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IN presenting a'description of milling and treatment methods at the Waihi mine, it is advisable to first traverse a good deal of the past history of the mine, and show the various steps which have led up to present-day practice. The record of the company is one of steady, solid advancement, both in metallurgical and financial results. This is illustrated by the following figures, dating back from 1897...

Jan 1, 1912

Recovery of Precious Metals from Chloride Solution by Magnetite The development of environmental-friendly lixiviants as alternatives to cyanide and the increasing recycling activities to recover precious metals from waste materials have prompted researchers to find efficient methods and alternative sorbents to recover precious metals, such as Au and Pt, from aqueous solutions. This study explored the use of magnetite (Fe3O4) as a sorbent to recover Au and Pt from chloride solutions. Magnetite is a semiconductor and has the capability of transferring electrons both within the solid state and across the solid-liquid interface and has the ability to reduce metal species on its surface. The sorption of AuCl4- and PtCl62- from NaCl solution on commercial grade magnetite powder was investigated by batch-sorption experiments. The effects of pH, contact time, NaCl concentration and precious metal concentration on the recovery were studied. Sorption experiments revealed that magnetite exhibited selectivity towards other metals with the strongest affinity for Au. Both Au and Pt recoveries showed similar pH dependence curves, with peaks at pH 6 - 7. At this pH range, a maximum of 4.4 ¦mol Au/g Fe3O4 and 3.0 ¦mol Pt/g Fe3O4 were recovered after 24 h at an initial metal concentration of 0.05 mol/m3. Increasing the initial precious metal concentration increased the Au and Pt uptake amount by magnetite. It was also observed that the recovery decreased with high NaCl concentrations. The SEM images of the magnetite particles after the treatment showed that gold, which was confirmed by the EDX analysis, agglomerated and were deposited on Fe3O4 surface.

Sep 13, 2010

By Yates C, Gillie E. W, Finucane K. J

During the year 1940 a complete investigation was made of the whole of the stoping operations throughout the Great Boulder Mine and, as a result, it was decided to convert some of the existing shrinkage stopes into cut-and-fill stopes, and also to mine many of the more recently developed ore blocks by the latter method. The necessity for filling was due primarily to the structure of the ore blocks, the character of the walls and possible excessive dilution, but was influenced also by the grade of the ore-block and by the fact that cleaner mining can be carried out by cut-and-fill stoping.The comparatively few cut-and-fill stopes in operation prior to 1940 had been filled mainly with waste rock from development work, but as the amount of this material available, or likely to become available, would have been wholly inadequate for future operations, it was proposed to construct a system of passes to supply filling material from the surface.Owing to the distribution of the stopes, no central pass or system of passes could be devised which would service all the stopes satisfactorily.However, work was commenced on two passes, one designed to service the cut-and-fill stopes in the Eastern Section of the mine, and another to service those in the Western Section. It was realised that these passes could serve only a small proportion of the total number of Stopes (Figs. 1 and 2). During the progress of this work experiments were undertaken to test the possibility of using filtered tailings underground as an adjunct to the above scheme, but for various reasons these were only partially completed.Early in 1942 it was suggested by the Mill Superintendent that an attempt be made to fill with wet classified flotation tailings as practised at Mt. Lyell in Tasmania and at the Triton Mine at Reedy, West Australia. For the purpose of testing this, an experimental stope was prepared on the 309-ft. level, "X" Lode. This was 100 feet long and averaged 4 feet in width. Water-tight rearings were built at each end of the stope and waste rock fill was spread to a height of 6 to 8 feet above the timber. Used filter cloths were laid on top of the fill and brought a few feet, up the walls of the stope. A two-inch victaulic drainage line was then placed in position, the end passing through a hole in one of the bearings and thence to a sump. In the central portion of the stope two vertical pipes were brought up from this line. These were bored with one-inch holes staggered on opposite sides of the pipe, the vertical interval between each hole being one inch. The holes were then stopped with...

