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By Sorentino C

Mineral valuation may appear to be a special field of financial valuation when in fact it is a subset of general investment decision theory. The only significant difference in mineral valuation is that in the case of valuing an on-going mineral asset, ie a mine, often there is no initial capital outlay involved. One is required to determine what the mineral asset as it stands is worth. But this is the same problem as determining the maximum one could pay today and not incur a loss over the life of the asset. In other words one needs to determine the Net Present Value (NPV) of the asset. The two most widely used discounted cash flow methods, NPV and Internal Rate of Return (IRR) came of age with the rapid adoption of the personal computer and spreadsheet programs. The two methods are directly related as the IRR is a special case of NPV. NPV measures the absolute increase in real wealth that can be expected from a certain investment, which makes it particularly suitable for mineral asset valuation, but ignores the efficiency of the investment. In contrast, IRR gives the expected efficiency of the investment but ignores the increase in wealth aspect. IRR has two serious theoretical weaknesses; multiple IRR's and a very rigid assumption about the rate of return of reinvested proceeds, plus if no initial equity expenditure is involved there is no IRR. The choice of the ""hurdle"" rate can also be a problem and in certain circumstances one can obtain different rankings of mutually exclusive projects using IRR and NPV. Although NPV and IRR supposedly measure financial risk, in fact they only address a very narrow area of risk, namely the time value of money given the real discount rate. They side step the issue of what the real discount rate should be and varying degrees of risk. The classical way to establish the real discount rate is to use the weighted average cost of capital.

Jan 1, 1994

The emerging discipline of ægeometallurgyÆ is not new but is becoming increasingly recognised as a discrete and high-value activity that reflects an ongoing commercial and cultural trend towards more effective mine site integration and optimisation. Geometallurgy involves a quantified and spatially constrained approach to ore characterisation in terms of relationships to critical processing performance. Industry recognition of the need for large-scale, integrated geometallurgical research is currently supporting a major new research initiative. The AMIRA International P843 æGeMIIIÆ project (geometallurgical mapping and mine modelling) is a cross discipline collaboration involving four major Australian research groups; CODES the ARC Centre of Excellence in Ore Deposits at the University of Tasmania, a world leader in economic geology-related research; the Julius Kruttschnitt Mineral Research Centre (JKMRC) at the University of Queensland, a world leader in mining and mineral processing research; the WH Bryan Mining Geology Research Centre (BRC) at the University of Queensland, which aims to be a world leader in mining geostatistics, operations research and optimisation in mine design and planning; and CSIRO Exploration and Mining in the area of automated core logging. The project is currently supported by 19 global mineral companies. The project aims to deliver fundamental knowledge, tools and methods for more effective approaches to geometallurgical definition of mineralogy, element deportment and texture that can be linked to mineral processing performance and efficiency at a range of scales. Outcomes are improved predictive indices of processing performance that can be embedded in resource block models to define processing domains, which can be exploited in mine planning and optimisation. To achieve these aims the project is involved in a range of technology developments that include more automated core logging technologies, new applications of automated microscopy and development of software-based texture analysis and categorisation techniques. Attributes derived from these measurement technologies are used to develop predictive processing models linked to new small-scale physical testing regimes.

Jan 1, 2009

The need for ventilation around mine workings derives from the various gases found in mine atmospheres and CH4, the principal diluent is in quantity depending upon several factors. Several of these are seam thickness, depth of cover and working method and the French Regulations typify controls on coal mine ventilation. There are many factors affecting production of CH4, in addition to coal production, such as the geological setting of the working seam, the geometry of workings and the rates of advance. The possibilities of spontaneous combustion should not be overlooked. The complexity of high production modern colliery layouts is such that sometimes there maybe 200 airway branches. There are specific differences in ventilation networks between the mining methods of rooms and pillars, shortwalls and longwalls as affecting resistance losses, as well as necessary airflows and ventilating

Jan 1, 1983

By Brown AP

Comparison of legal permits required for mining (as opposed to prospecting or exploration) in New Zealand, under the Mining Act 1971 and the Resource Management Act/Crown Minerals Act 1991. Mining generally receives the same treatment as any other industrial or commercial activity.

Jan 1, 1995

By De Jong HJ

During the forthcoming reline of No.3 Blast Furnace at the Newcastle Steelworks of the Broken Hill Proprietary Co. Ltd., facilities for the screening and weighing o' coke will be installed. The equipment is needed to optimise the sizing and the quantity of coke immediately prior to it being charged to the furnace. Up till the time the furnace was blown out in November, 1982, coke was charged to the furnace by volume, ie by skip fulls only. This resulted in variation to the ore/coke ratio charged due to bulk density changes and erratic skip filling levels. This in turn affects the heat balance of the furnace and causes fluctuations in hot metal chemistry and temperature. A coke rate penalty has to be paid also. Coke layer thickness in the furnace burden cannot be controlled closely, resulting in loss of control over gas distribution in the furnace. A grizzly type screen was incorporated in the skip loading chute but this ineffective method left a great amount of fines with the coke being charged to the furnace. Furnace permeability was therefore reduced, particularly in the hearth.

