fuel resources. Dependence on foreign sources of raw materials critical to our national economy and competition from other countries for these world supplies stimulated the need to conserve and use with intelligence the Nation's minerals, metals, and fuels.

Jan 1, 1976

By Armin W. Stuedlein, Youssef Bougataya

Early stage design of driven piles primarily relies on static analysis based on one or a combination of total and effective stress approaches, the latter known as the method to estimate axial capacity. A database of 85 piles driven in the Puget Sound Lowland region and monitored at End of Driving (EOD) and Beginning of Restrike (BOR) was compiled along with capacities estimated using the CAPWAP procedure. Established soil profiles based on borings with standard penetration tests (SPT), cone penetration tests, and geologic maps were matched with their corresponding unit shaft resistance profiles from the CAPWAP procedure and resulted in more than 1,200 observations. In this study, eight new models were developed to predict the coefficients at EOD and BOR, based on the corresponding USCS categorization. Each coefficient model is formulated using a three-parameter exponential function, calibrated to capture the profile of coefficients with depth. These models could benefit the designer by providing them with a simple, empirical model that accounts for soil type and setup in a smooth, continuous function with depth. A parallel analysis was performed to assess the accuracy and variability of the formulated prediction models to facilitate implementation in load and resistance factor design (LRFD). INTRODUCTION The design of the axial capacity of driven piles during the planning stages of a project is typically based on a static analysis approach. The goals of this approach are to predict the components of capacity, consisting of the shaft and toe bearing resistances, and to assess project concept feasibility and preliminary lengths. In most cases, this analysis is based on empirically-developed methods, such as the total stress method, also known as the method (Tomlinson 1987) or the effective stress method known as the method (Esrig and Kirby 1979; Fellenius 1991). Many other methods, such as those based on in-situ test results exist and rely on correlations of blow counts from the standard penetration test (SPT), and cone tip and sleeve friction resistance from the cone penetration test (CPT), to shaft and toe pile resistances (Schmertmann 1978; Meyerhof 1976; Nottingham and Schmertmann 1975; Nordlund 1963; Eslami and Fellenius, 1997; De Ruiter and Beringen 1979). Although these methods were generally developed using data from specific geological regions, they are often recommended in national design manuals (e.g., FHWA, Hannigan et al. 2006).

Jan 1, 2018

By D. M. Morrison

"The most important factor in Canadian mining is not the operating cost of current projects but the availability of capital for future projects. The future of mining at depth will be producing ore from the top of the orebody working downward with very effective, tightly controlled mining methods, i.e. either selective mining or bulk mining with well controlled dilution and fragmentation. The key characteristics of future mines will be smaller access excavations, more effective ground support, very precise blasting techniques and more efficient and reliable materials handling systems. Equipment will be smaller and designed for high efficiency and low maintenance, reducing both the capital and operating cost. This means there will be fewer scoops, more continuous mucking machines and conveyor belts, both lateral and vertical.Orepass failures have become accepted and the resultant redevelopment and retramming has become common. The capital investment in so-called permanent ore passes and crusher stations becomes questionable, particularly when crushers are only necessary for less than 10% of the ore going through the system. The best way to solve the chronic instability of ore passes is, as with all of the stability problems at depth, by reducing the excavation size rather than increasing ground support. Smaller access drifts would reduce the capital cost and increase the rate of development as well as reduce the amount of waste to be handled, reducing the ground support and the ventilation requirements. Large drifts and ore passes are essential only for the equipment needed to handle large pieces of ore and the productivity of scoops is very expensive when the requirements for ventilation and large access drifts are taken into account. The key issue is the fragmentation generated by primary blasting.The future of mining in Canada will depend on simple and robust technology geared to the environment in which it will have to operate. Its survival will depend on some-thing much more fundamental and difficult to accomplish than a technological advance — it will require a dramatic change in the way the mining process is managed, how work is organized, how effort is rewarded and how costs are measured — a complete change in mind-set."

