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The ""multiple of exploration expenditure"" method of mineral valuation is applicable to exploration properties from the earliest stage of exploration to a moderately advanced stage but for which no resources have been delineated. While not recommended as a primary valuation method by some workers, others believe it to be the most satisfactory method of valuing exploration properties until it is possible to employ a DCF technique. In many situations facing the professional valuer, the method may represent the only semi-quantitative option available and is frequently used. Significantly it often forms the starting point in discussions to farm-in on an exploration tenement. The paper briefly reviews the definition of value as applied to mineral valuation and in particular examines the relationship between fair value and market clearing price in ""fair"", bull and bear markets. The multiple of exploration expenditure method uses previous exploration expenditure and/or future committed exploration expenditure to derive a base value for the tenements. This base value is multiplied by a prospectivity enhancement multiplier (PEM) with adjustments for market premium or discount and consideration of the quality of the exploration team to derive a fair value for the tenements. The paper will demonstrate that there is no necessary nexus between fair value derived from the method and present book Values.

Jan 1, 1994

By Stewart Gillies AD

Resource rent taxes are taxes which only become effective at such a time as a pre-determined rate of return has been achieved by an operation. Resource Rent Taxes have from time to time been considered for implementation in both Australia and New Zealand. The offshore petroleum industry in Australia is already subject to RRT as is the Roxby Downs (Olympic Dam) Mine in South Australia. Both the mining and petroleum taxation regimes in Papua New Guinea include a resource rent tax component called Additional Profits Tax.

Jan 1, 1995

By McIlveen GR

The water pollution hazard posed by the derelict Conrad mine site, to the water and associated stream sediment of Borah and Maids Creeks and the nearby Copeton Dam storage, has been assessed. Mine water, tailings and tailings dump leachate have polluted water and stream sediments in Borah Creek downstream of the mine site. Acidity, arsenic, copper, lead, iron, silver and zinc are the principal pollutants. Under dry and low flow conditions, mine water was found to be the dominant polluting source, however, leachate and run-off from tailings dumps were also significant under and following wet conditions. Soluble arsenic, lead, iron and silver species in mine water and leachate were found to be rapidly incorporated into sediments, but acidity, copper, and zinc persisted in the creek water. Under low flow conditions, the water of Maids Creek is polluted with copper and zinc (up to 4.4 and 34 mg/l for copper and zinc respectively) and the pH is decreased (from pH 5 - 7 to pH 3 - 6) by entry of Borah Creek water. Values found in Maids Creek were variable and related to flow regime and distance downstream from Borah Creek confluence. Water in Copeton Dam storage, having a much larger volume of water with a higher bicarbonate buffering capacity (50mg/l versus 15mg/1), is not affected by entry of Maids Creek water. Polluted sediment from Borah Creek has contaminated Maids Creek for 2km downstream to Copeton Dam storage. Stream sediment downstream of the Borah Creek confluence, contains up to 1.0% As and 1.4% Pb in the less than 200 micron size fraction. Under high flow conditions, arsenic was found to be moved out from the mine site as insoluble species, associated with suspended sediment in Run-off.

Jan 1, 1988

By S Cossfo Torres

Minera PenmontÆs gold mine, La Herradura, is located at the northwestern Mexican state of Sonora and consists of an open pit mine and heap leaching facility for the recovery of gold. The production began in July 1998, and today La Herradura produces about 200 000 oz of gold per year. Standard sampling and assaying protocols were established during exploration based on heterogeneity tests. However, at deeper zones of the pit, coarse gold became evident and it was necessary to develop a new sampling protocol in order to minimise the fundamental error and improve the metallurgical accounting. This new sampling protocol requires cyanide leaching the whole pulverised sample from the blasthole, assaying pregnant solution and fire assaying 50 g of tailings. A sampling study was performed on 195 blasthole samples analysing gold under the standard and new protocols. The new protocol demonstrated that the original one underestimated gold grade by approximately 27 per cent, with impacts on ore misclassification and metallurgical accounting. According to the ore grade control system, mineral with gold grade above 0.35 g/t was sent to the leach pad and mineral with lower grade was classified as waste. Based on the sampling study, it was decided to classify a low-grade ore with gold assay between 0.20 and 0.35 g/t which was stored for future treatment under better gold prices or should mine production decrease. These two conditions were present during 2005 and 2006, when about 3.5 Mt of low-grade ore were leached.

Jan 1, 2008

The correct design and effective operating strategies of metallurgical plants require a constant analysis of data gathered for process control, or for due accountability. Conventional, oldfashion statistical tools often fall short of helping management, either because they are too complicated and ambiguous, or because they fail to address structural problems leading to causes of setbacks. This paper focuses on three statistical tools known for their practicality and the in-depth perspective they offer in attempts to retrieve important information from existing data. These tools also provide a better appreciation of the importance of carefully selected data quality objectives. Chronological data are meticulously gathered and stored at considerable expense: They have value, and it is the duty of management to take full advantage of them. These three selected tools are the variogram and its auxiliary functions, the moving average and its auxiliary functions, and the relative difference plot. This paper offers solutions, and a reference for managers to optimise metallurgical plants.

