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This paper addresses the valuation and development timing of an undeveloped mineral project. Traditional analysis has us developing the project immediately if its net present value (NPV) is positive. Option pricing theory finds that it is better to wait until the NPV of the property is significantly greater than zero before developing. Alternatively, when evaluating the development timing decision, we must calculate NPV using a higher "timing-adjusted" discount rate, and develop the property only if its NPV using this timing-adjusted discount rate is greater than zero. This paper uses option pricing ideas to convert this development timing advice into a more concrete and user-friendly decision rule: develop the project when its "development-timing NPV" is positive, this development-timing NPV being calculated using the normal discount rate.

Jan 1, 1997

By Takashi Sasaoka

About 200 M tons of coal were imported into Japan in 2007 and Indonesia was its second largest exporter, accounting for about 30 M tons (12% of the total imported coal). Indonesia produced about 200 M tons of coal, about 75% of which was exported in 2007. As the Indonesian government has decided on an energy policy wherein 33% of the country?s primary energy demand will be met by coal by the year 2025, the domestic demand for coal has increased dramatically in recent years. Over 99% of the coal produced in Indonesia comes from surface mines. However, the conditions of surface mines are worsening each year: the stripping ratio is increasing, approaching the economic ratio, and the infrastructure for coal from inland mining areas is insufficient for such intense mining operations. To meet the demand for coal in Indonesia and the rest of the world, underground mines have to be developed. However, mining engineers and/or miners in Indonesia do not have a lot of experiences, expertise and know-how concerning the plans and operations of an underground coal mine. In addition, the industry faces a lot of problems which include poor conditions such as a steep coal seam, groundwater problem, stability of highwall, etc. Under these situations, a mine targeted in this research attempts to develop a new underground mine from an open-cut highwall because the stripping ratio in the surface mining area has almost reached the limitation of economic value. This paper discusses the possible development of a new underground coal mine from an open-cut highwall by means of field observation and numerical analysis.

Jan 1, 2009

By R. M. Enick

A novel liquid-liquid separation for the recovery of free or liberated gold from mixtures of fine particles was evaluated. The separation, conducted at ambient temperature and a pressure of about 1000 psi a, was based on the difference in wettability of precious metals and minerals. Contact angle results indicated that in the presence of water and liquid CO2, gold, platinum and silver had intermediate wettability. Minerals such as quartz and magnetite, however, were hydrophilic. Therefore fine gold particles. -325 mesh, that were mixed with water and liquid CO2 dispersed in the CO2 or agglomerated at the H2O-CO2 interface while the minerals tended to remain in the aqueous phase. Best results were obtained when these fine gold particles were liberated, were not agglomerated in slimes, were not adhering to minerals, and were not coated with minerals.

Jan 1, 1998

The Colorado Joint Review Process (JRP), a bold step to expedite energy and mineral projects, is off and running. Blazing the trail is Amax Inc., which serve as guinea pig in JRP's development and is now test-flying the process at its Mt. Emmons molybdenum property in Gunnison County, CO. Although JRP is still in its infancy, the new permitting review process has drawn enthusiastic applause from across the resource spectrum: William K. Reilly, president of the Conservation Foundation, said JRP is "one of the most interesting projects I've seen" and called on environmentalists to monitor its progress "because it appears worthwhile." Stan Dempsey, vice president of Amax Inc., noted that of all the locales in which Amax operates, Colorado is "the only place where the complicated mine permitting scheme appears to work"-an achievement he attributes to JRP. Lynda Lee Brothers, the federal Energy Department's assistant deputy secretary of environment, reported that an extensive DOE search has not turned up "another single mechanism in all of government and private industry as good as JRP as a model for the proposed federal Energy Mobilization Board."

Jan 7, 1980

By W. J. Whiten

A rule-based control system was developed for a 7-foot Hydrocone crusher with automatic set regulation, based on operating data collected in the field. When implemented in a plant PLC, the system was found to behave as predicted. Benefits included a significant reduction in the frequency of control actions, the incidence of power overloads, and the standard deviation of feeder speed, whilst maintaining crusher performance.

