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It has long been recognised that applications of the Net Present Value (NPV) investment decision making methodology can have serious deficiencies in situations where investment can be delayed and, once made, various options allow increases or decreases in the level of output. NPV valuation can undervalue the project if it does not incorporate future flexibilities or ""options"". It is important to realise that a proper valuation of a project (ie, valuation of its future cash flows) must incorporate an analysis of optimal future decisions involved in managing the project. Current valuation cannot be divorced from a consideration of future decision making. There is now a considerable amount of literature, mainly academic, identifying and exploring ways of remedying these deficiencies in the application of NPV. While the necessity of period by period analysis is sometimes acknowledged, little if any practical illustrative model building has been published to date, aside from algorithms using continuous time stochastic processes which deny access to the uninitiated.

Jan 1, 1994

During the last 20 years, manufacturers of Australian iron have given increasing attention to development of external markets for processed blast furnace slag. Slag has been in widespread use overseas and data on the performance of Australian slag in concrete lave shown it is suitable for that use. Chemical and physical properties of typical Australian slag products including air cooled, granulated and pelletised slag are discussed and compared with local natural aggregates. Special attention is given to pumping achieve- ments with slag concretes and the observed durability of concrete after many years service. More'recent applications for granulated slag as a sand replacement are discussed. It is concluded that'whilst more wide- spread use of slag is possible, the cost of marketing and transporting slag are likely to restrict opportunities unless for local usage.

Jan 1, 1979

By Gillies A. D S

Technology transfer is a vital requirement for increasing national capability of coal mine production in Indonesia. The term can cover the introduction of new equipment, facilities and processes and approaches to training and education. Constraints on technology transfer within the Indonesian coal mining industry are reviewed. The contributions that foreign companies working within the industry can make are discussed. It is concluded that the development of major Indonesian coal mines needs input of advanced foreign technology. The foreign mining companies are investing significant capital in operations and are permitted to import outside expertise due to some lack of national skills. Expatriate employees are expensive and have a direct effect on profitability. The success of any replacement program of foreign employees is dependent on technology transfer. There are statutory Indonesian Government directions to reduce dependency on foreign expertise over time.

Jan 1, 1995

Dynamic shocks, which occur in mine hoisting systems have been measured by various investigators over the past 30 years. In 1966 the most intensive analytical investigations were being planned in Bochum, Germany, where equipment then was being constructed to measure the power generated in any particular dynamic shock. Between 1953 and 1956, in Broken Hill, N.S.W., accelerations of the shaft conveyances were measured and analysed. The "effective mass" of the conveyances at the time of the shock was then and still is considered as indeterminate and not easily measured. It is believed that probable peak forces can be determined by the product of the static mass and the accelerations. The subsequent problem of the elimination of the dynamic shocks becomes one of possibly increasing the frequency and thus reducing the amplitude, after identifying and evaluating the shock generators. In addition, judicious use of the clearance between the shaft conveyance and the guide, as a zone in which to absorb vibrations, is a factor which has been overlooked in earlier investigations on This topic.

Jan 1, 1971

By Grinbaum B, Stevens G. W, Dalton R. F

Many hydrometallurgical processes produce large amounts of acid waste. This is illustrated by the copper S/X-E/W process which produces a bleed from the electrolysis tank house in the form of a concentrated sulphuric acid stream. Currently, the bleed stream is necessary to remove impurities such as iron that decreases the efficiency of the electrowinning process. However, this comes at a high financial cost owing to large quantities of make-up sulphuric acid required. A process has thus been developed with Zeneca Specialties (UK), ICI Australia and Gunpowder Copper Co at the University of Melbourne for the recovery of sulphuric acid from copper tank house bleed liquor. The recovery process uses the method of solvent extraction. Solvent extraction has the advantage of being a well-established technology in the mining industry and will reduce the environmental impact of the S/X-E/W process, as all additional chemicals can be completely recycled. A simplified diagram of the process is shown in Figure 1. Tank House

Jan 1, 1997

By Andersen AK

A previous paper (1) indicated that electrowinning of copper at current densities considerably higher than those currently employed in electrowinning operations is technically feasible. It is of interest, therefore, to establish the extent of economic benefits which may be obtained from high current density operation and to determine the value of the optimum current density. Optimization of electrorefining processes has been discussed in considerable detail by Ibl (2) and Schmidt (3) whop from theoretical considerations, derived expressions for the optimum current density. In this work, general equations relating both the capital investment and the production cost for copper electrowinning plants to current density and plant capacity are established. From these equations, the optimum current density can be calculated for any desired plant capacity.

