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By D Lautier, A A. Ndiaye, A Galli

Traditionally gold producers had built up hedge books to protect themselves against adverse changes in the commodity price, but diversified mining groups were staunchly opposed to hedging in any shape or form. The situation has evolved over the past few years. Gold miners have been reducing the size of their hedge books in line with the rising gold price. Commentators have talked about ædouble-digit dehedgingÆ and have suggested that this is the final countdown for gold hedge books. It sounded as if the era of hedging by mining companies was drawing to a close. But as appearances can sometimes be misleading, we decided to find out what mining companies were actually doing. Companies listed on stock exchanges are now obliged to give details of their derivatives holdings in their annual reports. Two or three years ago there was no such obligation. Our reality check was based on the latest annual report issued by three multinational mining groups; two with diametrically opposed views on hedging (Rio Tinto and Barrick) and the third (BHP Billiton) with an intermediate position. This snapshot of their derivative positions at a point in time revealed that Barrick and BHP Billiton have substantial derivatives positions (worth billions of dollars) to protect against adverse changes in foreign exchange rates and interest rates. Moreover Barrick has recently started hedging against increases in fuel prices. Despite its opposition to hedging, Rio Tinto has derivative positions worth several hundred million dollars, but these are primarily a legacy from various mergers and acquisitions over recent years or were entered into as a condition of project financing. Lastly we were surprised to discover that Barrick was holding asset-backed commercial paper (ABCP). So the idea that mining companies donÆt hedge their risks is just another urban myth.

Jan 1, 2009

For a large scale open pit mining and concentrating operation, on a low-grade disseminated ore body, it is possible to set an approximate lower bound on economically feasible operating scales and an approximate upper bound on economically desirable scales in a relatively straight forward manner. The optimum scale ofplanned operations, with respect to the objective ofmaximisation ofthe net value ofthe orebody, will have to be arrived at by iterative planning runs, but it may be expected to lie close to this upper bound. The effects of infrastructural costs and of the addition of a risk premium to the cost of capital, to form the discount rate for planning purposes, are considered theoretically and by worked example. It is concluded that a perceived special, unsystematic, risk should not be accounted for by the use of such a risk premium as this is inducive to placing a greater amount of investment capital at risk, for no greater return-rate to investment.

Jan 1, 1986

The Heavy Media Separation plant operated at Lidsdale siding, eight miles from Lithgow, by the N.S.W. Mining Co. is a product of the Western Machinery Company, of D.S.A.This mill, designed to use finely ground magnetite as the heavy medium, was prefabricated in America and shipped to Australia for erection.First operated early in December, 1951 it has worked on a two-shift basis since. Designed for an input rate of 330 tons per hour, this mill is capable of washing 4 in. x /u in. coal down to its inherent ash by removing all heavy material, including high-ash coal.The principle is quite simple. A stream of raw coal is fed into the separatory vessel which contains a liquid medium, the density of which is adjusted to produce the desired split between coal and refuse. In this bath the lightest coal floats, and all material heavier than the specific gravity of the medium sinks, and is removed separately. Such a system is,. ideally suited to Western coal, as there is no definite splitting point between coal and refuse. Inherent ash of the coal fed to the plant ranges from 8 to 25%, the corresponding density range being from 1.28 up to 1.8.Generally speaking, the higher the density the higher the ash content of the coal.The density in the separatory vessel (hereafter called the cone) can be quickly and easily adjusted throughout the above range to any desired value. Customer requirements, coupled with the economics of washing, dictate the proper specific gravity to be maintained. At present this is held at 1.52...

Jan 1, 1954

Mining education has received almost continuous discussion since its inception and most people engaged in the mining industry and in mining education feel at some time the urge and necessity to express their views. This paper is not a comprehensive survey of past and present practices and accepted principles, but a personal opinion of the form mining education should take at university level. It is expressed because of a dissatisfaction with the existing courses offered to students. It is hoped to provoke discussionand bring forth guidance to those engaged in mining education. After all, students spend four or five years at a university and it is desirable that the graduate should be something more than just those many years older at the end of his course.POST GRADUATE EMPLOYMENTThe first problem confronting the university should, be to discover what the mining industry wants and expects or graduates. This must influence the university course and yet universities have done little to seek this information, and if suggestions have been offered by industry; universities appear to have made little use of them. University mining curricula are basically what they were 50, 100 and even 200 years ago. (See Appendix.) Whether this reflects the unchanging problems of mining the wisdom of early professors, the conservatism of subsequent professors or inability to apprectate necessity for changes, is debatable.Unfortunately there is no uniformity in the type of employment offered to new graduates: Some mining...

