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Obtaining financing for mining and exploration projects has been difficult for the last several years, particularly for junior companies. Today, though, the purse strings of investors appear to be loosening, leaving the industry with many questions about financing in the coming years. How have capital markets and exploration spending changed? Are there signs of improvement? Where has capital been raised in private, public markets, stock exchanges, private equity, etc.? What companies successfully raised capital in the last year? How are they spending it? How are traditional and alternative funding sources investing in mining? What are the issues mining companies need to know about when tapping alternative sources of capital? Those were some of the questions that were answered at the Current Trends in Mining Finance conference, sponsored by SME and the New York Section April 26-28. Held in New York City, the conference attracted 115 professionals who work on the finance and economic side of the mining industry. Three of the conference organizers talked with Mining Engineering about the conference and the state of financing in the industry today. Tim Alch (TA) is managing director with Behre Dolbear & Co. Alan Oshiki (AO) is executive vice president with the Abernathy MacGregor Group. Henry Weingarten (HW) is managing director with the Astrologers Fund Inc. Here is what they had to say.

By Adrian Coombs, Paul Magowan, Derek Zoldy

Continued development and intensification are fuelling the urgent need for new trunk infrastructure within The Regional Municipality of York and throughout the Greater Toronto Area. Permitting of these projects is increasingly subject to public scrutiny to severely restrict dewatering through construction technologies and the requirement for a comprehensive and effective Environmental Management Plan. Three current projects: one on the York Durham Sewage System and two in the City of Toronto 1.Conventional Design, Tender, Award: 4,150m (13,600 ft.) 2.7m (9 ft.) finished interior diameter soft ground tunnel for York Region’s YDSS Interceptor Trunk Sewer 2.Negotiated Contract: 3,800m (12,500 ft.) 3.5m diameter (11.5 ft.) rock tunnels for Enwave’s environmentally sustainable and innovative chilled water system in downtown Toronto 3.Conventional Design, Tender, Award: 2,200m (7,200 ft.) 3.3m diameter (10.8 ft.) rock tunnel for reinforcement of Hydro One’s primary hydro feed in the downtown core of Toronto These projects exemplify issues such as: EPB tunnel and sealed shaft technologies Substantial permitting requirements associated with dewatering Mitigation of rock creep Congested downtown rights-of-way Deep shafts and confined working compounds Unique scheduling and cost benefits when Owner, Contractor and Consultant can work together cooperatively.

Jan 1, 2007

By L. Bergkvist

"History can provide many answers with regard to what today’s mining industry looks like and how we got to where we are today. It has always been self-evident that safety has to be given the highest priority and, throughout history, many mine workers have been injured, become ill and have even sacrificed their lives due to the way in which attempts have been made to extract the ore, often due to ignorance of the dangers being faced. In more recent stages of history we have seen certain dangers being compensated by means of higher wages and bonus systems in order to have the work carried out: one example of this is when the rock heating method was employed and the men who first went underground to put out the fires that were burning, were paid extra. The working conditions, to which these people were exposed, with smoke-filled closed spaces, shortened their life expectancy considerably and today we can ask ourselves whether it is really possible to value these efforts just by higher wages. In all mines worldwide the working environment has been improved and many mining companies have a zero vision where work-related injuries and accidents are concerned. Despite this, incidents of varying severity still occur and a continuous improvement process and ongoing training is necessary in order to constantly minimise risks and improve the working environment. Atlas Copco takes this into account in all its development and we not only review our own production units but also the needs of our customers, with regard to the machinery that is produced in order to cater for customers’ safety and production objectives. Underground mining probably started at the beginning of the 11th century when people with modest tools tried to extract ores that were present in the bedrock. Methodology has developed enormously over the years with a strong focus on increased efficiency and higher production. In different parts of the world the development is driven forwards at different rates depending on which controlling factors are regarded as necessary. Political decisions, profit goals and productivity have partly controlled the development, but the greatest factor where improvement is concerned still remains with increased understanding of the totality. During more than 1000 years since underground mining has been conducted, all individuals at all levels have constantly improved their expertise and the human element has been of great importance with regard to the development that has been made, even though technology often occupies a leading role when we describe the improvements made."

