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By P. K. Sims

One-day field trip via U.S. Highway 6 and Colorado Highways 119 and 279 from Golden, Colorado to Idaho Springs. This field trip provides an opportunity to observe aspects of the Laramide ore deposits in the Central City and Idaho Springs mining districts and the Proterozoic basement rocks, which host the ore deposits.

Jan 1, 1986

By S. Rezaei

Moving ground in the mining industry is almost inevitable; however comprehensive awareness of these movements is necessary to mitigate risk. Monitoring of displacements caused by mining is a key tool for geomechanical risk management. Good monitoring may prevent unexpected failures and protect personnel and equipment. Many displacement monitoring techniques are available, however not all are reliable, accurate, and cost effective. Close range photogrammetry (CRP) is a monitoring method with high accuracy, reliability, and cost effectiveness; and has the ability to measure places that are inaccessible. In CRP, some series of photos are taken in different positions with different angles at different time intervals depending on the displacement rates. These photos are processed using PhotoModeler software and 3D models are made. By comparing 3D models, displacements can be measured. This method has been demonstrated at the Freeport-McMoRan Safford Mine in Arizona. A fault related instability in part of the pit is reactive to mining, and provided an opportunity to compare results between traditional monitoring methods and CRP. In this project, multiple series of photos were taken at different times using a Canon 5D Mark III digital camera, then PhotoModeler software used to make 3D models for each specific measurement event. Movement rates were determined by comparing different 3D models. These results are then compared to results of other monitoring methods to validate the CRP displacement method.

Feb 27, 2013

By Robert J. Mac Kinnon

A moving grid finite element model for the analysis of transients in a rock mass surrounding an underground coal conversion cavity is presented. Major model components are outlined, including a special element formulated to account for internal discontinuities. A numerical example is described.

Jan 1, 1986

The molecular form of aliphatic amines precipitates in alkaline solutions when the amine solubility limit is exceeded and forms a typical colloidal system. The zones of mines precipitation and micellization are defined and it is shown that the appearance of a colloidal system in a certain pH range is a unique feature that makes weak electrolyte type surfactants differ from strong electrolytes. The formation of iono-molecular complexes reported in the literature is shown to be a pre-precipitation phenomenon. The zeta potential - pH curves for minerals and bubbles in the presence of amines in the pH range where the amine forms a colloidal precipitate are entirely determined by the precipitate. The pH dependence of the flotation of certain minerals using amines is discussed in the light of these findings.

Jan 1, 1989

By J. B. Hiskey

INTRODUCTION The extraction of gold and silver from ores, concentrates, and various metallurgical products can be achieved by a number of hydrometallurgical techniques. The solvation properties of alkali cyanide solutions on gold and silver were recognized 200 years ago. A cyanidation process for leaching gold from its ore was patented in 1887 and 1889 by MacArthur and Forrest. The solvent action of thiosulfate on gold and silver was observed over 100 years ago. Recently, several patents have been issued for processes using ammonium thiosulfate as lixiviant for precious metals, Berezowsky, et. al (1978) and Kerley (1981). Tozawa and and coworkers also examined the dissolution of gold in ammoniacal thiosulfate solution. Thiourea leaching of gold and silver initially discussed by Plaksin and Kozhukhova in 1941 but has received only limited attention since that early work. Use of thiourea as an alternative to cyanide was the topic of several papers presented at the 1981 AIME annual meeting In Chicago, Illinois. Hiskey provided a review of the fundamental chemistry of the dissolution of gold and silver in acidic thiourea solutions. Pyper and Hendrix reported on the leaching of a finely disseminated gold ore using thiourea as a lixiviant. The review article(6) previously presented was fairly comprehensive covering Important contributions to the chemistry of thiourea and the processing of gold and silver with acidic thiourea solutions. A search of the technical literature was made to determine recent (since 1981) progress and developments in applying thiourea to the processing of gold and silver. This review reveals that Soviet and Eastern European scientists are continuing to make major contributions to our understanding of thiourea/precious metal systems.

