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By S. S. Dimov, B. R. Hare

This paper describes two micro-beam analytical techniques(Dynamic SIMS and TOF-SIMS) which have become an intricate part of a comprehensive analytical approach for precious metal (PM) ore characterization and process mineralogy or deportment studies. The value of the D-SIMS technique is its capacity for accurate analysis in the sub ppm range along with the ability to produce high resolution elemental maps. The TOF-SIMS is significant for speciating and quantifying preg-robbed Au on the surface of carbonaceous material. In combination with traditional assays, the two techniques can provide invaluable information regarding the distribution of PMs within an ore along with providing insight into potential sources of PM loss in processing or where losses have occurred in process streams.

Jan 1, 2011

By H. R. Shakeri, R. Mayer, M. J. Worswick, A. Rahem

The current focus of research and development in transportation industry is to use lightweight materials such as aluminium alloys for more structural components. In this regard, maintaining safety of the passenger and vehicle is the most important; therefore crashworthiness of components made of lightweight materials must be evaluated prior to sizable application of these materials. The focus of the present study is to understand failure and damage mechanisms during the axial crushing of aluminium tubes made of A1Mg3.5Mn alloy of 2 and 3.5 mm thickness. Due mainly to complexity of the crushed tubes, a microstructural approach is considered. In this study optical, stereo as well as scanning electron microscopy techniques have been used to study damage and failure mechanisms in these types of tubes, which are essential energy absorbing components in passenger vehicles.

Jan 1, 2006

By T. E. W. Nind

"A short description of the chamber lift method for producing oil wells is followed by some comments on compressor requirements and gas utilization. A quantitative analysis of the process is presented and, based on this analysis, criteria are suggested for selecting wells for which this type of lift might be suitable. The analysis leads to the conclusions that chamber lift is an efficient producing mechanism for wells having very low productivity indices (say about 0.05 bbl/d/ p.s.i. or less), but that for such wells optimum utilization of injection gas cannot be attained. It is suggested that the gas injection time per cycle should be kept as low as possible, compatible with a small oil fallback volume, and that the cycle frequency should be in the range of 20-40 cycles/ day. For wells with productivity indices of 0.2 bbl/d/p.s.i. or higher, chamber lift is relatively inefficient; how-ever, if well allowables are low it may offer an attractive, low cost, alternative to gas lift or pumping."

Jan 1, 1960

By R. C. Rowe

THIS paper is an endeavour to analyse the ideal and practical functions of government technical mining services, and their relationship to the National Domain, as well as to one another. its spirit is not critical, even though at times it may appear to besoin fact. It is a serious effort to divert a trend in public thought which delights in calling itself practical whereas it is really merely short-sighted. The author refers particularly to the idea that governmental research is a luxury which should be curtailed in the interests of economy, and turned over to private enterprise or the provinces. In order that we obtain the proper perspective of the question, it is advisable to indulge in a little history. In the year 1842, the Geological Survey of Canada was formed under the guidance of William (later Sir William) Edmund Logan. The literature on the founding and history of the Geological Survey of Canada is extensive, and therefore it is unnecessary to go into detail here regarding it. It might be mentioned, however, that the Geological Survey of Canada is only seven years younger than the Geological Survey of Great Britain (founded in 1835), and is only exceeded in age on the American continent by the State Geological Surveys of New York, Pennsylvania, Massachusetts, and Michigan, which were founded between 1833 and 1836. In 1877, the Geological Survey became a permanent government institution as a branch of the Department of the Interior. It should be noted, however, that the Director of the Survey ranked as a Deputy Minister and reported direct to the Minister. This continued until 1907. In 1886, the Mineral Resources and Statistics Division of the Geological Survey was formed. Some years later, the Canadian Institute of Mining and Metallurgy (then the Canadian Mining Institute), backed by the mining press, began to agitate for the establishment of a Dominion Department of Mines, and in 1907 such a department was founded by the Geology and Mines Act of that year, with a separate Cabinet portfolio for the position of Minister of Mines.

Jan 1, 1939

By B. Stettner, J. Asante, S. Abraham

The levels of nitrogen in steel produced in various metallurgical vessels vary significantly. For example, the tap nitrogen levels in steel produced in the BOF are around 4Oppm, as compared to 70-100ppm in both DC and AC electric arc furnaces. Given the pressing need to reduce nitrogen levels in steel to satisfy customer demand, IPSCO Inc. has gained considerable experience in controlling nitrogen levels in steel over the course of the last three years. Hence, a cost effective process has been developed through an intensive nitrogen control program from steel melting in the EAF through to the continuous slab casting stage. This paper describes the practices employed at each stage of the steelmaking process that have enabled IPSCO Inc. to reduce and control nitrogen levels in steel.