Jan 1, 2011

By K. V. Raj, C. A. Berry, A. T. Weakley, A. L. Miller, P. R. Griffiths, D. A. Parks

Diesel particulate matter (DPM) has been classified as a carcinogen to humans by the International Agency for Research on Cancer. As a result of its potential carcinogenic nature, DPM exposure is regulated by the Mine Safety and Health Administration. Currently, diesel emissions in the workplace are monitored by collecting the aerosol onto filters, which are then sent to a laboratory for thermal-optical analysis using the NIOSH method 5040. This process can take days or even weeks, and workers can potentially be exposed to excessive levels of DPM before the problem is identified. Moreover, the delay involved in getting the loaded filter to the lab inevitably means the loss of some of the more volatile organic carbon. To remedy this delay, researchers from the National Institute for Occupational Safety and Health are seeking to develop a field-portable, real-time method for measuring elemental and organic carbons in DPM aerosols. In the current study, the use of mid-infrared spectrometry was investigated. It is believed that mid-infrared spectroscopy is more suitable for use in a real-time field-portable device than thermo-optical analysis methods. This article presents a method for measuring organic carbon (OC) and elemental carbon (EC) in DPM for a broad range of OC/EC ratios. The method has been successfully applied to laboratory-generated and mine samples.

By Richard E. Gertsch

Mechanical mining holds great promise for the mining industry. Realizing this promise depends on developing the tools needed to mechanize a mining operation with a reasonable expectation of success. Mechanical mining entered the 1990s with new machines, new operating methods and new ideas for the future. Mechanical mining can provide higher production, increase safety, reduce roof support requirements, create smoother openings for better ventilation, substitute continuous production for cyclical drill-and-blast procedures, and create opportunities for automatic and teleoperated control. The full promise of this important technology still lies ahead. Obstacles include: • Long-term production prediction: Mechanical systems have a high capital cost. Although recouped by lower operating costs, the tradeoffs are not always clear to mine operators. • Cutting tools for hard rock: Rock of more than 103.4 MPa (15,000 psi) cannot be cut by flexible mining machines. • Machine designs: Many machines cannot convert the required power into rock cutting capability. • Engineering: Better use of the machines in the mine is needed.

Jan 1, 1994

By Marianne Snedeker

In January we published a questionnaire asking about the content of MINING ENGINEERING and about your interests. At the same time we hired an outside firm, READEX Inc., of St. Paul, MN, to send the same questionnaire to a sampling of about 1000 US members, selected on an nth name basis, so that we could have some preliminary numbers for the Annual Meeting in February. READEX sent us the final results of its survey in March. At that time, 525 responses of the 992 surveys sent out had been returned, for a 52.9% response, an extraordinarily high return for a low-key (no incentive for return) random sampling. On May 7, we cut off on tabulating returns from the magazine so that we could report the results to you in this issue. At that time, we had 594 questionnaires returned. Our 594 and READEX's 525 (we have assumed that relatively few people returned both), represent a 1119 return, about 3.5% of the approximately 32,000 who received the January issue of ME. About ME Through responses to the questionnaire, we were hoping to learn more about you, your interests, and how the magazine could better serve you. Those of you who responded, told us something positive-you look at or read the magazine. Of the 1119 respondents, 1068 or 95.4% indicated that they had read or looked through the November and/or December issues. Those of you who refer to the magazine once are 466 or 42.6%. Those of you who refer to the magazine two or three times are 559 or 51.1%. Those of you who refer to the magazine four or more times are 68 or 6.2%. How much time do you spend reading the magazine? Of those responding to this question: 186 spent up to 1/2 hr 16.6% 590 spent up to 1 hr 52.7% 292 spent 1-2 hr 26.1% 51 spent more than 2 hr 4.6% In an informal survey among our staff, we determined that most people spend 1/2 to 1 hr reading magazines to which they subscribe at home. Does that match your experience? Many of you, 764 or 69.4%, clip your magazine for further reference. Also, many of you, 513 or 64.2%, do not pass your copy on to another reader, indicating perhaps that you are clipping it or receiving the magazine at home. Those magazines that are passed on reach: 2 people - 159 - 20.0% 3-5 people - 95 - 11.9% 5 or more - 31 - 3.9% Answers to what portions of the magazine you find useful indicated that the top three were Industry News, feature articles, and Technical Papers; see Table 1. The "other" category included advertising-display, classified, and employment-Coming Events, product information, Washington Survey, new books, the reader service card, and Engineering Fundamentals. Of those responding, 797 or 75.3% indicated a preference for dual notation of SI (metric) with English units; 228 or 21.5% preferred all SI units; while 34 or 3.2% preferred SI with dual notation of other metric units. Based on the preliminary numbers reported by READEX for this question, the MINING ENGINEERING Committee in February voted to return to a policy of dual notation. This decision has been implemented. We asked for your appraisal of the technical level of the magazine. Of those responding, 78 or 7.4% indicated it is too technical, 147 or 13.8% indicated it is not technical enough, and 836 or 78.8% judged it to have the correct tech¬nical level. In response to the question about whether you like to read an occasional feature that is not technically oriented, 32 said no, but an overwhelming 97% (1024) said yes. Of the specific topics, 785 like history, 558 political or socioeconomic articles, 440 career development, and 373 human interest. Other topics suggested included new disciplines, mineral resources of the world by

