Search Documents

By S. Kitamura

In recent years, the amount of ferritic stainless steel production has increased. However, the rust formation by the salt spray test was pointed out in the past. At the centre of the circular rust zone, pitting corrosion where water-soluble nonmetallic inclusions were embedded was observed. These inclusions originated from the suspended refining slag and consisted of multi-phase oxides and sulphides. By the experiments and thermodynamic consideration of the water-solubility, not only CaO or CaS, but also lime rich calcium-aluminates or calcium-silicates have shown large water-solubility. The composition of oxide phase in the inclusions was almost the same among the samples from molten steel, slab, or cold rolled sheet. On the contrary, CaS was clearly observed around the oxide in the sample of cold rolled sheet, although it was not found in the molten steel or slab samples. The enrichment of sulphur occurred from the desulphurization reaction of the suspended slag particles in the molten steel and also occurred from the diffusion of sulphur to the oxide inclusions during the heating of the slab. The optimization of refining slag composition has lead to produce the ferritic stainless steel without rust formation. Keywords: stainless steel, rust, calcium aluminates, calcium sulphides, water-solubility, refining slag, composition control of inclusions.

The gold concentration profiles which develop inside the activated carbon particles during the adsorption process were measured, so as to obtain additional direct proof of intra-particle mass transfer rate-control and to determine how individual carbon particles in a population vary in their gold uptake behaviour. The observed gold concentration profiles inside the activated carbon particles were typical of situations where an intra-particle mass transfer mechanism is rate-controlling. Gold di-cyanide penetrated the carbon particles with a wave-like front until it was uniformly distributed throughout the particle. This corresponds with the profiles predicted by the film and surface diffusion model. However, the rate with which gold di-cyanide was transported inside the individual carbon particles varied within the population of carbon particles. This variation was characterized by a lognormal distribution in surface diffusivity. Because the estimated variances of these surface diffusivity distributions were small, the dynamic adsorption behaviour of the carbons used in the present study did not deviate significantly from that predicted by a model based on film mass transfer and a single surface diffusivity. Van Deventer (1984, 1985 and 1986a) reported data that could not be adequately described by a model based on film mass transfer and a single surface diffusivity. In this study a model based on film mass transfer and a wide lognormal distribution of surface diffusivity values was applied to his data. It was shown that a population of carbon particles with a wide distribution in surface diffusivity values could offer an alternative explanation to the mechanism proposed by Van Deventer which was based on film mass transfer, with partitioning of the carbon into micro- and macropores with surface diffusion in the macropores and slow mass transfer into the micropores.

Jan 1, 1997

By Huang Zhiwei, Paul Skayman, Kevin Holley

In 1989 The First Brigade for Geology and Mineral Exploration of Qinghai Province discovered gold at Jinlonggou and Qinlongtan, Tanjianshan. Between 1992 and 2002 small scale mining was carried out at these sites using underground mining methods at Jinlonggou and an open pit at Qinlongtan. During 2003 and 2004 geotechnical investigations were carried out in support of a bankable feasibility study. An important objective of this investigation was to meet both internationally accepted standards and codes of practice, and also to satisfy the Chinese requirements. Extensive use of local experience was utilised. Where possible geological drilling information was incorporated into the assessment. Extensive geotechnical mapping of surface and underground exposures, and index testing to gain an appreciation of rock intact strength were used to characterise the sites. Rock mass classification (MRMR) was used to assess indicative overall slope angles and appropriate bench stack heights for the proposed pits at Jinlonggou and Qinlongtan. Measured discontinuity orientations were used in kinematic analysis to assess stability of possible pit slope geometry at a batter and overall scale to provide preliminary recommendations for the pit slope configuration. Numerical modelling was also carried out to improve the understanding of anticipated pit behaviour. Site investigation and preliminary geotechnical design details, that incorporate site specific conditions for the formation of open pits at Tanjianshan, are discussed in this paper.

Jan 1, 2006

By Q. P. Campbell

The high final total moisture content of fine coal after mining and processing is one of the major reasons that this resource is not extensively used in subsequent power generation, combustion, or other conversion processes. Some coal products, like export coal, may be subjected to a variety of environmental conditions during transport and storage, such as temperature and humidity. To understand the mechanisms by which moisture is attracted and held on and within fine coal particles, further information is needed regarding the processes occurring at the coal surface. In order to determine the correlation between physical coal properties and its moisture adsorption and desorption characteristics, a series of sorption experiments were conducted on various coal samples under climatically controlled conditions. Equilibrium moisture data was collected while changing the temperature and humidity. This data was correlated to coal properties such as particle size, porosity, maceral composition, and mineral content. All the coals that were studied were medium-rank bituminous coals. It was found that the best predictors for moisture adsorption and desorption were the mineral and inertinite contents. Keywords moisture, adsorption, desorption, fine coal, surface properties.

