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This paper provides a financial perspective to the valuation of Australian resource companies and projects. Valuation exercises need, however, to be seen in the broader context of a thorough business appraisal, one that incorporates all disciplines employed in the resources industry. Fine tuning a discount rate or determining a particular capital structure is likely to be less important to valuation than an adequate understanding of industry dynamics and a company's likely performance in future years.

Jan 1, 1989

For the last decade Australia has been the leading exporter of both steam and coking coal. In the ten-year period 1989 - 1998 steam coal exports increased by 93 per cent and metallurgical coal exports increased by 50 per cent. However, profitability of the steam coal sector has been disappointing. The coking coal sector, especially the hard coking coal segment, has fared better but its profitability was more because of its ability to maintain relatively high prices rather than its inherent productivity. Until quite recently the Australian coking coal sector was widely expected to be able to maintain this comfortable state without undue effort for the three major æpartnersÆ; the companies, the State Government and the unions. But coking coal could now be heading down the path followed by steam coal that ends with long-term over-supply and, despite steady improvements in productivity, poor profitability. Steam coal entered the ænewÆ era of long-term over-supply some years ago. Over-supply was due to the rapid increase in production in Indonesia, often from new mines and Australia. AustraliaÆs production rise was underlain by the apparent belief that the best way to lower costs was to increase production. In the first couple of years costs didnÆt fall much but the additional tonnage was sold at lower and lower prices into the spot market. By mid-1998 the difference between the contract price set with Japanese utilities and spot sales was often in excess of $US12 per tonne. Japanese contract prices and tonnages have since fallen significantly. Steam coal has moved from being a product to being a commodity. Any profits are due more to the low Australian dollar rather than inherent mine productivity. Seaborne coking coal trade has been dominated by Australia, Canada and the USA, with the USA becoming less competitive. Unfortunately, when the Queensland capacity expansion was well down the pipeline, the Asian financial crisis occurred and the Japanese economy entered what appears to be a long-term recession. Contract prices fell 18 per cent, tonnages decreased and some mines have been reclassified as supplying lower priced coking coal. The paper analyses past and expected future trends in labour and mine productivity, rail freight and FOB export port cash and total costs of the Australian steam coal and coking coal sectors and discusses the market outlook for Australia. The future economic viability of the industry is analysed and discussed in the light of the rapidly changing global environment.

Jan 1, 2000

By Diehl GW, Kuntonen J

The Tamrock all-hydraulic rock drilling system 400 has been developed to cover as wide a drilling range as possible, from 35 mm holes in tunnelling, roofbolting and development work to 64mm holes in long hole production drilling. Field experience during the last five years shows that the Tamrock drill covers this range in a way that no other rock drill on the market does and recently the range has been success- fully further expanded to cover bench drilling with 76 mm holes.

Jan 1, 1978

The subject of octanes and knock in petrol engines is of general interest, not only to the engineers and chemists in the petroleum and automotive industries, but also to the motorist who wishes to see some light through the haze of propaganda regarding "super" petrols. A mixture of petrol vapour and air will explode when a spark is passed through it if it contains more than one and a half per cent. or less than six per cent. of petrol vapour by volume. In a petrol engine the mixture has to be within the explosive range before it will operate. When the spark is passed it 'ignites the petrol vapour-air mixture which burns with rapid but finite progress of the flame front 'through the unburnt gases in much the same manner that a charge of dynamite is consumed. The turbulence of the gases in the cylinder under normal operating conditions more than doubles the velocity of the flame front and enables the combustion to be completed by the end of the working (expansion) stroke:KNOCKIf the cylinder head 'is poorly designed or is covered with a deposit of carbon, it is possible for "hot spots" to develop, and these can ignite the mixture before the spark is passed. This pre-ignition gives rise to an engine knock but is accompanied by a dull thud rather than the ringing knock associated with the true "knocking" found in a petrol engine and attributed to the detonation of the mixture. Until a few years ago it was thought that this detonation was due to a shock wave produced by the rapid combustion of the mixture, and sufficiently intense to cause ignition of...

