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The Mineral Sector Development Project, sponsored by the World Bank, has been set up to revise the legal, regulatory and fiscal framework for the minerals industry in Tanzania, with a view to attracting mining companies and investors to the country and facilitating future minerals development. One component of this project, the Environmental Management Framework for the Mineral Sector, was awarded to Wardell Armstrong of the UK and ENV Consult of Tanzania. In developing a new framework of environmental regulations, emphasis was placed on developing realistic standards which reflect local conditions and prevailing values. The main corner-stones of this approach are; effective environmental impact assessment procedures; establishment of environmental management procedures; and monitoring and auditing of companies? performance. The favoured approach involves a three-tier framework, as follows: ?Framework environmental provisions within the new Mining Act; ?Regulations covering more detailed environmental requirements ?Guidelines and/or Codes of Practice, which may in future become regulations in their own right. Careful consideration has been given, in developing the framework, to the limited resources likely to be available for implementation to the Ministry of Energy and Minerals and this has influenced the approach that has been adopted. This paper outlines the main components of the environmental management framework and discusses some of the important issues raised by these proposals.

Jan 1, 1998

By experience we know about the natural event of ocean-tides. In geophysics we say that the earth-tides phenomenon is the elastico-viscous response of the earth's body to the attraction potential of moon and sun. By the fact that the tides on the planet take place in a regular periodic frequency, due to the earth rotation of 24 houres for one cycle, the rotation of the moon in about 28 days around the earth and finally to the rotation of the earth-moon combination around the sun in 365 days this phenomenon is a very important one in geophysics. The exact calculation of the acting forces is possible and the comparison of the earth's body response to these forces as well.

Jan 1, 1987

By D Craw

Uplift of the antiformal ranges in Central Otago, New Zealand , has resulted in the progressive evolution of eluvial placer deposits in tectonic sediments on the range flanks and along their margins. The placers are derived from the reworking of fine-grained gold from the auriferous Manuherikia Group fluvial sediments which covered the basement prior to uplift of the ranges. Gold in the tectonic sediments at Matakanui shows a progressive increase in grainsize in successively younger sediments and nuggets in the youngest gravel sequence are up to two orders of magnitude larger than gold grains in the parent alluvial source. Most of the gold in the tectonic sediments is highly irregular in shape, commonly with delicate surface textures which could not have survived fluvial transport and are indicative of authigenic precipitation. Some coarse grains have been rounded by recycling, and further addition of authigenic gold has occurred. Placer gold values result from both physical and chemical enrichment during sedimentary recycling. Continued range uplift and back-thrusting of sediments on to the ranges results in recycling of earlier formed placer sediments. They also result in further enrichment of gold values through the incorporation of additional supplies of the parent alluvial source sediment The host sediments are widespread along the ranges and are not confined to sites of historic mining activity.