Jan 1, 1992

By Homer S. Anderson

To clarify what r mean about this long title, I would like to define the term technology. A standard definition of the word "technology" is "a technical method of achieving a practical purpose". Incidently, another definition of the term is merely "technical language". The same dictionary defines the word "technology" as "having a special, usually practical, knowledge of mechanical or scientific subject." Naturally, the practical purpose of the subject with which we are concerned is solving of problems we encounter in the mining industry. I might further describe the subject of this discourse by defining the term "manager". An old definition, "one who dispenses the duties of his position with care and economy." In line with the above definition most of the technology with which we in the mining industry are confronted with deals with some form of cost reduction. This may be related to the speed of doing an operation or to saving of labor or supply costs. These can be improvements of an existing method or the result of new processes or inventions, such as new machinery.

Jan 1, 1974

By K. S. Venkataraman

The physical properties of clay-water systems depend on the complicated system of forces between the clay particles themselves, and between the clay particles and the ions in the liquid phase. The kind and distribution of ions in, on, and between the clay particles and the size and the shape of the particles are the basic factors determining the macroscopic behavior of clay-water systems. Understanding the system requires a knowledge of the nature of the clay particles, their size, structure, composition, and surface properties, and of the manner in which they interact with ions [and molecules] in the surrounding liquid [or other medium]. The validity of Professor Brindley's words (Brindley, 1958), written three decades ago in the context of making pottery, whitewares, and electrical porcelains, transcends time, and the basic message is perhaps all the more important in the considerably expanded use of ceramics for structural, thermal, tribological, electronic, and other applications. Silicon carbide, silicon nitride, and sialons have been studied in the last two decades for high- temperature structural and tribological applications, particularly for using in internal combustion engines. Titanates, zirconates and niobates of barium, strontium and lead, have high dielectric constants, and are extensively used in the formulations for making capacitors. Hexagonal ferrites (molecular formula MO.6Fe2O3) are in use for making permanent magnets for fabricating miniature motors, and for assembling loud speakers, particle accelerators etc. Cubic ferrites such as magnesium-zinc ferrite and nickel-zinc ferrite are used as transformer cores, and for other high-frequency applications. In this context, Richerson's recent book (Richerson, 1984) on the general scope of traditional and technical ceramics is a good starting point for an overview of contemporary ceramics technology. Glasses are a whole class of amorphous materials used widely as sintering aids, and for making glass-bonded ceramics and glass-ceramic composites. Composites are yet another burgeoning field where two or more particulate components are used for improving the performance of ceramics. For all these applications, the inorganic starting materials are almost always submicron and near-micron powders. Understanding the powders' physicochemical properties, and their surface chemical interactions with the surrounding liquid/gaseous medium is-necessary for making reliable ceramic parts at competitive prices. Even though ceramics science and engineering has attained its separate identity in universities and the industry, ceramists themselves would concede that ceramics science is a cross-disciplinary field, having incorporated and assimilated within itself many principles from several apparently disjointed disciplines. Principles of material science, graduate-level physics and chemistry, polymer science, surface and colloid chemistry, transport phenomena, particle technology, unit operations commonly used in chemical engineering and mineral processing, and statistics and applied mathematics are integral part of any ceramics curriculum in universities. Added to this is the fact that all bench-scale successes in making ceramic parts are to be scaled-up for larger throughput operations. Understanding and applying process engineering principles of comminution, classification, drying, calcination, etc. then becomes essential. CERAMIC FORMING: Despite the diversity of the materials and processes, conceptually, the steps involved in making ceramic parts have remained the same over several decades: The different components for making the pan (usually one or more powders plus other forming and sintering additives) are proportioned and mixed thoroughly, and the well-mixed formulations are consolidated into desirable shapes known as "green bodies." Usually binders such as wax, clay, organic polymers and surfactants, whether dispersed or dissolved in a suitable liquid are used during mixing the batch for giving strength for the green bodies. In the dried green state, the inorganic powders typically occupy only 55 to 60% of the bulk volume of the body, depending on the particle size distributions of the powders and the forming history, with mostly inter- particle voids accounting for the rest of the void volume. SINTERING: The formed bodies are then fired in high- temperatures kilns/furnaces during which the parts are exposed to a predetermined temperature profile, and "soaked" for a certain duration at the final high temperatures, typically between 1200 K and 1900 K, and then cooled to room temperature. The gaseous atmosphere in the furnace is controlled (oxidizing, reducing, or inert) when necessary. During the initial stages of firing, volatile liquids evaporate, and during the intermediate temperatures between 400 and 600 K, the the organic polymeric additives pyrolize and oxidize into water vapor, CO, C02, and other gases. At still high temperature, the glasses, when present, soften, and simultaneously, the ceramic particles rearrange into a network of grains with definite grain boundaries so as to reduce the total interfacial free

