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Equity finance provides the most suitable and frequently the only access to capital during the exploration and evaluation stages of resource projects when project risk is at its highest. Investors are prepared to provide equity funds in the knowledge that they are compensated for the higher risk they take on with higher potential returns or sufficient upside potential to justify the higher risk. The context of resource projects which determines the role of equity finance has changed considerably. Prior to the resurgence of the gold price and the development of new mining technology many resource projects were selectively mining orebodies by underground methods frequently with limited reserves proved up in advance of mining. The limited proved ore reserves base and the volatility of the gold price all contributed to a higher risk and higher return investment environment in which the use of equity finance was more appropriate and frequently the only option for capital raising. The financial risk of a resources project can be transferred to an underwriter who makes the commitment to distribute the financial risk between a number of investors. There is also the opportunity for financiers to use a mix of equity and debt finance to allow a company to proceed with the development stage where without such a mix the resource project would not proceed. By using a level of equity finance the project becomes robust enough in its ability to service the debt finance facility and the project proceeds with the equity participants receiving a suitable risk reward return. The liquidity from the establishment of a market for the company's securities enhances further capital raising and generally enables the company to satisfy its financial requirements on more favourable terms particularly during bull markets. The role of equity finance in the management of the financial risk during the exploration, evaluation, development and mining stages of resource projects is summarised in Table 1. In more detail the principal roles of equity finance and the ways in which equity finance impact on the risk management of resource projects will be considered in turn.

Jan 1, 1994

The authors are looking at the behaviour of the mineral processing circuits by means of the simulators operating under random disturbance. The present paper deals with the fuzzy control systems in comparison with PID controllers. A series of tests are conducted on simplified prototype processes with (1) dead time plus first-order lag model and (2) diffusive model. In the next series of tests the self-sustained process model was introduced to improve control against dead time. In both cases fuzzy and PID controllers are optimised by EVOP method. Particular attention is paid to the effect of observation noise to analyse for the problems which can be fatal to practical applications in mineral processing. Finally the methods developed are applied to a closed-circuit wet grinding system simulator operating under random disturbance.

Jan 1, 1993

The Drummond Basin is a large intracratonic basin which developed in central Queensland during Late Devonian to Early Carboniferous times. It is postulated that the Drummond Basin developed as a foreland basin, to the west of a probable west dipping continental margin volcanic arc and subduction zone. The Drummond Basin sequence has been s,ibdivided into three tectono-sedirnentary cycles. Cycle I forms the base of the sequence and comprises thick sequences of intermediate to felsic volcanics and proximal volcanolithic sediments. The volcanics, particularly in the northeast of the basin, occur in separate sub-basins around what were probably isolated eruptive centres. In contrast, the rocks of Cycle 2 and Cycle 3 have been deposited during episodes of broad, basin wide subsidence. Five major igneous episodes, some of which may be co-magmatic, are recorded in the eastern Drummond Basin and environs between the Late Devonian and the Early Permian. The first and second episodes occurred during the Late Devonian to Early Carboniferous and are represented by the volcanics in Cycle 1 and Cycle 3. The third episode involves the intrusion of granitoids of Early Carboniferous age into the Drummond Basin sequence. These occur in the Ukalunda area and are related to gold mineralisation at Ukalunda and Valhalla. Episode four includes the felsic volcanics of the Bulgonunna Volcanics. This episode does not appear to he broadly auriferous but gold mineralisation does occur in possible basal Bulgonunna Volcanics at Mount Coolon. The final episode includes a suite of granitic intrusives which intrude the Bulgonunna Volcanics and which are considered to be co-magmatic with them. These intrusives do not appear to be generally associated with gold mineralisation. Gold mineralisation is widespread in the north- eastern Drummond Basin and environs. It is probable that the gold mineralisation is concentrated in epithermal cells during the Late Devonian to Early Carboniferous volcanic cycles. This style of mineralisation appears to be related to tectonic setting in modern analogues.

