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By B L. Coulter, E Wightman, A S. Burrows

With their commitment to sustainable development in an increasingly carbon-constrained world, many resources companies are focused on reducing the energy required to create their final products. In particular, the comminution and smelting of metal-bearing ores are both highly energy-intensive processes. If resource companies can optimise the energy efficiency across these two processing stages, they can directly reduce their overall energy consumption per unit mass of metal produced and thus reduce their greenhouse gas footprint. Traditional grinding and flotation models seek to improve the efficiency of mineral processing, but they do not consider the energy used by downstream metal production, eg smelting and refining. Concentrators and smelters individually may be running efficiently, but are they optimising energy consumption of the overall system? A key step towards answering this question is to understand whether it takes less energy to remove an impurity in the concentrator or the smelter. Analysis of the complete concentrator û smelter process chain may show that there are times when the concentrator should use more energy to reduce the overall energy requirements across the mill and smelter. The new methodology discussed here will integrate downstream processing energy with mineral processing energy, to find the overall most energy efficient circuit design and operating strategy. The proposed methodology includes: determining what grade and recovery positions can be achieved in the concentrator by using different combinations and amounts of grinding and regrinding, thermodynamic calculations of the energy used to process the different concentrate grades to metal, and integrating the concentrating and smelting models to find the lowest total energy for the system. A case study which investigates the effect of increasing regrinding energy on the overall mineral processing û smelting energy consumption is presented. For the copper-nickel sulfide ore investigated the addition of regrinding results in 11 per cent less energy being used in the overall concentrator û smelter process chain per tonne of metal produced. Although regrinding is often seen as an energy-intensive process, in this case study the use of 1 kWh of energy for regrinding reduces the overall energy consumption by 12 kWh. The new mill to melt methodology will allow companies to model energy consumption from mill to smelter with a view to reducing the energy-intensity and greenhouse gas footprint of their processing and smelting operations.

Jan 1, 2009

Martha Mine is an open pit gold-silver mine, located within the township of Waihi, 150km southeast of Auckland and is operated as a joint venture between Normandy Mining Ltd. 67 %) as Manager and Otter Gold Mines Ltd. (33%). The deposit was historically mined, by underground methods from 1888 to 1952, producing 5.5 moz of gold and 30 moz of silver, from 11 mt of ore. The current operation began in 1988, producing, to June 1999 - 867,245 oz of gold and 5.5 moz of silver from 9.5 mt of ore. The licensed reserves were due to be mined out by late 2000. Consents were granted in December 1998 to allow the expansion of the operation through to 2007 accessing an additional 7.5 mt of ore at 3.4 gpt Au and 26.0 gpt Ag for 800,000 oz of gold and 6.4 moz of silver. The key elements of the expansion are: 1. Pit enlargement 2. Upgraded crushing and material handling facilities 3. Construction of a second tailings storage facility 4. Upgraded water treatment capacity 5. Increased operating capacity This paper presents an update of expansion activities to date.

Jan 1, 1999

By P de Caritat, A Davidson, A Mann

Top outlet sediments from the National Geochemical Survey of Australia have been extracted by a partial extraction method for over 50 elements including gold. The partial extraction results from this low-density survey show discrete coherent anomalies for Au in the vicinity of many of AustraliaÆs known goldfields, and in the vicinity of some minor gold occurrences. In several instances catchment outlet anomalies for Au have been recorded from areas not known to contain significant economic gold. Several large economic goldfields are shown to not produce anomalies in catchment outlet samples. A survey of overbank samples in the Swan Avon catchment of Western Australia at double the sampling density shows that low level anomalies (>1 ppb) can be traced back to source using overbank sediments. Follow-up of one of the Au anomalies at Kent River in previously regarded non-auriferous terrain (western Albany-Fraser Belt) indicates a non-economic, but perhaps geochemically significant, Au anomaly with associated pathfinders including palladium. This may indicate that further exploration of the western part of Albany Fraser Belt for Au is warranted. The combination of catchment overbank samples and partial analysis technique has been shown to be effective at locating the source of gold anomalies from initial low-density continental and regional surveys.CITATION:Mann, A, Davidson, A and de Caritat, P, 2013. High resolution soil geochemistry for gold exploration at the continental, regional and prospect scale, in Proceedings World Gold 2013 , pp 167-174 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 26, 2013

