Search Documents

By A Harris, N Fitzpatrick, F MacCorquodale

"An EXTENDED ABSTRACT is available for download. A full-length paper was not prepared for this presentation. The Gosowong epithermal Au-Ag deposits, located on the island of Halmahera, North Maluku Province, Indonesia, are owned and operated by PT Nusa Halmahera Minerals, a joint venture between Newcrest Mining Limited (75 per cent) and PT Aneka Tambang Tbk (25 per cent).The Gosowong deposit was a greenfields discovery in 1994. Subsequent brownfields discoveries, most recently in 2009, have resulted in a total endowment of more than 6 Moz Au. The three main deposits include Gosowong, Toguraci and Kencana, and as of December 2013, production comprised 5.7 Mt Au at 24 g/t for 4.3 Moz with remaining resources of 4.2 Mt Au at 13 g/t for 1.7 Moz.Mineralisation primarily occurs in multistage veins, breccias and stockwork veins, with at least four texturally- and mineralogically-distinct vein events, including: banded crystalline quartz, quartz-adularia, quartz-chlorite and quartz-sulfide stages. Vein mode, texture and mineralogy are zoned around areas of maximum dilation, vein width and vein grade. Within banded quartz-chlorite, grades of >1000 g/t Au are common. Anomalous Au-Ag-Pb-As-Sb-K-Li geochemistry in rocks is commonly associated with the epithermal mineralisation. Four major types of hypogene alteration are recognised at Gosowong: silicification (quartz-illite-adularia-pyrite) within the immediate vein zone, argillic (illite-quartz-pyrite) alteration enveloping the vein zone, advanced argillic (dickite-kaolinite-quartz) alteration above and adjacent to the vein zone and within the overlying Kayasa Formation, and propylitic (chlorite-epidote-albite-calcite-pyrite) alteration within the footwall and distal to the vein zone.CITATION:Fitzpatrick, N, Harris, A, MacCorquodale, F and Wardiman, D, 2015. The Gosowong goldfield – a world-class epithermal gold-silver district in Indonesia , in Proceedings PACRIM 2015 Congress, pp 235–242 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 18, 2015

By L. Nahai

Iran's petroleum industry is nearly 50 years old and the oldest in the Near East. According to published figures, Iran ranks third in production and reserves in the Near East. These reserves (including probable reserves) are estimated at 35 billion barrels and constitute about 11 percent of the world's total. Iran is the sixth largest producer of crude petroleum in the world. The 1961 output of more than 430 million barrels was 5 percent of total world output for the year. In the same year, Iran ranked fourth among world petroleum exporters, providing 8.4 percent of total world exports.

Jan 1, 1963

Environmental information is an essential part of successful mine design and approval. In order to be most effective in its application and availability, this information needs to be collected in programmes with defined objectives and deadlines. Applied Geology Associates have established a methodology to facilitate the structured collection of environmental data, which provides for the diverse needs of both engineering design and applications for statutory and non-statutory approvals. Principal aspects of this methodology are the scope, timing and management of the environmental studies within the overall project planning framework.

Jan 1, 1987

By Zhuofei Yang, Jidong Kang, David S. Wilkinson

The fatigue behavior of AM60 high pressure die casting magnesium alloys was studied in a straincontrolled manner. The fatigue test was interrupted every 2,000 cycles for X-ray tomography scanning. The specimen was removed to be scanned on a desktop micro-CT system. The value of using X-ray tomography in a fatigue properties study was assessed with respect to porosity, cracks and fracture surfaces. The 3D analysis and model results showed porosity could be well measured and modelled in 3D. Defects bands are made of pores under 50 µm in volume-equivalent sphere diameter. Larger pores are randomly distributed in the region between two defect bands. Observation of cracks by X-ray tomography occurs in three ways such that the 3D model gives the best illustration of crack-porosity interaction while the other two methods have better detectability on crack initiation and crack tip observation. X-ray tomography is also of value in failure analysis on fracture surfaces. By summarizing X-ray tomography data during fatigue testing and observing fracture surfaces on a 3D model, a better understanding on the crack initiation, crack-porosity interaction and the morphology of fracture surface is achieved.

