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By J. L. Casado-Sánchez

Financial capital is highly volatile and if the investor does not get adequate compensation for the risk faced he may consider withdrawing his capital assets from the company and consequently produce a structural change in any sector of the economy. We study the variation in profitability of assets in terms of the changes that occur in the markets. The choice of models used is justified by the extensive theoretical and empirical use of them throughout the history of financial economics. We have used the capital asset pricing model (CAPM) and the model based on the arbitrage pricing theory (APT) to determine the beta value. These models have been applied to the monthly returns of 27 mining companies listed on the New York Stock Exchange (NYSE) or London Stock Exchange (LSE), using data from the period covered from January 2006 to December 2010. The results of time series and cross sectional regressions for CAPM and APT produce some errors, suggesting that many companies have failed to obtain an adequate cost of capital. Also the results show that higher risk firms tend to have lower profitability. These findings make it unlikely to be maintained over the long term the current status and could drive structural change in the mining sector in the form of mergers.

Aug 1, 2013

By J. E. Gebhardt

Advances in computational modeling provide unprecedented process simulation tools for the process engineer to examine and explore options for optimizing heap leach operations. A phenomenological model developed within a computational fluid dynamic software framework provides a general heap leach modeling tool that describes reactive dissolution and fluid flow through the stockpile. A one-dimensional form of the model is used to parameterize the kinetic leach reactions for a mixture of copper sulfide and oxide minerals against data from operational leach tests. A two dimensional version of the model provides a means to investigate the effects of irrigation rate, lift height, air injection, bacteria limitations, and other factors on recovery and pregnant leach solution concentrations. The model was calibrated for the Nifty Copper operation and ore type in order to simulate heap performance. Model simulations are reported for the chalcocitetype ore and compared to process data. The application showed that the multidimensional nature of heap leaching causes heterogeneous effects that are not always adequately described by one-dimensional models. Irrigation flow rate and aeration effects were simulated for a multi-lift heap section, and model results indicated that air injection at the base of the second lift would be required to achieve expected copper recovery under these lift height and flow conditions.

Jan 1, 2007

The Buzwagi Project is owned by Barrick Gold Corporation and located in the Lake Victoria Goldfields of central Tanzania in the District of Kahama in the Region of Shinyanga. The property is 6 km Southeast of the town of Kahama, 3 km South and adjacent to the road between Nzega and Burundi. The Buzwagi property is 97 km South of Barrick?s Bulyanhulu Mine. There is access to the rail line which connects from Isaka to the Indian Ocean coastal ports of Dares Salaam and Tanga. The Feasibility Study and permitting were started in early 2006. Project Execution commenced in August 2007. Process Plant commissioning started in January 2009 and the first gold pour is scheduled for Q2 2009. The reserve has been established as 3.3M oz of gold plus 177M lbs of copper. The project has been developed to include a 30Mtpa Open Pit Mine and 4.4 Mtpa Process Plant. Over an expected 15 year mine life, Buzwagi is anticipated to produce approximately 3.02M oz of gold and 220,000 tonnes of copper concentrate. Infrastructure associated with the project includes a 107 km 220kV power line, site accommodation, water harvest and extensive security facilities. The project is expected to be built on budget and on time during a period of extreme market volatility. This paper reviews the initiatives taken to achieve community support, control cost escalation, maintain schedule and manage logistic challenges, plus ensure security and safety of all workers.

