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By H. Houali

Corrosion is an electrochemical process that causes degradation and deterioration of various steel works (pipelines, drains, cisterns) whether they are buried, immersed, or not. Worldwide, we estimate that corrosion destroys a quarter of the annual production of steel at a rate of 5 tons per second. Several techniques are used to protect against corrosion. Among these processes, Cathodic protection, which is regarded as the best technique to assure the protection of steel, works against this phenomenon. This is achieved either by a system of reactive anodes, or by the technique of impressed current protection or other techniques. Before any installation of cathodic protection, a preliminary study and pre-evaluation of certain parameters must be made. In the present work, we will present an example of dimensioning of an installation of cathodic protection by imposed current of a pipeline using solar energy, where we discuss the following items: ? Evolutions of the potential as well as current along the pipeline and their respective expressions deduced from the laws known as telegraphists; ? Range of protection (potential of protection along the pipeline); ? Influence of the isolation resistance of the coating on the range of protection; Effect of the aging of the coating and its influence on the current of protection

Jan 1, 2005

By L. Su, S. Liu, K. Jiang, K. Xie

The reduction of iron dissolution and acid consumption is fairly important in the extraction of Ni and Co from laterite ores from both economic and efficiency perspectives. BGRIMM conducted detailed research to investigate the behavior of iron in a nickel laterite leaching process. The mineralogy of Ni and Co was studied. In limonite ore about 76% of nickel is present in goethite while in saprolite ore 79% of nickel is associated with magnesium and silicon minerals. Test work revealed that limonite can be decomposed completely with enough acid concentration during atmospheric leaching. More than 98% of Ni and Co were leached into solution while 85% of the iron was also dissolved with 130-140 g/L iron in solution. Iron precipitates as hematite in the temperature range 250-270?C without neutralization reagents. That’s why limonite is treated by high pressure acid leaching (HPAL) technology to achieve nickel extraction and iron precipitation in the same autoclave. BGRIMM’s test results indicated that the remaining acid in atmospheric leaching solution and acid released by iron precipitation at a lower temperature was enough to leach saprolite efficiently. The so-called inverse leaching technology leaches limonite at atmospheric condition and the leaching slurry combined with saprolite is pumped into an autoclave to leach saprolite at 150-170?C. In the autoclave iron precipitates as hematite without acid consumption. Total nickel and cobalt extractions in the test program were more than 90% with iron content in solution below 8 g/L. In this inverse process iron dissolves in the atmospheric leaching stage and precipitates as hematite in the low temperature leaching stage. Compared with HPAL the leaching temperature is reduced to 150-170 ºC from 250-270 ºC. Compared to atmospheric tank leaching acid consumption is reduced from 850-950 kg/t ore (atmospheric) to 550-650 kg/t ore (inverse).

Jan 1, 2016

By Paykan Safe

?? Background ?? WorleyParsons Gas Cleaning ?? PT Inco Smelter ?? Process Design Considerations ?? Furnace Control and Combustion ?? Combustion Chamber ?? Spray Chamber ?? Draft Control ?? Baghouse ?? Secondary Ventilation ?? ID Fan ?? Dust Handling Equipment ?? Project Execution ?? Heat Recovery ?? Conclusion ?? WorleyParsons Gas Cleaning ? Irving, TX ?? Formerly Gas Cleaning Technologies ?? Acquired by WorleyParsons in 2005 and now part of a global EPCM company ?? 14 years experience in off-gas system design for ferrous and non-ferrous facilities worldwide

May 1, 2008

By John Lindsay

"Although diamond mining is a relative newcomer to the Canadian mining industry, with the first diamond mine coming on stream in 1998, Canada is already a significant producer of high quality diamonds. This paper will review diamond production trends and highlight some of the projects currently under development, which have the potential to enhance Canada’s role as a significant diamond producer.Diamond recovery plants generally incorporate well-established mineral processing and recovery techniques, with issues such as product security, cut-off sizes, and diamond preservation becoming important considerations when developing process flowsheets. A diamond processing plant must achieve three key objectives, namely:• Liberation of the diamonds from the host rock;• Separation of the heavy minerals, which include the diamonds, from the host rock;• Recovery of the diamonds from the heavy mineral concentrates.Processing technologies and equipment commonly utilized in diamond processing plants will be reviewed and some of the significant issues associated with each option briefly discussed.Typical process flowsheets will be presented.Finally, an overview of De Beers’ Victor diamond project, located in northern Ontario, will be provided. This potentially significant diamond producer is currently at a pre-feasibility stage of development.DIAMONDS IN CANADAWorld Diamond ProductionCommercial diamond mining commenced in earnest with the discovery of the Kimberley diamondfields in South Africa in the late 1800s, and this resulted in a dramatic increase in the supply of diamonds. As can be seen from figure 1, world diamond production, mainly from South Africa, Angola, Congo, and Namibia, remained relatively constant through the early 1900s until the development of the large Russian kimberlite pipes in the 1950s. Production increased again in the 1960s and 70s with the development of the Botswana mines, but the most significant increase in global production came from the Argyle mine in Australia, which came on stream in 1983 and produced a peak of almost 43 million carats in 1994, representing approximately 40% of the world market. Production from Argyle has since fallen-off as grades have declined and the strip ratio has increased with the deepening of the open pit."