Jan 1, 1990

The National Mining Hall of Fame and Museum (NMHF&M) will induct its the 2014 National Mining Hall of Fame Class on Sept. 13, 2014 during its 27th Annual Induction Banquet and Ceremony at the Westin Hotel in Denver, CO. Representing the domestic and worldwide metal production, education, and health and safety sectors of the industry, this year?s four inductees cover a diverse cross-section of the mining industry. Harry M. Conger III, Günther Franz (Frank) Joklik, Ellen Swallow Richards and Dr. Alfred Weiss will join 223 other mining industry pioneers when they are formally inducted into the National Mining Hall of Fame. They were selected for being visionaries, leaders and ambassadors, both within their own sectors and across the industry at large. Conger was a great role model and strong advocate within Homestake Mining Co. and among his industry peers on behalf of environmentally responsible, safe, profitable and high-performance operations. As chairman and chief executive officer, Conger was instrumental in revitalizing and rebuilding Homestake into an industry leader in technological advances and environmental protection. Through his contributions in exploration, project development and operations management as Kennecott president and chief executive, Joklik did much to strengthen Kennecott as a company and assisted in restoring the competitiveness of the U.S. mining industry. Richards is generally recognized as the founder of ecology. She was the very definition of a pioneer in such diverse fields as chemistry, geology and mineralogy, mining and metallurgy, environmental science, public health, home economics and education. Weiss was a true visionary in using quantitative methods and digital computers to aid mineral exploration, plan and design mines, operate mineral production facilities and integrate the disparate information resources throughout a mining company into a modern management information system. NMHF&M Board of Directors Chairman, Paul C. Jones, said, ?Again this year we are honored to be able to induct an outstanding group of deserving individuals who have made exceptional contributions to the mining industry in the United States. Included are two living inductees who have made significant contributions to management in the industry. One inductee was the first female graduate from the Massachusetts Institute of Technology, its first female faculty member and the first female member of AIME who had an outstanding career as a mineral investigator in the United States. Another inductee was a lifetime innovator in bringing digital technology into common use in our industry. Each of our 2014 inductees made significant and lasting contributions to our industry and are well deserving of becoming a member of the National Mining Hall of Fame.? The Hall of Fame Induction Banquet and Ceremony is a marquee event for the National Mining Hall of Fame and Museum each year. The 27th Annual Induction Ceremony and Banquet will be held at the Westin Hotel in Denver, CO on Saturday, Sept. 13, 2014. For banquet reservations, contact the NMHF&M office at 719-486-1229. More information is available on the NMHF&M website at www.mininghalloffame.org.

