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By Foluke Salgado de Assis

Este trabalho visa apresentar os resultados obtidos através de ensaios balísticos realizados em sistemas de blindagem multicamada tendo como camada intermediária o compósito de poliéster reforçado com fibras de juta. Seguindo as especificações da norma americana NIJ 0101.06, foram realizados ensaios balisticos utilizando munição de calibre 7,62 x 51 mm, que possui velocidade acima de 800 m/s. A blindagem multicamada utilizada possui como camada frontal uma pastilha hexagonal cerâmica (alumina dopada com 4% de nióbia), segunda camada de compósito de matriz poliéster reforçada com manta de juta e terceira camada uma placa de alumino 5052 H34. A utilização de compósitos poliméricos reforçados com fibras naturais em substituição às fibras de aramida é de grande interesse, pois além de desempenharem a mesma função no sistema de blindagem, possuem um valor de mercado bem menor. Os resultados de profundidade de indentação na plastilina atenderam a norma NIJ 0101.06 e utilizando a técnica de microscopia eletrônica de varredura, verificou-se que o compósito poliéster-juta capturou os fragmentos cerâmicos através do mecanismo de incrustação mecânica.

Oct 30, 2017

By B. A. Kulp, R. R. Reeber

Lattice parameters for the wurtzite form of' CdS mere measured by powder X-ray diffraction techniques over the temperature range 26° to 1000 K'. A negative thermal -expansion coefficient was determined parallel and perpendicular to the c axis below 13.5°K. Near 808°K, the curves of the a, parameter, the differential thermal expansion, and the resistivitv vs absolute temperature exhibited a reversible discontinuity. j\. direct determination of the lattice parameters of CdS over an extended temperature range is of particular use in interpretation of the effects of high pressure on the band structure of semiconductor materials. For example, Langer' has studied the effects of pressure on the absorption edge of CdS from 77°K to room temperature. In order to properly interpret his results it is necessary to know the change in lattice constants as a function of temperature for the wurtzite, zincblende, and rocksalt2 modifications of this material. Thermal-expansion measurements for CdS, wurtzite phase, have previously been determined over a limited temperature range.s74'5 The zincblende phases, of other compounds with similar bonding, have been investigated by Novikova et a! .'' Previous thermal-expansion measurements for metals with hexagonal symmetry have for the most part used bulk sample techniques for low-temperature result. Most X-ray measurements at low temperature have been on materials with cubic symmetry.'jQ The use of X-ray powder-diffraction techniques offers a convenient and accurate method of measurement over a wide temperature range. The X-ray method, besides measuring unit cell size, also provides information about change in structure type and the nature of some of the stacking defects present. I) EXPERIMENTAL PROCEDURE The thermal expansion was measured by X-ray powder-diffraction techniques. Lattice parameters for the range 300" to 1000°K were determined in a 19-cm Unicam camera. From 26" to 300°K a 34-cm back-reflection camera with the Van Arkel" film arrangement was used. The sample was bonded to a copper cold finger below a helium, hydrogen, nitrogen, oxygen, dry ice, or ice brine bath in a metal cryistat. che inner bath was surrounded by another one for radiation shielding. Nitrogen was used in this outer bath for the very low-temperature runs while dry ice and acetone was used for the 195°K point. CuKa X-rays, filtered with a nickel foil, entered the cryostat through a 0.001-in.-thick aluminum window. During a typical 9-hr exposure the sample was continuously rotated through a 30-deg arc. Heat losses from the sample holder limited the minimum temperature attained to 26°K with helium in the inner dewar. Temperature calibration between 25" and 125°K was determined with an Allen Bradley 300-ohm carbon resistor. The resistor was attached to the back of the copper finger with a thin layer of silicone grease. Liquid He, HZ, N2, and O2 baths were used to calibrate the resistor. Temperature variation is estimated to be *2"K with a slightly higher uncertainty at room temperature and 264°K. The thermal expansion of high-purity germanium from 373" to 900°K was measured as a calibration for the Unicam camera. This value was compared with the known value1' for the thermal expansion. A discontinuity in the thermal-expansion coefficient of the CdS a, parameter was observed. Similar discontinuities in the resistivity and differential thermal analysis at the same absolute temperature indicate that the temperature error is *5°K in the temperature range above 500°K. Temperature errors in the Unicam camera below 500°K are appreciably higher due to large gradients in the resistance furnace. II) SAMPLE PREPARATION The CdS was Eagle Picher ultrapure grade. The crystallite size range of the as-received powder

