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By Walter Valery, Sergio Vicuna, Roberto Valle, Hamer Arevalo, Ben Burger, Lui Vargas, Alex Jankovic, Jim Seidel, Eduardo Nozawa

This paper describes the design, the first three years of operation and optimization of a large, single stage SAG mill at Minera Yanacocha’s Gold Mill facility located in northern Peru. The Gold Mill was commissioned in March 2008 with a 32’ x 32’ EGL, 16.5MW single stage SAG mill, to process 5 million tonnes per annum high grade oxide Au/Ag ore. Operational control, feed size distribution, grinding media, mill liner, grate and pulp lifter optimisation have allowed the mill to operate 15-30% above design throughput rates, but with a product P80 coarser than design. As part of the optimization, full grinding circuit surveys were conducted. Historical operating data and survey data were analyzed and used to evaluate possible circuit changes and determine alternative operating strategies. A number of changes were implemented which allowed the SAG mill to operate similarly to a large ball mill and achieve finer mill product that was closer to design. This paper summarizes life to date data analysis and improvements made by Minera Yanacocha as well as the grinding circuit optimisation study conducted by Metso Process Technology and Innovation.

Jan 1, 2012

By S. N. Bhatnagar, S. K. Haldar

"Mineral exploration is an expensive speculative venture and calls for optimization of sampling. Exploration is generally planned in grid pattern to be conducted in phased manner. The objective of any such campaign is to assess the quality, quantity and its reliability. The traditional estimation methods are unable to provide a means of calculating the degree of reliability. Application of mathematical models can quantify the precision of estimation and bring forth decision-making criteria at any stage.In this paper three statistical and geostatistical models, viz., Frequency, Probability, and Semi-variogram, have been employed to evaluate sequential exploration data of RampuraAgucha zinc-lead deposit. The optimization in exploration for a specific objective has been highlighted.IntroductionAny exploration campaign demands heavy resource investment starting from the collection of the first sample to the production of the first ton of ore. The best estimation would be if the entire orebody is taken out and sampled. However, this is neither possible, nor desirable. Drilling is the primary tool of geological sampling. It shares the major portion of the investment and, thereby, warrants critical analysis at every stage during the ongoing exploration projects.The exploration program should be conducted as a well planned scheme based on a sequential evaluation approach in a phased way to achieve a specific objective. It would then be possible to evaluate exploration data at the completion of each phase by employing computer-based mathematical techniques to quantify the precision of the estimate for fulfillment of objectives. The subsequent drilling program should be modified accordingly."

Jan 1, 1987

By B. J. Cunliffe

"Filter cloth in the mining industry is an ambiguous title asthis suggests filter cloth use from underground ventilation to the refining processes. The time allowed for this paper would be better served in con-centrating on vacuum filters common to all mine mills and to offer some simple guide lines to the mill metallurgists in the choice of filter cloth for this type of filter.The requirement of the filter cloth is to separate solids from liquids under a vacuum head by forming a permeable layer of solids or cake, through which liquids can flow until the panel or disc sector leave the slurry tank and to continue to pass residual moisture from the cake formed during the cake drying cycle, and to discharge the cake on air-blow so that the cycle can be repeated.Whilst the mill metallurgist should not be expected to under¬stand all aspects of filter cloth manufacturer, it is however, advantageous for him to understand a little of the textile language associated with filter cloth for his own protection against ""trial-and-error"" methods, which are both time consuming and costly.If improvements are to be made over existing filter cloth in use an examination of the limiting factors of the cloth used should be made and the major causes for removal determined, e.g. cloth blinding, high moisture in cake, poor cake discharge on air blow, mechanical damage to cloth.As each of the limiting factors mentioned has a bearing on the choice of fibre used, the yarn type and weave of a suitable cloth, an under-standing of these points will assist the mill metallurgist in avoiding repetitive trials offering little degree of success."