By W F. E Ouedraogo

This study data has been collected on a three-month period from November 2020 to January 2021 and based on three different pits: Vindaloo Main, Vindaloo Central and Bouere. Both pits having specific geotechnical and geological properties. Vindaloo Main, VIM, and Central, VIC, have the same mineral composition as volcanic tuff with felsic intrusion or monzodiorite, both rock mass is fractured with small joint. Geotechnically the uniaxial compressive strength UCS between 200 to 300 Mpa, Young’s Modulus 110 Gpa and Poisson’s ratio between 0.1 to 0.2. Bouere pit is basically made of volcanic tuff stock works as intrusive, UCS between 200 to 300 Mpa, Young’s Modulus 103 Gpa and Poisson’s ratio between 0.2 to 0.3. The first step of this study was to collect various data from mining operations around the drilling and blasting inputs. This was based around the different scenario of drilling parameters and the outcomes on the blasting, and how they impact load and haul operations and productivities of excavators from the heave to the last flitch. In most cases surface photos of the blast do not represent the overall fragmentation in the blast volume. Photos of the different flitches will not show only the effect of blast, as the loading operation generating more fragmentation by applying weight on the muck pile. Then the record of the different material uses for feeding. The last part of the analysis is the physical data from process plant such as particle size, throughput rate, both for the crusher and the mill, per pit and material and the specific Bond Work index (BWI). Fine particle quantity production is also a key point as is one direct indicator of milling performance. In overall, making link to BWI can influence at each stage of the mining to the processing operation. Drill and blast constitute a high cost in hard rock mining and trying to reduce these costs without an overview of all the integrated processes and context could end up by cost relocating to other activities in the process. However, the cost associated to size reduction builds exponentially as the particle size becomes smaller.

Jun 22, 2022

By I C. Carrasco, V G. Mirada, J F. D Domingo, F S. Leite

This paper investigates ore loss and dilution produced by rock movement in bench blasting. A total of four blasts, in which electronic detonators have been used, were monitored in Cobre Las Cruces Open Pit Mine (FQM Ltd) in Gerena (Sevilla, Spain). Rock motion has been obtained in 137 points of the free face and 6 points inside the block. Multiple liner regression has been applied to predict rock motion and estimate ore dilution as a function of hole coordinates, rock contacts, powder factor/hole, amount of explosive per blasthole, burden, spacing, hole length, stemming length, explosive energy, hole row, subdrilling, blast sequence, stiffness ratio, blasthole distance to free face, rock density and Young’s modulus. The model is statistically significant with a determination coefficient over 0.8. Rock motion measurements in 31 more points have been used to validate the model and to show a reduction in ore dilution.CITATION:Domingo, J F D, Leite, F S, Mirada, V G and Carrasco, I C, 2015. Dilution, ore grade and blast movement calculation model, in Proceedings 11th International Symposium on Rock Fragmentation by Blasting, pp 71–78 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 24, 2015

By D Readett

The most critical variable in the successful establishment of the Murrin Murrin Heap Leach plant was the effective agglomeration of the Ni laterite ore. This paper describes the test work undertaken to establish the key agglomeration parameters including state of the art testing and analysis procedures. These parameters were then utilised to establish the key design and operational concepts for the world’s first commercial scale Ni laterite heap leach. Following the technical and economic success of the operation, the actual operational data is compared back to the original test work data.

Aug 8, 2011

By A B. Bayooke, A C. Robertson

In terms of underground tunnelling in metres advance per capita, Australasia compares well with the best world performers. This is because of the large number of metalliferous mines, coalmines and civil tunnelling projects, with the Australian tunnel advance for civil and mining projects exceeding 625?km/a. In terms of hard rock quarry extraction, Australia produces approximately 200?Mt/a of aggregates, roadbase, fill material and specialist rock products from its quarries, which equates to approximately 8?t/capita. Australian mining and tunnelling contractors are also of world standard and are used to excavating in a variable range of ground conditions in a competitive environment. One author has been involved in tunnel and underground space planning and quarrying in Australia for the past 25 years and predicts that, over the next 20 years, there will be a major swing towards underground space for commercial uses. This paper identifies the potential uses of underground commercial excavation and the planning and geotechnical challenges for the future. Underground quarrying creates new opportunities to extend existing quarries within their urban footprint with minimum impact on the surrounding community. Investigations by the authors reveal that there are very few cities in the world that actually incorporate underground space planning in their city plans. However, cities such as Helsinki have been planned in detail to utilise the rock resources beneath them. Brisbane is used as a case study for a practical application of commercial underground space and underground quarrying in Australia.CITATION:Bayooke, A B and Robertson, A C, 2014. Geotechnical challenges for underground commercial space and quarrying in Australia, in Proceedings AusRock 2014: Third Australasian Ground Control in Mining Conference , pp 317–322 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 5, 2014