Jan 1, 1984

By Zhen-xing Diao, Feng Zhao, Ya-dong Xue

"Two important aspects of excavation performance of TBM are advance rate and cutter replacement/ring consumption, which is closed to the cost and construction duration of the project. To achieve this, a database of TBM parameters and the geological-geotechnical conditions during the excavation of Yinhanjiwei was compiled and analyzed. Relationships between different geological and TBM operational parameters were investigated. Results of analyzes show that there are qualitative correlation between Field Penetration Index (FPI) and rock geological parameters. And strong relationships between FPI and operational parameters are suggested. In this study, the cutter replacement and ring consumption were analyzed using statistical method for preliminary estimation in similar conditions. 1. ITRODUCTION Hard rock TBM is widely used in tunneling project nowadays because of its advantages to conventional drilling and blasting, especially in long tunnels. The biggest advantage is its high advance rate. However, rock conditions of tunnels are complicated. So TBM performance becomes a primary topic in tunneling engineering, which includes of rate of penetration, utilization, daily advancement, cutter consumption and so on. Many prediction models have been developed to estimate the TBM performance in the project planning phase. The most widely accepted and used models around the world are semi theoretical CSM model (Rostami and Ozdemir, 1993; Rostami, 1997) and the empirical NTNU model (Blindheim, 1979, Bruland, 1998).With increasing uses of TBMs in different ground conditions, an increasing number of researchers have developed new models in order to predict the performance of TBM more accurately in similar geological conditions.(Gong and Zhao, 2009; Hassanpour et al.,2009, 2010, 2011, 2014; Delisio et al., 2013; Delisio and Zhao, 2014)"

Jan 1, 2016

By Clyde M. Pearce

This paper describes the facilities at Pointe Noire, Quebec that Wabush Mines utilizes for the receipt, distribution, stockpiling and shipping of iron ore concentrate and pellets. The main topics to be covered will be: 1. - General description 2. - Concentrate receiving facilities 3. - Conveying circuits 4. - Stockpiling 5. - Vessel loading GENERAL DESCRIPTION The map of the eastern Quebec - western Labrador area as shown in Appendix #1 shows the location of Wabush Mines properties. You will note the Scully Mine located at Wabush Lake, Labrador, 235 miles north of the town of Sept-Iles, Quebec. Our neighbors, the Iron Ore Company of Canada have their properties further north at Shefferville, near by at Carol Lake and at Sept-Iles. To the Southwest, our other neighbors, Quebec Cartier Mining, have their iron ore processing facilities and their terminus on the St-Lawrence at Port Cartier. Concentrates are prepared at the scully Mine by mining, crushing, grinding, concentrating, drying and high tension separation for shipment by rail to Pointe Noire, Quebec. Pointe Noire is situated across the bay from the town of Sept-Iles, Quebec on the North Shore of the St-Lawrence River. The concentrate consists of 66% iron, 2 ¼ percent silica and practically no moisture, permitting the use of specially constructed railroad cars and handling facilities to convert the concentrate into pellets, the final product.

Jan 1, 1967

By H. Douglas Dahl

Thank you, Don Gentry, for your generous introduction. It is not adequate simply to say that I appreciate very much the vote of the Award Committee putting forth my name as the winner of the 1992 Daniel C. Jackling Award. To look at the list of previous Jackling Award winners is a humbling experience. The Society for Mining, Metallurgy, and Exploration has been blessed with some exceptional members over the years, and I feel privileged indeed to be included among the Jackling Award winners. During the years of my education at Penn State, my field of specialization was mining engineering, with particular emphasis in my master's and Ph.D. work on rock mechanics. But my career has not been quite so tightly focused as that. I have been involved with coal mining in all its variety - its technical aspects, both theory and practice; and its business side, dealing with management and labor, accountants and lawyers, politicians and environmentalists. And I have also been involved with related fields - construction; exploration; barges, railroads, ships and docks; supply houses; the coke business; you name it. Coming from that practical background, I believe it is most appropriate that I talk with you today about some practical matters. But I will not advise you today how to mine coal or protect roof in a hard-rock mine. You fellows know how to do that. The practical matters that I have in mind relate to policy - national policy. I will acknowledge immediately that national policy is often much less than practical, but bear with me as we explore the subject together. I am reminded of a supervisor I had early in my career. He very strongly advised me, back in 1961, to "get involved in the political process," for without objectivity injected into our national policy making, we will become a second-rate economic power. I have selected as the subject of my remarks today, "Coal and the de facto National Energy Policy." There is an energy policy relating to coal, a de facto one, and it's the one we see as a result of regulation, attitudes and culture from our nation's capital. This de facto policy is the one we in the coal business live with every business day. My thesis is very simple - Coal is, in fact, a vital part of our national energy policy and will remain so, as a practical matter, no matter what politicians may do to us, or not do to us. Coal will prevail - that will be the happy ending to my story in which, of course, we are the good guys in the black hard hats. But first, I must flesh out the plot with some other characters and with some threatening activities. There are five main characters in my story: in order of appearance - Perpetual Politics, Rampant Regulation, Selective Science, Electrification and Confident Coal. The time: the present. Perpetual Politics is always a threat to coal. When you cross the Capital Beltway into Washington, D.C., check your wallet and your gold fillings, because you're not likely to run into any friends. On Feb. 20, 1991, just over one year ago, President Bush presented to Congress his National Energy Strategy. It's a thick document of more than 260 pages, with discussions on securing our future energy supplies, increasing energy effi-

