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By S G. Gemell

"The financial model is an integral component of any project evaluation based on mineral resources, ore reserves and (at least internally) exploration targets. Given the unity of purpose for preparing financial models for project evaluation purposes, the diversity of both format and content of the finalised models is surprising. Many models are prepared by staff or consultants who are comfortable with a particular format that may be used for other purposes, such as budget preparation or financial reporting. It is natural in these situations that the practitioner will take these models and adapt them to the purpose. The end result may or may not succeed in providing a clear, accurate and sufficiently detailed view of the project’s economic viability.When preparing a model, the practitioner should be cognisant of the interpretation and review, or audit, process. The auditor may be a consultant or employee of a bank, potential equity provider or of the project sponsor itself. Depending upon the scale of the project and the level of participation of the entity that the auditor represents, the financial model will be interrogated more or less rigorously. In any event, the end user will require the model to permit easy change of inputs and will wish to confirm that such change is appropriately and thoroughly transmitted throughout.Accordingly, there are some ‘dos and don’ts’ that can be readily applied in the creation of the financial model that will greatly assist the end user, not just in the change of inputs, but also in reviewing the model’s integrity. The less time and effort required by an auditor in this regard is reflected directly in the cost of the review process.CITATION:Gemell, S G, 2016. Financial modelling with the auditor in mind, in Proceedings Project Evaluation 2016, pp 172–180 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 8, 2016

By Z Li, Z Yan, T Htet, S Zhang

During the pyrometallurgical processes, a substantial quantity of high-temperature ironmaking and steelmaking slags, generated at temperatures ranging from 1400 to 1600°C, is wasted, as the heat contained in these slags is released into the environment during the tapping process without effective utilisation. On the other hand, a significant amount of energy is required to reheat the cold materials for the manufacturing of glass and mineral-wool, often necessitating the addition of high-silica materials to facilitate the production process. In this study, an innovative approach is presented to harness the heat present in molten metallurgical slags to directly produce new raw materials for glass and mineral-wool manufacturing while simultaneously reducing energy consumption and mitigating CO2 emissions. The theoretical amount of waste glass that can be effectively added in the process has been estimated via thermodynamic calculation. Experimental assessments were conducted to examine the impact of high-silica waste materials on the dissolution, melting and fluidity. Potential recipes for glass and mineral-wool manufacturing were suggested and an assessment of the energy savings, and reduction in CO2 emissions with manufacturing of glass and mineral-wool using this innovative approach were included. It was determined that the processes could lead to a reduction of over 26 kg of CO2 emissions per 100 kg of new material used, primarily due to the utilisation of heat from slag and the accelerated smelting process.

Aug 21, 2024

By C Zschiesche, alam, A Abadias Llamas, A K

Lead has the ability to collect and carry valuable metals such as copper, bismuth, antimony, tin and precious metals for their downstream recovery. Therefore, lead metallurgy is key for the raw material supply that our society demands. Lead smelters, excluding lead-acid battery recyclers, tend to process more complex primary and secondary raw materials, which are mostly processed via the pyrometallurgy route. Accordingly, understanding the slag system of these metallurgical processes is key for the efficient industrial operation and recovery of minor elements. Glencore Nordenham is an integrated lead and zinc smelter in northern Germany with a production of 92 000 t of lead and 164 700 t of zinc in 2022. The lead production line processes complex leadbearing raw materials through the direct smelting process. Firstly, the feed mix is smelted in a Top Submerged Lance (TSL – Ausmelt®) furnace, where a lead bullion containing minor metals and a lead-rich slag are produced. Then, the lead-rich slag from the TSL is tapped (via launder) into a Side- Blown Furnace (SBF), where lead oxide is reduced to produce lead bullion (with minor elements) and discard slag. The lead bullion from both stages is refined to produce lead (>99.9 per cent) and recover the minor elements (Cu, Ag, Au, Sb, Te, Bi etc). This paper reflects the experience of operating the SBF after the first five years of operation and describes its ‘PbO-SiO2-FeOx-CaO-ZnO’ slag system. Firstly, the slag system, the furnace operating region and the potential solid phases present are discussed from a theoretical point of view. This theoretical study has been performed using FactSage™ 8.2 and the database developed by the Pyrosearch group at the University of Queensland, Australia (UQPY). Then, the FactSage™ simulations are compared with industrial slag measurements. Finally, some examples on how the slag knowledge gained at Glencore Nordenham can help the industrial operation of the SBF are discussed.