Jan 1, 1965

By J Seppelt, G S. Lane, E Wang

Newcrest’s Cadia concentrator operated from 1998 to 2012 with a traditional SABC grinding circuit treating Cadia open pit ore. The Cadia comminution circuit was well characterised through surveys and data that are available in the public domain, and became a benchmark standard for the industry and practitioners modelling large SAG mill based circuits. In 2012, the HPGR-based crushing circuit was introduced in front of the SAG mill to increase throughput when treating the Cadia East ore that was derived from an underground block cave. This ore was expected to be more competent and have a coarser run-of-mine size distribution.Numerous previous papers have described the design and commissioning of the Cadia HPGR-based circuit.This paper describes the improvement in comminution energy consumption resulting from the introduction of the HPGR, including identifying the impact of process complexity and an increase in ancillary energy consumption for conveyors, screening, and crushing.CITATION:Lane, G S, Seppelt, J and Wang, E, 2018. Quantifying the energy efficiency transformation at Cadia due to HPGR crushing, in Proceedings 14th AusIMM Mill Operators' Conference 2018, pp 141–152 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 29, 2018

1. Book reviews Geophysical and geochemical techniques for exploration of hydrocarbons and minerals, edited by M. Sittig. (Reviewer: J. Keenan) Separation procedures in inorganic analysis. A practical handbook, by Roland S. Young. Charles Griffin, 1980. £23.00. (Reviewer: R. Murray-Smith) 2. Historical reprints Theinin~rs dictionary, by William Hooson. £14. Discovery of subterraneal treasure, by Gabriel Plattes. £12. Fodinae Regales (The Mines Royal), by Sir John Pettus. 3. De Beers' booklets Amborite - a remarkable new cutting material, by De Beers Industrial Diamond Division (P.O. Box 916, Johannesburg 2000). Booklet, 14 pp., free of charge. Natural and synthetic micron powders, by De Becrs Industrial Diamond Division (P.O. Box 916, Johannesburg 2000). Leaflet, 5 pp., free of charge. 4. New books Nickel in the environment, edited by J. O. Nriagu. New York, Wiley, 1980.928 pp. $65. Underwater minerals, by D. S. Cronan. London, Academic Press, 1980. 364 pp. $57.50. Data conversion integrated circuits, edited by D. Dooley. New York, Wiley, 1980.298 pp. $26.95 (cloth), $17.50 (paper). 5. NIM reports Report 2057 A mineralogical study of the Rooibokkop- Boschhoek copper deposit in the Marble Hall area. Report 2069 A utomatic setting of the distance between sample and detector in gamma-ray spectroscopy. Report 2070 The prereduction of chromites from the UG-2 Reef. Report 2075 The optimization of some of the conditions for analysis by spark-source mass spectrometry. Report 2082 A survey of the literature on gravity separation.

Jan 1, 1981

By M. F. Almeida

"Due to the randomness of all factors influencing the sintering operation, a two-stepped procedure is proposed to find the best way of using stocked fines at a plant producing Fe-Mn alloys for the steelmaking industry. The approach is based on the following: (1) predict the result of the sintering operation by establishing the best multilinear regression model using some of the characteristics of the loaded material; and (2) find the best solution under a minimizing cost criteria by solving a linear optimization problem using the regression equation plus constraints on the feed and product. IntroductionSome tests carried out using 20% to 30% of sinter in the material loaded into a 60 000 KVA Tysland-Hole electric furnace producing Fe-Mn alloys for the steelmaking industry indicated: (1) a meaningful decrease in the off-gas temperature and, consequently, a better energy use due to the material higher porosity; (2) more uniform heat distribution as a consequence of the electrode reaction zone enlargement; (3) an improved furnace control resulting in a smoother operation; and (4) a decrease in gas production facilitating the off-gas treatment. For some years, this plant used only the coarse fraction of the Mn ores, thus stocking all the received and own-generated fine particles. In view of the mentioned results, a strategy for increasing the use of stocked fines was formulated, including a step where it was necessary to decide which components and respective quantities should be used in the blends to be sintered (Almeida, 1984).It is well known that several factors affect productivity and energy consumption in sinter production, also influencing the product quality. Raw materials characteristics, namely chemical and size composition, affect permeability to gases and may or may not allow a deeper bed. In general, finer ores decrease permeability, increasing electricity consumption by fans, but due to their higher specific surface area, react more completely with other components in the mixture. For coke granulometry, a compromise must be obtained in order not to burn it too quickly nor to widen the flame front, therefore decreasing productivity. Decreasing coke in the blend also acts in sinter bonding, decreasing its consistency and increasing crushing and return fines. Moisture addition also influences components mixing, pre-agglomeration, bed permeability and, consequently, sintering productivity. Therefore, optimum conditions must be established for both a given sintering plant and the components in the feed (Dawson, 1993)."

