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By Eric Low

Raising capital by issuing debt or equity is necessary in almost every corporation. In the field of corporate finance, the raising of capital is a heavily-studied topic. However, some of what is studied on this topic in corporate finance is not applicable in the mining industry. There are also many financing options that were created for the mining industry such as flow-through shares, prepaid forwards, and royalty sales. The cyclical nature of the industry makes the risk-return profile of financings more difficult to estimate than in other industries. Additionally, the methods used to assess firm value are different than other industries, as the values of orebodies are not included on balance sheets. For precious metals companies, which are a hedge against most other securities, there are additional complications with determining investor expectations and cost of equity. This thesis puts forth a decision-making framework to explain mine financing choices from the perspective of mining companies. The approach is threefold. First, all of the major equity and debt financing instruments available to mining companies are presented and analyzed. Each financing method is assessed on a wide range of criteria. Next, these concepts are applied in case studies of four companies: BHP Billiton, Barrick Gold, Teck Resources, and Noront Resources. For each company, the overall choice of financing methods is shown and analyzed. The effect of financing choices on the weighted average cost of capital (WACC) is calculated. The final section deals with case studies of individual mine finance decisions during the past two years.

May 1, 2011

By James Mackie

The Vancouver Stock Exchange (VSE) has been providing venture capital for start-up companies since 1907. Ninety years' experience in the junior mining industry has enabled the VSE to develop policies and procedures tailored to the unique needs of start-up companies. Policies and procedures applicable to listed companies are documented in the Corporate Finance Services Department "Policy and Procedures Manual." Approximately 50% of the companies listed on the VSE are in the mineral exploration and development business. The largest number are exploring base metal, precious metal or diamond properties. A recent count shows that about 20 companies are exploring industrial mineral or non-metallic deposits. The minerals sought by these companies include limestone, decorative stone, building stone, lava rock, wollastonite, zeolite, garnet and graphite. There are two basic routes to obtaining VSE financing for an industrial mineral property. The owner can either sell an interest in the property to a listed company or form a company and have it listed on the VSE. In each instance, the listed company is responsible for raising funds to develop the property. A typical financing consists of the sale of company securities byway ofeitherprivate placement or prospectus offering.

Jan 1, 2001

By A. W. White

Introduction To discuss all the technical details of incorporation laws, security laws, underwriting procedures, codes, and ethics-as laid down by varous associations -would be impossible in the time which has been allotted to me. My remarks, therefore, will be made in a very general way and will naturally be coloured with experiences which my firm and I have had. There is a common expression that "money makes the mare go". I hardly have to mention here that the best prospect in the country is of very little value unless its prospects can be developed-and this requires large capital expenditures. The art and problems surrounding the raising of this money is a long and interesting story. Since by its very nature mining is risky, the appraising of its risks in the many phases of its development programme is continuous. Very few men-if any-and very few corporations -if any -can afford to take all the risk of mining. Because of taxation policies-and the very scheme of present-day living -the truth of this statement can be seen throughout the whole industry by a close examination of the records. Since this is so, it is essential that the mechanics of distributing risk on a sound, and equitable basis be known to those engaged in the business and to the investor or spectator who proposes to risk his funds in the industry. Perhaps the greatest stimulant to modern business activities has been the creation of corporate bodies. It is evident, from the number of charters being granted by various jurisdictions, that this method of doing business is becoming more and more important. A limited company -or corporation-can be defined as a fictitious person existing solely in contemplation of the law.

Jan 1, 1951

Abstract: ?The paper will review the perspective of Scotia Capital on financing mines, mining projects and mining companies in today's world of major increases in commodity prices, increases in capital and operating costs, shifts in foreign exchange rates, and increasing scrutiny of mining's social license ?Focus on debt financing alternatives Key Assumptions: ?Assume financing a mining asset (i.e. not an exploration play) ?Exploration is generally financed with equity ?private placements or public offerings on an idea

May 1, 2006

By Chris McBean

Due diligence mistakes ? lost opportunity ? High profile write-downs and cost overruns ? Result ? tight market for financing ? Implications for due diligence ? need to get it right ? maybe only one chance ? Where should focus be?

