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By James Anstey

BHP Billiton?s Cannington facility is a mining and minerals processing plant near Mt. Isa in Central Queensland, Australia, producing silver, lead and zinc. Mine ore is processed in a concentrator, which consists of grinding, flotation, thickening and filtration. Grinding is carried out in a fully autogenous (AG) mill. The mill operates in closed circuit with a pebble crusher. Throughput is approximately 380 tph. Cyclone overflow from the grinding circuit is fed into a flotation circuit for the recovery of lead, zinc and silver. Two concentrates are produced (lead and zinc), which are then thickened and filtered. The filtered concentrate is transported by road to a rail receiving station. From here the concentrate is railed to port in Townsville for shipment to the smelter. Matrikon and Engineers at BHP Billiton?s Cannington Mine have used ProcessACT to develop a flexible, nonlinear dynamic simulator for the grinding circuit to further enhance process understanding, as well to investigate various optimization strategies. An online charge volume estimator was also developed for the AG mill to aid in the understanding of overload conditions, which for the previous two months had been the primary contributor to downtime. The models were developed using a combination of first-principles modeling along with input-output dynamic responses. Examples of models used include: Morrell ?C? model for power and charge shoulder/toe angle prediction; Whiten?s mixing model for breakage and hold-up; Nageswararao cyclone model for predicting cut size; slurry recovery and water recovery. The composite model simulates system dynamics starting from the stockpile reclaim system and finishing at the feed for the flotation process. The objective was to provide a tool that assisted Cannington in understanding their Grinding Circuit and allowed them to develop and evaluate circuit optimization strategies. BHP Billiton Cannington Mine is now considering development of a Grinding Circuit Optimizer utilizing the models developed for the simulator.

Apr 1, 2005

By Tripathy A. K, Satapathy B. K, Nayak B, Mohanty J. N, Dey D. N

The paper deals with the metallographic tudy of heat treated chromite and chromite-coke composite briquettes. The briquettes, prepared from chromite concentrate of Orissa Mines using molasses-lime, dextrinelime and tamarind seed as binders, were subjected to different temperatures and examined metallographically. The change of phase with temperature was analysed by X-ray diffraction.

Jan 1, 1987

The hematite deposits of Quadrilßtero Ferrffero (QF) are hosted by the Proterozoic itabirites of the Itabira iron formation (Harder and Chamberlin, 1915). These deposits are widely distributed at QF and include the hard hematite ore bodies. However, considerable variations in ore structure and texture can be observed. A preserved banding and lamination in the thin bedded, compact hematite ore, apparently reflects the original layering and/or the prominent foliation of the partly or completely replaced itabirite. The structure of the hematite ore deposits varies from almond shaped, rootless, to bedded bodies, both concordant with the main foliation, and to mesoscopic veins and irregular bodies. Hematite ore textures, which depends on the structural characteristics of the deposit, may be grouped into four main types:thin bedded, laminated and banded; micaceous, foliated and schistose; brecciated; and compact/massive. Thin bedded ores occur in the western, central and subordinately eastern portions of QF, while submicaceous, micaceous and schistose ores are predominant at the eastern part. Brecciated ores exist mainly at the western part and subordinately in central QF. Structureless, compact hematite ores may be either related to the brecciated hematite or occur as isolated bodies at central QF. It is suggested that a synkinematic, acid and oxidant, metasomatism during metamorphism, under a ductile regime, was responsible for the hard hematite ores of the types 1 and 2, and a static, subsequent, hydrothermal, regional metasomatism, under brittle regime resulted in the formation of the types 3 and 4. The common texture present in the all ores is the ubiquitous magnetite porphyroclasts replacement by hematite. Quartz and other silicate minerals are also substituted by hematite. Muscovite, tourmaline, talc, chlorite, apatite and kaolinite have been recognised in the hard hematitic ores. Apparently that mineral association denotes different equilibrium conditions of formation.