Nov 1, 2013

By T. Fabritius, L. Hekkala, J. Härkki

The Outokumpu steel belt sintering technology is used for manufacturing chromite pellets that are charged into smelting furnace for ferrochromium production. Hot air is blown through the moving bed of raw pellets. Direct temperature and flow measurements are difficult to do in the bed of a real scale belt sintering process. Therefore, a tested and reliable mathematical model would be a valuable help for optimising operational parameters of the process and designing new constructional improvements. The aim of this work is to present a mathematical model that calculates the gas flow and temperature distribution in the bed of pellets and the atmosphere. Computational fluid dynamics program FLUENT is used to calculate the gas flow, composition and temperature of the gas in the sintering bed during processing. Energy equation for the bed, containing the effects of evaporation of water and oxidation of carbon and iron oxide, will be added to the model to obtain the temperature of the pellets. The porous media model used for pressure drop calculations in the bed is shortly discussed. A comparison between CFD-calculations and experiments with a pilot scale batch-sintering reactor are also presented. The final model can be used as an engineering tool when developing the process and the equipment further. Different designs can be easily tested with the model and the effects of the changes to the flow pattern and temperature distribution can be studied.

Jan 1, 2004

By W. U. Reimold, R. Armstrong, R. G. Charlesworth

For many years rockbursts have plagued the mining industry. Although much research has gone into studying this phenomenon only a small proportion of it has been on the actual source mechanism. A study was recently carried out to compliment the previous work done on the micro-structure of these features and to compare it to the micro-structures seen on shatter cones, from meteorite impacts. Both optical and electron-microscopy were used during the study. Samples were collected from rockburst sites by the CSIR Miningtek Rockburst Investigation Unit, and from the collar of the Vredefort Impact Crater. In the optical-microscopy study, the pinnate fractures observed in previous studies were seen in the shatter cones, through all the material. In the rockburst samples, the fractures were observed only in the quartz grains. Quartz micro-crystals were present in the rockburst samples and appeared to be the product of comminution rather than crystallisation. Cataclasite was present on rockburst and shatter cone fracture surfaces. The observations of the shatter cone surfaces with the scanning electron microscope are in agreement with previous work, including the observed presence of melt features, spherules and spheroidal material. The deformation in the rockburst samples is concentrated in the quartz grains, highly complicated with brittle features like sub-conchoidal structures and step structures present. A quartz spherule was identified on one rockburst sample and rhombic-dodecahedra type micro-crystals were present and seen fracturing off quartz grains. It is clear that the rockburst and shatter cone fracture surfaces are quite different; the shatter cone deformation is equally distributed across the sample and involves plastic-deformation, while the deformation in the rockburst material is concentrated in the quartz grains and, with the exception of spherule formation, is brittle. This study agreed with the current explanation for the formation of the rhombic-dodecahedra, and disproved the possibility of it being coesite or fine-grained meta-chert. Although there is no definite evidence of the mechanism of formation of the spherule, it is believed to be the product of vaporization and condensation, and the presence of this material indicates the extreme conditions under which this event occurred.

Jan 1, 2003

By H. Yavuz

Closed form solutions assume opening shape to be circular to simplify the calculation of the ground response curve for the design of underground openings. However, in mining and civil engineering works, non-circular openings are commonly excavated. Therefore, there is a need to estimate the ground response curve for such openings. In this respect, a simple model for circular, arch and rectangular shape underground openings subject to a hydrostatic stress field is the aim of this study. A comprehensive numerical modelling, using the finite difference method, based on numerical modelling code FLAC version 4.0, was carried out. In addition to shape of an opening, the effect of rock mass strength, opening size, in situ stress on strain (tunnel deformation to tunnel radius) of the opening in response to applied support pressures was investigated parametrically by developing models for each specific condition. The strain results for each excavation shape obtained from this large number of models against the normalized strength of rock mass and internal support pressure with in situ stress magnitude were evaluated by multiple regression analysis. As a result, a model that was well correlated to data was developed for an overall estimate of the ground response curve depending on relevant effecting parameters. The regression coefficients of the model were given for estimating both roof and sidewall response curve of each excavation shape. The model was verified by statistical tests and by an analytical solution. Diagrams were also established to highlight the influence of relevant parameters and to estimate the support pressure for a stable opening staying within the acceptable limits of strain. Strains occurring in a rectangular opening are found to be larger than those in the arch and circular openings for the other fixed parameters. In the mean time, larger strains occur around an arch shape opening than a circular opening.

