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By Dodd SF

Valuation of mining companies and their underlying assets prepared by brokers' analysts are, by necessity, approximations. The reliability of the valuations is entirely proportional to the quality of available data, the reliability of forecasts and the nature of underlying commodity price assumptions. The latter is perhaps the greatest single cause of gross variations in company and asset earnings estimates and- valuations. Assumptions are often necessary regarding commodity price achievement based on commodity hedge positions. Public disclosure from listed companies provides a sound base from which to project earnings, cashflows and balance sheets. The uncommon disclosure of projected production and cost schedules often reduces the reliability of future estimates. The application of reserve and resource estimates is contentious with practitioners applying differing weightings to importance of resources in estimating mine lives (and therefore cashflow streams). Valuation methods applied in equity markets usually focus on relative value and the identification of pricing anomalies. The commonest ""rules of thumb"" applied in the valuation of mining companies (and therefore their underlying assets) is with the use of year specific price/earnings (P/E) and price/cashflow (P/CF) ratios, with low multiples suggesting undervalued assets, high multiples overvalued situations (but these rules can often be clouded by market expectations of underlying commodity price movements). Another simply applied valuation tool is to examine the examine the value placed on reserves and resources by the market. Inexpensive gold in the ground (expressed as $ of market capitalisation per ounce of reserves or resources) might indicate a buying opportunity, but the market does discount the value of gold in the ground prior to mine development and where development risk is perceived.

Jan 1, 1994

By P Rubie, B Morgan, J Russell, C Stewart

The relationship between efficient liner exchange, concentrator availability and concentrator profitability is well documented. Russell Mineral Equipment’s (RME) relationship with OZ Minerals’ Prominent Hill site personnel enabled sound collaboration between the two parties. Both parties worked together to identify the sources of productivity and efficiency loss and developed solutions to reverse them.This paper chronicles the identification of production inefficiencies and the resulting removal of mill relining from the critical path through the materialisation of mill relining optimisation strategies. Furthermore, this paper outlines other recent mill relining optimisation strategies developed by RME and tested at Prominent Hill, to demonstrate and achieve further productivity, efficiency and safety improvements.CITATION:Rubie, P, Russell, J, Morgan, B and Stewart, C, 2017. Mill relining optimisation – a story of collaboration, in Proceedings MetPlant 2017, pp 335–345 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 11, 2017

By B Murphy

Traditionally comminution optimisation has been focused on energy minimisation, whereas flotation optimisation has been focused on recovery improvement. One of the largest, if not the largest, operating cost over the life of a flotation circuit is electrical energy. With increasing pressure on operators to lower production costs and the cost of energy increasing, reducing the energy consumption of the flotation circuit can be beneficial to site economics. This paper reviews the use of energy by mechanically agitated flotation machines and discusses the measurement and benchmarking of energy consumption in modern flotation concentrators. Opportunities for improving flotation energy efficiency are also identified.CITATION:Murphy, B, 2013. Flotation energy consumption and opportunities for improvement, in Proceedings MetPlant 2013 , pp 399-412 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 15, 2013

By M Carr, K Williams, W Chen, J Plinke

The depletion of iron ore deposits at the face of the mine site dictates the necessity for the exploitation of formerly less attractive orebodies to meet the demand of the modern world. These orebodies will typically be found close to or even beneath the water table where an increasing clay and moisture content will result. Problematic iron ores, colloquially termed as ‘wet and sticky’ material (WSM), can have a significant impact in the material handling stream due to the expensive downtime of processing equipment, which is attributed to the inter-particle and boundary cohesion and adhesion forces of the bulk material.In order to gain a better understanding of the causes of poor handleability, experimental test methods to determine wall adhesion, and inter-particle adhesion within bulk materials were developed. Based on the combination of wall adhesion and inter-particle adhesion measurements, with traditional methods of assessing bulk material handleability, a new method to assess the potential of bulk materials to cause handling problems is proposed. This method reduces the multitude of factors leading to problematic behaviour to a handleability index (HI) [0,1], which is easily assessed and understood. The method is suitable for adhesive materials and applicable for a wide range of material flow, from gravity reclaim stockpiles to transfer chutes and carry back on conveyor belts.Additionally, this research presents an assessment of the HI derived by experimental testing of three iron ore samples. A clear understanding of the problematic behaviour of the iron ore samples is achieved with the use of dust extinction moisture (DEM) tests, which indicates the regions where problematic behaviour may be experienced on-site.CITATION:Carr, M, Plinke, J, Williams, K, Roberts, A and Chen, W, 2017. Determination of the handleability index of adhesive bulk materials, in Proceedings Iron Ore 2017, pp 503–510 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 24, 2017

