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The title of my address today is "Oil and Gas Valuations - A Simplistic View of Some Critical Issues". Alternatively I could have called this address "Pitfalls for investors' and corporates in accessing Independent Experts Reports" 'as in this brief 12 minute talk I will briefly comment on some common misconceptions with regard to the valuation of exploration areas and production interests, and comment on how the draft release guidelines address these issues.

Jan 1, 1989

By N J. Beukes, J Gutzmer, C Reinke, M Bau

In this study the light sparse phase search (SPL_Lt) mode on the Mineral Liberation Analyser (MLA) was successfully used to identify and quantify the abundance of rare earth element (REE) phosphates in Precambrian iron formations. Monazite (light REE phosphate) and xenotime (Y and heavy REE phosphate) are identified and data from the MLA combined with the mineral chemistry of the two minerals are used to calculate and model the expected REE concentration and distribution in these two REE phosphates. The REE phosphates account for up to 31 per cent of the REEs in the banded iron formations (BIFs) and excellent correspondence is observed between the modelled REE patterns and the whole rock geochemical data available for the same samples. Except for quantifying the mineral weights, the sparse phase search also allows for the localisation of REE phosphate grains and the observation of their association with other minerals using backscatter electron (BSE) imaging. These observations are used to conclude that the REE phosphates were most likely of diagenetic origin, with REEs and phosphate remobilised from primary chemical precipitates. It is demonstrated that automated mineralogical techniques can be used to qualitatively and quantitatively describe the influence of a rockÆs trace mineralogy on its geochemistry.

Jan 1, 2008

It's a great pleasure to be here today, for a whole series of reasons. First of all, when I first went to Perth back in 1972, I shortly afterwards began auditing and one of the people to pick on me when I audited the West Australian Newspaper at that time was Patrick O'Connor's father. One way to win a person across when you're auditing and getting picked on is by showing an interest in their children, so I did that and employed Patrick in our firm. In those days, conflicts of interest didn't occur. When I started Normandy, Patrick was one of the first people I went to get to work with me. He very unwisely chose to leave at one stage and you can see he's done extremely well by not staying with us. So it's lovely to have you here today, Patrick. The difference between Patrick and me, now, is that he's kept his hair, and if you're tall enough you can see I haven't.

Jan 1, 1997

IN carrying out experiments to determine the amount of metal taken away by fume or fine dust the apparatus used requires to be strong and compact, as it is generaIIy necessary to work on a staging fixed at considerable distance above the ground and against a smoke stack or flue. It is essential that the test be carried out at a part of the stack welI away from any bends, to prevent eddies. The method described below has been used for estimating the dust losses from Dwight & Lloyd sintering machines, antimony drossing furnaces, pot sintering trials, etc., and has been founc! satisfaetory. It is welI to bear in mind that the longer the period over which dust coIIection is extended, the more valuable the result is likely to be. The rateof aspiration of the gases through the apparatus is kept as regular as possible by changing the filter thimbles frequently, and the rate of flow should correspond closely with the rate of flow of the gases up the stack.The apparatus required for carrying out a test is as folIows :-{a) Thermometers : two are required, one for taking the temperature of the gas in the stack and one for giving the temperature of the gas in the aspirating drum. If the temperature in the stack is over 400° C., it is advisable to use a pyrometer such as the "Bristol" the couple being standardized before use at about the temperature of the stack.(b) Pilot Tube: The foIIowing sketch (Fig. 1) iIIustrates the principle of the pitot tube. The readings are to be taken in a straight flue, or stack, preferably 20 diam. away from any bend. A, which is open, faces the air current and...

Jan 1, 1922

By Cox N

Fragmentation control is perhaps the most critical aspect of quarrying operations, potentially impacting on the costs of all down stream processes, and sometimes even on the economic viability of an operation. The focal points of studies to control fragmentation are generally the pattern of blastholes, the accuracy of drilling, and the most appropriate powder factor. Recent studies suggest that the performance, and consistency of performance, of explosive detonation in the blastholes may also be a significant factor impacting on blast performance in hard rock quarries. This paper presents the results of studies of bulk emulsion and watergel explosive performance, using blasthole velocity of detonation measurements, and its impact on fragmentation. Field studies show a strong correlation between blasthole VoD and blast fragmentation. Another aspect of explosive performance impacting on ease of excavation of blasted rock is muckpile displacement, from which estimates of effective heave energy have been made for different bulk slurry (emulsion and watergel) products.

