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It has long been recognised that applications of the Net Present Value (NPV) investment decision making methodology can have serious deficiencies in situations where investment can be delayed and, once made, various options allow increases or decreases in the level of output. NPV valuation can undervalue the project if it does not incorporate future flexibilities or ""options"". It is important to realise that a proper valuation of a project (ie, valuation of its future cash flows) must incorporate an analysis of optimal future decisions involved in managing the project. Current valuation cannot be divorced from a consideration of future decision making. There is now a considerable amount of literature, mainly academic, identifying and exploring ways of remedying these deficiencies in the application of NPV. While the necessity of period by period analysis is sometimes acknowledged, little if any practical illustrative model building has been published to date, aside from algorithms using continuous time stochastic processes which deny access to the uninitiated.

Jan 1, 1994

The space probe Magellan is on its way to Venus (May, 1989) and with its sophisticated radar systems will discover much more about our twin planet. There is tennuous evidence that Venus once had liquid water. Did it have life? Why was it not stable and why did liquid water not persist through the period of the dimmer young Sun? These are profound questions for us. We understand why Mars froze when volcanism terminated (Just as Earth will freeze one day) but could Earth boil if we continue to add greenhouse gases (Broecker, 1985). What will happen if 10 billion humans continue to use fossil carbon as their main fuel source? The Earth is warming fast and the new satellite data show that the oceans are warming faster than we thought. Is this just a fluctuation or is the greenhouse signal coming through the normal noise of climate?

Jan 1, 1990

By Watkins JR

The educational system is a dynamic; a flow resource that can be significantly shaped, changed and - refined by educationists. This paper analyses these various facets of geo- science education in Australia. The Australian educational philosophy is essentially a laissez- faire model, a free market approach without any real government or professional directive or stratagem. Students are therefore free to choose their own educational pathway dependent only upon their ability and the access to courses. Geological education at the tertiary level in Australia is described and critically analysed. There is a real need for a rationalisation of geological education in Australia, and this rationalisation should include not only the number of courses offered but should also aim to fully define both the philosophy and purpose of geological education and the accreditation procedures for the Students.

Jan 1, 1986

The Liddell longwall equipment consists of 118 four leg supports, a shearer and armoured face conveyor of 170mm length. The equipment was supplied to Coal & Allied Operations Pty Limited (Coal and Allied) by Westfalia Australia Pty Limited (Westfalia). The project commenced as a feasibility study in 1983, a proposal was put to the board of directors in March 1984 and a specification distributed. Nine companies tendered for the supply of a longwall face and the supplier was selected from a short list of four companies. At the same time Coal & Allied examined the facilities at Liddell Colliery and decided to upgrade the conveyor belt system to cater for the high production from a longwall face. The surface facilities, transport system, water and electrical supplies to the colliery were also to be upgraded. During the twelve months to December 1985, the colliery was upgraded while the longwall equipment was being manufactured. The manufacturing process involved roof support testing, compatibility testing and finally a build up of 40m of longwall face

Jan 1, 1986

The authors are looking at the behaviour of the mineral processing circuits by means of the simulators operating under random disturbance. The present paper deals with the fuzzy control systems in comparison with PID controllers. A series of tests are conducted on simplified prototype processes with (1) dead time plus first-order lag model and (2) diffusive model. In the next series of tests the self-sustained process model was introduced to improve control against dead time. In both cases fuzzy and PID controllers are optimised by EVOP method. Particular attention is paid to the effect of observation noise to analyse for the problems which can be fatal to practical applications in mineral processing. Finally the methods developed are applied to a closed-circuit wet grinding system simulator operating under random disturbance.

Jan 1, 1993

Courses in chemical engineering and metallurgical engineering at the University of Queensland were compared and the main difference was found to be the greater emphasis on the application of chemical engineering fundamentals, particularly chemical thermodynamics, to specific processes in the metallurgy course. This reflects the distinctive features of extractive metallurgical processes which are not common in other chemical engineering processes and which justify the study of extractive metallurgy in its own right. B.Sc. courses in metallurgy provide one way in which the specialist knowledge of extractive metallurgy can be taught. General metallurgy courses are considered to be preferable to those restricted solely to extractive metallurgy since graduates of a general course have a wider choice of employment, while excessive emphasis on extractive metallurgical applications in chemical engineering courses could reduce the non-specific nature of these courses. Postgraduate diploma and higher degree programmes are avenues for non- metallurgists to acquire knowledge of the discipline.

Jan 1, 1984

By Scholl EW, Ricken W

The simultaneous presence of fuel, oxygen, and of an ignition source is necessary for an explosion to arise. If one of these conditions is missing an explosion cannot take place. A continuous reduction of oxygen, often applied as a protective measure in surface plants, is not to be considered for underground mining because of possible danger to persons. Therefore, measures for avoiding explosions can only be concerned with lowering methane and coal-dust concentrations to an undangerous level and avoiding ignition sources. As these measures alone are not sufficient, additional ones have to be taken to keep the effect of an explosion as low as possible. Measures for controlling and monitoring methane are essential. Although the formation of dangerous coal dust concentration cannot be avoided it can be reduced. Dust-binding by means of hygroscopic pastes and dusting with limestone dust are effective measures to pre vent explosions.