Jan 6, 1982

By Steve Kral

As the mining industry watches commodity prices continue to soar, the question on most everyone’s mind is how long will this upcycle last. The con-census among speakers and attendees at the SME Annual Meeting and Exhibit is that this cycle is sustainable. The buzz at the meeting was, of course, the current boom cycle the industry is in. Most agree that China’s huge appetite for mineral commodities is part of the force driving the upturn. But the improving economies of other developing nations also plays a role. However, along with the good times come challenges. Speakers at the keynote session addressed some of the challenges and offered their opinions on the sustainability of the boom.

Jan 1, 2006

By Jonathan Taylor, Irwan Halim, Frederick (Rick) Vincent

The new underground facilities for the LINAC Coherent Light Source project at the Stanford Linear Accelerator Center in Menlo Park, CA, are constructed in very weak sedimentary rock interspersed with uncemented zones. In addition to several 21-footwide (excavated) tunnels, the NATM excavations include a large, 49-foot wide (excavated) cavern, an unprecedented size in this geology. The critical design issues include characterization of the weak rock, some shallow rock cover areas, and very stringent criteria for final invert slab movements within the tunnel. The design also incorporated severe seismic criteria, since the site is in close proximity to the San Andreas Fault.

Jan 1, 2007

By P. A. Dimas

A new family of sulfide flotation collectors has been developed in our laboratory. These formulations are comprised of novel renewable materials combined with conventional reagents. The resulting diversity permits tunability of collector chemistry to meet a range of flotation problems. Several attributes of the new collectors are presented.

Jan 1, 2012

By Z. T. Bieniawski, José Miguel Galera, Benjamín Celada

TBM case histories from over 400 tunnel sections are analyzed presenting a comprehensive application of the Rock Mass Excavability (RME) index (Bieniawski et al.2006). The paper introduces two new adjustment factors, called the Factor of Tunnel Length and the Factor of Crew Effectiveness, which were established to represent more realistically the interaction of the rock mass characteristics, the TBM parameters and the performance of the crew operating the machine. A new correlation is provided for predicting the average rate of advance of double-shield TBMs working specifically in the double-shield mode.

Jan 1, 2007

By Franklin J. Stermole

L. Alan Weakly, member SME, is a senior staff engineer, Exxon Co. Weakly chaired a Mining Engineering committee formed to solicit materials for six planned "personal skills" articles, to be used in ME this year. What follows are Weakly's introductory comments to the series. Upon graduation from college several years ago, I thought that I was sufficiently prepared to embark in my chosen profession. A short time later I realized that several years of on-the-job training was going to be required before I could use my technical training effectively. It never occurred to me that, professionally, I was seriously lacking in any other skills. My spelling could use a little upgrading, but this was not a serious deficiency. I have been very fortunate to have had two employers that recognized that their engineering professionals did lack other skills and made every effort to give them training to correct these deficiencies. The skills I am referring to are those in administration and interpersonal relationships. Most mining engineers and geologists receive very little, if any, college training in these areas. In addition, many companies do not provide this training and many mining engineers and geologists are unaware of their deficiencies. It is for this reason the subject of personal skills development is being introduced in Mining Engineering. The mining engineer or geologist can pursue one of two basic career directions, managerial or technical. In today's technically sophisticated society and highly competitive business climate, both orientations require administrative and interpersonal skills. Most of us are technically qualified and we continue to upgrade our technical skills. But many studies indicate that we, as a group, are significantly weaker in administrative and interpersonal skills than other professional groups. In addition, these studies indicate that engineers, in general, take longer to reach managerial levels and fewer do so. This series in Mining Engineering, then, should help readers strengthen and broaden their professional capabilities. In all industries, including mining and petroleum, economic analysis of potential investment projects is done to select the projects that will give maximum future value from the investment of available capital. Rather than looking directly at the future values to be generated by investing capital in alternate ways for economic decisions, evaluators usually use either rate of return, present value, annual value, a profit to investment ratio, or various break even analysis results to reach economic analysis decisions in evaluating alternative investments. Alternative economic evaluation techniques are used in industry to properly analyze the economic potential of various investment projects. "Discounted Cash Flow" analysis is the phrase commonly used to describe these techniques. Whether you want to analyze projects in mineral, petroleum, real estate, refining, pipe-line transportation, or any other industry, proper application of discounted cash flow analysis techniques enables you to fairly compare the economic potential of alternative projects as well or better than you can using any other project evaluation approaches. It should be pointed out that investment analysis generally involves more than economic analysis. Financial and intangible considerations sometimes are as important or more important to investment decision-making than economic considerations. Economic analysis refers to evaluation of the profit generating potential of projects, that is selecting which alternative projects will generate maximum future value possible from available investment capital. Financial analysis, on the other hand, relates to analysis of where money is going to come from to finance various projects. Regardless of the economic potential of a project, if financial analysis indicates that we cannot finance the project, it likely will be shelved for financial reasons even though it may be economically satisfactory. Many evaluators use the terms "economic analysis" and "financial analysis" interchangeably, but this author considers that to be undesirable. Intangible analysis relates to project factors that are difficult to quantify in

Jan 2, 1984

By Fredrick Fränding

In mining and quarrying operations, electric motors can fail for a variety of reasons. Some failures are directly linked to demanding production requirements and contaminant-laden environments and, consequently, are difficult to prevent. A sizeable number, however, are caused by ?offline? factors that have nothing to do with production. These include inadequate or substandard motor repair practices and improper motor shipping, storage and installation. The fact that failures are at times attributable to repair- or rebuild-related errors and problems raises the stakes when selecting an electric motor repair provider. Teaming with high-quality electric motor shops can help a company reduce failures due to offline factors, improving motor reliability and cutting downtime costs. Regardless of location or annual revenues, the best motor shops have similar business cultures and share many of the same characteristics.

Jan 1, 2009

By W. D. Blackburn

If there is a single key to managing a mineral extraction company, it is the control of productivity. American labor costs, in general, tend to be in the range of 10%-15% of total costs. American coal mining labor costs, however, exhibit ranges of 30%-60% of total costs. Is it any wonder that the industry finds itself at a competitive disadvantage? When labor costs take as much as sixty cents of every dollar of revenue, there is little room for profitability. The American coal mining industry must set as a long range goal the reduction of labor costs to the 10%-15% range of total costs in order to be competitive.

Jan 1, 1986

By M. Peters, P. Schmäh

The development of renewable energies and a sustainable power grid are the challenges for future energy supply. Underground cables will replace the vulnerable overhead lines, because of their safety benefits. Due to the public environmental awareness, smart tunnelling and trenchless solutions are required for inner-city and cross-country installations of underground cables, as well as for crossings and the landfall sections to connect offshore wind farms to the transmission grid. Methods from the tunnelling and pipeline industry provide a high flexibility in the planning of alignments, including versatile tunnel concepts and the installation of protective pipes with E-Power Pipe and Direct Pipe.

Jun 13, 2023

By A. T. Stroebel

Diatomite deposits, the skeletal remains of tiny aquatic plants called diatoms, are found in many parts of the world. Only a few of these de- posits are of commercial value. Open pit mining is used in nearly all deposits now being worked. Processing methods range from simple drying, crushing, sizing and packaging to carefully controlled and highly sophisticated calcining and air classification procedures, employing the latest control and testing techniques. The major uses of processed diatomite are in filtration as filter aids and fillers and extenders.

Jan 1, 1979

By Keith Schaeffer

This paper presents a history of the planning, engineering and construction completed for the railroad tunnel crossing part of the West Elizabeth Avenue Storm Drainage Project, undertaken to relieve flooding within the West Elizabeth Avenue area in Linden, NJ. The Railroad Crossing Contract is part of the larger Linden Drainage Improvements Project consisting of a new gravity storm sewer system. The improvements are required to provide additional storm drainage for the City of Linden and the Merck Pharmaceuticals manufacturing facilities in the City of Linden.

Jan 1, 2008

By E. F. Schnitzer

During 1996 and 1997, Oregon experienced flooding on a scale not seen in many years. Some gravel pits located near rivers experienced erosion. In several cases, breaches occurred between the gravel pit and the river. Initial evaluation of several sites that experienced these breaches showed that impacts to the river system were complex and varied significantly from site to site. The impacts to the adjacent river system may be viewed as positive and negative. Several flood-plain-mining sites in Oregon located in areas of historic river flow reverted to active riverbeds. In many cases, state and federal fisheries biologists and university researchers saw the resulting increase in channel complexity and habitat as favorable. The Oregon Department of Geology and Mineral Industries —Mined Land Reclamation Program (DOGAMI-MLR) is studying the effects to the off-channel areas that resulted from the 1996 floods. More data is needed to make sound flood-plain decisions regarding mining.

Jan 1, 1999

By H. Sis, D. Dahlin, S. Chander, C. Summers

Bench-scale selective-flocculation tests were conducted on samples of Florida and Western phosphate process tailings. Physical, mineralogical, and surface characteristics were determined for both types of samples. The flocculation tests investigated dispersant and flocculant types and doses, pH, and slurry percent solids, while other parameters were held constant. Where selectivity was achieved, phosphate minerals remained dispersed, whereas silicate minerals flocculated and settled. In single-stage tests, flocculants having low to medium anionic character effectively upgraded products at moderately elevated pH. Multiple-stage tests, and tests in which flocculants of lower molecular weight were used as site-blockers, gave improved results.

Jan 1, 2002

By C. Gherghel

The planning and operation of ventilation network systems for uranium mines require special considerations since ventilation is the primary technique of controlling ambient concentrations of radon progeny. The major environmental challenge facing the ventilation engineer is the requirement to dilute radon progeny to below the Working Level Month per year of worker exposure required by law. The application of large airflow volumes and the utilization of low residence times constitute some of the factors considered by the design engineer. Good mine planning and sequencing are also critical for protecting the health of miners. The mine ventilation must have such characteristics as flexibility, high air distribution efficiency, rapid air transit times, zero recirculation and no short-circuiting. A well established maintenance program for all ventilation appliances must be in place to guarantee control of the distribution system. Real-time monitoring systems permit assurance the adequate quality of air is delivered to working places. A case study for an operating mine is used to demonstrate how the ventilation system is successfully managed and operated using the above concepts.

Jan 1, 2009

By Paul Eger

The use of wetlands to treat mine drainage has become increasingly common, particularly as more information is available on their operation and construction. However, the lifetime of each system is still, at best, an estimate. Treatment lifetime depends on the types of processes that provide the majority of the metal removal. Anaerobic systems (vertical flow systems) rely primarily on sulfate reducing bacteria, which reduce sulfate to sulfide and generate alkalinity. Metals can be precipitated as sulfides, and acidity is neutralized. These systems can remove over 90% of the metals and increase pH from around 4 to over 7. The bacteria will remain active as long as the system remains anaerobic and contains an adequate supply of sulfate and small chain organics. Although estimates of lifetime made on the total carbon in the system suggest that lifetime should exceed 20 years, data from field and laboratory studies show that the rate of sulfate reaction decreases with time, and that after several years rates decreased substantially. To maintain acceptable treatment, either additional organic material must be added or the total metal and acid load to the system would need to be reduced substantially. Aerobic systems (overland flow wetlands) can effectively remove metals from neutral mine drainage by reactions with organic material in the substrate. Over 90% of the copper and nickel have been removed in aerobic systems treating mine drainage in Minnesota. The primary removal processes in these systems include adsorption, ion exchange and complexation, which are finite; removal will cease unless new removal sites are generated. Two wetlands built in Minnesota have been successfully treating mine drainage for 12 years. At one of the wetlands, the annual production of new removal sites has been estimated to be equal to the annual metal input, and, as a result, metal removal should theoretically continue indefinitely.

Jan 1, 2005