Jan 1, 1995

The development of metallurgical training is briefly reviewed. The reasons for the current trend for Metallurgy Schools to become Schools of Materials Engineering or Materials Science are mentioned as is the role of Departments of Chemical Engineering in the teaching of extraction metallurgy. Some problems on academic staff recruit- ment are highlighted and predictions concerning future difficulties in industry getting adequately trained professional staff are made. The need for a special effort to attract and retain the best undergraduate students is put Forward.

Jan 1, 1987

By K Whelan

The Land Access Branch of the Mines Division of the Northern Territory Department of Mines and Energy is responsible for Aboriginal Liaison and cross-cultural matters that affect the Department. In essence, it exists to provide a basis for communication between the Department, industry. Aboriginal organisations and Traditional Owners. The paper outlines the various ways in which this is accomplished including the preparation of detriment submissions for pending land claim hearings, the use of promotional material to support access to Aboriginal Land for NTGS Mapping Programs and field work, and advice/assistance on exploration and mining issues.

Jan 1, 1994

By R W. Wilson, F H. von Glehn

With ever-increasing energy costs and the modern focus on system efficiencies, the practice of æventilation-on-demandÆ is gaining momentum. Several examples, ranging from paper studies to practical examples have been recorded and another recent case study is presented here to encourage the practice. In comparison, æcooling-on-demandÆ has received far less attention. This paper explores the possible merits of this practice by investigating the theoretical response of cool intake airways and the thermal interaction between the air and the rock, in order to gain a better understanding of the system behaviour and to quantify the possible savings. A case study is presented that demonstrates the improvements that can be achieved. Recent developments that allow live interaction between ventilation network models and on-line monitoring systems, have the potential for intelligent active control and alarming of ventilation and cooling networks. This will facilitate and maximise the benefits to be derived from ventilation and cooling-on-demand.

Jan 1, 2005

By G Solly, S Parsons, P Leevers, S Ni

Hematite ore has been mined in the Southern Middleback Ranges as blast furnace feed for the steelworks at Whyalla, by what was then BHP, since 1991. With the floating of BHP Integrated Steel as OneSteel in 2001 and the subsequent loss of key mining personnel, breakdowns in grade control methods and procedures occurred. These were compounded by changes in orebody characteristics and grade distribution leading to poor reserve recovery and poor grade control, both which resulted in loss of control of ore specification and severe deviation from the mining schedule. As a result, a total review of grade control, mining method and scheduling procedures was undertaken as well as a review of contractor quality assurance. It was found that sampling methods were poor and unrepresentative, grade control blocking processes were outdated and did not reflect the geology of the deposit, the ore mining method was outdated and did not respect the geometry of the orebody, reconciliation methods were being completed globally and were not reflective of individual areas of the deposit, and that deviations from the mine plan were occurring due to access to high-grade areas outside the schedule in order to bring stockpiles back on grade. Based on these findings, updated sample splitter systems were fitted to drill hole rigs, double bench sampling was implemented (2 + 4 m samples as opposed to 1 + 8 m sample) and a three-dimensional cellular grade control system introduced to better reflect the geology and orientation of the deposit. At the same time ore mining was changed from front end loaders mining on 8 m benches to excavator mining on three lifts on 8 m benches; this aided selectivity and respected the geometry of the orebodies aiding cleaner recovery. Reconciliation is now completed on a blast-by-blast basis, which allows for quick and easy identification of poorly performing areas of the resource model that can then be incorporated back into resource model updates. Regular daily and weekly meetings are also held with emphasis on the mining schedule to ensure no deviation from the schedule in the long term. These improvements have resulted in a lift in reserve recovery both globally and locally associated at the same time with improvement in grade.

