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By Andy Lemay

Vale (previously known as CVRD) is: ? The second-largest mining company by market capitalization (NYSE:RIO) ? Headquartered in Brazil ? Global workforce of over 100,000 employees including outsourced workers. Vale Inco Limited is a wholly?owned subsidiary of Vale Vale Inco Limited ? is based in Toronto, Ontario Canada: ? Operations and Projects in 20 countries ? Marketing Network extending to 40 countries ? Over 12,000 employees worldwide ? Last years sales of US $8 Billion

May 1, 2008

By V. K. Gupta

"Effect of mill speed on grinding kinetics has been investigated with a view to using mill speed as a manipulated variable for control and optimization of the grinding circuit performance under variable ore hardness conditions. Dry and wet batch grinding tests were carried out for quartz, limestone and cement clinker in a 29 cm x 18 cm laboratory ball mill. Mill speed values selected were 55 and 70% critical. In the case of dry grinding operation, with an exception of quartz, for all materials studied the effect of mill speed on grinding rate was found to be insignificant for sizes finer than about 35 mesh. In the case of wet operation, grinding rates were found to be approximately proportional to the mill speed. The implications of these results are discussed.INTRODUCTIONIt is well known that mill speed has a considerable effect on the grinding rate of the ore particles l-3 For particles of a given size there is an optimum speed at which mill grinding efficiency is maximum (i.e. specific energy consumption is minimum) 3•4. Mill speed can, therefore, be effectively used as a manipulated variable to deal with the disturbances arising from changes in the size and hardness (grinding rate) of the ore being fed to the grinding circuit. Though, it has not been the case so far, with recent developments of ring motors2 and frequency inverters5 a continuous variation of mill speed has now become feasible, and it is expected that mill speed control will soon be a regular feature of plant operation2,6."

Jan 1, 1985

By A. C. Wilson

In 1991, local prospector C. ?Mickey? Clement recovered at least three alluvial diamonds from the Michipicoten River. Two of these stones were sent to the Department of Mineralogy, Royal Ontario Museum, where they were identified as industrial grade diamonds with weights of 1.05 and 1.13 carats. Both stones were described as frosted and graphite-inclusion riddled. In 1995, prospector Sandor Surmacz and geologist Marcelle Hauseux discovered diamonds in bedrock approximately 20 km north of the Michipicoten River. An 18.1-kg bulk sample of a xenolith-rich lamprophyre, taken from an outcrop at the side of the Trans Canada Highway north of Wawa, yielded 1 macro diamond and 5 micro diamonds. All but one was gem quality (Sage 2000). Since then, more than 36 occurrences of diamonds in bedrock have been reported in an approximately 30 km2 area centred 20 km north of the town of Wawa. The occurrences are hosted within a sequence of unusual, Archean-aged, heterolithic breccias previously considered to have no economic significance. Ten kimberlite occurrences also have been confirmed in the Michipicoten greenstone belt in the last 5 years. Two of these kimberlites are diamondiferous. To date, expenditures on property acquisition and diamond exploration in the Wawa are estimated at $120 million (CAN). This paper summarizes the geological observations made on these occurrences and discusses including the relationship between the occurrences and the regional geology.

May 1, 2003

By T. A. Grammatikopoulos, B. Vasily, A. H. Clark

"The St. Lawrence deposit is a large wollastonite skarn (ca. 9 Mt @ 41.3% wollastonite) adjoining the gabbroic-to-syenitic Leo Lake pluton in the granulite facies Frontenac Terrane of the Grenvillian Central Metasedimentary Belt. It occurs within a horseshoeshaped horizon of quartzite, open to the east. The skarn extends over 1.2 km2, and comprises wollastonite-dominant, wollastonite-clinopyroxene, and diverse quartz-feldspar-sulphide (-titanite) layers, interbanded with, and strongly folded within, the quartzite. As in the world-class wollastonite deposits of the Willsboro district, New York, no carbonate protolith is preserved, and calcite is a negligible constituent of the mineralized zones. Wollastonite development is nonetheless ascribed to metasomatism of a metacarbonate unit by magmatogene, silica-rich, CO2-poor (XCO2 < 0.05) fluids, at P = 350 MPa and ca. 560°C, or, alternatively, 550 MPa and ca. 630°C.Several high-grade zones, averaging >40% but locally exceeding 80%, of translucent, white, tabular wollastonite grains, with lengths of 0.2 cm to 5 cm, have been delimited by drilling. Preliminary beneficiation studies yield high aspect-ratio and high-purity (low Fe and Mn) concentrates.St. Lawrence compares favourably to other known prospects and operating wollastonite deposits: having good chemical and physical properties, low iron content, and high aspect ratios (>20:1). In addition, the deposit has a favourable size and location, and will benefit from a low Canadian dollar. Canada currently has no wollastonite production."