By G Wyartt

In the Pilbara region of Western Australia, an iron ore mine is undertaking a high wall cut-back to improve stability and allow access to deeper ore deposits. Several sections of the wall have been classified low factor-of-safety due to unstable localised geology, and therefore an engineered approach to vibration critical blasting was required. The use of electronic detonators allowed multiple signature (seed) holes to be incorporated into a production blast adjacent to the low factor-of-safety area, therefore providing baseline vibration data to be used for future modelling with the added advantage of eliminating unnecessary pit closure downtime typically associated with a signature hole program. All subsequent blast patterns also incorporated multiple signature holes to provide additional data and allow continual updating – and therefore improved accuracy - of the blast prediction model. Electronic detonators and blast initiation systems were combined with advanced blast vibration modelling software to produce optimal timing sequences with predictable vibration outcomes. Although minimising vibration was the primary focus, blasting induced frequency was also a concern for the project team and therefore initiation sequencing was optimised to also avoid undesirable frequencies. Minor variations in ground factors (vibration transmission and attenuation) were noted, and therefore justified the inclusion of regular signature holes which allowed continual vibration model updates. Blasting results produced vibration and frequency measurements within allowable limits and closely resembled the predictive model. These positive results were achievable through the combination of electronic detonators, advanced modelling software and good onsite practices by engineering and on-bench teams alike. This project will remain ongoing as the pit progresses to deeper benches, and therefore the same methodology will be applied; quality and continual data collection, the use of electronic detonators, and optimisation via advanced vibration and frequency modelling software. CITATION:Wyartt, G, 2018. Vibration control blasting for low stability final walls, in Proceedings The Fourth Australasian Ground Control in Mining Conference (AusRock), pp 504–510 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 30, 2018

By B Vorster, T Medhurst, A Huey

Roof conditions at Oaky North Mine can be prone to stress related damage and/or time dependent degradation. The ability to identify these areas prior to mining has proved challenging using traditional methods. To help alleviate this situation, a study was initiated to investigate methods for roof characterisation using geophysical logs. This involved the use of neutron log data to provide an indirect measure of the proportion of carbonaceous/micaceous laminae present in the immediate roof strata. Detailed analysis of the shale–porosity inter-relationships arising from this analysis provided a means to estimate the proportion of laminations for a given roof interval. This paper outlines the process and how it was used to improve the current GSR modelling and hazard mapping process.

Nov 29, 2022

By I Ametov, S Harmer, R Alford

A process that allows selective flotation separation of low Cu/S ratio minerals (chalcopyrite and pyrite) from high Cu/S ratio minerals (bornite and chalcocite) from a mixed copper mineral concentrate under controlled oxidative-reductive potential conditions has been developed. The process has been extensively tested on samples with varying mineralogy using laboratory batch flotation tests and mini pilot plant trials.In this process, the mixed final copper mineral concentrate is purged with nitrogen, and then treated with sodium dithionite to achieve a slurry Eh in the -200 to -100 mV standard hydrogen electrode (SHE) range. Flotation was then carried out using nitrogen gas. As a result, a low Cu/S ratio concentrate (<1.3) and a high Cu/S ratio (>1.6) tailing stream were produced. QEMSCAN analysis of the flotation products showed that more than 85 per cent of the chalcopyrite and 95 per cent of the pyrite reported to the froth concentrate. Chalcocite and bornite were almost evenly distributed between the concentrate and tailing streams.Surface analysis studies, focused on the mechanism of separation, showed that at a negative redox potential xanthate and possibly dixanthogen are the dominant hydrophobic species on the surface of chalcopyrite and pyrite. As a result, the flotation of these minerals remained unaffected. In contrast, a much lower concentration of xanthate species on the surface of chalcocite and bornite particles was observed. Therefore, it is likely that at low Eh the copper xanthate complex desorbs from the chalcocite and bornite surfaces, causing a decrease in surface hydrophobicity and the diminished floatability of chalcocite and bornite.CITATION:Ametov, I, Harmer, S, Grano, S and Alford, R, 2014. Selective flotation of chalcopyrite and pyrite from a mixed copper mineral concentrate under controlled redox potential conditions, in Proceedings 12th AusIMM Mill Operators’ Conference 2014 , pp 131–140 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 1, 2014