May 1, 2013

By Karen Munro

Importance of Aquatic Studies for Mining ?Aquatic habitat is usually the first area where a mine interacts with the ?real world? outside the mine footprint ?Water management is a key consideration for a mine?Effects on the aquatic environment often extend to wildlife and human uses ?There is a lot of regulatory focus on issues of water quality, fish and fish habitat

May 1, 2011

By Hamid-Reza Manouchehri

Coarse particles flotation is controlled by detachment (particle hydrophobicity and flotation cell turbulence) For composite particles (the bubble may attach to good hydrophobic region, but the expansion of the three phase line of contact is limited. Hence, the equilibrium contact angle, characteristic of the hydrophobic region, may never be attained, and the force of attachment is decreased relative to that possible for homogenous hydrophobic surfaces.

May 1, 2013

By M. E. Holuszko

A research program has been carried out at the Mining Department of the University of British Columbia to study the effect of wettability of coal on its handleability and bulk density. The effect of moisture content on the bulk density of coal was found to be more pronounced for hydrophilic coals than for hydrophopbic ones. Altering wettability of coal surface leads to different effects of moisture on bulk density. The samples were studied at different fine fractions content, and it was shown that there was no effect of increased content of fines on the bulk density for hydrophobic coals, while for hydrophilic coals this effect was very significant. It was shown that the moisture content at which the lowest bulk density was reached coincides with the critical moisture content for studied samples, as determined from handleability tests using Durham Cone method. This critical moisture is the moisture content at which a sudden deterioration of coal handleability occurs. Based on the bulk density and handleability tests, the flow theory of moist coal is proposed.

Jan 1, 2006

By Franz Simon

Conventional fine gold electrolytes for barrel applications working electrolytically actually permit significant precious metal savings by corresponding optimizations but the most gold is still deposited on areas of the components where it is not absolutely essential for the desired bonding and soldering applications, i.e. in high current density areas. Therefore an electrolyte working electrolessly has been developed which inevitably leads to a much more uniform thickness distribution since in an electroless process there are no areas favoured by metal deposition and current distribution. The new electrolyte will be presented and its performance will be compared with conventional electrolytes as regards thickness distribution. The potential gold savings will be discussed.

Oct 1, 2003

By Graham Davey

"Low speed stirred milling has been employed for many years in the metalliferous and industrial minerals industries. High speed stirred milling is a relatively new method of grinding in the metalliferous process industries. However it has been it has been in wide spread use in the industrial mineral field for over 30 years for various minerals. Many existing metallurgical operations are looking to maximize economic return from existing deposits, requiring new thinking and technologies. By combining low speed and high-speed milling fine and ultrafine grinding efficiency and operating costs can be improved.The correct selection of different fine grinding technologies is covered, when each mill is applicable and when a combination of the VERTIMILL® Grinding Mill and SMD provides the best economic solution.INTRODUCTIONUltra-fine grinding of minerals has been in wide spread use in the industrial mineral field for over 30 years. Within the last 10 years the metalliferous industry has shown interest in the ability to produce ultrafine particles, as chemical, physio-chemical and physical separation processes have advanced to be able to treat ultrafine metalliferous particles. Also as the primary mineral deposits, around the world are depleted, new more difficult deposits must be mined. Existing operations are also looking to maximize economic return from existing deposits, requiring new thinking and technologies.The traditional approach for gold containing refractory material has been to liberate the locked gold by chemically destroying the pyrite through oxidation. Roasting, pressure oxidation, and bacterial oxidation all employ various degrees of temperature, pressure and catalysis to react the pyrite with oxygen to produce iron oxide and sulfur by-products. However all of these methods are economically impacted due to specific operational added requirements and emissions controls. Pressure and bacterial oxidation have very high capital and operating costs."

Jan 1, 2006

By The Staff

THE object of the work was to increase the capacity of the plant and, if possible, to reduce costs of the actual unit grinding while doing so. The accompanying assays of an infra-sizer analysis of the cyanide tail (Table l) illustrate the problem in hand. The cyanide tail is a combination of two products, gangue and FeS2. The assay alters by virtue of a change in gold value due to grinding and the relative quantity of FeS2 in the sizes, which itself varies with the grind. The disposal tail is the residue after the cyanide tail is scavenged by flotation, most of the pyrite being removed for roasting. It presents a somewhat different problem, since grinding gangue is all gain, but -10 micron FeS2 does not float nearly as well as + 10 product. This results in compromise in the final size to be aimed at. Extra grinding has hardly any appreciable effect on the gold extraction from the FeS2. (See Milling Investigations Into the Ore as Occurring at the Lake Shore Mine; Trans. C.l.M.M., Vol. XXXIX, 1936).