Jan 1, 1992

In 1976 the Pitjantjatjara Council was established under the Associations Incorporation Act 1985 (SA), for the initial purpose of organising and bringing together three similar Indigenous groups. These members of the Pitjantjatjara Council of Central Australia were demanding land rights and to legally protect their traditional lands. The Land Rights movement was more focused on the South Australian Government that became more receptive to the general notion that Aboriginal freehold land could be attainable.For almost five years, Pitjantjatjara CouncilÆs intense negotiations took place with the Dunstan and Tonkin Governments culminating in the final passage of legislation by 1981. A bi-partisan approach by Government and opposition applauded by all South Australians for its mature and socially responsible actions, in line with the Aboriginal Land Rights (Northern Territory) Act 1976 (Cth). Despite the similarities between South Australian and the Northern Territory Land Rights legislation, there still remains one obvious distinction. In the Northern Territory case, its legislation established æLand CouncilsÆ as statutory authorities that are responsible for the management and use of designated Aboriginal lands. On the other hand, South Australian legislation fails to include any reference to æLand CouncilsÆ as defined in the Northern Territory Act. The intention of establishing such æLand CouncilsÆ in the Northern Territory was, and is to provide legal, anthropological and other expect advisers that respond to the wishes and opinions of Traditional Aboriginal Owners. Negotiations between mining companies and Land Councils, will, after the granting of mining leases, monies are then transferred to those Councils being a percentage of royalty entitlements. While the Pitjantjatjara Land Rights Act 1981 (SA) (Act) does provide royalty arrangements to Anangu Pitjantjatjara (AP), a body corporate pursuant to the Act as a Landholding Body (and not as a æLand CouncilÆ), it does not provide any royalty payments for the legal and anthropological services by the Pitjantjatjara Council for providing essentially similar services as the Northern Territory Land Councils. The limited services by AP do provide complimentary services from other organisations û including the Pitjantjatjara Council. There are approximately 4000 Anangu members who reside on AP Lands and more than 1000 other Anangu members live near AP Lands in Western Australia and the Northern Territory. These people are defined as APÆs æTraditional OwnersÆ by virtue of their affiliation to portions of AP Lands. As a result, the depth and understanding of spiritual beliefs and customs are strongly present as it relates to the whole of the Lands. Most of these members reside at permanent communities that spread unevenly about the northern and south-western parts of AP Lands. In addition, there are numerous æHomelandsÆ where families and extended families have establish homes, with electricity and water supplies on those Traditional Lands (see Appendix 1 and 2 of this paper depicting the map showing AP Lands and also showing stunning photographs taken during late last year). All roads and airstrips are unsealed between communities and Homelands and the essential services to all communities are limited and costly to provide, and require continuous upgrading. Capital expenditure on infrastructure is sorely needed and alarming levels of unemployment is of serious concern. Tjilpi (older) Anangu members have continually discuss the urgency to provide employment and education for the future of their children and grandchildren while balancing the needs of maintaining cultural and spiritual considerations. It is thus a growing realisation by many Traditional Owners that long-term benefits occur as a result of exploration and production of oil or minerals. There are promising results from Primary Industry and Resources of South AustraliaÆs (PIRSA) Aero-magnetic Surveys on the Musgrave and Mann Ranges and soon to be completed surveys of the remaining southern half of AP Lands (see Appendix 3). PIRSA and mining companies û such as Rio Tinto Exploration Pty Ltd and Delta Gold NL û have been more conscious of the necessity for improving the dissemination of information to Traditional Owners and to AP members. With recent findings of large nickel deposits just over the border in Western Australia, there is a strong indication that discoveries may occur on AP Lands as similar geological information is present on the east Musgrave Block. Consequently there are concerted efforts by the legal and anthropological services of the Pitjantjatjara Council to arrange Workshops and Summit meeting to give extra information û particularly information concerning the true effect of large-scale mining operations û to members to properly consider these proposals. Pitjantjatjara Council will play a major role in any decisions effecting Traditional Owners and AP, and will ensure orderly and professional services when dealing with legal, cultural and sensitive matters. This paper addresses the historical and current relationship between Pitjantjatjara Council and AP, with an emphasis on mining operations on AP Lands. It argues that future economic and social development on AP Lands hinge predominantly on the legal recognition of the Pitjantjatjara Council for its ongoing role, responsibilities and protection afforded to AP and its Traditional Owners.

Jan 1, 2002

By D Craw

Formation of gold-bearing veins in Otago Schist was intimately linked to the structural evolution of the schist belt. The currently-exploited Macraes gold deposit formed in a regional scale shear zone during latemetamorphic uplift of the schist belt. Further exploration for this type of deposit will be facilitated by an increased understanding of the late-metamorphic structural evolution of the schist belt. To this end, a three-dimensional cross section through the Otago Schist has been drawn using structural data gathered at outcrops in a 20 - 40 km wide transect across central Otago. This is the first continuous detailed structural section to be drawn through the belt. The section spans an area from Textural Zone 1 metagreywacke of the Torlesse terrane in the northeast through TZ 4 schist in the central region and across the Caples-Torlesse boundary to Textural Zone 3 schist of the Caples terrane in the southwest. Two different late-metamorphic structural generations are identified in this section: the long-recognised Manorburn Generation, and a new æPoolburn GenerationÆ. The location of the Caples-Torlesse boundary has been refined on this transect by field mapping combined with whole rock geochemistry.