Jan 1, 1984

By N Green

The production of approximately 550 000 tonnes of æwhiteÆ or chrysotile asbestos fibre between 1972 and 1983 at the Woodsreef Mine in New South Wales left behind 24 million tonnes of tailings and 75 million tonnes of waste rock and overburden. The Woodsreef Magnesium Project is designed to extract the 23 per cent magnesium content of the tailings to produce magnesium metal and magnesium alloys, the latter with aluminium from the New South Wales smelters. Further value will be added to the tailings waste with the downstream production of magnesium alloy sheets and cast products for the transportation, electronics and other consumer goods industries. The mine opened in 1918 and closed in 1983 becoming derelict. There has been minimal expenditure on rehabilitation compared with that recommended in reports commissioned by the New South Wales Government. The tailings dump has been designated æasbestos wasteÆ by the EPA and will be eliminated through the magnesium refinery process of the Project with the dissolution of the remaining chrysotile fibres. The benign waste from the refinery process will consist principally of silica with some iron. Significant energy savings are expected from innovative new processing technology, in the alloy formation and in the application of the light weight, cast and sheet metal products, particularly in the transportation industries. Globally, there are very large resources of similar tailings with hundreds of years of useful productive lives that could be converted into the metal of the 21st Century, magnesium, and its alloys, to assist pollution and greenhouse gas reduction from transportation industries. No new mining and minimal feedstock preparation is required. Unlike potential producers using carbonate rocks such as magnesite and dolomite that have to be mined, the asbestos tailings composed principally of non-fibrous serpentinite do not contain any carbon dioxide.

Jan 1, 2002

By Moore A. J

Blasting in mines in an urban environment can be conducted safely and within regulatory vibration limits by careful attention to detail and the application of correct techniques. Factors affecting blast vibration are described using surface and underground mining examples. An understanding of these factors provides an essential base for effective planning and operational control. Techniques are described for assessing and predicting vibration levels and the presentation of data for planning purposes such as environmental impact statements for new projects and the protection of buffer zones around existing operations.

Jan 1, 1997

By E P. Nelson, R Gutierrez, P W. Layer

The San JosT district in Patagonia comprises a number of epithermal precious metal quartz veins hosted by a Mesozoic volcanic sequence. New radiometric data indicates that upper Jurassic volcanism was closely followed by vein mineralisation in the lower Cretaceous. A structural model is discussed for the district at times of mineralization that may also apply on a regional scale and other mineralised districts in Patagonia. An EXTENDED ABSTRACT is available for download. A full-length paper was not prepared for this presentation.

Jan 1, 2008

By M Scamardella

The CSA Mine is located at Cobar, New South Wales, where it was in continuous operation from 1966 to the time it went into receivership on 29 January 1998. When it closed it was under the ownership of Golden Shamrock. Glencore International, in conjunction with Mt Lyell Mining, undertook a due diligence study to determine the feasibility to re-open the mine. This envisaged operating CSA Mine as a low-cost, copper concentrate producer under the direction of Cobar Management Pty Ltd (CMPL). The new workforce would consist of contractor trades people in operating functions under the co-ordination of CMPL staff, both on the surface and underground. This was the key to establishing the new culture in the workforce. The orebodies at CSA Mine are steeply dipping with copper-lead-zinc mineralisation in zones of strong alterations in a fine-grained siltstone host sequence. The predominant economic minerals are chalcopyrite, sphalerite and galena. The major gauge minerals are pyrrhotite, pyrite, chlorite, sericite and quartz. Ore for the project is being developed and mined from two high grade copper lenses within the QTS North system. Chalcopyrite occurs in two forms. The first consists of coarse chalcopyrite grains in association with pyrrhotite or pyrite. The second form consists of chalcopyrite grains intergrown with pyrrhotite grains. This form of chalcopyrite is quite rare. It allows electrochemical interactions between grains, resulting in rapid oxidation of the chalcopyrite surface. Physically this ore looks like, and has been mistaken for æpeacock oreÆ, ie bornite, but is infact oxidised chalcopyrite.

Jan 1, 2000

By Brown DJ, Croghan JA, Denby B

The paper describes the development and analysis of an instability database to establish a new method of slope stability assessment for U.K. surface coal mines. The concept is based upon a Stability Index, which relates to the probability of failure of a slope. This forms the basis for a geotechnical planning software package to be incorporated into a computer aided mine design system , which is currently under development.