Jan 1, 1940

By The Staff

WE were requested to make a digest of our original grinding report, Fine Grinding Investigations at Lake Shore Mines. This digest is much easier to read than the original report, but it lacks the experimental 'evidence' found in the first report which, in many cases, is much more interesting and educational than the conclusions derived from it. In the course of rewriting the paper, we noticed several new angles on the test data which had not occurred to us previously. From the data included in the report and other tests not published, calculations were made which indicated a line of new test work. These tests, among other things, more than suggest a technique for designing the length of mills, the position and number of classifiers, and the total loads a mill should carry.

Jan 1, 1941

By Augustine O. Orumwense, Micheline Boisclair

"The use of stirred mill to complement tumbling mills in grinding fine grained minerals is increasingly becoming an attractive processing option. Parameters such as agitation speed, grinding media type and size, feed pulp density, and grinding time were studied in order to elucidate their impact on stirred milling. Test results showed that the parameters have a profound effect on stirred mill efficiency and operating cost. A comparative test with a tumbling ball mill was also made and the specific energies of both mills in fine grinding were analyzed. A difference of over 40% in energy savings particularly when the product size is smaller than 20 µm was obtained with the stirred mill.INTRODUCTIONIn industrial processes where very fine and ultrafine particles are required such as in chemical, ink, food, paint and lacquer, pulp and paper, plastics, pharmaceutical, metallurgical and ceramic industries, the use of stirred mills for grinding is well established. Mineral processing plants are gradually shifting focus to the use of stirred mills for fine grinding and /or regrinding purposes as the target liberation size gets very small. A number of plants processing finely/sparsely disseminated ores are known to have adopted stirred milling technology for their fine grinding needs (Enderle et al., 1997; Harbort et al., 1999; Gao et al., 2000; Davey, 2003 & 2006; Pease et al., 2006).There are different kinds/designs of stirred mills available on the market but, all can be divided into two sub groups namely fluidized and non-fluidized types. The non-fluidized stirred mills consist of Tower mill, Vertimill, Sala agitated mill (SAM), and ANI-Metprotech (SVM). These mills are characterized by their low-speed and the use of fairly coarse grinding media size, 3 – 20 mm. Hence, they are mostly suitable for relatively coarse grinding application. The fluidized type includes the Isamill, Netzsch mill and Stirred mill detritor (SMD). These mills have a characteristic high agitator speed, use fine grinding media size of 0.5 – 5 mm, and are employed in very fine grinding operations. The superior fine grinding capability of stirred mills is attributable to two main process parameters, which are the use of fine grinding media and a high mill speed."

Jan 1, 2008

By G. Papachristodoulou, O. Trass

"Performance data for both wet and dry grinding of materials have been obtained in this novel, planetary ring-roller mill over wide ranges or operating conditions. The Szego mill consists of a stationary cylindrical shell inside which grooved, radially mobile rollers rotate, driven by a central shaft. The mill has several internal design variables such as number, diameter and length of rollers as well as size, shape and pitch oi helical grooves. It is compact, has a high specific capacity, modest power consumption, and can grind many materials down to ultrafine powders. Illustrative data on product fineness and mill power consumption are given along with results from studies on grinding kinetics.INTRODUCTIONThe extensive use and importance of grinding as a unit operation, coupled with the rather low energy efficiency of conventional equipment provide a challenging incentive to investigate novel methods of comminution. Yet, most current development work is taking place in mill performance modelling and optimization, or with various detailed improvements rather than in the field of new equipment development.This paper is a report on the development of a ring-roller mill invented by the late L.L. Szego which embodies several novel concepts. The mill has a broad range of applications, may be operated wet or dry, and can grind materials down to ultrafine sizes with modest energy consumption. It has been developed by General Comminution Inc. in close cooperation with the University of Toronto."