Jan 1, 2004

By Robert Dickson

Princess colliery is operated by Old Sydney Collieries, Limited, a direct descendant of the General Mining Association of London, England, which, in the first quarter of the nineteenth century, pioneered in coal mining in Nova Scotia. The coal worked is a 5 ft. 6 in. seam known generally through the Sydney coalfield as the Harbour seam but referred to locally as the Sydney Main. Entry is made by shafts, 680 feet deep, sunk in 1871 on a headland forming the northern entrance to Sydney harbour. From them extend the main roadways of the colliery, a distance of 700 feet to the shore line and a further distance of 14,700 feet in submarine areas to a total length of 15,400 feet. It was the first colliery in Nova Scotia designed to work submarine areas. Lateral development extends across a frontage of 16,000 feet and the submarine area from which the coal has been extracted is slightly over 6 square miles. There yet remains sufficient territory ahead of the workings to assure a future life to this colliery estimated at over 80 years at the current rate of production. In this area the seam dips at 6 to 7 per cent and face workings have reached a depth of 1,690 feet below the sea level. Until 1923 extraction of the coal was by room-and-pillar, followed by the drawing of the pillars. At that date the superincumbent strata had reached a thickness of 1,400 feet, resulting in heavy weighting on the roof and severe side pressure on the coal ribs. In combination with a soft, heaving pavement this created a set of conditions involving great difficulties and expense in keeping open places driven in the solid sufficiently long to permit recovery of the coal in the pillars by methods and equipment then available. The operator was forced to resort to extraction by longwall as the only economical method of winning the coal.

Jan 1, 1948

By A Hitchen

A general outline is given for the determination of copper, nickel, cobalt, zinc, lead, cadmium, bismuth, manganese, uranium, molybdenum, vanadium, sulphate and fluoride by polarographic or amperometric methods in a variety of ores or metallurgical products. The detection of oxygen in gas mixtures by an amperometric method used as a safety device is also discussed. Introduction I N this paper, a general outline will be given of the polarographic and amperometric methods used for the chemical analysis of various ores and metallurgical products in the Chemical Analysis Section of the Extraction Metallurgy Division of the Mines Branch. The methods to be discussed will be confined to those based on the use of normal D.C. polarography and will not include those methods which utilize a cathode-ray, square wave, pulse or A.C. type of polarograph. For the sake of convenience, ? the polarographic methods will be discussed according to the type of supporting electrolyte employed, as the same electrolyte may serve to determine more than one element in more than one type of ore. Amperometric methods will be discussed according to the element to be determined rather than

Jan 1, 1965

Pillars are used in various forms in underground mining. For several decades pillar design has been an issue in both soft and hard rock underground mining. The major use of pillars is in room-and-pillar type mining. Pillars are critical structures in the production levels of block cave mines. With most mines leaning towards the use of block caving for ore extraction today, pillar design has become even more important. Empirical pillar design is popular. The use of numerical modeling is becoming more common in the design of underground mine pillars. A critical review of both the empirical and numerical modeling approaches to the design of underground mine pillars reveal some fundamental flaws. In general, pillar design approaches often assume the pillars are vertical, and are subjected to pure compression. Pillar failure criteria are then based on this assumption. Most papers on numerical modeling for pillar stability assessment use vertical pillars. This paper shows that where pillars are not subjected to pure compression the empirical pillar design approaches are inadequate, and that when using numerical models for the assessment of pillar performance, more care is needed in the determination of the average pillar stresses. The practice of relating field scale pillar strength to laboratory scale intact rock strength determined from conventional laboratory compression tests in empirical design equations is misleading when pillars are inclined or subjected to compressive and shear stresses. New data is added to the hard rock empirical pillar stability chart, and it is shown that it is misleading to conclude that failure of pillars with width to height ratios greater than 2.3 should not be anticipated. New empirical pillar design charts are presented for pillars at various degrees of inclination for different ko-ratios.