Jan 1, 1951

By Mance G

Today there are many different techniques of soil remediation used in Australia and throughout the world. This paper considers the thermal desorption remediation technique and, in particular, the application of high temperature filtration to the process. The thermal desorption technique involves the treatment of hydrocarbon (oil, petrol, etc) contaminated soil. The process involves heating the soil in a retort or kiln to drive off the volatile organic contaminants. The exit gas stream from the retort is subsequently passed through an after burner to thermally oxidise the hydrocarbons. This technique produces soil and combustion gas streams which are free of hydrocarbons. Due to the heating and agitation of the soil within the retort, soil particles become entrained in the hot gas stream. To avoid the blockage and fouling of the system's interim ductwork and the afterburner, high temperature filtration technology has been applied to remove these soil particulates without cooling the gas Stream.

Jan 1, 1995

By Fitchett K

Refractory application in the major iron and steelmaking units are discussed. Mechanis- ms of refractory consumption as revealed by pre- vious studies are reviewed and current practice is evaluated. Deficiencies in refractories now in use are noted and some lines of development are indicated. The iron and steelmaking units discussed are generally restricted to those subject to slagging, structural change or erosion at steel or iron making temperatures, and include the Blast Furnace, Hot Blast Stoves, Hot Metal Ladles, Basic Oxygen Furnaces, Continuous Cast- ing Units and Steel Teeming Ladles.

Jan 1, 1972

I have been asked to speak today on the topic of Project Finance in the Mining Industry. Through this presentation, I hope to give you a broad outline of the concept of project finance. The first half of the presentation covers the principles involved in project finance and the second half moves to aspects more specific to the mining industry. I have worked for 3 years at Rothschild Australia. Rothschild provide finance for projects in the mining industry, world wide. We finance both large and small projects, with facilities varying from $2m to $100m.

Jan 1, 1990

In order to see the sand mining industry in the context of the coastal plain environment, the following points are noted. The coastal plain comprises several different geomorphological and ecological entities, some or all of which may be profoundly different from their condition before European colonisation, Sand mining is only one of a number of competing land uses which modify the environment of a given area. The frontal dune system in particular has undergone considerable deterioration and with the pressures of an ever increasing population, this deterioration will accelerate until an adequate control policy is Implemented.

Jan 1, 1971

By Henderson J, Ward RG

Dissolved oxygen has been measured directly using a rugged, reliable, accurate electrochemical probe system developed for steelworks application by B.H.P. Central Research Laboratories. Furnace measurements show that the steel is generally supersaturated with oxygen and that oxygen contents vary considerably from heat. to heat. Ladle measurements also show considerable heat-to-heat variations. Analysis in terms of ladle deoxidation chemistry differentiates between carbon monoxide controlled and manganese silicate controlled oxygen levels. Deviations from these levels are sometimes due to aluminium present in other added ladle alloys but in some cases the plant applicability of laboratory derived equilibria is questionable.

Jan 1, 1972

Pulverised coal firing was pioneered in the cement industry prior to the turn of the century. Ash from the coal is absorbed into the mix in the kiln and replaces secondary materials. With high purity limestone coal with high ash content can be used. Fuel cost is a major part of the total manufacturing cost. Cement plants are thus quick to respond to fuel price changes and will use low grade fuels if there is a price advantage. Combustion conditions in a cement kiln differ markedly from a boiler. Flame length is determined by air/fuel mixing but because of fixed secondary air conditions this depends on primary air momentum. Volatile content has some effect on flame length but this can be offset by coal fineness. Much of the heat for cement production is for limestone calcination which is a low grade energy requirement. By allowing long residence time in separate direct fired vessels which then feed the high temperature kiln the energy of materials such as oil shale, tyres and lump lignite can be utilised.

Jan 1, 1987

Cominco Ltd's Polaris Mine in Canada's High Arctic has been successfully mining zinc ore in permafrost since 1981. Mining methods using frozen backfill have been the key to success. The mine is now producing about 60 per cent of the ore from pillars while maintaining high productivities. Annual ore production is just over one million tonnes providing more than 200 000 tonnes of zinc concentrate each year. Cominco Ltd has adapted management and operating practices to suit the harsh environment and the isolated site, and has shown that a profitable development can be carried out in the tough Arctic conditions, with minimum impact on the environment.