Jan 1, 1998

By H. E. Heide

"Before the war, the United States was the world’s leading consumer of tin, the industrial applications of which had become widespread. Domestic production was negligible, and requirements were met almost entirely by imports, principally from British Malaya, United Kingdom and China. Average annual imports for the years 1925-1929 amounted to 78,009 long tons.With the advent of war in Europe and signing of the Japanese-German pact, it was realized that foreign sources of supplies were threatened, and steps were taken by Congress to forestall critical shortages of tin and other minerals. These steps in regard to tin included stock-piling, improving reclamation and conservation, increasing South American production, constructing a smelter in the United States for treatment of tin, ores, and intensifying the search for domestic tin deposits. Annual imports were raised to 140,873 long tons by 1941. On 1945, annual imports had shrunk to 37,675 long tons and consumption had been reduced to 52,100 tons of primary and secondary tin but not tin content of scrap alloy.The Strategic Minerals Act, passed by the Congress in 1939, authorized the investigation of domestic tin deposits.As Alaska had supplied virtually all of the domestic output of tin, an investigation of Alaska deposits was undertaken in 1940 and 1941 by J. B. Mertie, Jr., and Robert R. Coats of the Geological Survey.The Lost River lode tin mine on the Seward Peninsula was examined by H. E. Heide of the Bureau of Mines in 1942. Possibilities for developing a significant amount of tin appeared favorable, and exploration of the ore bodies was started in August 1942."

Jul 1, 1946

Our mission is help ensure our country has an adequate, dependable supply of minerals and mate al to meet its national security and economic needs at acceptable social, environmental, and economi[c] costs. We do this by promoting and encouraging private enterprise in the development of viable and stable mineral industries through the transfer of innovative extraction, processing, recycling, an environmental technologies; our use of cooperative partnerships with industry, academia, an government; our timely, authoritative worldwide mineral intelligence; our advocacy of public policies based on good science and sound economics.

Jan 1, 1994

Reverse flotation process tests were conducted for marine sedimentary silicon-calcium phosphate ore in this research. The research findings showed that by adding antifoamer, a concentrate with P2O5 32.36%, SiO2 10.69%, MgO 0.67% was obtained, with recovery of P2O5 being 88.12%. Such is a satisfying result, when compared with the original mineralogical component of P2O5 26.64%, SiO2 11.51% and MgO 3.36%. When using antifoamer, the SiO2 grade of the concentrate increased 0.55%, the MgO grade decreased 0.64%, while P2O5 recovery increased 2.69% compared by adding no antifoamer. Adding antifoamer is favorable to increase the grade and recovery of P2O5. Therefore, antifoamer is necessary. Tests of synergistic reaction of antifomer indicate that the appropriate consumption of the antifoamer is 275g/t CY and 1Kg/t TWF. Keywords: silicon-calcium phosphate ore, desilication, antifoamer, reverse flotation

Sep 1, 2012

By N. Kumar, A. K. Dhawan, A. Varughese, S. K. Khullar

Abstract The in-situ stress field is one of the primary parameters influencing the performance of underground structures particularly in the Himalayas where there is strong influence of topography and geology on in-situ stresses. It is always advisable to measure the in-situ stresses, in whatever best way possible. Hydrofracturing is one of the methods by which in-situ stress can be measured. This paper briefly describes details of the concept of Hydrofracturing in arriving at the in-situ stresses of the rock mass at Pancheswar Project. The data obtained from the tests has been analysed, interpreted and the results are presented in this paper. Kurzfassung Das Spannungsfeld an Ort und Stelle ist einer der wichtigsten Parameter, die das Verhalten der Untergrund-Struktur beeinflussen, insbesondere in den Himalayas, wo die Topografie und die Geologie einen grossen Einfluss auf die oertlichen Spannungen ausueben. Es empfiehlt sich stets die Spannungen an Ort und Stelle so gut wie moeglich zu erfassen. Die Hydrofraktur bzw hydrografisches Zerstueckeln ist eine der Methoden, die bei den Messungen der oertlichen Spannungen verwendet werden koennen. Diese Abhandlung beschreibt kurz Einzelheiten ueber das Konzept von Hydrofraktur bei der Bestimmung der Spannungen an Ort und Stelle von der Felsmasse bezueglich des Projekts Pancheshwar. Die gewonnenen Daten aus den Messungen wurden analysieret und ausgewertet. Die Ergebnisse werden dabei vorgelegt. Sommaire Le champ de contraintes in-situ est un des paramèters principaux influencant l’exécution des structures souterraines particulierèment en Himalaya où les forces in-situ sont fortement influencées par les caractéristiques topographiques et géologiques de la région. La fracturation hydraulique est une technique qui permet de mesurer des forces in-situ des massifs rocheux. Cet article décrit brièvement le mécanisme de fracturation hydraulique et présente les résultats de mesure des forces in-situ des roches au site du projet hydroélectrique de Pancheswar.