Jan 1, 2003

By L. W. T. Weitzel

"This paper reviews the Falconbridge- SMRQ’s Raglan project in northern Quebec and the process that was used in developing its current long-term mine plan. Challenges were many and not only limited to the longevity of the project, numerous ore deposits (both underground and open pit), and a 40 km property strike length. As a result of its remote northern location, other factors such as progressive reclamation, leachable mine waste, water treatment, and waste management were also part of the plan. A combination of modern planning tools were used to formulate the plan including DataMine, Mine 2-4D, AutoMod Simulation, and an Excel-based financial spreadsheet to bring the total plan together. The focus of the paper is to show the complexity of modern mine planning and associated economic modelling of mine processes. IntroductionThe Raglan project is located 1660 km directly north of Quebec at the northern tip of the Quebec Peninsula in Nunavik. The main property is 40 km in length stretching from the Donaldson airport area at the eastern edge of the property to East Lake at the western edge. The Deception Bay port is 90 km north of the main complex/mill situated at Katinniq which lies approximately in the middle of the property (Fig. 1). The mine processes 1 000 000 tpy of ore from both open pit and underground sources. The mill is forecasted this year to produce more than 150 000 t of concentrate grading more than 18% nickel. All personnel and critical cargo are transported to the site via a company-leased 737 jet from Rouyn-Noranda where the main administration office is located. The majority of cargo is shipped to the site via Deception Bay from Quebec and on the return trip, nickel concentrate is shipped back. From Quebec, the nickel concentrate is sent by rail to the Falconbridge smelter in Sudbury and on the reverse rail haul, nickel matte from the smelter is sent to Norway via Quebec."

Jan 1, 2003

By 12670

The Cigar Lake project will develop the world’s second largest high-grade uranium deposit. The Cigar Lake Phase 1 orebody contains approximately 226 million pounds U3O8 at an average grade of 20.7% U3O8. The mine, to be operated by Cameco Corporation, will use a unique water jet boring mining method to cut previously frozen ore. A distinctive ore handling design is required to handle the highgrade ore slurry exiting the mining machines. The ore will be crushed and ground underground, with the ore slurry then pumped to surface. Loaded into purpose-designed containers on tractor-trailer units, the ore slurry will be trucked to Cogema Resources Incorporated’s McClean Lake mill. McClean Lake will leach all of the ore. Forty-three percent of the resulting uranium solution will remain at McClean Lake for processing into yellowcake. The other 57% of the uranium solution will be shipped to Cameco’s Rabbit Lake mill for processing into yellowcake there. Detailed design for the Cigar Lake project is now underway. Barring regulatory or market delays, production could start up as soon as early 2006.

Jan 1, 2004

By R. Knapp, R. Firlotte

"Les Terrains Auriferes (LIA) Property, formerly the Malartic Goldfield (Goldfield) mine, ceased its remaining milling operations in the fall of 1994. During the early years of mining, the mill processed a non-sulfide ore with substantial carbonate mineralization.In 1977 after an extended shutdown period, ore from a nearby property, Bousquet, was processed at the mill. That ore contained larger quantities of sulfides, and unlike the old tailings, had acid generating potential.Upon closure of the L TA mill, the closure options considered for the L TA site were to cover with:1. a thin cover of 0.5 metres of borrow material (sand and gravel) to achieve basic erosion protection/stabilization; collect acidic seepage and treat with lime.2. a 2 metres of non-acid producing tailings; final surface to be vegetated.3. an engineered oxygen barrier consisting of a multi-layer cover; final surface to be vegetated.The paper presents the technological and economical methodologies that were used to select the closure alternative, describe the associated construction challenges that were faced with the implementation of the multi-layer cover concept and presents preliminary results on the cover's performance.In addition to being the first full scale demonstration of this type of multi-layer engineered oxygen barrier cover technology, this project had the advantage of using non acid producing mine tailings as part of the reclamation solution."

