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By Seshold P

The cost of capital is the rate at which a project's cash flow should be discounted to obtain the Net Present Value. The cost of capital is a weighted average of both debt and equity funds of a company, on an after tax basis. Two methods are described for calculating a company's cost of equity, the Dividend Valu- ation Model and, more importantly, the Capital Asset Pricing Model. A worked example is presented where the cost of capital was obtain- ed for two resource companies. The application of the cost of capital was illustrated by way of a mining equipment replacement problem. The paper outlines refinements and problems that may be encountered with the use of the cost of capital, and concludes that it is an integral part of any project evaluation.

Jan 1, 1983

Selective continuous surface mining is a rapidly developing system of mining which will have a significant impact on many present and future open cut mines. In many aspects the technology is in its infancy, whilst in other facets concepts drawn from other sectors of engineering are well proven. Full development of the potential and benefits of this technology will only be achieved if the mining companies and manufacturing companies work together to produce machines which the end user really wants.

Jan 1, 1986

In his letter of resignation as General Superintendent of the Broken Hill Associated Smelters (BHAS) prior to taking up aconsulting position at imperial Smelting, G.K. Williams wrote that he considered his major contributions at BHAS were:the development of large scale sintering machines;the double tuyere-row blast furnace; continuous lead refining.Despite his well deserved reputation as a scientist, based on his advancement of the metallurgical chemistry underlying lead refining processes, Williams reveals that he considered commercial implementation as the ultimate measure of technological success. Furthermore, he clearly did not differentiate between the scientific and the empirical as a means of achieving that end.

Jan 1, 1985

To grow a mining company today is seen to be challenged by the reduced interest in resources companies by the financial markets, the complexity of native title and a somewhat depressed commodity cycle. However, the opportunity to grow production and sales in a mining company are as numerous as they have ever been. It is the challenge of growing significant shareholder value that is difficult. The distinction between growth in æcompany sizeÆ and growth in æshareholder valueÆ is an important distinction upon which some resource companies are now firmly focussed. The equity market/commodity market cycle can provide windows of opportunity to consolidate and expand a company for the benefit of shareholders. These benefits may not be reflected until more buoyant equity markets return but, as the cycle turns, as it surely will, those with the foresight to position themselves may be richly rewarded.

Jan 1, 2000

By Pirvics AI, Whitworth NR, Tuppurainen JMI

Process control applications to the unit operations in both the Lead and Copper Smelters are reviewed. The basic aim of this control is to smooth plant inputs to produce an output of consistent quality in terms of chemical composition, temperature and physical properties. Most effort has been put into the process bottlenecks, namely in the process baghouse of the Lead Smelter and in the Copper Smelter reverberatory furnaces. The method of approach is discussed, firstly extensive plant measurement and data logging plus identification of factors which most affect the unit operation and secondly control of these factors to smooth out variations. This has been possible due to the development in-house of on-line instruments to measure the critical variables and the external use of computers for plant control. Some of these instrument developments are also briefly discussed.

Jan 1, 1984

The nature of exploration in Australia is reviewed from its inception to the present time. It is seen as consisting of three phases: the first, prospecting; the second and third, mainly company-based activity. The first yielded the discoveries on which the mining industry was originally built. The great recent growth of the industry has been due mainly to the discoveries of the third. The technical, organisational, legis- lative and other aspects are reviewed. The overall result has been a very great increase in the known mineral resources and, viewed collectively, exploration is seen as providing the principal means of assessing, evaluating and building up the nation's mineral resources.

Jan 1, 1973

By J-M Rendu

Substantial progress has been made over the last ten years in the development of uniform national and international standards covering the definition, estimation and public reporting of mineral resources and mineral reserves. Agreement between the major participating countries has been reached, which includes the requirement that a Competent Person prepare and approve publication of mineral resources and reserves. Most national regulatory organisations have accepted the new standards and have included them in the rules that must be followed by mining companies operating under their jurisdiction. These developments are the result of a concerted effort on the part of professional societies, national regulatory agencies, international organisations, and many dedicated individuals. The historical development of these standards is summarised in this paper. Accepted definitions of mineral resources and mineral reserves are discussed, as well as the definition and role of the Competent Person. Additional effort is needed before the international standards are fully understood, accepted and followed by mining companies, regulatory agencies, the investment community and the general public. Steps being taken toward development of an International Code are outlined.

Jan 1, 2002

By S Ramsay, D Povey

This paper presents recent case study data collected by field portable x-ray fluorescence spectrum analysers (FPXRF) as part of grade control activities at three separate (nickel, copper and copper/gold) mining operations. FPXRF has been under utilised for grade control in recent years, largely because the success of early versions of FPXRF was limited to a few metals (eg tin). Efforts to utilise these early versions for other metals was largely unsuccessful and created a perception that FPXRF could not be utilised more broadly within the mining sector and specifically the area of grade control. The structural setting of the analytical function within mining operations has also contributed to the under utilisation of more recent FPXRF instrumentation. The concept of FPXRF as a grade control tool straddles the boundaries of the geology and laboratory departments. As such, this option is often not considered as part of an assessment of grade control procedures for new and existing mining operations. This paper assesses data collected by Australian and New Caledonian miners using FPXRF technology as part of the grade control function and concludes that FPXRF can provide operational and cost benefits to certain mining operations.