Jan 1, 2003

Separation of Nickel and Cobalt from Manganese, Magnesium and Calcium by Synergistic Solvent Extraction - From Batch Tests to Pilot Plant Operation The synergistic solvent extraction system consisting of Versatic 10/LIX63/TBP was used for the separation and purification of nickel and cobalt from synthetic laterite leach solution after iron removal. Very encouraging results were obtained for separating nickel and cobalt from manganese, magnesium and calcium. In batch tests, the organic composition of the synergistic system was optimised and very large synergistic shifts for nickel and cobalt were observed. The ?pH50(Mn-Co) and ?pH50(Mn-Ni) values were as large as 1.65 and 2.40, respectively. The extraction and stripping kinetics of nickel and cobalt was fast. Semi continuous extraction tests were conducted with a pH profile of 5.5/6.1/6.5 in three stages at 40¦C. The nickel and cobalt extractions reached 99.9 per cent with only 5 mg/L Ni and <1 mg/L Co left in the raffinate. With two stages of scrubbing, only 2 mg/L Mn and less than 1 mg/L Mg and Ca were left in the scrubbed organic solution. With two stripping stages, the stripping efficiencies of Ni and Co reached over 95 per cent. A fully continuous pilot plant operation was conducted successfully for 280 hours. With an O/A ratio of about 2 and a pH profile of 5.5/5.8/6.0/6.3 for the four stages EX1/EX2/Ex3/EX4, both nickel and cobalt were almost completely extracted. Using a pH profile of 5.4/5.0 for SC1/SC2, the manganese scrubbing efficiency was over 96 per cent. Using three strip stages, over 98 per cent Ni and 99 per cent Co were stripped with only 64 mg/L Ni in the stripped organic solution. The nickel concentration in the loaded strip liquor reached 83 g/L, resulting in a ?Ni of over 28 g/L. The chemical stability of the system was also assessed over 12 weeks under proposed industrial operating conditions. Operation exclusively under strip conditions at 50¦C and 40¦C resulted in LIX63 oxime half lives of 1.1 and 2.1 years, respectively. Operation exclusively under extract conditions at 50¦C and 40¦C resulted in oxime half lives of 0.26 and 0.82 years, respectively. Losses of Versatic 10 were less than four per cent.

Sep 13, 2010

By T. J. Batchler, K. M. Mohamed, D. F. Gearhart, R. K. Zipf

Seals are explosion-resistant structures built in underground coal mines to isolate abandoned mining areas from the active workings. An equivalent single degree of freedom (SDOF) method such as the single-degree-of-freedom blast effects design spreadsheet (SBEDS) developed by the U.S. Army Corps of Engineers can be used to design seals to resist mine explosions. The critical input for the SDOF code is the seal resistance function. The objective for this study is to develop engineering data for design of plain concrete (PC) and reinforced concrete (RC) seals using finite element (FE) models. The FE models can then be used to generate resistance functions for different PC and RC seal designs, which can be used in the SDOF codes. The U.S. National Institute for Occupational Safety and Health (NIOSH) researchers designed and built a test fixture for use in conjunction with NIOSH’s Mine Roof Simulator to apply a four-point bending load on the face of the tested seal. Eight large-scale experiments for each PC and RC seal were conducted. The experimental design considered the effects of the foundation strength, hitching and roof-to-floor convergence. Calibrated FE models for PC and RC seals were developed using ANSYS Ver. 13. With a very limited number of engineering-based assumptions and a single set of data—including Young’s modulus, compressive strength, stress-strain relationships, etc.—the PC and RC seal models successfully calculated the recorded resistance functions and failure patterns for a wide range of boundary conditions. Plug and RC seals were assumed for a 1.83-m- (6-ft-) high entry to demonstrate the application of the calibrated finite element models for calculating the resistance functions of these seals. The resistance function of a particular plug seal case was found to be a bilinear relationship. The resistance function of a particular RC seal without shear reinforcement was found to be a nonlinear relationship.

