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DCF Valuations are very important to individuals and companies involved in the mining industry. Such valuations are critical to investment decisions in relation to new and existing projects. In particular they provide fundamental information to shareholders in the event of a capital raising or takeover and to financiers supporting mining companies and projects. Also, DCF Valuations are often used to support asset carrying values in the financial statements of mining companies. This paper presents a Chartered Accountant's (CA's) perspective on the main issues to be considered in preparing, analysing and relying upon DCF methods in mineral valuations and provides some practical examples relating to key issues. The paper makes the important point that DCF methods involve making assumptions about future events and circumstances that inherently contain uncertainty which results in a valuation prepared on a DCF basis providing a range of values that are not perfect or accurate. In order that DCF valuations provide meaningful information the underlying methodology used and assumptions made must be consistent, sound and well supported. Credibility of those involved in preparing mineral valuations is vital and this paper supports the adoption of sound practices by all concerned.

Jan 1, 1994

Basic Oxygen Steelmaking (B.O.S.) commenced in Australia in December, 1962. Two 200-ton furnaces were installed initially at Newcastle with a 50-ton furnace coupled to a continuous casting machine added in 1967. In 1965, two 100-ton furnaces were installed at Whyalla plant and two 225-ton furnaces are nearing com- pletion at Port Kembla to commence oper- ations in 1972. Plant layouts in each centre differ due to changing circumstance and increasing knowledge of the B.O.S. process since 1962. Raw materials are a most important factor for good operation of the process. Most materials come from within Australia but some are imported. General operating practices are similar in each plant, although treatment of fume at Port Kembla will be by the OG (Oxygen Converter Gas Recovery) Process as against electrostatic precipitators in Newcastle and Whyalla. Special alloy steels as well as plain carbon steels can be made by the B.O.S. process. Production potential of the process in Australia has yet to be fully utilised with 45 per cent of steel production coming from B.O.S. In 1971.

Jan 1, 1972

By M Ranjan, C R. Borra, P Palai, P P. Sahoo

Change in mould slag composition during casting of medium alloy steel is caused by the redox reaction between molten steel and mould flux. Mould flux generally contains a certain amount of SiO2, but elements such as Al, Mn and Ti in high/medium alloy steels reduce SiO2 in the mould flux, causing remarkable changes in the composition of the mould slag. As a result, the properties of the mould slag change greatly as continuous casting proceeds. This causes casting instability, process abnormality and casting defects. Effect of Ti as an alloying element in steel on mould slag is studied extensively through high temperature laboratory measurements and plant measurements. TiO2 gets picked up by the mould slag up to 3 per cent during casting a steel grade containing 0.1 per cent Ti. This changes the mould slag composition and results in decreasing the slag viscosity by up to 10 per cent and decreases slag break temperature by 30–40°C.

Aug 21, 2024

By Palmer DJ

Mercury is introduced into EZ's electroly tic zinc/sulphuric acid plant complex at Risdon, Tasmania, in zinc sulphide concentrate. Mercury is volatilised during the roasting operation and then distributed in the sulphuric acid plant effluents and product acid. Following an investigation of the factors determining the mercury distribution, a plan was formulated to-provide an environmentally accep- table degree of mercury containment at Risdon. This paper discusses details of the various control measures investigated and out- lines the reasons for selecting the particular procedures finally adopted for the Risdon plant.

Jan 1, 1980

Olympic Dam Operation is located in the Stuart Shelf Geological Province approximately 520 km north-north-west of Adelaide in South Australia. It is estimated to be one of the worldÆs top five copper orebodies by size and the biggest single occurrence of uranium. The deposit was discovered by Western Mining Corporation in 1975. Exploration was based on a conceptual model for the formation of sediment hosted copper deposits together with gravity and magnetic anomalies.The capital cost of the current expansion is estimated to be A$ 1.64 billion. The underground expansion includes a total of 36 km of lateral development, a railway haulage system delivering ore from a series of ore passes to a new crusher station and a significant increase in ventilation capacity and mine services.In the current underground expansion the mining method will essentially remain unchanged. The ore handling system will incorporate some recent advances in technology, improving efficiency and safety standards.Major infrastructure excavations are designed by a team of engineers attached to the Olympic Dam Expansion Project and a number of consulting groups. Once the expansion is fully completed it is expected to increase the current annual underground production level from 3.4 Mt to 9.0 Mt of ore by the year 2000. Mine design engineers working for the Olympic Dam Operation have recently completed a three year final design plan to achieve this target.Access to the existing mine is through the decline and Whenan shaft. The Whenan shaft was originally sunk as an exploration access and later upgraded for hoisting. The 4 km long service decline connecting to the Whenan shaft was later constructed to accommodate the increase in service demand. The Robinson and Sir Lindsay Clark shafts were developed at later stages to cater for the hoisting during and following the expansion lead up.