Jan 1, 1986

HISTORY Up until the late 1880's the mining industry acquired a considerable proportion of its capital needs from domestic sources. Exchanges were established wherever major new fields were opened and Ballarat, Bendigo, Charters Towers, Coolgardie, Kalgoorlie and Silverton all boasted active trading in mining shares. For much of the first half of this century there was only modest developments in the mining industry and its capital require- ments were correspondingly lower. RECENT EXPERIENCE The new mines of the sixties were, in many cases, characterised by their remote situation and their output of bulk commodities such as iron ore., coal and bauxite. Infra- structure costs were particularly high and the level of capital expenditure was of previously unheard of proportions.

Jan 1, 1975

By D Phillips

One of great challenges is to determine the exact timing of gold mineralisation in centralVictoria due to suitable materials and/or geochronological techniques. Here we report new mica and pyrite 40Ar/39Ar age data by laser probe and step-heating furnace analyses, and discuss problems in data collection and interpretation. An EXTENDED ABSTRACT is available for download. A full-length paper was not prepared for this presentation.

Jan 1, 2008

In 1939 Dr Neil George gave us the statement: Safety is a state of mind by which men are constantly made aware of the possibility of injury at all times. Is this statement still relevant? Have we been able to capture the essence of Dr GeorgeÆs statement in our current safety management systems and have we been able to capture the lessons from the past? Drawing upon 25 years of experience in the mining industry we explore what was done in the past, how this related to Dr GeorgeÆs statement and how the industry has progressed to the current safety management systems. We review the safety management system used by Roche Mining and demonstrate how it has improved safety outcomes for Roche. We then look to the future û are there new challenges? Are the current management systems equipped to cater for these new challenges and deliver continued improvement in safety outcomes? There will always be a desire to improve the industryÆs safety outcomes and so how are future generations going to achieve the improvement in safety outcomes?

Jan 1, 2007

It is commonly accepted that govern ments have a role in the financing of mineral development. The reasons for government involve- ment are examined in general and in the light of the current situation in Aust- ralia, particularly having regard to the ownership of resources. A brief introduction is given to the new Australian Government bodies, the Petroleum and Minerals Authority and the Australian Industry Development Cor- poration, designed to fill a new role in mineral development, and to the basic changes brought about by the Australian Government's decision to become involved in the future development of the country's mineral resources. It is generally accepted that governments do have a role in financing mineral development. This acceptance does not seem to be confined to Aust- ralia alone but is more a worldwide phenomenon. Mineral development has traditionally been regarded as the pre- serve of private enterprise and there- fore is presumed-to be profitable, and so it is instructive to ask why there is this special role for governments.

Jan 1, 1974

By Allnutt S. L, Radojkovic A. M

Century, a major shale hosted zinc deposit in the Riversleigh Fold Zone of northwest Queensland's Mount Isa Basin, was discovered by CRA Exploration in 1989. A total of 322 drill holes, completed by the end of 1992, define a resource of 118 Mt of mineralisation averaging 10.2 per cent zinc, 1.5 per cent lead and 36 grams per tonne silver. Mineralisation is developed in the upper portion of Lawn Hill Formation Unit 4 (Pmh4). The intersection of the Termite Range and Little Range Faults, major regional structures, may have been important in controlling mineralisation development. Three listric normal faults, and an unconformity between Proterozoic rocks hosting mineralisation and overlying Cambrian carbonates, divide the deposit into three distinct blocks. The deposit is essentially blind, outcropping in only two places. The deposit is characterised by an extremely simple sulphide mineral assemblage, sphalerite being the most common sulphide phase. Pyrite, the most common phase in many other shale-hosted zinc-lead deposits, accounts for only five per cent of all sulphides present. Siderite is the principal non-sulphide phase present. Both sphalerite and galena have near stoichiometric compositions. Sulphides are confined to carbonaceous shale horizons. Intervening siltstones are essentially barren. Shale and siltstone beds forming the mineralised sequence can be correlated across the entire deposit area. Systematic grade variation occurs within each mineralised shale bed. Although sulphide laminae parallel primary lithologic layering, the point of most intense mineralisation development transgresses stratigraphy. Bituminous material is intimately associated with sulphide mineralisation.

Jan 1, 1993

In the early 1950's, it was forecast that there would be, worldwide, a need for approximately sixty computers! Included in that estimate was provision for a considerable amount of geoscience modelling. Since 1950, the role and concept of the computer has changed. With that change has come alteration and adaptation within industry in order to better utilise the services and tools that computers can provide. For example the science of statistics prior to the computer was regarded as an intractible speciality. Computers have allowed the exploitation and further generation of statistical theory. In turn, as the science of statistics has become practical and relevant, the mineral geologist has moved from being essentially "a-numeric" to "non-numeric" to highly skilled in the application and use of very sophisticated statistical concepts. The modern computer provides the opportunity to perform many of the old practices more conveniently and/or economically and, perhaps more importantly, for exploration it provides- an enormous range of activities which previously would have been impossible. Such new activities allow for imaginative and creative application and extension of basic theory into practical situations, which when used by well trained, able people can open up new avenues of exploration. However, the use of such tools by poorly trained or incompetent people can lead to errors potentially as great as any success derived from the same tools. This paper reviews some applications of the computer to exploration, and attempts to discuss likely future developments.