Jan 1, 1981

A number of small copper deposits occur in the Pernatty Lagoon-Mt. Gunson area. Textural and mineralogical differences distinguished the lagoon sulphide deposits, which occur in a water filled basin of permeable bedrock immediately under the lagoon floor, from the largely oxidized deposits which occur in the low hills adjacent to the lagoon deposits.Groundwaters are carrying copper, and to a lesser extent zinc, downstream to the lagoon. Several species of sulphate-reducing bacteria are widespread in the groundwaters and lagoon muds.It is suggested that copper sulphides were first deposited at the same time as, or soon after, the host Proterozoic sediments, and that during the present cycle of erosion the lagoon deposits may have been enriched, or largely formed, by bacterial precipitation of copper sulphides from laterally migrating cupriferous groundwaters.

Jan 1, 1971

I am sure that you are- all familiar with Airborne Magneto-meter Surveying so I shall-spend only a brief moment describing the instrument and techniques and the remainder of the allotted time-on-modern-application-of the instrument.The Airborne Magnetometer used by Aero Service in AUstralia-was designated by Gulf Research and implements the saturable-core flux-gate--principle. The first magnetometers developed'weremagnetic-balances and depended on the counter-torque principle but these required a stable platform and hence are not applicable to airborne surveying. Other methods include the induction methods, the Hall Effect methods, magneto-striction methods., Deflectioh. of,free.electrons, the proton-precession methods.Some: of these are applicable to airborne surveying. As a matter of-fact the nuclear precession magnetometer is the one generally used in the Satellites because it has been miniaturized most successfully.The Gulf Magnetometer is the one most generally used in mineral and petroleum exploration because its sensitivity is sufficient for the problem and-data and instrument techniques have been worked out and standardized.

Jan 1, 1962

The ongoing need for improved fuel economy, longer engine life, reduced emissions and greater power output has driven the need for lower charge air temperatures. Cuamins will introduce a split loop, single water pump approach to low temperature aftercooling (LTA) in 1987 with the introduction of its 1492 kW (2000 BP) 16 cylinder K Series engine. The LTA system selection process considered performance, durability, fuel economy, and total engine installed cost. The split loop system selected takes full advantage of the engine cooling characteristics to provide optimum charge air temperatures at all speeds, loads and ambient temperatures. Computer simulations and engine tests were used to determine performance for each charge air cooling alternative. The split loop system chosen offers many advantages compared to the other alternative systems studied which included air-to-air and dual loop (two radiator, two water pump) systems.

Jan 1, 1986

By Floyd JM

Conventional smelting reactor systems were designed to recover only one main element from their feedstocks. They did not possess sufficient flexibility to allow optimisation of co-production of multiple values from a complex feed.New reactors such as Sirosmelt and Top Blown Rotary Converters are providing new possibilities for making separation between components and this is of great significance for the complex feeds which are becoming prevalent in the metal extraction industry.Process routes using chemical procedures which take advantage of the flexibility of these reactors will be discussed in relation to a number of possible feedstocks.

Jan 1, 1985

The Australian Centre for Minesite Rehabilitation Research (ACMRR) was established through a mining industry initiative to meet the need of industry, governments and the community for sustainable systems for land affected by exploration, mining and mineral processing activities. The Centre, which is a consortium of the major groups associated with mining rehabilitation research in Australia, has a focus on both strategic research and technology transfer and combines a wide range of multidisciplinary skills covering engineering and the physical and biological sciences. The paper briefly describes the goals, structure, expertise and research and technology transfer activities of the Centre. The major research program areas of waste rock dump and final void stability, acid mine drainage, tailings disposal, and remediation of ecosystem reconstruction are described in the context of national Priorities.

Jan 1, 1995

By Huajun W, Long LZ

The composition of fly ash and formation mechanism of cennospheres are introduced in this paper. The signification of using this potential new mineral processing resource is emphasised. The beneficiation properties of the components of fly ash, such as susceptibility, specific gravity, size, shape and flotability etc have been examined in detail. A technique was designed to process fly ash from the XiGaoJing power plant in Beijing, and a flowsheet is also presented. Flotabld cennospheres, magnetic beads, sinkable beads, carbon and advanced pozzolamics can be obtained as separate products through this flowsheet. It is emphasised that the beneficiation of fly ash is an efficient means of totally utilising the resource. Examination of the products show that they have good physico-chemical properties. Possible areas of their application are also Suggested.

Jan 1, 1993

The kinetics of chlorination of alumina and bauxite with CO/CI2 mixtures were studied in the range 300-1100°C. The temperature of prior calcination is critical in determining the reaction rates. An optimum chlorination temperature in the range 600°C-750°C was demonstrated such that there is no increase in reaction rates with increasing temperature. This lack of rate sensitivity to rising temperature is largely a function of the influence of gaseous diffusion gradients in the porous alumina together with a progressive decrease in surface area.