Jan 1, 1997

By X. Yuan

"The processing behaviours of ores such as their liberation characteristics in comminution and their response in separation processes are affected by their mineralogical characteristics. Key ore characteristics which are relevant to processing, such as mineral proportions, mineral grain size, grain shape and mineral associations are routinely measured at the micro-scale in polished section using optical microscopes and SEM-based automated mineralogy systems. The application of X-ray micro-tomography to mineral processing provides the means to quantify these important micro-textural characteristics in three dimensions, removing the stereological issues encountered when measuring volumetric information in two-dimensional polished sections. In this paper we present several examples of ore textures to illustrate where X-ray micro-tomography can be applied successfully to obtain quantitative measures of ore characteristics which are useful in a variety of process modelling applications.INTRODUCTION X-ray tomography has been used as a tool in medicine for some years and is being applied in a wider range of fields including geology, palaeontology and mineralogy. In this paper we present some applications of X-ray tomography in mineral processing applications being developed at JKMRC. The availability of SEM-based automated mineralogy systems such as MLA and QEMSCAN has seen the increased use of quantitative mineralogical data measured in two dimensions in the design, operation and simulation of mineral processing plants. When the ore is amenable to measurement by X-ray tomography this technique can provide quantitative data for characteristics such as mineral grain size, shape, mineral associations and liberation in three-dimensions. The advantage of measuring these characteristics in three-dimensions is that the stereological issues which bias measurements made on polished sections are removed. X-ray tomography also quantifies the location of mineral grains relative to one another in space - a useful descriptor of ore texture. Like many measurement techniques X-ray tomography has advantages and disadvantages when compared to other techniques. One limitation is that the ability of the X-ray tomography system to discriminate between minerals is a function of the X-ray attenuation of those minerals. While the X-ray attenuation of many common minerals is sufficiently different for X-ray tomography to distinguish between them, there are some where the overlap in X-ray attenuation makes discrimination on the basis of this characteristic alone impossible. An example of this would be chalcopyrite and magnetite. However where the ore mineralogy is suitable to apply X-ray tomography, the technique provides some exciting opportunities to explore the relationship between texture and ore processability."

Jan 1, 2012

By J. -F. Lessard

Most underground mines rely on ore pass systems to ensure the transport of ore and waste. The design and operation of ore pass systems often rely on past experience, which is often anecdotal and at times contradictory in nature. This paper summarizes the current practice in Quebec underground metaliferous mines. The information was collected during a series of site visits in ten underground mines. The database includes information on ore pass configuration, support, materials transited, and overall ore pass performance.

Jan 1, 2006

By Terry Braden

"Meeting probable world mineral demand in the years ahead will almost certainly require an ability to economically treat lower grade and more complex ores. Achieving this will require extensive research and technical development across the full spectrum of mineral processing.For mid-sized or smaller companies the most effective way to participate in such extensive programs - and gain access to the technology required to stay competitive - may be through collaborative research.This paper explores the recent history of collaborative research in mineral processing and in particular its ability to attract world-class multi-institutional research teams with sufficient resources to make step-change advances. It chronicles the advances achieved, but also explores the research architecture and administrative structures required to deliver research outcomes and technology transfer mechanisms to a range of often disparate sponsoring companies.INTRODUCTIONIn medieval times the dream of alchemists was to turn base metals into gold. We modern alchemists, of course, don’t waste our time on that sort of foolishness: we turn base metals into dollars. When I see the profit reports filed by some companies recently, I can only conclude that a lot of those present today must be pretty good at this.But the fact that we are here at this conference reminds us that an alchemist’s work is never done; turning base metals into dollars is not a one-trick wonder but an art that we must extensively refine year after year if we are to survive in a competitive marketplace.It is not that demand for metals is likely to slow; most people seem to think that China, India, Brazil and other emerging economies are still at the lower end of their demand curve. They will need significantly larger volumes of metals in the years ahead. The challenge for us as processors is that to supply increasing tonnages of those metals profitably we will almost certainly need to process more complex or lower grade ores and probably to do so with reduced energy inputs."