Jan 1, 1989

By Smith KS

Mineral-deposit geology, geochemical processes, and biogeochemical processes are fundamental controls on the environmental conditions that exist naturally in mineralized areas prior to mining, and that result from mining and mineral processing. Input from economic geologists and geochemists is therefore crucial to effectively predict, assess, mitigate, and remediate the environmental effects of mineral-resource development. Recent open pit gold mining at Summitville, Colorado, has received intense public scrutiny for a variety of environmental problems, most important of which has been extreme acid drainage. Now a Superfund environmental cleanup site, Summitville exemplifies how economic geology and geochemistry principles (1) could have been better utilized to first predict and minimize the environmental problems, and (2) can now be used to optimize the environmental cleanup.

Jan 1, 1995

By E M. Rykaart

The design of soil covers as part of the remediation initiatives for mine waste facilities is common practice and more and more engineers are faced with designing these facilities. The design issues associated with these soil covers are complex and requires a good understanding of unsaturated flow. More engineers are making use of numerical models to predict how cover designs would perform, and this has been necessitated by the high non-linearity associated with solving unsaturated flow problems. There are numerous numerical models available to the prospective users and they are all simplifications of reality using different assumptions. The users of these models often do not understand the limitations of the models but rather select a model based on ease of use, and that lends to increasingly erroneous designs being proposed for construction. This paper describes a comparative evaluation of a cover design using four different codes available today; SoilCover, SWIM, HYDRUS-2D and HELP. The paper does not propose to measure these codes up against each other and make statements about which is better than the other but rather illustrates how the assumptions in each code affect the outcome. The data set used for the comparative study is a well calibrated data set that that has been collected over a long period in time and that has been collected according to strict controls. The authors present the pitfalls of numerical modelling of the surface flux boundary conditions, as well as present guidelines towards appropriate use of these modelling tools.

Jan 1, 2003

By J Cook, S Pike, D Pridmore

"An EXTENDED ABSTRACT is available for download. A full-length paper was not prepared for this presentation. The application of high-resolution seismic reflection to map structure and/or mineralisation in hard rock environments has progressed significantly in the last decade. Improvements in equipment, field practice, processing and understanding has seen the seismic reflection technique emerge as a cost-effective tool for high-resolution three-dimensional structural and lithology mapping to depths far greater and with superior accuracy than other more conventional geophysical techniques.This paper outlines results and preliminary interpretation of 2D and 3D seismic reflection surveys aimed at defining fault zones and locations for quartz load development in favourable host lithologies at the Cracow low-sulfidation epithermal gold system in Queensland, Australia.As this is possibly the first time that high-resolution seismic reflection data has been used to define the structurally-controlled location of low-sulfidation epithermal gold mineralisation, an important aspect of this work was the derisking or due diligence steps taken prior to commissioning the full 3D surveys at each site. This included full wave sonic logging, vertical seismic profiling and trial 2D lines. Interpretation of the 2D profiles and the drilling of interpreted structure provided the confidence to proceed with the full 3D survey.The advantage of collecting 3D data extends beyond ensuring that the received reflections are located correctly in 3D space. The final 3D data cube can potentially map the entire fault network, thus highlighting flexures and changes in orientation of the structures both vertically and along strike, which is an important aspect in the deposition of gold and for direct targeting.CITATION:Smith, R, Cook, J, Pike, S and Pridmore, D, 2015. Application of high-resolution seismic reflection surveys to exploration for blind vein systems at the Cracow low-sulfidation epithermal field, in Proceedings PACRIM 2015 Congress, pp 77–84 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 18, 2015

By Mousset-Jones P, McPherson M. J

This paper explains and discusses a computer program developed to deter- mine the optimum combination of fan pressures that will give a required distribution of airflows in a mine ven- tilation system. The program is based on an existing simulator, VNETPC and two experimentally developed relationships: (1) linearity between fan pressures and added regulator resistances and (2) a non- linear convex function relating the system air power and the fan operating Pressures.