Jan 1, 1971

By N. Kolev, M. Poibrenski, I. Nishkov

"The following paper examines the flotation of copper porphyry ores in Assarel concentrator with focus on the reasons for low molybdenum recovery in the final copper concentrate. The copper-porphyry ore of the Assarel deposit is characterized by its variable mineral composition and high clay content, which influence the process efficiency of their concentration. Particle size distribution, chemical and mineralogical analyses have been made on various flotation products showing the distribution of the main elements of interest - copper and molybdenum. It was found that molybdenum is not concentrated into the final copper concentrate as usual in the flotation of copper-molybdenum ores but into the tailings of the copper selective flotation (cleaner tailings). An attempt to explain these results has been made with proposals to improve molybdenum flotation. Low floatability of molybdenite is caused by the ultrafine clay minerals content in both the run-of-mine ore and copper flotation streams. In order to achieve selectivity of copper minerals against pyrite a significant amount of lime is used in the plant leading to higher pH conditions, which could be another possible explanation for the molybdenite depression. The results obtained after the laboratory experiments, showed that it is possible to restore molybdenite floatability using traditional reagents such as diesel, kerosene, etc., and introducing a new polymeric reagent as froth modifier.INTRODUCTIONOne of the main technical difficulties in the area of copper-molybdenum flotation is the selective recovery of both metals, especially the fine (<40 micron) mineral particles. The problem is even more serious when Cu-Mo ore treated contains a lot of natural fine particles, predominantly clays, micas and other gangue minerals. Peng and Zhao (2011) conclude that the mineral processing industry is well aware of the difficulty in treating ores in the presence of clay minerals. Tremolada et al (2010) found that clay minerals have been named as the main problem in ore beneficiation processes due to their small size, which cause a higher viscosity in grinding. In flotation, these clay minerals have natural hydrophobicity or float by entrainment.The impact of clay mineralogy on flotation performance has been reviewed in the literature and the various deleterious roles of clay minerals have been investigated (Bulatovic, Wyslouzil & Kant 1999; Jorjani et al, 2011; Farrokhpay, Bradshaw & Dunn, 2013). It is widely accepted that the actual flotation recovery problem appears to be caused by the properties of these fine particles: small mass (and/or momentum) – high interfacial free energy (Rubio et al., 2007; Farrokhpay, 2011). In most cases, the loss in recovery is found to be insignificant, but the detrimental effect on the concentrate grade is found to be more prominent. The main reasons for the flotation inefficiency are the low probability of bubble-particle collision and adhesion, formation of dense froths and as a result - low process kinetics. A great deal of fine valuable minerals is discarded as slime in flotation due to lack of effective recovery methods."

Jan 1, 2016

By A. Zarei-Hanzaki, O. Golmahalleh, S. M. H. Hosseini, H. Azizi-Alizamini

The main importance of acicular ferrite microstructures arises from their desired combination of mechanical properties in comparison with the bainite and ferrite-pearlite microstructures. Several factors affect the microstructural transition from bainite microstructure into the acicular ferrite one. As is well established any factor corrupting the prior austenitc grain boundaries nucleation potential, such as the thin layer of allotriomorph ferrite and the austenitc deformation inhomogenities may promote the acicular ferrite formation instead of bainite. Accordingly, this study deals with the effects of the aforementioned features on the acicular ferrite formation in low carbon microalloyed steel. The results indicate that the formation of strain-induced ferrite at the prior austenite grain boundaries accompanied by deformation inhomogenities in the austenite grains change the effectiveness of allotriomorph ferrite on acicular ferrite formation from active to inert one.

Jan 1, 2004

By W. A. Padgham, H. Helmstaedt

Field evidence for current hypothe e about age and kinematic ignificance of gold-bearing hear zones in the Archean Yellowkni fe greenstone belt is reviewed , and it is concluded that major disagreements between previous workers are a direct result of differences in stratigraphic and tructural in terpretations of the Yellowknife Supergroup. Although goldbearing hear zone appear to be confined to the mafic volcanic pile of the Kam Group. it can be shown that shearing affected all supracru tal rocks, including the Jackson Lake Formation. now con idered to represent the youngest unit of the Yellowknife Supergroup. tructural ob ervations are incompatible with the hypothe is that the hear zones represent loci of ynvolcanic gravity sliding but are consistent with earlier conclu ions that shear zone development commenced with rotation of the volcanic pile and continued as re ult of lateral shortening broadly overlapping with the emplacement of granitoid batholiths. Shear Zones are common throughout the entire green tone belt. yet productive zone are confined to the Yellowknife Bay Formation of the Kam Group and localized where flow abut with a high angle again t the contact of the We tern Plutonic complex. However. no obvious tructural and lithological features have been recognized that are more favorable for gold deposition and distinguish the shear zones and flows of the area around the mines from those of other parts of the greenstone belt. The model that gold wa transported by metamorphic solutions and that hear zones were the firs t-order control for gold deposition provides no explanation for the trong localization of the depo it . As porphyries with elevated gold contents are present in and near ome of the mines. the possibility that gold was deposited from hydrothermal system around fel ic intrusion representing early phases of the Western Plutonic complex should be given erious consideration.

