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Equity finance provides the most suitable and frequently the only access to capital during the exploration and evaluation stages of resource projects when project risk is at its highest. Investors are prepared to provide equity funds in the knowledge that they are compensated for the higher risk they take on with higher potential returns or sufficient upside potential to justify the higher risk. The context of resource projects which determines the role of equity finance has changed considerably. Prior to the resurgence of the gold price and the development of new mining technology many resource projects were selectively mining orebodies by underground methods frequently with limited reserves proved up in advance of mining. The limited proved ore reserves base and the volatility of the gold price all contributed to a higher risk and higher return investment environment in which the use of equity finance was more appropriate and frequently the only option for capital raising. The financial risk of a resources project can be transferred to an underwriter who makes the commitment to distribute the financial risk between a number of investors. There is also the opportunity for financiers to use a mix of equity and debt finance to allow a company to proceed with the development stage where without such a mix the resource project would not proceed. By using a level of equity finance the project becomes robust enough in its ability to service the debt finance facility and the project proceeds with the equity participants receiving a suitable risk reward return. The liquidity from the establishment of a market for the company's securities enhances further capital raising and generally enables the company to satisfy its financial requirements on more favourable terms particularly during bull markets. The role of equity finance in the management of the financial risk during the exploration, evaluation, development and mining stages of resource projects is summarised in Table 1. In more detail the principal roles of equity finance and the ways in which equity finance impact on the risk management of resource projects will be considered in turn.

Jan 1, 1994

In the mid-1990s, after a long period of antipathy between the company and its detractors, Rio Tinto embarked upon an ambitious cultural change program that sought to transform the fundamental basis of its relationship with global, national and local stakeholders. This has evolved into a broader pursuit of positive cultural change within Rio Tinto as part of the mining industryÆs Sustainable Development initiative. Initially driven from the top down, the communities component of this program comprises an architecture of policies, value statements, social research and verification systems. The commitment to better community relationships is best exemplified in Australia by the scope and scale of the GroupÆs Aboriginal land access agreements, community development programs and the work of the Rio Tinto Aboriginal Foundation. While collectively these form the core elements of an evolving set of internal social competencies, development of second-tier competencies is required to organically embed a culture of sustainable relationships with local and regional communities. Second-tier competencies will include appreciation of social dynamics, social science and diversity at middle management level; rigorous social research that properly informs development options for companies and host communities; career paths and recognition within the mining industry for young professionals both generally and from stakeholder communities; proper community-needs assessments, research into such things as purchasing power and other economics data, and inventories of public goods such as land-carrying capacity and water availability. Without this information it is difficult to gain an appreciation of and to alert people to the consequences of change brought on by a mine. The next decade will see second-tier social competencies promoted within successful mining companies. Measures to achieve this include a range of Human Resource (HR) incentives such as recruitment and career advancement based on broad competencies rather than narrow technical proficiency, humanities training for mining professionals and performance rewards that recognise social competence. A sustainable future for mining in a globally connected social landscape requires selection of people who can listen, relate and act in an open social system. The challenge for the mining industry, its professional organisations and educational institutions is to acknowledge this and develop these new aspects of mining industry professionalism. This cannot be left to individual companies if the industry is to have a sustainable future.

Jan 1, 2002

By S A. Ravishankar

An overview of flotation reagents used in sulfide and non-sulfide separations, from an industrial perspective, is given in this presentation to highlight the current applications knowledge. The historical and theoretical aspects, which are well documented in numerous books and reviews, will only be highlighted, when necessary, to support the theme of this paper, viz critical analysis of reagent research, design, selection and optimisation with an emphasis on relevance to plant needs and practice. The three types of flotation reagents; viz collectors, frothers and modifiers, used currently in the industry are briefly reviewed; pitfalls and gaps, arising from somewhat arbitrary and reductionistic practice in reagent applications, are identified; and the impact of environmental regulations on current and future reagent development is discussed. The importance of frothers and modifiers, which have received less overall attention than collectors, is highlighted. The need for a rational, holistic (or ætotal systemÆ, ætop-downÆ) approach for reagent design, selection and optimisation is discussed with a view to provide remedies for pitfalls and a platform for filling gaps in reagent chemistry and applications, and to develop reagent technology that can deliver robust solutions to plant needs. Flotation Matrix 100TM, a comprehensive package designed at Cytec to incorporate all the elements of the holistic approach û viz definition of mineralogy and plant needs, rule-based expert system rational reagent selection, and laboratory and plant best practices û will also be described.No paper available for this abstract