Jan 1, 2003

By E. Wasmund

"Sandfire’s DeGrussa Copper-Gold operation in West Australia is a new high grade copper sulfide mine, which includes a 1.5 Mtpa concentrator which was completed in 2013.Early after commissioning, it was identified that the flotation capacity in the all-mechanical cleaner circuit was not sufficient. In order to improve recovery, the tail from the cleaner scavenger was sent back to feed the rougher scavengers. Test-work was done on-site to evaluate the possibility of using a flotation column as a pre-cleaner. A CavTube™ sparging system was selected, which is especially effective for fine ore particle flotation. Test-work was conducted at site using a 150 mm diameter unit, and then confirmed on a 500 mm diameter unit. A 4250 mm diameter full scale unit was installed in Q4 2014 and commissioned in Q1 2015. This unit gave some significant advantages including a reduction in re-grinding requirements, elimination of a circulating load and increase in the recovery of copper in the cleaner circuit and overall circuit.In this presentation, the benefits of columns and cavitation sparging for floating fine particles and rejecting fine entrained gangue will be explained. Also, the results from a lab unit and a pilot unit will be compared against the results of the full-scale unit. The paper will demonstrate the scalability of flotation columns, and which phenomena and scale-up criteria must be considered to be successful. Finally, some general observations will be made about the importance of columns in copper cleaning circuits.IntroductionSandfire Resources’ DeGrussa copper-gold concentrator is located approximately 900 km north-north-east of Perth in Western Australia. The project area landscape is scrubby mulga lands with few notable features. The climate is arid with high temperature and heavy summer downpours."

Jan 1, 2016

Geology grads mine heated job market Salaries up 44 per cent in three years ?[Geology student] passed up a $100,000-a-year job at a mining company last December when he finished his degree in geology. The 24-year-old Canadian said he?s confident he?ll get a better offer.? Rob Delaney and Stewart Bailey, Calgary Herald, Published: Saturday, March 15, 2008 Massive shortages across the mining industry > Trades and operators are a large component > Technical people are equally hard to find > Students are in an excellent positions to secure exciting jobs > Experience is at a premium. Why?

May 1, 2008

By J M. Gibbs

Craigmont Mines Limited mine 50,000 tons of ore and waste per day from the open pit at Merritt, British Columbia. An electric-powered "down-the-hole" drill, a diesel-powered rotary drill and two electric-powered rotary drills have been used. All primary drilling, as a result of cost and operating experience, is now performed with two electric-powered rotary drills. Trials with various loading techniques have increased the amount of AN-FO and decreased the amount of commercially prepared slurries used for primary blasting. Approximately 95 per cent of the primary blasting is accomplished with AN -FO, mixed at the hole. Introduction THE Craigmont mine is located near the village of Merritt, B.C., 240 miles northeast of Vancouver. The concentrator has been in production since September of 1961. Craigmont is a combined open-pit and underground operation. To date, slightly more than 95 per cent of the mill feed has been mined from the open pit. As underground development proceeds, the ore requirements from the open pit will decrease. The average milling rate from September, 1961, to April, 1964, was approximately 4,900 tons per day.