Large GDP increases in the Pacific Rim countries have been accompanied by similarly large increases in demand for oil products. In the case of residual fuels, this demand has been tempered by the substitution of other energy products such as coal or gas. In the region's developing and newly industrialised nations, it has not been possible to make the very large investments in infrastructure which allow other energy sources to be used for transportation. As a result, GDP growth has been mirrored in the demand growth for automotive fuels. Other non-substitutable products such as lubricants have also benefitted by the region's GDP growth.   The combination of a number of years of sustained growth, coupled with increasing quality requirements is now stretching the upgrading capacity of the region's refineries. IT, as seems likely, the region continues to enjoy a high GDP growth rate, then this will be accompanied by increasing reliance on finished products coming out of the Middle East.   The owners of the most simple form of refinery in which crude is simply distilled and the naphtha reformed into petrol will face major capital investments. If they decide not to bear this cost, they will face increasing problems in selling their surplus residual fuel oil at an economic price. Quality will become an increasingly important issue. Not only in the well publicised areas such as unleaded petrol, but also for products such as lubricants which play a major role in the efficiency of modem equipment. Quality of service such as hours of opening, ease of access, and service station facilities will also become increasingly important as the oil companies use these to attract customers and gain brand differentiation.

Jan 1, 1990

By Knevitt L. T

PART 1Details of Kiewa Scheme.Introduction.Topography.Preliminary Investigations.Geology.Description of Project.Details of Main Works.Main Transmission of Power.Construction Facilities.PART 2Underground Works.Summary of Projected Works.Administration.Labour.Surveying.Safety and Accident Prevention.Medical Attention and First Aid.PART 3No. 4 Head Race Tunnel.Summary.Geology.

Jan 1, 1950

After a five year period representing the strongest resource and commodity rally ever experienced, we are now faced with a subdued recovery following the global financial crisis. This renewed economic growth will be steady but eventually attain levels that reignite export demand out of China and other emerging nations, which are now reliant on increasing domestic demand to support their economies. This backdrop of weaker share prices and less available investment capital creates a greater imperative for company management to ensure that its share price is fully valued. The mining geologist plays an important role in achieving this outcome through direct estimation of asset value (resources) but also in strongly communicating the æupsideÆ value opportunity in both mine site and adjacent brownfields exploration and an efficient and technically sound mining operation. The contribution of mining geologists to assist in conducting analyst site visits should not be underestimated, particularly with reduced analyst coverage of the resources sector and some simplification in company analysis through ranking companies on Reserve and Resource positions.

Jan 1, 2009

THE Yallourn chimney has aroused interest, as it is, for the time being, the tallest structural erection in Australia. Its height was not decided on, however, with the object of breaking records, but is purely incidental to the purpose which it serves. Theboiler plant at the briquetting works (first instalment) consists of five Babcock and Wilcox land-type water-tube boilers, each of 4510 sq ft. heating su:r£ace and 225 sq. ft. grate area in the form of step grates. Four boilers will normally produce 73,000 lb. of steam per hour at a gauge pressure of 265 lb. and a temperature of 6500 F., the fifth boiler being a reserve. Each boiler will consume about 100 tons of Yallourn coal per 24 hours. Provision is made for future installation of economizers, should it be found desirable. Designing for this condition, and allowing for a waste gas temperature of 3500 F. and an air temperature exceeding 1000 it was found necessary to have a draft of about 1.3 in. (water gauge) at the base of the chimney, and to deal with about 2000 cub. ft. of gases per second. Estimates were made of the cost of providing the necessary draught by means of fans and by means of a tall chill).ney. The annual charges of the two methods differed only slightly, and the tall chimney wasselected as being the more general practice in briquetting factories.Estimates were prepared for brick and concrete chiIlllleys. Yallourn bricks at that time were hand-made, and, while very suitable for domestic work, were not capable of withstanding high compressive stresses. The chimney design to suit these bricks thus required to be on very ample lines, resulting in high cost. Machine-made bricks from Melbourne would cost about £5 10s. per thousand on the site, with extra for radials, so that high cost again resulted. On the score...