Jan 1, 1969

Developing and operating mines in developing countries is never dull, but continuously challenging in terms of geology and terrain, geography and location, culture and land tenure, environmental and social issues, fiscal regimes and in some cases political risk. In addition, the rapidly changing nature of the communities with little understanding of the nature of mining at the community level requires us to continually manage issues affecting project development and mine operations with greater sensitivity. In frontier regions, people skills can become more essential than technical skills, particularly in dealing with indigenous people. Hence, managing a mining project requires a huge relationship effort.Effective communication with communities of different cultural background and proactive management of issues influencing community aspirations and desires requires not only new skills but also creativity with new concepts on how to deal with social issues under a different cultural context. The involvement of government agencies and NGOs is an important ingredient to creating understanding and collaborative approaches to common social issues. Maintaining stakeholder relationships pays in the long-run and is a useful exercise in getting information feedback from the wider community.

Jan 1, 1997

The primary objective of any planning exercise is to maximise the return on funds utilised while maintaining a safe and socially responsible working environment. In order to achieve this, it is essential that the assumptions applied reflect as accurately as possible the future realisation of the project. In narrow vein mining, the risk that this will not occur can be significantly greater than that associated with other types of mining projects. This results partially because of dramatic effects upon project cash flows with seemingly minor changes in operating parameters such as orebody width and wall rock competency.The validity of a planning exercise can therefore be related to the extent of available data and to the experience and perceptions of the operating entity. The various factors which must be assessed include absolute values and variations in a range of factors, especially the dip and dimensions of the orebody, the geotechnical parameters and anticipated ground conditions, the productivity and production characteristics of the selected mining method as applied to the specific orebody, and the impact of mine access and development.

Jan 1, 1993

By W A. Tchernykh, R P. Strelnikova

In connection with the fact that technology of ore mining by caving system is often used when mining of deposits, characterising by low stability of surrounding rock mass, the main problem for such ore mines is ensuring stability of mine workings, placing in a zone of influence of winning operations. Besides natural disturbance of ore mass, stability of workings depends on the dynamic effect of blasting operations and also on the dynamic effect of structural blocks detaching from the ore mass and colliding with crests of ore pillars in the bottom of a chamber. Decreasing of dynamic stresses may be achieved by way of creation of a compliant porous screen or an ore cushion in the chamber bottom. It is established that maximum levels of compression take place when the first impact impulse occurs, and after that increase of compression of protective slice decreases. Necessary thickness of screen slice was substantiated theoretically with due account of height of structural blocksÆ fall, their mass, deformation modulus of ore mass and ore cushion.

Jan 1, 2003

The Liddell longwall equipment consists of 118 four leg supports, a shearer and armoured face conveyor of 170mm length. The equipment was supplied to Coal & Allied Operations Pty Limited (Coal and Allied) by Westfalia Australia Pty Limited (Westfalia). The project commenced as a feasibility study in 1983, a proposal was put to the board of directors in March 1984 and a specification distributed. Nine companies tendered for the supply of a longwall face and the supplier was selected from a short list of four companies. At the same time Coal & Allied examined the facilities at Liddell Colliery and decided to upgrade the conveyor belt system to cater for the high production from a longwall face. The surface facilities, transport system, water and electrical supplies to the colliery were also to be upgraded. During the twelve months to December 1985, the colliery was upgraded while the longwall equipment was being manufactured. The manufacturing process involved roof support testing, compatibility testing and finally a build up of 40m of longwall face

Jan 1, 1986

By Enichlmayr E

Lignin grouts are cheap and easy to get. They have some desirable properties, but they aag less used now because environmental pollution is often caused by Cr from the lignochrome component of the grout. Their usefulness was researched in an earlier paper on lignin as a grout from other viewpoints. A non-toxic grout FUL was made composed of furfural, urea and lignin. After initial tests, including tests by spinning regression design, some response equations in which FUL's properties are described were obtained. Optimum formulations have been established by using optimization methods based on response equations. The engineering quality was assured by formulations whose properties were measured in further tests. The mechanical feature of gelling sand was measured by means of triaxial tests. This provides a basis for using FUL grout in-situ. Finally, an in-situ experiment on FUL was completed successfully. The results were that cracks in stratum were filled or blocked, the gelling of FUL had high strength, and low permeability and consolidation were achieved.