Jun 17, 2024

It is a sad commentary on human nature that for every successful, unscrupulous entrepreneur you need a multitude of incautious, greedy investors. One wonders whether is will be ever possible to completely protect investors from their reckless gambling instincts, which are so widely encouraged elsewhere in society.

Jan 1, 1989

The Kiirunavaara apatite-magnetite orebody is about 4 km long and approximately 100 m thick sheet-like body, which lies roughly in a north-south direction and dips from the horizontal plane along its entire length, in towards the town of Kiruna. The origin of this orebody has been a matter of controversy, with both magmatic and hydrothermal origins proposed. Traditionally and for practical purposes this rich apatite-magnetite ore has been divided into two main types: low phosphorous ore (B-ore) and high phosphorous ore (D-ore). Further the low phosphorous ore is divided into the low alkali (B1) and the high alkali (B2) ore.

Jan 1, 2006

By Caelli T, Robey M

Most research into planning of open pit mines has been based on evaluation of volume-element block models in terms of their net present value. The major issues revolve around two interdependent problems the optimum ultimate pit and time-based scheduling. Despite feedback between the two problems, they are usually treated as separate tasks.The ultimate open pit is defined by the removal of whole blocks so that their net present value is maximised. This gives planners an estimate of the total worth of the venture in present terms, and is crucial to obtaining funding. All cost and profit values are assumed to be static throughout the mine life, and the only physical constraint usually taken into account is that of safe, average, wall slopes, which must be approximated by the removal of whole blocks. Modelling of any further constraints (for example, access roads and true wall slopes) is usually achieved by adding them to the optimal pit by hand. Typically this degrades the model by between five and 20 per cent of its value - which then brings into question whether it is still the true optimum.This paper reviews the dominant methods in use for this first task the ultimate open-pit planning problem. Some new optimisations are given, and the algorithms are examined in terms of their efficiency and accuracy. Finally, suggestions are made for improvement of model accuracy and eventual expansion into solutions of the more complete dual problem - that of simultaneously finding the optimum ultimate pits and dynamic schedules for the venture.

Jan 1, 1996

A forecast of energy demand in the non-commu- nist world to the year 1990 is presented with com- ments on the expected effectiveness of conservation efforts in achieving more efficient utilization of energy. A forecast of energy supply for the same period is presented showing the contribution of oil, gas, hydropower, coal, and nuclear fuels, with brief comments on the factors constraining the rate of growth of non-oil energy supplies. The role of `synthetic fuels', i.e. liquid or gaseous fuels produced from coal, oil shale, and tar sands, is reviewed with brief discussion of factors affecting the development of this industry. In somewhat greater details, the growth of demand for oil by geographic regions is analyzed. Particular attention is directed to the source of the oil supplies which will be required. The anticipated rate of discovery of new oil reserves is discussed with comments on lead times required in the development of new discoveries in hostile environments such as the Arctic and deep oceans. The continuing importance of oil supplied from countries which are members of the Organization of Petroleum Exporting Countries (OPEC) is illustrated. Oil will continue to be the marginal ('balancing') source of world energy supply throughout the forecast period and although it now appears that oil supplies will be sufficient to balance the energy equation during the 1980s, little flexi- bility will exist to cope with unexpected growth in demand or slippage in supply. Prudent energy re- source management will require major efforts to stimulate conservation and also to stimulate the rapid development of conventional and new forms of energy supplies and changes in energy consump- tion patterns to utilize the new supplies. Because of the long lead times and the massive capital require- ments involved, governmental policies are needed soon which will stimulate conservation and which will encourage businesses to move rapidly to assure the energy supplies the world will require in the 1990s.