Jan 1, 2006

By C. D. K. Gauert

High-pressure waterjet technology is proposed as an alternative tool for selective underground mining of high-grade ore sections in stratiform orebodies showing a preferred ?bottom? or ?top? enrichment such as the Witwatersrand reefs and the Bushveld Complex platiniferous reefs. This technique, utilizing known mining technology together with more advanced machinery and additives as used in industrial and cleaning applications, may lead to an increased life-of-mine (LOM) for mining operations. A series of experiments was successfully carried out in a laboratory on Witwatersrand quartzite material, indicating acceptable cutting performance. Mining volumes by selectively cutting of reef portions are considered to be comparable to traditional drilling and blasting. Economic advantages of waterjet mining include energy savings due to the lower quantity of gangue rock to be hoisted to surface, as well as savings by a decrease in the usage of blasting materials. Capital expenditure of waterjet cutting, if applied on a broad scale, could be lower in the long term than that of conventional drilling and blasting methods. Mining by the application of high-pressure waterjet technology could become a competitive ?green technology? improving the economics and safety of labour-intensive mining operations. This paper suggests that waterjet cutting at an industrial scale can become a routine hard-rock mining technique in the future. Keywords waterjet cutting, high pressure, mechanized narrow reef mining, abrasive agents, costs, selective mining.

Jan 1, 2013

By C. Marais

The use of machine vision in the monitoring and control of metallurgical plants has become a very attractive option in the last decade, especially since computing power has increased drastically in the last few years. The use of cameras as a non-intrusive measurement mechanism not only holds the promise of uncomplicated sampling but could provide more consistent monitoring, as well as assistance in decision making and operator and metallurgist training. Although the very first applications of machine vision were in the platinum industry, no automated process control has been developed for platinum group metals (PGMs) as yet. One of the reasons is that to date froth features could not be related to key performance indicators, such as froth grade and recovery. A series of laboratory experiments was conducted on a laboratory-scale platinum froth flotation cell in an effort to determine the relationship between the platinum grade and a combined set of image features and process conditions. A fractional factorial design of experiments was conducted, investigating 6 process conditions, namely air flow rate (x1), pulp level (x2), collector dosage (x3), activator dosage (x4), frother dosage (x5) and depressant dosage(x6), each at levels. Videos were recorded and analysed to extract 20 texture features from each image. By using artificial neural networks (ANN), the nonlinear relationship between the image variables and process conditions and the froth flotation grades could be established. Positive results indicate that the addition of image features to process conditions could be used as sufficient input into advanced model based control systems for flotation plants. Keywords Flotation, machine vision, image analysis, neural networks.

Jan 1, 2011

By Dennis Van Heerden

Southern Africa has a long history of underground hard rock mining dating back to the late 1800?s. The rock support of underground excavations has significantly changed during this period, due to improved technology, experience gained and rock support requirements by mining and geotechnical engineers. This paper examines the available underground rock support methods in Southern Africa with emphasis on the types and characteristics of: - Rock bolt types. - Rock bolt and long anchor grouts. - Thin-sprayed liners. - Sprayed Concrete. - Ground consolidations through injection methods. - Cavity and void filling with aerated cement products. [ ]

Jan 1, 2007

By Patrick J. Foster

This paper summarises a behavioural safety project undertaken in seven quarries in the UK in order to investigate its applicability as a means of raising the standards of health and safety in the UK quarrying industry. A behavioural safety methodology was developed and trialled at two quarry sites in the UK. During the study the number of unsafe acts and minor accidents had decreased and at one of the quarries there was a 95% reduction in the number of working days lost. It was then introduced at a further five sites of varying sizes and within this focused specifically on lone workers as well as behaviours that affected quality and environmental issues. Positive improvements were noted in most of these operations. The project also looked at the effectiveness of health and safety performance indicators. Here, the common lead and trailing indicators for both safety and health that are commonly used by industry were identified. In consultation with the UK quarrying industry these were then used to identify specific performance measurement criteria that can be used by the quarrying sector to measure performance. Following on from this a quarry specific health and safety management system specification was developed for large and small quarries.