By VIVEK KASHYAP, EVODY TSHIJIK KARUMB, PATRICK TAYLOR

Zinc ferrite is considered an integral phase of zinc residues as their presence can render the processing of zinc and critical metals difficult. It is a refractory phase, formed at high temperature in the presence of zinc (Zn) and iron (Fe) during oxidative roasting in zinc processing plants. Because it is refractory to efficient leaching, unreacted zinc ferrite gets concentrated in the final zinc residue, making it a viable source of zinc and indium extraction. The refractory nature of zinc ferrite makes the extraction of associated critical metals difficult. In order to explore a potential economic and carbon-neutral zinc ferrite processing technique, our previous study proposed the partial reduction of zinc ferrite followed by sulfuric acid leaching of the roasting product [1-3]. As demonstrated in our previous studies, partial reduction of zinc ferrite results in a mixture of ZnO, Fe3O4 and FeO, which can be further subjected to leaching for efficient extraction of zinc and critical metals such as gallium and indium.

Dec 1, 2022

By H. Walqui

The Empire concentrator currently processes magnetite ore from the Empire pit which is approaching the end of its mine life. Over the past two years plant wide tests have been run to access the plant capability of processing ore from the neighboring sister Magnetite pit. The neighboring pit presents challenges to the Empire plant due to its higher feed grade, finer liberation size and higher percent silica which require additional secondary grinding and concentrating capacity to achieve concentrate grade. The following paper summarizes the results from the second full scale test, run during 2009 under a challenging market environment

Jan 1, 2010

By Robert Cook, Valeria Zarate, Jason Hallowell

The long hole open stoping (LHOS) method is widely used in underground mining. While methods to predict stable stope geometries are well established, the ability to maintain a stable back often assumes effective ground support across the full stope span. The efficacy of the support strategy is dependent on rock jointing, quality, density, top cut width and height, and the type, amount, and orientations of bolts installed. However, it is becoming increasingly common for operators to assume narrow top cuts in service of wider stope spans with minimal bolting coverage. Failure to account for the required top cut drift size and support requirements can ultimately lead to raveling type instabilities along stope shoulders that result in back collapse. A new method has been developed to evaluate the minimum top cut dimension necessary to accommodate wider stope spans with various rock bolting configurations. Due to the economic impacts of top cut development and support, this is a critical consideration in the accurate costing and scheduling of a LHOS operation. Tables 1 lists the acronyms are used throughout this paper.

Feb 1, 2025

By William J. Almas

Operating uranium mill tailings containment and mill decommissioning activities are regulated by the Nuclear Regulatory Commission (NRC) and the Environmental Protection Agency (EPA) through numerous regulatory mechanisms. Reduction of radon emissions from tailings disposal areas, remedial actions to return groundwater to baseline constituent concentrations, and 200-to 1,000-year stabilization of tailings are major focus areas of regulation. The cumulative economic impact and uncertainty associated with regulation are very significant and will hinder future development of uranium milling facilities.

Jan 1, 1991

By S. Corrent, F. A. V. Guimarães, M. G. Barbosa

"INTRODUCTION Moisture can be a villain, so new technologies have been explored to make more viable the production of high moisture iron ores. The current work presents the attempt of the utilization of a superabsorbent polymer (SAP) to aid in the screening process and in the ore handling process, such as stockpiles reclaiming and vessels/trains discharge in sub-zero temperature conditions. The results have shown that the polymer can be used in certain cases to improve productivity and increase safety in the process of handling the material (by increasing the TML). However, for size separation no advantages were found upon the use of the polymers. WATER ADSORPTION MECHANISMS The use of water in mineral processing is constant as its utilization brings an increase in the efficiency of separation. Although we have better results in the processing with water, materials with a high content of “natural” moisture can be very difficult to be treated by the conventional methods of separation. Nowadays many studies have been conducted in order to understand the effect of adsorption of water in the particles of complex minerals. Those studies have being divided in many different lines of research such as contact angle of a drop of water and the surface of the mineral to determine hydrophobicity, the particle size distribution and the porosity of particles. Mainly two forms of adsorption of water by the particles are possible: one the water is retained inside porosity of the particles. Laboratory tests developed in China have showed that capillary adsorption is faster in coarser particles that achieve the saturation degree earlier than finer particles (Xuewei Lv et al., 2011). The so called non-porous model considers the effect of water in the bulk sample of iron ores, in a physical connection when all the water works as a binder between particles as shown in the figure 1.If we take into account the compressibility of the system and compaction due to the weight of the bed over the particles, the thickness of the water film between particles is the same but the volume inside different particle size systems is much higher than in a system with particles of same size."