Jan 1, 1959

By Kumar A, Mishra N. C

For each tonne of chromite ore mined in Sukinda, approximately ten tonnes of fine overburden material is generated. The overburden typically contains about 30 - 60 per cent Fe2O3, 0.3 - 1.1 per cent Ni, four to nine per cent Cr2O3 and 0.04 - 0.2 per cent cobalt and is being discarded leading to loss of valuable metals and creating environmental pollution. In order to take the advantage of presence of iron, nickel and chromium, the present studies advocate the utilisation of nickel lateritic chromite overburden for production of Ni bearing pig iron through blast furnace extracting maximum iron and nickel from the chromite overburden. The present paper deals mainly with the beneficiation of chromite overburden, sintering characteristics and thermodynamic studies. The beneficiation study shows that a beneficiated concentrate having Fe - 50 per cent and Ni -- 1.1 per cent can be achieved from chromite overburden having Fe - 30 per cent and Ni -- 0.7 per cent. Sintering studies have been carried out with bed height of 300 and 450 mm at a suction of 600 and 900 WG respectively. The results reveal that good quality sinter can be produced from chromite overburden concentrate with a basicity of about 1.0 and coke breeze consumption rate about 16 per cent. In all the experiments, Tumbler Index, Abrasion Index and Shatter Index was found to be in the range of 65 - 70, 4.5 - 5.5 and 85 - 90 respectively. The other parameters namely softening temperature, melt down temperature, reduction degradation test and relative reducibility have also been determined. A thermodynamic analysis has also been carried out to make a technological assessment of the process for the production of alloyed pig iron from chromite overburden in blast furnace which shows that it is possible to produce nickel bearing pig iron in blast furnace using the sinter up to 80 per cent. Techno-economic analysis reveals that this route will yield a substantial profit even after accounting for cost of beneficiation, extra coke, raw materials and extra slag produced.

Jan 1, 1999

By D Craw

Bulk ore tailings from the Macraes gold mine gold extraction process are stored in a large (ca 0.6 km2, 80 m deep) mixed tailings impoundment whose pH is maintained near 8 by natural rock neutralizing capacity. The mixed tailings will be stored in this impoundment in perpetuity after mining ceases. Confidence in the long term environmental stability of these tailings can be gained from examination of mineralogically and chemically similar geological situations in the immediate vicinity. A sequence, typically about 5 m thick, of sands and gravels derived from the Macraes mineralized zone 12 000 to 28 000 years ago contains rounded detrital sulphide mineral grains which are unoxidized despite close proximity to the surface and occasional incursion of oxygenated waters. Saturating water pH is currently 7-8. Sands with 0.2 to 0.8 wt % organic carbon host sulphate-reducing bacteria (SRB), and localized cementation by authigenic framboidal pyrite has occurred. Comparison of the 28 000 year-old sediments with the modem tailings suggests that similar chemistry will prevail, possibly with deposition of authigenic pyrite in the tailings, in the long term. As long as the present slightly anoxic and circumneutral pH environmental conditions are maintained in the mixed tailings dam, sulphide decomposition and acidification are unlikely. These sediments provide a plausible geological analogue for long-term benign storage of the mixed tailings impoundment.

Jan 1, 2000

Cadmium occurs in the Broken Hill Lode essentially as a camouflaged element, substituting diadochically for zinc in the sphalerite.Analyses of a series of zinc concentrate flotation products, prepared from samples of ore taken at intervals throughout the developed lengths of the several orebodies forming the lode, have revealed a pattern in the distribution of cadmium relative to zinc. This pattern appears to reflect the temperature and order of deposition of the several orebodies, and the direction of movement of the mineralizing solutions.INTRODUCTIONThis investigation into the distribution of cadmium in the several orebodies of the Broken Hill lode was undertaken by the Mineragraphic Section. of C.S.I.R.O. in conjunction with the Broken Hill Geological Research Committee, as part of a study of Broken Hill mineralization.It arose from the examination of cadmium and zinc assays supplied by Mr. T. A. Read, Chief Metallurgist of the Broken Hill South Ltd.; of experimental zinc concentrates prepared from localized samples of the No, 2 and No. 3 orebodies in the Broken Hill South Mine. These assays suggested that the two orebodies were characterized by distinctive ZnjCd ratios.In view of the possible sigmficanc'e of such a difference, comparable data were sought from each of the other mines. The necessary samples of ore were collected by the geological staffs of the several mines. The preparation of separate zinc concentrates and lead concentrates from these samples, and their assaying, was conducted by Mr. Evan Hardy, for the North Broken Hill Mine, and its assodated leases, and by Mr. D., Swan, under the direction of Dr. J. C. Nixon, for the Zinc Corporation and New Broken Hill Consolidated Mines. Additional tests on the Broken Hill South Mine were made by Mr. C. W. Reilly, under the direction of Mr. T. A. Read. The samples were...

