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By CIMVAL

This Code for the Valuation of Mineral Properties (the “CIMVAL Code”) is the result of a review more than a decade after the release in 2003 of the “Standards and Guidelines for Valuation of Mineral Properties” (the "2003 Standards"). The purpose of the review is to update the 2003 Standards to reflect domestic valuation, international valuation, and regulatory developments. The CIMVAL Code was adopted by the Canadian Institute of Mining, Metallurgy & Petroleum (the "CIM") Council on November 29, 2019. The CIMVAL Code supersedes the 2003 Standards. The 2003 Standards were dated February 2003 and were adopted by the CIM Council on March 9, 2003 as the first comprehensive set of standards for Valuation of Mineral Properties in the Canadian mining industry. The 2003 Standards followed recommendations of the Mining Standards Task Force of the Toronto Stock Exchange and the Ontario Securities Commission, where in its Final Report (January 1999), the CIM was specifically asked to form a committee of valuation practitioners to review and advise on standards for the Valuation of Mineral Properties. The Special Committee on Valuation of Mineral Properties ("CIMVAL") was created on May 5, 1999 with the mandate to recommend standards and guidelines for Valuation of Mineral Properties to be used by the mining industry in general. The CIMVAL Code is limited to the Valuation of Mineral Properties (including any interests therein) and does not cover valuation of corporations or other entities that hold Mineral Properties as assets. The CIMVAL Code does not cover petroleum and related assets. CIMVAL recommends that the CIMVAL Code be followed for all Valuations of Mineral Properties, including those required by securities administrators and stock exchanges. However, when a Valuation is required under the applicable rules of securities administrators or stock exchanges, such rules prevail to the extent of any inconsistency.

Nov 29, 2019

By Barbara Hendrickson

Outline ? Canadian Regulatory Update ? Turning the Corner: Background & Status ? Implications of U.S. Waxman-Markey bill for Canada ? Federal-provincial considerations ? Current certainties and uncertainties ?Turning the Corner? as Originally Proposed ? April 26, 2007 - the Canadian federal government announced Turning the Corner: An Action Plan to Reduce Greenhouse Gases and Air Pollution (?Turning the Corner?)

May 1, 2009

By Andrew Kerr

Overview of Presentation ? Introduction ? An historical context: From 1866 to the 21st century. ? Geological framework for iron ore in the region known as the ?Labrador Trough?. ? Producing iron-ore deposits of the Labrador City ? Wabush area, and near-future production from the Schefferville area. ? Exploration projects representing potential future production?.or expansion of the district. ? Some concluding remarks???

May 1, 2011

By S. Gorzalczynski

The recent trend in underground mine developments is “bigger is better.” This is most certainly evident in the mine shaft and conveyances that operate within its compartments. Today, there are several new installations requiring mine cages that can transport up to 170 passengers. The technology in mine hoisting is advancing to address a combination of higher capacity requirements, deeper hoisting depths and faster winding rates, however, some areas of the hoist plant have not changed in the past 50 years. The most notable of these areas is the shaft compartment guide string and the conveyance mounted safety arrest mechanism. The technology in use today for the protection of passengers in a shaft conveyance from a hoist rope severance incident remains conceptually unchanged from Elisha Otis’ design of 1850. The actual retardation components, the safety dogs, have taken on several forms since Elisha’s invention with the last major design change occurring in the late 1940s. The arrest of a free falling shaft conveyance requires that the shaft guides withstand the energy imparted on them by the safety dogs. There are some very real limitations presented by the use of wood for this application. The new hoisting era will most certainly continue to demand larger capacity equipment, but also an increased awareness toward safety

Jan 1, 2002

By J. A. H. Church

The report is too voluminous to be considered in detail within the scope of a single paper, so I will confine my consideration of it to the broader aspects, leaving other members to deal with points of particular interest. The method of presentation leaves one with an uneasy sense of prolixity and confusion of thought; the foreword by the Chairman may well be accepted as a true index of the whole. His argument amounts to this: Recognizing at the outset the futility of divided counsels, it was deemed advisable to arrive at unanimity. To this end, some members subscribed to views to which they do not whole-heartedly assent, thus giving weight to conclusions with which they were at variance. Unanimity cannot be qualified-either it exists or is absent-and, moreover, in the text of the Com-mission I can find no word that unanimity is required. Surely it would have been preferable to have a unanimous report covering such aspects as were acceptable to all members, with minority reports by individual members on such other aspects as were controversial, leaving it to the Government to give such weight to the divergent views as the personality of their sponsors might warrant. In the final analysis the value of an opinion varies directly as the personality of its exponent.