May 1, 2009

"In the UK, Ireland, and Western Europe, the mineral resource and reserve reporting standard is the PERC Code, developed and maintained by the Pan-European Reserves and Resources Reporting Committee, which is a standing committee set up under the auspices of a number of professional organisations which include the Institute of Materials, Minerals and Mining (loM3), the Geological Society of London (GSL), the European Federation of Geologists (EFG) and the Institute of Geologists of Ireland (IGI) to develop a Pan-European reporting code. The PERC Code supercedes the old IMMM Reporting Code 2001 and is recognised by the UK securities regulators and stock exchanges.""FOREWORD1 The Pan European Reserves and Resources Reporting Committee (PERC) Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (further referred to as 'the Code') sets out minimum standards, recommendations and guidelines for Public Reporting of Exploration Results, Mineral Resources and Mineral Reserves in the United Kingdom, Ireland and Europe. The history of development of this code is summarised in Appendix 4.This 2008 edition supersedes all previous editions of The Reporting Code and the IMM Reporting Code.INTRODUCTION2 In this edition of the PERC Code, important terms and their definitions are highlighted in bold text. The guidelines are placed after the respective Code clauses using indented italics. They are intended to provide assistance and guidance to users in interpreting the application of the clauses in the Code. The same indented italics typeface formatting has been applied to Table 1, and to Appendices 1 and 2 which form part of the Guidelines.3 The Code has been adopted by the Institute of Materials, Minerals and Mining (loM3), the Geological Society of London (GSL), the European Federation of Geologists (EFG) and the Institute of Geologists of Ireland (IGI), and is therefore binding on their individual members.Appendix 1 contains a table of generic terms and their equivalents, designed to avoid unnecessary duplication or ambiguity in the textAppendix 2 provides Rules of Conduct for Mineral Resource and Mineral Reserve estimators that should be considered in addition to the Codes of Ethics normally applying to members of professional institutions."

Jan 1, 2003

By David Christensen

The long-term performance of dry covers is being examined in a research study funded by the International Network for Acid Prevention (INAP). The study was separated into two phases. The two main components of Phase 1 of the study were the identification and research of the processes affecting the long-term performance of dry cover systems and an examination of available numerical models for simulation of long-term cover performance. Identification and research of the physical, chemical, and biological processes affecting long-term performance showed that cover performance could be related to the change in the saturated hydraulic conductivity of cover material, the change in the soil-water characteristic curve, and the physical integrity of the cover system. Seven numerical models were examined to evaluate their effectiveness in predicting the long-term performance of cover systems. VADOSE/W (Online Help v1.01, 2002) was selected for use in cover system modeling in Phase 2 of the project. Phase 2 of the research study is currently in progress and involved the selection of five mine sites with a minimum of three years of performance monitoring data for analysis of cover performance. Two of the mine sites will be analyzed with the two-dimensional VADOSE/W numerical model. In addition, field saturated hydraulic conductivity tests were completed at three mine sites to investigate the change in field hydraulic conductivity of the cover system materials. The objective of the field testing program was to evaluate changes in hydraulic conductivity of cover material with time. Measurements of field hydraulic conductivity were completed with a Guelph permeameter and a pressure infiltrometer at three sites. The field hydraulic conductivity data was used to evaluate whether a change in this key material property had occurred over time. Field observations and the historic performance monitoring data provided the necessary information to develop hypotheses as to the likely processes that led to any change in field hydraulic conductivity. This paper will briefly summarize the research completed in Phase 1. The remainder of the paper will focus on the field testing program completed to measure the field hydraulic conductivity of constructed cover systems.