Jan 1, 1988

About 60 persons are admitted to the graduate course every year after passing the entrance examinations. The entire course of studies is free of charge and the universities provide accommodation for the students who need it. The five years of studies are divided into 10 semesters. One semester lasts 15 weeks. Automatics can be studied at three separate faculties. At the University of Mining and Metallurgy, it is offered by the Faculty of Electrical Engineering, Automatics and Electronics as well as the Faculty of Mining and Metallurgical Machines (metrology can also be studied there); at the Silesian Technical University in Gliwice, the Faculty of Mining offers the course. The educational plans and programmes comprise 3 groups of subjects: common for a given course of studies (foreign languages, political science and the basic technical knowledge) common for the speciality and subjects of diploma courses. The whole time of studies covers about 4400 hours excluding 3 periods of professional training and the physical training. The classes, laboratory classes, seminars and design classes are obligatory and the attendance is strictly checked. Students may extend their knowledge by participating and working in the Science Clubs. The students' work is checked not only during the classes but also by the examinations held at'the end of respective semesters. Those who fail the exams can repeat them only if very important reasons are presented. At the very end of the studies there is a diploma examination together with a discussion on the diploma thesis, written by the student. The successful result entitles the student to recieve the title of "magister inzynier",M.Sc. of his speciality. The graduates, after working for 2 years, can attend another course of studies lasting 2 semesters and called "Postgraduate Course", or start "Doctoral Studies" finished by the defence of a doctor's thesis. In'these cases the expenses are usually covered by the graduates' employers.

Jan 1, 1985

By Bhattacharyya A. K

The current methods for predicting pillar strengths are reviewed. A two-dimensional model, based on the Mohr-Coulomb failure criterion, is proposed for determining the compressive strength across the width of a long pillar. The model can be used to determine pillar strength and the depth of the crushed (ie yielding) zone from the pillar edges. The values of the parameters in the model, namely the cohesion and internal friction angle of the coal seam, friction angles at the contact of the coal seam with the roof and floor are determined by matching the strengths predicted by this model with the Bieniawski pillar strength formula for pillar width to height ratios up to 5. It is found that the derived values of these parameters are quite close to the results from laboratory tests. Based on the model, a preliminary analysis of pillar stability is made.

Jan 1, 1995

The paper describes the reasons for the development and for the selection of systems which were finally adopted; further estima- tion and design engineering problems, as well as experience with large screens in operation. Advantages, disadvantages and the final li- mits of screen dimensions are indicated.

Jan 1, 1984

The Telfer Gold Mine, owned and operated by Newcrest Mining and located in Western Australia, is currently being expanded. A new underground sublevel cave development is proposed along with an appreciable expansion of the open pit. The Telfer area is generally subject to low rainfall, however, during the wet season cyclonic events can result in sizable rain events, which have the potential to cause substantial inflow. In addition to this, during the first five years (nominal) of the mineÆs life, there is the potential for drainage paths between the pit and the underground mine via decommissioned underground workings which lie directly under the pit. After this initial five year period the pit floor will be mined out below the old workings and will therefore no longer connect to the underground, however cave breakthrough to the surface may start to occur thus providing another water path into the underground mine. To arrive at an optimum, safe solution for dewatering the mine that successfully addressed the above items, a rigorous risk analysis was included as an integral part of the design process. This involved the determination of the probability of events occurring and the consequences of these occurrences. This was compared against the cost of mitigation for the various events. This paper outlines the process by which a safe concept addressing all the issues relating to dewatering the proposed mine has been arrived at. This process included: Establishing the pit catchment areas. These were based on historical run-off data and took into account practical mitigation works. Establishing an Average Recurrence Interval (ARI) based on reference material and historical rainfall data. Utilising a standard approach based on Australian Rainfall and Run-off (ARR) to calculate pumping and storage requirements for the various catchments. Analysing the 20 years of recorded rainfall in the Telfer area to establish the duration, magnitude and sequence of events. This analysis assisted in determining the surface run-off coefficient. Establishing potential water storage areas and determining the risks associated with using particular storage options. Establishing the percolation rate through the cave zone. A degree of uncertainty regarding the percolation rate in the cave zone required that the consequences of using various percolation rates were considered to aid in establishing the rate which was adopted. Establishing preliminary concepts and determining the most economically viable concept. Conducting a risk assessment based on the principles outlined by Australian Rainfall and Run-off (ARR) to confirm that the appropriate Average Recurrence Interval (ARI) had been selected. A risk assessment was also conducted in accordance with client requirements. Establishing the optimum pump station sizes and storage capacities. Establishing the appropriate numbers of duty and standby equipment. By using the foregoing process, which included a number of stages of risk analyses, an optimum dewatering system concept was produced.