By R Lachenicht, J Player, A Thompson, E Villaescusa

Kanowna Belle Gold Mine is a deep, high-stress, sublevel open stoping mine located near Kalgoorlie. Seismic activity during the development cycle presented problems, including concerns regarding the exposure of personnel. A number of seismic management systems were developed and tested to monitor seismicity and control the risk. It was recognised that a dynamically capable reinforcement and support system was required to be installed as part of the development cycle to reduce the risk of exposure of the underground workforce to uncontrolled movement of rock. The performance of a new Garford Dynamically capable bolt was measured in tests performed by the Western Australian School of Mines (WASM) at their Kalgoorlie Dynamic Test Facility. Detailed descriptions of the facility and data processing were reported by Player, Villaescusa and Thompson (2004) and Thompson, Villaescusa and Player (2004). The development of the Garford Dynamic bolt is described and dynamic testing results are presented and evaluated. This bolt was implemented in the mining cycle following the testing program; the observed performance is described and assessed in this paper.  

Jan 1, 2008

By J M. F Clout

The Roy Hill Project is an independent integrated port, rail and mine development in the Pilbara region of Western Australia. The bankable feasibility study for the project was completed in January 2011 by Roy Hill Holdings Pty Ltd, a wholly owned subsidiary of Hancock Prospecting Pty Ltd. The Project will deliver 55 Mt/a of premium quality iron ore to a rapidly growing market with a mine life of over 27 years. This study is based on exploiting a 1.2 Bt bedded resource of microplaty haematite-rich Marra Mamba, from which 562 Mt of reserves has been delineated to date. A further 1.1 Bt resource of detritals and low grade bedded is proposed to be mined once the bedded high grade resource is depleted. Roy Hill lump and fi ne ore products will compete strongly with other Pilbara products. As a low cost producer, Roy Hill is on track to capture four per cent of the global seaborne traded iron ore market. The project decision to proceed is targeted for Q2 2011 to enable first ore on ship by Q2 2014.

Jul 11, 2011

By S G. Li

Mine intelligent ventilation is an important guarantee to realise intelligent mining. It is the integration of the Internet of Things, big data, artificial intelligence, internet, cloud computing with ventilation technology, forming a complete ventilation system with intelligent perception, intelligent decisionmaking, intelligent emergency response and airflow control. In order to fully grasp the progress and trends of mine intelligent ventilation research in western China. The paper based on literature analysis and field application research, comprehensively expounds the main research and practical results of mine intelligent ventilation in western China, mainly analyses the development status of key technologies such as accurate and rapid determination of mine ventilation parameters, intelligent analysis and decision-making of ventilation and intelligent regulation of ventilation equipment, and introduces the field test or application of mine intelligent ventilation technology in western China. It lays the foundation reference for related research and improving the intelligent level of mine ventilation.

Oct 12, 2022

By D Davis

The prediction of ground-borne noise levels from tunnel construction activities requires knowledge of the input vibration forces from the vibration source(s) into the cutting face, knowledge of the vibration transmissibility through the surrounding medium, and knowledge of the receiver building’s vibro-acoustic response. The conversion of this vibration energy into sound pressure within the receiver building depends upon the vibration coupling of the soil and the building’s foundations, the structure’s response including floor-to-floor attenuation and amplifi cation due to resonance, the radiation effi ciencies of the internal structural elements, and the room’s acoustical properties. Beginning with a known input vibration spectrum at the cutting face, it is possible to predict the resultant ground-borne noise levels within a receiver building using either analytical and/or empirical techniques, or by numerical modelling. This paper presents an overview of the various methods available to estimate ground-borne noise levels from tunnel construction activities and discusses the advantages and limitations of each.

Mar 8, 2011

In the southern part of China, car-bonate rocks outcrop in large areas. Ka-rst develops owing to hot, humid climate and heavy rainfall. In deposits of coal, iron, bauxite, tungsten, tin and base metals exist karst formations within or near the mineralization zones. Three pro-blems should be solved in the mine cons-truction in karst region. The first is the drainage and safety control of karst groundwater. Different methods are used to cope with local hydrogeological con-ditions, e.g. drainage from surface by submersible pumps in wells penetrating groundwater seams; drainage from under-ground drifts which intercept groundwa-ter flow with clusters of holes drilled into karst aquifer or with vertical ho-les drilled from surface to the drift underground; cement grouting to block off channels or to seal a part of aqui-fer; groundwater pollution control; etc. With those measures many Chinese mines of tremendous waterflow were success-fully developed and valuable experiences were gained. The second problem is the stability of buildings deteriorated by surface subsidence due to drainage. The occurence and distribution of surface cavings by drainage were studied.