Jan 1, 2001

By Pasi Korkeakoski

There are about 400 multi-storey buildings founded on wooden piles in the city centre of Turku in Finland. Soil conditions are variable from hard rock to very soft clay. Due to the soil conditions and ground water lowering there are basically four different types of underpinning projects. Under dimensioned cohesion piles in a deep clay layer, decaying cohesion piles, a combination of these two reasons and decaying end bearing piles in a thin clay layer area. Many different execution methods have been used such as impact driving, jacking and drilling and combinations of these.

Jan 1, 2000

By T. G. Paradis, C. A. Mohns

"This paper summarizes the Wren CAT (Clarifier and Accelerated Thickener) deep bed thickener operation at the EKATITM Diamond Mine in Canada’s Northwest Territories. EKATITMs’ thickener project is presented in terms of initial design considerations and present day operating practices. A circuit description summarizes process equipment, reagent systems, and typical process conditions, and details of Wren CAT operating principles are provided. Operating strategies are discussed, with emphasis on process instrumentation and control and operating challenges.INTRODUCTIONThe EKATITM diamond mine, operated by BHP Diamonds, Inc., is located in the Northwest Territories near Lac De Gras, approximately 300 km NNE of Yellowknife, NT. 9000 dry metric tonnes of diamond-bearing kimberlite ore are processed daily. Processing operations commenced in October, 1998.The EKATITM process plant flowsheet features typical steps in diamond recovery plant design. Figure 1 shows the general plant flowsheet. Size reduction and feed preparation are accomplished by crushing, scrubbing, and high pressure grinding rolls (HPGR) through closed-circuit classification with vibratory screens. Heavy medium separation (HMS) is used as the initial stage of heavy mineral concentration. Secondary concentration is accomplished in the recovery plant by attrition milling; wet, high-intensity magnetic separation (both wet and dry); and X-ray sorting.The present budget throughput rate is 9000 dry tonnes per day. This will be increased to 18,000 tonnes during the first ten years of operation. Unlike most kimberlite treatment facilities, which process material from a single ore body, EKATITM’s process plant was designed to accommodate ore from five different kimberlite pipes, each with its own treatment characteristics.All processing, except for primary crushing, is carried out in a temperature-controlled environment in the main process plant building."

Jan 1, 2000

By Philip Bonanno

The first major project in Boston's new access to Logan Airport was an Immersed Tube Tunnel which extended 3,600 ft. from South Boston to East Boston across Boston Harbor. Twelve tube sections, 300 ft. long x 80 ft. wide x 40 ft. high, were lowered into an excavated trench which was then backfilled. The depth of the trench at mid-channel was approximately 100 ft. below mean high tide. At the East Boston end the tube terminated close to the present shoreline. At the South Boston end the tube terminated approximately 600 ft. inland from the shore line where a ventilation building was required. The depth to subgrade from existing ground at the ventilation structure was approximately 85 ft. The soil profile at this location consisted of 50 ft. of miscellaneous rubble fill, 25 ft. of Boston blue clay, and 10 ft. of glacial till. A small amount of weathered argellite existed at the north end of the structure. Part of the Morrison Knudsen, Interbeton, J.F. White, Joint Venture contract to construct the Immersed Tube Tunnel (ITT) was the construction of a cofferdam at the tube/ventilation building interface. The ventilation building was to be built as part of another contract. The construction of the cofferdam and the excavation to the building subgrade was the responsibility of J.F. White Contracting Company.

