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By C. Nangolo

Mineral commodity prices comprise one of the key criteria in the selection of mining stocks. We contend that of the three principal elements of mineral commodity prices, spot price, forward price and long-term price, one has a greater impact on the share valuation processes used by investors. This research paper examines the extent to which each of these elements influences the valuation process. The intention is to provide investors in mining stocks with a greater understanding of how fluctuations of commodity prices over time affect the prices of the mining stocks they hold, or intend to sell or buy. Three mineral commodities, gold, silver, and copper, were used as case studies, since market data on these commodities is readily available in the public domain. Nine market indices covering all three mineral commodities were selected. These are based on clearly defined criteria with the intention of eliminating ambiguity and to test for correlation with the three sets of mineral commodity prices. Nine mining companies, which were not the primary drivers of the relevant indices employed in the study, were used to validate the results obtained from the indices in order to avoid duplication of the same correlation during cross-checking. Each commodity price was adjusted for operating costs. For each market index, an average operating cost was calculated from the companies comprising its basket, while each company?s annual operating costs were used for the stocks of the individual companies examined. The data was collected for the period January 2004 to October 2010. This period was further split up into three sub-periods to account for the Global Financial Crisis (GFC) period that started in mid-2008. We conclude that mining stock prices are correlated with mineral commodity prices, but with spot and forward prices exhibiting stronger correlations than long-term price. This finding should be useful for evaluation purposes. Where cash flow methodologies such as discounted cash flow or earnings per share are used to value ordinary shares and commodity prices are required to estimate future cash flows, the findings suggest that spot prices should be used as opposed to long-term prices. The work reported in this paper is part of a current MSc research study at the University of the Witwatersrand.

Jan 1, 2011

By R. J. Davidson, M. V. Nkosi, V. Veronsee

When activated carbon is used for the recovery of gold and silver from Witwatersrand gold-plant solutions, severe fouling of the carbon by calcium carbonate is experienced. Also, difficulty is encountered in the retention of the adsorbed silver on the carbon because it is displaced by gold. The acidification of plant pregnant solutions before they are contacted with carbon was therefore investigated as a means of overcoming these shortcomings. The results from batch laboratory experiments on the effect of pH on gold adsorption from plant solutions and from synthetic solutions of high ionic strength indicated reaction rate optima in the region of pH 5 and below pH I. The effect of pH on the equilibrium capacity constant for gold adsorption onto activated carbon was also studied, using both a plant solution and a synthetic solution of high ionic strength. In the case of the plant solution, the results suggested only a marginal change in carbon capacity for gold in the pH range 12 to 6, with significant increases in capacity at lower pH values. In the case of the synthetic solution of high ionic strength, the capacity constant was found to increase steadily as the pH was lowered from 12 to I. It was also found that the gold adsorption capacity of the carbon was significantly better for the synthetic solution. No precipitation of gold from the pregnant solution (gold content approximately 6 g/t) was noted as the pH was decreased to values as low as ,. However, about 25 per cent of the 0,6 g/t silver content was found to have precipitated when a pH value of 3,0 was attained. Further substantial precipitation of silver took place as the pH was lowered further. The investigation was extended by the passing of suitably acidified gold-plant solutions through one or more columns containing activated carbon. Preliminary results showed that the particle size of the carbon had a significant effect on the rate of gold adsorption. No displacement of adsorbed silver by gold was observed to take place at an influent pH of 5. In a typical continuous 'merry-go-round' operation involving three columns in which gold was eluted from the lead column every 48 hours, effluent values averaging 0,001 g/t gold could be consistently achieved under simulated plant-operating conditions. The results were obtained at relatively high velocities of influent solution, resulting in very little hold-up of gold in the carbon-recovery circuit. More than 99,9 per cent of the gold and more than 99,8 per cent of the silver was recovered in the adsorption circuit, while the elution data indicated an average elution recovery of 99,8 per cent of the adsorbed gold and 98,2 per cent of the adsorbed silver. Elution of the carbon was carried out at 91 QC. This involved pretreatment of the carbon with a sodium cyanide solution, followed by elution with deionized water. At a loading flowrate of 66 bed volumes per hour, the indicated take-up of metals on the carbon in the lead column was as follows; 53 k g/t gold, 6 k g/t silver, 57 k g/t copper, 14 k g/t nickel, and I k g/t zinc. Only a trace of cobalt was adsorbed. At an elution rate of 1,7 bed volumes per hour, the lead column was found to be completely stripped in under 5 hours, with concentrations of gold in the eluate reaching 6 to 7 g/l. Besides the excellent adsorption and elution results obtained when acidified pregnant solution was used, no fouling of the carbon was indicated, and the pressure drop across the three columns was considered to be well within practical limits. When compared with conventional zinc precipitation, the carbon process would appear to have considerable economic merit, with strong indications that significant savings would be possible both in capital and operating costs. Further pilot-plant experiments, preferably on a gold plant, would be required before a meaningful cost comparison could be made with the existing process.