Jan 1, 1965

By K. Honkivaara, S. Junnikkala, J. Aho, K. Föhr, P. Lampinen

"Bubble area flux has been claimed to be a major tool to dimension flotation equipment. The paper describes laboratory scale (batch and 301 continuous cell using plant feed) and small-scale (1 ,8m3) industrial experiments with coarse-grained massive sulphide ore.Samples were taken with different froth thickness and air addition rates while the bubble size was measured with an UTC capillary device. Problems of averaging the bubble size measurements and the bubble area flux measurements are also discussed.Material balances were calculated using the commercial program BILCO. The flotation rate constants were calculated for pulp and for froth assuming that we can extrapolate the flotation rate constant of the pulp phase from tests using very thin froth thicknesses.The results indicate that the bubble area flux is not alone an adequate dimensioning tool. With fine sizes there was a nearly linear relationship between the bubble area flux and rate constant for constant impeller revolutions. For coarse sizes the form of the relationship is non-linear and seems to go through a maximum value. Thus the final flotation outcome is not a simple function of bubble area flux but depends on the particle size distribution and other more traditional flotation cell dimensioning variables. The effect of the froth residence time in the total recovery of coarse particles is large, but will not be treated in this paper."

Jan 1, 2000

By G. E. Agar, W. B. Kipkie, V. K. Drylie

"This paper describes mineral processing test work on drill core samples from an ilmenite deposit in Terrebonne County just north of Montreal.Mineralogical examination showed that the intimate associa¬tion between ilmenite and hematite precluded their separation. The maximum concentrate grade was therefore limited to 22.9% Ti. Liberation of gangue from the hemo-ilmenite grains occurred around 400 µm, a size which proved to be too coarse for recovery by flotation.Other physical separation techniques, such as elec¬trodynamic, magnetic and jigging, were tried in order to take advantage of the relatively coarse liberation size. An all-flotation procedure and a combination of jigging and flotation yielded similar separations.IntroductionInco Metals Company, through its subsidiary Canico, optioned an ilmenite deposit in Terrebonne County, just north of Montreal, and conducted a drilling campaign to confirm previous geological assessments of the deposit and to provide core samples for mineralogical study. Parts of these core samples were used for mineral processing studies, which will be described in this report. The objective was to identify suitable upgrading procedures, to determine the optimum combination of concentrate grade and recovery, and to provide suitable batches of concentrate for further treatment."

Jan 1, 1980

By Pavel Vasak

The Laurentian University Virtual Reality Laboratory (VRL) has provided a unique platform for the development and testing of novel seismic and microseismic data processing and visualization technology. In collaboration with Vale?s Creighton Mine, the technology was implemented at the mine site and consists of a VRL system and site calibrated Seismic Excavation Hazard Map (SEHM) software. The SEHM was developed as a practical solution for the mine operator to identify areas of elevated, active rock mass damage processes caused by recent mining activity. This paper is a pictorial representation of the 3D stereoscopic demonstration of the Creighton Mine seismic data distribution and interpreted SEHM for the first quarter of 2009. A live demonstration is scheduled at the Laurentian University VRL as one of the conference field trips. The demonstration highlights the technology transfer of research concepts into a near-real-time excavation hazard system that utilizes the key aspects of virtual reality technology; the ability to integrate large datasets (geology, mine excavation, (seismic) monitoring data, production scheduling, stress model, etc.); the ability to manipulate and visualize large datasets in both space and in time (mining sequence); and the ability to review the datasets by a group of experts in an immersive (3D stereoscopic), collaborative environment to better understand the processes and context of the mining-induced seismicity and evaluate potential risks to the mining operation.

Oct 1, 2010

By David W. H. Ellis

This presentation will discuss over 2 dozen past, present and future oils sands projects in Alberta. The very early projects as well as the most recent along with the ones that never got off the ground and the ones in production are all included. For each, the following will be given (where known): owners, location, type (mining/SAGD/refinery), production, capital budget, spent to date, status. Some overall impacts will be discussed.