Jan 1, 1990

By M I. Pownceby, M A. Rhamdhani, D M. Fellicia, S Palanisamy, R Z. Mukhlis

The trend of global copper production has prospectively increased over time. Based on typical mined ore grades, 1 t of copper ore generates approximately 6–10 kg of copper, which requires much energy, usually in the form of metallurgical coke. Copper production using carbon as a fuel and reductant contributes up to 0.3 per cent to global greenhouse gas (GHG) emissions. As a result, research into decarbonisation processes applicable to reducing low-grade copper sulfide ores, copper oxides, electronic wastes and other alternative complex Cu-rich materials has increased. Alternative fuels for reducing carbon-rich emissions in pyrometallurgical copper processing include methane, ammonia, biomass, solar and wind power, but in recent times increased focus has been on hydrogen as a potential fuel and reducing agent for materials such as oxidised copper scrap, Cu2O/CuO and Cu-rich slags/e-wastes. From a thermodynamic perspective, hydrogen exhibits a significantly more negative standard Gibbs free energy (ΔG°) than copper oxide making it a suitable reductant and the exothermic thermal effect from reaction between hydrogen and Cu2O/CuO may be used to control process parameters. These characteristics renders hydrogen an ideal gas for reducing copper oxides and copper-containing slags/e-wastes. This review article assesses previous research on utilising hydrogen for producing and refining copper from primary and secondary feed materials.

Jun 19, 2024

By D J. Williams, C Zhang, F E. Herrera Cabrera

Farming on bauxite residue using screw propelled equipment (SPE) has been commonly practised to accelerate dewatering and as it promotes consolidation and enhances storage capacity. However, it is unclear when and how often farming should be conducted during the transition of bauxite residue from slurry to dry solids and how deep each slurry deposition should be. To address this issue, three desiccation tanks were established in the laboratory to investigate how much farming could enhance the desiccation and consolidation of tailings. The cuboid tanks, of 350 mm in height and 300 mm in width and length and with an opening on the top, were placed on load cells to monitor the water loss during desiccation and were instrumented with moisture and suction sensors designed and developed at the University of Queensland to measure the water content profile of the residue. The bauxite residue, composed of silt-size particles with low plasticity, was hydraulically deposited in the tanks as a slurry at 27% solid content, resulting in 100 mm depth of solid material settling. Evaporation was enhanced by placing two identical electrical fans above the tanks. Two phases were conducted. In the first phase, the two tanks were left untouched for evaluating non farmed conditions and for calibrating sensors, while in the second phase, three tanks were subjected to atemporal farming using purpose-built screw propelled equipment. The experiment was terminated when the residue was completely desiccated. This paper reports on the instrumented tank set-up and the results obtained to date.

Jul 1, 2021

By D Mather, H R. Asche

"In the civil tunnelling field, the use of tunnel boring machines (TBM) has now overtaken the use of conventional excavation methods (drill and blast / roadheader). This is due to a number of reasons, including the increasing availability and reliability of TBMs, the ability to deal with a wider range of face conditions, and the reduced excavation cost that TBMs can bring.Mining companies have spearheaded the advances in shaft boring by mechanised means, both in blind and raise boring. However, mining companies have been slower to adopt mechanised tunnelling.When contrasted with a conventional mining contract, there are good reasons why TBMs in mining applications are relatively rare. A conventional decline contract may have very little geotechnical information. The decline alignment can be subject to change as the tunnelling progresses. The infrastructure requirements are less for a conventional decline, and the sunk cost prior to excavation commencing is lower. Contract documents can be very simple.The history of TBM use in mining is reviewed and lessons are described. From the case histories and lessons learnt, the paper identifies ways that mining companies can maximise the potential benefit of TBM technology.We believe that despite the additional requirements for TBM declines, the cost and time advantage to mining companies is very attractive. The challenge is to recognise and to meet the requirements for success in a TBM drive to achieve the advantages of: faster advance rates reduced rock damage/overbreak reduced support requirements uniform muck characteristics greater personnel safety.From the case histories and lessons learnt, the paper identifies ways that mining companies can maximise the potential benefit of TBM technology.CITATION:Asche, H R and Mather, D, 2014. Use of ?tunnel boring machines in the mine environment, in Proceedings 15th Australasian Tunnelling Conference 2014, pp 655–662 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Sep 17, 2014