Jan 1, 1996

By Peter Moser, Mark Ganster, Andreas Gaich

Surveying of a bench face before blasting is a pre-requisite for a proper blast planning and for a satisfying blasting result both in terms of safety and fragmentation. When surveying a bench face, preferably a large amount of measurement points are required in order to determine the geometry and especially the irregularities with sufficient accuracy. Only contact-free measuring systems allow evenly distributed measurements over the whole bench surface. Existing systems such as total station, laser profiler, or laser scanner show significant drawbacks such as that surveying results are just isolated values of the bench geometry such as heights or profiles, that borehole positions have to be defined in advance in order to know where to take profile measurements and that systems require special surveying skills and that they are expensive too. In order to overcome these difficulties and to provide the blasters a simple tool for bench surveying, blast design and layout and the subsequent back-transfer of the blast plan into the quarry, the Department of Mineral Resources& Petroleum Engineering of the University of Leoben, 3G Software & Measurement company and Mineral AB, one of the largest producers of aggregates in Europe formed a joint venture to develop a new system. Based on an existing stereophotogrammetric system for rock surface surveying and joint analysis (JointMetrix), a new tool was developed within a year. Apart from several mines and quarries using that new tool already today in the daily work, both the Department of Mineral Resources& Petroleum Engineering at the University of Leoben and Austin Powder GmbH Blasting Service did a lot of studies to determine the reliability of the new stereophotogrammetric blast surveying and planning system and its precision in comparison to classical laser surveying equipment. After 1 year of testing and comparison with laser based surveying instruments, it can be concluded, that the new technology of blast surveying& design systems based on stereophotogrammetry is suitable for being used in the daily work routine in quarries and mines. The comparison of the precision of laser based systems and stereophotogrammetric systems has shown, that the deviation between these two types of systems is less than 10 cm, in many cases even lower.

Jan 1, 2007

By F. J. Sotillo

The reduction in energy consumption has been always important for beneficiation plants. Also gravity separation processes have gained lately great importance due to environmental concerns, especially in the gold and silver Industries. In this sense, the paper point out how to reduce the energy consumption in grinding, and increase efficiency in both grinding and gravity separation are of utmost importance to optimize the use of the country’s resources. For these purposes, chemical additives, such as rheology modifiers have shown great potential, and deserved careful consideration.

Sep 9, 2007

By Will Jansen

When Enron rocked the United States with its Titanic-sized financial accounting scandal, miners and metallurgists were probably too busy on the mine sites in remote locations to wonder about its ripple effect. But then Enron sank, Arthur Andersen tanked and the list of scandals, costing billions of dollars, continued to ripple. Followed by the Public Company Accounting Reform and Investor Protection Act of 2002 (Sarbanes-Oxley), the recent credit crunch and weak economy, the currents from Enron?s collapse eventually washed right into the mine and the mill. These events placed intense scrutiny on metals production accounting processes as traditional semi-qualitative metal accounting practices provided insufficient credibility and transparency. ?There is growing intolerance of organizations that are unsure about the location of thousands of tonnes of ore, which will typically lose 10 to 15% of their notional value on the way to the concentrator,? Rob Morrison wrote in the opening chapter to An Introduction to Metal Accounting and Balancing. ?If the measurement and forecasts also contain qualitative (fudge) factors, a very real suspicion might emerge about just how much metal might disappear (by theft or misplacement) before detection becomes likely.? Metallurgical accounting, put simply, is the tracking and reporting of the quantity and quality (tonnage and grade, usually) of materials entering or leaving each stage from source to product for a specified accounting period. Lacking an accounting standard, metals accounting in precious metal operations has been performed in an ad-hoc, informal manner, leading to numerous errors and unidentified potentially significant inefficiencies and financial losses. As a result, mining companies are beginning to examine the quality of their metals accounting systems since they form the basis of mining company?s financial accounts and reports. As part of an effort to create that accounting standard in the mineral industry, University of Queensland?s Julius Kruttschnitt Mineral Research Centre published the textbook An Introduction to Metal Accounting and Balancing in 2009. While development of a textbook and standard are significant steps forward, the challenge in the precious metals industry is in the application of some of these suggested practices. Though improving process transparency and precious metals accounting reporting accuracy is a key driver for change from the financial side, perhaps even more important is the potential benefit to operational performance that comes with better measurement, accounting and reconciliation systems. Loss of precious metals, processing of waste and inefficient mining and processing systems are all problems that are faced in an operation on a daily basis that can help be resolved through improvements in metal accounting and reconciliation. The financial consequences of such operational inefficiencies and bad decisions based on poor information are arguably greater than consequences of fraudulent accounting. Large discrepancies between mine and mill measurement systems that measure the quantity and quality of valuable material currently exist. Some of these are expected because of statistical variation, but inherent random measurement variation is sometimes an insufficient explanation. Though the mill can usually make much better production estimates through their measurement systems (that is, less variation), this knowledge rarely benefits the mine. 3 Moreover, even if the mine does a reasonably good job of estimating expected production at the grade control level (in situ), issues such as blast movement, poor mining practice and inefficient ore/waste classification make for a disconnect between the in situ estimates of the mine and the estimates from the concentrator. This inhibits effective evaluation of the reserve and grade control models using concentrator estimates. Linking the two ends, mining and concentration, is a neglected area sorely in need of an overhaul. Hence the need for improved mine to mill reconciliation ? the area of comparing, balancing and adjusting production estimates between mine and mill for consistency in reporting.