Jan 1, 1945

The paper outlines the development of a solvent extraction process for the recovery of scandium, yttrium, thorium, and heavy lanthanides from waste sulphate liquor at the Port Pirie uranium treatment plant. A summary is given of known solvents for these elements, including the recently developed alkyl-phosphoric acid esters which are applicable to sulphate solutions.A kerosene solution of di- (2'-ethylhexyl) phosphoric acid (EHPA) has been suggested by some workers as a suitable solvent for fractionation of the lanthanides. Experimental work with this solvent showed that it could be used for initial recovery of the above elements from low concentrations in the complex sulphate liquor. In particular, scandium could be recovered as a high grade product by extraction with 0·lM EHPA, followed by a purification strip with 9N sulphuric acid, and final stripping of scandium with sodium hydroxide solution.To enable alkaline stripping to be used successfully, the kerosene solution of the reagent was modified by the addition of a small proportion of nonanol. Experimental work included laboratory scale batch tests and small pilot scale continuous tests.A proposed extension of the process for the separate recovery of individual heavy lanthanides, yttrium, and thorium is described.INTRODUCTIONAt the Port Pirie uranium treatment plant of the South Australian Government, large volumes of "barren liquor", free from 'uranium, are at present run to waste. This "barren liquor" results from sulphuric acid leaching of Radium,Hill uranium concentrate, followed by separation of solid residues and removal of uranium from the clear solution by ion exchange. The mineral davidite, from which the uranium is derived, contains other potentially valuable components, notably vanadium, chromium, thorium, yttrium, scandium, and the lanthanides. These constituents are...

Jan 1, 1961

By A Raza, D P. Kohn, D A. Foster, A J. W Gleadow

A large and increasing data base of apatite fission track results from sedimentary and granitic rocks exposed within the south-eastern highlands and along the continental margin ofAustralia provides constraints for the tectonic development of the south-eastern passive margin. The fission track results suggest that many regions of the south-eastern margin of Australia experienced distinct episodes of relatively rapid cooling during the middle Cretaceous to early Tertiary that can be attributed to the effects of rifting. One cooling episode is middle Cretaceous in age and related to denudation of the south eastern highlands from Tasmania to northern New South Wales between ~90 - 100 Ma. Rocks exposed along the present coast line record a later episode of rapid cooling, which is diachronous and decreases in age northward from ~80 to 90 Ma in northern Tasmania to southern New South Wales, ~60 - 80 Ma in central and northern New South Wales, and to ~50 - 60 Ma in southern Queensland. The results are consistent with models suggesting that underplating occurred inward of the rift along the eastern margin of Australia as a result of the onset of continental extension in the Tasman Sea at ~96 Ma. This resulted in a significant change in base level and km-scale denudation of much of the southeastern highlands. Subsequently, as breakup commenced during the Late Cretaceous at ~80 Ma and continued into the Paleocene at ~60 Ma, the second stage of cooling was imprinted on the rocks along the margin. This cooling is probably due to the relaxation of elevated geothermal gradients associated with rifting as well as some denudation. Because rifting was oblique to the present-day coast, different regions record different ages of cooling associated with the rift. The southern regions of New South Wales and Victoria yield ages associated with earlier rifting while regions of northern New South Wales and southern Queensland give ages associated with later rifting.

Jan 1, 1995

Being a geologist I intend describing the renaissance of the gold industry in Australia within its geologic framework; there is a geological pattern to the numerous gold projects which have been brought on stream over the past decade. We are now about midway through our third and largest gold boom which, at a peak of 7.5 million ounces is about twice the production peaks achieved in the preceding booms. From discovery in 1851 through 1870 we saw the first boom largely based on alluvial production in NSW and in Victoria at the great Ballarat and Bendigo Goldfields. The discovery of the Golden Mile in Kalgoorlie, Western Australia, underpinned the second gold boom in the period 1895 - 1915. On that basis the present boom should last through the next decade.   It has been a golden decade for Australian gold production. From less than ten mines in 1980 with production over 10 000 ounces and the largest, Telfer, with output of about 130 000 ounces we now find over 130 deposits being worked around the country today that produce over 10 000 ounces with the largest, Boddington, having an output of over 400 000 ounces. In total these mines produced an estimated 210 tonnes of gold in 1989 and we expect this year, 1990, that a new record production of between 240 and 250 tonnes will be set. This positions Australia in third place in the Western World behind South Africa #1 and the USA #2 and fourth in the world with the Russians holding second place overall behind the South Africans.

