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By Kyle Wightman

INTRODUCTION CRA Limited is the largest mining group in Australia by value of sales and the second largest company in Australia in terms of share market capitalisation. In the past 25 years, CRA, its predecessors and affiliates have been involved in a number of mining and further processing developments in Australia and elsewhere. Many of these have been financed using project financing techniques. These include Comalco's development of the Weipa bauxite deposits in Northern Queensland in the late 1950's, the Hamersley iron ore developments in the Pilbara region of Western Australia in the mid 1960's, the Queensland Alumina Limited alumina refinery in Gladstone, Queensland, at about the same time, and the Bougainville copper project in 1969/70. In the past three years CRA has again utilised project financing techniques to fund its Tarong steaming coal project in Queensland, the Blair Athol steaming coal project also in that State and CRA's interest in the Argyle diamond project in the Kimberley region of Western Austrlia. PROJECT FINANCE DEFINED Nevitt Definition Nevitt's is the most frequently quoted definition - "A financing of a particular economic unit in which a lender is satisfied to look initially to the cash flows and earnings of the economic unit as the source of funds from which a loan will be repaid and to the assets of the economic unit as collateral for the loan." Risk and Balance Sheet Treatment It is important to focus in more detail on two aspects of project financing, risk and balance sheet treatment. The assessment of the various elements of risk in a project and the sharing of that risk between sponsors and lenders is the most critical feature. At one end of the spectrum is full absorption of risk by the sponsor(s). This can be described as "on risk" or "on credit" or "full recourse" to the sponsor(s) and is effectively a corporate financing. At the other end of the spectrum the lenders absorb the whole risk in a non-recourse financing which is "off risk" or "off credit" for the sponsor. The other aspect is the sponsor's balance sheet treatment. If the balance sheet of the economic unit undertaking the project and the financing need not be consolidated into the balance sheet of the sponsor (because ownership does not exceed 50%) then the financing may be described as off-¬balance sheet. If consolidation is required then the financing is described as on-balance sheet. Most project financings involve some recourse to the sponsor, i.e. they are limited recourse. Very few are non-recourse or off credit to the sponsor. Limited recourse financings may be on-balance sheet although many may also be off-balance sheet insofar as consolidation is concerned. However, sponsor support may very well be a contingent liability to the sponsor and require disclosure by way of note to the balance sheet should consolidation not be required. CORPORATE FINANCE CONTRASTED A financing which is on credit or full recourse to the sponsor, whether it is directly borrowed or guaranteed by that sponsor, is a corporate financing. Lenders will tend to base their credit assessment on a historical assessment of the sponsor's activities and its financial results rather than an assessment of the project or a detailed assessment of the future activities and prospects of the sponsor. PROJECT FINANCE - A BORROWER'S PERCEPTION Although CRA could choose to arrange all finance on a corporate basis (except perhaps for the very largest projects or acquisitions), project financing techniques provide a number of specific advantages which CRA has noted and which should be carefully considered by a project sponsor. Advantages

Jan 1, 1985

By F. M. Drake

IN this paper I propose to describe a plant which I lately erected for the Mount Stewart Lead and Silver Mining Company of Leadville, New South Wales, Australia. I am indebted to Mr. W. F. Burrow, of the Roads and Bridges Department of New South Wales, for the drawings which I present herewith, he having reduced and assembled them from my working drawings. The works are situated on a sloping hillside, but sufficient fall mas not available to have the furnace as high as desired, and at the same time have a good slag-tip and sufficient depth on the ore-floor to store a supply of ore and flux. The ore is delivered on the ore-floor (which is of the full width of the furnace-building, and extends back into the hill a distance of seventy feet) by two overhead tramways (not shown in the drawings), one on each side. From these the ore-mixture is made up on one side, while it is being taken to the furnace from the other. The fuel also is delivered by these tramways. The fluxes are stored on a floor directly at the back of the boiler and engine room. The boiler is a Cornish one, 6 feet 6 inches in diameter by 25 feet long. Its flue is 3 feet in diameter and does not contain Galloway tubes. The working-pressure is 40 pounds per square inch. The engine is an old-fashioned one, with a cylinder 16 inches in diameter by 30 inches stroke. Both the engine and boiler had been part of the plant of a defunct gold-mining company. They were very extravagant in their consumption of fuel. The blast is supplied by a rotary pressure-blower, of the Baker pattern, made in England. It has a capacity of 60 cubic feet per revolution. The furnace, which has several novel points, is shown in detail in Figs. 1, 2 and 3. The jackets are of cast-iron, and are higher than those generally used. They are different, too, in that the feedwater inlet is through a hand-hole plate near the bottom. This plate is fastened to the jacket by stud-bolts, and is provided with a baffleplate, which prevents the cooling water from impinging against the inner plate. The outlet is by a goose-neck at the top, which dis-

