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The classic description of Project Finance as "the reliance by lenders on the cashflow of a project, supported by the assets of the project with no recourse to the project sponsor's corporate balance sheet" has, like most other terms in the finance industry, evolved through recent usage. The area now under most scrutiny is the sharing of risks between parties either most able to take them or prepared to accept payment for them. Creativity in, and flexibility of financing structures have enabled project lending to continue under a dramatically different economic outlook. The diminishing competitiveness of the Australian producers in a global market place of uncertain commodity prices has discouraged the advancement of many large scale resource projects. The majority of new project financings has been designed to assist the relatively small company promote and develop its first projects. New trends- are emerging in four areas: sources of capital; borrowing structure; financing instruments (securitisation); and risk underpinning. As project financing becomes more widely used, the range of interested financiers grows. New initiatives contribute to its development and evolution with a view to increase effectiveness to the sponsor of any new venture.

Jan 1, 1987

By Manzoori AR

From a detailed combustion testing program and earlier experience with Leigh Creek coal, the Electricity Trust of South Australia (ETSA) gained a wide insight into the use of low rank coal fired boiler plant. This work is fundamental for the selection of boiler design parameters and other details which in turn determine the correct coal deposit selection for future power station development. In addition it gives boiler designers a good indication of the measures required to give reliable plant operation. Extrapolation from experience with existing plant, the designers main source of information, was not considered appropriate because of the lack of experience with similar coals. Brown coal beneficiation is also being assessed by ETSA in an attempt to improve the coal quality by the pretreatment of the raw coal prior to combustion in future coal.fired boilers. ETSA is also involved in the development of circulating fluid bed and gasification processes to determine whether these alternative processes are a more viable method of utilising the South Australian coals than pulverised fuel firing.

Jan 1, 1987

The liquid products of low-temperature carbonisation of coal are of variable composition, very much influenced by the rank and type of coal, and process parameters. In general the tar contains a high proportion of phenols and a low proportion of bases. The neutral oil is more analogous to a thermally cracked petroleum oil than to a high temperature tar. Present practice and possible future trends in the production of chemicals and liquid fuels from low temperature tar are reviewed in the light of recent work on the detailed composition of the tar The phenols and aromatics will probably continue to be of most value, with the bases a useful source of spec- ialty products. However the high aliphatic content of the neutral oil (particularly 1-olefins and n-paraffins) is bound to receive more attention for chemicals as well as for liquid Fuels.

Jan 1, 1969

The introduction of legal certification of mine managers is a matter of history. It was introduced as part of legislation for mine safety. It has been said that such legislat- ion was written in blood. Like all legislation this legislation is divided into three sections; commands, obligations and sanctions. While legislation in all States on this subject is similar, the differences are great enough to have prompted the preparation of a Uniform Code by the Annual Conference of Chief Inspectors of Mines. This Uniform Code has not been adopted fully by any State to date. Legal certification of mine managers has made managers more aware of the requirements of the legislation covering their industry, legislation that reads as a summary on past accidents and methods of preventing them. While budding managers spend considerable' time in their early years in the preparation for certification, history has shown that the industry has benefited from their efforts. A better knowledge of the safety acts by the managers has produced safer operations, and a higher standard of management has raised the technical standards of mining operations to a stage where Australia can be proud.

Jan 1, 1980

In recent years a number of explosive blends including ANFO, emulsion and watergel products have been used in a variety of ground types and applications. These `standard' explosives' technologies are not new, but out of the uses and applications, have sprung a new generation of tailored explosives that match the ground type and the operating environment. This is in stark contrast to the norm, where various patterns and loading configurations have traditionally been designed to accommodate the explosive. This paper discusses these tailored explosives and the explosives' technology behind why they work. Active tailoring of explosive formulations can save mining dollars while essentially leaving the explosive price unchanged. Tailoring explosives may lead to increased rock breakage, heave, digging rates; lower digging maintenance costs and in some cases replacing earth moving machinery altogether. Tailored explosives may have other benefits such as reduced over pressure compared with standard alternatives. The tailoring of explosive performance generally involves three major methods (other than changing the bulk density and sensitivity): (i) replacing fast burning reactants with slower burning reactants or vice versa; or (ii) leaving the explosive intact and diluting the entire explosive with slow burning or `inert' material; or (iii) changing the concentration of the fuel/oxidiser mix. When tailoring explosives for particular applications, authorising, testing, costing, manufacturing, and delivery systems must also be taken into account.