Jan 1, 2005

By P Pelletier, J Tessier, C Duchesne

This paper summarises research into the study of the control of flotation processes based on froth images. A review of the froth flotation operation background and the relevance and role of the froth phase are presented. The use of numerical image analysis techniques for the extraction of significant patterns from industrial flotation froths is discussed. First, the froth was analysed by the use of the multivariate image analysis (MIA) method to extract the spectral variation contained in a RBG image. The partial least squares (PLS) method was applied to develop an empirical model for the prediction of froth grade. The results of this application are illustrated using an industrial case study. Second, the froth was also analysed by grey-level co-occurrence matrix (GLCM) and wavelet transform analysis (WTA) to extract features related more to morphological aspects. Since there is useful information hidden in froth texture, these methods are used as texture descriptor to classify different types of froths. They also provide qualitative information on the changes in the visual appearance of the froth. The pros and the cons of those methods are highlighted. Third, a control strategy based on a froth structure indicator was developed and implemented on an industrial zinc flotation circuit. The feedback controller uses the reagent flow-rate in order to maintain the froth structure at its set point. Process improvements obtained from the implemented control strategy are highlighted. Finally, the feasibility of implementing a hybrid control strategy consisting in a froth structure supervision controller based on the froth concentrate grade estimated by MIA and recovery inferred by image analysis is discussed.

Jan 1, 2005

By Sharwood M

Welcome to the morning of the second day of Minval '89. There are some three hundred and fifty of us here today. That represents certainly the most influential gathering of the mining and investment community in Sydney for a very long time, and on behalf of the Institute I bid you all a very great welcome. Due to the pilots' strike some of you have arrived by very unusual methods and others have travelled long distances. So for those of you that have made a special effort, thank you very much. Inevitably some people have not been able to get to Sydney and this has led to some minor programme changes. I'd like to thank our sponsors. Our underwriting sponsors are Energy Resources of Australia, Neil Cole & Associates, Resource Finance Corporation and Robertson Australia Limited, and to those firms thank you very much. To our major sponsors, County NatWest, I would like to say a particular thank you. County is the lead sponsor for Minval '89. They've :made an important contribution to the programme, and we're indebted to them for this support. We look forward to County's continuing involvement in the programme today. County NatWest is a major participant in the Australian equities markets and a growing merchant banking organisation in this country. It's parent organisation, National Westminster Bank, isa leading UK domiciled bank which is also active in Australia. This session is the Pancontinental Mining Ltd sponsored session, and I'd like to record the gratitude of the Australasian Institute of Mining and Metallurgy to Pancontinental for its generosity in sponsoring the session. This morning's session focuses on valuation and follows on from yesterday's proceedings which looked particularly at the impact of NCSC draft Policy Release Number 149. Robert de Crespigny, who was to have been the Chairman of this morning's session, has had some special problems with the pilots' strike.So we have the privilage to have in his stead Michael Sharwood.

Jan 1, 1989

By J B. Farrow

The AJ Parker Cooperative Research Centre for Hydrometallurgy carries out research on behalf of, and in collaboration with, the Australian mining industry. As might be expected, much of its research is directed towards improving the efficiency of alumina and gold processing plants. However, the Centre also carries out research of relevance to base and other metal producers. A key element in its work is the successful transfer of its technology to the companies with which it is working. In general, this is achieved in the following five steps:definition of the problem through discussions with the company commissioning the research; execution of the research; assessment of the research findings; testing of the research findings by pilot plant or on-site trials; and implementation of the results on the full-scale. This pattern is exemplified by the work carried out by the Centre to improve the performance of gravity thickeners which are used throughout the minerals industry for solid-liquid separation. The research has focussed mainly on ways to optimise the use of flocculants (long chain polymers) to enhance thickener performance. It has been shown that the way the flocculant is mixed with the slurry is of profound importance. Computational fluid dynamics modelling of the feedwell region of thickeners and laboratory and plant flocculation studies have been used to determine better ways to contact the flocculant with the feed slurry. Implementation of these and other findings on the full-scale confirmed that improvements in thickener performance were indeed possible. As a result of this AMIRA funded thickener technology work, there have been considerable savings to a number of Australian mineral processing companies, through improved operation, higher throughputs and flocculant savings.