Jan 1, 1924

By Garnsey R. G T, Wenk G. J, Toop A, Sowerby B. D

A bulk mineral analyser (BMA) suitable for the determination of Cu or Ni in bulk ore samples has been developed at the Lucas Heights Research Laboratories. This analyser, which uses the nuclear resonance scattering technique, is highly specific to the wanted element. The technique has previously been extensively field tested for copper at Mount Isa, Queensland.The present paper discusses the field trial in 1982 of a commercial prototype BMA for nickel. The trial was undertaken at the lateritic nickel mine at Greenvale, Queensland. The BMA and its shielding, together with a laboratory spectrum analyser, were sited in the sample shed adjacent to the workings. Two hundred and thirty-eight ore samples taken directly from the mine blastholes were assayed by the BMA. The average mass of sample was 12 kg, metal contents varied from 0.2 to 3.5 wt/per cent Ni and 4 to 43 wt/per cent Fe and free moisture varied from 11 to 55 wt/per cent. A measurement took 10 min to complete, although this time could have been reduced at the higher nickel grades. The r.m.s. deviation between BMA and chemical assays was 0.09 wt/per cent nickel. Iron and bulk density were also determined by the BMA, r.m.s. deviations being 1.7 wt/per cent and 0.03 g/cmJ respectively. Similar results could be expected from a BMA in routine industrial use at other nickel mines.

Jan 1, 1983

It is now five years since the advent of gold-dredging in Australia, the State of New South 'Wales, or colony as it was, being the first to adopt this system of gold-getting, and the credit of its introduction rests with a member of this Institute, Mr. Chas. L. Garland, who commenced operations with his dredge on the Macquarie River, at the junction of the Muckerawa Creek, in the month of March, 1899. In this paper it is intended to give a brief history of the career of the gold dredge in New South Wales from that relate up to the present time, during which period the writer, as a designer of many dredges, has been constantly in touch with the subject in all its phases in this State; the points noted are the outcome of his observation in a general way, and to a great extent are apart from the design proper.Gold-dredging in New South Wales up to the present moment can hardly be designated an unqualified success...

Jan 1, 1904

By M Korte, J McMaster, C Brent

The Barrick Osborne concentrator has gone through a number of upgrades since commissioning and has increased production from the original 119 t/h design capacity to a milling throughput of 265 t/h in 2008. This was achieved incrementally over several years, by maximising operating efficiencies, in order to minimise capital expenditure, and take advantages of economies of scale; but more importantly it was reached with no measurable loss of recovery. Osborne currently processes a blend of underground and open pit material from the nearby Trekelano deposit. Following primary/secondary crushing, the material is processed through a rod/ball mill grinding circuit ahead of rougher/scavenger flotation that produces a copper concentrate. Osborne was seeking a further increase in plant throughput of the order of 15 per cent, but at more sustainable levels of secondary crusher plant utilisation. In early 2008, Osborne contracted Metso Process Technology and Innovation (PTI) to review the entire process from run-of-mine feed to final copper concentrate. This review would be done concurrently with surveys of both the crushing/grinding and flotation circuits being performed at the same time. The outcome would be a steady-state model of the complete flow sheet allowing the crushing/grinding model to interact with the flotation circuit model, such that overall process optimisation was possible. This was to apply both by exploring the operating limits of the currently installed plant, as well as looking at the logical next stage of capital plant expansions. Surveys of the crushing and grinding circuits were conducted at the Osborne concentrator in May 2008. The main objective of the surveys was to review the potential of increasing grinding throughput whilst maintaining the flotation feed 80 per cent passing size. This would also require improving the efficiency of the crushing circuit which was already operating in excess of 80 per cent of the time. Steady-state simulations were performed using the developed circuit models to identify opportunities to increase throughput and alleviate high circulating loads in both the secondary crushing and grinding circuits. Due to operational changes, the recommendations resulting from this project were considered by Osborne but have as yet only been partially implemented.  This paper covers part A or the crushing and grinding component of the project. A separate paper discussing part B or flotation is also being presented at this conference. The results of interactive simulations between the flotation and grinding circuit models are included in part B of this paper.