Jan 1, 1893

By J. Halpern, D. R. McKay

SOME of the most important hydrometallurgical developments in recent years relate to processes involving the oxidation of sulfide minerals in aque- ous suspension at elevated temperatures by air or oxygen under pressure. Among these is the acid pressure-leach process which has been developed, particularly for the treatment of pyritic uranium ores.1-5 In this process, an aqueous suspension of the ore is digested in an autoclave, in which an overpressure of air or oxygen is maintained, at temperatures above 100°C. Oxidation of the pyrite (FeS,)

Jan 1, 1959

By R. N. Woody, S. J. Work

Crushing development at Duval Corp.'s Sierrita concentrator in Sahuarita, Ariz., has been a continuing effort since plant startup in January 1970. The original crushing system was designed to produce 65 000 t/d (72,000 stpd) of ore. However, in the summer of 1970 the Sierrita plant was averaging only 43 000 t/d (47,000 stpd) due to coarser than expected secondary crushing plant feed, lower than design crusher operating availability, and inability to achieve design tertiary crusher power draught at an acceptable hydraulic support pressure.

Jan 4, 1979

By M. B. Truehaft

Expectations for coal in the early to mid-1970s prompted the government and industry to pursue research and development programs to increase underground and surface mining coal Productivity and net coal recovery. Several programs concerned advanced surface mining methods for thin seam coal recovery. Three such programs, along with related areas of interest, presented in this paper are: extended depth augering for trench-strip applications; high recovery auger heads for enhanced recovery; and variable wall mining in low cover longwalls. Conceptual development is examined, prototype testing is discussed, and potential operations are considered.

Jan 1, 1985

By Ronald D. Irving

The object of the present paper is to give an outline account of the mineral resources of the State of Wisconsin, so far as they are now known, including both metallic ores and non-metallic useful mineral substances. Tl~e only previous publication making ally attempt at such an account is one of a popular nature, prepared by the writer for Snyder and Van Vechten7s Historicccl Atlas of Wisconsin, which was published at Milwaukee in 1878. The data upon which the statements of the following pages are based are chiefly from the

Jan 1, 1880

By Forbes Wilson

IN February 1952 Freeport Sulphur Company started exploration work on a group of lateritic deposits at Moa Bay, Cuba. As a result of successful exploration work and a vast amount of metallurgical research over the past five years, these deposits will soon become a new Free World source of nickel and cobalt. Moa Bay lies on the north coast of Oriente Province, the easternmost part of the island, about 600 miles east of Havana and about 40 miles east of the U. S. Government nickel plant at Nicaro.

Jan 5, 1958

By D. M. Spratt, O. R. Bell

In Australia's remote northwest are located the operations of Cliffs Robe River, one of the world’s largest iron ore projects. initial project cost was $US300 million and required the construction of a deepwater port, two towns for 3000 people, a 105 MW power station, and 170 km of railroad, all in harsh, arid country over 1300 km from the nearest industrial center. The ore occurs as goethite cappings on scattered mesas and averages 57% iron. All aspects of the project are reviewed from pre-operational research, through project construction to current operation.