Jan 1, 1999

By H Utama, R Heryadi

The demand for environmentally friendly commercial explosives has increased globally due to concerns regarding environmentally friendly mining activities. Ammonium nitrate fuel oil (ANFO) and bulk emulsion explosives (BEE) are two kinds of civil explosives primarily used in coal and mineral mining in Indonesia. Indonesia is one of the leading countries in coal and mineral mining production and export, with abundant resources; therefore, the consumption of civil explosives such as ANFO and BEE is enormous. The selection and evaluation of commercial explosives are mostly done on the commercial and technical side, and no assessment is made based on environmental aspects. This preliminary study evaluates the economic value and environmental burden of greenhouse gas emissions produced by ANFO and BEE and determines which type of explosives is more environmentally friendly. The combination of environmental and economic indicators, eco-efficiency (E/E), was selected to investigate BEE’s economic and environmental performance compared to ANFO. The life cycle of greenhouse gas emissions of BEE and AN was determined using previously available studies and simple calculations. The cost of the product or explosives was used to represent the economic value. The E/E results showed that environmental and economic sustainability could be enhanced using BEE.

Sep 1, 2024

Studies of Theological effects in grinding hold promise for improving this energy-intensive process. Six surveys of the Hellyer ball mill were conducted. The stream and sizing data from these surveys were balanced by JKMbal to compare the mill

Jan 1, 1994

By Z Fu, E Topal, O Erten

"Mine waste rock management involving waste rock movement and placement, is a critical aspect in the planning of open pit mining operations, as the waste rock haulage cost can be the largest portion of the mine operating cost. The concept of sustainable development in the mining industry also encourages environmentally friendly waste dumps that have zero hazards to people and the surrounding environment. Therefore, a detailed waste management schedule must satisfy economic and environmental considerations. However, the available tools in the market cannot provide optimal waste dumping schedules to meet all these constraints. This paper introduces a user-friendly and automatic tool to optimise the waste dumping schedule, which minimises the haulage cost, and covers the encapsulation of reactive materials to minimise acid mine drainage problems. This tool has been developed by using a new mixed integer programming (MIP) mathematical model that considers both single-lift and multilift dumping scenarios. The application of the proposed tool on a data set collected from a gold mine shows that the multilift dumping scenario has provided a more flexible and economical waste dumping schedule than the single-lift scenario, and both scenarios satisfy environmental requirements.Citation:Fu, Z, Topal, E and Erten, O, 2016. A Modified Software Tool for Mine Waste Rock Dump Planning, in Proceedings Ninth AusIMM Open Pit Operators' Conference 2016, pp 229–242 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Nov 15, 2016

The South Junction deposit of St Barbara Mines Limited was discovered in 1989 by the geologists of Ross Atkins Mining.The deposit occurs in the lower part of the Gabanintha Formation of the Lukes Creek Group in the Mt Magnet -Meekatharra greenstone belt. Country rock is predominantly talc-chlorite schist. Gold mineralisation is associated with north-south shear zones, quartz-carbonate-fuchsite alteration of the ultramafic rocks and in particular close to deeply weathered quartz-albite porphyry. For a detailed description of the geology of the South Junction Deposit see Fiala (1992).

Jan 1, 1993

By Nakahiro Y, Wakamatsu T

In the present study, from experimental results, a new concept of possibility of flotation separation of quartz from feldspar is presented. The effect of the nonionic surfactant Brij 58 on the flotation behaviour of quartz and feldspar has been investigated. The effect of the surfactant adsorption at the solid-liquid interface was also studied. The results demonstrate that maximum flotability of quartz occurred at low concentration of surfactant. Feldspar is not collected by this surfactant. Flotation tests with feldspar that had previously been subjected to leaching by hydrochloric acid yielded similar flotation response as that of quartz. The effect of removal of alkali cations from feldspar surface on its flotability was investigated. The effects of inorganic and organic additives on the flotation recovery of quartz are discussed in terms of the slating-out or salting-in properties of these additives. KEYWORDS: Alkyl polyoxyethylene; feldspar; flotation; nonionic surfactant; quartz; salting-in; salting-out; separation; silanol groups.