Jan 1, 1993

By M Yahyaei, M S. Powell

Mineral processing plants have become large and complex, generally through progressive expansions. Addition of a pre-crushing stage to conventional Semi-Autogenous-Grinding (SAG) and ball mill - crushing (SABC) circuits has introduced a complex materials handling system coping with +200 mm particles. Application of High Pressure Grinding Rolls (HPGRs) and implementing hybrid comminution circuits (ie, HPGR-SAG mill) requires proactive control of the feed size distribution to each unit. Application of Vertical Tower Mills (VTMs) and other fine grinding equipment to achieve a finer grind size, while maintaining the throughput, requires splitting the feed evenly between parallel units. Many of the conventional comminution circuits (ie, staged crushing and screening followed by staged ball milling) must deal with the transition from open pit ore, which is generally altered and soft, to underground ore, which is intact and hard, requiring existing crushers to produce a finer product to unload the ball mills.This paper presents common process improvement opportunities which have been identified during a number plant process reviews conducted by the authors in Australian and international operations. The operation of comminution circuits to known and accepted standards, which is explained in this paper, could improve the performance of circuits by between 5 and 10 per cent, generally at no capital cost and often at a lower operating cost. The performance improvement can be realised as throughput increase, a finer product size, or reduced operating costs (ie, energy saving, low maintenance, less consumables).Process optimisation opportunities presented in this paper include: enhancing materials handling and storage to avoid segregation; standard operation of screens to reduce misplaced materials; proper feeding arrangement and control of crushers to increase their utilisation; preparing proper feed for SAG mills to reduce grind size; splitting the feed evenly between parallel equipment to improve utilisation, and controlling operation of classification units to improve energy utilisation.CITATION:Yahyaei, M and Powell, M S, 2018. Production improvement opportunities in comminution circuits, in Proceedings 14th AusIMM Mill Operators' Conference 2018, pp 233–248 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 29, 2018

The Australian underground contract mining industry has grown from almost nothing 25 years ago to the point today where half the countryÆs underground mines are using contractors to produce their ore and do their development. This growth was driven by the need to change poor industrial relations and work practices in sectors of the industry, along with the needs of many small gold mine owners to preserve their capital by using contractors to do their mining. The industry is dominated by two major privately owned contractors with a number of other publicly and privately owned contractors making up the balance of the market. This paper discusses the important trends in the contract mining industry and the directions it may take in the next few years.

Jan 1, 2005

By Davis A, Song J

A review of the literature indicated that several studies have been reported on the dissolution of gold using iodide/iodine, bromide/bromine leaching systems. Although the reagent costs are much cheaper for chloride/chlorine (or hypochlorite) this system has not been fully evaluated. This study was conducted to evaluate the fundamental chemistry of the chloride/hypochlorite leaching system. The CHEMIX program was used to model the stability of various gold species existing in the solution. The gold dissolution rate at different conditions was determined using gold strips immersed in various mixtures of chloride/hypochlorite. Leaching experiments were conducted to test the extraction of gold from various ores (oxidised and copper-gold ores), showing a promising prospect for this technique in various applications.

Jan 1, 1992

Because of the work of the pioneers of sampling theory, we know the principles, test work and equations to use to design sampling systems to meet targets for precision and accuracy. However, we do not see such æproperÆ systems deployed everywhere a sample is obtained around mineral processing plants. In many cases, we do not have solutions that satisfy all of the theoretical, economic and practical considerations. There are some well-known problems, such as high-volume streams with wide size distributions combined with a sparse valuable component that is heterogeneously distributed (such as gold ore SAG mill feeds). However, other difficult sampling issues are common, such as streams which vary widely over a day in flow rate and slurry density (many flotation concentrates), and loaded CIP carbon on transfer to elution. Inventory measurement issues abound, especially for leaching operations where daily inventory change is significant for metallurgical accounting. The result is that operators realise that although they issue reports daily, they do not know what is actually going on in their plant on a daily basis with sufficient confidence to quickly diagnose problems or confidently predict the benefits of potential enhancements. The industry needs practical and economic solutions that can be awarded the ætheoretically correct samplerÆ tick in order to better understand and optimise their processes.