Jan 1, 2014

Block caving is an underground mining method for the profitable extraction of massive, low-grade orebodies. Lately, it has become the mining method of choice, for many mining companies, because of depleted high-grade orebodies, and declining metal market prices. Block cave mining, however, still faces several challenges. Lack of access to the cave remains a major issue in understanding the rockmass response to mining for method optimisation. Improving our understanding of the rockmass response to caving will lead to safer and more productive operations. Combining large datasets from multiple sources with virtual reality scientific visualisation (VRSV) is a viable alternative to understanding complex cave behaviour without access to the cave. This is achieved using immersive environments with the ability to view complex multi-dimensional data (beyond 3D) graphically. VRSV offers a unique platform where it becomes possible to immerse the multi-disciplinary experts, and/or management team, in a virtual mine environment for quick decision making and fast resolution to conflicting conclusions. The underground mining system is complex due to multiple interrelating factors such as geology, excavation geometries, stress and time. Block caving is even more complex than most underground mining methods due to the network of tunnels required, and the use of induced stress, among others. As a consequence of the complexity in the block caving environment, it is vital that the mining system is analysed holistically, as a system, rather than optimizing individual factors one at a time. This paper presents a customised software module developed for use in the Advanced Visualisation Interactive Environment (AVIE) at The University of New South Wales (UNSW), Australia, to enable VRSV investigation into block cave mining systems (BCMS). This approach has the potential to provide a better understanding of the effect of time in in rock engineering, which has proven to be an important factor in hard rock mines (Ma & Daemen, 2006; Malan et al., 1997; Suorineni, 2010) but never validated. This work back analyses the early undercutting phase of a case study block caving operation with the view to understanding time/sequence effects. There is evidence that heterogeneous rockmass time-dependent behaviour governs the seismic response of the rockmass following undercut developments.

Jan 1, 2015

By D S. Clarke, K B. Sporli

The Thames Goldfi.eld has been a major gold resource in the west of the Coromandel Peninsula, New Zealand, with the Waiotahi quartz vein system forming a large part of the field. Mineralisation is hosted by hydrothermally altered Miocene andesitic volcanic rocks. Both massive columnar-jointed and fragmental volcanic rocks are present. The vein system is dominated by the steeply dipping NE striking Waiotahi-Cambria vein, and associated splays. Hydrothermal alteration increases in intensity from isolated blocks of propylitic altered andesitic material, into the intensely clay altered equivalent. Low rank propylitic alteration is typified by chlorite, calcite and pyrite, with local illite or epidote. Clay alteration is characterised by illite, quartz, kaolinite and pyrite. While broadly forming halos around veining, intense clay alteration also occurs in strongly jointed portions of the hostrock.   Vein textures and the intense illitic clay alteration at Thames are similar to those in some of the other epithermal gold deposits of the Coromandel Volcanic zone, and in deposits of the Philippines, all related to andesitic terranes. Possible causes for textures and alteration being different in these deposits from the more classic Quartz-Adularia-Illite type epithermal systems may be that cooling/mixing rather than boiling dominates fluid evolution. Kaolinite may be also be a product of either of these different fluid types, or has resulted from overprinting of an illitic assemblage by downward percolation of acidic fluid.

Jan 1, 1991

By Tom Gonzales

At San Manuel, AZ, Magma Metals Co. operates an Outokumpu flash furnace, four Peirce-Smith converters and two anode casting wheels that are supported by six anode vessels. Process gasses from the flash furnace and converters are treated in a two-train/ double-contact sulfuric acid plant. The plant captures 98% of the sulfur. A new flash furnace was commissioned in July 1988. It has since processed more than 2.7 Mt (3 million st) of sulfide concentrate without a major rebuild. The company has gained unique experience in the operation of the flash furnace at high oxygen enrichments with low off-gas dust loadings. New procedures have been developed to maintain secondary material generation at equilibrium and for maintaining metallurgical control of operating parameters. Process flow description At Magma's San Manuel plant, concentrates and other copper-bearing material are blended and conveyed from two separate areas of the plant to three 420 t (465 st) capacity wet charge bins located above the rotary dryer. Flash furnace silica flux is conveyed to a 227-t (250-st) capacity fine flux bin located adjacent to the wet charge bins. The concentrate and flux are blended in controlled amounts and fed into a 168-t/ h (185-stph) gas-fired rotary dryer. The wet charge enters the dryer at 8% moisture and is dried to 0.2% moisture. The dried charge is pneumatically conveyed to a 580-t/h (640-stph) dry charge bin located above the flash furnace. Flash furnace charge is drawn from the bin by two drag conveyors at a concentrate feed rate of 145 t/h (160 stph). The charge is mixed with enriched combustion air and injected into the furnace reaction shaft. In the reaction shaft, the charge is oxidized to form matte, slag and a rich SO, off-gas.