Jan 1, 1993

Cretaceous volcanic activity (Hauterivian Albian) in the Peruvian Andes can be found along the coast of Peru and the western edge of the Andes mountains between 15o30'S and 5o30'S, extending discontinuously in south to Chile and north to Ecuador and Colombia. This volcanic activity formed in three aborted marginal basins; the NNW-trending volcanic Ca±ete and Huarmey, and NNE-trending Lancones basins. These volcanic rocks are predominantly andesitic and basaltic in composition, of calc-alkaline and tholeiite affinity with subordinate dacitic and rhyolitic rocks. One notable feature is the appearance of æocoitasÆ from Ica (14oS) south to Santiago de Chile. These rocks have a calc-alkaline to alkaline affinity. From south to north, the continental crust gradually becomes thinner, allowing mantle material to rise towards the surface. Ophiolitic sequences of this type form a marginal basin in Colombia. Very low-grade regional metamorphism which affects the volcanic rocks also varies gradually from south to north. Between Santiago de Chile and Ica this takes the form of burial metamorphism, with moderate geothermal gradients (20o-30oC/km). Metamorphism in the Huarmey basin is transitional between burial and ocean-floor metamorphism, with very high geothermal gradients (>3000C/km). High geothermal gradients are also apparent in metamorphism of the Lancones basin, though less than the other basins. Ocean-floor metamorphism is present in the ophiolitic sequence in Colombia. Associated mineral deposits in the Huarmey and Lancones basins, and in the north, are of the volcanic massive sulphide-type (VMS). The principal deposits in Peru are Leonila Graciela (20 Mt Zn and Pb) and Tambogrande (40 Mt Cu and Zn). There are also smaller mines and prospects. To the south of Lima, manto-type Cu deposits (CuMT) are found with a mineralogy of chalcopyrites, pyrites, magnetite, actinolite and apatite. The main example is Raul Condestable (10 Mt Cu). Other prospects are present to the south and Chile has some very large mines of this type (El Soldado, Lo Aguirre). The notable differences between the CuMT and the VSM deposits are thought to be the result of the prevailing conditions in the earthÆs crust during the Hauterivian Albian. To the south, calc-alkaline and alkaline volcanic activity in aborted marginal basins, with thicker crust, was thick, produced moderate geothermal gradients associated with burial-type regional metamorphism and deposits of CuMT. In the north aborted marginal basins associated with calc-alkaline to tholeiitic volcanic activity and a gradually thinning crust, produced transitional regional metamorphism between burial-type and ocean-floor type, associated with high to very high geothermal gradients and VMS deposits. In Colombia these conditions led to ophiolite extrusive rocks, ocean-floor metamorphism and also VMS deposits.

Jan 1, 1999

By M A. Harrington-Baker, J M. Trudnowski

Sulfate-reducing bacteria (SRB) have the ability to immobilise dissolved metals by precipitating them as sulfides, provided that a favourable biochemical environment is created. Such an environment includes the presence of sulfate, anaerobic conditions and the availability of organic carbon. If such conditions are engineered within a reactive barrier or field-bioreactor, most metals can be effectively removed. To demonstrate this concept, three passive SRB field-bioreactors were constructed in 1998 at an abandoned mine site in the vicinity of Butte, Montana, USA to treat acid mine drainage with characteristic elevated concentration of metals and low pH. Performance of the field-bioreactors, using aqueous samples, was monitored over 32 months until the project was terminated, field-bioreactors were decommissioned and solid matrix sampling of the reactive matter was performed. The most important analytical results are presented in this paper together with conclusions regarding the appropriateness of the field-bioreactors construction features. Only Zn, Cu, and Cd were being removed as sulfides due to SRB activities. Changes in concentrations of other metals (Fe, Mn, Al, As), which do not necessarily precipitate as sulfide, seemed to be affected by SRB only in an indirect manner by responding to increased pH caused by SRB activity. An innovative cellular containment system used for placing organic matter worked very well in preventing settling of the organic matter and ensuring uniform flow of AMD throughout the entire cross-section of the organic carbon with no preferential flow paths This demonstration was funded by the US EPA and was jointly administered by the EPA and the US DOE under DOE contract number DE-AC22-96EW96405. The project was implemented by MSE Technology Applications, Inc, Butte, Montana, USA.