Jan 1, 1995

The Illawarra Branch of the Australasian Institute of Mining and Metallurgy over recent years has established an enviable reputation for organising and conducting conferences, colloquia and symposia. And this Symposium must surely enhance that reputation. The subject of the Symposium, Seam Gas Drainage has become a matter of great import- ance to the Australian Coal Industry in a comparatively short time. Our short experience being due to our operations, until recent times anyway, not being unduly affected by gas. The Australian Industry, by virtue of its mines getting deeper and higher rates of extraction being required is now encountering the difficulties with gas which have for so long been part of the coal mining scene in many other countries. Because these gas emissions affect our working conditions by way of creating hazards and affect our production by way of bringing about cessation of operations from time to time this Symposium must be regarded as being very timely out here. I must congratulate the Branch Committee on the general set,yp :o.f the programme of papers. The classification of papers into four groups and the sequence in which the papers were presented provided an excellent flow through from introduction to finality. It is not my intention to further discuss individual papers - already they have been well discussed in this forum and as I understand it outside in the early hours of the morning,

Jan 1, 1982

Trucks are the primary means of bulk material transport in Open Pit hard rock mines worldwide. They are considered to be the most- flexible system available. The large number of trucks used in some mines provides flexibility. Spare units allow for the reduced availability of the single units. Trucks have however very poor energy efficiency. Only 40% of the consumed energy is for transport of the payload, the remaining energy is required to move the dead load of the trucks. With the increase in cost, pressure, mine operators are now looking for alternative methods to make their operation more economical. Energy conservation and increasing haulage distances and uphill haulage are major factors in many well established operations. New methods have already proven themselves as more economical alternatives. Belt conveyors are an alternative means of transport with much higher energy efficiency. They use up to 80% of the consumed energy for transportation of the payload. Energy costs for conveyors are 30% of the energy costs for trucks on level transport and as little as 15% for elevating payloads. Belt conveyors require much fear spare parts and wear components than trucks. A factor of one to two times applies for level transport and ten to twenty times for uphill transport.

Jan 1, 1986

By Braham B

The Australian mining industry isstill labouring under the impression. created by the Fitzgerald Report that it does not pay suffic- ient tax. This would appear to be the raison d'etre of the resource rent tax debate. The authors quantitatively compare the cash flows to the mine and government resulting from a large strip coal mine in central Queensland under a number of Australian and international taxation policies. The Liberal government policies are found to be internationally competitive while the Labor 1975 policy is excessively punitive. The present value of the returns to the public from the Liberal 1977 policy vary between three and six times the net present value to the mine, which belies the necessity for the imposition of a super tax. The levelling of a special royalty, excess rail freight, by Queensland could severely re- strict the development of new mines in the Bowen Basin. The impact of excessive freight rates is analysed on a combined strip-deep mine typical of the new projects nearing development in the region. Otherwise economic mines can be made marginal or even sub economic by this tax. Even with moderate rail freights, the mining tax laws of New South Wales are more favourable to the industry than are Queensland's.

Jan 1, 1978

In six deep hard coal mines situated in the coal district of the Saar and Lorraine, Saarbergwerke AG produce annually 9 to 10 million tons of coal. The coal is either coked or fired in power plants. Comprehensive planning work is done for the producing coal faces, 15 stone drifts and 60 seam headings. The computer can assist in drawing up the short- and medium-term planning by taking over, on the one hand, work done so far by hand and by supplying, on the other, additional information. The computer can draw up time schedules, can do quantitative calculations, can draw up plans for the em- ployment of manpower, machines and other equipment, and can calculate cost and earnings. It is ensured that all part plans are always adjusted to each other. Because of the volume of work involved, planning in this form and extent becomes possible only by the computer. Especially with the periodical continuation of planning, the new system facilitates the work to be done. The ideas of the planning engineer are and remain the basis of all planning work and the computer gives him an aid to assist him with calculations, report writing and feasibility studies.

Jan 1, 1977

By Sheridan GD

Fifteen samples 'of clays and shales from the Adelaide area were selected from a total of 84 as representing material of possible value for the manufacture of light-weight aggregate. A detailed examination of the bloating. characteristics of these revealed four likely to be suitable. for expansion.' in a rotary kiln. One of these, a Tapley. Hill shale., was-fired in an 8 in. diameter rotary kiln, but con-tinuous bloating without ring formation in the kiln was not achieved. Steam,,-oxygen,, sulphur dioxide and carbon dioxide have been, suggested. as the agents of bloating. An examina-tion of .. the evidence : `leads to the conclusion that carbon dioxide derived from. carbonate minerals is likely to be the principal bloating agent. Attempts to bloat clays by the addition of mica were.not successful.

