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By G. Van Weert, O. Wang

"As part of a general review of processing double refractory ores through Barrick Gold’s autoclaves / CIL facility at Goldstrike, blanking the preg robbing native carbon in the process solids with hard (m.p. 55 - 60 º C) paraffin wax was studied, specifically in relation to pressure oxidation. The improvement in CIL gold extraction was found to depend on the wax addition point, with hot, dry contacting of the ore in the presence of wax - prior to POX - yielding the largest, most consistent improvement in gold extraction.INTRODUCTIONDouble refractory gold ores present two barriers to gold extraction. The first is generally a physical barrier: the gold is encapsulated or dispersed in a matrix which is impervious to the gold lixiviant. In most cases, including Carlin Trend, NV, deposits, this involves a pyrite or arsenopyrite matrix, although minor gold may also be dispersed in competent silica (quartz) or iron oxides. Gold can be rendered accessible by oxidative destruction of such sulphide matrices. At Goldstrike this is practised by roasting and autoclave oxidation (Thomas, 1994). It is the latter route to which this paper refers.The second barrier refers to the actual gold recovery. Gold may be extracted from the pressure oxidized solids with cyanide, forming a gold cyanide complex. One characteristic of this complex is that it adsorbs on graphitic surfaces. This is taken advantage of on a large scale by gold millers, who use manmade activated, i.e., graphitized carbon particles to remove the gold from solution during leaching: the Carbon-In-Leach, or CIL process. The gold cyanide bearing carbon particles are larger than the ore solids and can be separately recovered by screening. Goldstrike uses the CIL technology to recover gold. The second barrier becomes problematic when the ore naturally contains graphitic orcarbonaceous material, hereafter referred to as native carbon (versus the man-made activated carbon). This material may also adsorb gold cyanide in competition with the activated carbon. Since the native carbon is ground with the ore it is much smaller than the activated carbon. Any competition between the two carbons may produce a loss of gold from the pregnant leach liquor to the process tailings. This phenomenon is called “preg robbing”. Goldstrike ores come from the Carlin trend, which is known for the occurrence of native carbon (Adams & Burger, 1998; Schmitz, Duyvesteyn, Johnson, Enloe & McMullen, 2001; Tretbar, 2004)."

Jan 1, 2012

By A. Mazhary

"Although sensor-based ore sorting has gained significant attention recently, sorting gold deposits still face a high level of skepticism by gold mining companies. In order to shed some light on the matter, this article looks at two different gold deposits that were examined using X-ray Fluorescence, Electromagnetic and X-ray Transmission sensors. The heterogeneity of each sample is measured based on the assay results of each particle and is related to its sortability. Multivariate linear regression analysis was also performed on the XRF results to find potential proxy elements for detecting gold. The results from these deposits were varied and each sample showed different levels of sortability. While both X-ray sensors proved efficient for different deposits, the electromagnetic sensor failed to produce any promising results. Despite unsatisfactory result for one sample, this technology can have significant advantages in terms of lowering the operational costs and improving head grades and recoveries providing that the deposit is amenable to such separation methods. Therefore, it is important to mention that sensor-based ore sorting is ore and sensor dependent, and as a result, it cannot be applied and be beneficial to all deposits. Therefore, amenability tests are required in order to examine the potential for sensor-based ore sorting before one can reject the idea.INTRODUCTION Although sensor-based ore sorting has gained significant attention recently, sorting gold deposits still face a high level of skepticism by gold mining companies. Except for a few cases presented previously, no new case studies have been published. Previously, mines such as Kloof Gold Mine in South Africa used an optical sorter to sort their waste stockpile in 2003–2004 (Von Ketelhodt, 2009) and then again in 2009 (Von Ketelhodt, Falcon, & Falcon, 2011). More recently, Coeur Operations utilized an XRT sorter for their Kensington Mine in Alaska (Lasley, 2014) and also Anglo-American Platinum used an XRF sorter to pre-concentrate Platinum Group Metals through an algorithm that used chrome, copper and nickel as proxies (Rule, Fouchee, & Swart, 2015)."