Jan 1, 2003

By K Lee, K Fernando, S Rayner

Copper-gold ores have been technically difficult and uneconomical to process due to high consumptions of cyanide. Many copper oxide and sulphide minerals react with cyanide to form copper cyanide complexes, partly contributing to the high level of weak-acid dissociable cyanide in the tailings which is normally experienced during the processing of copper-gold ores. The cost for detoxification, if required for treating these tailings, would further inhibit the development of these copper-gold resources unless the cyanide used for leaching was recovered. Several technologies have been proposed to process copper-gold ores, aiming to recover copper as a co-product and cyanide for recycling in conjunction with the leaching process. A critical review of these processes reveals that a pre-concentration stage (solvent extraction or resin ion exchange) is required. Cyanide is recovered by the conventional Acidification-Volatilisation-Regeneration technique in most cases. A critical evaluation is also provided on technical aspects related to the use of Vitrokele Technology and a newly developed Elutech process in processing copper-gold ores, in particular with its application at May Day Mine.

Jan 1, 2000

By S R. Grano

The selection of the proper frother, specifically for a given ore, is essential in flotation. Traditionally, strong and stable froths are required in the scavengers, where metal recovery needs to be maximised, while selectivity must be achieved in the roughers and cleaners, where grade of concentrates is the main issue. The physical properties of a froth are determined both by frother type, by process water composition and by the amount and nature of the suspended particles. The evaluation of different frothers, in terms of metallurgical performance, is complicated at plant scale, since it may lead to periods of malfunctioning of the process and unacceptable decreases in recovery. On the other hand, evaluation based on frother chemistry only, is often unsatisfactory, because the frothing response is strongly ore dependent. A procedure, and proper tools, was developed at the Wark in order to perform the screening of candidate frothers at batch scale on real pulp samples. The main parameters related to froth stability (half-life time, froth height) are measured after introducing the pulp samples into a foaming column, where different conditions in terms of frother addition, agitation and aeration can be maintained. The approach has been applied to the selection of frothers for the flotation of an Australian sulfide ore. Procedure and results are discussed.

Jan 1, 2006

By M J. Saynor, W D. Erskine an, D R. Moliere

The Jabiluka uranium mine was constructed in the Ngarradj catchment, a right bank tributary of Magela Creek in the Northern Territory. The Jabiluka Mineral Lease is adjacent to Kakadu National Park, near an area listed as Wetlands of International Importance under the Ramsar Convention and recognised under the World Heritage Convention. In the late dry season of 1998 and prior to the 1998 - 1999 wet season, a stream-monitoring program was implemented in the Ngarradj catchment to collect baseline data on sediment transport within the catchment to assess and proactively manage associated impacts caused by mining at Jabiluka. Stream suspended mud concentration, stream discharge and rainfall data were collected for four wet seasons (1998 - 2002) giving an almost continuous data set. The stream system has high natural variability dependent on rainfall intensity and subsequent discharge and pre-wet season fire distribution and intensity. In general, mud concentration is elevated at the commencement of the wet season until about February. This is caused by first-flush removal of surface material detached during the dry season by agents such as bioturbation (including anthropogenic activity), wind erosion and surface desiccation. Water quality trigger values downstream of the mine were derived using upstream percentiles and the before-after-control-impact, paired site design. Both analyses showed no observable impact from mine construction in 1998 or during the study period. However, the impacts of dry season fires could be clearly detected. The data set provides good baseline information for future assessment at Jabiluka and demonstrates the need to view measured parameter values on a catchment-wide basis with knowledge of rainfall, discharge and fire distribution.