Jan 1, 1992

The information in this document has been prepared as at February 16, 2011. Certain statements contained in this document constitute ?forward-looking statements? within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward looking information under the provisions of Canadian provincial securities laws. When used in this document, the words ?anticipate?, ?expect?, ?estimate?, ?forecast?, ?will?, ?planned?, and similar expressions are intended to identify forward-looking statements or information. Such statements include without limitation: statements regarding timing and amounts of capital expenditures and other assumptions; estimates of future reserves, resources, mineral production, optimization efforts and sales; estimates of mine life; estimates of future internal rates of return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures and other cash needs, and expectations as to the funding thereof; statements and information as to the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs, and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; estimates of reserves and resources, and statements and information regarding anticipated future exploration; the anticipated timing of events with respect to the Company's minesites and statements and information regarding the sufficiency of the Company's cash resources. Such statements and information reflect the Company's views as at the date of this document and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements and information. Many factors, known and unknown could cause the actual results to be materially different from those expressed or implied by such forward looking statements and information. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, capital expenditures, and other costs; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks; community protests; risks associated with foreign operations; governmental and environmental regulation; the volatility of the Company's stock price; and risks associated with the Company's byproduct metal derivative strategies. For a more detailed discussion of such risks and other factors that may affect the Company?s ability to achieve the expectations set forth in the forwardlooking statements contained in this document, see the Company's Annual Report on Form 20-F for the year ended December 31, 2009, as well as the Company's other filings with the Canadian Securities Administrators and the U.S. Securities and Exchange Commission. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and information. Marc Legault, a Qualified Person and the Company?s Vice-President, Project Development, reviewed the technical information disclosed herein. For a detailed breakdown of the Company?s reserve and resource position see the February 16, 2011 press release on the Company?s website. That press release also lists the Qualified Persons for each project.

May 1, 2011

This paper summarizes the results from a project aimed at adapting scroll centrifuges for application to the dewatering of flotation concentrates. The main impetus for the project was to reduce the high cost and footprint size of the technology currently used to dewater fine coal. The technical challenge was to enhance solids capture by incorporating a laser-cut screen into the design of the basket. The project has shown that a pilot-scale scroll centrifuge can be used to dewater froth concentrate. A number of different basket designs were tested, the best results being achieved with a basket comprising a laser-cut screen of aperture 70 µm. The best result on a sample of untreated flotation concentrate, which was taken from the open trough flotation cells at a coal preparation plant (CPP) in NSW was a solids recovery of 82 wt% at a product moisture of 24.3wt%. By comparison the best product achieved with a conventional wedge wire basket was a similar moisture content but solids recovery was only 64 wt%. This could only be achieved after the feed had been artificially thickened. Conditioning of the centrifuge feed with polymer flocculants led to an increase in recovery up to 88 wt% with a moisture content of ca 25 wt%. It is thought that optimizing additive selection and conditioning parameters, as well as screen aperture and open area, could improve performance still further. The results were obtained using centrifuging conditions (centrifugal force, feed solids, feed rate) in the pilot-scale machine which should be possible to translate into conventional designs of commercial scale machines, without downgrading solids throughputs. However only with full-scale trials will it be possible to establish this assertion with certainty.

Jan 1, 2001

By Oliver Bowles

The National Granite Commission at its annual meeting in Norfolk, Va., in January, 1930, passed a resolution requesting the Bureau of Mines to conduct an economic study of the granite industry. In with this request a preliminary review has been made of trends in the production and uses of block granite.. Some unfavorable conditions were thus brought to light, and certain suggestions regarding a more orderly and consistent growth in the industry are herein discussed. The results of the study are, presented in this report for the earnest consideration of. the industry, and comments are invited, not only on this report but as to future work that might be accomplished by the Bureau of Mines. The authors desire to acknowledge many helpful suggestions and comments from Paul M. Tyler of the Bureau of Mines and from Harris F. Sherman, secretary of the National Building Granite Quarries Association. Miss A. T. Coons of the Bureau of Mines rendered valuable assistance through her wide knowledge of granite statistics. The block granite industry has shown little expansion during recent years. While the value of the annual production has grown from about $14,000,000 in 1904 to nearly $25,000,000 in 1928, the increment in value is caused mainly by mounting prices rather than by increased production. Even granite for memorials shows a very small advance in production volume, although the value has increased from about $3,500,060 in 1904 to more than $11,000,000 in 1928, which is the most consistent growth of any branch of the industry. The value of building granite has fallen for a number of years much below the figure for 1904, and in 1928 was very little in advance of the value attained 24 years previously. The use of granite paving blocks and rubble has shown a gradual decline.