Jan 1, 2003

By G Huggins

Excavation in underground jointed rock masses creates cavities into which the surrounding rock mass deforms. Deformations, besides intact rock deformation, include mechanistic deformations such as slip and rotation. In this paper deformational moduli were measured for prototype and blocky (jointed) models using elastic analogue methods for stopes from MIM LimitedÆs Lead Mine. The blocks for the models were defined in terms of the prototypeÆs joint sets, their spatial separations, orientations and average friction characteristics. From dimensional analyses, a relationship between prototype and model deformations was used to predict stope mid-span deformations. The results of this physical modelling work, conducted in the 1970s, motivated an investigation into the electro-treatment of tailings backfill to achieve improved strength and stiffness characteristics. Tailings backfill containing fines and having a high clay content can be electrically dewatered, and at times grouted, cemented, ion exchanged or agglutinated, to achieve relatively high magnitudes of strength and stiffness. These treated tailings stiffnesses can reduce the deformation magnitudes within a rock mass and, in doing so, reduce problems encountered in mine pillar extraction. The application of these tailings modification techniques is examined in relation to the elastic analogue methods.

Jan 1, 1998

Industrial relations on Australian and New Zealand resource projects can be volatile. Therefore investors have become increasingly aware over the years that sound industrial relations during construction is vital to the overall success of their project. There has been a wide range of actual industrial relations performance, project by project, and the degree. of success often directly correlates with the degree and thoroughness of pre-project planning. However, although many projects have been crippled by delays and cost overruns because of labour disputes, good results are achievable. Total commitment to the project by all parties involved is essential and it is up to the employers to seek out this commitment and not just trust mother luck. Industrial relations must be taken very seriously as the price of failure can render a resource project unviable.

Jan 1, 1983

When a major mineral find has been announced the general perception is that a battle between Aborigines and the mining company involved will inevitably occur.It is a fact that many miners in the past have not had a good relationship with Aborigines because of their indifferent attitudes towards them. They saw no common future and went their particular way. However, attitudes have changed significantly since Noonkanbah and both miners and Aborigines are seeking common ground in order to achieve mutual benefits from the establishment of a mine on or near Aboriginal land. There are many obstacles that both miners and Aborigines need to overcome inordertofindthiscommongroundtoachieveawin/win situation. The obstacles can be found in entrenched ideas and practices which need overhauling, not the least of which emanate from government policy and requirements.Without going into specifics, the Noonkanbah incident during the 1970's where Aborigines and their supporters confronted miners who were ordered by the Western Australian governmentto drill on Aboriginal land, polarized Aborigines and miners. Since this incident, many Aborigines, particularly those in the cities, have had the attitude that mining and Aboriginal culture are in direct conflict. Aboriginal opinion is generally shaped in the larger cities through mass media coverage of the opinions of urban Aborigines and their supporters. Through no fault of their own, these Aborigines were removedfromthe land of their ancestors and have notlived atraditional Aboriginal life-style for a number of generations and most have little knowledge of, nor have had involvement in, traditional Aboriginal lore and culture. For the most part these people live in awestern life-style and few still know their language. They generally have high profiles, often giving viewpoints that are wrongly considered "Aboriginal" and supposedly representing all Aborigines. This group is very different with their thought processes and values from those Aborigines who live on their own traditional lands with a traditional life-style, and practise their age old ceremonies. Their tribal values are based in their relationship with the land, expressed through complex religious ceremonial rites of song, dance and legend. Today this group is very much diminished in numbers but nevertheless in the region of the Gulf of Carpentaria there is a high proportion ofpeople who practise their lore, speak their own languages and pass on traditions to their children. It is well documented in the history of Australia that Aborigines have been decimated in numbers and whole tribes have been wiped out. Certainly in this region the experience has been no different.

Jan 1, 1993

As a basis for my address to you tonight I thought it might be opportune if we considered the great history of the mineral industry in Australia, and the contribution it has made to the development of the country. While it is perhaps interesting to review the achievements of the past there is also the opportunity to examine the developments of the future.The names generally given to the three periods of man's life on the earth-the Stone, the Bronze, and the Iron Ageand to which should perhaps now be added the Atomic Age, imply the vast importance of the progressive steps in 'man's discovery of minerals and the means of working them. They tell the story of his advance from the flint knife to the bronze celt, and then to the keen-edged iron weapon, and now to the possibilities of the peaceful application of atomic energy. Not only have the stories of gold, iron, copper and tin told a great deal of the history of the progress of mankind, but they have also traced the commercial and industrial growth of Australia over the last century.Gold in the 1850's was responsible for the most significant period of immigration Australia has ever had-when the population almost tripled in the ten years to 1860. Minerals were also responsible for opening up Australia and determining the pattern of settlement. As mineral finds were made, railways were constructed to these fields, then agricultural development followed.Then, as the industrial era started, minerals provided the raw material for Australia's rapid industrial expansion, and they have all contributed to the extent that they have made...