Jan 1, 2002

The provision of electrical power is an important consideration in project develop- ment. The first step to be taken in this area is to assess the power requirements of the project. The alternatives of taking a supply from a power authority or providing local generation can then be considered. This requires additional definition of the prob- able characteristics of the supply. The availability of authority power in Australia is limited by the extent of the state power grids. Recent developments now allow these grids to be extended and their load capacity increased to meet major load increases at less cost than was possible pre- viously. The options for local generation include diesel, gas turbine, steam, hydro, solar and wind, each having its particular performance characteristics and costs. The choice of fuel for diesel, gas turbine, and steam plant likewise involves consideration of a range of factors. The arrangements adopted for a number of development projects illustrate some of the aspects which influence the decisions on power supply.

Jan 1, 1986

Diversification has characterised the mining industry in this country and globally in recent decades, and in Western Australia in particular. One of the most obvious aspects of diversification is technological change which continues at a rapid and sometimes bewildering pace. A function of technological advances is the increased capacity to further diversify the range of minerals which can be identified in economic concentrations and profitably extracted. This broadening of the total base of the industry has a synergistic effect on its further development by extending its geographical spread and increasing scope for decentralised infrastructure. Another aspect of diversification is the corporate thrust towards establishing overseas mining bases for a variety of reasons. Off-shore (sea bed) mining is a further manifestation of increasing diversity, although very much in its infancy.

Jan 1, 1996

The integration of economic, cultural, social and environmental decision-making has increasingly become globally recognised as the only acceptable way of doing business consistent with sustainable development. This concept requires a move to a new economy, where environmental, cultural and social issues are accounted for and integrated in business decisions and practice. There has been much discussion on sustainability and sustainable development, but organisations are still grappling with what this means in reality for their business and how they should respond. The challenge is to take the way we do business to a new paradigm and make solutions relevant to business. This paper will look at some of the strategies and programs being adopted or considered by resource companies as they move towards a more sustainable future. These include defining a sustainability framework for their organisation, developing the business case and planning approach. Also included is a brief overview of some of the new approaches to environmental management, such as reducing materials and energy intensity, minimising or eliminating impacts through better waste and emissions management and process control, taking a whole of life approach to products and conserving resources. The concepts of Product Stewardship, Eco-efficiency and Cleaner Production will all be discussed.

Jan 1, 2002

By Gleadow AJW, Foster DA, Kohn BP, Raza A

A large and increasing data base of apatite fission track results from sedimentary and granitic rocks exposed within the southeastern highlands and along the continental margin of Australia provides constraints for the tectonic development of the southeastern passive margin. The fission track results suggest that many regions of the southeastern margin of Australia experienced distinct episodes of relatively rapid cooling during the middle Cretaceous to early Tertiary that can be attributed to the effects of rifting. One cooling episode is middle Cretaceous in age and related to denudation of the southeastern highlands from Tasmania to northern New South Wales between -90-100 Ma. Rocks exposed along the present coast line record a later episode of rapid cooling, which is diachronous and decreases in age northward from -80 to 90 Ma in northern Tasmania to southern New South Wales, -60-80 Ma in central and northern New South Wales, and to -50-60 Ma in southern Queensland.

Jan 1, 1995

Because the Australian resource industry differs from the resource industries of other countries, direct application of manpower planning processes derived from overseas experience may be singularly inappropriate for Australian projects. Too often in Australia, project manpower planning has been undertaken as an afterthought to technical and financial analysis. A wide variety of complex and interrelated manpower considerations should be evaluated from the beginning of project planning, even at feasibility study stage, and relevant deductions should be incorporated into all other planning. Many manpower factors can be considered sequentially but it is probably necessary to undertake critical path analysis for manpower planning. The paper highlights some key factors involved in project manpower planning and suggests a simple linear planning sequence which integrates the analysis of factors and can in turn be integrated into technical and financial planning.

Jan 1, 1983

While international coal trading operations often involve relatively small contract quantities, delivered over short periods or even in single shipments, most coal is supplied under long term arrangements. In entering into these arrangements the customer needs to be assured that coal of suitable and consistent quality can be supplied for their duration in the volume required. A detailed knowledge of the mine and transport system is required and must be presented from the customer's perspective.