Jan 1, 1963

In 1965, Peter Flawn author of the famous text-book on Mineral Resources (1966) published a paper in Economic Geology with the delightful title `Who took the `Economic' out of Economic Geology?'. He opened this most interesting article with the following paragraph:If one were called upon to cite an example of a fish out-of-water he could hardly pick a better one than a recent graduate of geology of an America university who is suddenly faced with the responsibility of evaluating or appraising a mineral property. And I venture to say that the 'ftsh' with a doctorate - even in economic geology - is not much better equipped than one holding a lesser degree. The new graduate with a major in economic geology probably knows the significance of the various sulphur isotopes, he surely knows a great deal about the chemistry of the ore forming fluids and he recites with ease the arguments which prove deposits are epigenetic rather than syngenetic. However he is a rare bird indeed if he knows anything about the economics of the mineral industry. The truth is that geologists who are engaged in evaluation work are largely self taught. I ask my more distinguished and experienced colleagues - `Has it always been this way? Who took the `economic' out of economic geology?

Jan 1, 1993

By Nettle W. H V

THE past few years have seen a considerable expansion of the roasting of blende in Australia. The bulk of this blende is Zinciferous concentrate from Broken Hill and now forms a very considerable source of sulphur for the acid manufacture. It will bereadily conceded that Australian sentiment is in favour of utilising all known potential wealth, especially that won from below ground, as this once disposed of is gone forever. If Australia does not make sulphuric acid from her sulphide ores we may be sure that the purchaser of these ores will do so if in any way possible. It must not be assumed, then, that the difficulties met are mentioned with the idea of undue criticism, but rather to show that, although most of the intial troubles have been overcome, there are still a few to be encountered; and with the hope that comment brought forth will aid in the solution of the problems facing an industry at present little more than in its childhood as far as Australia is concerned.Blende roasting is done in mechanical furnaces of various makes, and mostly without the aid of other fuel than the sulphur in the ore. It will be our aim to touch on the various difficulties in the order in which they occur in the train from furnace to acid plant.

Jan 1, 1926

The weathering of different types of base metal deposits in the semi-arid environment of the Lachlan Fold Belt of western New South Wales affects the geochemistry of outcropping ironstones (gossans) and derived soils. W eathering of the pyrite- and pyrrhotite-rich mineralisation at the Elura Zn-Pb-Ag deposit leads to highly acidic conditions and strong depletion of Cd and Zn throughout the profile. There are local attainments of high concentrations of Ag, As, Ba, Cu, Hg, Pb, Sb and Sn in the profile and As, Ba, Pb and Sb are still highly anomalous in surficial material (ironstone and soil). However, at Parkers Hill, in the Mineral Hill Field, the primary Zn-Pb mineralisation is pyrite-poor and so weathering is not as acidic as at Elura. Thus, although Ag, As, Cd, Cu, Sb and Zn may be concentrated at various levels in the Parkers Hill weathering profile, Cu and Zn (as well as As, Pb and Sb) are retained in surficial ironstones in essentially the same abundances as in primary mineralisation. Thus, variations in the suite of geochemical indicators present in ironstones and residual soils are likely to reflect differences in the original mineralogy and the degree of acidity produced during the weathering of base metal mineralisation. Hence, an understanding of weathering processes is necessary to fully interpret exploration geochemical data.

Jan 1, 2004

By G A. Davis, D G. Laughton

The great variability of mineral and energy prices has motivated some governments to incorporate a windfall profits tax into their mineral taxation regimes. Windfall profits taxes are a means for governments to capture additional mineral revenue when mineral prices are considered higher than some historic level. Governments need to be aware of the effects of such contingent taxes on the exploration, development and operating decisions of mining companies. Mining companies need to be able to calculate the full impact of windfall profits taxes on the economics of their projects. This paper examines the valuation of a multi-phase copper-gold project in the presence of a windfall profits tax. Real options Monte Carlo simulation is used to characterise the different exposures of the mine owner and of the government to the risky cash flow streams that they receive from the project. The results highlight that Monte Carlo simulation paired with the real option valuation method is able to account appropriately for the differing risk exposures, while the traditional discounted cash flow valuation model is not. Our key conclusion for governments and mining companies is that the impact of contingent tax and royalty terms can and should be assessed using advanced valuation techniques, and the results used to improve contract designs under the constraint of actual and perceived fiscal system stability.

Jan 1, 2007

A methodology is described to integrate heap leaching into a CIP operation. The paper firstly describes what is meant by a 'systems approach'. A broad view of the objectives of integration of heap leaching into CIP is given, followed by the components of the system, and then a description of the methodology for integration. The seven stages of integration are given as determination of distribution of gold, sampling, metallurgical testwork, conceptual study, pilot heap operation, pit modelling and pit optimisation. The final result is a series of optimised curves which determine the maximum value of the orebody, and the optimum cut-over grade from CIP to heap leaching.