Aug 1, 2013

By Michael Samis

Conventional project valuation techniques, such as discounted cash flow (DCF) method, are more frequently being criticised for the manner in which they consider the interacting effects of uncertainty and project structure (including management flexibility) on project value. Modern asset pricing (MAP; often called ?real options valuation? when applied to the analysis of flexibility) is a more general valuation framework that corrects many of the shortcomings of common valuation methods. Previous mining applications of MAP have tended to treat the ore deposit as a homogenous entity. While useful for demonstration purposes, this is inadequate for practical application in industry. This paper presents a MAP valuation example that allows for the heterogeneous nature of an ore deposit. It shows that deposit structure may increase the complexity of the mine planner?s decision so that results of a standard DCF analysis, or a simple MAP analysis that ignores the details of deposit structure, are misleading. In the example, a management is considering the development of an adjacent low-grade zone while mining operations in a high-grade zone are ongoing. If the low-grade zone is developed before high-grade reserves are exhausted, the proposed development will include both low-grade zone development and a capacity expansion to handle additional low-grade reserve production. If development of these reserves is delayed until the high-grade reserves are depleted, then the low-grade reserves can be developed without a capacity expansion. A typical DCF analysis would reduce the management?s decision problem to three alternatives: 1) continue mining only in the highgrade reserves, 2) immediately develop the low-grade reserves and expand capacity, and 3) delay low-grade zone development until the high-grade reserves are exhausted. The model presented here allows the management to reconsider the development and capacity expansion decision on a discrete half-year basis. It delineates price regions, for given levels of high-grade zone reserves, in which it is optimal to develop the low-grade zone, defer low-grade zone development and abandon the mine irrevocably. The model presented here extends the ability of mine planners to describe actual project structure while using the MAP valuation framework that is already noted for its capacity to combine project uncertainty and risk insights with a dynamic project description.

May 1, 2001

By O'Halloran. Gerard F.

"ECSTALL MINING has installed in their plants the most modern equipment in the mining industry. At the minesite, digital blocked frequency controls are used to monitor all crushers, conveyors, ventilation equipment and pumps from underground. Distant pumping stations are monitored and controlled by radio. Modern friction skip and cage hoisting systems have been installed with static power supply designed for automatic operation. Rotary-type compressors of recent design are in service in place of the conventional reciprocating-type units. At the concentrator, the 800- and 1500-hp synchronous motors driving the grinding mills have static field excitation and pneumatic clutches, still meeting modern-day concepts, having been• installed in 1966. The maintenance work load has increased annually for the past eight years. The modern plant, with all the present-day sophistication, must have a welltrained and well-organized force of skilled workers, and a maintenance system which will supply realistic facts and guidelines. This presentation will review the relative location of plants, utilities, maintenance and services, plant maintenance control and mechanical control. It is the hope that enough information will be presented to weigh the size of the job and how the resources are utilized for controlled maintenance."

Jan 1, 1974

By Anthony A. Zoobkoff

Gotcha! ? What Did I Just Agree To? ? You can?t repeat or use anything you heard. ? Did you agree before you knew what you were going to be given, told or shown? ? If you knew what you were to be given, told or shown, would you have still agreed?

May 1, 2013

By Jean Robitaille

La découverte du gisement du puits Penna a nécessité une révision complète de tous les circuits du concentrateur Laronde pour permettre, premièrement, l?adaptation du procédé à la nouvelle minéralogie et deuxièmement, l'accroissement du tonnage de 1800* à 4500 t/j. Aux circuits existants de broyage, de flottation du cuivre, de cyanuration et du charbon en pulpe, les circuits suivants furent greffés : broyage semi-autogène, flottation du zinc, manutention des concentrés (épaississage, filtration, entreposage et chargement automatisé), décantation à contrecourant et précipitation au zinc, destruction des cyanures et remblai en pâte. Cet article se veut une revue des différentes étapes du projet d'agrandissement du concentrateur qui se sont effectuées par phases progressives de 1997 à 2000. De plus, une description des nouvelles technologies sélectionnées et implantées est présentée.