Jan 1, 2000

Natural leaching of minerals has been recorded for some two millenia but surprisingly only in recent years has enough been known of the process for any serious design to be made. Copper has been recovered from natural mine waters since about the 17th century but again little progress was made in de- sign procedures until recently. Natural or dump leaching was started as a recovery process late in the 19th century and in the years up to the classic study of Taylor and Whelan in 1943 a series of impirical optimis- ations made it a valuable process for treating low grade or waste material. The biological nature of Sulphide leaching was proven by Colmer and Hinkle in 1947 and since then a large mass of data has accumulated on the microbiology, biochemistry, and response of ores to this form of attack. In spite of this knowledge and the vast amount of pract- ical experience available there are few recorded attempts to present methods of calculation or design procedures that can be used for setting up a leaching process. A framework is given here on which such procedures can be based and indications given of the inherent advantages and limitations of the process,

Jan 1, 1969

By H Rouhullahi, E B. Veshki an, R Kottnauer

The Galandrud coalfield is located approximately 20 km south from the coast of the Caspian Sea, Ruyan town, on the north slopes of the Alborz mountain range, in the elevation between 500 m (the Galand River valley) and 1350 m. For the time being, 32 coal seams (generally of small thickness û 0.8 m on average) have been recognised within the. On the other hand 72 coal banks of balanced properties have been included in reserve calculation, which means that some of the seams consist of several banks. The general dip of strata belonging to the south limb is about 30¦ to the South (with drags close to the south overthrust, where the dip reaches 85¦), while the dip of beds at the north limb is rather steep and usually between 45 to 75¦ to the North. The coal quality is in a rank of high volatile bituminous coal. The steep dip, unstable lithological development, complicated tectonics and comparatively lower coal seam thickness are the characteristic features of the Galandrud deposit. Environmental protection of this area makes exploration and exploitation more complicated. During mine exploration several adits were driven at three levels with 50 m vertical distances. About 4000 m of gates and crosscuts were up to now driven. During mining test the down-cut mining method (with one cut), the strike cut mining method and the down-cut mining method with two cuts were tested. The paper describes outlines for the selection of mining methods on the base of classification of the effective hangingwalls and footwalls, hazards of mining operations, and possibilities of the mechanised mining.

Jan 1, 2003

By J Austin, R Bitencourt

Differences between the long-term model (LTM) and mine geology system (MGS) grade control block-outs on a blast block scale can impose difficulties to planning crusher feed grade and tonnes on a monthly to weekly blend basis. Detailed geological input to short-term planning has been integral to improve the performance and reduce risk in six-week to three-month production schedules and local variability in tonnage and grades is often not accurately represented in the LTM. The challenge of producing to combined target specifications from different mine sites in an integrated mine to ship business has been reduced with the creation of blast blockout-based short-term model. These short-term blast block models (STBBM or STM) are robust predictive tools created for upcoming benches of current mining areas by firstly collecting data from the pit in the form of bench and face mapping and projecting the structure and stratigraphy down to the next bench. A wire-frame of the projected contacts based on material destination from production blockouts is created and then checked against the LTM. Blast block data from the bench above including assay results and material logging is extracted and validated according to the projected wire-frames (geozones). Individual blast blocks and a full block model are created for each bench production defined by the STP (bench plans). Data output from the STM is in a compatible format for import into scheduling specific software packages. Additional information is incorporated into the STM to allow querying of drill penetration rates, predicted powder factors, material hardness and feed type to further aid in the production planning process and cost forecasting. To date, reconciliation of the STM has been pleasing and certainly an improvement on the LTM, especially in areas where variability is higher due to geological complexity. Short-term predictions derived from in-pit geological observations allow mine planners to more confidently decide on mining block sizes and schedule tonnages and grades, reducing the risk component attached to developing production schedules based directly upon long-term orebody models and mine plans.