Jan 1, 1993

By I. Ward, E. Milosavljevic, M. Botz

"The silver nitrate titration method is a rapid and acceptably accurate means of analyzing for cyanide in leach solutions that contain primarily free cyanide. However, in leach solutions containing elevated levels of copper, the titrimetric method overestimates the concentration of free cyanide and underestimates the concentration of weak and dissociable (WAD) cyanide. The authors have developed a modified potentiometric (MP) titration method for determining WAD cyanide that overcomes issues associated with high copper levels in solution. The new MP-WAD method involves addition of a chemical ligand to the sample prior to silver nitrate titration to release cyanide bound to copper. Once released from copper, cyanide in solution is no longer affected by the presence of copper, and titration results are quantitative rather than empirical. In multiple laboratory trials with synthetic solutions and complex actual leach solutions, analytical results obtained with the new MP-WAD method were found to be within about ±5% of analyses obtained with the USEPA OIA-1677 WAD cyanide analytical method.IntroductionThe silver nitrate titration method is widely used to estimate the concentration of cyanide in leach solution for purposes of cyanidation process control. Cyanide determined by silver nitrate titration is commonly referred to as “free” cyanide, but frequently should be referred to as “titratable” cyanide. By definition, free cyanide is the sum of the concentrations of aqueous hydrogen cyanide HCN(aq) and the cyanide anion CN- (ASTM, 2010). Titration will only yield a reasonably accurate measurement of free cyanide when metal-cyanide complex concentrations (e.g., cadmium, copper, mercury, nickel, silver and zinc) in solution are low. In other words, titration will only yield a reasonably accurate measurement of free cyanide if the solution primarily contains free cyanide."

Jan 1, 2015

By Drupad B. Desai, Alexander Rosenbaum

In recent years, there has been an increasing use of two-pass tunnel lining system consisting of segmental unbolted expandable precast concrete initial lining and cast-in¬place concrete final lining in the United States. Used so far in soft ground tunneling performed under free air, it often includes a waterproofing or gasproofing membrane placed between the initial and final linings. This paper describes the utilization of this two-pass system for an extension of the Baltimore Metro, constructed in part under compressed air. It offers a description of the extension project, known as Section C; addresses the tunnel lining selection process and the design of the lining elements; examines the effect of the adopted lining system and tunneling technique on the design of the project's major structural components; and describes design modification instructions in order to accommodate constantly changing field conditions.

Jan 1, 1993

By J. K. Wolski

This paper addresses the effects of using jet fans as booster fans in mine ventilation networks. A method was developed to determine the pressure generated by jet fans using the momentum theory. The influence of a reduction cone and other ventilation parameters on the jet fan pressure was analyzed. Verification experiments conducted in the Waldo Mine are described. Examples are given to demonstrate the conditions for the effective use of jet fans.