Jan 1, 2009

By Paul Hosford, Tim Haldane

"The paper describes the fast-track development of the project from feasibility study through to detailed design and construction, highlighting the process adaptations for handling sticky ore and water management in a tropical environment, and subsequent commissioning and operating experience of the mine. The paper discusses the geological setting, the environmental and socioeconomic considerations in developing and operating a mining operation in an underdeveloped country and the logistical challenges involved in bringing a large capital investment into Central America.INTRODUCTIONGlamis Gold Ltd. acquired the San Martin project in Honduras as a result of its merger with Mar-West Resources in late 1998. Despite the prevailing low gold price environment at the time of acquisition, Glamis anticipated rapid development of the San Martin project due to the quality of the deposit and other positive factors.Following favorable exploration and permitting activities in the first half of 1999, Glamis prepared a Feasibility study. In October 1999, Glamis decided to proceed with the development of the project and selected Hatch to provide the engineering, procurement and construction management services for the project. The San Martin project was in full-scale commercial operation approximately 14 months after the receipt of Board approval, and by July 2001 the San Martin project was operating at approximately 150% of its feasibility design capacity."

Jan 1, 2002

By Michel Brissette

"To recover more valuable ore and considering the complexity of minerals, the needs to grind finer is increasing. To reach the desired fine grinding targets, using the existing grinding media size, the energy consumption is increasing exponentially. As already proved at this conference, small grinding media represents the best potential to improve grinding efficiency. How do the small grinding media perform in industrial grinding mills?The use of small grinding media in regrind mills proved that finer grinding can be achieved at lower energy consumption. In ball mills, smaller grinding media versus 25 mm media generate a power saving from 10% to 44%. In vertical stirred mills, the power saving increases from 20% to 60%. More potential savings have been identified.For the same operating conditions, how a vertical stirred mill is performing compared to ball milling? In regrind application, a vertical stirred mill with small media (5-12 mm Millpebs) will require at least 62% less energy than a ball mill charged with 25 mm grinding media.INTRODUCTIONIn some mining applications, fine grinding is needed to liberate further the valuable ore. The purpose of regrind mills is to achieve the last stage of grinding before final flotation stage: the cleaners. In part because of high prices of small grinding media as well as availability, the most widely used size of grinding media is 25 mm.When calculating the recommended ball top size from Bond’s formula (Bond, 1961), the size for regrind applications is much lower than 25 mm. Today, the barrier for small grinding media is broken. They are best suited in regrind application. The size of grinding media is one of the most important variables affecting the mill efficiency (McIvor, R., 1997; Nesset, J.E., Radziszewski, P., Hardie, C. & Leroux, D.P., 2006).Conventional ball milling was discarded for fine grinding because of its very poor energy efficiency (Zheng, J., Harris, C.C. & Somasundaran, P., 1994; Yan, D.S., Freeman, M. & Dunne, R., 1995). Therefore, new technologies as stirred mills were developed to grind finer more effectively. Three fundamental questions should be asked. What is the best fine grinding technology? What should be the best media size to use? Is it possible to grind finer by using less energy with the existing regrind equipment?"

Jan 1, 2009

By A. J. Hyett

Due to the ongoing revolution in electronics and communications more cost-effective geotechnical instruments can be manufactured using digital technology. This new generation of digital instruments have embedded microcontrollers that provide highly accurate and reliable measurement of geotechnical behaviour in real world units that can be immediately interpreted. Digital measurements can be transmitted across existing mine-wide wireless communication networks, interfaced directly with infra-red enabled PDA?s or PC?s, and parsed to memory by low-cost data-loggers.

Oct 1, 2004

By C. Larsen, I. Orford, L. Strah, M. Renaud, P. Radziszewski

"An AG/SAG mill was commissioned at the Brunswick mine concentrator in October 1998. This paper discusses the original shell top hat liner design for the bi-directional AG/SAG mill, observed liner wear, subsequent liner design modifications, and benefits.The original liners were chrome-moly steel Norsteel with rubber grates and rubber-lined pulp lifters. The design was based on experiences of other AG/SAG mills and recommendations by the liner supplier, Norcast. Liner design modifications were made in an iterative fashion after observing the wear rate profile of the liners; over ten liner sets were implemented. Shell liner design improvements were supported by a design of experiments approach in conjunction with discrete element method (DEM) charge motion simulations. Design optimization took into account lining costs and impacts on operating performance. The team approach to the liner design improvements process is described with emphasis on the application of the design of experiments. The liner wear history and mill operating performance are presented."