Jan 1, 1986

By A. G. Doll

"Many power-based grinding models exist, and most operators are familiar with Fred Bond's ""third theory"". Bond's model is most commonly used to describe primary and secondary grinding to product sizes above, for example, 100 µm. Operators sometimes use Bond's equation to describe grinding in situations where it is not appropriate, such as fine grinding below 50 µm. Using an alternative model would be a better choice in this situation.Bond's equation is one in a large family of models. Related equations better suited to fine grinding include the “signature plot”, Von Rittinger's model and Charles' equation. These models have a similar form to Bond's and can be fit to industrial regrind mills and laboratory tests using the simple regression tools in the charts of computer spreadsheets. Operators will find that fine grinding calculations are both easier and more accurate when using the alternative equations to fit their regrind milling surveys or when performing laboratory regrind mill scale-up for plant design.None of these models are new: Charles' equation was published in 1957 and Von Rittinger's model was proposed in 1867. A quick refresh how to apply these equations can turn these oddities from the undergraduate curriculum into useful tools for plant optimization. They can be fit to any type of mill including stirred and tumbling ball mills.IntroductionBuilding a case for fine grind modelling requires reviewing some theory before building a framework for doing fine grinding calculations. The actual calculation procedure recommended is easy and can be applied by plant metallurgists. Don’t be frightened by the theory; the end result is reasonably simple.The observation that mineral breakage is related to the absorption of energy is usually attributed to Von Rittinger (1867). Lynch and Rowland (2005) describe that the ability to empirical test and calibrate energy models of breakage didn’t exist until the widespread adoption of electric motors in the mining industry during the 1930’s and 1949’s. A series of technical papers published by the Allis Chalmers company during the 1940’s demonstrate that they were attempting to do such a calibration using Von Rittinger’s model which is usually stated as: “the energy consumed in the size reduction is proportional to the area of new surface produced.”"

Jan 1, 2017

By Sylvie Lévesque, Cory Hennessey, Daniel Amariei

"In the iron ore industry, fine particles recovery is an important concern in terms of process performance and production costs. Continuous efforts are thus devoted to increase the efficiency in handling these fines.The Reflux Classifier (RC) is a relatively new technology that is mainly used in the coal and industrial minerals industries. The operating principle of this system is based on three mechanisms: hindered settling, autogenous dense medium and lamella settling. A preliminary evaluation of the Reflux Classifier technology for the beneficiation of iron ore fines was formerly done at the pilot scale using a RCTM300 unit. The good results obtained, using iron ore fines from screened spiral stream, made this technology very attractive for the iron industry. However, the high capacity of the RCTM300 unit (1–3 t/h), makes it unsuitable for R&D purposes. Thus, a smaller unit, the RCTM100, was assessed to validate the performances obtained with the RCTM300.This paper summarizes the performances obtained with the RCTM100. The challenges of the scale-down related to the adaptability of this technology to the iron ore industry are also presented. The results are compared to the RCTM300 performances, as well as benchmarked against sink-float tests. The metallurgical results on feed and products issued after the test work with the RCTM100 unit are supported by mineralogical characterization using a Mineral Liberation Analyzer.INTRODUCTIONFine particles recovery by physical separation means is a historical concern (Holland-Batt, 1992; Peukert and Wadenpohl, 2001; Srivastavaa et al., 2001; Majumder et al., 2003). Attempts to improve fine particle recovery at the laboratory, pilot and industrial scales adopting different strategies with traditional equipment or assessing new promising devices such as the MGS (multi-gravity separator), the Kelsey jig, the Yang jig, etc. (Kim, 2002; Goudreau, 2008; Kerr, 2012) have yielded variable success."