Jan 1, 1960

Installation of spirals as roughers and scavengers in the gravity and regrind recovery circuits has allowed rejection of large weight fractions to tailings, thus contributing to increased mill capacity.

Jan 1, 1978

The paper examines the current status of risk and accepted practice in mining geomechanics. It explores some deficiencies in human capital, risk analysis and our future technical needs, and suggests ways of improving our estimates of slope reliability through knowledge sharing and research.

Jan 1, 2003

Although I have, for most of my working life, been associated with research into problems of water pollution, this has been exclusively in a country where problems arise from having too many people rather than too little water, a country furthermore, where for the past few decades, mining, except for coal, could hardly be called a major Industry.

Jan 1, 1971

A variety of rockbolt designs and resin anchors are currently in use in underground mines. This paper identifies possible risk factors that may affect the intended performance of rockbolts. The paper also presents the outcome of a study on the variability of some aspects of fully encapsulated rockbolts undertaken across seven coal mines within the context of previous research findings on rockbolt anchorage performance.

Jan 1, 2003

Dragline performance drops considerably when chop-down and double handling of material is needed due to increasing overburden thick- ness or total pit depth. Beyond a certain pit depth the dragline needs support by a pre- stripping system in the upper portion of the overburden. In soft to medium hard ground the bucket wheel excavator can be used for pre- stripping, whereby several methods of material transport are investigated. Conveyor transport around the pit and dumping by stackers is the best solution from the technical point of view. Cross pit transport and dumping by means of a conveying bridge is the method with the lowest costs per volume moved. Cross pit transport by use of a beltwagon with overlong discharge boom is both, poor from the technical point of view and high in overall costs.

Jan 1, 1981

The authors are looking at the behaviour of the mineral processing circuits by means of the simulators operating under random disturbance. The present paper deals with the fuzzy control systems in comparison with PID controllers. A series of tests are conducted on simplified prototype processes with (1) dead time plus first-order lag model and (2) diffusive model. In the next series of tests the self-sustained process model was introduced to improve control against dead time. In both cases fuzzy and PID controllers are optimised by EVOP method. Particular attention is paid to the effect of observation noise to analyse for the problems which can be fatal to practical applications in mineral processing. Finally the methods developed are applied to a closed-circuit wet grinding system simulator operating under random disturbance.

Jan 1, 1993

By Letz H

An investigation of earthquake hazard in Papua New Guinea (PNG) by a yearly extreme magnitude method using the magnitude 7 earthquake record since 1900 shows that the Bougain-ville Island seismic zone is by far the most active, followed by the New Britain and northern mainland PNG regions. Return period for magnitude 7.0 earthquakes occurring in normalized 10,000km2 areas of the Bougainville Island, New Britain, Huon, West Bismarck, North Sepik and Ramu seismic zones is 37, 60, 81, 88, 125 and 125 years respectively. These areas are much more active than the California Seismic Zone 4 region including the San Andreas Fault, which has a normalized magnitude 7.0 return period of 299 years, calcul-ated here by the same method.Only southern PNG, including the Papuan Fold Belt and most of the Bismarck Sea, are less active than California Zone 4. The Papuan Fold Belt is only marginally less active than California Zone 4, but more active than the State of California taken as a whole.

Jan 1, 1994

By P J. Harper

Maximising shareholder value is a widely stated strategic goal of many mining companies. Mining projects can be capital intensive and achieving good returns is essential to encourage future investment in the industry. Despite the widely accepted importance of shareholder value, the minerals industry is often accused of providing relatively poor returns when compared to other industries. There are many recent and well publicised examples of minerals companies that have failed to deliver value to their shareholders. There are numerous business improvement initiatives employed within the mining industry to assist mine operators improve performance. Some are more effective at creating value than others. Benchmarking is one technique that is commonly used to identify performance gaps and target and prioritise opportunities for improvement. However to be effective, Benchmarking must be used appropriately and result in actions that lead to measurable operational improvement. When conducting a Benchmarking project it is important to remember that the aim should be to improve value. For this to be achieved, the strategic goals must be incorporated into the process. This paper details a structured and comprehensive approach to conducting a successful Benchmarking project. Focusing on Benchmarking as a technique for measuring and improving operational performance in underground mines, the underlying drivers of best practice in underground mining are identified.

Jan 1, 2005