Jan 1, 2005

By A. J. Monhemius

"The paper reviews the history of modern iron control processes in hydrometallurgy. Particular attention is paid to the processes developed in the 1960s by the electrolytic zinc industry for the removal of iron from zinc sulphate leach liquors - namely the Jarosite, Goethite and Hematite processes. Problems faced by the industry in the safe disposal of the iron residues produced by these processes are discussed. The lessons learnt over the past half century by the zinc industry are projected on to the current efforts to develop hydrometallurgical processes for the treatment of copper sulphide concentrates. It is argued that any attempt to create a “hydrometallurgical copper smelter” is doomed to ultimate failure, unless and until methods are developed that can recover iron from solution in a form that can be directly utilised by the steel or pigment industries.INTRODUCTIONYou suddenly realise that age is catching up with you and that technology is moving on apace when you are asked to talk about the history of a process or a technology that you’ve grown up with. Such was my reaction when, out of the blue, I received an email last year from the chairman of the CIM’s Historical Metallurgy Committee, asking me if I would give a talk on the early developments of iron control in hydrometallurgy. Once I’d got over the initial shock of realising that I had now become living history, I was of course flattered that the invitation was to give a talk at the prestigious IMPC, a conference series that has been going for as long as I have been in the business. That this particular IMPC was to include the 4th Symposium on Iron Control in Hydrometallurgy, made the invitation even more appealing and appropriate, because I was the co-chairman of the First Symposium on Iron Control, together with my old friend, John Dutrizac (known by many as Dr Jarosite), which was held 30 years ago in Toronto.first became involved with iron at the very start of my career in hydrometallurgy – the research topic for my Masters degree thesis at UBC, back in the mid 1960s, was “Reductive leaching of Goethite with SO2”. My thesis supervisor was the late Professor Ian Warren, who himself was a protégé of Professor Frank Forward, one of the founding fathers of modern hydrometallurgy. Little did I realise at that time, now 50 years ago, that the problem of iron and how to deal with it in hydrometallurgical processes would be a theme that followed me throughout much of my 40-year career in academia."

Jan 1, 2016

By Dave Rose, David G. Meadows, Mike Westendorf

"Copper Mountain’s concentrator was commissioned in May 2011. The circuit consists of a 34’ x 20’ EGL SAG mill, a Raptor 900 pebble crusher and two 24’ x 39’6” ball mills. Each mill is equipped with a 2 x 8500 HP dual pinion drive system. The plant was designed to process 1585 mtph of SAG feed. From startup, the mill struggled to meet the required production rates. Over time, a major initiative that involved blasting and fragmentation, optimization of the SAG mill in terms of discharge grates, ball size and slurry density, and operation of up to three mobile pre-crushing plants resulted in significant increases in throughput. In parallel, a number of modeling tools, including JK SimMet, were run based on plant benchmarking exercises. Samples collected at the mine site during ramp up confirmed the very competent nature of the ore with drop weight - A*b values of less than 24 being recorded on a variety of plant feeds and lithologies. After due consideration including demonstration of proof of concept, a new pre-crushing circuit incorporating an XL2000 cone crusher and associated screening equipment was designed, constructed and commissioned at the site in August 2014. This paper reviews the history of the original circuit design, the various optimization steps taken and impacts, together with the final pre-crushing circuit and net results.IntroductionThe Copper Mountain Mine is located approximately 20 km south of Princeton, British Columbia, Canada (refer to Figure 1). The region has a long history of copper mining dating back to 1923. The Copper Mountain camp occurs in the 'eastern volcanic belt' of the Nicola Group (Monger, 1989). It is an alkali copper-gold deposit in which the volcanic strata are intruded by early Jurassic dykes, sills, irregular plugs and zoned plutons (Woodsworth et al., 1992). The stratified rocks are relatively fresh with slight metamorphism in the local contact regions."

Jan 1, 2016

By Frank B. Amon

Highland Valley Copper had to make some significant changes in the way it was working in order to counter the effects of ever-increasing costs and decreasing metal prices. A mine/mill optimization plan started in 1997 introduced new technologies and management approaches that resulted in a dramatic drop in cash breakeven costs. The changes involved employee training, added authority and responsibility for staff, better communications, and a consistent approach to setting and achieving property-wide goals. The net effect was to change the culture of the organization from one that was fragmented and focussed on local objectives to one that is cohesive and has common goals. These changes have allowed the mine to remain in business during a protracted period of low metal prices, and have positioned the mine favourably to benefit even more from any future increase in prices.