Jan 1, 1990

By Miller F. S

The famous Golden Mile of Kalgoorlie in Western Australia was, between 1888 and 19ft, one of the richest and most important gold camps in the world. Annual production, which reached a peak of nearly 1,300,000 oz. in 1903, however dropped to below 400,000 oz. after 1920.Depression seized the camp, and many mines closed down. The output from this old field is now steadily mounting under the stimulus. of a higher price for gold. In 1935 300,000 oz. of precious metal were recovered and the future is bright. Total production from the field is 21,400,000 oz., whereas something like £23,600,000 have been paid in dividends.The Golden Mile has been studied by many geologists. Their somewhat diverse findings were published for the most part in the Australian technical press which, unfortunately, is not sufficiently represented in foreign libraries.The following article is based on an eighteen months' study in the district for Gold Mines of Kalgoorlie Ltd., preceded by four years' experience with almost identical rock types in the, Porcupine district of Ontario. The excellent record of observed fact left by previous invesigators, augmented by talks with observant mining men...

Jan 1, 1937

That electricity is an important and valuable agent, the limit of whose capacity for utilisation is as yet unknown, is a truism; although enormous advances have been made, the possible developments are yet greater. Mining, along with other industries, shares already to a large extent in the practical utilisation of this agent. Electrical engineers have been employed for several years past in developing and applying electricity to all classes of machinery, and for every purpose where power is required and in no instance, that the writer is aware of, has its use been curtailed in favour of any other agency now known, while extensions are continually made. The first modern electric motor was shown at the Vienna Exhibition of 1873, and it was used to work a pump through a mile length of cable but it was not before 1878, that an electric motor was put into daily commercial use by Messrs. Chretian and Felix to work a beet sugar hoist. This early plant effected a saving of 40 % as compared with hand work.In 1879, the first Electric Railway was constructed for the Berlin Exhibition, and in the same year, Mr. T. A. Edison was running an experimental line at Menlo Park. The first electric line opened for the public, was constructed by Siemens and Halske, in 1881, at Lichtenfelde, and was 11 miles in length.

By J Webster-Brown

The Tui Mine is an abandoned Pb-Zn mine giving rise to water quality problems in the Te Aroha region of Coromandel, New Zealand. When sampled in September 2002, for example, both the Tui and Tunakohoia Streams draining the mine site exceeded ANZECC (2000) water quality guidelines for aquatic life protection (Cu, Cd and Zn) and recreational quality (Cd). Based on trace metal mass flux (kg/yr) from parts of the mine site, the principal pathways by which Cu, Zn and Cd contamination reach these streams have been identified as:the tailings dam leachate,the diverted stream water from above the dam,the drainage from Adit 5 (which accounts for 95 % of Zn and Cd contamination in Tunakohoia Stream), andto a lesser extent, run-off from waste rock piles below Adit 4 level. Of the various remediation options, which have been proposed for the site, the following are identified as providing the best protection for the Tui and Tunakohoia streams:stabilising the tailings dam embankment and capping the embankment and tailings,constructing and/or cleaning out engineered diversion drains around the perimeter of the tailings dam to divert surface water away from the tailings dam, andinstalling bulkheads within Adit 5. A formal postal survey of the people of Te Aroha (66 respondents from 230 surveys) indicated that their priority was that the site be made safe for the public to visit, and used for recreation. As soil samples in potential recreational areas of the mine site, significantly exceeded guideline values for Cu, Pb, Zn, Cd and As, soil removal or capping clearly also needs to be part of a remediation plan. Development of the site as a historical/ecotourism area was viewed favourably, as this may encourage more visitors to the Te Aroha area as well as educate local residents.

Jan 1, 2003

Several Approaches to Enhance the Bioleaching of Enargite Some approaches were investigated to enhance the recovery of Cu from enargite by bioleaching with Acidithiobacillus ferrooxidans using the galvanic interaction with pyrite and activated carbon, and with thermophilic bacteria, Acidianus brierleyi. Addition of pyrite initially enhanced Cu leaching by the Galvanic effect, but after that the formation of secondary minerals passivated the surface of enargite in inoculated batches. Activated carbon improved Cu recovery from enargite much better than pyrite, when it is contacted with enargite. Recovery of Cu from enargite has been recorded to at largest 2.4 per cent within 30 days in the presence of activated carbon when mesophilic bacteria were inoculated at 25¦C. The recovery of Cu from enargite was drastically enhanced by inoculation of thermophilic bacteria, Acidianus brierleyi, up to 60 per cent within 40 days at 70¦C and still not leveled off after 40 days unless the formation of Fe(III) precipitates occurred. After 40 days dissolved molar ratio of Cu/As is around 5.2, suggesting that metal-deficient sulfides and/or ferric arsenate might be formed on the surface of enargite.