Jan 1, 1955

In Broken Hill, Northern Rhodesia, two water jacket lead furnaces have been in operation for the past three years. The furnaces were erected in war time, and only absolute essentials were procurable. The water for the jackets was obtained from wells adjacent to the works, in a dolomite formation. There being no water-softening plant, except a small one capable of treating water for the power plant only, this water was found to make a heavy scale in the jacket. During 1917 several jackets were burnt through, resulting in serious trouble and loss of output. In order to avoid this, furnaces were stopped twice a month for 8 hours and scale was removed as far as possible. In addition to the scale trouble during the summer months, a green slime grew in the supply tanks and occasionally became detached from the tank and collected in the cocks near the jackets. This caused risk to the jackets and was difficult to remove without a stoppage of the furnace. In 1918, bundles of wattle bark were placed in the hot well at the rate of one ton per month. These extracted the tannin and added from 0.5 to one part of tannin per 100,000 to the circulating water. The hot water was cooled over a brushwood cooling tower and returned to the supply tanks. The well water required to, make up the wastage was estimated at 40,000 gal per day.

Jan 1, 1920

By Greaves M. C

X-ray fluorescence spectroscopy used for the analysis of mill samples results in improved control of flotation concentrators.Techniques and equipment for sampling pulp streams, filtration and drying, grinding, briquetting and X-ray fluorescence analysis of samples have been developed.The current methods in use permit the analysis for lead and zinc in six pulp samples within 30 min total elapsed from the start of sampling. The X-ray method gives a precision at least equal to the former routine wet-way assay methods.The equipment is used also for pilot plant control, as a means of solving complicated analytical problems and in the rapid qualitative analysis of exploration samples.INTRODUCTIONIn milling and concentrating operations, classical methods for the assay of lead and zinc have been mainly of use for accounting purposes and for the post-mortem examination of plant operations, but have been of little value for rapid mill control. Where attempts have been made to apply these methods to control assaying, it has been necessary to modify the procedures and introduce short cuts which have tended to reduce their reliability.Even with these shortened procedures, the time taken to obtain a limited amount of information rendered them of little value for the control of milling operations where sudden, large fluctuations can occur. In recent years, a number of new and rapid analytical techniques, based on physical rather than chemical principles, have been introduced.These include direct reading emission spectroscopy, x-ray fluorescence spectroscopy and atomic absorptionspectroscopy.

Jan 1, 1964

By Dyson N. F

Mixed cobalt-nickel sulphides precipitated from ammoniacal process liquors derived from nickel sulphide concentrates, mattes, and reduced nickeliferous laterites have been characterized.The mixed sulphides are prone to oxidation on standing and are rapidly leached under relatively mild conditions. The kinetics of the leaching reactions are controlled principally by temperature and oxygen partial pressure. Although the samples have different CO:Ni ratios and have undergone varying degrees of oxidation, there is little difference in their leaching behaviour. The results suggest that a single plant would be able to process mixed sulphides of varying composition. Any copper and zinc present in the mixed sulphides as impurities also go into solution and must be removed prior to recovery of the cobalt and nickel in metallic form.