Jan 1, 2005

By A Jha, R Merz

The substantial growth in world demand for Queensland coking coal has seen a number of new coal mine developments in the Bowen Basin in recent times. The Bowen-Broken Water Supply Scheme (BBWSS) is presently based on water supplied from Eungella Dam and storages at Collinsville to two major pipelines. In early 2004, three successive years of well-below average rainfall had left Eungella Dam at critical levels, threatening the regionÆs mines, which rely on it for their essential water supply. SunWater noted that without significant inflows into Eungella Dam, or the development of a new water supply to the region, existing mines would be severely restricted in water supply, and downstream economic impacts to the region would follow. SunWater investigated the opportunities for additional supply capabilities, including combinations of off-stream storages, additional pipelines, and raising Eungella Dam. An off-stream storage (OSS) was selected as being the preferred option to improve the reliability of the system and head off impending falls in announced allocation for the system. The integrated quantity quality model (IQQM) is the Queensland GovernmentÆs preferred model to define and assess total catchment performance against water security and environmental objectives. Modelling of the performance of the water supply system, with and without the proposed OSS, was required to provide justification to the customers of the system that the OSS was in fact required, and also to optimise the configuration of the OSS within time and budgetary constraints. In the case of the BBWSS, no environmental base flows are dictated by the Department of Natural Resources, Mines and Water (NRM&W) at present and the primary reason for applying IQQM was therefore to investigate the trade-offs between supply options and reliability. SunWater produced IQQM outputs for a range of scenarios for the proposed off-stream storage, and these IQQM outputs were then used as input to a decision-support tool based on the GoldSim modelling package. The GoldSim model was then applied to investigate the water supply reliability for high priority users resulting from various existing and/or proposed water supply infrastructure configurations coupled to the hydrologic system. The GoldSim model included the ability to assess the long-term water supply reliability impacts for each of the water supply end-users for a wide range of user-defined scenarios. Non-technical model users were able to change the size of the off-stream storage, pipeline capacities and assumed climatic conditions and test for themselves the relative benefits (in terms of water supply reliability) of different infrastructure configurations under consideration. The decision tool was of significant benefit in assisting the decision process to SunWaterÆs mining customers. These customers needed to decide if they felt that the increased reliability in their water supplies from the system that would be created warranted the estimated increased charges that would require to be levied to recover costs of the new infrastructure with appropriate profit margins. The conjunctive use of IQQM and GoldSim was successful in demonstrating the impact of both hydrological and non-hydrological issues on the future water supply reliability in the BBWSS and resulted in a decision to proceed with the construction of a new OSS.