By M R. Asef

Although generation of environmentally harmful hydrogen sulfide is considered to be related to sour gas fields, sweet gas reservoirs and waste fluids, travertine springs and geothermal fields may also produce acid gas (H2S and CO2) under certain conditions. The potential parameters influencing such a possibility need to be fully investigated to evaluate the extent of the consequences and predict hydrogen sulfide generation accordingly. Reports on hydrogen sulfide production at different regions and fields were gathered worldwide for the cases when some of them did not have such a problem previously. In order to inspect different aspects of these case studies, some other regions with no hydrogen sulfide content were selected as control. In all cases water samples were taken carefully for chemical analysis in the laboratory. Besides, mineral compositions were characterised in some cases for better evaluation. In order to give a thorough prospect of hydrogen sulfide production, a geochemical model was prepared. In situ engineering geological conditions, especially pressure and temperature, were assigned in the model to investigate the possibility of H2S generation using PHREEQC software. The results of modelling revealed that although many similarities existed between mineral compositions of the cases, certain formations were particularly prone to hydrogen sulfide generation. For better evaluation, important exchangeable cation ratios such as potassium/sodium, calcium/magnesium and ion proportions like sulfate and chloride were calculated as trends of the formations. As expected, the model could successfully monitor a higher ratio of SO42- and Cl- in potential H2S generator formations. Wide variation in percentage of HCO3- was considered as a secondary observatory parameter for better estimation. In addition, it was noticed that higher anion content created an environment ready to absorb any cations and this makes H2S generation easier. Finally, using correlations between predictors and estimators for low depth and deep samples defined the degree of effectiveness for every sample.

Sep 26, 2011

The basic model for the evaluation of any coal-bearing property is the cash flow projection, the major components of which are operating costs, capital charges, taxation and revenue. A range of cash flow projections can be produced by varying the assumptions which underlie the operating costs, by assuming various forms of capital funding, by making assumptions as to future taxation and by speculating upon the present and future market value of the product. As for any model, the informational inputs and assumptions are vital because, no matter how sophisticated the processing, the informational inputs and assumptions cannot be improved by it. That is to say, the validity of the output (the total evaluation itself) cannot be of greater certainty or significance than that of the inputs. The total evaluation can of course be expressed in a number of ways such as the Discounted Cash Flow (D.C.F.) Rate of Return, the Net Present Value or, the Payback Period. The foregoing statement may seem trite. However, it is necessary to be clear about it so as to avoid unnecessary complication and a preoccupation with techniques as opposed to the informational inputs and assumptions. So far as techniques are concerned, much has been written and said about them during the last decade. Most of us have heard, if not always understood, something about probabilistic models, Monte Carlo simulation, sensitivity and risk analysis to say nothing of inflationary costing and the relative merits of developing cash flows in terms of current or constant money. Those techniques have their value, particularly if they can serve to illuminate conclusions which could not be reached on a simple and even perhaps on an intuitive basis. I am, however, reminded of one major coal mining project in which 20 or more major variables were identified, many cash flow projections were run on the computer and a detailed sensitivity analysis was carried out. The major conclusion reached was that the D.C.F. Rate of Return was predominantly sensitive to variations in selling price and operating cost. Of course, the funding and fiscal elements of a cash flow projection have to be dealt with as rigorously as possible. However, in the development of any coal property, capital requirements and taxation are, in part at any rate, dependent upon the assumed operational parameters. If the latter are misjudged, the whole evaluation process is deeply affected. The same is true of revenue, in the sense that, the positive cash flow is a function of output as well as selling price and again, misjudgements about achievable and maintainable levels of production also deeply affect the final evaluation. I shall try to underline the fundamental influence of the technological factors upon lead times, capital costs, operating costs, taxation, funding and the achievable and maintainable levels of production. In turn, these affect the whole question of coal property evaluation and indeed, the likely success or failure of any coal mining venture. I make no apology therefore that this paper does not set out to discuss the more esoteric aspects of the evaluation process but rather, directs attention towards some of the informational inputs and assumptions which merit clarification and discussion.

Jan 1, 1975