May 1, 2001

By D. R. Boyle

"The Murray Brook precious metal (Au, Ag) gossan deposit is one of nine supergene mineral deposits that have developed over polymetallic massive sulfide deposits in the Bathurst Camp of New Brunswick. Reserves consist of 1.9 Mt of gossan containing 1.53 g/t Au and 65.9 g/t Ag. The supergene zone at Murray Brook consists of six distinct units: a) altered massive sulfide, b) pyrite-quartz sand, c) massive sulfide gossan, d) disseminated sulfide gossan, e) ferruginized wallrock, and f) leached bedrock. The massive sulfide gossan constitutes the main body of economic mineralization and consists of goethite, primary quartz, secondary amorphous silica, K-Fe-Pb-As- Sb-Ag hydrated sulfate and oxide minerals (beudantite, plumbojarosite, jarosite, bindheimite, scorodite), trace cinnabar, and cassiterite of primary origin. The order of stability of sulfide minerals during oxidation was pyrite _ arsenopyrite _ galena _ Bi-Sb sulfosalts _ chalcopyrite _ tetrahedrite group _ sphalerite.Two mass balance techniques (isovolumetric and conservative element) indicate elemental depletion in gossan relative to primary ore in the order: S>Cd=Zn>Cu=Mn>Na=Ca>Fe=Al=V> Mg= K=Se=Hg>Pb>Ti>Ag>Mo=P>Ba; and enrichment in the order Au>As>Sb>Si>Bi. Tin, as cassiterite, is conservative.Mineralogic and paleomagnetic data suggest that the gossan deposit formed under a warm temperate climate throughout the Pliocene. The rate of oxidation and the compositional nature of the ore was significantly influenced by: a) the position of the primary sulfide zone in a downward moving hydrological system, b) primary sulfide composition and zonation that promoted the development of a strong electrochemical oxidation system, and c) pronounced intercalation of carbonate and sphalerite mineralization in sulfide zones, which promoted rapid development of secondary porosity, permeability and downward flow of oxygenated groundwater.During progressive oxidation and physico-chemical erosion of the gossan zone, Au was transported downward in groundwaters, probably as a Auo colloid complex, to be concentrated in the lower horizons of the gossan profile. The precipitation of Au was greatly increased in the pyrite/arsenopyrite zones. Gold concentration was multi-cyclic with continual dissolution and nucleation of the metal until final concentration in the void structures of the gossan. Leaching experiments and microprobe analyses indicate that Au is present in the gossan as submicron composite sols of Au-Ag-silica."

Jan 1, 1995

By D. R. Boyle

"Abstract - The Murray Brook precious metal (Au, Ag) gossan deposit is one of nine supergene mineral deposits that have developed over polymetallic massive sulfide deposits in the Bathurst Camp of New Brunswick. Reserves consist of 1.9 Mt of gossan containing 1.53 g/t Au and 65.9 g/t Ag. The supergene zone at Murray Brook consists of six distinct units: a) altered massive sulfide, b) pyrite-quartz sand, c) massive sulfide gossan, d) disseminated sulfide gossan, e) ferruginized wallrock, and f) leached bedrock. The massive sulfide gossan constitutes the main body of economic mineralization and consists of goethite, primary quartz, secondary amorphous silica, K-Fe-Pb-As- Sb-Ag hydrated sulfate and oxide minerals (beudantite, plumbojarosite, jarosite, bindheimite, scorodite), trace cinnabar, and cassiterite of primary origin. The order of stability of sulfide minerals during oxidation was pyrite > arsenopyrite > galena > Bi-Sb sulfosalts > chalcopyrite > tetrahedrite group > sphalerite.Two mass balance techniques (isovolumetric and conservative element) indicate elemental depletion in gossan relative to primary ore in the order: S>Cd=Zn>Cu=Mn>Na=Ca>Fe=Al=V> Mg= K=Se=Hg>Pb>Ti>Ag>Mo=P>Ba; and enrichment in the order Au>As>Sb>Si>Bi. Tin, as cassiterite, is conservative.Mineralogic and paleomagnetic data suggest that the gossan deposit formed under a warm temperate climate throughout the Pliocene. The rate of oxidation and the compositional nature of the ore was significantly influenced by: a) the position of the primary sulfide zone in a downward moving hydrological system, b) primary sulfide composition and zonation that promoted the development of a strong electrochemical oxidation system, and c) pronounced intercalation of carbonate and sphalerite mineralization in sulfide zones, which promoted rapid development of secondary porosity, permeability and downward flow of oxygenated groundwater.During progressive oxidation and physico-chemical erosion of the gossan zone, Au was trans- ported downward in groundwaters, probably as a Auo colloid complex, to be concentrated in the lower horizons of the gossan profile. The precipitation of Au was greatly increased in the pyrite/arsenopyrite zones. Gold concentration was multi-cyclic with continual dissolution and nucleation of the metal until final concentration in the void structures of the gossan. Leaching experiments and microprobe analyses indicate that Au is present in the gossan as submicron composite sols of Au-Ag-silica."