Nov 1, 2002

By A. Rahimi

The smelting plant at Sarcheshmeh Copper complex commenced working with two reverbatory furnaces, four pierce smith converters, two anode furnace and one holding furnace having a known capacity of 420 metric tons of anodic copper according to the initial design in 1982 (1361 Iranian calendar). During the period from the commencement date up until now, the smelting plant has undergone changes for improvement and enhanced production by substituting holding furnace with another anode furnace, installing the fifth converter and utilizing oxyfuel burners on the ceiling of the reverberatory furnaces. According to the different operational processes in reverberatory, converter and anode furnaces different types of corrosion mechanisms and degradation can be observed in the refractories of copper smelting furnaces. In the case of reverberatory furnaces, the corrosion and degradation of refractories may be factors such as hot corrosion by melt, corrosion attack by the constituents of burning fuel, degradation of sidewalk exposed to mechanical stresses of the feed charge and the hydrostatic pressure exerted by the melt inside the furnace, all of which are due to the unique operational condition governing the reverberatory furnaces environment, i.e. burning fuel atmosphere, charge concentration and combination, furnace temperature, calm melt condition, etc. In the case of converter furnaces, the most likely corrosion and degradation of refractories may be due to the chemical reaction between the melt and degradation of tuyere zones due to sever movement of the melt and mechanical strikes of the punch rod. Also the most essential corrosion reaction occurs around the mouth of the converter because of the mechanical strikes by the cleaning device and thermal heat shock. Other parts inside the furnace are corroded due to the reactions between the fayalite slag and the furnace refractory. In anode furnaces the degradation mechanism is mostly related to the gaseous corrosion (penetration of natural gas or liquid gas inside the refractory structure due to the long period of reduction processes and refining stages. Finally another important factor responsible for destruction of refractories in these furnaces is the copper oxide slag together with the fume constituents of burning fuels.

Jan 1, 2004

By J. Standen T.

The main purpose of this publication is to present relevant advances in processes and technologies of importance for consideration in the design of new refineries and the modernization of existing refinery facilities. Operation at current densities of between 300 A/m2 and 350 A/m2 is already part of the criteria customarily implemented on recent projects. This is due in part to the development of permanent cathode technology. In recent years, this technology has also been integrated with process control and automatic electrode handling and preparation machines. The combined implementation of these technologies has the advantage of enabling the process to be monitored, thus assuring traceability and allowing greater knowledge of the process to accrue.

Jan 1, 2007

By Geoffrey C. Streeton

A continual objective of mine operations is to reduce ground control costs without compromising the overall safety or performance of the installed ground support. Any change in the ground support regime must not result in a less secure or safe workplace. The due diligence required to implement a change in rockbolting practice is extensive, particularly when the new bolting system has not been used at any other mining operation. Factors such as yield, shear strength and embedment strength must all be investigated to gain an understanding of how the rockbolt can be expected to perform. This paper also discusses the substantial cost reductions and efficiency gains which can be achieved through the introduction of the Jumbolt rockbolt.

May 1, 2001

By Chris D. Veldhoen

If you ask most diamond drillers if they have ever encountered methane gas, the answer would probably be yes. This paper explores a serious methane gas explosion that the author experienced while diamond drilling at a northerly Ontario mine. It is hoped that by documenting this event, people may be alerted to the hidden danger posed by confined methane in underground workings. Methane gas tends to be a problem the deeper you get in any Canadian gold mine. Common procedure when encountering methane is to take readings at the collar of the hole and at different lengths from the source. Monitoring continues until the readings drop below 0.25 ppm. Methane is a tasteless odorless gas that is usually locked up in the seams of the rock or is a product of decaying organic material. Occasionally, the gas is released abruptly over a short period of time. Sometimes the gas can continue to vent for months or even years. In small concentrations, methane is relatively safe. In concentrations under 0.25 ppm methane gas is considered safe to work around. Concentrations over 0.25 ppm can become dangerous. During the summer of 2001, Chris Veldhoen was drilling at a gold mine in Ontario. There were three electric hydraulic diamond drills on the 39 meter level, approximately 5200 feet deep. Two Longyear LM 55 drills were about 40 feet apart and another LM 75 was about 2000 feet away. The two LM 55?s were set up to drill holes no deeper than 350 meters. All three drills had been set up on the same spot for more than a month. None of the three drills had ever encountered methane gas in the entire time they had been drilling on the level. On the day shift of July 13 2001, the driller on Chris? cross shift hit a small pocket of gas. He tested the hole and got a reading above 0.25 ppm. He proceeded to rope off the area with a ?DO NOT ENTER - METHANE GAS? sign and a rope denying access beyond the sign. On Saturday, July 14, Chris was instructed to install a Margo plug in the hole that was emitting methane gas. Methane is usually odorless, but occasionally when encountered underground, is accompanied by a rotten egg smell. As he walked to the drill, he could not smell methane gas. He proceeded to test the hole and got a reading of 0.22 ppm methane. This number was in the acceptable range for drilling, but he plugged the hole anyway.