Jan 1, 1988

Courses in chemical engineering and metallurgical engineering at the University of Queensland were compared and the main difference was found to be the greater emphasis on the application of chemical engineering fundamentals, particularly chemical thermodynamics, to specific processes in the metallurgy course. This reflects the distinctive features of extractive metallurgical processes which are not common in other chemical engineering processes and which justify the study of extractive metallurgy in its own right. B.Sc. courses in metallurgy provide one way in which the specialist knowledge of extractive metallurgy can be taught. General metallurgy courses are considered to be preferable to those restricted solely to extractive metallurgy since graduates of a general course have a wider choice of employment, while excessive emphasis on extractive metallurgical applications in chemical engineering courses could reduce the non-specific nature of these courses. Postgraduate diploma and higher degree programmes are avenues for non- metallurgists to acquire knowledge of the discipline.

Jan 1, 1984

Knelson concentrators are commonly used to recover fine liberated gold in gold processing plants. The decision to employ a gravity gold circuit consisting of centrifugal devices such as Knelsons is primarily taken on the results of GRG tests, among other considerations. While the GRG test is considered a material characterisation test, which is useful in the design stages, its use in evaluating the performance of an existing unit is questionable. The problem is exacerbated by the fact that it is time consuming and costly. This paper examines the validity of the GRG test for performance evaluation and discusses alternative test work that can be performed to evaluate the performance characteristics of an operating machine. Principles that are useful in selecting optimal operating parameters, such as optimal fluidising water flow rate for a given ore/machine combination, are also discussed and illustrated with laboratory and plant data.

Jan 1, 2007

By Y Zhang

Being analysed systematically, the factors influencing the production of fully-mechanised coal face have been divided into geological, mining technical, and management groups. Artificial neural network-expert systems (ANN-ES) are established to decide the influencing factorsÆ membership grade; genetic algorithm-artificial neural network (GA-ANN) are used to decide the weights; fuzzy comprehensive evaluation method is used to calculate the integration indexes. Finally, the GA-ANN model is established to forecast the production of fullymechanised coal face. It is proved that the model is reliable with higher precision. The production of fully-mechanised coal face is influenced by many factors. However, some influencing factors are neglected by the traditional forecasting methods, the results of which are not precise and hardly be used as a guide for mine production and management. The relation between the production of fully-mechanised coal face and its effecting factors is analysed, and the meta-synthetic AI approaches are used to forecast the production of fully-mechanised coal face.

Jan 1, 2003

This paper will review the experiences of both big and small exploration/mining companies (local and foreign investors), including the impediments to exploration and project development in Indonesia since the Contract of Work was first introduced there (1967 Minerals, 1981 Coal). This is seen through the eyes of a person who has been employed in a managerial capacity in large and small concerns, and more recently as an independent consultant. Comment will be made on the political, legislative and social constraints imposed by the presence of a large group of disparate artisans (illegal miners) who now form a significant component of the Indonesian mining industry; the Bre-X debacle; the impact of the recent Regional Autonomy legislation; and changes to the Mining, Forestry and Environmental Acts. An overall view (including statistics) will be presented as to how recent Indonesian developments have affected international confidence in investing in its mineral sector over the past decade and it will be placed in an international competitive context.