Jan 1, 1979

By L. N. Stewart, H. L. Bovey

Since 1955 extensive pressure-leaching testwork has been conducted by Anglo American Research Laboratories (AARL) in laboratory-scale batch autoclaves. In 1958asmall continuous pilot-plantof45 kgofsolids per hourwas operated by AARL. In 1974, when high uranium prices were anticipated, Anglo American, encouraged by successful commercial- scale autoclave operations as practised by Outokumpu, Sherritt Gordon, and Impala Platinum, decided to install a continuous pilot plant at Western Deep Levels. At that time the proposed pilot plant was considered to be of prototype size. The project was funded by members of the Nuclear Fuels Corporation (Nufcor). Since its commissioning in February 1977, the pilot plant at Western Deep Levels, which can treat between 10 and 20 tons of dry solids per hour, has been used to test ores from four different mines. The paper compares the uranium extractions and pyrite oxidation obtained in laboratory batch autoclaves with those obtained in the continuous pilot plant. In general, differences in uranium extraction are not great and can be explained; the differences in pyrite oxidation are less well understood. The effect on plant design of the evolution of carbon dioxide during leaching is discussed. Evaluation of the equipment and materials of construction would have been almost impossible in a small-scale batch autoclave. It is doubtful whether such results would have generated the necessary confidence to permit decisions to install a commercial-size plant. The development and performance of the multistage pumps, instrumentation, shaft seals, and shaft-seal water treatment are discussed. It is concluded that the operation of a largescale continuous pressure-leaching pilot plant to supplement laboratory batch autoclave tests has been a necessary part of the development of this process.

Jan 1, 1979

By S. Shamaila

The design and efficient operation of density-based mineral processing units requires regular densimetric analysis to be carried out on the various associated process streams. The results obtained from such analyses can have wide application, including the generation of washability and partition curves, which are critical for process design, control, and simulation. This paper describes some of the collaborative efforts that Kumba Iron Ore, in partnership with Springer New Technology and Anglo Technical Solutions Research, is pursuing in developing a novel density determination technique exploiting X-ray transmission (XRT) and optical imaging. This technique is being developed with the aim to determine sample density distributions that apply to washability characterisation of ores. This technique is aimed to be an alternative to the traditional sink and float method. For certain applications sink and float has required the use of tetrabromoethane (TBE) solution?a chemical that has been classified as harmful and environmentally unfriendly. This paper therefore presents some achievements in developing this novel technique which seems to be very promising.

Jan 1, 2012

A knowledge of the steady-state mass and energy requirements of a particular process is essential to a determination of the economic feasibility of that process. A predictive simulation technique can be of great value in this respect. A versatile computer program based on a fundamental thermodynamic approach has been developed for the prediction of process requirements. The equilibrium composition of a multiphase system is determined by the technique of free energy minimization. Energy-balance calculations are performed using the appropriate thermodynamic data for the chemical species present in the composite materials used. All models for the process units under consideration are written in modular form, the output being calculated from the input and the specified operating conditions. The computer program is written in such a way that it can be used easily by anyone familiar with the processes involved, even though he may have no previous experience with a program of this type. The program is structured so as to facilitate the varying of one parameter without any alteration to the others, thus simplifying the investigation of the effects of any parameters considered to be important. The program has the advantage of being able to compare existing and new processes on the same basis, namely from the ores to the molten metal.