Jan 1, 1926

By M. G. Lipsett

"The Mining Information Technology User Group considers information to be a strategic enabler to improved business performance in mining. This ad hoc group has been meeting since 2000 to share knowledge and leverage their efforts in effectively using IT in mining. In this paper, core issues to mining IT are reviewed, along with initiatives to engage industry professionals and decision-makers in the potential for improved use of information in their operations. Relevance of IT to Canadian MiningMining operations always drive to improve their performance, and so far they have succeeded by using different technologies. While economies of scale have come in fragmentation and material handling, and energy usage has improved through conservation and design of integrated mineral processing plants, these systems have the net result of tightening operational constraints, through reduced excess capacity. There are higher opportunity costs of lost production when integrated, large-scale systems are operating in a sub-optimal way.The problem is that it is profoundly difficult to run a mine in an optimal way. Optimization requires a defined objective function (e.g., profit), which is hard to pose, let alone solve, because so many inter-related aspects of an operation affect the bottom line. Even for a small, well-defined process state, it is difficult to measure all the pertinent information with sufficient accuracy to ensure that the system is performing well in real time.The art of mining remains making good decisions with uncertainty: in the orebody delineation; in the allocation of resources; in the efficiency of the operation; in the reliability of components and systems; and in responding to the downstream market. As well, individual decision-makers need to know how their decisions affect other processes and systems, so that improvements in one part of an operation do not result in such degraded performance in the rest of the plant that overall profitability goes down."

Jan 1, 2003

By W. Banda

"Trial application of air decks on a production shot improved fragmentation (32% reduction in x50). Empirical fragmentation models and digital image processing software were used to estimate fragment size distribution of the blasted muck pile. The x20, x50, and x80 passing fractions, and top size were 42, 265, 683, and 1,455 mm, respectively. Air-deck application reduced explosives load in blastholes, lowering total charging cost by US$20/hole (15% decrease) and the powder factor to an average of 0.86 kg/m3 (12% decrease). Blast results were 443,624 t of blasted material from the block (90% of total muck pile) was smaller than 900 mm.RÉSUMÉ L’application pilote de trous d’air dans le cadre du coup de mine effectué pour commencer la production a amélioré la fragmentation (une réduction de 32 % des x50). Des modèles empiriques de fragmentation et un logiciel de traitement numérique des images ont permis d’estimer la composition granulométrique des fragments du tas de déblais abattus. Les fractions de passé de crible de x20, x50, x80 et la dimension supérieure étaient représentées par des dimensions respectives de 42, 265, 683 et 1 455 mm. L’application de trous d’air a permis de diminuer la charge d’explosifs nécessaires dans les trous de mine, réduisant ainsi les coûts totaux de chargement de 20 $ US/trou (soit une réduction de 15 %) ainsi que le facteur de chargement (facteur poudre) à une moyenne de 0,86 kg/m3 (soit une réduction de 12 %). Les coups de mine ont résulté en 443 624 tonnes de matériaux abattus du bloc (soit 90 % du tas de remblais total) mesurant moins de 900 mm. INTRODUCTIONThe main objectives of production blasting are to achieve optimum rock fragmentation and to minimize overall production costs. Because blast fragmentation significantly affects the profitability of a mine, blasting is the first step of the size reduction in mining: An optimum size distribution is required to maximize the performance of mining and subsequent milling processes. If the fragmentation size distribution can be modelled and controlled, operations performance will improve. Blast fragmentation modelling is important in mineto- mill optimization: It allows the estimation of blast fragmentation distributions that can be modelled in downstream mining processes to determine the optimum blast design."

Jan 1, 2018

By Baki Özüm

Early evaluations of Pasquia Hills kerogen shale deposits by Geological Survey of Canada, Saskatchewan Geological Survey, Manitoba Energy and Mines and Sun Oil Company, using modified Fischer Assay, Rock-Eval and other techniques, estimated recoverable reserves of about 2.6x109 barrels of oil in areas favorable for strip-mining; each metric ton of ore was determined to yield about 30 L to 50 L of shale oil remarkably high in aromatic compounds. Western Petrochemical Corp. (WPC) is holding two Oil Shale Exploration Permits covering about 76,635 hectares in the Pasquia Hills Region of eastern Saskatchewan and conducting a 15-corehole drilling program to determine stratigraphic correlation on both first and second white specks kerogen shale. In this program, correlation will be established between oil yield and oil quality, using different retort techniques, including modified Fischer Assay, steam retort and Rock-Eval. Results will lead to further resource evaluation and to a preliminary engineering design for a shale processing plant, including selection of retort process, upgrading of shale oil to petrochemical feedstock, hydrogen management, energy balance and evaluation of environmental impact.

May 1, 2002

By Thomas. L. O.