Jan 1, 1994

By John F. Spence

Ever since opening, the M25 motorway to the west of London has carried a rapidly increasing volume of traffic. The section of M25 between the junctions with the M3 and M4 motorways, which is in the near vicinity of Heathrow airport, is the most heavily trafficked section. Piling and ground treatment was required for motorway widening works over this route, which is 7 miles long. The foundation works were undertaken next to the live motorway and beneath the flightpath for aircraft landing and taking off at the airport. The paper describes the foundation construction techniques used, and the how the methods were affected by the live motorway and the height restrictions imposed by the airport. A unique method of piled retaining wall construction is also described.

Jan 1, 2007

This paper is in two parts. The first part provides background to coal in New Zealand, information on Solid Energy the Company and details of the resources, mines and products of the company. This part of the paper is intended for people who have limited knowledge of the New Zealand coal scene. The second part of the paper focuses on developments underway in New Zealand and discusses planned or possible changes and opportunities. This paper was first presented at the Coaltrans Asia Conference in June 2000.

Jan 1, 2000

By Samuel A. Reipas

Introduction The ore mining industry has been successful because of technological progress and huge sums of capital investment. But new technology and plants have not come cheap. The problem now is companies will run out of money before they run out of ideas. Survival Strategies Industry survival strategies demand restructuring and new plans. Inland's prescription for the future includes: • Continued emphasis on technological improvements to upgrade pellet quality and lower costs; • Effective use of human resources resulting in employee satisfaction and improved planning and productivity; • Deliberate, well planned, and documented cost-control programs for the short- and long-term; and • Capital investments to support the first three initiatives. Technology Technological changes are not only required by the need for operational improvements, but by product quality improvement dictated by the user - usually the blast furnace operator. Established ambient measurements of pellet quality, such as tumble index, compression strength, porosity, size distribution, and chemical composition, are no longer considered meaningful in predicting pellet performance in a blast furnace. New specifications, called low temperature and intermediate temperature properties, have been recently introduced. Low temperature specifications are characterized by disintegration of pellets in the 500°C (930°F) range in the upper portion of the granular zone during the hematite-to-magnetite transformation in blast furnace stack. Intermediate temperature properties (measured by 1000°C or 1800°F) are characterized by swelling, reducibility, and compression strength after reduction, reflecting conditions in the lower portion of the granular zone of the furnace. These new parameters are being used for pellet quality evaluation at Inland, and will be introduced at its Minorca mine for more routine analysis and correlation with the pellet furnace operation. With increased emphasis on quality, effective communication between the blast furnace operator, research, and the pellet plant operator is critical. At Inland, this is accomplished through technical meetings where the opportunity is provided to solve problems, establish a common understanding on the value of quality, and develop future quality standards and programs. With the degree of sophistication in determining pellet quality as it affects blast furnace operation, the future pellet plant operator will actually be producing a custom pellet. Human Resources Technological change has been a strong point at Inland, and will continue to be. However, human resource management is equally important. Is management giving sufficient attention to employee motivation and involvement? It is a way to improve productivity, reduce costs, and enhance employee job satisfaction. The industry is beginning to understand the principles and the potential for tapping employee brainpower. The payoff can be handsome. Management has to be willing to share both information and power if participative management is to live up to its potential. It has to become more flexible and be willing to adapt to change on the human side. Management should embrace rather than fear employee involvement. Given time, joint problem solving will replace adversarial attitudes and pay dividends for both sides. Productivity and product quality will improve and new dimensions of employee job satisfaction will be achieved. But, it will not happen overnight. Attitudinal change must permeate the organization from top to bottom. This change is needed to support the working relationships and give everyone a sense of direct and meaningful involvement.