Jan 1, 1931

By G. F. Butterworth

The metallographic structures most frequently encountered in rifle barrels, and which are illustrated by the accompanying photomicrographs, fall naturally into two groups, distinguished by the method used to, produce in the stock a physical condition having the requisite properties. The fist group consists of "rolled" barrels; that is, barrels subjected to hot working by rolling in or near the critical range. In the second group, the stock, which is smaller in diameter than the first, is upset to form the butt end and is then heat treated by giving it a quench and a draw. These barrels will be referred to as " heat-treated " barrels. The structure of the rolled barrels resembles closely that of the same steel after annealing. There is the same network of excess ferrite outlining the grain boundaries, but the grains themselves are composed of sorbite rather than pearlite. The grain size is closely related to the rolling temperature. The critical-point curves of this grade of steel, which is approximately 0.50 to 0.60 per cent. of carbon and 1.00 to 1.30 per cent, of manganese, show a single very pronounced point between 1300" and 1350" F. (704" and 732" C.). Barrels rolled within this temperature range give an exceedingly fine grain, shown in Fig. 1. In fact, the grains may be so fine that, at a low magnification, they may be confused with the heat-treated structure shown in Fig. 6. A magnification of 500 diameters, however, will always resolve a rolled barrel into the characteristic structure shown in Fig. 2. As the temperature is increased, the grains are found to be larger. If, on the other hand, the rolling temperature is below the critical range, the structure previous to rolling will not be obliterated, the only effect of rolling being to elongate the coarse sorbite grains in the direction of rolling, Fig. 3. This distortion is greatest at the muzzle. Heat-treated barrels are quenched in oil from above the critical range, which should give a martensitic structure, Fig. 4, but the presence of some troostite in the martensite is frequently noted when the quench has not been sufficiently drastic, Fig. 5. The structure brought about by the subsequent draw is not so striking, though quite as typical. It is sorbitic or sorbito-pearlitic, and under a low magnification appears almost homogeneous, as in the case of fine grains of pepper and salt well mixed together, Fig. 6. This structure is substantially the same for all

Jan 1, 1920

By Timo Kankaanpää

Keywords: Solvent extraction, dispersion, phase separation, CFD The liquid-liquid dispersion phases are separated by gravity in a solvent extraction settler. This separation step is made more effective by picket fences. The picket fence geometry and its physical placement have a significant effect on the separation process, because the purpose of a fence is to smoothen and control organic-aqueous dispersion flow in the first part of the settler and achieve a deep and dense dispersion layer in the front end of the settler resulting in a clean phase separation. In this study, physical phenomena in the solvent extraction process and phase separation in a solvent extraction settler with and without picket fences have been examined using a commercial CFX software package. It can be concluded that the used CFD-approach proved to be a complementary tool for optimizing and designing the solvent extraction settler.

Jan 1, 2005

By Robert E. McIvor

"The Functional Performance Equation for ball milling circuits allows us to isolate the circuit classification system efficiency (CSE) from the mill’s grinding performance. The factors which affect circuit CSE are reviewed, with emphasis on water usage at the classifiers. It is shown that manipulation of such water usage can be carried out to improve plant grinding circuit efficiency, at times by more than 30 percent.THE FUNCTIONAL PERFORMANCE EQUATIONObservation of the feed and product size distributions going into and discharging from the mill in grinding circuits with low versus high circulating load ratios initially led to the definition of “circuit classification system efficiency” (or CSE, McIvor, 1988a), and ultimately the discovery of the Functional Performance Equation (McIvor, 1988b, and McIvor et al, 1992). The CSE is the percentage of “coarse” (typically with reference to the plus P80) size material occupying the mill (versus “fines” or product size material, finer than the circuit P80), and can be calculated by taking the average of the percentage of coarse material in the mill feed and mill discharge. As this also represents the percentage of the mill energy expended on targeted, coarse size material, it is directly proportional to overall grinding circuit efficiency and production rate. This is all clearly expressed in the Functional Performance Equation for ball milling circuits, which is derived as follows.We define “fines” as any product size material, and “coarse” as that targeted to be further ground, the two typically differentiated by the circuit target P80. For any grinding circuit, the production rate of new, product size material (fines) must equal the specific grinding rate of the coarse material (i.e. fine product generated per unit of energy applied to the coarse material) times the power applied to the coarse material."