Apart from a few sketches and incomplete maps, mainly topographical, and one or two detailed maps of placer-creeks, there is little information on the topography and geology of most of the country adjacent to the sections of the Alaska Highway in the Liard River area, particularly that part east of Kechika river. In 1943, the Geological Survey of Canada made a recon-naissance from Fort Nelson clown the river of that name to the Liard, thence up the latter to Hell Gate, and also up Beaver river for a distance of fifty miles. The whole of the area covered was found to be underlain by sedimentary rocks, not a single igneous dyke being seen. The British Columbia Department of Mines began reconnaissances near the highway both in and north of the drainage basin of Prophet and Muskwa rivers with a view to finding structures favourable for the accumulation of oil. In Liard River valley near the mouth of Smith river and at intervals from there clown to Devil' s Portage occur warm springs whose character and origin are not definitely' known, since they have not been investigated (21, p. 38A). Similar springs are said to occur at several localities over a broad belt extending from Muskwa river across the Liard to the Nahanni River country (26, p. 11). On Liard river below the mouth of Dease river, stratified sands, gravels, and clays of Pleistocene (?) age are constantly met with and in one or two places are underlain by sandy clays. The distribution of the latter, however, is very limited in the section cut by the river west of the Rocky mountains. The only range of these mountains that reaches the Liard is the high limestone ridge which approaches the mouth of Vents river from the southeast and then almost vanishes a few miles to the northwest of it (27, pp. 43-45). In general, the ranges of the Rockies in the area under consideration have been but little explored, but they are undoubtedly very largely sedimentary and, with the exception of some volcanics and intrusives on their western flanks, are probably almost entirely so. Unlike the high, deeply incised ranges in southern British Columbia, they dwindle in elevation north of Terminus mountain to low-wooded ridges separated by wide swampy valleys, and practically lose their identity between it and the Liard. The foothills, which, along the Liard, have a width of 38 miles (from near the mouth of Trout river to Hell Gate) are composed of a great series of alternating shales and sandstones, with some limestones, all folded closely together, which resemble those found in the foothills farther south (27, pp. 50, 19-20).

Jan 1, 1944

By G. A. Gross

"The Soviet Union has enormous reserves of iron ore in many different kinds of deposits that are widely distributed in this vast land area. The present iron ore industry is based mainly on deposits in Precambrian cherty iron-formation at Krivoy Rog, Kursk and Murmansk. Extensive reserves of both naturally enriched hematite ore and magnetite iron-formation in these areas alone could sup-ply all the domestic ore required for several hundred years.Many contact metasomatic magnetite deposits discovery in recent years in the eastern Ural Mountain belt and east of the Kusnetsov basin in Siberia are being developed, with ore reserves measured in billions of tons. Oolitic limonite-chamosite-siderite ores of Cretaceous and younger age at Kerch on the Black Sea and around the east and southern perimeter of the West Siberian basin constitute some of the largest concentrations of iron in the world. These sedimentary ores are low grade, of poor quality and difficult to beneficiate. Banded jasper magnetite and hematite iron-formation in volcanic rocks of Devonian age in Kazakhstan and along the Mongolian border are of special geoloica1 significance.Iron deposits in the Krivoy Rog and Kursk areas were examined and a large number of geologists discussed their work on deposits in many other parts of the Soviet Union during the writer's seven-week study tour of mines and research institutes in Moscow, Leningrad, Novosibirsk in Siberia and Kiev in the Ukraine. The descriptive geology of iron deposits of useable ore and of marginal material has been well documented in the course of systematic work and a large number of scientists are studying fundamental problems on the origin and treatment of iron ore."

Jan 1, 1967

By R. K. Borden

Rio Tinto is committed to proactive mineral waste and acid rock drainage management. Corporate requirements are closely aligned with the GARD Guide principles of early geochemical characterization and prediction followed by selection and implementation of management strategies to prevent or minimize ARD. Each operation is required to design and implement an ARD and Mineral Waste Management Plan. Successful implementation of the plan requires commitment at all levels of the company, from senior management, to geologists, mine planners, environmental staff and equipment operators. Examples of the successful integration of ARD management strategies into mine operations are cited from several mines.