Jan 11, 1983

How the Australasian and Canadian Codes (VALMIN and CIMVal) approach mineral property valuation is described. Brief comment is also made on the International Valuation Standards CommitteeÆs interest in a global valuation standard for Mineral (Extractive) Industries and the South African SAMREC initiatives to adopt a VALMIN-like Code. The conventional tripartite classification of valuation approaches into those that are Market-based, Income-based and Cost-based is outlined. It is best practice to use as many of these approaches as possible (and as many methods as reasonable in the particular circumstances), given the quantity and quality of the data available on the Mineral Asset (which depends upon the state of development of the mineral property). The use of specific methods must satisfy the basic considerations of logic and reasonableness and the purpose of the valuation. The competence, judgement and repute of the valuer are critical factors, since all valuations are time and circumstance specific. What constitutes æMarket ValueÆ in the different jurisdictions is discussed and definitions are given. Challenges facing the globalisation of a VALMIN-type Code for the international Minerals Industry are the influence of real estate valuers and the US jurisdictional idiosyncrasies. This is mainly due to a fixation on real property rights with a preference for using real estate-like comparative sales techniques (Market Approach) to the exclusion of Income-based approaches; a regulatory reluctance in the US to accept that Resources have considerable value; and the International Accounting Standards BoardÆs preference for Historical, rather than Current Value, accounting.

Jan 1, 2002

By K. S. Liddell

Ultra fine grinding is becoming increasingly used in the mining industry over recent years. The development of large-scale units for high volume grinding of low value materials and concentrates has opened up new areas of economical metal extraction. The ability of stirred vertical mills to produce very fine particles with high surface areas, is providing mine operators with novel extraction possibilities within gold concentrate regrind for Biox or leach feed, Activox autoclave feed preparation and lime slaking operations. The paper will review design, operational and maintenance aspects of ANI-Metprotech stirred vertical mills, comparing these to tower mills, horizontal bead mills and attrition mills.

Jan 1, 2001

By X. Zhou

In this study, the cyclonic static microbubble flotation column (FCSMC) was investigated for fluorite beneficiation. The structure and principle of the specially designed column are described. Fluorite samples from the tungsten separation tailings of the Shizhuyuan Mine, Chenzhou, Hunan Province, P.R. China, were tested using a small-scale continuous flotation test unit, and concentrates with a fluorite grade higher than 98% were obtained. One rougher and three cleaner stages in the FCSMC achieved the same separation performance as one rougher and eight cleaners in conventional flotation cells. This greatly simplified the flotation circuit and reduced operating costs.

Jan 1, 2007

By P. K. Guerrero, N. Arbiter

The correlation of power consumed by a tumbling mill with the dimensions, speed, and load has been attempted by three principal methods. One of these, the torque formula, has been reviewed critically elsewhere.' This approach, while analytical, disregards the individual motion and speed of the tumbling bodies and assumes that the gross geometry of the entire load is sufficient to establish the power requirement. A more general approach, using dimensional analysis, has been applied in this laboratory by the present authors1'1, and more recently by Rose.3 This disregards the internal conditions within the mill entirely and in effect is an empirical procedure for correlating data. Finally, the complete analysis of tumbling mill dynamics as first made by Davis' attempts to develop the power requirement from individual ball and rod paths and velocities. Although Davis' result is applicable only at a single speed for a given size and load it could be useful, since his optimum speed is at the upper limits of conventional tumbling mill practice. Where power values predicted by the Davis equation were compared with actual mill requirements, they were found too low for small mills and much too high for the largest mills. This suggested that the agreement with actual intermediate range requirements might be fortuitous, and the development of the equation was examined critically. The probable source of error was found to lie in an erroneous assumption made by Davis in converting the energy of ball or rod motion to power. With the same approach, but with different assumptions, a modified equation has been obtained which predicts results that are usually consistently high. This is to be expected, since it is assumed that there is no slip between load and shell and no interference among tumbling bodies. Both these effects should account for the difference. Development of Equation: When a cylindrical shell charged with a substantial weight of rods or balls is slowly rotated about a horizontal axis, the load surface first assumes an inclination that gradually increases to a maximum. Continued rotation results in failure within the load, characterized by a sliding of the top layers down the slope and a reduction in the angle of inclination. Further rotation again increases the angle, and the cycle repeats. If the speed is increased, there is continuous load failure and build-up and a continuous stream of rods or balls descends over the upcoming mass, which moves in circular arcs. At higher speeds the up-