Jan 1, 2009

TowerMill - Advantages in Wet Grinding Applications The TowerMill, which has now been in existence for no less than 50 years, is one alternative to the horizontal ball mill and offers several advantages. The TowerMill is widely used in (coal-fired) electric power plants for the grinding of raw material for the FGD (Flue Gas Desulphurisation) process involving very high throughputs, very fine product sizes and high availability. Some companies in the mining industry also looked at the use of such optimised grinding machines several years ago and found that many of the advantages offered in other industries are transferable to new applications. Much development work has been undertaken to improve the TowerMill for new applications and, as part of that work, tests have also been conducted to make direct comparisons of their performance with that of ball mills. Grinding tests were performed using the same raw materials and comparable machine sizes. Some of the results are discussed in this paper, along with a comparison of the advantages and disadvantages. The conclusion provides an outlook for some worthwhile future applications. The test results, which are described and analysed, show that the TowerMill offers significant advantages in relation to operating costs and operational safety. An example based on the wet grinding of limestone is presented.

Sep 13, 2010

The Mahakipawa gold deposit is located 21 km northwest of Blenheim. It became the site of a small hardrock gold rush in 1889 following nearby alluvial gold discoveries in 1888. The study investigates the geology of the area of hard rock mining in the vicinity between Cullens and Waikakaho Creeks. The Marlborough Schist which hosts the gold depos, it consists of polydeformed greenschist facies quartzofeldspathic psammitic, pelitic and volcanigenic schist.

Jan 1, 1993

The purpose of this paper is to list by tabulation and flow sheet, the operating equipment and installations in use at Rosebery, and to refer to particular items which may be of interest for purposes of comparison, or because they possess some unusual feature. The general perspective has been taken from the viewpoint of operating and maintenance experience.The sequence begins with ore breaking and transport and proceeds through milling operations. The paper is in two sections, first, mechanical equipment, second, electrical equipment. A brief outline of a scheme for using gravel wash for stope filling, which is in course of installation, has also been given.

Jan 1, 1949

The principal dirnensions of the chimney were fixed as follows: Height from formation to coping, 328 ft. 8 in.; inside diameter concrete shell, 13 ft. Gin.; inside diameter of the 4~-in. brick lining. 11 ft. (j in. ; shell thickness above flue inlet at a point 39 ft. above formation, 1 ft. 8in.; shell thickness at coping, 6 in. That is, the inside of chimney is cylindrical, wldst the outside is gradually stepped inwards with of 1 in. and less until the shell is 6 in. thick only at the top. With these dimensions in mind, it will be seen that some close thought was necessary to ensure a satisfactory of fonn which could be kept rigid and plumb to a height and at the same time provide safe working conditions for the labourers employed.FOUNDATIONSThe spread base of the chimney is 45 ft. in diameter, and foundations were carried down to a depth of 8 ft. 6 in. below natural surface into good hard clay which was known to be the best foundation obtainable in the vicinity being capable of withstanding, when dry, a load of 3 tons to 4 tons per square foot, whereas dead load is 1A tons per square foot and the maximum load expeeted under the most severe wind condition is 2 tons per square foot to ensure the foundation being kept dry and unaffected by ground water, the site was surrounded by a ring drain at a distance of six feet from edge of concrete foundation and at a minimum depth of one foot below bottom of concrete. Open-jointed pipes were laid in the bottom ofthe drain and graded to a pipe drain with outfall clear of the site.