Jan 1, 2017

By The Staff

"IntroductionThe published information concerning treatment of uranium ores has been very limited as far as Canadian ores are concerned. Such information has dealt mainly with refining processes for concentrates or rich ores, designed to recover radium rather than uranium; these methods could not be economically applied to low-grade ores.The purpose of this paper is to describe treatment possibilities for some of the .ores that have been treated at the Mines Branch, and .to show how the character of these ores influences methods and results.What is a Uranium Ore?Prospecting for uranium has been extremely active during the past two years and a great many occurrences of radioactive minerals have been recorded. Such prospecting has been based to a large extent on the use of the Geiger counter in the fie1d. This equipment is an invaluable aid when the results are properly interpreted.Most definitely, indications of high radioactivity do not always prove the presence of a valuable orebody. First we have to determine:(1) Is the radioactivity due to uranium or to thorium. There is no immediate market for thorium.(2) Can the uranium in the ore be economically recovered.Chemical analysis is the most exact method of determining uranium content, but a fair estimate of the uranium, and also of the thorium, content can be made from the difference in gamma and beta activity. The Mines Branch guards against misinterpretation by determining both beta and gamma activities and, if more than a minor amount of thorium is indicated, then a Chemical analysis is made."

Jan 1, 1950

By J. Esson, R. A. D. Pattrick, M. K. Nimfopoulos, D. A. Polya, K. M. Michailidis

"Economic Mn-oxide ore deposits of commercial grade occur in the Rhodope massif near Kato Nevrokopi in the Drama region, Northern Greece. The Mn-oxide mineralization has developed by weathering of continental hypogene rhodochrosite-sulphide veins. The vein mineralization is con-?ned by tectonic shear zones between marble and metapelites, extending laterally into the marble astabular, pod or lenticular oreshoots (up to 50 m x 20 m x 5-10 m). Supergene oxidation of the hypogene mineralization led to the formation of in-situ residual Mn-oxide ore deposits, and secondary infills of Mn-oxide ore in embryonic and well developed karst cavities.Whole rock geochemical pro?les across mineralized zones con?rm the role of thrusts and faults as solution passageways and stress the importance of these structures in the development of hydrothermal and supergene mineralization at Kato Nevrokopi. Three zones are recognized in the in-situ supergene veins: (A) a stable zone of oxidation, where immobile elements form (or substitute in) stable oxide mineral phases, and mobile elements are leached; (B) a transitional (active) zone in which element behavior is strongly in?uenced by seasonal ?uctuations of the groundwater table and variations in pH-Eh conditions; and (C) a zone of permanent ?ooding, where variations in pH-Eh conditions are minimal. Zone (B) is considered as the source zone for the karst cavity mineralization. During weathering, meteoric waters, which were CO2-rich (PCO2~10-3.8 to 10-1.4) and oxygenated (fO2~10-17 for malachite), percolated downward within the veins, causing breakdown and dissolution of sul?des and marble, and oxidation of rhodochrosite to Mn-oxides. Karst cavity formation was favored by the high permeability along thrust zones. Dissolved Mn2+was transportedinto karst cavities in reduced meteoric waters at the beginning of weathering (pH~4-5), and as Mn(HCO3)2in slightly alkaline groundwaters during advanced weathering (pH~6-8). Mn4+-oxide precipitation took place by fO2increase in ground waters, or pH increase by continuous hydrolysis and carbonate dissolution. In the well developed karst setting, some mobility of elements occurred during and after karst ore formation in the order Na>K>Mg>Sr>Mn>As>Zn>Ba>Al>Fe>Cu>Cd>Pb."

Jan 1, 1997

By J. Esson, R. A. D. Pattrick, M. K. Nimfopoulos, D. A. Polya, K. M. Michailidis

"Abstract-Economic Mn-oxide ore deposits of commercial grade occur in the Rhodope massif near Kato Nevrokopi in the Drama region, Northern Greece. The Mn-oxide mineralization has developed by weathering of continental hypogene rhodochrosite-sulphide veins. The vein mineralization is confined by tectonic shear zones between marble and metapelites, extending laterally into the marble as tabular, pod or lenticular oreshoots (up to 50 m ?? 20 m ?? 5-10 m). Supergene oxidation of the hypogene mineralization led to the formation of in-situ residual Mn-oxide ore deposits, and secondary infills of Mn-oxide ore in embryonic and well developed karst cavities.Whole rock geochemical profiles across mineralized zones confirm the role of thrusts and faults as solution passageways and stress the importance of these structures in the development of hydrothermal and supergene mineralization at Kato Nevrokopi. Three zones are recognized in the insitu supergene veins: (A) a stable zone of oxidation, where immobile elements form (or substitute in) stable oxide mineral phases, and mobile elements are leached; (B) a transitional (active) zone in which element behavior is strongly influenced by seasonal fluctuations of the groundwater table and variations in pH-Eh conditions; and (C) a zone of permanent flooding, where variations in pH-Eh conditions are minimal. Zone (B) is considered as the source zone for the karst cavity mineralization. During weathering, meteoric waters, which were CO2-rich (PCO2 ~10-3.8 to 10-1.4) and oxygenated (fO2 ~10-17 for malachite), percolated downward within the veins, causing breakdown and dissolution of sulfides and marble, and oxidation of rhodochrosite to Mn-oxides. Karst cavity formation was favored by the high permeability along thrust zones. Dissolved Mn2+ was transported into karst cavities in reduced meteoric waters at the beginning of weathering (pH~4-5), and as Mn(HCO3)2 in slightly alkaline groundwaters during advanced weathering (pH~6-8). Mn4+-oxide precipitation took place by fO2 increase in ground waters, or pH increase by continuous hydrolysis and carbonate dissolution. In the well developed karst setting, some mobility of elements occurred during and after karst ore formation in the order Na>K>Mg>Sr>Mn>As>Zn>Ba>Al>Fe>Cu>Cd>Pb."