Jan 1, 1961

By James W. Harrower, Gerald S. Ball

This paper discusses the installation of steel linings in vertical, raisebored openings. Design criteria used to evaluate the applicability of liner type and design are presented as well as a brief description of installation procedures. Specific projects completed by J. S. Redpath Corporation are then outlined noting special considerations and techniques.

Jan 1, 1985

By J. C. Osmond

One of the least known geologic regions in the U.S. is the area now called the Basin and Range Province. It is paradoxical that so little geologic information has been compiled for a province that has yielded billions of dollars worth of metals and is currently producing a small amount of oil. Regional stratigraphic studies of parts of this large territory have been published only recently, and regional structural interpretations of even parts of the province are rare in the literature. This, of course, does great injustice to the earliest workers: Gilbert,1,2 Russell,9 Le Conte,4 Spurr,5 Louderback,8 and others, who recognized the area as distinctively different from the rest of North America. Their simplified picture of the structure of the ranges and the province as a whole is the groundwork for present understanding and has never been superseded. Since their early works, however, geologic data from the province has consisted largely of detailed reports of widely scattered mining districts. Each district has been described as though it were an island in an unknown sea. More recent syntheses of the geologic history have been prepared by Lindgren,7 Ransome,8 Nolan,9 Bill-ingsley and Locke,30 Longwell,11 and Eardley.12 The tentative nature of the present interpretation, which treats the structural evolution of the Utah and Nevada area, must be considered in light of the scarcity of geologic information from the province as a whole. The methods of interpreting tectonic history from stratigraphy are based largely on the concepts of Marshal Kay.23 Discussions with Hoover Mackin also have aided in organizing the Tertiary history. TECTONIC AND STRATIGRAPHIC SETTING Two approaches to the subject of the tectonic history are possible; they correspond to looking through opposite ends of a pair of binoculars. One involves an expansion and extension of detailed work and the other an interpretation based on regional geological relationships. It is believed that the second approach, used here, is not in disagreement with detailed observations. The area of the Basin and Range Province is shown in Fig. 1. Within this area middle Tertiary to Recent high-angle faulting has controlled development of mountain ranges and valleys. Only the part of the area north of Las Vegas, Nev., and south of the Snake River in Idaho will be considered in this article. Within this part of the province most of the ranges trend north-south. Approximately two thirds of the area is covered by late Tertiary to Recent valley fill and lake deposits.

Jan 1, 1961

By P. Venter, N. Naude

"Coal mining is a thriving industry and 53% of the coal mined in South Africa is used for electricity generation. Mechanization has made coal mining more efficient, but fines generation has subsequently increased. Up to 6% of the run of mine material can report to the -200 µm fraction. Common problems associated with fines handling include dust formation, storage problems, and high moisture levels. A method to turn this material into a saleable product instead of stockpiling it can add value to a company.Briquetting is a pressure agglomeration method where loose material is compacted into a dense mass (FEECO International, 2014). The briquettes must be able to withstand rigorous handling and transport operations without disintegrating. This study aims to investigate the optimum binder and moisture conditions required to produce a mechanically strong briquette using two different binders - a PVA powder (binder A) and a starch powder (binder B).It was found that for binder A the optimum moisture level was 12% to 14%. At this moisture level the greatest compression strength gains were observed, and low amounts of fines produced in impact and abrasion tests. The minimum amount of binder added while still obtaining a strong briquette was 0.5% binder A. For binder B the optimum moisture level was also 12% and the minimum amount of Binder B to be added was found to be 1%. Briquettes that were dried outside reached their peak strength after about four days, whereas the briquettes that dried inside took about 20 days to reach their strength plateau. Hardly any degradation took place on the surface of the binder A film after exposure of 300 hours of artificial weathering. Thermogravimetric analysis confirmed that neither binder A nor binder B will add to the ash content of the coal fines, as both binders totally decompose above 530°C.Binder B yielded stronger briquettes after 15 days and also generated less fines. It is therefore superior to binder A and would be recommended for further use.Paper written on final year project work carried out in partial fulfilment of B.Eng degree in Coal Beneficiation"