Sep 13, 2010

The association of deep well turbine type pumps with metal mining is by no means a new one, though undoubtedly each application has certain features of interest, conformable with attendant circumstances. Although all conditions pertaining to a particular operation in one mine are rarely, if ever, duplicated in another mine, it is felt that some aspects will be parallel, or in various ways comparable.Therefore the following descriptions of an installation of a deep well turbine pump as part of dewatering plant in connection with shaft sinking may be of general interest to metal mine operators.The Man and Supply shaft at Mount Isa Mines is designed as shown in plan by Fig. 1. It is the main entrance and service shaft for the entire property and hence is in constant use. Arrangements for sinking must be such as to cause little or no impediment to routinehoisting work. Also, being the main shaft, it has been essential to deepen it in step with successive level developments.During the period of operations at Mount Isa only a limited time has been available to complete succeeding levels down to the present No. 7 haulage level (895 ft.), and sinking operations in soft, broken, leached, and heavy water-bearing country have presented many features militating against reasonable speed and cost. Outstanding among these difficulties has been the large volume of water contained in the pervious brecciated country.

Jan 1, 1939

Results obtained from small scale tests using Australian tin concentrates indicate that metallic tin containing less than 0·1 per cent iron can be recovered by a two-stage process using hydrogen and make-up chlorine. In the first stage the concentrate is ground,. pelletized, roasted, and reacted at 650°C with HCI and H2 to volatilize the tin as SnOI2. The volatilization reaction is conducted with cocurrent gas and solids flow because it was found that the use of cocurrent flow yielded a solids residue substantially free from FeCI2. The second stage uses a technique termed "reflux reduction" during which the SnOl2 produced by volatilization is reduced by hydrogen to form tin and a gas containing HCI and H2 of sufficiently high HCI tenor for recycle to the volatilization stage. The elimination of tin ranged from 98+ to 99·7+ per cent of the tin from concentrates containing 5 to 50 per cent tin, respectively. The process should be capable of continuous operation, and a tentative calculation has shown ,that a treatment rate of 12,000 tonnes of tin concentrate per year could be obtained in a volatilization reactor 1·1 m in diameter and 6·1 m high. The process may have particular application to finely divided concentrates containing less than 20 per cent tin.

Jan 1, 1974

The State of New South Wales is highly favoured in having vast deposits of coal adjacent to and within easy reach of the coastal Ports. Not only is the quality of the fuel generally superior to any found in the other States, but it is greater in extent than in any other part of the Continent. For interesting and reliable details of the history of the discovery of coal, the geology of the coal bearing strata, analysis of the various coals and other valuable data, the readers are referred to the book recently issued by the New South Wales Government, entitled The Mineral Resources of New South Wales, by Edward F. Pittman, A.R.S.M., etc., by the direction of the Hon. T. L. Fegan, Minister for Mines. The mining community is indebted to the Minister for having had published the most valuable condensed record of the mineral resources of the State extant.For the purposes of this paper we will only give such a general description of the coal fields as will make it intelligible in connection with the subject of the coal mining in the State of New South Wales.

Jan 1, 1904

Power Plant. The power for the metallurgical operations is supplied by the company's own power plant, which is centrally situated. Power is also supplied to Metal Manufactures Ltd. and Australian Fertilizers Ltd., both being adjacently situated to this company'sworks.The power supplied is direct current, 250 volts, and is obtained from direct-current generators coupled to turbines and to Belliss & Morcom triple expansion engines.The steam supply is obtained from Babcock & Wilcox water tubular boilers, the fuel used being drawn from the South Coast coal mines.Transport. - The works are connected by standard broad gauge railway to both the jetties and the Government railway. Two steam and three electric locomotives are employed in this service.In addition to its own requirements, transport is provided to Metal Manufactures Ltd. and Australian Fertilizers Ltd.The various operating departments are connected by a 2-ft. gauge railway operated by Jeffrey electric locomotives.Ore Storage and Sample Mill - These departments are connected by broad gauge line to the Government railway and jetties. All material which is railed or shipped to the works from the various centres is weighed, sampled and placed in the ore store, or outside gantries, before being treated.Since the whole of the material received is either purchased or treated on a toll charge, great care is necessary in the weighing and sampling of all the receipts.Assay Oflice--The assay office is divided into several laboratories, where analyses of the various purchased materials and works samples are carried out.