Jan 1, 1987

By H. A. D. Kirsten

The skills differential between manpower supply and demand is due to deeply rooted socio- and politico-educational misconceptions that can be remedied only by a concerted cooperative effort on the part of the general public, the State, organized industry, organized engineering, and engineering education. This will require the general public to recognize that the reasons for the shortages in engineering manpower should be regarded as critical. Public perceptions of engineering, of the vocational and educational prospects in engineering, and of the skills required are poor. The spectrum of engineering vocations, the corresponding function profiles, the interaction between the vocations and the relative proportions of the vocations in the engineering team are in general not adequately appreciated. The recruitment and training of students and teaching staff, teaching facilities, educational curricula, practical training, qualifications, professional registration, and financing are aspects of engineering education that should be brought to the attention of all concerned. . In addition, the educational curricula for the various vocations need to be specified clearly and definitively if the overall mission of engineering education is to be properly appreciated. The uncertainties between university and technikon education and the pursuant vocations need to be resolved. This can be done only by defining the respective curricula in terms of the mental skills and scientific techniques required. The remedial actions with regard to the rationalization of engineering education comprise informing of the public; establishment of an active political lobby; revision of existing education policy; rationalization of existing educational infrastructure; promotion, development, and guidance of engineering student intake; financing of engineering education; accelerated creation of new employment opportunities; and monitoring of the supply and demand of high-level manpower. The parties required to nitiate these remedial actions are various State departments and corporations involved in engineering and industry, various departments of education, the Directorate of Technology of the Department of Trade and Industry, organized engineering education, organized engineering, organized industry, and the Human Sciences Research Council. Only if these interest groups actively initiate the various actions under the coordinated guidance of organized engineering wil the required results be achieved. The South African Engineering Association has proposed a comprehensive programme as strategy to solving the problem, and has obtained broad consensus from various State departments, organized engineering education and research, and the private sector. A joint venture between the Foundation for Research Development, the South African Engineering Association, and organized industry has been charged by the State President with the task of launching the programme.

Jan 1, 1991

By C G. Robinson, B. K. Loveday, J. C. Paynter

"A method of optimizing the design of a processing plant has been developed which minimizes capital and operating costs for average stripping ratios and ore characteristics. Models were developed to describe the operating characteristics and costs involved in various operations such as up-grading, leaching and solid-liquid separation.The options available in up-grading policy and the relation between the cut-off grade and the costs incurred subsequently in the treatment of the ore formed the basis of the optimization. To arrive at an optimum plant configuration and a set of operating parameters, the interrelation between grinding size, leaching temperature, leaching time, and various plant recycle options was investigated."

Jan 1, 2014

By E. E. Almási, G. Mucsi, G. Rákhely, Á. Rácz, B. Csőke, Zs. Pap, K. Bohács, N. Halyag

Wet stirred media milling is a widely applied grinding process in the field of mineral processing to produce <10 μm ground materials. In this paper, the results of wet stirred media milling of different Ti, Fe and Cu-oxide and phosphate minerals are presented. During the experimental work, grinding of ilmenite, vivianite, hematite and cuprite was carried out in a continuous operation wet stirred media mill. During the experiments, the particle size distribution and specific surface area of the ground materials were determined after a certain grinding time, as well as measuring the specific grinding energy, thereby determining the grinding kinetics of the different minerals. The measurement results showed the differences and similarities in the grindability of the individual minerals. Nano particulate vivianite, hematite and ilmenite was successfully manufactured in a stirred media mill; however cuprite was characterised as the coarsest final product for the same grinding circumstances. Keywords: Wet stirred media mill, cuprite, vivianite, ilmenite, hematite

Jan 1, 2020

By R. P. King

The ideas leading to the formulation and utilization of a flotation model are developed. The main theoretical and experimental work that has been carried out by the National Institute for Metallurgy Research Group at the University of Natal is presented. The two experimental flotation plants available to this Group are described.

By J. M. Czaplicki

The problems connected with deep mine hoisting and the increasing complexity of this process can be analysed through the application of such mathematical tools as stochastic modelling to study the effectiveness, reliability or safety of hoist methods. To relate these theoretical investigations to real practice, knowledge about components, their stochastic nature and stochastic order of appearance is necessary. This paper presents results obtained during the ten-year (1976-85) period of research undertaken in the Polish mining industry by the Mining Mechanisation Institute of the Silesian Technical University, Gliwice, Poland.