Jan 1, 1995

By D. K. Sarkar, J. Perron, J. D. Brassard

"Nearly perfect spherical shaped water drops rolling-off from the surface of lotus leaf is one of the beauties of nature. This kind of surface is called superhydrophobic, since the water does not like it. Physically, a superhydrophobic surface provides a contact angle (CA) of water over 150°. The combinations of both mico-nanostructure topography as well as low surface energy are essential to have such high CA on a surface. Nano-micro structured superhydrophobic surfaces have been developed in different methods. (i) Monodispersed fluorinated silica nanoparticles have been synthetized via Stöber Sol-Gel process and deposited on various surfaces, such as aluminium or glass, to obtain transparent superhydrophobic thin films. (ii) Similarly, zinc stearate nanocomposite coating has been fabricated by spray process on the same substrates. These thin films are found mechanically robust with drag reduction of coefficient 16% lower than as-received surfaces. (iii) By electrodepositing pure zinc on steel surfaces and further coating it with diluted room-temperature vulcanized silicone rubber, the surface become superhydrophobic. This superhydrophobic surface protects the steel against corrosion by increasing the polarization resistance from 1.5 k? on steel to 44.4 k?. This coating also reduced the ice adhesion on the steel surface 6.3 times as compared to bare steel substrates. Globally, these superhydrophobic surfaces have tremendous applications against corrosion reductions, drag reductions and ice adhesion reductions.INTRODUCTIONSuperhydrophobic coatings are increasingly attractive to the industry and academia due to their unique self-cleaning properties as a result of their water repelling characteristics. Fabrication of superhydrophobic coating is an inspiration from nature as water is seen to repel on many natural surfaces such as those of the lotus leaves, butterfly wings, water striders’ legs, and so on (Gao & Jiang, 2004; J. Huang, Wang & Wang, 2006; Neinhuis & Barthlott, 1997; Zheng, Gao & Jiang, 2007). This non-wetting phenomenon is well understood on lotus leaves, shown on the Figure 1 (a), and it is considered as the basis of the studies of superhydrophobicity. The existence of this binary structure on the surface of the lotus leaves allows a large amount of air entrapment and consequently reduces the contact area of water on it and the presence of low surface energy waxy components with reduced affinity to water together leads to the superhydrophobic properties. The phenomenon is shown on Figure 1 (b). Cassie and Baxter (Cassie & Baxter, 1944) as well as Wenzel (Wenzel, 1936) proposed two mathematical models to explain the wetting phenomena on rough surfaces that leads to superhydrophobic properties. By definition, superhydrophobic surfaces are characterized by a water contact angle value = 150° with the rolling off of water drops from the surfaces (Sarkar & Saleema, 2010). Superhydrophobic surfaces find tremendous importance in the technological world where it can applied in domains such as anti-corrosion, anti-biofouling, electrowetting, icephobic and even in drag reductions (Bushnell & Moore, 1991; Cao, Jones, Sikka, Wu & Gao, 2009; Carlborg & van der Wijngaart, 2010; Carré & Mittal, 2009; Y. Huang, Sarkar & Chen, 2010a; R. Karmouch, Coude, Abel & Ross, 2009). However, the most important challenge faced by industries is their feasibility large scale in an effective an economical manner."

Jan 1, 2016

By K. L. Ford, D. R. Lentz, J. H. Rickard, R. P. Taylor

Abstract - Coupled gamma-ray spectrometric and lithogeochemical studies throughout the Heath Steele Mines area, Bathurst Camp, New Brunswick, indicate that primary and secondary geochemical differences exist between the stratigraphic footwall and hangingwall crystal tuff units which host the massive sulfide deposits. Of particular interest is Th, and to a lesser extent, Zr and Y, which are more concentrated in the hangingwall than the footwall crystal tuffs, whereas the opposite is true for TiO2. This expands on earlier lithogeochemical-chemostratigraphic results concentrated in the eastern part of the Heath Steele belt that led to revision of the local stratigraphy, and necessitated a structural re-interpretation of the area with implications for exploration. Although K depletion (decreased K and K/Th) is typical of chloritized footwall zones of chloritization, these features were not fully apparent here due to the recessive nature of these altered zones. In situ radiometric analysis using a portable gamma-ray spectrometer is a rapid, inexpensive analytical technique for chemostratigraphic characterization of rock units within volcanogenic massive sulfide deposit settings, provided there is a contrast in the distribution of natural radioelements, particularly Th and K.