Jan 1, 2006

The United StatesÆ reporting standard for the mining industry for securities purposes is contained in the Security and Exchange CommissionÆs Industry Guide 7. It defines proven and probable Reserves using its own definitions, and prohibits the disclosure of quantitative estimates, for all mineralisation other than those two Reserve categories (though disclosure of Measured and Indicated Resources as quantitative mineralised material estimates is now informally allowed). Similarly, it restricts disclosure of value estimates to Reserves only, which SEC policy generally requires to be on an historic cost accounting basis. The SEC does not maintain a formal Competent or Qualified Person policy. In March 1999, the US-based Society of Mining, Metallurgy and Exploration (SME) released an update of its 1991 guidelines for definitions to be used in reporting of Mineral Resources, Reserves and Exploration Information, closely abiding by the 1997 CMMI recommendations. However, without SEC recognition, reporting under the SME and CMMI definitions is effectively barred for US companies. The SEC intends to adopt the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB). This will occur within just a few years, when the convergence project for development of the IFRS has reached a satisfactory point. The US is the largest financial supporter and participator in IASB. The Extractive Industries Standard of the IFRS will likely terminate Industry Guide 7. However, the effect of this international replacement will likely be equally restrictive. This could possibly neutralise the benefit of a CMMI-based global reporting standard. SME, the US society encompassing the widest range of mining industry professionals, does not have a Code of Ethics. It has no mechanism for requiring members to abide by a professional standard. SME is presently looking into possible solutions for this deficiency. US-based professional societies that do have a binding Code of Ethics, generally cater to a single profession, and are not just mining industry related. The American Institute of Professional Geologists (AIPG) and the American Institute of Minerals Appraisers (AIMA) are examples. The SME is considering creating a subsidiary body with an enforceable Code of Ethics. To support a CMMI-based global reporting standard, competent persons will need to work across international borders. A standardised mechanism for qualifying and registering competent persons will be needed. National rules and laws must allow competent persons to easily enter countries to perform their work. State issued licenses are increasingly required for much of the work performed in the US mining industry by engineers, geologists and minerals appraisers (valuers). Such licenses are not required by the SEC for Reserve reporting in the US, may not be required for valuation of mineral properties under certain circumstances, and except for real property valuer licenses, they generally do not have a binding code of conduct. However, state licensing of professionals forms a substantial and increasing barrier to interstate trade in professional services, and can be a prohibitive barrier to professionals from outside the US. Any rationalisation of this confusing patchwork of regulations confronting US minerals industry practitioners will only occur as part of larger, national change, hopefully aimed at compliance with international standards and protocols. The US does not have a valuation standard aimed specifically at the mining industry. The Uniform Standards of Professional Appraisal Practice, the national valuation standards, often must be applied to mineral property valuation, but contains no specific instructions for minerals. The author has campaigned against development of minerals valuation standards proposed by US minerals institutes. Instead he encourages the mining industry worldwide to place its support behind the initiative of the International Valuation Standards Committee (IVSC) to include an extractive industries section in its International Valuation Standards (IVS). This should provide a global set of valuation standards for the mining and petroleum industry within two years. This addition to IVS will provide essential valuation standards reference support for the extractive industries financial reporting standard of the International Accounting Standards Board. The IVS has achieved a high level of acceptance in the developed and lesser developed countries of the world. It provides a comprehensive framework of Generally Accepted Valuation Principles for the valuation profession internationally, for valuation of all property or asset types. IVSC is effectively a sister organisation to IASB. The IASBÆs International Financial Reporting Standards (IFRS), previously known as the International Accounting Standards (IAS), reference and quote IVS in some instructions for determination of fair value. IVSC is a non-governmental organisation (NGO) member of the United Nations and maintains liaison with many important international economic, accounting and financial agencies, such as the OECD, IMF and WTO.

Jan 1, 2002

Teleoperation is one method by which an operator can remotely control and monitor a vehicle. The operator monitors the status and progress of the remote vehicle by watching the video transmitted from one or more cameras which are mounted on the vehicle. In the case of an LHD, it will be fitted with three cameras. For a twin-boom Jumbo, four cameras are mounted on the drill, three of which will have remote pan, tilt, 15x zoom, focus and lens cleaning controls. The advantage of teleoperation is that an operator can stand in the drive and send the remote vehicle around a corner, completely out of sight and still clearly see what is happening. This means that an LHD returns with a full bucket and a Jumbo can be operated from a safe distance. Standing in the drive teleoperating vehicles, exposes the operator to passing traffic including the remote vehicle. There are two solutions to this problem. One is to equip the operator with a Nautilus æBuddyÆ jacket which will help to protect them from all vehicles. The other is to move the operator into a safe room or area, away from the fumes, the noise and the traffic. In this comfortable, less stressful environment, the operator will be more productive and less likely to accidentally damage the vehicle. The operatorÆs æsafeÆ room does not have to be a formal control room, it can be any area which has AC or DC power available and is large enough to contain a chair and a 1.5 m x 0.75 m table. The æsafeÆ room can be on the surface or underground, it does not matter to the operation of the Nautilus Equipment. If the LHDÆs, trucks, locomotives, etc are automatically guided from origin to destination, the operator is free to operate several vehicles at a time, performing only those tasks which are too difficult for a computer to do by itself.

Jan 1, 1998

By Diehl GW, Kuntonen J

The Tamrock all-hydraulic rock drilling system 400 has been developed to cover as wide a drilling range as possible, from 35 mm holes in tunnelling, roofbolting and development work to 64mm holes in long hole production drilling. Field experience during the last five years shows that the Tamrock drill covers this range in a way that no other rock drill on the market does and recently the range has been success- fully further expanded to cover bench drilling with 76 mm holes.

Jan 1, 1978

The Paracale gold region had been known for hundreds of years, but the first professional attempts to work the lode and alluvial deposits were made only in the 1890s by the London-based Philippines Mineral Syndicate. Complex ores, transportation problems, and the Philippine Insurrection halted operations. Ultimate success went to American firms, though Frank Karuth's Philippines Mineral Syndicate had pioneered the field.