Jan 1, 1924

The growth of "Unit Load-cargo handling technology in world cargo lin- er trades over the last decade has cre- ated a situation in which special pur- pose-vessels (cellular container ships, roll-on/roll-off vehicle deck ships and Lash type vessels) are rapidly replac- ing conventional cargo ships, the principal means previously available for transporting heavy lifts. Consequently heavy lift traffic has tended to accumulate awaiting ship- ment, especially where discharge is required in "off beat" locations. A partial solution to this problem will be provided by new and small but exceptionally versatile ocean going heavy lift carriers now finding their way into world trade routes. These new ships combine extremely high lifting capacity, high manoeuvreability and exceptionally shallow draft with bow and stern Ro/Ro capability. They can handle rolling loads of exceptional size and weighing up to 1,000 tons Each. But the problem is a far larger and more serious but essentially a domestic one. Major industrial pro- jects in Australia will require pro- gressively heavier and larger plant and construction sites are becoming much more inaccessible. Whereas these new ocean going heavy lift carriers have ample capacity to satisfy part of the total transport requirement, there is clear evidence to show that domestic transport resources have little if any potential for increase in capability at the same rate as demand or at the same rate as sea transport facilities. Resolution of the larger problem is within reach but only through a pro- perly co-ordinated approach to future planning for the overall needs of large scale projects on a national basis. This co-ordinated approach must involve Federal and State government transport administrators, railway and highway authorities, shipping and road haulage interests and finally the planners of the projects which require these improved heavy haulage services.

Jan 1, 1973

By OÆBrien R. T

A small static bed was used to study the thermal cycles required for the heat hardening of pellets based on synthetic magnetite concentrates and a naturally fine hematite. This apparatus can be employed to yield broad process data for the design of a recuperative strand system operating on the magnetite concentrates.Various alternatives are given for a process to heat harden the hematite ore but a preference is given to the production of a self fluxing pellet. Bond types and general mineralogical structures are interpreted against the optimum firing cycle necessary to produce a defined quality of pellet.INTRODUCTIONThe work reported in this paper extends that on the "Heat Hardening of Artificial Magnetite Pellets", which was described at the International Symposium on Agglomeration, sponsored by the American Institute of Mining, Metallurgical and Petroleum Engineers at Philadelphia, U.S.A. in April 1961. Whereas that work was of a more basic nature, serving to illustrate the suitability of artificial magnetites with various admixtures, to the application of heat hardened pellets, on this occasion the aim is to illustrate the procedures which were used to establish the dimensions of commercial recuperative strands for Australian raw materials.The nature of the pellet feed, Le. relatively uniform spheres of + i in.-Yi6 in. diameter, makes it possible to use small scale static pots for test work. By the use of a closed system and the measurement of suctions, gas flows...

Jan 1, 1963

Site specific geotechnical data, deposit characteristics and method of mining are key factors when assessing an appropriate slope design philosophy. Mining geotechnics should be viewed as an iterative design process linked closely with mine planning, development and operational safety constraints. This case study presents geotechnical investigations for slope design at Macraes Flat Gold Mine using kinematic, probabilistic and economic analyses tempered with knowledge of site specific conditions. The recommended designs not only reduce early waste stripping tonnages but also provide data to optimise final walls.

Jan 1, 1992

By R Byrnes, P Hensley

The outstanding environmental management initiatives undertaken by Novacoal at its Western Main Site near Lithgow in New South Wales over the past five years are detailed in this paper. These initiatives have been based on a combination of proven and innovative investigation and implementation techniques, close consultation with regulatory authorities and full support by colliery management. The results of these initiatives have enabled the colliery to exceed its pollution control obligations from a base well below industry standards. The initial poor condition of the mine was the result of over 50 years of traditional mining which paid little regard to environmental management. The transformation of the colliery within such a short period, with limited capital, is considered a model for the N.S.W. coal industry.

Jan 1, 1995

Recycling of Process Water in Sulfides Processing and Flotation Selectivity

Sep 13, 2010