Jan 1, 1986

By L. G. Bergh

The experience developing a supervisory control and information systems in a SX pilot plant is presented. The plant is located at the Process Control Laboratory, Santa Maria University, in Chile. In this work, the problem of controlling this process is discussed and related literature is briefly reviewed. Then, an innovative control scheme organized in three levels, local, hydrodynamic, and metallurgical supervisory controls is presented in an architecture including field controllers, PLC, and PC networks. Operating decisions in the metallurgical supervisory control are taken with incomplete information from on-stream analyzers. The control proposed is based on metal and acid concentration predictions of intermediate and exiting streams through the use of dynamic and static models and flow rates and input concentration measurements. Preliminary results are presented. The main objectives are to develop and test intelligent techniques in a hybrid system, and to study measurement and supervisory control problems. It is expected to produce reliable results that will contribute to improve the efficiency of this emerging and important process.

Jan 1, 2007

By Dirk van Zyl

The world is consuming more and more electronic products every year. This has caused a dangerous explosion in electronic scrap (e-waste) containing toxic chemicals and heavy metals that cannot be disposed of or recycled safely. But this problem can be avoided. We are pressing leading electronic companies to change; to turn back the toxic tide of e-waste. Every year, hundreds of thousands of old computers and mobile phones are dumped in landfills or burned in smelters. Thousands more are exported, often illegally, from the Europe, US, Japan and other industrialized countries, to Asia. There, workers at scrap yards, some of whom are children, are exposed to a cocktail of toxic chemicals and poisons.

May 1, 2008

By R. L. Bailey

"The Acheson D-3 Pool was discovered in August 1950, and contains 88 producing oil wells on 40 acre spacing. Initial oil-in-place was 118 million stock tank barrels and initial well potentials averaged 2,000 barrels per day.In early 1956 studies of hydraulic interference between the Acheson and Leduc D-3 Pools were conducted on the Carter Petroleum Reservoir Analyzer. These studies indicated that the natural water drive to Acheson would be incapable of replacing reasonable withdrawal rates over the life of the pool. To avoid shrinkage losses a scheme of pressure maintenance by water• injection was therefore instituted in March 1957.This pressure maintenance scheme is notable because pressure is being effectively maintained by high volume injection through one well located on the flank of the pool. Close control on reservoir behaviour is maintained by regular bottom-hole pres-sure surveys and observation of water cuts on producing wells. No evidence of pressure gradients or channelling of the injected water has been observed to date, and the water-oil contact has remained level over the whole field. It is possible to control the average reservoir pressure within very close limits by varying the rate of fresh water injection.Ultimate recovery estimated from the rise of the oil-water contact and calculated water influx to December 31, 1958, is 335 barrels per acre foot, or a total of 91.4 million barrels from the pool. This compares to 217 barrels Per acre foot or a total of 59.4 million barrels indicated from laboratory test data."

Jan 1, 1961

By P. Müller, W. J. Przybylowicz, V. M. Prozesky, D. de Bruin

"Abstract -The common style of gold mineralization in the Basal Reef and other auriferous conglomerates of the Witwatersrand Supergroup comprises clusters of gold grains occurring interstitially to quartz and pyrite pebbles as well as gold accumulations attached to the surface of and infilling hairline cracks and fractures in round, compact, detrital pyrite. The latter textural association is generally interpreted as a result of remobilization of originally detrital gold during regional metamorphism and related hydrothermal fluid circulation. There is general agreement that, although gold solubility was Iow, ore modification occurred during the metahydrothermal event, but uncertainty exists about the magnitude and scale of gold remobilization .Micro-textural and chemical investigation of compact round pyrite and associated gold accumulation has established that gold is preferentially deposited on chemically heterogeneous pyrite surfaces. Combinations of alternating high- and low-As zones in pyrite result in mixed np-type conductivity accompanied by electron exchange and the reduction-driven deposition of gold at the cathode. This mode] does not explain gold accumulations which are not immediately linked to chemical heterogeneities and it is inferred that an additional control on the deposition of gold was exerted by physical defects which lead to zones of increased charge density and/or areas of focussed conductivity. The inferred precipitation mechanisms suggest that submicrocopic physical and chemical controls are the important factors that determined the sites of gold nucleation and that precipitation mechanisms based on physicochemical changes of the hydrothermal system were not involved. The Basal Reef contains on average close to 5% of round, detrital, chemically zoned pyrite which provides a large number of electrochemically active pyrite surfaces. The extremely effective electrochemical precipitation mechanism together with the low solubility of gold in Witwatersrand fluids is the main reason for the spatially restricted remobilization of gold in the conglomerate reefs."