Jan 1, 1987

Renison Goldfields Consolidated Limited (RGC) and Consolidated Gold Fields Plc (CGF) purchased New Guinea Goldfields Limited (NGG) in 1982 as an exploration venture. Following an intensive drilling programme in the Upper Ridges area sufficient ore reserves were outlined to justify the installation of a new 700 tonnes of ore per day gravity gold extraction plant. Major considerations in the design of the new plant were to minimise production inter- ruptions in the existing plant and to include simple, but technically efficient, equipment that could be operated and maintained by a workforce with limited experience in modern technology. These goals were achieved over a six month period, commissioning being carried out in April, 1983. Mining the epithermal gold deposit is by open cut benching and truck haulage. The gravity concentrator includes a scrubber, wet hammer mill and rod mill, to crush, grind and prepare the ore for sizing and desliming. Gold recovery units consist of a jig, spirals, shaking tables and amalgam barrels. Although the majority of the gold is in the minus 100 plus 20 microns size fraction a recovery of 63 percent, from a head grade of 2.0g/tonne, is Achieved.

Jan 1, 1984

The emerging discipline of ægeometallurgyÆ is not new but is becoming increasingly recognised as a discrete and high-value activity that reflects an ongoing commercial and cultural trend towards more effective mine site integration and optimisation. The AMIRA International P843 æGeMIIIÆ project (Geometallurgical Mapping and Mine Modelling) is a major new cross discipline research collaboration designed to provide support for this emerging industry trend. The project is currently supported by 18 global mineral companies and involves collaboration between the CODES Centre of Excellence (University of Tasmania), JKMRC and BRC (University of Queensland) and CSIRO Exploration and Mining. These groups represent recognised research excellence in the fields of economic geology, automated core logging, advanced microscopy and process mineralogy, mineral processing, mine planning and resource optimisation. The needs and challenges of geometallurgy as an integrated activity will be outlined together with the ongoing contribution and aims of the AMIRA P843 æGeMIIIÆ project. The main emphasis is on development of predictive geometallurgical indices for key processing performance parameters that reflect inherent geological variability. The ultimate aim is to provide predictive indices of geometallurgical performance that can be confidently embedded into resource models and used for risk-defined mine planning and optimisation.

Jan 1, 2008

By S Brunt

A new elution process has been developed for the recovery of gold thiosulfate from ion exchange resins. This is a synergistic system which utilises a base eluent, such as nitrate or trithionate, along with an additive that improves the elution of gold. The use of the additive enables lower eluent concentrations to be adopted, as well as weaker eluents such as chloride. With the chloride + additive system, complete gold elution can be achieved within 12 BV when utilising an eluent flow of 5 BV/h. When the eluent flow is reduced to 2 BV/h, complete elution is achieved within 8 BV. Similar results are obtained when using nitrate or trithionate as the base eluent. A copper pre-elution process has also been developed, whereby the majority of copper can be stripped within 5 BV prior to gold elution. This method is a significant improvement on the ammonia + oxygen pre-elution previously suggested. The development of a new analytical procedure based on ion chromatography with UV detection is also described for the quantification of polythionates in leach solutions and loaded on resins. This enables analysis to be carried out for resin-in- leach type processes where the polythionates are being formed in solution and simultaneously adsorbed onto the resin.

Jan 1, 2007

The Australian Mining Industry Council (A.M.I.C.) was established in 1967 as a body to co-ordinate the interests of the mining industry on a nation-wide basis. Its member- ship now embraces the great majority of mining groups in Australia. One of A.M.I.C.'s major continuing functions since its formation has been to work with Governments towards the enactment of more effective and efficient mining legislation. Yet, over the period, the,overall position, if anything has deteriorated. The main reason for this was that because of the rapid succession of what appeared to be quite separate problems during the period there was never sufficient time for Govern- ments to take stock of a situation before it would be changed by a new set of circumstances. By early 1973, the Council was certain that most of the various questions raised were really part of the one overall land use problem and its work in this area thus took a new emphasis from that time. In discussing the Council's involvement with Australian mining legislation over the last six years, the paper helps to clarify the present situation. It then explains a land management system which the Council believes could pro- vide the basis for the type of enlighened

Jan 1, 1974