May 1, 2004

By Joe Price

Canada?s energy future will increasingly depend on a supply of light, sweet crude oil derived from the Athabasca oil sands deposit of North-eastern Alberta. Billions of dollars are being spent on the construction of new and expanded mine and bitumen extraction plants, in situ recovery facilities, pipelines, upgrading installations and all the infrastructure needed to support these projects. The success of the existing operators has also inspired new players, anxious for ?a piece of the action? to come forward with exciting project proposals of their own. None of this investment and spin-off economic activity would be taking place today if events had unfolded differently in this part of the world some one hundred million years ago. The accumulation of sand in rivers, estuaries and in the near-shore marine environment created the great reservoirs that host the enormous oil deposits these projects are designed to exploit. Mine operators of all stripes will likely agree that there are few good ?geological surprises?. With specific reference to oil sand deposits, the geological history determines the distribution of sand, silt and clay bodies, which in turn controls the ore grade. Important design factors including everything from stable pit slope angles to tailings properties reflects events that took place millions of years before. An understanding of the sequence of events that resulted in deposition and preservation of the sediment and oil are important to sound design for both mining and in situ facilities. A geological history of the region is described. Site-specific examples from Syncrude?s operating mines are used to illustrate some of the geological factors that can present design challenges.

May 1, 2003

By U. Troncoso

Mantoverde is a heap leach-SX-EW operation that was commissioned in December 1995 at a production rate of 42,130 ton of copper per year and 5.4 million ton of ore per year. Copper production has been steadily increased to reach 62,000 ton in 2005. The forecast copper production for 2006 is 60,300 ton for an ore treatment rate of 9.5 million ton. A first dump leach operation was started in 1999 at a production rate of 1,922 ton of copper. A second dump leach operation was started in early 2002 at a production rate of 2,805 ton of copper. Dump leach production will be increased over time to as much as 24,000 ton of copper. Several improvements in the heap leach process have been implemented to cope with the higher ore throughput and copper production. However, the solvent extraction plant has remained unchanged which has resulted in a lower availability of raffinate solution and, as a consequence, in longer leach cycles. Different studies have been undertaken in order to optimize the solution management system at Mantoverde, including column test work aimed to reduce the leach cycle and solvent extraction plant modifications aimed to increase the raffinate solution availability. The test work program and the economical evaluations carried out, as well as the conclusions and recommendations obtained, are discussed in this paper.

Jan 1, 2007

By W. Baranek

The paper describes activities undertaken for intensification of copper cathodes production in electro-refining plants of the Polish copper smelters: 'Legnica', `Glogów I' and `Glogów II'. In the 'Legnica' smelter, Outokumpu?Wenmec machine was used for preparation of copper anodes. Intensive studies were conducted in order to optimise copper electro-refining conditions. As the result of them, spacing between the electrodes was reduced to 99 mm, which enabled placing forty-one cathodes in each tank and increasing amperage from 10.8 to 13.0 kA. This modification resulted in the increase of electro-refining capacity to 103,000 tons/y. Intensification of the copper production at `Glogów II' by 18,000 tons/y became possible after development of new electro-refining procedures, including application of a regime of changes in electrolyte level during the cathode cycle, implementation of the changes in location of starting sheets relative to anodes, and in dimensions of the sheets, and modification in the shape of the anodes. Similar works have been performed at `Glogów I', which were concentrated mainly on defining of a new method of anodes preparation, modification of their geometry, determination of optimum current density, composition of a set of inhibitors and of a method of their introducing. The implemented solutions resulted in the increase in electro-refining capacity at `Glogów I' from 207,000 to 240,000 tons/y.