Jan 1, 2002

By D M. Aranha, M A. Fonseca, M Echtern

The regional syndeformational metamorphism affecting the Itabira Iron Formation (IIF) at Quadrilßtero Ferrffero (QF) was formerly discussed by Dorr (1965), who proposed that quartz grain size could monitor the metamorphism, according to James (1955), and that the formation of haematite could be the result of the synchronous metasomatic process. Herz (1979) suggested the existence of three metamorphic zones, not mentioning the haematite formation. It could be observed that the primary oxide phase in the IIF is magnetite and most of the hard haematite was derived from the metamorphic replacement of magnetite, forming micaceous or schistose haematite. Differently from most iron formations in the world, the formation of haematite deposits at QF occurred under high oxygen fugacity during metamorphism. The haematite microlaths display a strong preferred orientation, which determines the alongated shapes of the fragments. The terms foliated and unfoliated haematite have been applied by Dorr to the micaceous or schistose haematite, and to the isotropic, hydrothermally derived haematite. Under the microcope, the haematite exhibits a strong crystallographic or lattice orientation encircling the magnetite and martite porphyroclasts. The strain rate determined and defined the textural variation, size and economic importance of the deposits and the ore grade. Metamorphism at QF increases eastward and resulted in the formation of a gruneritic Fe-Mg amphibole, at the western portion, followed by a cummingtonitic amphibole at the central-western part, succeeded by the actinolite zone at the central-eastern part, and finally to the tremolite-anthophyllite zone to the east. These zones, arranged in a north-south pattern, can be followed in the pelitic units, whereas appear sericite-chlorite, kyanite-chloritoid and garnet-staurolite respectively. Carbonate geothermometry in IIF also may support the metamorphic variations. At the western zone the haematite forms small lenses within the itabirite, P-contents are slightly higher than in the remaining IIF, haematite grain size is minute, resulting in a submicaceous texture and the amount and dimension of relict magnetite within haematite is greater than in the other parts of QF. Jangada and Serra Azul deposits are examples of this zone. The central-western zone is characterised by significant haematite deposits, in considerable quantity and size, haematite grain size increased, in order to produce a micaceous texture, the P-contents and the amount of magnetite decreased. Pico do Itabirito, Cappo Xavier, Capitpo do Mato and Tamanduß correspond to the deposit type of this zone. At the eastern-central portion the amount of the hard haematite deposits decreases, increasing the soft haematite ore due to higher strain rates. However, it can be perceived that the relict magnetite almost disappeared and the haematite grain size became coarser than the haematite from the western zones. At the eastern zone, the haematite deposits exhibit typical schistose texture, the magnetite porphyroclasts are absent and the lowest P-grades in the haematitic iron formation. The haematite bodies characteristic from this zone are Andrade, Morro Agudo and the deposits at the Itabira District. The hydrothermally derived compact and isotropic haematite deposits, formed subsequently to the micaceous haematite bodies, were generated after deformation ceased, but under very high fluid pressure. The metamorphic reactions magnetite + quartz + H2O = grunerite + haematite and magnetite + quartz + H2O = grunerite + O2 were decisive in the formation of the metamorphic haematite deposits.

Jan 1, 2007

By V N. Rudashevsky, F Melcher, J Lodziak, D Klosa, N S. Rudashevsky, M Sitnikova, L Gast

A combination of novel and æclassicÆ methods, namely electric pulse disaggregation (EPD), hydroseparation (HS), preparation of monolayer polished sections, and mineral liberation analysis (MLA) was employed to study ores from platinum pipes (Bushveld Complex, South Africa), pristine PGE mineralisation of the Main Sulfide Zone (Great Dyke, Zimbabwe), as well as ancient and modern gold/PGM placer deposits. It is shown here that the EPD technique liberates mineral grains of interest without any visible destruction allowing the study and analysis of individual rock-forming and ore minerals, in our case especially platinum-group minerals. The HS method is an effective tool in concentrating heavy minerals by factors up to 10 000 fold. As near-total recovery of grains >10 ¦m is achieved, the nugget effect can be overcome also in case of limited availability of samples (drill core, museum specimens). The MLA technique is a fast tool to detect and characterise mineral phases in ores and ore processing products. Many mineralogical parameters of individual grains and mineral assemblages can be deducted and documented. The results show that the techniques employed, either on their own or in combination, provide a wide range of additional information especially on platinum ores which is beneficial to both the researcher and the metallurgist.

