Statistical aspects of materials balancing in the minerals industry

The problem of materials balancing is reviewed with particular reference to the minerals industry. A broad statistical framework is established that, besides extending the classical estimation problem, allows questions concerning the value of sample information to be addressed. The following are examples of such questions: How much money should be spent on sampling? Which streams in a plant should be sampled? What should be sampled? The approach adopted makes use of Bayesian analysis. The discussion includes an illustrative example involving a simple flotation circuit.