May 1, 2004

By Gordon E. Agar, Brian Lyons, Gregory H. Styles, William B. Kipkie

"Rock rejection during the flotation of a copper-nickel ore was improved by adding carboxymethyl cellulose to both a rougher and cleaner flotation stage. The selection of the rock depressant was based on laboratory rates studies. Plant operating results are presented which confirm the laboratory selection of two particular brands of carboxymethyl cellulose.The rock assay of the concentrate was reduced from more than 40% to less than 15%.IntroductionThe traditional method of selecting flotation reagents relied upon batch bench scale tests, conducted under arbitrary conditions, to identify the effect of the reagent under examination. Too often these were ""one-off"" tests with little or no regard paid to the reproducibility of the results. Sophisticated researchers used statistical methods to design and evaluate the experiments but they were still obliged to rely on the arbitrary and often unreliable batch tests to generate the numbers that were analyzed statistically. An interesting side-effect of the enhanced sophistication of the statistical analysis was often that no significant effects would be uncovered in a series of experiments that would have generated many positive conclusions and much further experimentation if the same results had been evaluated by the traditional method.In the recent past, at least two groups of researchers a have directed their attention to the reliability of the batch experiments with a view toward improving the reproducibility of the test data. In this work the best of the improvements advocated by both of these groups have been adopted in order to generate kinetic data from batch tests that are as reproducible as possible.The objective of the work was to reduce the rock content of a bulk sulphide concentrate produced at Inco's Shebandowan mill. During 1982 the Shebandowan concentrate analyzed 3.5% Cu, 7.4010 Ni, 25% pyrrhotite and more than 40% rock, which resulted in an MgO content of 10.4%. Besides the expense of shipping all of this rock to Sudbury, the rock also contributed to the poor filterability of the concentrate. On favourable occasions the moisture content of the filter cake was slightly over 20% by weight. The magnesia content of the concentrate was deleterious to the reverberatory furnaces used by Inco for smelting nickel concentrate because the slag viscosity increased as the magnesia content increased, and the nickel lost in the slag went up."

Jan 1, 1987

By G. Morin, F. Chiesa, B. Duchesne

The Quality index is a useful tool allowing to assess the metallurgical quality of aluminium AlSiMg foundry alloys (A356/357). Its value is calculated from the ultimate tensile strength and elongation; it increases with the metallurgical quality of the casting, i.e. with finer dendrites, lower microporosity and inclusion count and lower iron content. This Quality index does not depend on the degree of temper applied during the heat treatment (aging time and temperature). After defining the Quality index, it will be explained how it can be predicted from the knowledge of the local solidification conditions obtained from modelling. The paper will then present four case studies of castings for which the prediction of the Quality index by modelling was made. These case studies from different authors will involve the three most common casting processes used for producing high integrity aluminium castings, namely: sand casting, permanent mould casting and investment casting (lost wax). In all cases, the accuracy of the prediction will be assessed by comparing the predicted Quality index distributions to the experimental values based on the published measured values of the local tensile properties.

Jan 1, 2006

By Pierre Roy, Claude Gosselin, Maryam Sadeghi, Michel Bourassa, Christian Rochefort, Claude Bazin, Gautier Mahieu, François Lavoie, Marilène Renaud, David Cataford

"Spirals are gravity concentrators used for the concentration of iron oxide minerals from ores. This paper presents the mineral size recovery curves observed for spirals operating in two Canadian iron ore processing plants. The size recovery curves are presented for rougher, cleaner and re-cleaner spirals. The partition curves observed for the spirals are significantly different than those observed for typical gravity concentration devices such as hydrocyclones or hydraulic classifiers. The size recovery curves show the complex behaviour of the minerals as they flow down a spiral and are analysed with a view toward process modelling and simulation. Initial simulation results show that gains in the iron recovery can be achieved by increasing the recovery of coarse iron oxide particles in the rougher spirals.INTRODUCTION Spiral concentrators are gravity based separation devices used for the preparation of coal, iron and different heavy minerals ores (Wills, 1992). The classification of the particles in spirals is based on the combination of gravity, centrifuge, drag, lift and Bagnold forces (Atasoy and Spottiswood, 1995; Burt, 1984; Bouchard, 2001). Several papers are dedicated to the analysis of the forces acting on the particles flowing down a spiral (Das and al., 2007; Sivamohan and Forssberg, 1985; Holland-Batt and Holtham, 1991; Holtham , 1992). Most of these papers aim at the development of a general model for the simulation of the classification of the particles for coal ore processing. Few papers deal with the operation of spirals for processing iron ores (Hyma and Meech, 1989; Srivastava, 2001; Dallaire et al., 1978) and fewer papers present results for spirals used as cleaners following a rougher stage. Since the classification in spiral classifiers is dependent on the particle size and specific gravity a partition or performance curve commonly applied to classifiers (Mai Manga et al., 2012) is used here to analyse spiral operation. Few papers were found to describe the operation of spirals in terms of partition curves (Atasoy and Spottiswood, 1995; Holland-Batt and Holtham, 1991; Richards et al., 2000). Most of the investigations presented the application of a model to simulate the position of coal particles of various sizes and specific gravities along the trough of a spiral (Kapur et al., 1996; Holland-Batt and Holtham, 1991). In addition most of the available literature on spirals deals with one stage of concentration by spirals (Dallaire et al., 1978; Das and al., 2007; Sivamohan and Forssberg, 1985) while industrial circuits usually consist of rougher and cleaner spirals."