Jan 1, 2009

By A. Jahedsaravani, M. Massinaei, M. Zarie

Deep learning is a subset of machine learning that uses artificial neural networks for extracting high-level features from image data. In the present study, a soft sensor is proposed for the prediction of the flotation performance through froth features generated by the use of pre-trained convolutional neural networks. Several state-of-the-art convolutional neural networks (AlexNet, GoogLeNet, VGGNet, ResNet, and SqueezeNet) pre-trained on the ImageNet database are used to predict the metallurgical performance of two flotation systems. The first case study is a batch copper flotation system video-captured over a wide range of process conditions. The second case study is an industrial coal flotation column equipped with a continuous video recording system. The pre-trained networks are used to extract features from the froth images, and these features are subsequently used to predict the flotation conditions and performance. The prediction results by the pre-trained algorithms were compared with the traditional image processing algorithms. This demonstrates the ability of the pre-trained structures to generalize to images outside the ImageNet database. GoogLeNet outperforms other network architectures and provides more accurate predictions of the flotation process behavior and performance.

May 5, 2023

By A. M. Ouchi

Existing empirical design tools have been developed from fair-to-good quality rock masses (RMR76 >50). This paper presents a focus of ground control research presently being conducted by the Rock Mechanics Group in the UBC Mining Department in incorporating weak rock masses (RMR76 <50) into existing empirical design relationships. An emphasis is being placed upon the updated span design curve/critical span graph originally developed at UBC. The original database has been augmented with over 450 weak rock data points from mines such as the Stillwater mine (Montana), the Eskay Creek Mine (BC) and several mines in the Carlin Trend and other parts of Nevada. The original database is comprised of spans supported with ?traditional? mechanical bolting. In weak rock environments however, this type of support has been found for the most part, ineffective. This paper presents the span and weak rock RMR76 relationship for four different support categories. This work attempts to provide rock mechanic tools that will enable a mine operator to make economic decisions that will also ensure a safe working environment.

Jan 1, 2008

By G. S. Scott, W. J. Huff, G. W. Jones, R. E. Kennedy

"INTRODUCTION This report gives preliminary results of field and laboratory investigations made at the request of the War Production Board relative to causes that have occurred during the last 8 months in acetylene-generat72,r plants in shipyards on the Pacific coast.Six acetylene-generator explosions have occurred in four shipyards. These explosions killed five operators, injured six others, and extensive damage to the plants involved and curtailmnent of vital defense Although the occurrence of acetyiene-generator explosions in other section of the United States is not known, it appears, at least, that if such have occurred, they have caused only minor damage and no loss of lives.The use of acetylene in shipyards on the west coast has expanded tremendously during the past 2 years. These shipbuilding, companies erected aletylene-generatcr equipment, which was soon found to be entirely inadequate to meet the needs of their expanding acetylene requirements for welding, cutting, shrinking, and other purposes, and instances found it necessary to operate their equipment at rates greater than deemed consistent with safe operating practice."