Jan 1, 2005

At many locations in Australia the decommissioning of mining operations will require the disposal of excess water. If the water is contaminated its disposal may be restricted by government guidelines. The timing of water disposal may be critical to the schedule of close-out. The uncertainty of the annual rainfall input to the water storage and disposal system may determine the success or failure of close-out. The uncertainty associated with any outcome can be used to determine the reliability of the system, or inversely its risk. The technique of Monte Carlo simulation, using the uncertainty in annual rainfall, is applied to quantify the risks associated with water disposal as part of the requirements for close-out in two case studies. In both case studies it is assumed that water disposal is via evaporation only. The first case study is the Nabarlek operation, located about 270 km east of Darwin. This project is required to complete the engineering work associated with its close-out by December 1995. The second study investigates the situation of close-out for the Ranger Uranium Mine, about 250 km east of Darwin. It should be noted that the Ranger mine was examined as part of the annual update of its contingency rehabilitation plan and the probability of implementing the plan is extremely small. The probability of success for the Nabarlek case varied from less than ten per cent to greater than 95 per cent depending on the management strategy. Four possible strategies were investigated for the Ranger mine with the chance of success varying between 20 and 95 per cent. The estimation of the evaporation rate and the area allocated to evaporation was critical in both cases. By applying seasonally based evaporation pan coefficients determined on site, rather than an average monthly value of 0.75, the chance of success was improved by up to 35 per cent for Ranger. Simulation modelling is able to provide information on the likely response of mine water management systems and the level of risk. This information is required to efficiently plan and manage the disposal of water for close-out.

Jan 1, 1994

In this paper the reactions which may lead to particle hydrophobicity/hydrophilicity as a function of grinding environment-are reviewed. The results of pulp chemical investigations related to a Cu-Pb-Zn ore on a pilot plant scale and laboratory tests with a Pb-Zn ore to evaluate the effect of some inhibitors on grinding/flotation are presented. The flotation recoveries of the ores treated by conventional and autogenous grinding methods show only a marginal difference and the results favour autogenous grinding. Iron originating from several sources manifests in the form of insoluble hydroxy complexes in the pulps. Such metal hydroxy complexes are hydrophilic and coat the mineral surfaces indiscriminately. On the other hand, selectivity is a problem for pulps ground by autogenous milling. Some corrosion inhibitors used in the laboratory grinding/flotation tests on a Pb-Zn ore showed maximum reduction in the wear of the grinding media ranging from 25 - 36 per cent, depending on the type and concentration of the inhibitor.

Jan 1, 1993

By Slattery T. E

Recent develognents in zinc flotation at the North Broken Hill Limited concentrator are discussed. An outline of the history of zinc flotation and a description of current practice is presented. Installation of on-stream X-ray analysis probes has resulted in inproved metallurgical performance and focussed attention on automatic control. Results are presented of investigations made over the past six years which have led to the formulation of experimental schemes for the automatic control of zinc flotation.

Jan 1, 1983

The current boom in the mining sector has required mining operations to ramp up production to meet the international demand for minerals. This increase in production is putting enormous pressure on on-site professionals, and in particular the role of the on-site geotechnical engineer is ballooning. Mining engineers are focused on machinery and schedules; geologists concentrate on grade control and resources; everything else becomes the responsibility of the geotechnical engineer. Day to day geotechnical engineering is very different from geotechnical design work, and a practical understanding of both is required to successfully carry out either role. In addition, a successful geotechnical engineer has to have a good understanding of almost all technical aspects of mining. Even more important are good communications skills and the ability to problem solve on the fly. None of these skills are taught at tertiary institutions and therefore need to be learnt in the workplace. However, the shortage of geotechnical professionals means that young engineers do not always receive the mentorship and training they need to develop confidence and technical effectiveness. This paper outlines the changing role of on-site geotechnical engineers and presents some thoughts on how industry and young engineers can adjust to the changes.

Jan 1, 2006

By Anderson RJ

Tower Mills are used at Aberfoyle's newly commissioned Hellyer base metal sulphide concentrator. Hellyer ore is particularly fine grained. To achieve adequate liberation fine grinding is necessary. Three Tower Mills are used on regrind duties, grinding to less than 20 microns. The physical arrangement, material flows and grinding characteristics for the Hellyer Tower Mills are described. The mills have performed satisfactorily, both in size reduction and power efficiency. Wear parts must be inspected and changed more often than with ball Mills. To date, 92 per cent availability has been achieved. As parts and maintenance routines are rationalised, this is expected to improve to 96 per cent. Modifications to wear parts for the Hellyer Tower Mills are discussed.lhc Tower Mill grinding environment is highly reducing. The impact of Tower Mill regrind on downstream flotation is discussed.

Jan 1, 1991