Jan 1, 1978

By Rabie A. S, Fouad K. M, Ammar A. A

The existence of Gabal El Kahfa ring complex, located in the Eastern Desert of Egypt, has been ascertained from aeromagnetic and aeroradiometric survey data as well as by aerial photography. Two maps for -the net aerial radiometric measurements reduced to ground level and aerial magnetic data corrected for the regional normal gradient of the earth's magnetic field have been constructed. The aeroradioactivity data have been interpreted geologically and analyzed statistically to outline various radiometric units and compute their charac- teristic statistics. The ring complex showed a circular radiometric feature and yielded a radiometric mean background and a standard deviation of 6.48 and 0.89 pR/h respectively. Besides, the observations showed a normal distribution. The aeromagnetic data have been reduced to the north magnetic pole, then filtered to produce the regional-and residual-component maps. Statistical trend analysis was conducted for the tectonic linea- ments resulting from the three magnetic maps, to define the structural framework of the area under study. This statistical study proved the exis- tence of trends in the east-west, northwest-south- east, northeast-southwest and north-south directions. The ring complex is characterized by a circular magnetic feature, whose average relief is 2150 nT. It is included within a high east-west trending magnetic zone. The latter represents a deep-seated uplift or anticline which is bordered from all sides by some faults of different trends.

Jan 1, 1988

By Dagbert M, Belisle J. M

Several packages for the estimation of porphyry type deposits exist and produce acceptable results. Recently, however, the need for really trying to obtain maximum information from drill holes has prompted the generation of geostatistical solutions to the problem of reserve calculation. It will be shown that an understanding of a few key points is necessary in order for these solutions (variogram analysis and kriging) to he really ptimal. The most important new fact to be ecognized in open pit ore reserve estimation is that block models do not give an accurate rediction of ore tonnage when a cut-off is pplied but often yield an overestimation of p to 25%. When checked against extensive roduction records, geostatistical methods provide a practical solution to this problem. t now seems that the model used here gives he best possible results. Inasmuch as all arge deposits present very similar geostatis- ical characteristics only a few days of work re necessary to produce a complete inventory f these. The techniques used will be demon- trated using examples from five deposits and pecial emphasis will be given to the accurate rediction of tonnages of ore and waste using he new "transfer function" technique of G.

Jan 1, 1977

By Hargraves AJ

Pre-drainage experiments have been conduct- ed at Appin, Cook, John Darling, Leichhardt, Macquarie, Metropolitan and Moura No. 2 Collieries. Appin (550 m deep) experiences particular gas problems in development drivages, and the almost pure CH4 seam gas makes difficult tiro compliance with statutory maxima in intakes and returns. Patterns of 43 mm diameter drain- a,.;e holes drilled ahead and laterally into virgin coal have improved gas conditions in working places and have allowed tolerable advance rates. Cook, Leichhardt, Metropolitan and Moura No,. 2 Collieries have experienced gas and stress phenomena ranging from conical bursts less than one tonne to full scale instantan- -us outbursts of hundreds of tonnes with tens ,f thousands of cubic metres of seam gas. Gas ~Irainage experiments with patterns of holes up a,, 200 mm diameter have been undertaken with ;,;siness monitors on the coal to establish .lative effectiveness. Incremental flows into mg 43 mm diameter boreholes have investigated drainage patterns relative to length, and at comparative incremental flows have nlicated lowered permeability zones at stress ,.,utments. In some CO2 seam gas areas where iammability problems are reduced to perhaps ii, but where outbursts proneness is increased,

Jan 1, 1982

By Mckenzie CK, Leach KR, Bateman KW

Modelling of industrial coal flotation based on data collected in several Central Queensland flotation plants and supplemented by laboratory data is discussed. The model is kinetic in form and provides the basis of an automatic control system. The important features of the model are, 1. a distribution of flotation rates for each species of particles corresponding to the range of particle sizes, 2. a physical restriction on the removal rate of solids in cells where froth 'overloading' occurs. In this condition the removal rate of solids is proportional to the removal rate of water, 3. enhanced particle floatability due to increasing collector addition where froth overloading does not occur, 4. a second mechanism of recovery of all particles by mechanical associ- ation with water. This mechanism is particularly important in the recovery of fine high-ash species.

