Data Required For Feasibility Studies

Does an idea have merit? What does it cost to implement? Can the concept be implemented successfully? The ultimate proof is to try, then see. However, when there are many millions of dollars at stake, blindly building and trying requires considerable courage. Owners and investors in retrospect might choose other less complimentary words. So we might ask, "How might we establish the feasibility of an idea or concept before committing large sums of money to the ultimate test?" From this basic and prudent question, has evolved the engineering concept of the feasibility study. A feasibility study is simply a systematic evaluation of an idea or concept to determine the prospects for success. In a literal sense, a feasibility study considers an idea in terms of its data base, "builds" the idea on paper, "operates" that idea, calculates the cost and benefits, then measures the probable success in terms of some economic, technical or financial standard. Feasibility studies can be quite modest in scope yet provide useful insights as to the viability of an idea. A study might be initiated only to examine the completeness or validity of the metallurgical data base. Another study could be a search for a workable idea or solution to an already-identified possibly troublesome problem. In this latter case, the question, "Will it work?" may be far more important than, "How much will it cost?" Feasibility studies are sometimes global in scope, involving several dozens of specialists and examining an entire "grass roots" mining complex. Other studies may be less ambitious but equally important in examining an expansion proposal or developing new operating techniques. Studies may be commissioned to remove plant bottle-necks, solve maintenance problems and so on. The terms study and feasibility study are used interchangeably in this chapter. They denote a systematic method to examine a proposed concept or idea. DATA BASE Typically, studies are initiated with a minimum amount of specific information and a maximum number of assumptions. As the work proceeds and the data base expands, assumptions are replaced