Jan 1, 1998

By Steven W. Hunt

"A paper called “Global Experience with Soft Ground and Weak Rock Tunneling under Very High Groundwater Heads” was presented at the North American Tunneling 2006 conference (Holzhäuser et.al 2006). It summarized global experience with earth pressure balance (EPB) and slurry shield tunneling on nine projects that encountered groundwater heads ranging from 6 to 11 bar. Since then, additional projects have been completed with groundwater heads ranging from 7 to 15 bar. Of these, the high pressure tunneling experience on the Lake Mead Intake No. 3 project in Nevada and on the Eurasia Tunnel (Istanbul Strait Crossing) had the greatest lengths of tunneling at face pressure over 7 bar. Experience with sustained pressurized face tunneling at groundwater heads over 7 bar and risk management observations are the focus of this paper. INTRODUCTION High groundwater head, particularly at 7 bar or more, is a major challenge when tunnelling in high permeability ground and on drives long enough to require cutter changes. It has a strong impact on design and operation of Tunnel Boring Machines (TBMs) in order to protect the main bearing from contamination, prevent excessive groundwater inflow, ensure face stability and enable access to the cutterhead and excavation chamber for maintenance. During the past 20 years, TBM manufacturers and suppliers have made tremendous improvements that allow tunneling at groundwater pressures to 17 bar or more. The most significant risk with high pressure tunneling is generally that of excavation chamber access and potentially the cutterhead for cutter changes, cutterhead repairs and TBM maintenance. Hyperbaric interventions are possible and safety variances have been approved for saturation dive interventions at pressures as high as 17 bar (Lake Mead Intake No. 3). While high pressure hyperbaric intervention equipment is available and safety approvals can be obtained at many locations, few contractors consider the cost and risk of hyperbaric interventions over 7 bar to be acceptable as the primary means of excavation chamber access. Experience with high pressure tunneling prior to 2006 was summarized in a paper entitled “Global Experience with Soft Ground and Weak Rock Tunneling under Very High Groundwater Heads” (Holzhäuser et.al 2006). That paper provided information on 9 projects: South Bay Ocean Outfall, San Diego; Channel Tunnel (French Side), France; Storebaelt Tunnel, Denmark; 4th Elbe Tunnel, Germany; Wesertunnel, Germany; Westerschelde Tunnel, Netherlands; St. Petersburg Red Line, Russia; Nara Prefecture Water Conveyance Tunnel, Japan; and Tokyo Wan Aqua Line Tunnel, Japan – see Table 1."

Jan 1, 2016

By P. L. Stavenger

Principles of Operation and Mechanical Features General Mechanical Description Sieve-bend screens are high-capacity screening devices which utilize stationary, concave, wedge-bar screening surfaces. A complete sieve bend is comprised of a feed distribution chamber, a structure for holding the screen surface, and collection chambers or chutes for oversize and undersize materials. In devices used for metallurgical practice, provision is usually made for reversal of the direction of flow over the surface, either by rotating the surface or by changing the feed nozzle position. The size of the unit varies in height from 5 to 8 ft, and in width from 2 to 8 ft. The orientation of the wedge-bar surface is such that the slots between the wedge bars are perpendicular to the flow of feed material over the surface. The feed distribution means is arranged such that the flow of liquid suspension is distributed evenly and tangentially over the width of the screen surface. A variety of means are used including simple gravity weir feeds, long slotted nozzles, and a multiplicity of round nozzles. A typical gravity-fed weir type nozzle is shown in Fig. 18. Most sieve bends are fed with gravity feed in such

Jan 1, 1985

By Martha McJunkin, Lawrence Pietrzak

This paper describes and demonstrates the application of systems analysis and mathematical modeling techniques in the planning of actual tunnel projects and research and development to improve tunneling techniques. A recently completed tunnel project located in Utah is used as an example. Although cost estimating computer programs are used in tunnel project planning, the introduction of performance modeling, simulating the time to excavate, has added advantages that are explored here. The performance/cost tunneling model (TM) described herein mathematically simulates on a high-speed digital computer the important activities of a number of tunneling techniques accounting for activity interactions, variable external environments, mechanical failure, and other uncertainties. A cost accounting segment is included to facilitate cost-effectiveness comparisons. It is shown that, when combined with informed judgment and appreciation of limitations, the TM can be a useful tool that may help improve tunneling operations and cost estimation, for example, by achieving more balanced system designs or bounding the performance/cost implications of geologic and other uncertainties. Ultimately, this might lead to more competitive bids and greater profits. The need for systems analysis and modeling in tunneling research and development (R&D) is well recognized and documented.(1-5) In R&D one must seek broadly useful solutions to the basic problems of face fragmentation, materials handling, ground support, and environmental control. These solutions must take account of the interdependence of these elements and, for a variety of ground conditions, the limitations or constraints that any innovation in one element may impose on total system performance and cost. In this regard the structure and logic of the TM has been kept as simple and modular as possible so