Jan 1, 2018

By William Hodder, Ehsan Alavi, Nader Ghasempour, Daniel Cressman

The Don River & Central Waterfront Coxwell Sanitary Bypass Tunnel (CBT) Project in Toronto will extend approximately 10.5 km from Ashbridges Bay Treatment Plant west under Lake Shore Boulevard, north under Bayview Avenue and east through the Don River park area to the Coxwell Ravine Park. The tunnel is currently being mined by using a shielded dual-mode tunnel boring machine (open and close) capable of operating in EPB mode and lined by using a precast concrete segmental tunnel linear with an internal diameter of 6,300 mm and external diameter of 6,900 mm. The CBT is expected to be excavated mainly through shale bedrock of the Georgian Bay Formation, at approximately 50 meters deep. The tunnel crosses a buried bedrock valley in two locations, in the southern portion of the alignment, adjacent to the Don River, and at the northern portion of the alignment approaching the CX-1 shaft. In these two locations, the bedrock cover is expected to be less than 6 meters. The risk of encountering weathered bedrock, significant ground water inflows or surficial soil deposits through these buried valleys was identified during the design phase. The contract required the TBM to be designed with the ability to probe drill ahead of the TBM and convert to EPB mode if necessary, to cross this area. This paper will discuss the additional exploration that was performed by the contractor to identify the extent of this buried valley, the plan going into the zone of potential weathered shale, and the actual conditions encountered.

Jun 13, 2021

By Tatiana Kotrikova, Steven Kolarz, Alan Kolodne, James Parkes, Matthew Goff

The WMATA Yellow Line is the section of steel segmentally lined tunnels that have experienced leakage and significant corrosion in isolated areas. A three part rehabilitation design has been developed for curtain grouting, structural repairs, and corrosion protection to provide continued performance. As WMATA’s first Construction-Manager-at-Risk (CMAR) project, the design development benefitted from collaboration with the Contractor through the final design development process. Rehabilitation work started in Fall 2022 and will be completed by late Spring 2023. Details of the project, the remediation design, and the process and benefits of the CMAR approach in the design development are presented.

Jun 13, 2023

By Andres Salazar, Carlos Delgado Robles, Richard K. Preece

The paper discusses the evolution of the geometallurgical model at the Escondida mine in northern Chile, the world’s largest copper producer. It highlights the transition from early metallurgical forecasting methods to a comprehensive model that includes spatial distribution of metallurgical forecasts. This model helps in planning and adapting to the variability in ore characteristics, such as hardness and mineralogy, which affect processing performance.