Jan 1, 2008

By G Mulder, M Adams

Since the introduction of raiseboring 30 years ago there have been many operational and mechanical design improvements in the raiseboring machine, its reamers and associated cutters. These have now made the technology of raiseboring a routine and practical operation within the underground mining world. Over the last decade these advances have been aided by the introduction of robust automation packages which have allowed unattended drilling and reaming, real time performance monitoring and enhancement and the rapid diagnostic investigation of mechanical and electrical abnormalities. The constraint to higher raiseboring performance is now the drill string. However when it comes to a cost-effective solution of applying the high drill string torque and tension necessary for the next step change in performance, designers have æhit the wallÆ. Whilst carbon fiber reinforced plastic composites with abrasive resistant sheaths may offer a solution, the limit of conventional steel, drill string technology has been reached. This limit to advancement is however based on the drill string being in tension and alternative solutions may exist by literally turning the raiseboring paradigm on its head. This paper describes the story of a small Australian company engaged in the design and manufacture of mechanical excavation machines, two Australian raiseboring contractors and three Australian mines going against tradition and pushing down rather than pulling up.

Jan 1, 1998

In contrast to the '50s and '60s, the period of the '80s and '90s seems likely to have low growth in demand but much greater levels of technological change. In such a climate there will be pressure on costs, productivity will continue to rise and competitiveness will be closely associated with maintenance of the most effective technology. The penalties for inappropriate investments, whether short sighted or mistakenly based on a particular view of the future, will be greatly enhanced. Accordingly, there will be a need for significantly improved anticipation of technical change and thus for better planning. Study of the funding and direction of the world's R&D effort can provide a useful input to the planning processes within industries and individual firms. Such a study also suggests some insights into the characteristics of those countries which have achieved substantial growth and high standards of living over the past two decades. These characteristics may offer significant reminders for our own development. The particular implications for the Australian minerals industry include the need for direction that is sensitive to changing market requirements and customer practice. This is not simply "more of the same." In particular it appears essential for both basic and applied R&D to provide a sound basis for the purchase and ongoing development of the new technology required to achieve international Competitiveness.

Jan 1, 1986

By S Choy

Aquatic macroinvertebrates have been used as a monitoring tool for many years. They are ubiquitous and occupy a central role in the ecology of rivers. They are a key link in the aquatic food chain, forming a pathway between primary producers (such as algae and macrophytes) and predators (such as fish, platypus and birds), and some are sensitive to flow conditions, water quality and habitat condition. They are not very mobile and are good indicators of local impacts. As most aquatic macroinvertebrates are benthic, they are better able to integrate effects of changes in water quality, and habitat condition and structure. Their diversity is crucial to the maintenance of a balanced, functioning and healthy river ecosystem. Thus, data on benthic macroinvertebrate community structures can be used for predicting potential impact, assessing the extent of damage and for gauging recovery from damage. Over the past eight years, State agencies throughout Australia, through the National River Health Program have developed models (AusRivAS) to assess river health using macroinvertebrate communities. The Queensland Department of Natural Resources and Mines has sampled both macroinvertebrates and water quality throughout Queensland, including areas affected by mine discharges. This paper will assess results obtained from sampling in the Mt Morgan area to illustrate the usefulness of this method of river health assessment.

Jan 1, 2003

By Connor J. W

Nifty Copper Operations was established to treat a copper orebody situated in the East Pilbara area of North West WA, located approximately 70 km west of Telfer in the Great Sandy Desert. The plant was designed to treat the oxidised portion of the orebody with underground development following at a later date. Nifty was designed to produce 16 500 tpa of copper cathode. This will increase with treatment of the chalcopyrite ore (underground resource). Ore processing is similar to other operations of this type but has its unique challenges. Problems discussed are: fine clay minerals which hinder percolation; oxidation of organic by manganese in the electrolyte; crud formation by clays; third phase emulsions; and organic carryover into the electrowinning tankhouse. As the orebody utilisation progresses, some sulphide material will require leaching and further investigations into liquor chemistry.

Jan 1, 1996

A large scale distributed process con-trol system has been successfully applied to the automatic control of aluminium reduction cells at Boyne Smelters. A three stage hierarchy of minicomputers and microcomputers is used to continuously monitor and control conditions in each cell and to manage the data generated during the process.The automation hardware was purchased on the basis of low cost, high reliability, prior use in the aluminium industry and a high level of backup under failure conditions. The hardware has met performance criteria to date.The process control strategies have continually been updated to minimise the energy and raw material consumptions in each cell. A major change to systems software has recently been made to decrease the development time for-future changes. Various low energy potline retrofit alterations are currently being investigated requiring significant changes to the process control strategies.

Jan 1, 1985