Jan 1, 1997

By Descarreaux. Jean

"The Abitibi volcanic belt was sampled along a cross section extending from Matagami to a point east of Rouyn. A few samples were also collected in Louvicourt township, Quebec. The major elements were determined for 344 samples, and rock names were defined using normative minerals. The analytical data were studied by means of variation diagrams. The Abitibi volcanic belt is characterized by rocks belonging to both the tholeiitic and calc-alkaline magmatic series, but they show some differences as compared to some typical reference series, particularly those from Japan. Basalt is the predominant rock type and accounts for 44 per cent of the sampled outcrops. The volcanic rocks are relatively poor in K2O and TiO2. Regionally, the volcanogenic copper-zinc mineralization is associated with the calc-alkaline volcanic sequences. Locally, within such sequences, some types of abnormal deviations from the averages are recognized only in association with the copper-zinc mineralization. The anomalies are ascribed to hydrothermal alteration consisting of the introduction of MgO and removal of N a20; enrichment in K20 is also observed where zinc mineralization predominates. Examples of such anomalous zones show that, in places, this alteration phenomenon can be quite extensive. Petrochemical characteristics can be used as geochemical ore guides in exploration programs."

Jan 1, 1973

By A. A. Brant

Self-potential methods are based ?on measurements on the surface of voltage distributions caused by natural sub-surface oxidation phenomena. The attempt is made to. correlate voltage minima or maxima with the location of mineral materials or geological conditions which may give rise to such naturally produced spontaneous potentials. Any orebody undergoing oxidation is a source of electric current. Ground waters carrying free oxygen attack the upper surface of the body, rendering this the positive pole of a galvanic cell, with the lower portion of the body the negative pole and the surrounding weak acidic waters the electrolyte. Current flow is from positive to negative through the orebody and negative to positive through the electrolyte, i.e., through the surrounding rock. The upper end of a steeply dipping, tabular orebody is hence indicated as lying below the point on the surface where the largest negative potential is observed(l). From its basis, it is apparent that the self-potential method was developed primarily for ore exploration.

Jan 1, 1942

By D H. Sharp

The Quebec Cartier Mining Company produces iron concentrate for twelve months of the year from Port Cartier. This J>Ort is designed to handle ship varying in size from 3,000 to 100,000 d.w.t., requiring 50 feet of water at low tide. The harbour was built on shore for reasons of economy and layout, after considering many more conventional offshore designs. It provides for heavy oil bunkering, tanker off-loading, a heavy lift derrick and freight handling, besides ship loading and mooring. The weather for the previous fifty years was studied to enable wind and wave conditions to be accurately assessed for design purposes, and to determine probable lost time due to adverse weather conditions through-out the year. The first ship to be loaded was 60,000 d.w.t.; the second, 20,000 d.w.t. The latter entered the harbour after dark, under its own power, following a tug through the partly dredged narrow entrance. Large ships use tug assistance. Ships may leave the loading berth with the other berths occupied.

Jan 1, 1963

By C. Nikolic

A process utilizing ozone for the precipitation of cobalt from nickel sulphate liquors containing ammonium sulphate has been developed. Best results were obtained using nickel carbonate to maintain solution pH at 5.0 to 5.5. Work was performed both in column and stirred-tank reactors. Variables studied included neutralizer type and concentration, NH4+ concentration, temperature, Ni++ and Co++ concentration, per cent O3 in the O2 carrier gas, O3 input rate and agitation. The over-all rate of cobalt rejection increased sharply with increasing agitation and ozone concentration in the gas phase, reflecting relatively slow transfer of ozone from the gas to the liquid phase.