Jan 1, 2004

By Johnson M, Wooltorton B

A programme of hydraulic fracture stress measurements conducted in surface drill holes along the alignment of the King River Power Tunnel has provided information of importance to the assessment of the extent of steel lining requirements for the tunnel. A significant horizontal stress field has been detected at a location remote from the power station site, with a corresponding absolute minimum stress magnitude approximating the overburden pressure based on depth of cover. Measurements made closer to the power station site (located toward the bottom of a valley) have revealed an apparently relatively destressed region with minimum stress magnitude less than overburden pressure. The implications of these results are discussed.

Jan 1, 1987

The accurate determination of trace level gold in ores, metallurgical samples and process solutions is required because of the value of gold, the efficiency of the cyanide leach process and because of the high gold recovery from these cyanide solutions. It is thus necessary to routinely analyse geological and metallurgical samples with gold concentrations of 3 g tonne (ug g- 1ppm) and process solutions with a gold concentration of 0.01 mgL 1 (ppm) preferably with sufficient accuracy to quote at least two significant figures. Several techniques have been reviewed for their suitability for the routine gold analysis of these samples which also contain signif- icant concentrations of other ions. The classic fire assay technique has achieved the respect and confidence of mining personnel because of the results achieved by very experienced assayers. Other extraction and concentration techniques have now been shown to be equally effective. The use of instrumental analytical techniques particularly atomic absorption spectrometry have shown that cheaper procedures, which are as reliable, are now available to gold producers for the routine analysis required to maintain an efficient gold recovery process.

Jan 1, 1982

By Zhang P, Wang T, Duan X, Sheng T, Kong L, Wang Y

This paper puts forward an artificial neural network (ANN) for the forecast of deformation of the surrounding rock deformation. On the basis of this, this paper gives some examples of its application. The results show that the ANN model has a high forecast accuracy.

Jan 1, 1995

By G Lane, S Morrell

The design of the 12 m diameter SAG mill installed at the Cadia Hill Mine in New South Wales followed after two years of extensive laboratory and pilot plant testwork. The testwork showed the Cadia ores to be hard and competent necessitating the use of both a variable speed SAG mill drive and pebble crushing. The grinding power requirements for the SAG mill was based on engineering in-house grinding software, pilot plant data and simulations using JK SimMet software. Surveys of the SAG mill operation during the first four weeks showed the feed size distribution, transfer size and pebble rate to be lower or less than those for which it was designed. To compensate for the lower pebble rate, the SAG ball load was increased. This resulted in the total comminution circuit power being some 0.5 kWh/t higher than predicted. The JK SimMet SAG model has been modified to take account of these variations.

Jan 1, 2000

By Chugh Y. P

A simplified, three-dimensional, time-dependent, mechanistic model of the overburden-coal seam-floor interaction has been developed and validated at two Illinois coal mines. The model based on the thin plate theory can involve any complex layout of mine workings, time-dependent sequence of extraction and, rheological properties of immediate floor strata. The model output data consist of spatially distributed surface subsidence and its slope and curvature, as well as load acting on pillars in one or more panels. A comparison of calculated and monitored surface subsidence or in- mine convergence measurements has proven the model's effectiveness for surface subsidence and load transfer Prediction.

Jan 1, 1992

Three methods of gold analysis are briefly described highlighting some of the problems and advantages of each. The variation of results between samples and splits and due to method preparation are illustrated. The mean percent difference of the fire assay values from the means of sample split values for three cases is 15%. Finally, a comparison of the aqua regia atomic absorption spectroscopy and fire assay fusion AAS techniques is made. This shows that the mean precision, the ability to obtain the same value, of the methods at 98% confidence are +30% and +15% respectively. The fire assay fusion atomic absorption spectroscopy method is relatively more accurate than the aqua regia method.

Jan 1, 1982