Jan 1, 2009

"Each and every flotation plant must produce daily/weekly/monthly production reports in which metal balances for payable and penalising elements are presented. Several factors including ore heterogeneity and harsh production environment affect the reproducibility of the reported data. Best practices of metal accounting thus prescribe that production reports be accompanied by measurement quality reports quantifying the reproducibility (a data quality metric often expressed as a relative standard deviation) of each data reported. Ignoring the irreproducibility of measurements may lead to the perception that random errors have been totally eliminated through statistical data reconciliation, which is wrong. This paper aims at explaining the full lifecycle management of reproducibility estimation from the outset at the measurement process to its reporting after having been through the statistical data reconciliation process. Indeed, the reproducibility of reported data can be obtained by performing a sensitivity analysis. Necessary conditions for obtaining a truly representative assessment of measurement reproducibility are stated. Typical levels of measurement reproducibility found in operating flotation plants are also reported. These numbers can be used as benchmarks for reproducibility levels that can be realistically expected.IntroductionEach and every flotation plant must produce daily/weekly/monthly production reports in which metal balances for payable and penalising elements are presented. Such production reports are the most expected output from a metal accounting system (MAS). The duly recurrence of this task combined with an insufficient level of automation has somehow contributed to the misleading perception that it is mainly a clerical work. However, as shown in Figure 1, a MAS encompasses way more than just a reporting system. Acknowledging that the content of production reports indubitably origin from raw measurements has important implications for how both the reports and MAS should be monitored."

Jan 1, 2016

By D. J. Young

Alloys used at high temperature must resist both creep and corrosion. Design for corrosion resistance is based on the formation of a slow-growing, protective oxide scale by selective oxidation of an appropriate alloy component, usually chromium or aluminium. A successful scale will exclude other corrodents, notably carbon, which can otherwise cause extremely rapid corrosion at high temperatures. Selective oxidation of an alloy component necessarily lowers the concentration of that metal in the alloy subsurface region. Under thermal cycling conditions, mechanical damage to the scale leads to renewed oxide growth and accelerated alloy depletion. Eventually, a point is reached where diffusion of a corrodent into the alloy becomes competitive with the outward diffusion of alloy metal to repair the protective scale. Two examples of alloy failure by carbon attack are considered. In the steam cracking (pyrolysis) process, centrifugally cast tubes of heat-resisting alloy are exposed to a gas stream of hydrocarbon and steam, at a carbon activity of unity. Formation and repair of the surface chromia scale causes alloy depletion, Kirkendall void formation, and subsequent internal precipitation of chromium-rich carbides. Their formation makes chromia scale formation much more difficult, and generates internal stress. Eventually, the tubes fail by creep rupture. In other processes (e.g. steam reforming, heat treatment), synthesis gases are supersaturated with carbon at intermediate temperatures. Once the alloy's protective scale is breached, carbon attacks the depleted substrate. In the case of ferritic alloys, it forms a surface scale of Fe3C. As this scale thickens, the supersaturated carbon precipitates as graphite within its outer regions. The resulting volume expansion causes disintegration of the cementite in a process known as metal dusting. In the case of austenitic alloys, no metal carbide is formed. Instead, carbon dissolves in the depleted metal to diffuse inward and precipitate as graphite within the metal matrix. Again, volume expansion causes disintegration of the alloy, and metal dusting results. Dusting occurs at an extraordinarily rapid rate, and leads to failure by section loss or even penetration.