Jan 1, 1978

A 1991 survey of 48 mining companies, employing more than 24 000 employees, showed that disabling injury and disease rates continue to be the most common measurements of safety management effectivness in the Australian mining industry.Of the companies surveyed, 22 claimed to be making regular safety audits. Of these only two listed the improvement of audit scores among their goals for 1991.Influenced by loss control management thinking, some managers have expanded the scope of their safety programs to include all accidental operational losses adversely affecting mine profitability.Learning from their new experience with total quality management some managers are now recognising that successful safety management outcomes depend on the effective management of program inputs. They are thus turning away from measurements of accident consequences - the failures of the management system - to measurements of management control.The new focus of safety management attention is now on corrective actions before accidents happen.

Jan 1, 1992

By Song Yongxue

During the design and operation stages of a block caving project, a large amount of research and development work has been undertaken in the Tongkuangyu Copper Mine. This paper presents the research achievements from these studies, including a rock mass quality evaluation method, cavability prediction, fragmentation evaluation, caving mechanisms, a computerised production scheduling model and the optimised draw control system. The main features of the block caving system in the Tongkuangyu Copper Mine are also discussed.

Jan 1, 2000

The main aim of the conference is to work towards improved useage of steelplant slags which have largely been considered waste mater- ials, This paper summarised investigations carried out on the suitability of air cooled blast furnace slag, blast furnace granulated slag and basic oxygen steelmaking slag as road base materials. All slag samples were obtained from the PortòKembla Works of Australian-Iron and Steel Pty Ltd. Since road making materials are increas- ingly being characterised by use of resilient moduli, the compressive strengths and resilient moduli were determined for road base of the following slags. 1 Air cooled crushed blast furnace slag 2 mixes of air cooled blast furnace slag, granulated slag, and lime 3 mixes of air cooled blast furnace slag,-granulated slag and basic oxygen steelmaking slag. Evaluation of a local dacite (dense medium grained igneous rock, classification rhyolite), generally considered an excellent road base course material, was carried out for use as a reference material.

Jan 1, 1979

By Qi P. H

Gold dissolution can be achieved with a number of complexing ligands, all with varying degrees of stability. Processes based on the use of halogens have been known for many years. Beside providing the necessary complex- ing role, the halogens under the appropriate conditions are very effective oxidants for gold. Of the halogens, the gold iodide complexes are the most stable in aqueous solution. Iodine can establish the desired oxidation poten- tial for oxidizing gold, and unlike chlorine and bromine, the oxidizing potential of iodine is mild enough to avoid the oxidation of impurity constituents like metal sulfides. A series of experiments to investigate the fundamental electrochemistry of gold in different halide solutions was performed. Cyclic voltammograms of gold in the presence of 10-2 M chloride, bromide and iodide, respectively show that for a given potential the rate of oxidation is much faster in iodide solution than in either chloride or bromide. An overlay of linear sweep voltammograms for the anodic oxidation of gold in iodide and the cathodic reduction of iodine species on gold provides an effective method for examining the dissolution of gold in iodideftodine solution. The dissolution rates obtained from both electrochemical and actual leaching results are compared. Optimum leaching conditions are analyzed in terms of the iodide/iodine concentrations. Conceptual processes for the recovery of gold and iodide and the regeneration of iodine are discussed.