Jan 1, 1978

By A. A. el-Geassy, A. A. el-Tawil, Hesham M. Ahmed, Bo Bjorkman

The Iron and steel industry is one of the most intensive energy consuming processes. The majority of iron making processes is now directed towards the uses of fossil-based energy sources like coke, coal and oil. Recently, emphasis has been paid to replace part of fossil- based energy sources with renewable biomass-derived reducing agents. In the present work, the possibility of the effective use of woody biomass in carbon-iron oxide composites was investigated. Wood powder was carbonized in N2 atmosphere at 300 up to 450oC. The carbon content in the produced bio-char increased with temperature. The porosity of the char arises from maintaining the cellular structure inherent in wood biomass increases with temperature. The reduction behavior of four iron oxide-bio char composites having different fixed carbon content were carried out non-isothermally up to 1200oC in Ar atmosphere using thermogravimetric anlyser (TGA). Quadruple mass spectroscopy (QMS) was also adopted to measure the CO, CO2 concentrations in the off gases resulted during reduction process. The effect of volatile matter on the reduction of iron oxide was intensively studied. The different phases developed in the reduced product were identified by X-ray diffraction (XRD). The reduction of composites was found to proceed in a stepwise manner (Fe2O3?Fe3O4?FexO?Fe).

Jan 1, 2015

Pilot plants for pressure hydrometallurgy represent special design and project execution challenges unique to the industry and to the pilot- and demonstration-scale. Pilot plant projects have different objectives and shorter timescales than commercial plant projects. Design considerations and strategies, and project execution methods that meet the special needs of pilot plant projects, are discussed. Specific guidance is given for the selection of appropriate pressure and temperature design points for pressure hydrometallurgical process equipment, and for the selection of materials of construction for pilot-scale equipment. The balance between the need for process similarity with future commercial operations and the realities of pilot-scale equipment is also discussed.

Jan 1, 2004

By C. R. Julian

MECHANIZATION During the last fifteen years, numerous attempts have been made to mechanize the operations of loading ore and placing till. It is to be regretted that, to date, little progress has been made in this direction. The comparative efficiency of manual labour in Spain is the factor largely responsible for the failure to cheapen costs by mechanization. The necessity for careful classification of the ore and the need for keeping all openings small also makes the problem one of difficulty. It may be of interest to describe the various attempts at mechanization that have so far been made. CONVEYORS: (1) When stoping by layout III in San Dionisio, a trial was made of transporting the filling by jigging conveyors. This method proved un-economical, as the wall building and spreading of the till could not keep pace with the delivery, with the result that the machinery was idle a great part of the shift. (2) The transport of ore from the working places to the ore-passes by jigging conveyors and belts was also tried. Although more successful than in the case of the fill, the method could not compete with that of hand tramming, principally due to the high cost of (a) maintenance caused by the abrasiveness of pyrites, and (b) labour constantly employed on re-aligning the conveyors owing to the constant settlement of the floor. In a few cases, where a sill floor was being blocked out in virgin ground, the method showed a saving. SCRAPERS: Frequent attempts at loading by scrapers have been made, but again the only success obtained has been in the blocking-out of sill floors. The principal obstacle to the successful application of scraping, other than on the sill floor, has been that the openings, which have to be small, call for a light scraper outfit, whereas, in practice, a heavy scraper and at least a 25 h.p. winch are necessary for handling satisfactorily the ore, which is heavy and which breaks somewhat blockily.

Jan 1, 1940

By S. Vongpaisal, T. R. Yu

"A set of new blast damage criteria has been developed, with special reference to blasthole mining operations, for assessing damage by incorporating the vibration level, rock properties, site characteristics and the effects of ground support systems. The main objective of this work was to provide a database with reasonable accuracy for use in optimizing blast design, numerical analysis and ground control expert system module development.The new damage criteria allow one to estimate the degree of damage to rock structures in terms of a dimensionless parameter defined as Blast Damage Index (BDI). This allows for the description of blast damage in a unified form, and facilitates the development of codes for numerical modelling to express the degree of blast damage universally. A number of field investigations from several stope production and slot opening blasts at a large underground base metal mine were carried out to verify the developed index. The results show a good correlation between the observed damage and the type of damage predicted from the BDI values.Practical measures are also provided for minimizing blast damage in large underground blasthole mining operations"