Jan 1, 2008

By S. Heukelman

Zinc or, a zinc refinery in South Africa, uses oxygen enrichment of up to 26% O2 in its fluidizing air to increase concentrate-throughput in its fluidized bed roasters. The aim of the study is to determine whether O2 enrichment can be reduced by introducing micro-pelletized concentrate into the feed blend, while maintaining concentrate throughput rates and calcine quality. A laboratory scale fluidized roaster was used to determine the strength and oxidation kinetics of suitable micro-pellets. The strength of the pellets was determined by the extent of attrition during roasting. It was found that micro-pelletization decreases the fines in the feed to the roasters; the ?500 µm fraction decreased from 87% to 10%. The micro-pelletized particles do break down during roasting, which increases the -500 µm fraction to 31%. The general morphologies of the roasted particles are similar to those found by previous workers. Micro-pelletized concentrate particles require more time than non-pelletized concentrate particles to oxidize in the roasting step, although this is less than the mean residence time of the Zincor roasters. Roasting micro-pellets in O2-enriched fluidizing air increased the reaction rate.

Jan 1, 2011

By Mokhinabonu Mardonova, Yosoon Choi

Open-source technology for supporting the Industry 4.0 has become the target of academic research in many sectors. This study reviewed the trends of open-source technology, its forms, and some industrial applications. As a case study using open-source hardware and software for the mining industry, this study proposed a low-cost environmental monitoring system for non-metallic underground mines to support mine safety and occupational health issues. The system was developed using open-source hardware, Arduino and 3D printer, to design the monitoring device. An open-source software, MIT App Inventor, was used for developing an Android application for smartphones to enable remote communication with the system. Field experiments were conducted at an underground tunnel and a non-metallic underground mining site to assess the performance of the system in both mobile and static modes, respectively. Although a few limitations related to the precision of the low-cost dust and gas sensors still exist, the findings of the experiments show that the mining industry can benefit from open-source technology deployment when considering cost factors

By Mokhinabonu Mardonova, Yosoon Choi

Open-source technology for supporting the Industry 4.0 has become the target of academic research in many sectors. This study reviewed the trends of open-source technology, its forms, and some industrial applications. As a case study using open-source hardware and software for the mining industry, this study proposed a low-cost environmental monitoring system for non-metallic underground mines to support mine safety and occupational health issues. The system was developed using open-source hardware, Arduino and 3D printer, to design the monitoring device. An open-source software, MIT App Inventor, was used for developing an Android application for smartphones to enable remote communication with the system. Field experiments were conducted at an underground tunnel and a non-metallic underground mining site to assess the performance of the system in both mobile and static modes, respectively. Although a few limitations related to the precision of the low-cost dust and gas sensors still exist, the findings of the experiments show that the mining industry can benefit from open-source technology deployment when considering cost factors

By A. D. McMahon

This survey is one of a series of Bureau of Mines publications designed to serve the needs of Government and industry for comprehensive information on mineral commodities and activities. Copper, a versatile metal, has been vital to all civilizations from prehistoric times to the present. Its essential value in antiquity and until the nineteenth century arose from its malleability and ease of working, its corrosion resistance and durability', its attractive colors in alloyed and unalloyed forms, and, of course, its availability. The principal uses were for tools, utensils, vessels, weapons, pipe, statuary and other objects of art, and for building and architectural pur£~ses where formability, permanence, and beaut)" were necessary qualities. Utilization of copper based on these physical and mechanical properties has grown tremendously for commercial, structural, mechanical, architectural, and art items; and its capacity for forming numerous alloys has led to a myriad of applications from miniature copper and brass eyelets to huge bronze battleship propellers. The early nineteenth century marks the epoch of the greatest use of copper, transmitting electrical energy. This particular property of copper is fundamental to the spectacular growth of the electrical industry and all associated industries relying on electricity for power, light, and heat. More than half of all copper produced is used for transmission of electricity. The copper industry has been able to expand along with the mounting demand because of the ever increasing discovery of resources in the world and advances in mining, metallurgical, and fabricating technologies. World production and consumption rose progressively from about 18,000 tons in 1800 to more than 4.5 million tons in 1960. The estimated world reserve of primary- copper has more than doubled since 1935, being 212 million tons in 1960. Ninety percent of this reserve is credited to eight countries-the United States, Canada, Chile, Peru, the Soviet Union, Poland, Northern Rhodesia, and the Republic of the Congo. The United States share is 32.5 million tons of copper in ore, averaging approximately 0.9 percent. Another reserve being accumulated in the industrial countries of the world is copper products now in use that will eventually be discarded as scrap and become available for recovering secondary copper. In the United States this resource of more than 30 million tons, provides about one-fourth of the annual supply.