Jan 1, 2014

By J. P. Jarrell

Environmental considerations are of increasing importance in determining the acceptability, schedule and cost of expansion ofCanada's uranium processing industry. Environmental considerations must be addressed in the early stages of facility planning. This results in a dilemma, as the process data needed to predict physical environmental impacts are not yet available from process design activities. Hence, a business risk is incurred if plant design is carried forward to meet these requirements prior to project (or site) approval. On the other hand, project scheduling normally mitigates against leaving process design engineering until such time as project approval is obtained. This paper examines the experience gained in Eldorado Nuclear's proposed expansion of refining capacity as viewed by an environmental engineering consultant. The history of the project and the relationship to process design functions in the two-year period prior to the Port Granby environmental hearings are reviewed. During the Port Granby public hearing, there was a consensus that normal operation of the proposed refinery could be successfully integrated with the site's natural environmental constraints. Moreover, the radiological impact from plant operations was demonstrated to be inconsequential. However, concerns were raised relating to plant upset and accident situations. These concerns are summarized. Process data requirements identified during the environmental hearings are discussed. Finally, the concerns for on-site burial of radioactive waste are reviewed. These concerns focussed on long-term stability of the waste in the presence ofgroundwater transport, erosion and glaciers. The AECB's position on waste management with regard to this project is reviewed in light ofthe implications for design.

Jan 1, 1979

By H. J. McQueen

The modeling of the extrusion of 6061 alloy and its composites with 10 to 20 vol% Al203 or SiC by two techniques. The uniaxial finite element method FEM (DEFORM" ) provided force-stroke curves and temperature rise over the range 450-500 °C, 2.6-5mm/s and extrusion ratios of 31 and 64. The traditional technique considers ideal work and redundant work as well as friction and uses average temperatures and strain rates. The two techniques are used to clarify each other and to extend the analysis to 400 and 350 °C. The calculated efficiencies are compared to measured values in extrusion trials and to values derived for 7075 extrusion analyses. The analyses are based on constitutive equations determined by torsion testing tests.

Jan 1, 2004

By J. L. Jambor, T. C. Birkett, W. D. Sinclair

Abstract -The rare-earth elements (REE) form a significant part of the group of so-called "high­ technology" metals whose glamour has attracted both the scientific community and the mining industry. Despite this attraction, world production of REE declined abruptly in 1985 and only recently has begun to approach production levels of 1984. The decline in 1985 was primarily due to decreased demand for light REE used as catalysts in the production of lead-bearing gasoline. Incorporated within the current trend toward increased production of REE is an increasing demand for higher value elements such as yttrium and other members of the heavy REE group, and for specific REE rather than mixed products . The former demand has made some Canadian deposits and prospects economically attractive despite a surplus of REE reserves on a world scale. The chief attractions of Canadian deposits such as Strange Lake, Labrador-Quebec, Thor Lake, Northwest Territories, and Kipawa, Quebec, are that they are relatively rich in yttrium and other heavy REE compared to light REE, and that they offer a potential security of supply to counterbalance the rapidly escalating dominance of China in the world market.

Jan 1, 1992

By Knud Sinding

Mining firms are widely criticised for their adverse impacts on the environment. At the same time many firms in the industry devote extensive resources, both financial and managerial, to the reduction or elimination such impacts. Very considerable improvements have been made, although these are sometimes overshadowed by a few high-profile accidents, such as the occasional collapse of a cyanide-containing tailings dam. In parallel, much effort is also directed at projecting a positive environmental image, as witnessed by extensive environmental reporting, both on paper and increasingly through web-platforms. Mining projects today almost invariably involve some form of environmental protection. In industrial countries regulations in this area are extremely stringent, as is enforcement. In less well developed countries, regulation and enforcement may be weaker, but firms are in many cases and for a number of reasons committing themselves to high levels of environmental protection, even if they might get away without doing so. Research in the area of environmental performance of mining firms has so far paid much attention to concepts such as sustainability indicators and the sustainability of individual firms. Given the still raging debates about the appropriate way to determine the degree to which any given firm is sustainable (Welford 1995) as well as the usefulness of what will in the final analysis be a value judgement, anyone on the sidelines of the debate will come back to the fundamental issue, how is knowledge that a particular firm has been judged ?sustainable? going to be made use of. This issue remains unresolved, which may explain the lack of progress in formulating a useful definition of a sustainable firm The question addressed in this paper is not so much about what firms are doing on the ground or in any particular case of environmental protection, but more in the subsequent use of these efforts - and by extension - on the overall direction of corporate environmental strategy. The fundamental problem facing all mining firms is that they cannot easily benefit from unilaterally reducing their environmental impact. The firm can of course avoid liability and keep a variety of stakeholders happy and hence experience lower costs of obtaining the [input] resources they need (in a broad sense, not just minerals), but this represents only part of the opportunities available form pursuing an environmental strategy (Reinhardt 2000). The other part, which may have an enormous potential, involves the concepts of competitor management and product differentiation. The logic of keeping stakeholders happy has been most forcefully argued by Pfeffer and Salanchick (1978) who link the behaviour of firms in all domains to their ability to obtain the resources they need, at a cost that is lower than it would otherwise be (Pfeffer & Salanccik 1978). Several varieties of strategy can be included under this heading, including cost reduction and risk management. The alternative logic is to convince customers that they want to pay more for minerals supplied by mining firm X or directly attributable to mine Y, or by making all mineral users pay more. These two strategies, which may be referred to as product differentiation and competitor management, respectively (Reinhardt 2000) are related to the demand side of mineral supply, whereas cost reduction and risk management are related to the supply side. Mining firms have not pursued the demand side very much, if at all. This is probably due to the extreme difficulty of moving mineral products, bulky and unglamorous as they are, away from their