Jan 1, 2008

By R. Lombard

"Water is a very important component in the production process at underground coal mines. Current unfavourable economic conditions have forced the coal mining industry to identify and address every possible bottleneck preventing optimal production. An increase in water-related downtime was identified as one of the bottlenecks at Goedehoop Colliery’s Vlaklaagte Shaft. The purpose of this project was to identify the various causes that contributed to the high downtime (501 hours in 2013, which led to a potential profit loss of R12.9 million) and to suggest possible solutions.After a thorough investigation the main causes of water-related downtime were identified as low water pressure and low water flow caused by pipe leakages and bursts. The main root cause for the low water flow and pressure was identified as being the low pressure resistance (1600kPa) of the thin-walled galvanized steel pipes used in the underground inbye water reticulation system. The pipes were selected according to the previous 1000 kPa pressure requirement for the continuous miner. However, the pressure requirement changed to 1500 kPa, which resulted in the pipes being exposed to much higher pressures than designed for.The water reticulation system was reviewed and current and future underground pipe layout and water requirements were determined for the shaft. The time frame in which the water consumption would be the highest was determined to be between 1 January 2014 and 7 September2014. Machine and sprayer specifications were used to determine theater consumption at the shaft. Three different solutions were considered to solve the water-related downtime problem and to ensure the efficient supply of water to the newly open sections. Permanent underground concrete dams, semi-mobile dams, or new pipe columns with a higher pressure resistance of 3200 kPa were considered. A trade-off study (taking into consideration cost, time to completion and ease of implementation, maintenance requirements, safety, and flexibility) was completed to determine which of these solutions would be most viable.Paper written on project work carried out in partial fulfilment of B. Eng. (Mining Engineering)"

Jan 1, 2015

By R. Ordóñez Olivares

This manuscript focuses on the design and development of steels for the railroad industry and methods of testing them. Here are summarized the results of research focusing on alloy development and design, with particular focus on advanced rails and wheels. The high-performance steels are characterized for their mechanical and service characteristics. The relationship between properties and cleanliness is discussed and compared to the regular railroad steel. Some of the tests presented are standard tests that are complemented with the nonstandard test recommended by the Association of American Railroads (AAR) and recommended modifications of this. The paper presents the results of metallurgical analysis, mechanical, and residual stress tests. The laboratory methods include microstructure, residual stresses, tensile, hardness, fracture toughness, and microcleanliness tests.

Jan 1, 2013

By S. R. Dindarloo

Although blasting is one of the most widely used methods for rock fragmentation, it has a major disadvantage in that it causes adjacent ground vibrations. Excessive ground vibrations can cause a wide range of problems, from nearby residents complaining to ecological damage. Prediction of blast-induced ground vibration is essential for evaluating and controlling the many adverse consequences of surface blasting. Since there are several effective variables with highly nonlinear interactions, no comprehensive model of blast-induced vibrations is available. In this study, the support vector machine (SMV) algorithm was employed for prediction of the peak particle velocity (PPV) induced by blasting at a surface mine. Twelve input variables in three categories of rock mass, blast pattern, and explosives were used for prediction of the PPV at different distances from the blast face. The results of 100 experiments were used for model-building, and 20 for testing. A high coefficient of determination with low mean absolute percentage error (MAPE) was achieved, which demonstrates the suitability of the algorithm in this case. The very high accuracy of prediction and fast computation are the two major advantages of the method. Although the case study was for a large surface mining operation, the methodology is applicable to all other surface blasting projects that involve a similar procedure.