Jan 1, 2016

By G. Dodbiba, A. Otsuki, T. Fujita, J. Ponou, A. Shibayama

"The different types of nano to submicron particles, which are well-dispersed nano particles, coagulated nano particles or settled submicron particles, have been measured by the interactive force apparatus (IFA). The information is very useful for mineral processing treatment. The IFA can measure the particle size distribution in low to high concentration of particles in liquids and non-light transparent liquids. Here, mainly the emulsion and bubble size measurements are described.Emulsion (w/o type) is prepared with oil and water mixture. The nano to micro emulsion particle size is usually measured by light scattering method. The particle size distribution of emulsion of light oil measured by IFA agreed well with the one by the dynamic light scattering (DLS) method. The water size distribution in emulsions of gasoline is difficult for the small reflection index and C heavy oil is difficult for the black color by DLS method. The IFA can measure both emulsions.There are many methods to measure fine air bubbles, however, the finer nano size measurement apparatuses are DLS method and IFA. A “ghost” peak appeared in the large particle micron meter size in DLS method. The mean diameter in IFA is similar with DLS for the nano meter size. INTRODUCTIONParticle size distribution measurement of nano to submicron particle, emulsion and bubble size distribution are very useful for ultrafine particle separation and characterization of fine particles by the necessity of recent fine minerals separation (For example, Li et al.2016, Mikhlin et al.2016, Wang et al.2013). As for the size measurement of solid particles in liquids, three different types of nano to submicron particles, that are well-dispersed nano particles, coagulated nano particles or settled submicron particles, have been measured by the interactive force apparatus (IFA). The particle size distributions are compared with the one of dried particles measured by TEM or SEM. The well-dispersed nano particle size distribution by IFA is influenced by the nano size surfactant micelles and becomes smaller, when compared with the TEM result. The size distribution of nano size of magnetite particles in water is influenced by the isoelectric point and the mean diameter of coagulation becomes larger. The particle coagulation in diluted suspension is about 2nm smaller when compared with the higher concentration. The submicron nickel particle size distribution is well agreed the result by SEM. The coagulation effect is small in the submicron size of nickel powder in water (Fujita et al., 2013). In this paper, the emulsion and bubble size measurements are mainly described."

Jan 1, 2016

By A. Lopez-Valdivieso

Particle size enlargement processes play an important role in solid/liquid separation, and in beneficiation unit operations. In the latter, not only the size of the formed aggregates but also their surface properties are very important. Oil agglomeration has a special place among such processes: it is a selective process in which hydrophobic particles are agglomerated into hydrophobic agglomerates which can be recovered by flotation. This explains the broad applications of oil-assisted beneficiation processes not only in the beneficiation of fine coal, but also in agglomerate flotation of many different types of ores, and in coal/gold agglomeration.

Jan 1, 2004

By A. Liem, R. L. Johnson, C. Sturgess, E. Kuzub

New challenges in mineral processing arise as high-grade ores become less available and the mining industry is forced to exploit lower grade ores. One of the challenges in beneficiating lower grade ores is the liberation of mineral particles while maintaining control over material management. Lower grade ores need fine grinding to free valuable minerals, but finely divided particles can cause severe problems, such as dustiness and flowability, in subsequent stages of material management. There are at least two approaches that can be taken to resolve this dilemma, both of which relate to particle size enlargement. First, the application of a dust suppressant can be used to control that aspect of material management. The optimal choice of dust suppressant agent depends on effectiveness and cost, both of which can be strongly influenced by the selection of application method. Second, agglomeration combining small particles into larger units-can reduce dust and improve the flow characteristics of the material at the same time. There are several mechanisms that can be employed to agglomerate mineral materials. Although agglomeration adds a new processing step, it is often cost effective. This paper describes these two approaches and their respective challenges, as they relate to a mined ore. We report on modified or newly developed procedures for characterizing mineral ores with respect to material management. On the same material, we use agglomeration processing to capture fines within larger particles and show how dustiness and other aspects of material handling are affected. We conclude by discussing their specific application in accordance with the mineral properties and processing needs.

Jan 1, 2004

By R. Burns, A. I. A. Salama, M. W. Mikhail

"Large amounts of oil sand tailings are produced in the Fort McMurray area, including sand, clays, and misplaced bitumen. The objective of the present study (as part of the overall engineered tailings program) is to select and evaluate the role of hydrocyclones in removing most of the solids from the tailings slurry and producing an underflow product containing about 75% solids.Multistage cyclones were evaluated in pilot plant tests. Slurry feeds with different percents solids and increasing ratios of superfines (–44 µm) were used in testing multistage cyclone circuits. A two-stage Linatex separator circuit gave high recovery to the underflow of 98.8% to 99.6% by mass with the desired high solids content in the underflow of 73% to 75% by mass. Changes in feed solids content (20% to 50%) had little or no influence on cyclone underflow recovery and solids content. The keys to achieving such results were the apex control mechanism and operation at relatively low feed pressure (<60 kPa for 23 cm F cyclone) when the feed solids content was high. Increasing superfines above 7% by mass in the feed resulted in a significant reduction in the recovery to the underflow, probably due to the heavy medium generated by excessive amounts of clays in the cyclone. Pilot plant results were better than those predicted by available cyclone simulation models in terms of recovery and solids concentration in the underflow.Increasing cyclone diameter from 23 cm for the Linatex separator to 51 cm for the Krebs cyclone appears to have little or no effect on size cutpoint."

Jan 1, 1997