Jan 1, 2003

By M I. Pownceby, S P. Suthers, V Nunna, G J. Sparrow

Global demand for iron and steel has increased substantially over the past 20 years and there has been a greater focus on developing suitable processing options to treat low-grade hematite-goethite ores containing higher levels of silica and alumina impurities. The processing applicable to reduce the impurity levels in these lower-grade iron ores depends on their mineralogy and a thorough understanding of the process dynamics associated with the separation technology. Different separation technologies used to remove silica and alumina from low-grade iron ores were reviewed. The major concentration methods that may be applied to upgrade lower-grade lump iron ores include magnetic separation, wet and dry heavy media separation, and air-pulsed jigging. The technologies applicable to beneficiating iron ore fines include wet and dry gravity and magnetic separation, flotation, and roasting followed by magnetic separation. It is necessary to investigate the application of separation technologies on a case-by-case basis to select economically viable beneficiation strategies suitable for the particular low-grade iron ore. A commercial flow sheet is expected to involve the implementation of several separation technologies.

Nov 8, 2021

The paper describes the design of the dilute medium and medium recovery circuits installed at the coal preparation plants at the Cornwall Coal Company's Fingal Mine, and the BP Coal Australia's Howick Mine. These circuits maximize the use of clarified water for rinsing to improve the mass transfer of adhering medium from the coal surface into the carrying liquid, and have been combined with the use of a two stage magnetic separator. The separator utilizes a conventional concurrent first stage and a counter-rotation second stage. This combination results in high medium recoveries during both normal operation, and start up and shut down phases when large quantities of medium can be lost from a conventional circuit. Overall losses using this circuit have been estimated to be, 200g/t, over a twelve month period. Further advantages in plant operation are also obtained, especially steady operating conditions in the centre-tube pump tank, lower slimes contamination of the product, and lower quantities of non magnetics trapped in the separator concentrates. The techniques are particularly suited to incorporation in circuits treating coals containing high percentages of sticky and difficult clays, as are found in the Walloon coal measures.

Jan 1, 1987

By Dunn P. G

The copper ore reserves at the Chuquicamata mine were re-estimated during March to June 1994, as part of a comprehensive audit of the mine's overall short- and long-term planning. The basic principles essential to all ore reserve estimates were implemented viz: 1. A detailed study of the geology, in this case particularly of the orientations of structural features of copper mineralisation and the subdivision of the orebody into geologically homogeneous sections, 2. the use of both drillhole and blasthole data sets, 3. statistical and geostatistical analyses of both data sets to model anisotropic spatial structures for all the geologically homogeneous sections, 4. block kriging using both data sets individually; and 5. a comprehensive validation of the block valuations to confirm the absence of global and conditional biases and to quantify the actual improvement achieved in the overall quality of the estimates compared to those executed on earlier techniques.

Jan 1, 1995

PIP is regularly engaged in businesses where Greenfield Capital Projects are under- delivering on the expected business case. In most of these projects, we can identify that rigorous review has been carried out on the design and financial cost elements and substantial reporting is maintained to Boards on progress versus plan of project completion and cost. However, in all sites of this nature that we have worked at, the planning, design and execution of the operational elements or æwiringÆ of the organisation have fallen short and resulted in significant extra cost or opportunity cost (lost tonnage or quality) during start-up. When compared to the amount of planning and resources that have been poured into the capital side, the ledger on the æwiringÆ side is typically fairly sparse. This presentation outlines the importance of running a disciplined, rigorous process to prepare the human and wiring side of a start-up to ensure rapid start-ups and put the site on the pathway to high performance. It gives an outline of the rigorous process PIP has used with projects to ensure excellent start-ups.