Jan 1, 1938

By T Trott, G Lumley

"The mining industry suffers from a shortage of professional and other workers. Research and analysis has demonstrated a close correlation between high performance in productivity, maintenance and safety. There is also a significant correlation between engagement and performance. It is the hypothesis of the authors that mines can use a strategy of establishing themselves as a high-performance mine to attract and retain high caliber professional people: step 1 is to become best practice in equipment performance (productivity, maintenance and safety) step 2 is to brand the mine as æbest practiceÆ by sharing what has been confidential performance and outcome information with the general industry.Previous research has shown that many professional people are attracted by the prospect of a high achieving site because of the learnings and the support for continually doing better. In addition, a link has been established in previous research between productivity and safety. Operators and drivers are attracted to sites which have fewer dangerous people operating or driving. Good management delivers exceptional performance and a work site which high caliber managers and operational personnel people want to work at. The strategy requires commitment and proper execution but it can work. The strategy needs a specific approach and this paper will discuss this. A case study is provided from a mine which over a nine month period increased dragline performance by 15 per cent and reduced stress on the boom by 30 per cent. This mine paid the employees (professional and operational) $25 000/a less than the major mines but the operators and professional people would not leave; in fact, people were happy to be paid less to work there.CITATION:Lumley, G and Trott, T, 2012. Using best practice operations as a strategy for attracting and retaining professional people, in Proceedings International Mine Management 2012, pp 35-52 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Nov 20, 2012

Three main divisions of the Proterozoic are recognized in the North-West Division of Western Australia. These are referred to, in order of decreasing age, as the Mt. Bruce Supergroup, the Bresnahan Group, and theBangemall Group. The stratigraphy and distribution of each is described, their relative ages discussed, and a brief geological history of the whole area is presented.

Jan 1, 1966

The development of a noise attenuated compressed air driven fan is described. The fan, which employs the jet reaction principle, possesses blade extension pieces which penetrate into an acoustically treated annular chamber. The dominant noise source, namely the air jets, is thereby partially suppressed. In addition, the increased moment arm of the jets leads to an improved propulsion effect which contributes to the improved aerodynamic performance of the unit.A typical measure of the improvement of this type of auxiliary mine ventilation unit is a 4 per cent increase in efficiency and a 10 dB (A) drop in sound level for a fan duty of 0·5 kPa and 1600 litre/s. This degree ofattenuation corresponds to at least halving the loudness level, a subjective noise measure.

Jan 1, 1973

By A Vigar

Siliceous float sampled in the Wafi River by CRA Exploration in 1977 assayed 22 g/t Au and 89 g/t Ag. Follow up in 1979 led to the discovery of outcropping mineralisation now known as Zone A. Soil sampling in 1980 and 1982 outlined a 350 m by 400 m area of >1 g/t Au at Zone A and smaller areas at Zones B, C and D. Thirty-one diamond holes were drilled between 1983 and 1986. Elders Resources continued evaluation of Zone A under a farming agreement between 1988 and 1990. Mineralised diorite porphyry was discovered in 1990 by drilling conceptual targets 500 m to the NE of Zone A. Evaluation of this copper-gold porphyry became the main focus of exploration for the next five years and a substantial resource was outlined within a single, discrete body. A review of the paths to project development in late-1995 highlighted the need for increased resources via a second mineralised porphyry and/or an additional resource of Zone A size to make the project viable. It was concluded that the greatest immediate potential for increasing the resource inventory was at Zone A itself where the mineralisation was open in all directions. Detailed mapping and drill core logging lead to the geologic and structural models being revised in early-1996. The objectives of the 1996 drill program were to extend the Zone A resource, to test for continuity of mineralisation westwards to Zone B, to better define the controls on gold mineralisation and to delineate high-grade blocks amenable to selective mining by infill drilling and 3D orebody modelling. The last drill hole of 1996 intersected 30 m at 4.6 g/t Au from 273 m in WR147, deep in the western limit of Zone A. This intersection gave impetus to continue drill testing towards Zone B. In April 1997, hole WR154 was drilled 100 m to the west of WR147 and intersected 20 m at 8.5 g/t Au and 70 m at 11.0 g/t Au at similar depths near the diatreme contact. Drill hole WR155 was then drilled 100 m to the west of WR154 and intersected 86m at 5.7 g/t Au and WR159 drilled 100 m to the south of WR154 intersected 36 m at 9.2 and 50 m at 4.4 g/t Au. A significant zone of essentially blind, high-grade gold was discovered beneath the dipping flank of a poorly mineralised diatreme in what became known as the Link Zone. The long history of evaluation has been driven by the conviction of a dedicated team that a mineralised system of the size and complexity of Wafi with strongly anomalous gold in outcrops over the entire Mount Golpu area must contain economic mineralisation hidden within it. The keys which redefined the direction of exploration and lead to the discovery of the blind, high-grade gold Link Zone were, in our view, the critical review of the project status, detailed geological and structural studies to define clear exploration targets and the necessary funding and persistence to carry this through.