Jan 1, 1965

By J F. Seale

The design of the settling pond for the Malvern Hills opencast coal project was based on a primary requirement to control runoff and sediment generated from the immediate 6 ha mine catchment, which included two seepages from old underground workings. The pond has been particularly effective in controlling turbidity in the outflow water, with the consent limit of 50 NTU being met on all but one occasion and normal levels of discharge less than 10 NTU. Water quality testing carried out at the time of consenting indicated that there were no acid-generation issues with the proposed mine site in dominant mudstone strata of the Broken River Formation, and that water from the old mine workings was near-neutral in terms of pH and well-buffered. However, it became apparent over the very dry summer of 2003 - 2004 that slaking of the exposed mudrocks in the mine batters was resulting in significant acidity generation, and outflow pH levels were well below the consent limit of 6.5 during and following periods of rainfall. Although these acidity problems have been remediated in the short-term by the use of lime products, it is clear that a programme of lithotype characterisation for AMD should have been undertaken and this has now been implemented. Design of long-term acid drainage control measures is being carried out, and will probably be based around the use of hydrated lime for pH control with enhancement of natural wetlands.

Jan 1, 2004

By Georgene Renner

At the beginning of the 1990s, Communism fell and signaled the end of the Cold War. The world rejoiced but also watched and waited to see how those countries would restructure themselves. The 1990 SME Annual Meeting was held at the Salt Palace Center in Salt Lake City, UT. The keynote session featured Alistair Frame, chairman of RTZ; Paul Queneau, professor of metallurgy at the University of Utah; and TS Ary, director of the U.S. Bureau of Mines. The SME Board of Directors voted to hire a Manager of Public Information and Education to be the GEM Program coordinator. This person was to collect and disseminate information that could be used by individual members and Local Sections to interface with government personnel and the general public.

Jan 1, 2007

By Brian Fulcher, Michael Bell, Shimi Tzobery, Werner Burger, John Bednarski

The Arrowhead Tunnels Project represents the final portion of a 70 km (44-mile) long water conveyance facility that will bring up to 28 m3/sec (1,000 ft3/sec) of water into Southern California. The 13 km (8-mile) tunneling project is well underway and consists of two, 5.8 m (19-foot) diameter TBM bores through extremely variable geological conditions. The tunnels lie near the base of the San Bernardino Mountains and several significant faults including the San Andreas Fault run within one kilometer (0.6 miles) of the tunnel alignment. Numerous other significant faults cross the tunnel alignment and water pressures in the tunnel have been recorded as high as 20 bar (300 psi). This paper describes some of the problems and challenges encountered and the solutions implemented to advance the two hybrid TBMs under conditions that ranged from hard rock with no water inflows to full-face granular material under 10-bar pressure and in excess of 32 l/sec (500 gpm) inflows. Due to the range and severity of ground and water conditions actually encountered, the Owner-Contractor-Designer team eventually found that adjusting the means and methods to be more responsive—virtually on a day-by-day basis—was needed to suit the conditions

Jan 1, 2007

By Vincent Tirolo

Two separate secant pile cofferdams were constructed as part of an extensive rehabilitation and modernization of the New York City Transit's Lexington Avenue/Third Avenue IND Station at 53rd Street in Manhattan. Major high rise structures and outpatient hospital facilities bordered the site. The roadway is an important east-west corridor in mid-Manhattan. In order to perform the construction of new escalator and elevator shafts over 250 linear feet of secant wall was installed to the top of rock or to the existing subway roof. Much of the secant wall was constructed from below a temporary roadway decking system using a low headroom rig. The roadway decking system was supported on shallow spread footings. The secant piles were drilled using crawler mounted hydraulic rotary drill rigs. The secant wall provided a watertight, rigid cofferdam that minimized settlement and other disruptions to existing structures and utilities. During later stages of the project the secant wall also supported the roadway decking system.