May 1, 1944

By AIME AIME

THE 122d meeting of the Institute was held in the Lake. Superior Copper and Iron Country Aug. 20 to Sept. 3, 1920 with an approximate registration of 1100 members and guests. This is the &apos;first visit of, the Institute to this vicinity since 1904 although previously it held meetings there every six or, seven years. &apos;The eastern party assembled at Buffalo and sailed on the S. S. "Tionesta ". on Friday morning, Aug. 20, arriving at Houghton, Mich., Monday, Aug. 23. En route stops were made at Detroit, where sightseeing auto trips were taken, and at Mackinac Island, where a short stop permitted a visit to the picturesque and historic Fort Mackinac.

Jan 1, 1920

By W. R. Hardwick

This paper describes mining methods and practices of the Morenci Branch, Phelps Dodge Corp., Greenlee County, Ariz. It is one of a series being prepared by the Bureau of Mines on mining methods, practices, and costs in various mining districts in the United States. A similar program, conducted from 1928 to 1939, was generally conceded to have contributed substantially to improving the efficiency of mining operations. The morenci open-pit mine (see photograph, fig. 1) is in southeastern [zona] (fig. 2), on U.S. Highway 666 about 5 miles north of Clifton, county at of Greenlee County. The concentrator and smelter are near the mine at an altitude of about 4,400 feet. Figure 3 is a map of the mine and plant.

Jan 1, 1959

This paper describes the new legislative regime that will apply to the regulation of the minerals industry in New Zealand. The reform of New ZealandÆs minerals legislation was initiated in January 1988 when the Minister for the Environment, Rt Hon Geoffrey Palmer, announced the Governments intention to review all the major laws governing New ZealandÆs resources. The Resource Management Bill is scheduled for introduction to the House in December 1989 and its date of enactment is scheduled for June 1990. With some matters still to be determined (at the time of writing), this paper cannot be a definitive review and description of the new legislation, it is instead an attempt to outline the major features of the Bill, to date, that are seen as important to the mining industry.

Jan 1, 1990

By M. M. Poulton

Universities are not immune from the large number of retirements facing the mining industry. Department heads anticipate that we will need to replace all of the senior mining engineering faculty in the U.S. by 2020. Long term studies of Ph.D. completion times and success rates indicate that in Engineering disciplines in the U.S., the ten year completion rate is 65% at best and the four year completion rate is less than 8%. We do not have accurate data on completion rates and times for mining or metallurgical engineering Ph.D. students in the U.S. but students self-report their expected completion times are around 4 years. National data on doctoral students indicate that younger, full time students with sufficient financial support have a higher probability of success in completing their degrees in a timely manner. Students in Eastern U.S. mining engineering programs are on average 32 years old, 85% are full time, and the gap between support and cost of attendance is $5,000 per year. Students in Western U.S. programs are on average 38 years old, 78% are full time, and the financial gap is $8,483. Further, it appears that domestic graduate students are not very geographically mobile. The current demand for new faculty is higher in Western programs but the longer term retirements are higher in Eastern programs. While all Ph.D. students who responded to the 2010 survey indicated an interest in a faculty position at some point in their careers, very few were applying for the open positions. Over the past 35 years for which data could be obtained, the maximum number of Ph.D. students enrolled in mining engineering in the U.S. is 115 with a maximum of 27 degrees granted in one year. On average 89 students are enrolled in doctoral programs in mining engineering in the U.S. with average degree production of 15 Ph.D.s per year.

Jan 1, 2012

By P Papanastasiou, J Hadjigeorgiou, E Kyriakou

The south west area of Cyprus has a long history of slope instability problems. The location and extent of these landslides has been influenced by ground morphology, geological structure and the presence of weak rocks and cohesive soils. The main triggering mechanisms have been precipitation and/or seismic events. Landslides have contributed to the decision to relocate villages and considerable efforts have been put into maintaining the integrity of the local transportation network. This paper uses a recent case study of road embankment failure near Pentalia in southwest Cyprus to review the available tools for the analysis of slope instability. It further demonstrates how the shear strength reduction technique can be used in a finite element analysis to better visualise the slope instability mechanism of a road embankment and provide a reliable tool in selecting appropriate remedial measures.