Jan 1, 1991

By Barro L

There is currently a world wide interest in coal-oil technology as the search continues for alternative energy sources to reduce the consumption of petroleum crude. An important aspect of this coal-oil technology study is to obtain information on the flow properties of coal-oil slurries. While some work has been reported on the flow behaviour of black coal-oil suspensions, very little work on brown coal-oil suspensions has been reported. In this paper flow charac- teristics of brown coal-oil suspensions for various coal concentration and temperatures have been presented. A Capillary rheometer, designed to handle settling suspension, has been used for deter- mining rheological properties. Brown coal of 0 0725 mm average particle diameter has been used in this work. The oil was a coal derived product having a boiling point range of 234¦- 319¦C, Apparent viscosity of all suspensions was found to increase on storage due to ageing. Ageing might have occurred due to physico- chemical interactions between coal and oil. Flow behaviour of some suspensions changed from Newtonian to non-Newtonian on storage.

Jan 1, 1980

The only functional underground Coal Mine in Nigeria is located in Enugu in Anambra State. For some years now the mine has been beset with a perenial problem of flooding. This has hampered produc- tion and some time ago the mine was abandoned. Recently money and equipment were made available to reactivate the mine. Attempts are now made to increase production as it is very much below demand. However, there are problems as the mine is below the water table under some major rivers and any advance exposes men and equipment to water surge. The paper traces the different attempts made to dewater the mine and the problems encountered in producing coal in this mine.

Jan 1, 1988

The tankhouse of the electrolytic zinc plant at Nordenham is operating with a very high operating efficiency of 99 per cent. This has been achieved not only by strict control of the quality of the zinc sulphate cell feed solution but also by all the improvements in housekeeping in the tankhouse developed during the past years: aluminium cathode specification, cathode stripping cycle, edge strips, copper contacts, anode isolators, cell cleaning, fittings and washing devices. During 1987 to 1992 the casting department was completely remodelled in order to improve the quality of the zinc products, the safety of the operations and the flexibility. The remodelling includes the enlargement of the area for the casting shop, the storage buildings and the five casting lines on the same ground level. New lines for alloying products and for SHG25 kg zinc ingots have been constructed. The line for galvanising products has new equipment in some parts and the other lines have been modified.

Jan 1, 1993

Most types of nuclear power reactors use uranium dioxide fuel. Power reactors using natural uranium dioxide'fuel are of special interest to countries such as Australia that have their own uranium supplies. A wide range of uranium dioxide powders can be fabricated and the ideal one flows readily, presses without the need for binders or lubricants, sinters to the required density and gives low reject rates at all fabrication stages. Sinterable uranium dioxide is usually produced via the ammonium diuranate route. The A.A.E.C. is aiming to demonstrate production of nuclear grade uranium dioxide from Australian concentrates, improving technology where possible. Details are given of the dissolution, solvent extraction, precipitation, filtration, drying, and calcination-reduction steps. Solvent extraction from sulphate media is also under study with a view to developing a process to produce a nuclear grade product at the mine treatment plant site,

Jan 1, 1969

By Cunningham J. C

JUST prior to the war the Broken Hill South Ltd: raised, on the average, 6628 tons of ore per week, all of which was crushed and treated in the 4-section gravity mill and the slime flotation plant, for the recovery of lead concentrate carrying silver. The sandy residues from that treatment were railed to the treatment plant of the Amalgamated Zinc (De Bavay's) Ltd. for the recovery of zinc concentrate by flotation, on the joint account of both companies. Subsequent to that-since 1916-approximately 1000 tons of old dump slime were also treated weekly for the recovery of lead and silver as slime-lead concentrate.PLANT CAPACITYUnder this programme the Babcock and Wilcox boiler plant of 8 boilers was taxed to such an extent as to call for the installation of two additional boilers, each of 2690 sq. ft. of heating surface and 55 sq. ft. chain-grade area.The electric generators and the air compressors of the old powerplant were also loaded to their maximum capacity. In view of the fact that the old power-plant had been added to from time to time since 1901, and that further extension was notpossible, and as it was not, moreover, an economical arrangement, the whole question of power generation was reconsidered. The considerations that determined the installation of entirely new plant were as follows:(1) The need for more compressed air for underground work and more electric current for the extension of the slime-flotation plant for the recovery of zinc, as well as lead, as slime concentrates. Provision of additional power was also deemed advisable for the...

Jan 1, 1921