Jan 1, 1998

By A. Tikhonov, D. Kipper, V. Korovin, A. Olifirenko, Yu. Shestak

The present paper deals with vanadium and molybdenum sorption from industrial wastes and intermediate processing products using Cybber macroporous strong- and weak-base anionites. Vanadium and molybdenum recovery by Cybber anion-exchange resins as well as desorption processes were studied in static and dynamic modes; their efficiency was demonstrated for that purpose. The results of the work may be used to design technologies for complex processing of both ores and industrial wastes containing vanadium and molybdenum.

Jan 1, 2011

By R. Bonifaz

The Chagres Smelter, part of the Anglo American plc group situated 80 Km north of Santiago in Chile, completed a series of operational improvement in 2005 resulting in an optimum capacity in its operational units. At present the Chagres Smelter has developed an operational strategy which seeks to reduce bottle-necks in the production process. In this way we have managed to lower operational cost, decrease energy consumption and maximize the capacity of the Acid, Oxygen, and Smelting, Converting, Refining and Casting units. A constant application of international benchmarks together with continuous staff improvement and the latest smelter technology have combined to place Chagres among the finest smelting works in the world. In response to environmental challenges, we have studying various options for investment suitable for a profitable business of benefits to both Anglo American and Chile as a whole. The most relevant technical indicators are the figures : Energy consumption less than 6,3 GJ/ton fine copper, Intensity of smelting rate in Flash Smelting unit of 6900 ton of copper concentrate/m2 settler of furnace area and be one of the top five smelter in direct cash cost .

Jan 1, 2007

By Norman B. Davis

THE ceramic group of industries is comprised of those engaged in the manufacture of cement, glass, artificial abrasives, whiteware, including earthenware, stoneware, porcelain tableware, porcelain sanitary ware, electrical porcelain, floor and wall tile, porcelain enamel on metals, refractories of all kinds, sewer-pipe and structural clay products, such as terra cotta, brick, and hollow tile. The various sub-divisions of the industry produce a wide range of articles on which we depend for our creature comforts from day to day, perhaps to a greater extent than we generally realize. The industry, in turn, depends on a great number of minerals, and chemical products derived from minerals, and it is the object of this brief paper to present a list of these with notes indicating the particular applications. In order to bring home the importance of the industry to your daily life, stop and consider the many things around you accepted as a matter of course. Cement provides the smooth surfaces of many of our highways, city streets, and sidewalks. It enters into nearly all types of construction, alone or in combination with other clay products. Glass we hardly appreciate because we can see through it so easily, but it is there to serve us in windows, doors, and other light-transmitting structures. Glass is the universal means of transporting liquids and beverages, our beverages are usually served in it, and, with the recent development in fine spun glass textiles, there is a possibility of glass clothing in the future. Chinaware, a general term for table dishes, may be earthenware (not vitrified), semi-porcelain, or bone china, but it is before us three or more times a day ?and we seldom think of the minerals that have made these products possible. Floor tile, wall tile, and other ceramic specialties for interior and exterior use and decoration please the eye and provide sanitary surroundings.

Jan 1, 1938

By Lawrence Devon Smith

"This paper examines the impact of the various assumptions that go into an economic evaluation, and shows how these can be combined to show an exciting result that may not really exist. An example of an embellished case (the kind that one frequently sees when projects are being promoted) is developed and the cumulative impact is analysed to show the actual project underneath. The paper also points out some areas to watch for overly optimistic assumptions such as prices, inflation, and debt. The concept of a ""bare bones"" base case is proposed (constant metal prices, constant dollars, no inflation, no debt, no interest, on a project basis, after tax) as a common reference point.As well, the discount rate is examined as a fundamental means of reflecting risk in discounted cash flow evaluations. Current industry practice is discussed, and a methodology for the analysis of risk levels is proposed that assesses the constituent components of the discount rate: real interest, mineral project risks, and country risk.INTRODUCTIONOften, the first time that all of the technical and economic data for a mineral project comes together in one place is when the economic evaluation is developed. This typically happens when work on the project has progressed to a sufficient level of detail that the effort to produce a year-by-year cash flow is justified, usually at the pre-feasibility or feasibility study stage. The data involved will include:• production; tonnes waste and ore mined, ore grade, mining recovery, metallurgical recovery, metal sold• revenue; metal price, smelting & refining charges, marketing costs• operating Costs; mining, milling, administration, fees, royalties• capital Costs; exploration, development, construction, indirect costs (engineering, management), contingencies, start-up, inventories, working capital, replacement and sustaining capital, closure costs• taxes and royalties• exclusions; depreciation (this is not a cash item), sunk costs (only costs going forward)."

Jan 1, 2003