Jan 1, 2003

Air tabling of zircon-rich non-conductor products containing quartz enables most of the fine quartz present to be rejected without a markedloss of zircon. The coarser quartz in the air table feed can be separated from the zircon by screening one or more air table products, the oversize products containing most of the quartz and little of the zircon. Air tabling, with or without screening, is more efficient than wet tabling alone for the removal of fine quartz, but not for the removal of coarse quartz. Practically all of the quartz can be separated from the zircon by using wet tabling in conjunction with hydraulic classification, or by using air tabling in conjunction with dry launder treatment, in which a degree of sizing takes place that is advantageous for subsequent air tabling.INTRODUCTIONBack-dune and inland beach sand deposits usually contain fine wind-blown quartz, and neither spiral nor wet table concentration, alone or in conjunction, makes a clean separation of heavy minerals from quartz. Many rutile plants recover rutile and zircon from a low-quartz, wet-table concentrates by means of magnetic and electrostatic separation; some rutile and zircon are lost in the table tailings. Other rutile plants, and two of the ilmenite plants in Western Australia, recover rutile or ilmenite respectively, from a spiral concentrate containing several per cent of quartz, and then subject the non-conductor product to an additionalgravity concentration process to separate the zircon from the quartz. Some zircon is lost in the additional gravity process, but all of the rutile or ilmenite in the spiral concentrate is, or should be, recovered as high-grade concentrate. The higher recovery of rutile or ilmenite by this treatment method is offset by the expense of drying part of the feed twice, as a wet process is usually used to separate the quartz...

Jan 1, 1962

By A. Rejeb, A. Millard

ABSTRACT: An evaluation of the importance of the thermo-hydro-mechanical couplings (THM) on the performance assessment of a deep underground storage design has been made as part of the international DECOVALEX III project. It is a numerical study that simulates a generic repository configuration in the near field in a granite medium. The thermo-hydro-mechanical evolution of the whole configuration is simulated over a period of 100 years. The model used to represent the unsaturated behaviour of the various porous media makes allowance for moisture transfers through the effect of thermal and water gradients. The paper presents a comparison of the temperature, water pressure and stress fields obtained by TM, TH, HM and THM coupled calculations. The results demonstrate that temperature is hardly affected by the couplings. In contrast the influence of the couplings on the mechanical stresses is considerable. This is attributed to the key role that water has on bentonite swelling or shrinkage effects that are dependent on its saturation level variations. KEY WORDS: Modelling, thermo-hydro-mechanical couplings, temperature, pressure, stress. ZUSAMMENFASSUNG : Im Rahmen des internationalen Projekts DECOVALEX III wurde untersucht, wie groß der Einfluss thermisch-hydraulisch-mechanischer Kopplungen (THM) auf die Leistungsfähigkeit eines Konzeptes zur Lagerung hoch radioaktiver Abfälle zu bewerten ist. Bei dieser numerischen Behandlung wird eine generelle Lagerungskonfiguration in granitartigem Milieu simuliert. Die thermisch-hydraulisch-mechanischen Prozesse werden für eine Dauer von 100 Jahren simuliert. Bei dem Modell, mit dem das Verhalten der verschiedenen, unterschiedlich porösen Milieus in ungesättigtem Zustand dargestellt werden soll, werden die Feuchtigkeitstransporte infolge thermischer und hydraulischer Vorgänge berücksichtigt. Verglichen werden in diesem Artikel verschiedene Temperatur-, Wasserdruck- und Beanspruchungsfelder, die sich aus TM-, TH-, HM- und THM gekoppelten Berechnungen ergaben. Dabei stellte sich heraus, dass die Temperatur nur gering von den Kopplungen berührt wird. Die Einflüsse der Kopplungen auf die Mechanik sind hingegen bedeutend; ausschlaggebend dafür ist der Faktor Wasser, der den Bentonit je nach Sättigungsgrad quellen oder trocknen lässt. SCHLÜSSELWÖRTER: Modellbildung, thermisch-hydraulisch-mechanische Kopplungen, Temperatur, Druck, Beanspruchung. RESUME : Dans le cadre du projet international DECOVALEX III, une évaluation de l’importance des couplages thermo-hydro-mécaniques (THM) sur les performances d’un concept de stockage de déchets fortement radioactifs a été menée. Il s’agit d’une étude numérique simulant une configuration générique de stockage en champ proche dans un milieu granitique. L’évolution thermo-hydro-mécanique de l’ensemble est simulée sur une période de 100 ans. Le modèle utilisé pour représenter le comportement non saturé des différents milieux poreux prend en compte les transferts d’humidité sous l’effet de gradients thermiques et hydriques. L'article présente une comparaison des champs de température, de pression d’eau et de contraintes obtenues par des calculs couplés TM, TH, HM et THM. Les résultats montrent que la température est peu affectée par les couplages. En revanche, l’incidence des couplages sur la mécanique est importante; ce qui est attribué au rôle majeur joué par l’eau à travers les effets de gonflement ou de retrait de la bentonite selon la variation de son degré de saturation. MOTS-CLEFS : modélisation, couplages thermo-hydro-mécanique, température, pression, contrainte.