Jan 1, 2015

By F. Ford, J. Dong

"Laboratory and miniplant testwork was carried out to reject uranium from an Iron Oxide Copper Gold (IOCG) deposit that contains an average of 60-70 ppm uranium with high variability. The dominate copper bearing mineral is chalcopyrite with minor bornite and trace covellite. The main gangue minerals are iron-rich chlorite, quartz and magnetite. The main uranium-containing mineral is uraninite (UO2). Downstream processes require the maximum uranium level of no more than 80 ppm in final copper concentrate.Mineralogical examination reveals that uraninite particles are finely disseminated with grain size of less than a few microns in the deposit requiring fine regrind in order to liberate uraninite from chalcopyrite particles. A lab flowsheet was developed to include ultrafine regrind of the rougher concentrate to the particle size of 80% passing 11-13 µm with up to four stages of recleaning in flotation columns. Finer regrind to 80% passing 5-6 µm may continue to improve liberation but does not decrease uranium level in the final concentrate. In each of the successive recleaning stages by flotation column after fine regrind, uraninite is rejected into the column tailings, with the final copper gold concentrate containing less than 70 ppm uranium from a feed containing 83 ppm uranium. The conceptual flowsheet was further tested in an integrated, continuous miniplant showing average 94% copper recovery with average 74 ppm uranium. The uraninite particles that report to the final concentrate are either locked with chalcopyrite or entrained as liberated particles of less than 5 µm in size.IntroductionIron Oxide Copper Gold (IOCG) deposits are copper and gold ores hosted within a large body of iron oxide and are significant ore deposits for copper and gold (Williams, et al., 2005). These deposits can also contain economic levels of other metals such as uranium and rare earth elements. The known sizes of IOCG deposits range from 10 to 4,000 million tonnes with grade of 0.2-5% copper and 0.1-3 g/t gold. One of the greatest IOCG deposits is Olympic Dam in South Australia. It is the fourth largest copper deposit and the largest uranium deposit in the world. Gold and silver in the deposit also contribute significantly to the total revenue."

Jan 1, 2017

By Ö. Erdem

The investment decision making process in the insurance and finance industries is affected by new advances such as simulation techniques. These advances have improved the discounted cash flow method (DCF). In DCF, a dynamic and flexible model construction is not possible because it does not consider uncertain conditions. Each project should be evaluated taking into account the related uncertainties because the related uncertainties determine the characterization of the project. Related uncertainties can be processed in dynamic DCF, which is applicable to both financial and non-financial industries with different kind of uncertainties, such as power generation and petroleum projects. The dynamic DCF method can estimate net present value (NPV) while managing related project uncertainties with a simulation method like Monte Carlo Simulation. The simulation method is preferred because its output is unbiased. Therefore, a more realistic financial evaluation of the project can be concluded. In spite of the improvement of dynamic DCF, this project evaluation method is not used frequently in mining industry. However, the mining industry is ideally suited to this concept because it is highly dependent on estimations such as orebody size and ore grade. During the project evaluation stage, these uncertainties can be included with the dynamic DCF method. This study aims to contribute to increasing the usage of this method in mining projects. A copper reserve in Turkey is selected as a case study to apply uncertainty assessment for the evaluation of NPV.

Jan 1, 2012