May 1, 2003

By John R. Goode

"The year 2011 witnessed a major surge in rare earth prices as China, supplier of +95% of the world’s rare earths, reduced export quotas and increased export taxes and duties. In response, companies around the world are scrambling for alternative sources. In Canada too, there is a race to be the “first” rare earth producer. Something that is not generally realized is that Canada has a long history of rare earth production and was a major supplier from the early 1960’s to 1990. At one stage, Canada was said to be supplying more than one third of the world’s yttrium and probably supplied even more than that. Five decades ago, thorium was a key element in many non-nuclear applications and Canada became a major supplier of thorium from the late 1950’s to 1968, first as a by-product of uranium and then as a co-product of rare earths. This paper reviews the development of Canada’s original rare earth and thorium production facilities, which were located in the Elliot Lake uranium camp in Northern Ontario. The uses of these elements, geology, mineralogy, markets of the time, and processing are all discussed. Some of the lessons learned from these pioneering operations might be useful in today’s race to develop the next generation of rare earth production plants.INTRODUCTION The rare earths and thorium were first identified in the early 19th century but were little more than curiosities for the next century. However, in the mid-1960’s the invention of rare earth-based phosphors for the cathode ray tube in colour television sets launched a major demand for certain rare earths. The use of thorium as an alloying agent in aircraft and missiles grew rapidly in the late 1950’s. In the same period, demand for uranium for both weapons and power production soared. Also in the late 1950’s, the Elliot Lake uranium-thorium-rare earth deposits (also known as the Blind River deposits) were discovered. This conjugation of events led to uranium production in the Elliot Lake camp, quickly followed by the co-production of thorium and, later, the rare earths. Uranium production in the Elliot Lake camp continued from 1955 to 1996. Thorium was produced continuously from 1959 to 1969. Rare earths were produced, intermittently, from 1965 to 1990. Complete production records are not readily available for thorium and the rare earths but unquestionably Elliot Lake production made a significant contribution to world production. This paper is intended to present as much of the information that is available."

Jan 1, 2012

By R. D. Lawrence

"Comparable transaction analysis is the best known of the market approaches to valuation of exploration-stage mineral properties. The analysis of option and farm-in agreements can also provide useful guidance to valuators. While such approaches can be distorted by incomplete analysis, market-based methods are capable of providing consistent, credible results when carried out carefully with due consideration paid to all factors which buyers and sellers consider when dealing in the real market. IntroductionMineral properties without defined resources present one of the most challenging tasks to the mineral valuator. This paper will concentrate on market-based approaches to valuation of such properties. Other authors at MM2000 presented papers on cost and income approaches. Sorentino (2000) also provides a useful overview with some provacative commentary on methods.Market based-approaches are based on the principle of substitution and include such techniques as: comparable transaction analysis (sometimes referred to as sales comparison analysis); farm-in commitment (or option agreement) analysis; rules-of-thumb; and comparable market value analysis.Are there any valuation standards available to assist the valuator? In Canada there are none that apply to the valuation of mineral assets or securities. This problem is being addressed, at least in part, by the CIMVal Committee of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)1. Further, the recently established Canadian Association of Mineral Valuators will be giving consideration to the adoption of valuation standards."

Jan 1, 2002