Jan 1, 1987

By M. J. U. T. Van Wijngaarden, R. J. Dippenaar, J. M. A. Geldenhuis

The successful application of solid electrolytes in electrochemical cells for high-temperature thermodynamic studies depends to a large extent on an accurate knowledge of the P. value of the electrolyte (the oxygen partial pressure at which the ionic conductivity and n-type electronic conductivity of the electrolyte are equal). Consequently, the P. value of an electrolyte must be determined prior to its use in electrochemical cells. This paper describes the successful application of a coulometric titration technique in the quantitative assessment of the P. values of a commercially available ytria-stabilized zirconia electrolyte that has been used extensively by local investigators. The experimentally determined P. values of the electrolyte are reported and compared with P. values reported in the literature for a similar electrolyte.

Jan 1, 1988

[COUNCIL FOR 1992/93 President J.P. Hoffman President Elect Dr H. Scott-Russell Vice Presidents Senior J.A. Cruise Immediate Past President R.D. Beck Junior D.A.J. Ross-Watt Honorary Treasurer J.A. Cruise Members of Council Dr N.A. Barcza B.R. Broekman G.A. Brown P.M. Craven Prof. R.J. Dippenaar J.R. Dixon* A.A.B. Douglas B.R. Fleetwood Dr R.V.R. Handfield-Jones P.R. Janisch * co-opted P.J. Knottenbelt R.P. Mohring J.L. Nel* K.C. Owen P.D.K. Robinson K.A. van Gessel D.J. van Niekerk C.J.C.J. van Vuuren* P.M.T. White]

Jan 1, 1993

By F. J. J. Blaauw

This paper discusses a bold venture into the use of interactive computer graphics technology as the foundation of an overall integrated mining managerial system. The wide range of applications that can be addressed through the use of this technology is highlighted, and some discussion of the major facts of this project, which is still in its early stages, is provided.

Jan 1, 1987

By C. G. Verkerk

The paper discusses the transport and rheological characteristics of high concentration slurries or pastes for backfill purposes. The influence of pipe size, particle size distribution, additives, coarse material and mass concentration on these characteristics is addressed.

Jan 1, 1988

By R. Heunis

The hazard of rock bursts and rock falls as experienced in South African gold mines is examined in the light of recent research findings. The problem areas include high fatality rates, losses in production and equipment, and a detrimental influence on the recruitment of labour. The nature of the hazard is analysed, and it is shown that rock bursts are strongly related to the spatial rate of energy release by mining but that rock falls are not. The role of blasting and geological discontinuities is discussed. Practical rock-burst control strategies are compared, including the use of stabilizing pillars, back-filling and, in particular, techniques for reducing the frequency and severity of accidents resulting from large rock bursts. The latest stope-support experiments and their potential implications to mining are consid~red. It is concluded that a better understanding of the rock-burst and rock-fall hazard has resulted from the industry&apos;s research efforts. The findings can be applied towards obtaining an improved underground environment for men and machines.

Jan 1, 1980

By A. J. Burger, F. L. D. Cloete

Tests indicated that effective recovery of pyrite from a coarse Witwatersrand quartzitic ore can be accomplished by intensified flotation in an air-sparged hydrocyclone. Air is fed through the porous cylindrical wall of the hydrocyclone into a swirling layer of slury. Hydrophobic particles are attached selectively to small air bubbles, which form a froth and are recovered through the overflow. Hydrophilic particles pass out in the underflow. A spigot in which flow is restricted by an orifice was found to be more successful in preventing blockage by wood chips than an annular opening between a pedestal and the cylinder wall. Pyrite recoveries of 85 to 93 per cent at grades of 35 to 40 per cent sulphur were obtained in the air-sparged hydroclone with residence times of about 1 second. Comparative tests in a batch flotation cell after 320 seconds yielded average recoveries of up to 96 per cent, but with a mean grade of 32,5 per cent sulphur. A high colector dosage of 120 g/t was required in the cyclone, compared with the 40 gft used in conventional operations. An air flowrate of about 150 I/min was adequate at a slury feed rate of 35l/min. Particle sizes between 38 and 106µm yielded the best flotation results.