Jan 1, 2006

By Louis H. Berkelhamer

"INTRODUCTION In the present war, with increasing demands on foundrymen for speedy production of sound castings, the role of sand in foundries has paramount importance.Foundry sands include both molding sands and core sands. Molding sands are those used in making molds, whereas core sands include those used for ""cores"" that fill the parts of the mold intended to be openings or hollow spaces in the casting. Core sands are, as a general rule, relatively coarse-grained as compared to molding sands. Coarse-grained sands, however, are required in making molds for large castings.Owing to the intimate relationship between properties of the sand and casting defects, it is necessary (for most efficient foundry work) to keep a close check on the molding sands used and to properly select and prepare a sand for a specific job. A mold is essentially an unfired refractory composed to meet specific requirements as to strength, permeability, and resiliency. Good green strength is important in preparing and handling the mold. Low dry and hot strengths contribute to cutting and washing, whereas high strengths cause difficult shake-out, with subsequent loss of sand. When molten metal is poured into the mold: a dried skin is attained, and gases from moisture and combustibles are driven off. Excessive moisture necessary for the proper working of a sand, as well as poor venting due to low permeability, are factors responsible for producing such defects as blows and pinholing. The skin of the mold, upon contact with molten metal, first expands and later contracts; these conditions are favorable for producing scab defects. Contact with the molten metal sometimes causes the skin of the mold to sinter or fuse and may produce a sand burn on the casting. Then again, the mold may develop excessive hot strength rapidly, thereby causing a cracked casting. Experienced foundrymen can other such relationships, too numerous to be included here."

Sep 1, 1944

By Northcutt Ely

This volume- summarizes mining and petroleum legislation in 18 European jurisdictions. Within these jurisdictions, primary attention is given to requirements that must be met in each country for acquisition of rights to permit development of mineral resources. Coverage includes: First, identitication of the controlling laws or statutes governing minerals acquisition and reference to the administrative authority; second, analysis; of the laws governing mines and quarries and their products; third, analysis of laws applicable to natural gas, petroleum, and related materials; and fourth, mention of laws regulating offshore operations. Where pertinent, sections dealing with historical background or administration have been added in countries where minerals are subject to control of States or Provinces, those areas are considered separately from the central government.

Jan 1, 1974

By B. F. Naylor, C. H. Shomate, F. S. Boericke

"Ilmenite is the most important titanium-bearing constituent of titaniferous iron ores. Such ores, of which the United States has abundant reserves, are of interest because they constitute an important potential source of both iron and titanium that may be tapped in times of stress, and which eventually may be utilized in the normal course of events.As the iron and titanium constituents of titaniferous iron ores are not completely separable from each other by ore-dressing methods, any process for metal recovery will, of necessity, involve reduction of the iron in ilmenite. Consequently, knowledge of the thermodynamic properties of ilmenite should supplement information already available concerning those ores. With this in view, the Pacific Experiment Station of the Bureau of Mines undertook to evaluate thermodynamic properties; the data obtained are the subject of this report.Three types of experimental work were involved. First, low-temperature specific heats of ilmenite were measured in the temperature range 500 to 29S° K. These data serve to evaluate the entropy, a quantity necessary for a reliable evaluation and correlation of other thermodynamic properties. Second, high-temperature heat-content measurements were made in the temperature range 298° to 1,743° K. The data serve to bridge the gap between room temperature and elevated reduction-process temperatures. Finally, hydrogen-reduction equilibria were measured in the temperature range 1,220° to1,375° K. These data-give a direct measure of the free energy of reduction of ilmonite at these temperatures and, in conjunction with results of the other two types of measurements, serve to obtain the heat of formation of ilmenite, a quantity not readily determinable by direct calorimetric means.The data are correlated to form a composite, self-consistent portrayal of the thermodynamic properties of ilmenite, which may be used in evaluating the efficacy of any reducing agent of known thermodynamic properties. Selective-reduction of iron in ilmenite by hydrogen, carbon monoxide, and carbon are considered in this report."

May 1, 1946