Jan 1, 2015

By Baruch Grinbaum, Edwin Bwalya, Robert Minango, Deogratias Bukunkwe

Solvent extraction of Cu from acidic leach, using an oxime extractant, e.g. LIX 984 or Acorga is a well known and established process. As the process advances, Cu is extracted to the solvent and is replaced by H+ in the aqueous phase. At high acidity the distribution coefficient of Cu between the solvent and the aqueous phase decreases, and eventually relatively high concentration of Cu remains in the raffinate, regardless of the number of equilibrium stages. In many processes this phenomenon is immaterial, as the raffinate returns to the leaching and no copper is lost. But when the copper raffinate is used for processing of additional metals, minimal concentration of Cu in the raffinate is essential for an effective process. The recommended process includes three steps: 1. SX-1: Standard extraction of Cu with oxime. The resulting raffinate contains about 6-8 g/L Cu and 50 g/L H2SO4. 2. SX-N: Extraction of most of the acid into an amine-based solvent, and stripping it with a base, e.g. aqueous ammonia, caustic, Na2CO3 etc. The extraction removes no metals, but decreases the concentration of acid from 50 to 10 g/L. 3. SX-2: Extraction of the neutralized solution once more with oxime, to remove the residual copper. Such a process enables one to get down to 100-150 ppm Cu in the final raffinate. This process was developed and tested in the R&D facility in Chambishi Metals plc, by a joint team of Chambishi & Bateman, using Cognis LIX 984N and real solutions from the plant. In the laboratory scale, the equilibrium isotherms for SX-1, SX-2 and the neutralization were developed. Computer simulation of the results showed that the optimal configuration is two stages for both extraction and stripping for SX-1. For SX-2 2-3 stages of extraction and two stages of stripping are needed. The stripping stages may be common to both SX-1 and SX-2. The neutralization of SX1 raffinate was tested both by conventional precipitation with lime and by extraction with Alamine based solvent extraction and stripping with a solution of 10% NaOH. For the SX-N only one stage was needed for both the extraction and stripping. The bench scale pilot plant was run for both SX-1 & SX-2. The results were very similar to the simulated ones, and the configuration of 2E2S for SX-1 and 3E=2S for SX-2 delivered the required raffinate with less than 150 ppm Cu.

Jan 1, 2005

By E. Matinde, S. L. Msibi

"The robust nature of alumina refractory materials presents opportunities for their in-process reclaiming and re-use in non-critical applications. Virgin refractories can be substituted with different quantities of reclaimed materials without compromising the quality of the refractory products. In this study, the effect of reclaimed bauxite on andalusite-containing refractory castables for tundish applications was investigated. The recycled bauxite was formulated in different proportions to replace virgin andalusite in the castables. Standard tests were conducted to evaluate the physical, physicochemical, and thermochemical properties of the formulated products. Static corrosion tests were conducted using tundish slag in order to simulate the actual operating conditions. The results show that the standard flow behaviour, open porosity, and bulk density of samples containing up to 22 mass% reclaimed bauxite were comparable to those of the reference castable. However, high-temperature properties such as static corrosion at 1400°C and hot modulus of rupture at 1500°C indicated that there is an upper constraint to the amount of substitution. The study demonstrated direct potential savings of up to 10% when the reclaimed alumina replacement ratio was increased to 22 mass%. IntroductionAlumina-based refractories can be classified into low-alumina, containing less than 50% Al2O3, and high-alumina or bauxite, containing between 50 and 90% Al2O3. High-alumina refractories have widespread applications in high-temperature metal extraction processes due to their outstanding thermochemical and thermomechanical properties and stability (Rebouillat and Rigaud, 2002; Frulli, 2016). The typical chemical composition of refractory-grade bauxite consists of 85–90 wt.% Al2O3, 5–10 wt.% SiO2, 1–2wt.% Fe2O3, 3–4 wt.% TiO2, 0.4–0.8 wt.% CaO + MgO, and 0.20–0.8 wt.% K2O + Na2O (Nyoka et al., 2013). The thermochemical and thermomechanical properties of bauxite-based refractories rely principally on the conversion of the contained silica and alumina to the highly stable corundum (?-Al2O3) and mullite (3Al2O3· 2SiO2) phases (Rebouillat and Rigaud, 2002; Hill and Sehnke, 2006; Garbers-Craig, 2008; Frulli, 2016)."

Jun 1, 2019

By C. Dixon

The Abandoned Mine by C.C. Woollacott A heap of rocks marks the abandoned mine. The veld's unpitying silence lies around. Those broken stone?a mute and mournful sign Of human enterprise with failure crowned. Time with the slow hands, shall form the scene anew, Repair the gashes in the wounded soil, And cover up the last remaining clue To a poor useless record of men's toil. And this, the mound they built when hopes were high Shall be a grave, where those hopes buried lie. Outline This paper will consider the implications of the mine closure provisions set out in the new Mineral and Petroleum Resources Development Act and draft regulations. A comparison will be made with the existing provisions in the Minerals Act and the mine closure policy of the Department of Minerals and Energy (DME). The paper will consider whether the new provisions have the potential for improving performance as regards mine closure. It will investigate the financial provisions requirements and the implications of these provisions for mines. It will consider the requirements for a social and labour plan and consider the implications of this for mine closure and its funding. It will analyse the provisions relating to the transfer of environmental liabilities to third parties and consider the implications of this in the case of closing mines and non-closing mines. Finally it will consider the issue of residual legal liability of a mining company once a closure certificate has been issued.