Jan 1, 2013

By Betty L. Gibbs

Geologically simple deposits can be modeled quickly and easily with inexpensive gridding and mapping software. Hundreds of mines around the world use RockWorks99 and Surfer 7 for generating contour maps, producing log plots and cross sections, and performing other useful geological calculations. These programs are used by many mining operations as their only modeling and graphical software or they are used in conjunction with larger systems. The investment in learning time is low and the programs produce reasonable quality results with standard computing equipment. RockWorks99 and Surfer 7 provide a good level of capability while maintaining high quality technical integrity. Both programs are used for many applications in mining, oil and gas, environmental and other fields that require analysis of spatial data.

Jan 1, 2000

By Robert E. Barieau

A list of 163 references to original experimental PVT data on helium is presented for the period 1895 to 1968. The list is complete as of the start of the Helium Centennial Year, 1968, to the best of the author's knowledge. Citations were keypunched for easy updating and are listed alphabetically by author.

Jan 1, 1968

By Steve Kral

Despite low commodity prices and mining industry cutbacks throughout the world, Peru remains one of the industry’s bright spots. The country’s remarkable economic turnaround during the 1990s remains a model for other developing nations to follow. And the Peruvian government has not forgotten the industry that was instrumental in that turnaround. True, the country has not been spared the effects of the mining industry’s retrenchment that has occurred in other parts of the world. However, foreign mining companies remain committed to doing business in Peru. And the government remains committed to attracting foreign investment and maintaining a strong mining industry. This commitment was evident in September 1999during the 24th Convention of the Institutos de Ingenieros de Minas del Peru in Arequipa, Peru. More than 3,000 mining industry professionals from around the world attended the convention. And Extemin, the accompanying exhibit, featured more than 450 companies, many from the United States, Canada, Australia, South Africa and other countries.

Jan 1, 2000

By Jheison Lopes dos Santos

O presente estudo teve por objetivo principal produzir um cerâmico composto de alumina, nióbia e fluoreto de lítio de forma a otimizar o uso do forno na etapa de sinterização. Para isso, ponderou-se a respeito da necessidade ou não de utilização de um patamar a 1000°C utilizado em estudos anteriores. Além disso, buscou-se diminuir a temperatura de sinterização, assim como o tempo de permanência em tais temperaturas. O composto cerâmico (Al2O3–4%Nb2O5)–0,5%LiF foi sinterizado a três temperaturas diferentes (1200, 1250 e 1300 ºC), com tempo de patamar de 1h. Foi realizado ensaio de Arquimedes para analisar sua densificação e determinar sua densidade. As fases formadas nessas temperaturas foram identificadas por difração de raios-X. Os resultados mostraram que a maior densificação foi obtida para a maior temperatura, de 1300 ºC. Foi possível observar também que um patamar de apenas 1h na temperatura de sinterização de 1300 ºC apresentou igual densificação a de outros trabalhos, com tempo de patamar de 3h. Este fato sugere que a temperatura tem maior influência na sinterização do que o tempo de permanência. Verificou-se ainda que as mesmas fases foram formadas nas três temperaturas investigadas, sendo tais fases as mesmas detectadas em trabalhos anteriores com patamares maiores. Isso mostra que o prolongado tempo de 3h no patamar de sinterização apenas favorece o crescimento dos grãos, bastando apenas a permanência de 1h para alcançar os resultados desejados e com grãos menores.

Oct 30, 2017

By V. V. Clark

WHEN a district is more or less primitive, and a trained mining engineer attempts single- handed to prospect it according to old standards, he generally fails. He has not the ability to live out in the open alone for months at a time and carry on with enthusiasm and determination like the old-time prospector. But the same engineer, placed in an organized group where modern prospecting methods are employed, is immediately put on his mettle and his chances of winning are greatly increased. Marsman Investments, Ltd., with headquarters in Manila, has at the present time, Sept. 4, 1937, six prospecting parties in the Netherland East Indies. Three of these groups are combing their assignments for lode mines, studying structures, developing and reaching out into veins and zones with diamond drills. The other three are searching for placer mines with pans, pits, and Empire drills. I am in charge of one group seeking commercial gold placers on the Island of

Jan 1, 1937

By Y. V. Vasylchuk

This paper presents an algorithm for optimizing the classification of surface mine material subject to excavating constraints. High-resolution expected profit models are input and optimized to classification maps subject to site-specific rectangular excavating constraints. This optimization problem defies traditional closed-form analytical solutions; a practical heuristic algorithm has been developed to quickly determine the optimal final destination for the material subject to realistic constraints. The optimization is fast and generates results that achieve up to 98–99% of the total expected profit achieved with free selection. This algorithm provides a fast viable option for practical application in short-term grade control and in managing multiple realizations in long-term resource estimation.