Jan 1, 2006

By Butler I. K, Nicholson P. M

There are four main types of base metal and gold mineralisation recognised in the central Pine Creek Geosyncline. These are stratiform, polymetallic veins, stockwork/concordant gold-quartz veins and unconformity related uranium-gold-platinoid mineralisation. The stratigraphy of the central Palaeoproterozoic Pine Creek Geosyncline has been simplified into three groups comprising the Batchelor, Frances Creek and Finniss River Groups in ascending order. Stratiform mineralisation occurs within the Frances Creek Group. The earliest mineralisation is found adjacent to circular faults ringing basement highs. Higher in the stratigraphy, stratiform mineralisation is often associated with zones of high compression in the vicinity of basement highs. A synsedimentary-diagenetic origin for stratiform mineralisation is proposed. Polymetallic vein mineralisation occurs within the Frances Creek and Finniss River Groups. Its composition changes systematically through the stratigraphy similar to the stratiform mineralisation. The mineralisation is structurally controlled and usually occurs in the vicinity of basement highs. Stockwork-concordant gold-quartz vein mineralisation is hosted by the upper Frances Creek and Finniss River Groups. It occurs within compressional zones and along the Pine Creek Structure corridor around, above and particularly between basement highs. Mineable reserves occur in thick continuous semi concordant quartz-sulphide veins and/or stockworks. Unconformity related uranium-gold-platinoid mineralisation shows a close spatial relationship with the Palaeoproterozoic/Mesoproterozoic unconformity. The mineralisation is localised by structures formed during Mesoproterozoic deposition and is commonly adjacent to Archaean basement or its remobilised equivalents. The type of mineralisation (stratifom/polymetallic vein) is a reflection of local stress regimes, structure and physio-chemical conditions. An initial phase of stratiform mineralisation is postulated to have occurred with the first significant marine transgression in a tensional regime. A second phase occurred later during a compressive regime. "Ihermochemical sulphate reduction of mineralising fluids by hydrocarbons is invoked as the precipitation mechanism for the polymetallic vein type of mineralisation. Hydrocarbon generation is postulated to have occurred within the Frances Creek Group, in many places contemporaneously with the movement of mineralising fluids and basin compression. Polymetallic veins formed from the interaction of mineralising fluids and hydrocarbons which were trapped in suitable structures. An abundant, continuing supply of hydrocarbons was necessary to form significant deposits. Where these conditions were not net, the mineralising fluids largely continued their ascent to the near surface environment to form stratiform deposits. The stockwork/concordant gold-quartz vein mineralisation is a later event and occurred during the relaxation of compressional defonnation after deposition of the 1-inniss River Group.

Jan 1, 1994

By Lock PR

The Silver Swan nickel mine is located at the Black Swan Nickel Project, 53 kin north east of Kalgoorlie, Western Australia. The Silver Swan orebody is a massive sulphide nickel deposit dipping 70¦ east with an average in situ grade of 14 per cent. Mining of the massive orebody is by Mechanised Ramp Cut and Fill (MRCF). A mining recovery of 98 per cent and minimising dilution are primary goals in extracting the high-grade ore. Placing a distinguishable marker bed (working platform) on rock fill was identified as a key method to achieving these goals. Gravel from a pit located onsite was considered the most suitable material for the marker beds. Research undertaken to design the marker beds using the gravel revealed conventional methods used in mining would not suffice, but that road stabilisation methods could be a viable alternative. Trials used a road recycler to mix cement and gravel in situ and several test beds were constructed on the surface to determine the final design. The trials attempted to replicate a marker bed's life cycle of construction and placement and mucking of ore from the marker bed.

Jan 1, 1998

By R G. Reddy

The complexity in treating environmentally harmful impurities such as As, Sb, Bi from the base metal matte or metal in the smelting stage are responsible for the high cost of the refining process. The impurity capacities (such as arsenic, antimony and bismuth) of slags were calculated a priori using Reddy-Blander (RB) model. The capacity predictions were for a wide range of matte and slag compositions in copper smelting conditions. The calculated impurities capacities and impurity distribution ratios results are in good agreement with the available experimental and industrial slags data. The a priori knowledge of impurities is useful for reduction of energy consumption and enhanced environmental control in the current and future non-ferrous metal processes.

Aug 21, 2024

By Q Zhuo, P C. Pistorius, M N. Al-Harbi

A likely increasingly important pathway for future low-carbon ironmaking and steelmaking is the combination of gas-based direct reduction with electric furnace steelmaking (DRI-EAF route), or with electric smelting (DRI-ESF route). In the DRI-EAF route, the gangue that is present in the iron ore is fluxed and removed as slag in the melting (steelmaking) step. This is in contrast with integrated steelmaking, in which the gangue is removed as part of blast furnace ironmaking. For DRI-EAF steelmaking, the amount and composition of slag depend on the iron ore composition, flux additions and iron yield. Slag volume and composition affect phosphorus removal, foaming behaviour and the process energy requirements. In this work, heat data from a year of DRI-EAF production was analysed to test whether the expected relationship between slag volume and electricity consumption for EAF steelmaking was observed. The data include slag analyses (one sample per shift), and heatlevel information on all inputs, final steel temperature and dissolved oxygen concentration, electricity consumption, tapped steel mass and tap-to-tap time. In analysing the data, the slag volume was estimated from the assayed slag CaO concentration and CaO inputs to the EAF. The expected effect of slag volume on steelmaking energy consumption was calculated with a mass and energy balance, considering the heat of mixing of the slag. The calculated energy requirement of slag formation is in line with previous estimates reported in the literature.

Aug 21, 2024