Jan 1, 1981

Support design in jointed or blocky rock masses is often approached by the use of either 'rules of thumb', rock mass classification systems such as the Q-system (Barton, Lien and Lunde, 1974) or RMR (Bieniawski, 1973) or conventional wedge analysis. Generally, this requires that a number of key simplifying assumptions are made and the support system is designed to cater for either a mean, most likely, or worst case scenario depending on the risk tolerance. The design block size is often a major uncertainty and often a worst case block size based on excavation span is used. Thompson and Windsor (2007) state that it is inappropriate to base support designs on the excavation size as these size blocks rarely occur if discontinuity trace lengths are considered. Probabilistic keyblock methods can be used to determine the most likely design block sizes. A methodology is presented whereby JBlock software (Estherhuizen, 1996) is used to estimate potential block sizes as part of the support design process. Using information such as the spacing, orientation and length of discontinuities, it is possible to simulate blocks in the walls of an excavation (Esterhuizen and Streuders, 1998). Keyblock analysis methods (Goodman and Shi, 1985) are used to evaluate whether blocks are removable and whether the chosen support will be sufficient to ensure stability. Data from two mines is used to demonstrate how probabilistic keyblock analyses can be used in support design. Discontinuity data was used to generate 10 000 removable blocks and the design block size statistics were determined. For one mine this information was used to scale blocks in a conventional. Unwedge analysis whilst for the other mine, the point estimate method (Harr, 1987) was applied. The choice of appropriate design acceptance criteria in terms of factor of safety and probability of failure is also considered.

Nov 25, 2010

Mineral deposits in New Zealand whose origin can be ascribed to primary magmatic segregations are associated with mafic-ultramafic complexes related to two orogenic episodes which took place during Palaeozoic and Mesozoic times. These mafic-ultramafic complexes are essentially of two types. One is ophiolitic and has podiform chromite mineralisation presumably formed below a spreading ridge. The other type occurs as intraplate layered intrusions in which Fe-Cu-Ni sulphides and Fe-Ti-V oxides have formed as a result of liquid immiscibility with the host magma, and have subsequently accumulated by gravity means. Generalised descriptions are given for some deposits in NW Nelson, Fiordland and Marlborough districts.

Jan 1, 1980

Based on the examination of thirty sets of contiguous matte and slag samples taken from industrial nickel smelters a relationship is predicted between oxidic nickel in slag, oxygen in matte and the Ni/Fe ratio in the matte. Oxidic nickel in the slag is found to increase with an increase in oxygen content of a matte of constant Ni/Fe ratio, and it is proposed that the relationship may be used to predict nickel solubility in slag from a knowledge of matte composition alone.

Jan 1, 1980

The discussion which followed the publication of my paper by the formert has, I think, enhanced its value. It may therefore be of interest to members of our Australasian Institute, who are not members of the Institution of Mining and Metallurgy, if I give a synopsis of the discussion.My attention was drawn to the fact that my paper did not make clear the extent of the improvement in furnace operations, which followed the use of coke of high quality; this comment applied more particularly to the lead content of slag. My failure to supply comparative figures in regard to the lead content of slag was governed by a condition which, I think, is of interest to metallurgists. As a result of industrial...

Jan 1, 1932

THIS paper is the outcome of experiments carried on and experience gained. at the Waihi-Paeroa Gold Extraction Company's tailings plant at Waihi, New Zealand. The plant was erected to treat accumulated tailings which had been discharged into the Chinemuri River by the Waihi batteries.The Chinemuri River is a common sludge channel for all mining debris, tailings, and ashes from the power plants, the last being the cause of occasional high residues, which gave so much trouble to the management. The tailings were dredged from the bed of the river into barges by means of a Pohle air lift, the power being supplied: by a 13 b.h.p. Tangye oil engine driving an air compressor and a centrifugal pump. The sands were elevated from the barges by bucket-belt elevators over screens, to eliminate large particles and rubbish, into storage hoppers, and from there fed direct into four C. Judd Ltd. tube mills.The method of treatment was fine grinding in a weak cyanide solution, agitation in B. and M. tanks, filtration with turn-over vacuum filters, and precipitation with zinc shavings. The comparatively high values of the residues in gold gave a great deal of trouble, 'and it was not until repeated experiments were carried out that the cause of the trouble was located. While the value of silver residues remained stationary, the gold values...

Jan 1, 1912

The variation of carbon monoxide and hydrogen utilization with the amount of the reductant in the blast furnace bosh gas was investigated for the No. 4 blast furnace at The Broken Hill Proprietary Co. Ltd.iron and steel works. Newcastle. The degree of CO utilization decreased with increasing CO in the bosh gas; the H., utilization increased with the H., content of the gas. Empirical relationships for CO and H., utilization are proposed.H2, is 3-6 times as effective a reductant as CO at present levels of CO (34-39 per cent) and H2 (6-10 per cent) in blast furnace bosh gas. H2, gas injection into the blast furnace is proposed as a means of lowering the coke consumption, and the economics of H2 injection are evaluated.