Jan 1, 1996

By J. B. Gilliatt

The discovery of ore at Wabana was quickly followed by the mining of the ore beds where they outcropped in the land areas. The third phase, as at present carried out, consists of extensive submarine operations, which were commenced in 1908, by driving a pair of slopes out under Conception bay, opening. the mine for a distance of a mile and a half from the shore. Two other slopes, now driven just beyond the shore line, are being sunk to the submarine territory where, it is generally recognized, huge reserves of ore lie under the bay. The process of erosion of the land, the solution and re-disposition of its iron-bearing minerals in thick beds of ore have been considered elsewhere, but these bear small relation to the physical forces which have acted upon the ore-beds since the deposition of the strata. These physical changes are made manifest by jointing and cleavage and faulting. The discussion of these, the relation they bear to each other, and to the folding of the strata, is the purpose of this article. For the benefit of those who may not be familiar with the formation in which the ore occurs, I include a general summary of the geology of Be!! island and its environs; also a description of conditions that prevailed during the period of deposition, so that the reader may appreciate some of the later changes that took place during or subsequent to its emergence from the sea, and the folding or tilting of the strata to the position it now occupies.

Jan 1, 1924

By Leroy G. Hagenbuch

"IntroductionAn integrated Truck Management Information System (Truck MIS) evolves as seemingly separate functions combined to yield a single homogeneous result / product. The concept of a computer integrated Truck MIS includes truck dispatch, truck maintenance management and truck weighing.A truck management system is only as good as the information / data bases input to it. The concept of an integrated system works best with automated data gathering. Automated data gathering provides timely and normally, the most accurate historical information/data bases. Data bases are, however, historical, which is a problem to be overcome in a computerized truck management information system, especially in regards to a truck dispatch system as loading sites / loading conditions and some dump site conditions continually change. As these changes occur, data base s must change as well, and thus the need for the continual update of data bases that the computer uses for a Truck MIS.For a truck dispatch system to achieve reliability / viability, dispatch decisions need to revolve around real time data gathered in an automated way. Integration of all truck management function s through automated data gathering lead s to the best over-all system.An integrated system is a combination of many different factors and is only as good as each factor / building block put in the system. With the proper building blocks, an integrated Truck MIS is very feasible - an MIS System that includes weighing, time and motion study, truck maintenance and maintenance management, as well as truck dispatch.Truck MISAn integrated Truck MIS provides for truck dispatch as the ultimate end result, a truly automated /integrated truck dispatch system (to function non-operator-dependent). The following comprises its central building blocks:-Time.- Haul Cycle Segments.Truck Status, i.e. Load on truck,- being loaded,- loaded,- unloaded,- in service,- out of service.- Vehicle Location.Loading Equipment Status.- in service,- out of service.Optional- distance travelled in each haul segment.With this data provided on a non-operator dependent basis, it is possible to build good data bases so a computer can make truck dispatch decisions. Knowing what information is needed as the central core to a good Truck MIS, how can this information be automatically gathered and fed into a central control computer?"

Jan 1, 1986

By T. Banerjee, Y. Dumais, R. Lemire

"Agnico Eagle LaRonde produces over 300,000 ounces of gold annually, along with silver, zinc and copper by-products. The LaRonde plant consists of a conventional SAG and Ball mill circuit, followed by flotation. Load management is imperative for maintaining stability in grind size and ensuring consistency of the flotation feed. In flotation, the mass pull profiles of the cells and reagent dosage rates need to be managed to maximize recovery, while maintaining product quality. This is achieved by controlling the air, level and reagent addition set-points across the circuit. However, disturbances such as feed size distribution, ore hardness and mineralogy make it challenging to maintain efficient control using traditional control techniques. LaRonde therefore worked to develop a progressive control strategy, targeting stability and optimization. This started with a year-long instrumentation upgrade campaign, focusing on optimizing the performance and reliability of plant-wide instrumentation. The process was then optimized, leveraging AwaRE advanced controllers running in closed loop with PARC modules embedded within the PLC. The installation of 8 PFC cameras in flotation changed the flotation operation from a level and air control based strategy, to one that controls mass pull. This new control philosophy has allowed the plant to effectively manage mill load, improving grind size and providing increased throughput with better flotation performance.INTRODUCTION Background Since 2015, Agnico Eagle LaRonde has been conducting an optimization campaign to maximise the performance of plant assets leveraging instrumentation and control. The grinding and copper flotation circuits were identified as the areas having the greatest opportunities and value proposition for advanced control. A disciplined approach was followed to design and implement a progressive control solution to achieve operational excellence."