Jan 1, 1987

At CPA we believe that ore bodies discovered in future will be bigger and higher grade than the ones currently known and set out targets accordingly. Discoveries over the last three decades substantiated this approach.

Jan 1, 1987

By Briggs D

Comparing the results of a plant trial by averaging performance measures collected during the trial with measures collected before and after the trial is often quite subjective because of the impact of natural variation on the process. This is

Jan 1, 1997

The re-development of the Mount Charlotte gold mine in Kalgoorlie was carried out piece- meal as funds became available. Optimisation of productivity to offset the high risk which is a function of an indefinite gold price, has been the principal objective of the management.

Jan 1, 1980

The increasing use of Ditch Witch trenching to define gold ore bound- aries in supergeme enriched near surface open cut mines has led to the consideration of using this technique for other sampling procedures. The use of Ditch Witch trenching for exploration has not been widely used and it is anticipated that the technique described will help stimulate more extensive use and new sampling techniques.

Jan 1, 1988

Most mining dredges are adapted from canal/harbour dredges. Their automation and control systems are generally not designed for integrated mining operations. Consequently they have a number of limitations. This paper describes a new dredge control concept which paves the way for improved efficiency and increased production.

Jan 1, 2001

Many problems occur in recruiting staff to remote mining operations, relating to both domestic and works environments. These are stated, together with steps which have been taken to overcome them. Geographical and climatic conditions applying to the Agnew mining operation are described. Company policies have been established to define criteria for selection of staff, and to define methods by which the criteria are applied.

Jan 1, 1980

Evaluation of tyre chains has been taking place at King Island Scheelite for several years. Results indicate that tyre life has been greatly improved in all cases. Good cost sav- ings are resulting on small loaders. The worth of chains is difficult to prove on larger loaders under the conditions at King Island Scheelite. However, the dramatic decrease in the number of punctures has convinced the Company that chains are worthwhile on some larger loaders.

Jan 1, 1977

A pilot pump rehabilitation programme commenced at Isa Mine in the late 1960ts. Over the years, it has now been developed into a full scale repair programme resulting in large operating cost savings. This paper will examine various materials used as wear media in the rehabilitation of pump parts for recycling, the use of other materials in manufactured design and appli- cations of these principles to other process Equipment.

Jan 1, 1978

Seven papers included in Session 8 of the Third International Mine Water Congress under the heading "Achievements in Mine Water Management & Research" have been reviewed. Only one paper, a case study by Masters on biological treatment of inorganically polluted effluent, has any connection with research in the sense of seeking new, generally applicable knowledge which would advance the frontiers of mine water management. The remainder deal with various aspects of the management of mine water ranging from investigation of the geology of a specific aquifer system through operating dewatering systems to the management of specific effluent disposal problems.

Jan 1, 1988

The Australasian Institute of Mining and Metallurgy and the Australian Mining Industry Council are concerned that a sufficient number of able young people receive an adequate level of professional training for the mineral industry. A Joint Committee on Education has been formed to pursue these objectives. At a time of strong growth in the industry it is most important to forecast the demand for people, so that the educational authorities will be able to provide adequate facilities. The factors to be considered in fore- casting the demand for professional staff are set out, and the proposed method of assessment is outlined.

Jan 1, 1981

Rocks of all geological ages are present on the Australian continent. As a result of its geological heritage, Australia is richly endowed with mineral and energy resources. Due in part to its enormous mineral wealth, the nation is in the position of being a wealthy country surrounded by less developed countries of the Asian and Pacific region. Over many years Australia has developed and gained valuable experience in the exploration, mining and processing of a wide range of mineral and energy resources. In an interdependent world community, it is obviously in Australia's interest to cooperate and provide assistance in geoscience education and training to developing countries of the region.

Jan 1, 1986

By Kawatra SK

The incentive to control coal flotation circuits arises because of disturbances, from plant operating practices and variations in feed coal characteristics, which result in large amounts of fine coal being lost in circuit tailings streams and lower grade concentrates being produced. Additionally, the flowrates and compositions of con-centrates and tailings streams can have significant effects on dewater-ing brocesses. A universal control strategy for these circuits cannot be developed. Rather, three major groups of variables must be con-sidered during strategy development: coal characteristics; circuit design and operating practice; and the variables selected to control the process. The second. and third groups-are discussed in this paper and examples from studies in operating plants are presented.

Jan 1, 1985