Jan 1, 2013

By A Bax, G Wardell-Johnson, A Giblett, W Staunton

This paper presents a number of key considerations for process development testwork as a reliable basis for the inclusion of gravity separation in gold recovery flowsheets. Operating data, experiences and numerous case studies are also discussed in support of identifying best practice principles for gravity circuit design.CITATION:Giblett, A, Bax, A, Wardell-Johnson, G and Staunton, W, 2013. A review of best practice in gravity circuit design and operation, in Proceedings MetPlant 2013 , pp 272-284 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 15, 2013

By Thomas Deschamps

The main objective of this work was to investigate the effect of binder addition on the geochemical properties of surface paste tailings. Nine leaching columns were prepared following different disposal configurations: non-cemented, non-cemented with cemented layers, and cemented .The proportions of cement by total paste weight were between 0 and 1% for a whole column; the maximum amount of cement in a single layer was 2%. The material used was a sulphide-rich tailings coming from a Canadian hard rock polymetallic mine. The columns have been flushed once a week during 30 weeks. The recovered leachates were analyzed for pH, Eh, conductivity, and a wide range of elements. The drainage rates were monitored during the initial disposal as well as after each column flush. The results show that binder addition can improve the whole environmental performances for some of the studied disposal configurations. The disposal configuration consisting of intercalation of three 2% cement paste layers within non-cemented layers (0.66 wt.% of cement for the whole column), and the configuration with 2% cement added only in the two bottom layers (0,44 wt.% of cement for the whole column), showed the best results in terms of water quality and drainage rates.

May 1, 2007

By William C. McBee

Sulfur concretes have been developed by the Bureau of Mines as construction materials with physical and mechanical properties that suit them for use in acid and salt corrosive environments where conventional concretes fail. Mixture design methods were established for preparing sulfur concretes using different types of aggregates and recently developed mixed-modified sulfur cements Bench-scale testing of the sulfur concretes has shown their potential value. Corrosion resistance, strength, and durability of sulfur concrete are superior to those of conventional materials. Field in situ evaluation tests of the sulfur concretes as replacement for conventional concrete materials are in progress in corrosive areas of 24 commercial chemical, fertilizer, and metallurgical plants.

Jan 1, 1983

Influence of Frothers on Bubble Shape and Velocity Close to the Generation Point

Sep 13, 2010

By Douglas R. Cook

Exploration record In preparing this paper, a list of world class discoveries prepared in 1983 has been updated. In both surveys, the following criteria were used in the definition of world class discoveries: • deposits that are continuously operated and consistently return a profit even in periods of low metal prices; • deposits large enough to significantly affect a medium sized corporation's profits; and • these deposits should be in the lower one-third cost per unit of metal produced for all similar deposits. Only 70 discoveries in the last 40 years qualified as world class deposits using these criteria. Unfortunately, this restricted population was too low to develop meaningful trends. The numbers were therefore enlarged to include all significant discoveries. The principal feature of a significant discovery is that its size and grade would yield more than $500 million in revenue using average metal prices for the last five years. A significant deposit should also meet some of the standards for a world class deposit. A tabulation of these deposits are shown in Table 1. The number of discoveries increased to 166 from 70 using the revised classification. The relationship between the number of discoveries per year and their location by continents was prepared from these data. Figure 1 shows the number of discoveries per year for the nonCommunist world. It also shows estimated and actual nonCommunist world exploration expenditures per year and the commodity price index. These data show that modern exploration started in the late 1940s, with the tempo picking up rapidly in the 1950s. The maximum discovery rate occurred in 1962. Thereafter, the discovery rate gradually declined to the present. This occurred despite a real increase in expenditures from about $200 million/a in 1955 (1982 constant dollars) to more than $900 million/a in 1980. Thus, these data suggest a significant decrease in the exploration success ratio (total exploration expenditures a year divided by the number of significant discoveries) in the last 20 years. As an example, $70 million was spent for each significant discovery in the early 1960s as compared with $225 million in the late 1970s (expressed in 1982 constant dollars). However, with the general declining trend of discoveries, one can perceive a more pronounced drop in 1973 and then a sudden increase in 1974, 1975, and 1976. This increase is probably related to the inflation of the 1970s that in turn created an environment for the explosion of commodity prices, as shown by the commodity price index on Fig. 1. Thereafter, the decline in discoveries resumed in 1975 until the present. Exploration performance by regions North American discoveries are shown in Fig. 2. The graph shows three pronounced high discovery peaks in 1962, 1975, and 1980-81.

Jan 2, 1986