Jan 1, 1976

Australia has been a major exporter of LPG since production from the Bass Strait fields commenced in 1970. Export levels have been maintained through the seventies, the bulk of material being delivered to Japan. During this period the use of LPG in domestic markets grew only'slowly and demand was largely met by production from refineries with only shortfall supplies being drawn from naturally occurring sources. The domestic demand is forecast to grow significantly during the eighties as the traditional, automotive and petrochemical uses of LPG are expanded. An increasing amount of naturally occurring production will be directed into these markets. Despite this redirection the current level of exports (about 1.5 million tonnes per year) is likely to be maintained through much of the decade ahead as production from the Cooper Basin and the North West Shelf becomes available.

Jan 1, 1982

By Parker GJ

The financing of smaller resource projects has proven to be a difficult problem for promoters and financiers alike as very often such projects have not met the requirements of available financing methods and promoters have equally found it difficult to establish credibility, management and technical ability with potential financing sources. Solutions to the dilemma in which many of these projects find themselves are not readily apparent but will need to be found if the full potential of Australia's resources is to be realised. INTRODUCTION The growth of so called project financing in its present form is normally considered to be a phenomenon of very recent times, however, paradoxically there are references to what could be called financing in the old testament. To confuse the issue further financing small resource projects may not, and very often are not undertaken on a project financing basis. It is therefore quite apparent that one should be completely clear on:

Jan 1, 1982

The Proterozoic Pb-Zn deposits of the Gulf of Carpentaria, Australia, include HYC (McArthur River), Mt. Isa, Dugald River, Lady Loretta and Hilton. Two seamingly incom- patible depositional models have been proposed to account for their origin. Finlow-Bates (1980), Large (1983) and Russell(1983) classify these-deposits as sediment-hosted submarine exhalative deposits. This class includes Rammelsberg, Meggen, Silvermines, Sullivan and others. In contrast, a lacus- trine, shallow-water origin has been advocated by Williams and Logan (1981), Logan and Williams (1984), Muir (1983) and Eugster (1985). The discrepancies between these two models can be removed by creating a separate class, that of continental sediment-hosted exhalative deposits.. HYC., Mt. Isa and Dugald belong to this class and their sediments were deposited in shallow, alkaline lakes. Metal- rich, hot, Na-Ca-Cl brines entered the basins along boundary faults and interacted with pore fluids and sediments, depositing-Cu-Zn-Pb sul- fides. Similar brines entered the Lady Loretta basin after marine flooding, depositing sulfi- des and barite, placing Lady Loretta into the class of marine Sedex deposits.

Jan 1, 1987

Depending upon the probability one assigns to project go-ahead, up to $10 billion (1978 figures) could be required for resource based projects in Australia in the next decade. In the past major resource projects were readily financeable against sales contracts. In the future the complexities imposed by such matters as political risk, inflation, currency movements and environmental and other socio- economic considerations on project development costs and returns may require a different approach. This paper addresses itself to the ramifications of providing development finance for resource based projects in the future - and in particular examines such factors as project completion guarantees, sales contracts, protection against exchange rate fluctuations, interest rate structures and debt/equity ratios as each relates to the provision of finance. TABLE OF CONTENTS SECTION 1 : Introduction SECTION 2 Factors Affecting Project Financing in the Next Decade SECTION 3 Some Aspects of Financing New Projects in Australia in the 1980's Conclusion

Jan 1, 1979

The primary objective of designing, constructing, commissioning and operating a technically and economically viable processing plant cannot be achieved without a rigorous scientific understanding of the chemical principles underlying every facet of the total flowsheet, from feed preparation through to a final product. Having developed a thorough understanding of the chemistry involved, the next challenge is to match the innovative advances with the necessary engineering skills. In simple terms, there is little point in proposing a new processing route if it is not possible or practical to design, construct, commission and operate it. Thus to achieve our objective, it is necessary that processing facilities that are both smarter and cheaper be developed. This presentation highlights a number of the more significant research and development activities that are designed to facilitate the conversion of a smart idea into a real process. Following a brief discussion of several examples, the presentation concludes with the observation that a pro-active team approach is almost mandatory in order to achieve an acceptable outcome.

Jan 1, 2000

By J L. Bos, D J. Readett

As mining progressed through the Girilambone oxide orebodies, down to the primary sulphide zones, each successive stratiform layer yielded copper bearing ores of changing mineralogy and grade. Constant changes, innovations and optimisation were required to be applied to the heap leach, solvent extraction and electrowinning operations, to efficiently produce LME Grade A quality copper cathodes from this ore. The changing ore types required various crushing, stacking and heap leach irrigation methods to ensure that optimum recovery from the predominantly low-grade copper ores was efficiently achieved. Subsequently, innovations such as heap aeration and heap rejuvenation techniques were implemented. The constant selective removal of copper from the maturing heap leach liquors, coupled with an increase in iron(III) concentration, required solvent extraction optimisation. Changes to the original solvent extraction circuit configuration, combined with changes in operating parameters and procedures, allowed effective processing with changing heap liquor compositions. The electrowinning tankhouse was also upgraded and optimised through continued testwork and monitoring, to maximise cathode production and quality

Jan 1, 2000