By Y. V. Vasylchuk

This paper presents an algorithm for optimizing the classification of surface mine material subject to excavating constraints. High-resolution expected profit models are input and optimized to classification maps subject to site-specific rectangular excavating constraints. This optimization problem defies traditional closed-form analytical solutions; a practical heuristic algorithm has been developed to quickly determine the optimal final destination for the material subject to realistic constraints. The optimization is fast and generates results that achieve up to 98–99% of the total expected profit achieved with free selection. This algorithm provides a fast viable option for practical application in short-term grade control and in managing multiple realizations in long-term resource estimation.

By Kodi Ranga Swamy, N. Sankar, M. Akhila

"Until recently, liquefaction-related studies concentrated on clean sands believing that only sands are susceptible to liquefaction. However, a few earthquakes like 1976 Tangshan earthquake, the 1989 Loma Prieta earthquake, the 1999 Kocaeli earthquake, the 2010 Chile earthquake, and the 2011 Christchurch earthquake, etc. showed that sand with fines could also liquefy. The research findings on liquefaction of silty soils are limited, and several structures constructed on such soil deposits are damaged during the past earthquakes. Some previous results of research on earthquake events show an increase of liquefaction resistance in silt soils with increase the fines content, but some report the opposite trend. This study presents the results based on undrained triaxial cyclic tests which were carried out on the fine sand with fines (0%, 10%, 20% and 40% fines). The samples were prepared at the required unit weight (Dr = 50%) and saturated by using back pressure and cell pressure increments. Each consolidated sample is subjected to cyclic loading with sinusoidal wave load form at a frequency of 1 Hz. The liquefaction resistance is evaluated in terms of cyclic stress ratio required to cause 100% pore pressure or 20% failure strain occur at 15 numbers of load cycles. Results are presented in forms of pore pressure build up and axial strain propagation plots. As the fines content increased, an increase in liquefaction potential was observed.INTRODUCTIONLiquefaction and related phenomenon have been responsible for tremendous amounts of damage all around the world. In general, the liquefaction may occur in fully saturated sands, silts and low plastic clays. When the saturated soil mass is subjected to seismic or dynamic loads, there is a sudden buildup of pore water within a short duration, and it could not dissipate which leads to reducing the effective shear strength of soil mass. In this state, the soil mass behaves like a liquid and causes large deformations, settlements, flow failures, etc. This phenomenon is called soil liquefaction. As a result, the ability of soil deposit to support the foundations of buildings, bridges, dams, etc. is reduced. Liquefiable soil also exerts a higher pressure on retaining walls.This lateral movement of soil could cause settlement of the retained soil. A sudden build-up of pore water pressure during quake also triggers landslides. Liquefaction damages of structures are commonly observed in low-lying areas near the rivers, lakes, and oceans."

Jan 1, 2017

By Trevor R. Ellis

Minerals appraisers/valuers often find great difficulty in attempting to employ the sales comparison approach to the market value appraisal of development and operating stage mineral properties. An important factor generally overlooked is a comparison of net operating income (NOI) margins on a per-unit-of-production basis between mineral properties, whether these be demonstrated or forecast margins. NOI margins can vary greatly between mines or quarries that are producing similar products. Ultimately, the expected NOI margin determines what a buyer is willing to pay for an income-producing property. Here, common criticisms of the sales comparison approach by mineral appraisers are introduced. These are counterbalanced by raising some issues in the way the inputs for the income approach are usually derived by minerals appraisers and by review of some conspicuous examples of the much-too-common misuse or abuse of the income approach in market value mineral appraisals. Example transaction analyses and sales comparison analyses are used to demonstrate the author?s methodology for adjusting units of resource in his transaction adjustment tables. The examples are used as the basis for a discussion of ways to employ adjustments for operating economics and many other factors, while warning against the potential for double counting. The conclusions include a recommendation that minerals appraisers attempt to apply at least two of the three valuation approaches when appraising the market or fair value of development and operating stage mineral properties, the two being the sales comparison and income approaches.

Jan 1, 2011