May 1, 2004

By Ish Grewal

"Batch centrifugal gravity concentrators, which produce very high ratios of concentration, have become common place for recovering free gold within milling circuits. Their effectiveness has proven to be especially useful in recovering finer gold particles. The knowledge related to testing, modeling and scale-up of these systems has been well established over the recent decade mostly due to the efforts of the late Dr. Andre Laplante.Gravity separation technologies such as jigs, spirals and shaking tables can provide the increased mass yields required for minerals that occur at higher concentrations than gold, however their effectiveness tends to diminish at finer particle sizes. The development of high mass yield centrifugal concentrators has provided the opportunity to be able to recover a wide range of minerals at finer particle size classes when compared to the more traditional gravity concentration devices. These concentrators also provide additional benefits such as smaller unit footprint and automated operation.This paper discusses the background, current practices and future applications for high mass yield centrifugal concentrators in base metals, sulfides and industrial minerals. Bench scale, pilot scale and plant practice examples are also presented.INTRODUCTIONGravity concentration, one of the oldest mineral beneficiation processes, has evolved over the decades and continues to play an important role in modern mineral processing operations. The development and growth of froth flotation in the early part of the twentieth century led to a decline in the importance of gravity concentration. However, gravity concentration continued to be used for ores that are difficult to beneficiate using froth flotation; such as tin, tungsten, niobium/tantalum, iron, industrial minerals and oxidized coal. In recent decades, many operations have begun to employ a combination of both gravity concentration and froth flotation Since flotation relies on surface chemistry and gravity concentration relies on specific gravity differences, putting these techniques in series provides today’s metallurgist with unprecedented opportunities to maximize grade and recovery of many of these minerals."

Jan 1, 2009

The uphole bench extraction strategy at EKJV Management Pty Ltd?s Raleigh Mine, requires simultaneous horizontal and vertical exposure of paste filled stopes. In order to prevent excessive ore dilution, the paste fill must be of sufficient strength to prevent failure during exposure. A numerical modelling methodology has been developed to accurately simulate the initial stress distribution within paste filled stopes, together with the strain-softening loading response of paste fill material. Due to the narrow orebody width and high deformation behaviour of the host rock mass, high closure strains are likely to cause a stiff, brittle fill material to undergo crushing failure upon exposure. The stability of paste fill exposures at the Raleigh Mine was determined by conducting a series of three-dimensional numerical models that incorporate the extraction, filling and exposure sequence of paste filled stopes. Stability charts for 2.5 m and 3.5 m wide simultaneous horizontal and vertical exposures have been derived based upon the numerical modelling results. Implementation of the stability charts has proved successful in limiting the amount of ore dilution from paste fill and provides a basis to optimize paste fill cementation and stability throughout the life of the mine.

May 1, 2007

By John A. Wells, Leticia Conca, Kenneth G. Thomas

"Since about 2002 there has been significant capital cost escalation, not inflation, in the mining industry causing turmoil for successful project completion. Project capital costs have more than doubled and some cases tripled in this time period. This has rendered many projects to be economically challenged and in some cases not viable. In addition higher than expected operating costs have further adversely affected project metrics such as NPV and IRR. Capital cost increases for projects have been widely reported globally. This current paper reviews three items. Firstly, why such capital increases and the various components that make up capital estimates. Secondly, it looks at reasons why preliminary estimates, for example at scoping and pre-feasibility level, have been lower than the ultimate constructed costs. Such increases and differences in estimates have caused major problems for mine builders and have led to a general nervousness on the part of those providing project finance. Thirdly, what discipline is needed in project execution in an attempt to mitigate such capital increases. The paper will hopefully give a better understanding of the various issues and factors involved for those in the mining industry.INTRODUCTION The years 2012 and 2013 were a turbulent time for the mining industry. The European economic crisis, politics, metal price volatility and a wave of changes of CEO´s in some of the major mining companies all contributed to a challenging couple of years. Two issues stood out. First, the huge increases reported in the capital costs of projects, where increases of 100% - 300% were not uncommon and in some cases exceeded that during the first decade of the 21st century. Second, company write downs related to takeovers during the boom and the stabilization/correction in commodity prices. These have led to great uncertainty, made it difficult (or impossible) to raise project financing costs, contributed to the changes at CEO level and placed many projects either on hold or cancelled altogether. It is commonplace now to read of companies talking of reduced capital expenditure and making a complete review of their projects and operations to contain costs."

Jan 1, 2014