Jan 1, 1992

Because of the mineralogical complexity of nickeliferous laterites, most commercial and laboratory extractive processes require the ore to be blended to a feed of "constant" chemical composition. Even using the "constant" feed there are significant variations in processing behaviour within and between different feed lots. Chemical and mineralogical analyses of lumps of ore taken from the Yabulu stockpile of Queensland Nickel have highlighted the complex- ity of the ore making up the blended feed material. Each sample has been subjected to acid leaching and reduction/ammonia leaching tests and the results correlated with the mineralogical location of the nickel. The consequences of the variability in ease of leaching of the nickel are indicated.

Jan 1, 1978

This paper discusses the significant land use changes that have occurred in the Latrobe Valley during 150 years of white occupation. The developments and changes were haphazard and made with little thought as to their setting or their environmental consequences. As a result many landscape and land management problems have not been addressed.This paper contends that the mistakes will continue unless an overall plan for the landscape of the area is developed and implemented. The concept of 'Greening the Valley' is introduced. It aims to provide focus for a comprehensive co-ordinated plan which caters for the need to restore the landscape and the need to provide for future land use. The plan will seek to draw on three major landscape features of the Latrobe Valley: the natural setting of the hills, rivers, valleys and forests; the agricultural land use including the forestry plantations; and the industrial complexes and urban areas.Rehabilitation of mining areas is a key element of the plan but must be put in a regional context and not be treated as an isolated function of a single organisation. A major challenge will be to integrate the worked out areas into useful and significant landscapes. The paper concludes by explaining the process that will be followed in an attempt to realise the concept.

Jan 1, 1992

By Rolley P

In the course of reviewing grade control practices at the Marvel Loch gold mine in Western Australia in 1992, FSSI Consultants developed and implemented a novel approach to ore selection using a method to maximise financial return (the MP method*). The approach was based on improved grade control sampling and an ore selection method which directly incorporates both a measure of the uncertainty in knowing the true grade of selection units in the definition of ore, as well as the operating cost and revenue parameters of the mining operation. During the past four years, FSSI Consultants have evaluated and refined the use of this approach and have implemented customised variations of the MP method at seven gold mines and a gold-copper mine in Australia. The previous methods of ore selection at most of these operations were based mainly on polygonal - sectional methods of grade estimation. At all of the sites where grade control optimisation has been given a fair trial over several months of production, the use of the MP method has been consistently rewarding to the mining operations. The benefits include increased run of mine ore stockpiles and low-grade stockpiles and decreased fluctuation in the production grade. Most operations have also benefited from a consistent ability to improve production grade through high-grading of the increased ore production. The increase in ore production has the logical benefit of reducing stripping ratios, increasing mine profitability and mine life.

Jan 1, 1997

By Eoffe SW

The wide application of computers in beneficiation plants has resulted in the creation of a number of complex automatic control systems at all stages of ore dressing processes. To create such systems it is necessary to solve complex problems of analysis and calculation. The application of computers to solve these problems demands development of simple and effective methods of investigation and simulation of ore dressing process dynamics because all the known methods are complicated in usage and cannot guarantee the desired accuracy and quality of process control. A new grapho-analytical method of investigation and calculation of ore dressing flow sheet dynamics, worked out by the authors of this paper, is based on proportion method development and is used to construct dynamic characteristics of the investigated processes. It is possible to use the given method for investigating benefication schemes with flotation machines having non-linear static characteristics and circulating loads. The suggested method of investigation of concentration flow sheet dynamics allows us to obtain dynamic characteristics of technological process parameters in both linear and non-linear systems. Moreover, the final result can be obtained without labour consuming analytical calculations by a simple graphical construction based on the static characteristics of the known equipment and processes.

Jan 1, 1993

THIS instrument, depends on the principle that, over a short period, the surfaee of a porous substance from which a liquid is evaporating receives the same amount of heat by conduction, convection, and radiation as it loses in the latent heat of the evaporating liquid. If, then, the amount of heat being received by a surface can be measured, the rate of evaporation can also be obtained. The Kata thermometer is also based on this principle differently applied.The instrument, as shown in Fig. 1, consists essentially of a thermometer with a sliding which is divided by three pointers into two equal parts which may be spaced so as to cover a distance of, for example, 5° of the thermometer scale. The instrument is calibrated so that the amount of heat required per unit area of the bulb to raise the menissus is known. The method of using the instrument is as follows:The slide is first set so that thc central pointer is at the temperature of the evaporating surface.The thermometer is cooled by any convenient means so that the meniscus is several below the lowest pointer. The thermometer is then placed near the evaporating surface, when the Ineniscus begins to rise and the time taken for it to rise from the lowest to the top pointer is measured. From this and the calibration results the amount of heat retained per unit area of the bulb at the mean temperature...

Jan 1, 1928