Jan 1, 2004

By E G. Thomas

"This paper details the many improvements possible in narrow vein mining from the use of treated mining/milling waste as mine fill. Such fill can be: treated mill tailing, cemented or uncemented; development muck, treated or untreated, cemented or uncemented; andsome combination of these materials, or surface sands/gravels. Treatments involved may be both physical (optimisation of particle size gradings) and chemical (neutralision of potentially harmful milling chemicals).Potential benefits include a reduction in: back stress; vein closure; alternate ground support requirements; mining dilution; potential for surface subsidence; and extent of surface disposal of mining/milling waste, resulting in reduced environmental impact. Considering the usually small production tonnages involved, preparation and placement of a highly applicable fill material can be economically accommodated.Emphasis is placed on steeply dipping orebodies being mined overhand, although practice in the much less steeply dipping RSA gold/platinum-type orebody is also considered.CITATION:Thomas, E G, 2012. Mine fill in thin vein mining, in Proceedings Narrow Vein Mining 2012 , pp 215-218 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 26, 2012

Inevitably the 'post-boom' era has changed the emphasis of many mining companies away from new project development and expansion to optimisation of existing operations. However, regardless of the project, high quality ore characterisation will remain of the utmost importance. In the case of new project development the need to understand the breakage characteristics will remain as important as it has always been. In optimisation projects, however, where it will be required to get the very best from existing comminution circuits, accurate geometallurgical modelling will take on an increasingly important role. However, these requirements, in both new development and optimisation projects, are likely to be at odds with budgets as these will be tight. Hence obtaining the best value for money will be essential. This paper discusses the elements that need to be satisfied for ore characterisation programs to be successful. Some of the issues covered will be: ore variability and sample selection, test precision, problems with the use of non-standard testing equipment, and the value of databases.

Jan 1, 2009

Having successfully applied computer techniques to open pit mining applications, many software developers are now using their skills to tackle the much harder areas of underground mine design, planning and production.Dramatic improvements in the performance to price ratio of hardware (including high resolution graphics screens), a better understanding of the techniques of surface and solids modelling (and their subsequent display), moves towards standard user interfaces and advanced concepts of representing grade distribution in the ore body have all contributed to the recent increase in underground mining software activity.This paper details the general requirements of a workable underground mining software system, providing a minimum checklist of desirable features and emphasises the importance of ease of use, flexibility and intuitive feel. Some relevant trends in hardware, software and application techniques are highlighted and comments made on areas which require further development or are only available in a small number of packages.Finally, a comment is made on the role of computer models to provide a unifying medium for tying together all aspects of underground design, planning and production.

Jan 1, 1992

The Proterozoic Pb-Zn deposits of the Gulf of Carpentaria, Australia, include HYC (McArthur River), Mt. Isa, Dugald River, Lady Loretta and Hilton. Two seamingly incom- patible depositional models have been proposed to account for their origin. Finlow-Bates (1980), Large (1983) and Russell(1983) classify these-deposits as sediment-hosted submarine exhalative deposits. This class includes Rammelsberg, Meggen, Silvermines, Sullivan and others. In contrast, a lacus- trine, shallow-water origin has been advocated by Williams and Logan (1981), Logan and Williams (1984), Muir (1983) and Eugster (1985). The discrepancies between these two models can be removed by creating a separate class, that of continental sediment-hosted exhalative deposits.. HYC., Mt. Isa and Dugald belong to this class and their sediments were deposited in shallow, alkaline lakes. Metal- rich, hot, Na-Ca-Cl brines entered the basins along boundary faults and interacted with pore fluids and sediments, depositing-Cu-Zn-Pb sul- fides. Similar brines entered the Lady Loretta basin after marine flooding, depositing sulfi- des and barite, placing Lady Loretta into the class of marine Sedex deposits.

Jan 1, 1987

Depending upon the probability one assigns to project go-ahead, up to $10 billion (1978 figures) could be required for resource based projects in Australia in the next decade. In the past major resource projects were readily financeable against sales contracts. In the future the complexities imposed by such matters as political risk, inflation, currency movements and environmental and other socio- economic considerations on project development costs and returns may require a different approach. This paper addresses itself to the ramifications of providing development finance for resource based projects in the future - and in particular examines such factors as project completion guarantees, sales contracts, protection against exchange rate fluctuations, interest rate structures and debt/equity ratios as each relates to the provision of finance. TABLE OF CONTENTS SECTION 1 : Introduction SECTION 2 Factors Affecting Project Financing in the Next Decade SECTION 3 Some Aspects of Financing New Projects in Australia in the 1980's Conclusion

Jan 1, 1979