Jan 1, 1999

By Blaisdell J. L, MacPherson G

The present communication records the results of a research investigation conducted in the Porcupine Gold Mines in Timmins, Onto. Soon after silicosis became a compansable disease in Ontario under the Workmen's Compensation Act in 1926, the attention of mine operators and physicians was drawn sharply to the prevalence and importance of this condition in the mining industry. A number of examining centres were established in Northern Ontario by the Workmen's Compensation Board, and the yearly X-ray examination of miners was made compulsory.Although working conditions were soon improved, the mining industry realized that they were confronted by a problem demanding basic research for its final solution. The late Sir Frederick Banting had, for a number of years, been interested in silicosis, and it was upon his suggestion that an experimental investigation was undertaken at the McIntyre-Porcupine Mines Ltd., Schumacher, Ont., in November, 1932. A preliminary report of this investigation was published in 1937 by Denny, Robson and Irwin and a further report by the same authors in 1939.Accepting the theory that silica exerts its injurious effect upon animal tissue through a slow transformation into silicic acid in the presence of body fluids; these authors assumed that if the solubility of the silicious material retained in the lung could be sufficiently reduced, the usual fibrotic response would be modified or would not occur. A search was therefore undertaken for some non-toxic compound that would fulfil this purpose. After investigating ma:qy substances, Denny and Robson discovered in 1936 that the presence of small amounts of aluminum powder almost completely inhibited the solubility of silicious material in vitro. An intensive study of the mechanism involved later showed that the reduction in solubility was due chiefly to a coating of the silica particle with a thin film of a gelatinous hydrated alumina which on drying formed the crystalline alpha aluminum monohydrate boehmite (AI203.H20). The presence of this absorbed layer on the surface of the quartz was indicated by -staining it with aurin (ammonium salt of aurin tricarboxylic acid) and proved by Germer and Storks by means of electron diffraction patterns.Inhalation experiments with animals were at once begun, using pure quartz dust with and without aluminum powder. (See original communications.) These observers showed that while typical silicosis was produced in about 5 months in the control animals receiving silica dust alone, the...

Jan 1, 1945

By Dodd SF

Valuation of mining companies and their underlying assets prepared by brokers' analysts are, by necessity, approximations. The reliability of the valuations is entirely proportional to the quality of available data, the reliability of forecasts and the nature of underlying commodity price assumptions. The latter is perhaps the greatest single cause of gross variations in company and asset earnings estimates and- valuations. Assumptions are often necessary regarding commodity price achievement based on commodity hedge positions. Public disclosure from listed companies provides a sound base from which to project earnings, cashflows and balance sheets. The uncommon disclosure of projected production and cost schedules often reduces the reliability of future estimates. The application of reserve and resource estimates is contentious with practitioners applying differing weightings to importance of resources in estimating mine lives (and therefore cashflow streams). Valuation methods applied in equity markets usually focus on relative value and the identification of pricing anomalies. The commonest ""rules of thumb"" applied in the valuation of mining companies (and therefore their underlying assets) is with the use of year specific price/earnings (P/E) and price/cashflow (P/CF) ratios, with low multiples suggesting undervalued assets, high multiples overvalued situations (but these rules can often be clouded by market expectations of underlying commodity price movements). Another simply applied valuation tool is to examine the examine the value placed on reserves and resources by the market. Inexpensive gold in the ground (expressed as $ of market capitalisation per ounce of reserves or resources) might indicate a buying opportunity, but the market does discount the value of gold in the ground prior to mine development and where development risk is perceived.

Jan 1, 1994