Jan 1, 2007

By J. O. Marsden

Over the past eight years, Phelps Dodge (a division of Freeport-McMoRan Copper and Gold, Inc.) has developed a suite of proprietary hydrometallurgical processes for the treatment of copper concentrates as an alternative to conventional smelting and refining technology. The technical viability of two processes has been commercially demonstrated in a large scale plant at Bagdad, Arizona, designed to process approximately 52,500 metric tons per year of concentrate containing 30.5% copper. The first process utilizes high temperature (225°C) pressure leaching, followed by countercurrent solid-liquid separation, and then blending of the copper-bearing solution with low grade stockpile leach solution for subsequent treatment by SXlEW for copper recovery. The second process uses super-fine grinding, medium temperature (l60°C) pressure leaching, followed by solid-liquid separation, and treatment of high grade copper-bearing solution by direct electrowinning to recover the bulk of the copper values. The latter process will be utilized at Morenci in a commercial facility designed to treat mixed chalcopyrite-chalcocite-covellite concentrates. This facility is scheduled to start up in 2007. Other flowsheet options have been developed by Phelps Dodge for application to a variety of concentrate materials in specific situations. Examples of various flow sheet options are presented in this paper, and the advantages and disadvantages associated with each are discussed in detail.

Jan 1, 2007

By P. A. Riveros

Antimony is commonly found in copper electrolytes and can contaminate the cathode deposit. Several methods, such as ion exchange, solvent extraction and precipitation, have been developed to remove antimony from copper electrolytes. However, past research has been carried out almost exclusively with Sb(III), whereas the presence and behavior of Sb(V) in the electrorefining circuit have been largely ignored. In this study, the behavior of Sb(V) species was monitored and compared to that of Sb(III) species, using specially developed analytical and SEM-EDS techniques. Significant differences in the behavior of the two species were noted. Although the solubility of Sb(III) increases with temperature in synthetic copper electrolytes, the solubility of Sb(V) appears to be constant over the range from 30 to 80°C. Whereas Sb(III) forms several crystalline oxy-sulphate compounds, Sb(V) appears to remain as an amorphous oxide. Both Sb(III) and Sb(V) are extracted by aminophosphonic resins, and Sb(III) is readily eluted by HC1 or complexing agents. By contrast, concentrated HC1 elutes Sb(V) inefficiently and complexing agents, such as EDTA and tartaric acid, do not elute Sb(V) to any significant extent. This observation implies that in industrial practice, unless special measures are taken, Sb(V) will accumulate on the resin, eventually impeding the ion exchange process.

Jan 1, 2007

By H. Stillman

The International Copper Association, Ltd. (ICA) is responsible for guiding strategy and policy, and funding international initiatives that help deliver the benefits of copper around the world. ICA's technology initiative supports this mission by funding pre-competitive technology development and accelerating the commercialization of new copper-related technologies. The R&D portfolio includes some projects that defend existing applications such as plumbing tube and data cabling, but the majority of projects are designed to enable new applications for copper. The current technology portfolio is focused on leveraging copper's unique electrical, thermal, mechanical and antimicrobial properties to define and expand the role of copper in areas poised for future technological growth: reducing disease transmission, sustainable energy generation, reducing the environmental impact of production processes, and in increasing energy efficiency. Projects related to these areas are conducted at qualified external organizations including universities, early-stage firms, and large OEMs worldwide. This talk will provide an overview of ICA's technology initiative's principles, projects and partnerships to stimulate the audience to think about copper-related innovations.