Jan 1, 1982

By George H. K. Schenck

The investment analysis methods that are most generally accepted in the mineral industries in the mid-80's are presented along with their advantages and disadvantages. Also covered are current widely-used practices for introducing the uncertain nature of most of the important variables in an investment analysis, which is contrasted to the former dominance of deterministic analysis. Finally, the discussion turns to current practice for handling the two critical areas: cost of capital and inflation. The advice contained is reinforced with data from a survey of current practices in the petroleum industry.

Jan 1, 1985

By Louis Bender

AFTER investigating the work of coal-dust fired reverberatories of the Canadian Copper Co., at Copper Cliff, Ontario, the management of the Washoe Reduction Works decided to experiment with and ascertain the advantages of using coal dust as a fuel in their reverberatories. Consequently, during the month of June, 1914, reverberatory furnace No. 8 was changed in order to use powdered coal as a fuel. The results obtained by this method of firing are gratifying and show a decided saving in cost of smelting as compared to grate firing with lump coal. The furnace, as remodeled; is 124 ft. long by 21 ft. wide, and varies in height from 8 ft. 6 in. at the back end to 5 ft. 7 in. at the skimming end. The general construction of the furnace is similar to that of the other furnaces at this plant. There are no side doors to this furnace, as it was thought that with the present arrangement for feeding no "fettling" or "claying" would be required. The interior of the furnace can be inspected through the burner port holes, after shutting off the burners and giving a few seconds' time for the gases inside the furnace to clear away. The charging is done on either side of the furnace from longitudinal hoppers, extending a distance of 74 ft. from the back end of the furnace. Leading from the hoppers into the furnace are 6-in. pipes, spaced 194 in. apart, through which the charge is intermittently dropped. The charge is kept well above the slag line at all times; in this way the side walls are protected and no fettling is needed on this portion of the furnace. The remainder of the furnace requires fettling. After operating for three months, we found that the bricks were eaten into along each side wall from the skimming door back to the point where the charge had been dropped. The depth of this cutting away was 8 in. close to the front end and gradually tapered to zero at a distance of 50 ft., and was greatest on the side of the furnace having the larger flue connection. Hoppers will be put in for the entire length of furnace, from which fettling material will be dropped, to prevent this cutting.

Jan 1, 1915

By Phillip E. Butler

The Pennsylvania Dept. of Transportation is actively engaged in the utilization of coal mine refuse in the construction of highway embankments. Long-held objections for utilization are invalidated by research, laboratory data, and construction performance. Laboratory, engineering, construction, and environmental impact analyses are presented from the construction of the Cross Valley Expressway embankment at Forty Fort, Luzerne County, Pa. Comparisons of laboratory data and construction measurements are given. The refuse embankment is the first of its size in Pennsylvania, and possibly the U. S., covering 1.5 million cu yd.

Jan 1, 1977

By H. D. Dahl, Roger C. Parsons

In order to improve roof stability, Continental Oil Co.'s research program, initiated in 1969, was directed toward defining the geological parameters that affect the severity of roof conditions in any particular area of the mine. In addition, the program was seeking to define why roof falls in the Humphrey No. 7 mine (and in northern West Virginia-southwestern Pennsylvania coal mining areas) are oriented so that they occur primarily in north-south rooms or entries. Conclusions and recommendations from this study of roof fall orientation are given.

Jan 1, 1973

By Arthur F. Colombo

The selective flocculation, desliming and flotation process developed by the U.S. Department of the Interior, Bureau of Mines, as part of its goal of maintaining an adequate supply of minerals to meet national economic and strategic needs is described. The application of the selective flocculation and cationic flotation process to three oxidized taconites from the western Mesabi Range in Minnesota is discussed. Data from the operation of a 408-kilogram-per-hour (900 lb/hr) pilot plant employing reclaimed water are summarized for the three types of oxidized taconites.

Jan 1, 1980

By William E. Messner

California’s Monterey Peninsula, noted for its beaches, resort hotels, and beautiful homes, also harbors a pioneering beneficiation operation. Here for more than 35 years the Del Monte Properties Co. has provided sand products from large dunes, some over 300 ft high, located in the Del Monte Forest. Raw material-the dunes derived by wave action from Santa Lucia granite of Jurassic age-has unusually consistent chemical and physical composition. Coarse crystalline feldspar is the principal constituent, followed in abundance by quartz, with some biotite, ilmenite, garnet, zircon, and monazite.