Dec 1, 2023

"How Wall Street Darling Molycorp Undermined the U.S. Economy, Degraded our National Security and Distorted the Global Economic Balance and How These Falsehoods Continue to be Promoted Even Today INTRODUCTION & SUMMARY In 2007 the Molycorp Mountain Pass rare earth mine was resurrected from its desert-grave in California by its then-owner Chevron Mining. Responding to elevated rare earth prices Chevron began processing on-site rare earth concentrates left over from past mining operations that were terminated in 1998i. Chinese demand had sparked what was being described as a commodities super-cycleii. Commodity prices were on the move. Wall Street smelled opportunity. In 2008 Goldman Sachs, Pegasus Partners, Resource Capital Funds, Traxys North America LLC and Carint Group LLC acquired the mining assets from Chevron. In an environment of ever-declining ethical standards and regulatory consequences the private capital group and their investment bankers would bring Molycorp to market. Molycorp, with its high powered investment banking team of Morgan Stanley and J.P. Morganiii, easily dominated the contest. Molycorp promoted itself, largely based on its past operating history and proven reserves, as the best company to challenge China’s monopoly control over the production of rare earths: a group of elements critical to most advanced technologies and U.S. defense systemsiv. Most of Wall Street’s hottest investment sectors were dependent on these materials: alternative energy, green technologies, computing, personal communications, advanced electronics and defense systems. By late 2010 there were dozens of prospective rare earth start-up ‘mining companies’ seeking capital. Eventually the number of prospective rare earth mining companies seeking capital exceeded 400, despite the reality that supply requirements of this market were disproportionally small when compared to other natural resource sectorsv. In the world of finance ‘smart money’ picks the winners. Consequently just twovi projects attracted nearly all of the capital (Molycorp and Lynas). Wall street picked Molycorpvii. This paper will primarily focus on Molycorp. By early 2010 the words “Molycorp” and “Rare Earths” electrified many people in the mining industry, most non-Chinese manufacturing technology companies, U.S. & allied defense contractors, technocrats in the U.S. national security community and eager investors across most of the world’s stock markets. It was the hottest story of the yearviii. The financial, technology and defense press coverage verged on euphoric: heaping fuel on fuel until the highly combustible Molycorp-pyre cast a long shadow over all of its rivalsix. When the IPO match was lit the spectacular flaming pyre sucked all of the oxygen out of the rare earth spacex. Molycorp was ranked the most lucrative IPO of 2010, resulting in record breaking profits to its private investors and massive returns for its early stock holding investors."

Jan 1, 2017

By P. Huttagosol

The use of computer models to design ultimate pit limits during feasibility study and long range mine planning is becoming a significant practice in open pit mining. One of the problems in determining optimal ultimate pit limits using true optimization techniques has been they require a great deal of computer memory and execution time. In this paper, the maximum closure of a graph, which is a true optimizing model developed by Lerchs and Grossmann, is modified for solving ultimate pit limit problems. By using some properties of the original L&G graph algorithm, the tree configuration can be reduced to only connections between positive ore nodes. The modified algorithm is shown to require less memory and processing time while still yielding an optimal solution.

Jan 1, 1989

By DING TANG, JINGHE CHEN, Shuiping Zhong, CHEN KUANG

The Zijinshan gold-copper mine, in spite of the low-grade nature of the ore, has become one of the largest production-scale and most profitable non-ferrous metal mines in China. The successful application of hydrometallurgy as well as proper engineering design are the key factors for large-scale development of the Zijinshan gold-copper mine. In this contribution, the practical experience acquired in the development of the Zijinshan gold and copper mines is summarized. This covers most aspects of the production process including mining, beneficiation, ore stacking, heap (bio)leaching, carbon-in-leach, solvent extraction, electrowinning, wastewater and tailing treatments. The authors believe that this practical experience will not only help to promote the development of hydrometallurgy, but can also serve as a model for other gold and/or copper plants around the world.

Jun 3, 2020

In his keynote address at the 18th International Minerals Processing Conference (IMPC), R.P. King, director of the University of Utah Comminution Center, said "it will be the application of very fundamental physical principles that is likely to bring major advances in comminution technology (IMPC, pp. 39-45)." It is evident from the literature published in 1993 that many of these fundamental studies, particularly as they relate to single-particle fracture mechanics and mineral liberation, are starting to bear fruit. The beginnings of fundamental mathematical models for design, scale-up and control of comminution systems are now taking shape. Modeling/fundamentals Population balance models (PBM) have been used to describe grinding systems for 20 to 30 years. However, Williams and Meloy (IMPC, pp. 73-79) pointed out some of the inherent problems with this modeling approach and that there is no unique solution for the unconstrained PBM for grinding. Many of the current constraints used to back-fit selection and breakage functions were also shown to have problems. The need for a more fundamental means of determining these parameters was indicated.

Jan 1, 1994