Jan 1, 1983

By Thomas R

The successful `marriage' between a company seeking to raise funds to develop a project and their financiers calls for a strong mutual understanding of each other's needs. For a company attempting to raise funding, the alternative methods are ever expanding. The optimum method will vary depending on the financial position, risk/reward outlook of the company and the strength of the project for which development capital is being sought. It is likely that small mining companies will need to raise equity funds for advancing projects to the development stage. At that time, they will probably still require a reasonable level of shareholder equity to meet the requirements of banks and other parties to cover potential cost over-runs on the project and feasibility costs. Larger companies, however, are likely to find it much easier and cheaper to raise debt from banks. When evaluating companies and projects for funding, banks will pay particular attention to the quality and experience of management in developing similar projects and it may be necessary for some companies to retain the services of outside consultants. Before a project needs funding, companies should meet with potential financiers to develop relationships to select and ensure a smooth transaction to funding in the future.

Jan 1, 1997

Computers are playing an increasing role in the management of technical data in mines. Companies are re-assessing the role of their data processing departments as users demand computer resources in non-accounting areas. Data of all kinds is now being seen as a, company resource, and the role of computing professionals is to help to manage the data flow, not merely to manage computers. The concept of distributed data bases puts the responsibility for data entry, editing and updating with the user. This challenges conservative views of centralized control of computing, suggesting, instead, centralized co-ordination. A survey of the possible applications of computers in technical areas points up the special requirements of handling raw, processed and consolidated technical data. Technical data bases have become flexible as mini- computer hardware and software have rapidly developed. Management has the ultimate responsibility for efficiently administering corporate data bases, and it must ensure suitable policies are developed for this purpose, with enough flexibility to cope with the impact of fast changing technology.

Jan 1, 1980

By Sroka J

A comprehensive feasibility study should be submitted as part of the loan application to a financial institution for debt funding of a proposed project. Its scope should include technical, costing, marketing and other aspects pertinent to the project. The technical presentation should be sufficiently detailed to show that the assumpt- ions concerning future performance are realistic. A lender needs to be convinced that the capital and operating cost estimates are conservatively based with adequate allowances included for contingency and escalation. The marketing assumptions determine the level of revenue from which operating cost, debt servicing, and other commitments are to be met. The foregoing aspects establish the economic viability of the project, and are therefore relevant to the risk assessment and cash flow analysis carried out by a potential lender which determine his ultimate lending Decision

Jan 1, 1978

By Partridge AC

The measurement of particle size is very important in many industries. Comments in this paper refer principally to the Mineral Industry and in particular to Coal Mining and Coal Preparation. The objective is to indicate the importance of particle size in process design and process assessment and to describe techniques for particle size measurement and the presentation of results.

Jan 1, 1984

The mineral sands industry in Australia can contribute much more sig- nificantly to economic development beyond the year 2000 by increased production of constituent minerals such as ilmenite, zircon, rutile, leu- coxene and monazite from existing and new resources, and especially from downstream processing to intermediate and finished products based on these resources. The end-use areas for mineral sand-based products include those products whose demand is tied to general economic growth, such as paints and plastics, and refractory bricks for the steel industry. High techno- logy applications such as zirconia ceramics and super-magnets are indica- tive of new developments in technology which provide considerable scope for expansion at higher rates than overall western world economic growth. An optimistic outlook for the industry is outlined, based upon a brief review of opportunities.

Jan 1, 1988

By Smith T. N, Wild M. B, Elliot B. J

The process of flash smelting of nickel sulphide ores, as practised at the Kalgoorlie Nickel Smelter, is described. The critical variables in the operation of this process are identified. The design of a pilot-scale, turbulent-jet flash reactor which models the essential features of the industrial smelter is described. A report of its operation and application to an investigation of the ignition of particles of sulphide species is given.

Jan 1, 1991

By Scaife PH, Cripps Clark J, Cameron DB

Tuyere coke samples have been taken through the tuyere openings of B.H.P. International Blast Furnaces since 1978 with Whyalla No. 2 Blast Furnace taking samples on a regular basis since 1982. The degradation of coke during it's passage through the Blast Furnace can be measured and the relationships between these data, feed coke data and blast furnace operating data demonstrated. Tuyere coke sampling has been useful in revealing misleading external coke testing results and is still the method to monitor directly the performance of coke within the Blast Furnace.

Jan 1, 1987

The paper explains the genesis of the Ballarat College of Advanced Education to its unique position in mining engineering education. A description follows of the development of the Graduate Diploma in Occupational Hazard Management which commenced in 1979 in the cooperative mode of four groups of three weeks full- time study followed by twenty-three weeks in industry. In particular an analysis will be given of the state of origin of students, ages and employing industries. Given the experience from the evolution of this course a similar process is described for the Graduate Diploma in Mining which has been accredited to commence early in 1987.

Jan 1, 1986

Preparing for automated sample preparation has two facets; the need for better procedures as seen by the laboratory Manager and the approach to be adopted as envisaged by the equipment manufacturer. Both have many options and during the 1990s some at least of these options will be tried. As automation of sample preparation is only just beginning, can it be said that there is a real need for better procedures. What does automated sample preparation have to offer? Does it have real advantages or is it just a marketing tool to sell equipment?

Jan 1, 1976