Jan 1, 1994

By S. F. Guo, Z. F. Zhan, X. L. Huang, Y. Zou, S. W. Qi

"FLAC3D is an important numerical analysis software to study dynamic response of rock slope. In application of the program, the common issues such as absorbing boundary and the method to apply wave have been well studied. However, effects of model mesh size, damping and width of slope are still unknown. In order to make the result more convictive, this article has discussed the above issues systematically. It found that when the maximum mesh size is smaller than 1/10~1/8 of the smallest wavelength, the mesh size is smaller, the computational accuracy is higher. Meanwhile, values of damping and width of slope have no effect on the result. Additional, results of FLAC3D modeling on wave transmission across rock joints agree well with analytical solutions, so it has verified the capability and accuracy of FLAC3D on dynamic response of rock slope.INTRODUCTIONChina is a mountainous country accompanied with many earthquakes. Thousands of geological disasters are triggered by the Wenchuan Earthquake in Sichuan Province, and the majority of the disasters are landslides induced (Xu et al., 2009). Meanwhile, the paper (Li et al., 2003) points out five significant issues about dynamic loading in the area of geotechnical engineering, which includes the study of rock slope stability under earthquakes, and the dynamic response of rock slopes is one of its important study issues."

Jan 1, 2015

By Kim H. Shikaze, John R. Hawley

"Even though acid mine drainage is an old problem, particularly in coal mining areas, its appearance in the form of a major environmental hazard in the hardrock mining districts of Ontario was unexpected. The yellow and amber coloured wastes that characterize an acid mine drainage situation were first noted by the Ontario Water Resources Commission in the uranium mining Elliot Lake district. Problems of a similar nature were also noted in the copper-lead-zinc camp at Manitouwadge, the nickel camp at Sudbury and at numerous isolated base metal properties, both in and out of the Province of Ontario.Without exception, when acid mine drainage type effluents were evident, the specific companies involved worked sulphide or sulphide-associated ores. Without exception, the ore bodies contained quantities of iron sulphide (in various mineralogical forms) and, without exception, the milling circuits serving these operations were such that the iron sulphides were rejected to the tailings areas as waste.Once in a tailings area and after a varying period of time, iron sulphides react to form water soluble salts which, when discharged in the effluents from the tailings area, can affect stream chemistry and stream ecology.It is not unusual that the minerals pyrite, marcasite and pyrrhotite (all iron sulphides) react to form a stable oxide under atmospheric conditions. The law of stability of rocks and minerals, for instance, states that rocks and minerals are stable only in the environment of their formation and, as the environment surrounding them changes, the rocks and minerals tend to change to other species which are relatively more nearly stable under the conditions of the new environment (a). Under atmospheric conditions, iron oxide exhibits a greater stability than iron sulphide."

Jan 1, 1971

By N. Morrison, E. J. Rogans, A. J. Macintosh, N. Schoeman

"The design of carbon-in-pulp (CIP), and carbon-in-leach (CIL) adsorption circuits has essentially remained unchanged since the early days of the carbon process for gold recovery. For CIP circuit the pulp residence time is traditionally fixed at one hour per contactor with a carbon concentration of between 15 and 20 grams per litre, and the counter current carbon transfer rates are in the region of 15% pulp recycle. For CIL, the pulp residence time is usually three hours per contact or, with lower carbon concentrations ( 5 to 10 grams per litre).The drawbacks of using the counter current CIP/CIL adsorption circuits are discussed using modeling developed for CIP/CIL plant design. Counter current CIP/CIL, circuits are then compared with the carousel method of adsorption circuit design.The use of equipment suitable for the carousel approach is discussed which is, the AAC cylindrical and pumping (MPS) screens, the AAC pump-cell plant and launder designs.Finally, two plants at the Vaal Reefs Gold Mining and Exploration Company that use carousel adsorption circuits, namely the Vaal Reefs No. 1 Gold Plant, a CIL plant with stepped contactors, and the Vaal Reefs No. 2 Gold Plant, a CIP using a very short residence time (AAC pump-cell) are discussed."