Jan 1, 2011

By S. D. Botts, F. Cantuarias

"The Antamina project, owned by BHP Billiton Plc, Mitsubishi Corporation, Noranda Inc., and Teck Cominco Ltd., is a $2.3 billion copper/ zinc project, located in the Ancash Department of Peru. The project consists of an open pit mine, a 70 000 ton per day concentrator, a 302 km long concentrate pipeline, port facilities, a new access road, power line, and town site. The project is designed to produce up to 1.5 Mtpy of copper and zinc concentrates over a 23 year project life, and will be the third largest producer of zinc and the seventh largest producer of copper in the world.This mega project is the largest mining investment in the country and, during its construction stage, was the most important construction project worldwide. On May 28, 2001, Antamina commenced testing operations and four months later, it reached commercial production. Antamina was officially inaugurated on November 14, 2001 by Peruvian president Alejandro Toledo.The construction stage of the project generated 8000 direct jobs, with a peak of 10 000 employees, and 30 000 indirect jobs. The permanent workforce consists of approximately 1650 employees, the vast majority of which are Peruvian Nationals, around 30% of whom came from the region where the deposit is located. Approximately 5600 indirect jobs were generated from the project. Independent sources state that Antamina increased the Peruvian mining exports by 30% (mining exports constitute 50% of Peru’s total exports) and Peruvian GDP by 1% in its first year of full operation in 2002.Since winning the privatization bid for the project in 1996, the company has implemented an approach to community development and environmental protection based on sustainable development principals. Throughout the development of the project, a number of initiatives have been undertaken to ensure full involvement of the local populations in community development activities and the company’s environmental program.Due to its size, difficult logistics, cultural considerations and financial aspects, the project has faced a number of unique challenges in the area of environmental protection and management of community interaction. Antamina has been innovative in its approach to these issues and, as a result, has set new standards in Peru for environmental and community management and sustainable development."

Jan 1, 2003

By Garnet T. Page

"ABSTRACTThese societies •can help in such aspects of a vocation.al guidance program in secondary schools as: provide vocational and technical information, and assist with vocational exploration, such .as plant visits, films, etc. -as .an aid to the student in making a self-inventory. Evidence is increasing that employers' needs for engineers and scientists will not be adequately met in the future. Therefore, the E.I.C., C.I.M., .and C.I:C. recently revised and extended the activities of the Canadian Counselling Committee on Engineering and Science. This co-•operative .action is to be integrated with the educational system, nationally .and locally, and with provincial associations •of engineers and other groups interested in the provision of vocational information in engineering and science.DEFINITIONTHE scientific treatment of any subject requires consistent use of carefully defined terms. The National Vocational Guidance Association of the United States studied the problem of the definition of vocational guidance for .about 16 years, and in 1937 finally arrived at:""Vocational guidance is the pro-cess of assisting the individual to choose an occupation, prepare for it, enter upon and progress in it. It is concerned primarily with helping individuals make decisions and choices involved in planning a future and building a career -decisions and choices necessary in effecting satisfactory vocational adjustment.""RANGEAs a school enterprise, vocational guidance begins at that point in the individual's life when he finds it necessary to make choices that have a definite significance for his future vocation."

Jan 1, 1952

By G. W. Adams

Foreword While the literature on radium is voluminous, there is no single publication available from Canadian sources which attempts to cover at all fully the world radium industry. The comparatively recent developments in the Wilberforce area, and the consequent arousal of public interest in radium, seemed to call for the publication of such a paper which would be intelligible to the layman. To satisfy this apparent need, the writers submit this paper which contains material derived from various sources, and for which the writers make no claim of originality. Direct references are made throughout the paper to sources of information.

Jan 1, 1931

By P. L. Richard

An open pit a mine can be thought of as a business unit, with capital, operating and maintenance costs that exceed those of many large business enterprises. Truck-and-shovel operations have an inherent ?looseness? to them, unlike manufacturing or processing operations where production components are tightly coupled (through conveyors, material flow in pipes, assembly lines, and so on). Effective monitoring and control of truck-and-shovel operations requires a combination of both information systems and performance management. Production monitoring systems can impact operations at three levels: minute-by-minute decisions during the shift, procedures, and policies. The technology of production monitoring ranges from real-time data collection to manual entry of time card data into a computer. Time card information is too coarse to effectively manage a multi-million dollar fleet of mobile equipment, so a higher level of production monitoring is required. People issues affect whether the implementation will be a success or a disappointment. Considerations that affect the people issues are discussed, including common obstacles, and key success factors. A balanced scorecard approach must be used, since uni-dimensional measures of performance like tons produced give no indication of whether the production was achieved at the expense of another factor.

May 1, 2004

By P. L. Richard

An open pit a mine can be thought of as a business unit, with capital, operating and maintenance costs that exceed those of many large business enterprises. Truck-and-shovel operations have an inherent “looseness” to them, unlike manufacturing or processing operations where production components are tightly coupled (through conveyors, material flow in pipes, assembly lines, and so on). Effective monitoring and control of truck-and-shovel operations requires a combination of both information systems and performance management. Production monitoring systems can impact operations at three levels: minute-byminute decisions during the shift, procedures, and policies. The technology of production monitoring ranges from real-time data collection to manual entry of time card data into a computer. Time card information is too coarse to effectively manage a multi-million dollar fleet of mobile equipment, so a higher level of production monitoring is required. People issues affect whether the implementation will be a success or a disappointment. Considerations that affect the people issues are discussed, including common obstacles, and key success factors. A balanced scorecard approach must be used, since uni-dimensional measures of performance like tons produced give no indication of whether the production was achieved at the expense of another factor.

Jan 1, 2004

By J. Jerome MacDonald, Stephen B. