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By H. Clare Horwood

"Fractures and fracture zones containing veins and stringers of auriferous quartz in a quartz porphyry dyke are the principal structural features at the Howey and Hasaga gold mines. The 'break' containing the dyke was produced by a force from the northwest, the fractures in the dyke by compressive stress from the west.Both mines are in the north-central part of Heyson township, in the Red Lake area. They lie close to the southeastern side of the Dome granite stock. The Howey mine exhausted its ore reserves and ceased operations in November 1941. The Hasaga mine is producing at the present time (June, 1946).Mineralization was first discovered in the dyke in 1925 by the Howey brothers. Lorne Howey's discovery, which became the Howey mine, came into production in April, 1930; Ray Howey's find, which is now the Hasaga mine, started production in November, 1938.The total production from the Howey mine was 421,324 oz. gold and 144,253 oz. silver from 5,158,376 tons of ore hoisted ( 4,319,331 tons milled) during its 11 years of operation.The total production from the Hasaga mine from November, 1938, to December 31, 1945, was 124,434 oz. gold and 51,009 oz. silver from a total of 901,098 tons hoisted (721,361 tons milled).GENERAL GEOLOGYThe porphyry dyke containing the orebodies at the Howey and Hasaga mines lies a short distance southeast of the contact of a granite-granodiorite mass known as the Dome stock. The dyke fills a fracture trending N.65°E. in a tongue of Keewatin volcanic breccia that extends in a rather irregular manner into an elongate intrusive stock of dioritic rock known as the Howey diorite. The accompanying table presents the geological succession."

Jan 1, 1954

By S. Hopkins, R. Preston, S. Gillis

"This paper examines typical visual inspections of operational soft rock mine shafts and discusses some of the challenges involved, many of which are associated with inconsistent inspection practices. The paper presents the development of a more standardized approach to periodic shaft inspections that supplement the more frequent inspections performed by shaft crews at the mine. This approach helps to keep an accurate record of changing conditions, compare conditions between multiple mine sites, as well as prioritize and plan potential remedial work. INTRODUCTION Shaft inspections, whether they are performed daily or weekly by members of the shaft crew at the mine, or periodically by consultants, traditionally involve a visual inspection undertaken with personnel traveling on an inspection deck on the conveyance, taking notes and photos. Inspections are typically required by mining regulations and carried out to identify and address hazards before a safety incident occurs that could cause harm to people or damage to property, as well as to help plan required maintenance work. Depending on the site, there can be many challenges associated with inspections in the shaft, especially compared to a typical inspection at surface. Some of these challenges are associated with the shaft environment itself, while others are related to the subjectivity of inspections and a lack of standardization, particularly between multiple sites within the same operating company. Recognizing these challenges, a more consistent and repeatable approach to shaft inspections in soft rock mines is evolving. This approach involves reviewing available historical data, comparing sites with similar conditions, establishing survey control, documenting observations and measurements with locations, and updating as-built or condition drawings. Part of this standardized approach is the implementation of an innovative 360-degree camera with a high-power lighting system that can be used either remotely or alongside personnel completing a traditional visual inspection. The system uses six cameras to take photos at a rate of 15 frames per second, with the image data subsequently processed and stitched, then joined into a high-resolution video. This tool improves time-efficiency, objectivity, and repeatability of inspections."

Jan 1, 2019

By Rashid Bashir

The presence of groundwater in the form of large aquifers can have an important influence on investment decisions for underground mines. The design for such mines requires development of special mining methods, and mine dewatering infrastructure to avoid hazards during shaft sinking and underground development. The costs associated with mine drainage control and Mine Dewatering Systems (MDS) are relatively small compared to the huge consequential losses that can occur in case of an uncontrolled inflow and subsequent flooding of the mine. The design of MDS needs consideration of accurate prediction of the maximum uncontrolled inflow rate, availability of the system during an uncontrolled inflow while the inflow is mitigated, and decision on pumping system technology to have capability to operate under water. The research presented in this paper provides a theoretical framework for a reliability based design procedure which takes into account the uncertainty in the estimate of the maximum uncontrolled inflow, performance of the system during the period of an uncontrolled inflow and a methodology to decide on appropriate pumping technology considering the reliability of the system and available underground storage. The reliability based mine design procedure integrates the ideas of Effective Reserve and Hydraulic Reliability Index to come up with a unified methodology for design of Mine Dewatering Systems.

Aug 1, 2010

By Alan E. Renshaw

"This paper is a practical overview of ways to reduce cost in the design and operation of an Arctic mine. The economically important issues of the Arctic mine that will be addressed include: permafrost and the active zone in general terms; road building in and over permafrost; Arctic geotechnical mine design considerations; pit dewatering techniques in sub-zero temperatures; and blasting frozen materials with techniques to obtain optimal results. A final section on a few special topics conclude this paper.Although this paper primarily refers to near surface conditions more closely associated to an Arctic surface mine, many of the ideas and techniques contained in the paper also apply to the surface construction of an Arctic underground mine."

Jan 1, 1996

A mini- or micro-machine is a small electro- mechanical device. There are several existing applications of micro-sensors such as the accelerometers used in automobile airbags or the force sensors and grippers used at the ends of micro-surgery tools. Potential applications of existing mini- and micro-technologies are possible and could be used to improve the control and efficiency of fragmentation, heap leaching and other mining and mineral processing operations. A more radical proposition is to devise mass-produced, possibly disposable, minimachines that would operate in large groups. These would be the basis of highly selective, efficient, flexible, and clean mining and mineral processing methods. The paper is intended to promote discussion of how innovative applications of mini-technologies can be used to improve and radically change current mining and mineral processing methods.

Jan 1, 2002

By M. Leahy

"Very little is known about the large scale fluid dynamics and associated distribution of copper in an operating electrowinning cell, yet they will have a major influence on mass transfer and plating quality. The CFD model in this work is used to simulate an entire EW cell with 60 cathodes and 61 anodes, or 121 anode–cathode pairs, elucidating for the first time the three-dimensional (3D) flow and copper distribution in an industrial cell. Two methods for the distribution of electrolyte are modelled:1. Downcomer method: electrolyte is fed by a downcomer at one end of the cell, overflowing at the opposite end.2. Manifold method: a horizontal manifold pipe runs the whole length of the cell and feeds electrolyte via small holes in the top of the manifold pipe.The recirculation that develops within each anode-cathode pair, driven by oxygen bubble generation on the anode, is similar to that seen previously in two-dimensional models of single anode–cathode gaps. However a more complex 3D flow recirculation is established, which involves flow of electrolyte down the side gaps (being a path of low resistance for return flow) as well as the usual return flow down the cathode side of each pair gap. The bubble-driven flow is not influenced by the mode of electrolyte distribution.The electrolyte flow due to the manifold and downcomer is somewhat secondary to the bubble driven flow. In the case of the downcomer distribution mode, the high injection velocity causes a very turbulent flow in the first 1–2 m down the cell from the downcomer, with several large vortices developing. This may lead to some sludge particles being entrained into the bulk of the cell.In the manifold pipe case, the jet from each hole is dissipated very quickly, within the first 10–20 cm. The jets are directed into the downward flowing zone of the bubble-driven recirculation, which leads to unstable and periodic behaviour on a large spatial scale.In both the manifold and downcomer cases, there is a marked two-zone vertical stratification in copper concentration."

Jan 1, 2016

By G. Vibert Douglas

Introduction A preliminary paper dealing with the subject of ore-shoots was presented to this Society at its Annual Meeting last year (1). The present paper records the attempts which have been made during the interval to further this study. In reporting this work, I wish to state that I do not consider the investigation complete; many more experiments will have to be carried out, and more field data will have to be recorded, before the geologist can say with confidence an ore-shoot should start at this point and pitch in that direction. The aim of these experiments is to find some criteria which will serve the mining engineer and mining geologist concerned with ore-shoots in hydrothermal veins.

Jan 1, 1935

By J. D. Robertson

An in situ water sampling device has been developed to measure biologically-available or “labile” metals in natural waters and effluents. The active mechanism involves the use of a polyacrylamide gel layer to quantitatively control metal transfer to a trace-metal-adsorbing, gel-imbedded resin. Because the resin only adsorbs free metal ions (the gel sampler methodology is a kinetic speciation technique), and because metal bioavailability is related to the free-ion activity, the device provides a direct measure of the biological-availability of metals in the environment sampled. The prototype consists of a layer of ion-permeable polyacrylamide gel which separates the solution to be sampled from an ion exchange resin. Because approximately 90% of the polyacrylamide gel is water, mass transport through the gel is diffusion-controlled, and is therefore well defined. Metal ions are rapidly bound by the resin, creating a steep concentration gradient in the gel. The amount of labile trace metal that accumulates on the resin can be related directly to the concentration of the metal in solution, the exposure time and the molecular diffusion coefficient of the labile species. In addition, the passive nature of this device affords it the potential to address many of the limitations presented by conventional sampling methods, such as sample contamination introduced during collection or filtration and changes in trace metal speciation prior to analysis. Laboratory studies and limited field trials indicate that the sampler behaves as anticipated and illustrate that biologically- available metal concentrations in many environments are a small fraction of the total concentrations and often significantly less than the dissolved concentration. The implications of this on regulatory criteria are discussed. Additional field trials and correlation with bioassays are currently underway.

Jan 1, 2000

By Lev Filippov, Saeed Farrokhpay

"Flotation process has had less success to recover nickel from laterite ores. Nickel in laterite ores is often finely disseminated in various minerals in very fine size. Therefore, fine grinding should be used to liberate nickel containing particles. Particles resulted from fine grinding are often very fine, and recovery of such particles is generally low using conventional flotation methods. One option to overcome this problem is enhancing the particle-bubble interaction by increasing the particle size and forming flocs. Selective flocculation of fine particle can be therefore the key to enhance the flotation performance of low grade laterite ores.INTRODUCTIONThe majority of the world’s nickel resources occur as laterite ores which are complex, low grade and expensive to treat using conventional smelting and high temperature and/or high pressure autoclave methods (Xu et al., 2013). While about 70% of the nickel resources are contained in laterites, only 40% of the world’s nickel production comes from these ores. Researchers have tried to improve the nickel laterite flotation recovery by using a number of feed preparation techniques. For example, in a study on a laterite ore sample from Australia, flotation tests on a narrow sized fraction of 38-75 µm resulted in only a small increase in the nickel content, from 1.0% to 1.4% (Quast et al., 2015a). In fact, no physical separation technique (including flotation) has been able to dramatically upgrade nickel in laterite ores (Quast et al., 2015b). Thus the challenge of processing low grade nickel laterite ores still exists. This paper aims to explore the possibility of applying selective aggregation in pre-concentrating of valuable minerals in nickel laterite ores."

Jan 1, 2016

By B. F. Giyani, D. Rahal

"Stirred media mills have proved to be more energy-efficient than the conventional ball milling for fine grinding applications. The mill performance is governed by a number of operating variables including mill stirrer speed, feed particle size, solids content and slurry rheology. A study was conducted to assess effects of mill speed, media size and density, and slurry density on the Stress Intensity (SI) in a VXPmill and thereby the relationship to mill performance. For the mill speeds tested, it was found that the optimum tip speed is 7 m/s. If the speed is too high (12 m/s) energy losses result due to mechanical friction losses and heat generation. If the speed is too low (3 m/s), the kinetic energy is not sufficient to promote breakage. The size reduction ratio increases with the increase in mill speed and the decrease in solids content especially in the coarse fraction particle sizes. The effect of slurry rheology on mill performance was shown by assessing the effects of increasing solids concentration and decreasing particle size. Rheological effects seemed to interact with mill speed such that the mill was less energy-efficient at higher solids content and at higher mill speeds particularly for grinding to fine particle sizes. There is an opti"

Jan 1, 2017

By A. B. Irwin

"Discussion at MeetingDR. D. DERRY (Ventures Limited) referring to the diagram (Figure 15) which shows a transverse structure section across the Central Slocan area, asked what the assumed structure at depth was, remarking that dips are steeper and more uniform at depth and that the contortions with gently-dipping axial planes are at higher elevations. He wondered whether the section represented ,part of a very large fold with steeply-dipping axial plane.MR. J. D. LITTLE (Canadian Exploration, Limited) replied that E. B. Mayo (Kelowna Exploration Company) and others had considered that the entire section illustrated faces to the southwest and represents part of the lower limb of a great overturned •syncline which is concave toward the southwest.DR. R. DEWIT (Geological Survey) remarked that the photograph of a ripple mark (Figure 7) showed internal lamination conformable to the ripple mark and wondered if the structure was not due to slumping during consolidation, since the normal mode of formation of ripple mark would seem to preclude the possibility of such internal stratification.MR. LITTLE remarked that in his opinion such structures should not be depended upon alone with-out other confirmatory evidence of the direction of tops of beds."

Jan 1, 1952

By K. Raht

LEAD poisoning is perhaps the oldest and, until recent years, the most misunderstood of all industrial diseases. Hippocrates appears to have recognized a relationship in the colic experienced by a patient who worked with metals, and the ancient literature is filled with references to the colics and 'dry bellyaches'. The colic and other sequalæ following drinking of lead-bearing waters and, particularly, wines has excited possibly more comment in the older medical literature than any other ætological factor. It was not until1656, when Stockhusen definitely connected the colic of the workmen with the fumes given off in the process, that the true danger to those working with lead was recognized. Unfortunately, something over 200 years elapsed before industry took any note of Stockhusen's discovery; it remained for Legge and Goodly and investigators of the early 1900's to forcibly educate their profession and industry to the manner in which lead gained entrance to the body. The work of Legge and Goodly was published in 1912 and the clearness with which these investigators presented the scientific data which they had accumulated will mark this volume as perhaps the first and most important contribution to our modern knowledge of the subject. It also ushered in a period when, in the short space of thirty years, lead poisoning has been reduced from one of the most baffiing and widespread o industrial diseases to one which can be anticipated and controlled. The next great contribution came in 1926 with the publication of the work of the Harvard group. Here, for the first time, was the physiological behaviour of lead laid bare, and it is to the discoveries of these authors that we owe our modern treatment of lead poisoning.

Jan 1, 1941

By Walter Koellner

Today?s large electric mining shovels are significant users of power and represent peak loads of more than 3.5 MW to a mine?s distribution system. The power swings during normal operation can influence the line voltage at the Point of Common Coupling (PCC). The static converters for the shovel?s motions also create voltage and current harmonics which are fed back into the mine?s power grid. In addition, shovels themselves are affected by the power quality of the mine?s distribution system. This paper introduces the use of active IGBT rectifiers, also called Active Front Ends (AFE), as alternative to conventional, line commutated SCR thyristor rectifiers. The AFEs convert the AC line input into a controlled DC-link voltage. This DC voltage is then used as input to IGBT inverters, which power the AC motors of the shovel?s Hoist, Propel, Crowd, and Swing motions. The introduction of AFEs creates the following operational improvements: i) reduction of the Harmonic Current Distortion THDi from more than 40% to less than 4%; ii) full regenerative operation; iii) the potential for line voltage stabilization at the PCC; iv) high tolerance for line voltage fluctuations; v) improved dynamic performance, and, as result vi) higher availability and productivity of the shovel.

May 1, 2001

By F. L. Pellet, S. Maiolino

"The determination of rock bolt contribution to reinforced joint shear strength is still a challenge, especially for assessing reinforced rock mass stability. For this purpose, several experimental studies have been performed during the last decades, mostly on small scale rock joint and bolt specimens. However, to accurately assess the rock bolt contribution, scale effect has to be accounted for. For this reason full scale lab tests are required as an alternative to in situ tests for which boundary conditions are more difficult to control.In this paper the results of an experimental program carried out with a large shear box, dedicated to test bolts in full scale conditions is presented. Different rock bolt diameters and different rock bolts inclination with respect to the shear plane were tested Experimental results were satisfactorily compared with an analytical model which is able to compute the contribution of the rock bolt to the shear strength of the joint as well the associated displacement of the joint. These conclusions allows us to validate the model in order to help the designer of reinforced rock engineering structures, such as slope or underground openings, to precise the optimum installation of rock bolts. INTRODUCTIONFully grouted rock bolts are commonly used for rock masses reinforcement to ensure the stability of rock slopes and underground cavities. For this purpose, the determination of rock bolt contribution to reinforced joint shear strength is of the utmost importance. During the last decades, several experimental studies have been performed to investigate the behavior of bolted rock joint. For obvious reasons, almost all the experiments were achieved on small scale bolted rock joint specimens (Bjurström, 1974; Azuar, 1977; Dight, 1983; Egger & Fernandes, 1983; Schubert, 1984; Spang & Egger, 1990; Egger & Zabuski, 1991). These studies made it possible to assess the influence of different parameters such as the bolt’s diameter, the number of bolts, the angle between the bolt and the joint, the nature of the rock, the friction and the dilatation angle of the joint. However, to accurately assess the rock bolt contribution, scale effect has to be accounted for (Vallier et al., 2010). For this reason full scale lab tests have been performed as an alternative to in situ test for which boundary conditions are more difficult to control."

Jan 1, 2015

By John A. Meech, Irene E. Cristoveanu

"The separation of hematite fines (100% - 38 um) from quartz fines (100% -75 um) was investigated using coarse hematite (-212 + 150 um) as a carrier in an oleic acid collector system. Oleic acid additions, per cent coarse additions, combined conditioning time and ferric chloride additions were examined.It was found that carrier flotation is a dominant mechanism for fine hematite recovery at oleic acid levels greater than 200 g/t and coarse additions of 10 per cent. Hetero-aggregation is favoured under conditions of lower levels of oleic acid in the presence of ferric chloride and at conditioning times greater than ten minutes.Ferric chloride acts as a depressant for pre-reagentized coarse hematite at oleic acid levels below 150 g/t. At concentration levels above 500 g/t, ferric chloride interferes significantly with the success of carrier flotation of fine hematite.The sensitivity of carrier flotation to changes in oleic acid addition, ratios of fine and coarse material, conditioning time and the presence of an inorganic electrolyte emphasizes that its application is only suitable when flotation conditions can be stabilized.IntroductionThe production of fine material is unavoidable during the comminution of iron ore . Due to the difficulty of recovering iron from this fine material by various gravity separation methods, flotation can often be a more attractive process producing high-grade material at high recovery. One variation of the flotation process, that can be useful for recovering ultra fine minerals (<10 um) , is known as carrier flotation. This process involves the utilizat ion of coarse particles ( > 150 p.m) which act as flocculation centres to which the fine hematite particles (10 - 40 u.m) become attached and are carried or "" piggy-backed"" into the froth phase."

Jan 1, 1985

By M. Walmsley, D. Maynard

"This paper describes the use of terrain and soil information in the planning of mine developments, particularly in satisfying many of the existing provincial regulatory requirements. It is also noted that, if properly used, this will provide a solid data base for cost-efficient and environmentally acceptable land use.IntroductionIn planning the development or expansion of a new or existing mine, engineering alternatives are judged on many factors, one of which is the environmental influence. Ecological investigations, ensuring consideration of a rational approach to managing land use and environmental impacts, should be carried out prior to a final decision being made on mine development. The Pit Slope Manual (CANMET, 1976) suggests that both baseline aquatic and terrestrial data be collected and interpreted in such pre-mining surveys. In British Columbia, planning procedures now exist which incorporate biophysical studies to help identify, assess and manage major environmental impacts associated with mine development.Methods outlined in the Guidelines for Coal Development (E.L.U.C., 1976) have been successfully applied in recent years. Following this example, the Inspection and Engineering Division of the B.C. Mineral Resources Branch prepared guidelines to help expedite the development of new base metal mines (Procedures for Obtaining Approval for Metal Mine Development; Ministry of Energy, Mines and PetroleumResources, 1979).The metal-mine guidelines require the proponent of a new mine development project to prepare a two-stage assessment proposal which systematically moves from a preliminary feasibility study (Stage I) to a final project design (Stage II), including application for regulatory approvals. One purpose of the Stage I report is to provide a description of the existing environmental conditions that could be affected by the proposed development. A preliminary environmental impact assessment should also be reported. The Stage II report will contain detailed assessment and management of environmental impacts."

Jan 1, 1981

By F. Duan, J. Pfarr, J. M. Goris

"The U.S. Bureau of Mines, in cooperation with the Homestake Mining Co. and the University of Utah, is conducting a field demonstration to evaluate the behaviour of rock masses supported with cable bolts. One of two rock masses being studied is supported with both conventional and birdcage cables. This rock mass is located between the 6500 and 6650 levels of the 45-48N stope, 21 ledge. The second rock mass is the hanging wall of the D-limb stope between the 3500 and 3650 levels near the Ross Shaft and is supported with conventional cables. The primary objectives of the project are to monitor the behaviour of the two rock masses during mining using extensometers and cable support strain gauges, after which the rock will be modelled using the finite-element code UTAH III. Field data will be used to verify the modelling. In addition, a comparison between the effectiveness of conventional and birdcage cables will be made.45-48N StopeThe 45-48N stope is located in the 21 ledge between the 6500 and 6650 levels and contains about 233 000 short tons of mineable ore. The orebody lies within the Homestake Formation and is very irregular being approximately 200 ft long and 75 ft wide. Between the 6500 and 6650 levels, it dips from 35 degrees to 60 degrees east with a near-vertical plunge to the south. Mineralization is characterized by arsenopyrite and pyrrhotite with minor gold. The contact between the Homestake and the overlying Ellison Formation creates a plane of weakness along localized graphitic layers. The footwall dips at approximately 60 degrees but between 100 ft and 120 ft above the 6650 level , the hanging wall flattens to almost 20 degrees causing a significant mining problem."

Jan 1, 1991

By S. Sopher, C. Barsotti

"Inco Gold Company was created in 1987 as an unincorporated business unit of Inco Limited. In 1988, Inco Gold Management Inc. was incorporated to supply management, exploration and engineering services to this unit. The first new project, at Casa Berardi, Quebec, was brought to production in September 1988, less than two years after completion of exploration. For 1989, Inco Gold&apos;s exploration and capital expenditures have been budgeted at approximately $94 million, a record level. Inco Gold holds interests in more than 80 precious metals ventures and prospects in Canada, the United States, Brazil, Indonesia, Papua New Guinea and France. The most advanced projects, in addition to Casa Berardi, are at Mineral Hill, Jardine, Montana, where initial production is anticipated in the third quarter of1989, and Crixas in central Brazil, where production is scheduled to begin during the fourth quarter of the same year.BackgroundTraditionally, Inco Limited&apos;s mineral exploration has concentrated on nickel and other base metals but since the early 1980s Inco&apos;s exploration activity has focussed strongly on precious metals, principally gold. As a result, three deposits have been discovered and developed . In order to accelerate the establishment of a strong gold mining enterprise with its own specific growth and profit objectives, Inco Gold Company was created in 1987 as an unincorporated business unit. At the end of 1988 Inco Gold&apos;s share of drill-indicated gold reserves was approximately 14 million short tons containing 3.4 million ounces of gold.At Casa Berardi in northwestern Quebec, one mine is in production and another is planned to open in 1990. Properties at Crixas in Brazil and at Jardine, Montana, U.S.A., were being readied for production in 1989. By 1991, Inco Gold&apos;s share of gold production is expected to be 125 000 ounces with a target of 400 000 ounces annually by the mid-1990s."

Jan 1, 1990

By F. Kitzinger

Electromagnetic testing of wire rope has become more and more reliable over the past two decades. This improvement is partly a result of an unprecedented progress of electronic technology, which permitted the development of a new breed of testing instruments. There are two basic methods for the electromagnetic testing of wire ropes, the AC method and the DC method. Both methods rely on magnetic field disturbance caused by mechanical anomalies in the rope structure. The wire rope under test is passed through a magnetic excitation field, which can be a weak alternating field or a strong static field. Because the alternating field is produced by an alternating current, these instruments are of the AC type(l). In the early days of ND-testing, strong permanent magnets were not yet available; therefore, the static magnetic field was produced electromagnetically with direct current. Instruments based on static excitation are still called DC instruments(2), even though the field is now produced by a permanent magnet. Both these methods have certain characteristic features. The AC method can detect loss of metallic area caused by corrosion or other effects, whereas localized faults such as broken wires are better detected by the DC instruments . The basic principles of the wire rope testers have remained unchanged over the years and the improvements present in the new instruments usually reside in the signal processing and recording sections. The Instrumentation Department of the Noranda Research Centre* has been involved in a four-year development program which resulted in a new type of wire rope tester, the Magnographv** . This new instrument in many ways represents a considerable departure from the traditional wire rope testers. The Magnograph has already been patented in Canada and the U.S.A.(3), and patent applications are pending in other countries.

Jan 1, 1979

By Robert B. Wickham

"American Barrick has always balanced its aggressive operating approach with a conservative financial strategy. In fact, what enables their mining team to pursue such aggressive plans with confidence is the conservative financial strategy adhered to by the company. These policies are built on a prudent mix of gold linked financings, equity and gold price hedging.This paper outlines these policies and focusses in particular on American Barrick&apos;s gold price hedging program.IntroductionThe company&apos;s balance sheet at the end of 1990 clearly shows the wisdom of its conservative policies. Total assets have grown to over US$1 billion; cash has grown to US$312 million and shareholders&apos; equity to US$645 million. All amounts included in this paper are quoted in U.S. dollars. Increased gold production and an effective gold price hedging program also combined to produce record income from operations, earnings and cash flow in 1990.The first half of 1991 is also indicative of the benefits of the company&apos;s conservative financial policies. Increasing production, together with its comprehensive gold hedging program, has generated increased earnings, even in a period of falling gold prices.All year-over-year numbers for the first six months are up. Gold production was 36% higher; earnings of $40.2 million $ 0.30 per share - were 46% higher than 1990.Barricks revenue continued to increase despite gold prices remaining unchanged during 1990. Barrick&apos;s hedging policy protects the company from falling gold prices on the basis that the upside looks after itself. Their hedging program - including various goldlinked fmancings - enabled Barrick to realize an average price of $437 per ounce of gold sold in 1990, compared with the Comex average gold price for the year of $384 per ounce."

Jan 1, 1991