Jan 1, 2007

By Marcel Vallée

"This text consists of two parts, comments on "Classification and Reporting of Mineral Resources for High-Nugget Effect Gold Vein Deposits," by S.C. Dominy, P.R. Stephenson and A.E. Annels, Volume 10, No. 3, pp. 215-233, and related comments on some features of the JORC Code.This paper is, in many respects, a very elaborate and valuable account of the problems encountered in the estimation and classification of high-nugget gold deposits. However, in some key areas, it appears to fall short of its objective to help "resolve satisfactorily most issues" and "contribute to improved estimation and classification" (abstract). One must realize that high-nugget effect gold deposits constitute a very narrow field, despite the occasional bonanzas. This is a field of mostly smaller sized deposits, where limited success and a significantly higher rate of failure occur relative to larger deposits of mostly lower grade. This is shown by the six deposits described in the paper. Thanks for contributing to greater understanding of these complex and nevertheless challenging deposits."

Jan 1, 2002

By K. L. Eastwood

The ISA PROCESSTM cathode plate is characterised by its copper coated suspension bar, coupled with a blade employing austenitic stainless steel alloy 316L. The blade material has become the mainstay of the technology and has been closely copied by competing cathode designs. Improvement to the cathode plate design remains a key area for research, and ongoing developments by Xstrata Technology's ISA PROCESSTM have recently been commercialised. Two such developments are the ISA Cathode BRTM and ISA 2000 AB Cathode. The ISA BR cathode is a lower resistance cathode that has proven to enhance operating efficiencies. The AB cathode was designed to improve stripping inefficiencies in the ISA 2000 technology. These developments have now had time to mature and their long term performance will be discussed. Rising material costs and the desire to extend the operating boundaries of the standard 316L cathode plate has triggered a number of significant advances. These involve the use of different stainless steels as alternatives in some operational situations. The technical aspects and results of commercial trials on this development will also be discussed in this paper.

Jan 1, 2007

A series of small scale tests have been conducted to evaluate the effect of micro-fracture development, imposed by blasting, on the material properties of the rock as well as its resistance to crushing and grinding. The uniaxial compressive strength, tensile strength, Poisson?s ratio, P-wave, Swave velocity, point load test index, crushing and grinding work indices were evaluated for samples without any blasting load and for samples which had received a variety of blast loads ranging from a single impact with low strength detonating cord, to combination of impacts at different times and significant impacts with powder factors close to those used in practical blasts. It was shown that the rock mechanics parameters change even at low impacts, suggesting easier crushing of the rock. Damage values appear to be affected by timing as stress wave superposition affects the damage process. Fragmentation is achieved at higher impact levels while work index modification of the fragments is also observed when high powder factors are used, suggesting improvements in grinding.

May 1, 2003

By Melinda Bissinger, Frederic Berube

Environmental considerations are important in the aerospace industry. To that effect, several elements such as engine emission, noise and materials are identified by the industry and the society as requiring significant improvements for future and current products in order to be aligned with current expectations. In this context, the industry is addressing this opportunity by investing significantly in new engineering solutions that will meet greener targets. To this effect, the impact of material choice is significant and will make a difference in the forth coming solutions. Several opportunities to develop more efficient products, quieter aircrafts using materials and manufacturing processes that will be more respectful of environmental considerations exist. The presentation will cover those elements and provide an overview of the upcoming solutions.

Jan 1, 2010

By J. Fournier

A novel sol ? gel (SG) synthesis procedure utilizing varying ratios of glycine and ethylene glycol to total metal cations has been developed to create high purity nanometer sized La0.65Sr3.5MnO3 powders. X-ray powder diffraction (XRD), transmission and scanning electron microscopy (TEM, SEM), and dynamic light scattering (DLS) have confirmed that the crystallite sizes of such powders are ~ 20 nm, and the aggregate particle sizes vary between 100 to 300 nm. Mixing varying weight percents of SG LSM powders with commercially available Praxair LSM in a composite LSM/YSZ functionally graded cathode has been shown, through the use of electrochemical impedance spectroscopy (EIS) and cyclic voltammetry (CV), to exhibit enhanced oxygen reduction kinetics vs. at conventional cathode materials.

Jan 1, 2005