Jan 1, 2003

By Hal W. Hunt

Steel and concrete piles and power-actuated hammers have developed almost entirely within the past 100 years. Prior to that time, piles were mostly timber, driven with a drop hammer or a maul. The Engineering News Formula ? for timber piles driven with a drop hammer at a factor of safety of six ? was promulgated by Wellington in 1888. Steel com­panies supplied fabricated and rolled shapes for piles in the early 1900's. The thin shell and then uncased concrete piles originated about that time. Now leads have become sophisticated to accurately spot a pile at any required batter. Hammers have grown to phenomenal size and vibratories are being accepted at full value.

Jan 1, 1984

By S. Kittel, P. Galleguillos, H. E. Urtubia

The rougher flotation at Escondida consists of 80 cells of 100 m3 each, with injected air. Escondida has developed a system of automatic control of the rougher flotation using video cameras, which have been operating since 1997 for remote monitoring and manual control. Since 1999, an image processing software and a group of rules have allowed implementation of an expert system. To date, the expert system controls the superficial speed of each cell by adjusting the air flow and the froth depth of the flotation bank. Preliminary tests of the expert control on two of the eight rows gave 1.2% higher rougher recovery at a 92% degree of confidence. The proven benefits are already sufficient to move towards a complete plant implementation.

Jan 1, 2001

By Jiann-Yang Hwang

Microwave heating has been proved an effective method to rapidly heat iron oxide. This offers an opportunity to apply microwave heating in the steelmaking process. The reduction reaction of iron oxide is traditionally achieved at high temperature with reducing gases such as H2 and CO generated from various sources, including coke, coal, and natural gas. This study investigates the differences in iron oxide reduction using conventional and microwave heating under H2 and CO atmospheres. A special microwave thermal gravimetric device was designed and built to facilitate the investigation. With this device, iron oxides can be heated by electric resistance heating, microwave heating, or a combination of methods. The incoming CO and/or H2 also can be preheated to simulate a potential utilization of recovered heat. The iron oxide weight and temperature can be monitored during an entire reduction period. A series of reduction experiments have been conducted. The results are presented and discussed.

Jan 1, 2006

By D Crequer

Land rehabilitation at Golden Cross is reviewed, 8 years after mine closure in 1997/98, from the perspectives of a Peer Reviewer (land rehabilitation) and a Regional Council Officer (Resource Consents compliance). Land rehabilitation items we discuss include: management of restored pastures, native plantings (on-site riparian and block plantings and off-site environmental riparian enhancement plantings), wetlands (on-site tailings lake and sediment ponds littoral zone plantings, and basement of the open pit; and off-site wetlands enhancement plantings), pine plantations on-site and on surrounding land, stabilization of the Tailings Lake Embankment (landslide) and Open Pit capping, capping of acid-mine-rock, stability of discharge channels, buildings and amenities, public access for recreation, educational uses, and future management of the site. Pest control has helped to conserve the rare and endangered HochstetterÆs (Leiopelma hochstetteri) and ArcheyÆs (L. archeyi) frogs, and a regionally significant stand of rare swamp maire (Syzygium maire) has been conserved and fenced.

Jan 1, 2006

By Eric Low

Raising capital by issuing debt or equity is necessary in almost every corporation. In the field of corporate finance, the raising of capital is a heavily-studied topic. However, some of what is studied on this topic in corporate finance is not applicable in the mining industry. There are also many financing options that were created for the mining industry such as flow-through shares, prepaid forwards, and royalty sales. The cyclical nature of the industry makes the risk-return profile of financings more difficult to estimate than in other industries. Additionally, the methods used to assess firm value are different than other industries, as the values of orebodies are not included on balance sheets. For precious metals companies, which are a hedge against most other securities, there are additional complications with determining investor expectations and cost of equity. This thesis puts forth a decision-making framework to explain mine financing choices from the perspective of mining companies. The approach is threefold. First, all of the major equity and debt financing instruments available to mining companies are presented and analyzed. Each financing method is assessed on a wide range of criteria. Next, these concepts are applied in case studies of four companies: BHP Billiton, Barrick Gold, Teck Resources, and Noront Resources. For each company, the overall choice of financing methods is shown and analyzed. The effect of financing choices on the weighted average cost of capital (WACC) is calculated. The final section deals with case studies of individual mine finance decisions during the past two years.

May 1, 2011