Jan 1, 1975

Base metal sulphide mineralisation on the northern end of Great Barrier Island is spatially associated with hypabyssal intermediate to acidic intrusives, in transgressive structures in indurated, complexly deformed greywackes and argillites. Copper predominates in the mineralisation, with minor accompanying lead and zinc and also some gold and silver. However, in some cases lead or zinc may be the dominant constituent. The mineralisation is generally characterised by only narrow envelopes of weak alteration (propyliticassemblages dominated by chlorite and epidote) and with only minor amounts of quartz accompanying the sulphides, which form a cement in zones of hydraulic fracturing. There are two distinct structural settings to the mineralisation: at MinerÆs Head, in a structurally complex situation in a shell-like zone of crackling in hornfelsed greywacke, in association with both north- and east-striking fractures and rubble breccias associated with the apical part of a large intrusive; and in very narrow, but very strike-persistent, 1inear steeply-dipping fracture zones, exposed on the north coast and inland areas near Tataweka.

Jan 1, 1984

By Paramguru R. K, Jena P. K

Increasing demand for copper, lead and zinc with continuous depletion of good grade ore reserves, warrants the need for utilization of lean and complex ores of these metals. There is worldwide effort to develop suitable processes for these purposes. The present paper deals with the chloride leaching of complex base metal sulphide concentrates of two Indian deposits. A two stage leaching process is suggested keeping selectivity of metal dissolution in view.In the first stage most of the lead and zinc are reacted with dilute FeCI3 (0.3M) solutions at a temperature ono°c where major portion of the lead remains in the residue and zinc reports in solution. After taking out lead chloride by brine leaching, the residue has been treated for copper dissolution. A concentrated FeCI3 leaching at boiling temperature as well as ambient aqueous chlorine leaching have been separately tried to dissolve out the copper from the residue. Based on the results obtained, a flowsheet for the proposed process is presented.

Jan 1, 1981

CONTENTS: Broken Hill The mixing stations.Operating and mixing apparatus.Pulp distribution.Stope preparation.Filling procedure.Consolidation of old fill.Drainage:Pulp density tests. Life of sand pipe lines.Results.Advantages and disadvantages.Conclusion and acknowledgments.General remarks on South Limited.Mining methods.History of stope filling in Broken Hill.Need for a new and better filling method and transport system.Initial experiments with hydraulic stowing.Source of the sand.Water Supply.Signalling system.GENERAL REMARKS ON BROKEN HILL SOUTH LIMITEDThe South Mine, property of Broken Hill South Limited, is situated at Broken Hill, N.S.W., Australia, towards the southern end of the main lode.The leases (M.L's 7 and 8)' cover a length of 2,400 feet along the lode outcrop and the workings extend, at this date, to a depth of 1,940 feet below the collar of the original main shaft and to 825 feet below sea level.Mining operations have been continuous for about 58 years and during this period nearly 12.5 million tons of ore have been mined. The monthly tonnage extracted approximates 30,000 tons in normal times.The ore is a mixed sulphide containing galena and marmatite; the gangue minerals are principally calcite, rhodonite, quartz and garnet.A typical assay for a monthly period is 14·40/0 Pb., 5·6 ozs. Ag., and 11· 60/0 Zn. The whole of the ore is concentrated on the property by combined gravity and flotation methods. The lead and 'zinc concentrates produced are railed to other centres for the extraction of the contained metals.MINING METHODSMining practice throughout the field varies only in minor details. The ore-bodies forming the Broken Hill Lode lie within complex folds arranged along a shear and vary in size and mineralogical associations, but all the mines have similar types. Some of the ore-bodies have weak walls, but the chief difficulty in mining is caused by "heads" and "flaws" in the ore.Besides these local weak areas there are ground movements-referred to later-of varying magnitude extending throughout the central portion of the lode where the large ore-bodies, several hundred feet wide, approached the surface.

Jan 1, 1944

A clear understanding of the meanings of terms is important when discussing a project. Whether it is a submission, an investment study, a feasibility study, an environmental impact statement, an estimate, a tender, a contract, or a close-out.report, the need for all parties involved to understand what is under discussion or what has been written is paramount. The clarity of definition and the level of understanding can affect the outcome of the project. It is vital that all parties know what is wanted, what is expected, and what it will cost. This paper draws attention to some of the problems that beset many projects, clients, project managers and contractors, and it is hoped that its presentation will encourage us to pay more attention to defining what it is that is required. Ultimately we should all be the richer for having defined and understood the requirements at the beginning rather than at the end.

Jan 1, 1990