Jan 1, 1988

Actual observations of rockburst damage, together with some theoretical considerations, strongly suggest that conventional approaches to the design of tunnel support are inappropriate where there is a significant seismic risk. The present widely used support systems, which are based on stiff, fully grouted re-bars, are inadequate where rock displacement velocities exceed 1 m/s. It is shown by means of a simple conceptual model that yielding of the support elements is essential to ensure their survival when they are subject to the high strain rates typical of severe rockbursts. The model proposes that the total load in the element is an impulsive tensile force imposed and sustained by a single &apos;tributary&apos; block ejected from the tunnel wall. The stability of the system is determined from a comparison of the kinetic energy developed by the block with the energy of deformation absorbed by a grouted steel tendon. A novel test procedure was developed for the validation of this approach, and for an examination of the energy-absorbing capacity of stiff and yielding tendons. The results of an initial series of tests showed that the recently developed cone-bolt is an effective yielding device. It absorbs twenty times more impulsive-load energy than is consumed by the complete fracture of grouted re-bar of equivalent strength, and it remains totally unscathed. Importantly, the results demonstrate that the ejection model is not merely an explanatory concept, but can be used as a representative and valid design method.

Jan 1, 1994

An evaluation was made of the wear and performance characteristics of liter bars, and the cost-life effectiveness of backing materials for rotary-mil liners. In a large run-of-mine mil in which the liter bars were mounted on grid liners of austenitic manganese steel (AMS), the liners had an average life that was five to six times that of equivalent unprotected liners. For a single mil, this is equivalent to annual savings in the cost of materials of up to R320 000, and to a downtime of 100 hours. Of the five materials tested in a large pebble mil grinding quartzitic ore, AMS grids and &apos;white iron&apos; blocks performed best on a cost-life basis, with possibly improved performance from a real white cast iron. (The &apos;white iron&apos; was shown by microstructural analysis to contain flake raphite and pearlite, being in reality a grey cast iron.) The high-chromium white iron had by far the longest predicted life, with mild steel a surprising second. Rubber was shown to last well in this type of mil. The wear rates of liners change during their lifetimes. The protective effect of liter bars was clearly illustrated by the reduction of over 40 per cent in the wear rates of the liners when the lifter bars were renewed to a height of 80 mm from a fully worn height of 35 mm.

Jan 1, 1991

By M. Kilfoil

Many minerals processing operations result in crushed rock being mixed with a liquid. Sometimes, the rock particles have to be dried before the next process begins and there may be a considerable distance between the equipment carrying out these processes. Bateman Engineered Technologies (BET) developed, patented and commercialized a method of simultaneous pneumatic conveying and drying. A joint project to assist with optimizing the process is under-way. Part of it is a numerical simulation of the process. The simulation is done using a dedicated program written in MATLAB, (commercial software which is widely used in engineering). It accounts for heat and mass transfer as well as particle transport. The main part of the program consists of a loop containing a series of equations which are evaluated sequentially. During any particular iteration, the properties are changed one at a time. Since the properties are changing relatively slowly, this method gives good results. The outputs of the simulation are consistent with the operational experience of BET’s engineers. The output is very comprehensive and all numerical. Since the program is currently being used for research purposes, flexibility is very important. Thus the output is converted into a spreadsheet file. Variations in the output quantities are displayed graphically using MS Excel. Some simulation could have been done using computational fluid dynamics (CFD) software. The advantages and disadvantages (technical, financial and skills requirements) of the two approaches for this particular type of simulation are compared briefly. Keywords: Pneumatic conveying, Heat and mass transfer, Computer model

Jan 1, 2003

By R. Ciccu

This paper examine the optimization of a beneficiation plant for recovering marketable barites from crude ores of different characteristics. The plant, part of a mining complex in Sardinia, consists of a jig section integrated with a flotation line. The problem has been studied using a suitable model of the process, based upon experimental and field data pertaining to both the characteristics of the feed material and the performance of machinery. Data have been automatically processed with the aid of a computer to find the optimum setting of each section, in order to maximize profit for each kind of ore separately fed to the plant. Moreover, the advantages of blending the various concentrates - not all of them individually marketable - are also demonstrated. The overall economic result can be improved provided suitable proportions of each kind of ore are fed to the plant. Such information is fundamental for the long-term planning of exploitation of available reserves, and provides guidelines for further prospecting. The paper illustrates the washability characteristics of the ore&apos;s and describes in detail the model adopted. The results of data processing are then presented in the form of computer graphs and discussed. Finally, conclusions are drawn regarding the advantages of resorting to Operations Research as an aid to management.

Jan 1, 1987