Jan 1, 1974

By John McMorran

An open pit mine design system should have the characteristics of being flexible, versatile, and simple. All of these characteristics are necessary for producing a dynamic mine design. In other words, a design that can be improved, updated, and implemented. Flexibility is an important characteristic due to changing times. For example, the effects of a changing economy, increased knowledge of the mineral deposit, or improvements in mining technology can result in a considerable, if not a complete change in the long range mining plans. Since the short range mining plans are based on the long range mining plans, they will-also be effected. Also, it is very important to validate the information used in the design or the design itself. This means the system should have the flexibility of being able, not only to detect, but to correct errors. Versatility is another important characteristic of a mine design system due to the wide range of situations that may appear. First, a design system must be able to handle both long and short term planning. This is necessary because of the variability in the definition of a time range. Second, a design system must be able to handle different types of deposits. Special emphasis must be placed on this issue, because many deposits, if not the majority, do not fit predefined categories such as bedded, massive, or roll-front, etc . . . Furthermore, the true test of the versatility of a design system is not only the ability to create an ultimate design but also to schedule sequences for this design. Thus, the versatility of being capable to design with a variety of time ranges, variety of deposit types, and scheduling are all important characteristics of the design system.

Jan 1, 1982

By Nopadon Mantajit, Dallas W. Davis, Somsak Potisat, Prasert Kumalachan

For centuries Thailand has been a significant, though primarily unofficial, producer of gold. Panning has been the traditional way of making a living for innumerable villagers during the December to May dry season following the harvest. During this period groups can be seen working the streams, rivers, fields and dry valleys at as many as 90 localities in 28 provinces. Attesting to their efforts are the five and a half ton solid gold Buddha at Wat Trimit and much of the gold jewelry sold in Bangkok. This traditional panning will continue, and probably become more extensive, in harmony with commercial endeavors using modern technology suitable for extraction of gold from types of deposits for which gravity separation would give very low recoveries. Several such deposits have been discovered in the course of geochemical and geological surveys conducted by the Royal Thai Department of Mineral Resources with the object of contributing to early interpretation of the results of a country-wide airborne survey.

Jan 1, 1987

By Meili Zhu, Qingpu Shi

High temperature, methane, dust and other disasters are getting more serious with mining depth getting deeper and the development of mechanization in underground mines. An application of a descensional ventilation to a coalface is one of the effective measures to solve the above problemes. The descensional ventilation is an venttilation that an airflow in a coalface wouuld downflow along an inclination of a coalface and the direction of the airflow is the same as coalflow. Since 1960's, the descensional ventilation has been applied to 171 coalfaces in 46 coal mines of 23 coal mine administrations in China, such as Pingdingshan , Zhongliangshan, Pubai, Huangshi coal mine administrations. Among the 171 coalfaces, there were 104 coalfaces taking 60.8% in gently inclined seam. The coalfaces in inclined seam and steep seam were individually taking 18.7 % and 20.5 %. There were 77 coalfaces taking 45 % of the total in low gassy coal mines and coal and methane outburst mine were individually taking 17% and 38%. There were 141 coalfaces taking 82.5% of the total in potential danger of dust explosion. There were 125 coalfaces taking 73.1% of the total in potential danger of spontaneous combustion. Therefore, the descensional ventilation can be used in coalfaces under different conditions in China. The practice at home and abroad shown that the application of the descensional ventilation to coalfaces has obvious results in dust control, temperature control, preventing methane accumulation at top corner angle and control of spontaneous combustion in goaf. To more safely and reliably apply the descensional ventilation to coalface and to provide a way for the development of mine ventilation technology in China, the paper will have discussions on the following problems: METHANE EMISSION AND DISTRIBUTION AT COALFACE WITH DESCENSIONAL VENTILATION Methane emission in a coalface with a descensional ventilation is an argued issue for many years. Base on the coal practice, special similar model tests and researches in China, the followings are our main comments. The Descensional Ventilation can Reduce the Methane, Accumulation at the Top Corner Angle. The measurements in six coalfaces with the downward airflow in Qinhemen Mine, Fuxin Coal Mine Administrations shown that the methane concentration at the top corner angle is often up to l% when the coalface has the upward, airflow. The max. methane concentration at the top corner angle is about 0.49 to 0.7% when the coalface has the descensional ventilation. Therefore, with the descensional ventilation, it basically solved the overlimited gas concentration at the top corner angle which is a potential danger to coal production. Because the direction of upfloating gas is opposite to the direction, of the descensional airflow, the descensional ventilation; could increase a turbulent flow mixing capacity of the methan gas and air, and reduce a possibility of methane; accumulation. Due to an air leakage in goat when the coalface with the descensional ventilation lower than an air leakage in goat when the coalface with the, ascensional ventilation, a less methane quantity will release from goat at the descensional ventialtion. It should be pointed out that due to a higher air leakage at ascensional ventilation and the direction of the air; leakage same to the direction of the natural upfloating methane in goaf, those will cause a large methane; accumulation at the top of the goaf and easy bring about, methane accumulation and overlimited methane concentration at the top corner angle with an ventilation vortexflow at the top corner angle. On the other hand, because the direction of the upfloation force function is upward, the descentional ventilation could minimize as possibility of methane accumulation at top corner angle in coal with the descensional ventiltion.