Jan 2, 1955

[1-Iron and Steel JOHN A. MATHEWS, Chairman RALPH H, SWEETSER, Vice-chairman WILLIAM CAMPBELL, Vice-chairman MAX ROESLER, Secretary Iron Ore CHARLES B. MURRAY, Chairman R. C, ALLEN W. 0, HOTCHKISS MAX ROESLER ERNEST F, BURCHARD WILLIAM KELLY DWIGHT E, WOODBRIDGE M. M, DUNCAN CHARLES F. RAND CARL ZAPFFE C, T, FAIRBAIRN THOMAS T, READ Blast Furnace WALTER MATHESIUS, Chairman WILLIAM H. BLAUVELT S. P, KINNEY C. SNELLING ROBINSON A. J. BOYNTON DORSEY A. LYON R. H. SWEETSER D. T. CROXTON RICHARD MCCAFFERY R. J, WYSOR THOMAS L, JOSEPH CHARLES P, PERIN]

Jan 1, 1928

By L. Alan Weakly

The Bureau of Mines has pursued a program of research on mine illumination that has defined the coal miner's illumination needs. St. Joe Minerals Corporation, recognizing the need for improving the illumination of the working place in their mines, entered into a cooperative research agreement with the Bureau of Mines to utilize the Bureau’s expertise in this field. Some similarity in the environment, in which coal and hard rock miners work, has allowed the application of developed coal mine illumination technology and equipment to be utilized in hard rock, room and pillar mines.

Jan 1, 1979

The regular activities of the Institute are financed mainly by income derived from members' dues, from advertising in MINING AND METALLURGY, and from the sale of publications to the public In addition, collateral activities and special projects are financed each year by means of income from endowed funds controlled and administered by the Institute In the aggregate, the amount of these endowments totals more than $830,000 An active effort is being made to increase the endowment funds of the Institute through a standing committee, of which Harvey S Mudd is Chairman, and

Jan 1, 1952

I-Mine Ventilation A C. CALLEN, Chairman E A. HOLBROOK, Vice-chairman H I. SMITH, Secretary CLARENCE E. ABBOTT ALFRED W. HESSE FRANK H. PROBERT GRAHAM BRIGHT G R. JACKSON GEORGE S RICE THOMAS H. CLAGTETT JAMES F. MCCARTHY E. J RISTEDT OSCAR A GLAESER W. B. PLANK GERALD F. SBERMAN, Coal Mining M D COOPER, Chairman HOWARD N EAVENSON JOHN A GARCIA THOMAS D THOMAS CHARLES ENZIAN JAMES W PAUL C M YOUNG JOHN J. RUTLEDGE Physiological Studies R R. SAYERS, Chairman C. L. BERRIEN W. D. BRENNAN A. J. LANZA

Jan 1, 1923

By Ira B. Joralemon

INDIVIDUALS and small companies have discovered and brought into production the mining districts of the United States. Hardly an exception comes to mind, save for the disseminated copper properties and the great iron mines. In spite of this fine record that has made possible the industrial greatness of the country, mining by small companies and by individuals has become a vanishing phenomenon. In Nevada, the lair of rugged individualism, there are fewer operating mines and fewer miners than at any time since the 1860's. The situation in other states is nearly as desperate.

Jan 8, 1950

By Albert D. Pernichele, Wayne C. Smith

Both water pollution and proposed solid waste disposal regulations have a definite effect on the copper leaching industry and some of the major factors affecting the industry are discussed in this paper. New developments of the NPDES are discussed with emphasis on the ‘toxic’ or priority pollutants, and EPA’s philosophy on the control of these pollutants. The protection of groundwater is the prime aim of RCRA through solid/hazardous waste management. Some of the major elements of the RCRA regulations that will effect the copper leaching industry are discussed.

Jan 1, 1980