Jan 1, 1998

By J. C. Thornley, H. L. J. Drummond

"Fifty years of wear on the original carbon steel shaft of this hydro turbine necessitated repair operations in 1980. Both austenitic and martensitic stainless steels have been used individually as journal materials in separate trials on an80-inch long and 22-inch diameter radial bearing but neither one nor the other has been successful.The wear and cracking problems of the stainless steels leading to the present abandonment of both classes of stainless steel are described. In particular the dependence of the toughness of type 410 stainless steel on its tempering temperature and the susceptibility of that steel to quench cracking are highlighted because problems have been caused by both of these metallurgical factors.IntroductionAs part of a desire to improve the efficiency of a fifty-year old hydro-electric generating station on the Saint John River, the decision was made to change the journal and bearing material for the shaft bearings, which are stave-type bearings. For the initial fifty years of operation the bearings had been wooden (lignum vitae) and had run on the carbon steel shaft directly. For one of the four unit s at this station the performance of this combination has been truly excellent, and the remaining three sets of bearings had performed well. However there had been shaft wear on the units and the wear had made the shafts somewhat elliptical when a decision was made to install some sort of new journal on to three of the old shafts. [In addition to the wear on the carbon steel journals it was found that one shaft was significantly softer in the bearing area than it was immediately above the bearings (180 Vickers in comparison with 230 to 250 Vickers)] ."

Jan 1, 1985

By Dale L. McKinnon, Jean-Pierre Farant

"Dust collectors are used to reduce airborne dust levels generated during crushing at a mining operation and their adequate maintenance is required to ensure effective control of health and safety hazards associated with dusty conditions. Although the pitot traverse technique is commonly employed to balance these dust collectors, the use of an alternative-the equilibrium concentration tracer gas method-is proposed in this paper. This method, which uses sulphur hexafluoride as a tracer gas, can be used to balance airflows in dust collectors and to determine hood collection efficiency accurately and effectively. This technique also reduces some of the errors inherent to pitot tube measurements. IntroductionIndustrial dust collectors are used to reduce dust genera ted by processes like cru shin g, and these must be periodically checked and balanced to ensure continuing effective control of health and safety hazards associated with dusty conditions.To date, the pitot tub e traverse technique has been commonly used to balance air flows in dust collectors. However, this technique is both time -consuming and cumbersome. The equilibrium concentration tracer gas method, described in this paper, is proposed as a viable alternative as it is faster, more reliable, and amenable to automation. The use of tracer gases for such task s is not new. This approach has been used in a variety of mining situations to determine volumetric flow rates in underground openings, leak age through mine stoppings, the effectiveness of face ventilation, pollution migration patterns, mine air recirculation rates, and rock porosity."

Jan 1, 1986

By Mark W. Bartlett

Program Objectives ??Identify and implement a tool for haul truck drivers that: -Reduces or eliminates fatigue-related injuries and fatalities -Reduces accidents and equipment damage ??Following evaluation period, apply tool where most effective Why do We Need a Fatigue Monitoring Tool? ??Everyone has probably fallen asleep while driving ??Driver fatigue is a major source of property damage and serious haul truck serious incidents ??To protect ourselves from the other ?tired?driver ??To know when to ask for relief ??To know when we are seriously distracted from driving ??To measure improvements in sleep incidents based on shift changes and intervention ??To help prevent incidents like the following:

May 1, 2011

By F. Weinberg

"The recent development of the continuous casting process for steel has required basic understanding in a number of areas in the metallurgcal sciences. In some areas, information is still lacking. The success of the application of basic knowledge and research to the process is evidenced by the fact that a large percentage of the steel now produced in the world is produced by continuous casting.A number of areas in which metallurgical science has contributed and is currently contributing to better design and control of the continuous casting process and leading to a better quality product will be considered. These include:(a) heat transfer studies of the entire casting process;(b) fluid flow in the tundish, strand and liquid metal stream;(c) solidification structure and segregation;(d) strength and ductility of steel at high temperatures related to bulging and cracking; and(e) problems related to horizontal casting developments.IntroductionThe continuous casting of steel is a relatively new technology in steelmaking. It is now used extensively throughout the industry. In Japan, for example, continuous casting accounts for approximately 40010 of steel production, and this value is expected to increase to over 50% in the near future . New steel plants are now designed to use continuous casting exclusively. This means the process must work well and be completely reliable, because all the steel produced must go through the caster.The development of the continuous casting process in a short period of time has required concerted research and development in many areas . I shall cite a number of examples of these developments and refer to work done in Canada when applicable. No attempt will be made to review all of the research in continuous casting, nor refer to all of the workers in the field.The developments in continuous casting are based in many cases on metallurgical science, as described below. The use of metallurgical science in these developments is qualitative, in that concepts and idea s are used, as opposed to quantitative values calculated from fundamental equations. In general, most metallurgical problems are too complicated to enable fundamental equations to be used without the introduction of uncertain approximations and boundary conditions in the calculations.Starting at the beginning of the steelmaking process, very extensive research and development has been carried out to produce liquid steel of the required composition and temperature. The replacement of open hearth furnaces with BOF furnaces reduced refining time from many hours to roughly 30 minutes for 250 tons of steel. Two BOF furnaces effectively enable a continuous flow of steel to be available in a plant, essential for the introduction of the continuous casting process. This area of research will not be considered here."

Jan 1, 1981

By H. Watari

In 1998, a voluntary agreement was reached between the European Commission and the European Car Manufacturers Association (ACEA) to reduce average carbon dioxide emissions of new cars to 25% below 1995 levels by 2008, Agreements have also been reached between the European Commission and the Japanese Automobile Manufacturers Association (JAMA) and the Korean Automobile Manufacturers Association (KAMA), However, the target average of carbon dioxide emissions of less than 140g/km in 2008 is a very challenging goal, Therefore, total product weight reduction is an objective for many manufacturers, This can be achieved utilizing materials possessing high strength and low weight, One material that has recently attracted interest is magnesium alloys, The magnesium alloys are expected to play an important role as next-generation materials, which have possibilities of contributing to lighten the total product weight when magnesium products can be used to replace aluminum and mild steel products.

Jan 1, 2005

By P. D. Soares, H. R. Bullis, R. A. Hureau

"Echo Bay&apos;s Lupin Operation has produced more than 2.15 million ounces of gold since start-up in 1982. The mining method used to the£ present time has been longhole open stoping using trackless equipment. Because direct measurement of the open stopes has not been possible until recently determining the exact quantity of unplanned dilution in previously mined stopes has not been possible. Estimates of dilution hove been mode using comparisons between production tons and grades against ore reserve tons and grades.This paper discusses tracking of grade and tonnage measurements from reserve estimation through production. Comparisons between estimated and actual tons and grade are presented~ along with a brief description of methods used at the Lupin operation to control dilution."

Jan 1, 1994

By John Smith

"The RTZ Corporation PLCFrom a company&apos;s point-of-view, a good investment decision is one which results in the purchase of an asset that is worth more than it costs. Thus, in order to judge the merit of an investment opportunity, it is necessary to estimate the value of the assets to be acquired.Discounted cash flow (DCF) analysis has become widely adopted by companies in assessing potential new investments. The principle is a simple one: invest in projects which have a positive net present value, and reject those which do not. However, perhaps because of its apparent simplicity, DCF analysis is frequently misused. Good practice in the use of the technique is discussed, together with several common misconceptions.Sound analysis requires sound data; thus, the valuation process relies heavily upon a wide range of specialists to provide the basic input from which cash flow forecasts can be built up. The analyst must maintain close liaison with these specialists from the outset in order to ensure that the data provided is indeed relevant and complete.IntroductionBefore turning to the main subject of this paper ""How Companies Value Properties"", it is of interest to consider first a slightly different question ""Why do Companies value Properties""? In other words, for what purposes are such valuations prepared? Certainly the commonest, and probably the most important circumstance in which a valuation is required is when the company is considering an investment opportunity. This may be the direct purchase of a property or group of properties from a third party, but could also be the opportunity to develop a new operation or expand an existing one.A very simple objective in making any kind of investment is to make our shareholders richer than they would otherwise have been. That is, to make investments whose value to shareholders exceeds the consideration required to acquire them. Thus the investment decision focusses on the difference between an asset&apos;s value and its cost.This distinction between ""value"" and ""cost"" is an important one. Study of a company&apos;s balance sheet may tell a lot about the cost of this company&apos;s assets, but very little about their value. Then again, it is sometimes argued that a business should be bought because this will result in assets being acquired for less than their replacement cost. This merely compares one cost with another, it says nothing about value."

Jan 1, 1991