Jan 1, 2003

By C. J. Van Niekerk

The study comprised of the investigation into the sensitization characteristics of AISI 409 titanium stabilized ferritic stainless steel during low heat input welding. AISI 409 is a fully ferritic stainless steel used in catalytic converters and tubing for automotive exhaust systems due to the supposition that sensitization does not occur during low heat input welding. Two plates of 2 and 4 mm were tested for sensitization during low heat input welding. The study confirmed that chromium carbide (M23C6) precipitation occurs on the grain boundaries in the heat-affected zone with consequent depletion of Cr adjacent to the grain boundaries during welding. In the 2 mm plate sensitization occurred in the heat input range of 0.1 kJ/mm to above 0.25 kJ/mm and in the 4 mm plate sensitization occurred in the heat input range of 0.2 to 0.9 kJ/mm. Ti stabilization is ineffective at the heat inputs used in this investigation due to the rapid cooling rate through the temperature region where TiC precipitates. The presence of N was found to be detrimental since it consumes Ti on cooling, forming TiN, effectively lowering the amount of Ti available for TiC formation during rapid cooling after welding. Annealing for 5 minutes at 725°C does not improve the sensitization characteristics of the welded plate. There is a linear increase in grain size as heat input increases. The resistance to pitting corrosion decreases in the sensitized, welded plate in theheat-affected zone adjacent to the fusion line of welding. Keywords AISI 409 ferritic stainless steel, sensitization, grain growth, resistance to pitting corrosion, low heat input welding.

Jan 1, 2011

By A. Beitz, P. Smartt, G. Einicke, G. Rowan, P. Glynn

Coal is Australia’s highest export earner and Australia is the world’s largest exporter of coal. With coal now being extracted from deeper reserves under increased risk profile, and in the interest of aiding the stability of coal supplies, Japan is funding a number of safety projects in Australia and China. The CSIRO, Australia’s premiere research organisation with the country’s largest exploration and mining research group, are currently undertaking a jointly funded Japan-Australia safety project at Anglo Coal’s new Grasstree Colliery in central Queensland. The project, entitled Mine Communication and Information for Real-time Risk Analysis, will deliver step-change capabilities in data integration, decision support, gas monitoring, geo-technical monitoring, emergency response and personnel safety to the Grasstree Colliery. Some key activities include: developing and installing underground coal mine Ethernet LAN components, real-time monitoring of gas and geo-technical sensors, MODBUS serial to TCP/IP converters, e-reporting of underground conditions, emergency guidance systems and underground trials of Internet Protocol telephone and video. The project seeks to integrate (in real time) key data sets from the comprehensive and diversified range of propriety system currently in use at mines (ventilation, strata, operations e.g. haulage, pumps, conveyors etc) into a single integrated risk management interface. This interface will filter the data through a rules-based inference engine that will cross reference the various data streams, compare with past events and outcomes associated with the similar historical data and present this “intelligence” to

Jan 1, 2003

By Ö. Erdem

The investment decision making process in the insurance and finance industries is affected by new advances such as simulation techniques. These advances have improved the discounted cash flow method (DCF). In DCF, a dynamic and flexible model construction is not possible because it does not consider uncertain conditions. Each project should be evaluated taking into account the related uncertainties because the related uncertainties determine the characterization of the project. Related uncertainties can be processed in dynamic DCF, which is applicable to both financial and non-financial industries with different kind of uncertainties, such as power generation and petroleum projects. The dynamic DCF method can estimate net present value (NPV) while managing related project uncertainties with a simulation method like Monte Carlo Simulation. The simulation method is preferred because its output is unbiased. Therefore, a more realistic financial evaluation of the project can be concluded. In spite of the improvement of dynamic DCF, this project evaluation method is not used frequently in mining industry. However, the mining industry is ideally suited to this concept because it is highly dependent on estimations such as orebody size and ore grade. During the project evaluation stage, these uncertainties can be included with the dynamic DCF method. This study aims to contribute to increasing the usage of this method in mining projects. A copper reserve in Turkey is selected as a case study to apply uncertainty assessment for the evaluation of NPV.

Jan 1, 2012