Jan 1, 1991

By R. G. Reddy, A. E. Torma

Bio-treatment of uranium contaminated soils from Fernald using the bacterium Thiobacillus ferrooxidans was investigated. The experimental results showed that extraction of uranium upto 99 percent from soils were obtained with 10 percent pulp density suspension and with addition of iron (3000 mg/l) after bio-remediation time of seven days. Application of the results to industrial practices is discussed.

Jan 1, 1995

By A. T. Yu

Two key components make up the core of a rapid excavation operation. They are: the breaking up of the rock and its removal. Owing to the complexity inherent in mechanical rock-breaking and the relative infancy of the art, for a number of years the first of these two components has received virtually undivided attention from the industry. Only recently has some concern been expressed about the technology and the economics of the much ignored second component: muck removal. As the continuous boring machine's percentage downtime continues to trend lower in the future, the need for adequate and more effective materials handling systems in rapid excavation will become increasingly more acute. (1) Recognition of the need for a broader and more far-sighted approach to our problem has been eloquently underscored in the conclusions of the Committee on Rapid Excavation sponsored by the National Research Council: "Ultimate attainment of the desired cost and speed improvements is significantly dependent on recognition of the excavation process as a system whose subsystems are critically inter-related. Substantial amounts of full-scale field testing of integrated driving, muck removal, and support subsystems are required." (2)

Jan 1, 1997

By B. Berhe, R. D. Lawrence, J. Hinzer

"The fortunes of mining companies and their implied value are tied to cycles - both economic and commodity – within which they operate. Hence the determination of appropriate future metal prices is one of the most critical factors faced by mineral valuators especially for advanced projects. Price, and hence revenue, is usually the most sensitive input to the valuation model. Empirical studies of past forecasts show that the success rate for commodity price forecasting is very poor. This paper explores various approaches and comments on their strengths and weaknesses. We conclude that careful evaluation of long-term metal prices is a key element and is hardly a luxury that can be left to simple averages or rules of thumb. INTRODUCTION Discounted Cash Flow (""DCF"") analysis, is well suited for the valuation of advanced mineral development assets, for which there are identified mineral resources and some form of economic assessment (Pre-Feasibility or Feasibility Study). The DCF method is also the most commonly used method for determining value for such assets. It provides a means of relating the magnitude of expected future cash flows from profits (or losses) to the magnitude of the initial cash flow (investment) needed for capital expenditures to purchase or to develop an asset for commercial production. The method proves useful in making investment decisions as it allows for the quantification of the Net Present Value (“NPV”), as well as the Internal Rate of Return (IRR) and Payback Period on initial investment capital. Valuation by its very nature is a forward-looking exercise. The DCF method attempts to estimate the NPV of expected future cash flows, by selecting factors that will likely affect future cash flow based on informed analysis. One of the most critical and sensitive factors is the determination of appropriate future commodity prices. “The variables that have the greatest impact on a DCF evaluation are the reserves, the metal prices, and the discount rate.”1 The determination of future commodity prices for valuation purpose or during M&A negotiations is a hotly contested issue. There are a number of analysts, institutions and specialized commercial data suppliers that provide both short and long-term commodities price forecasts. Also, the use of an aggregated mean for all available forecasts, or consensus forecasted prices for valuation purposes is not uncommon. The methods used in making forecasts for each forecaster may vary and in many cases may not be publically disclosed. Nonetheless, the aggregated mean of all forecasted commodity prices of reputed institutions is usually taken to “represent the market’s view of likely future commodity prices.”"

Jan 1, 2016