Jan 1, 2018

By W. E. Coates

The social ecology of surface mining in urban areas is illustrated by a case study of a recent application for the opening of a new gravel pit in the city of Guelph, including the design of a progressive extraction-rehabilitation sequence for the property, investigation of the ecological impact of the proposed operation, history of the application procedure for a zoning change and the relationship of the operating plan to provincial legislation controlling surface mining.

Jan 1, 1972

By Alan Jessop

A small group has been set up at the Dominion Observatory, Ottawa, to make a survey of terrestrial heat flow throughout Canada. Terrestrial heat flow is the heat rising from the interior of the earth and escaping at the surface, and is calculated from a knowledge of under-ground temperature distribution and the thermal conductivity of rocks. A small number of diamond drill holes are being sunk for the purpose of measuring temperatures below the surface, but the program is inadequate for a thorough survey. Mines and holes drilled for other purposes are being sought by the Dominion Observatory group to supplement their own drilling program. F ROM January, 1.962, to December, 1964, geo-physicists of many nations will be cooperating in the "International Upper Mantle Project." Unlike tl1e International Geophysical Year, which was mainly concerned with the fluid layers surrounding the earth, the Upper Mantle Project is an intensive study of the solid earth. Canada, with its large land area and extensive Precambrian Shield, is an active participant in the project.

Jan 1, 1964

By M. Girard, C. Farsangi, N. Singh

"Canadian Royalties Inc. owns and exploits the Nunavik Nickel Project: a copper and nickel deposit in Nunavik, Québec. The nickel and copper concentrates are filtered by plate and frame filter presses, and are transported 100km north to Deception Bay by truck. As the site is situated in the far north, extreme weather can be detrimental to production: roads can close for significant periods of time, resulting in the concentrator using all its storage capacity. During the winter of 2017, this accounted for over 100 hours of unplanned mill downtime. Different solutions to this problem were evaluated and the most economically viable combination of solutions was determined to be the use of concentrate storage containers and upgrading the plate size of the existing nickel filter press. By satisfying new, increased utility requirements, the cycle times would not change, but produce 30% more filter cake. Simulations were developed to determine the number of concentrate containers needed in conjunction with the upgraded press to eliminate unplanned downtime due to road closures and secure production through the winter. This paper summarises these simulations, the commissioning and start-up of the upgraded filter press, container loading procedures, and how this was put together to achieve a record 2018 winter season with a 90 percent reduction in downtime. The payback period of the project was 4 months. A specialised side-tipping trailer emptied the containers during the fall of 2018.INTRODUCTION The Nunavik Nickel Project is a nickel/copper mining project located in Nunavik, Québec. The nickel and copper concentrates are stored in stock tanks after thickening and are then filtered by plate and frame filter presses at the concentrator before being transported 100km to the shipping port at Deception Bay by trucks. The region is prone to periods of extreme weather during the winter, with winds that can reach +100km/hr and blizzards that severely limit visibility. The roads to Deception Bay are often affected by this weather, causing closures that last an average of 18hrs and as long as 72hrs. Additionally, there is a 15% chance that road closures occur within 24hrs of the last event. This has been an issue for the concentrator team since start-up in 2013, causing unplanned mill downtime every winter (Table 1) due to filling concentrate storage capacity during prolonged closures of the roads to Deception Bay."

Jan 1, 2019

By R. D. Lawrence

"Suggestions have been made that the appraisal of mining assets using discounted cash flow techniques should be based solely on proven and probable reserves in reliance upon the widespread international recognition of uniform resource definitions. Following a review of general accepted valuation principles, a survey of the literature and, most importantly, a review of real transactions in the open market, it is clear that valuators should not be constrained by the growing acceptance of modern mineral resource codes. On the contrary, valuation practitioners should be encouraged to examine all classes of mineralization and, after making due allowance for risk, to utilize all mineral resources as a basis for determining fair market value.INTRODUCTIONGreat strides have been made recently in achieving an international consensus on mineral reserve and resource definitions and classifications. The Australasian JORC code, the CIM code in Canada, the SME proposal in the United States and even a proposed code from the United Nations have all brought the objective within reach.Unfortunately, this success has led to another problem for mineral valuators. Certain securities regulators, tax collectors and their ilk have begun to expound on the opinion that discounted cash flow projections carried out to calculate net present values that would form the basis for a valuation determination should be based solely on proven and probable reserves. The author disagrees with this position. This paper examines the subject from four points of view:"

Jan 1, 2003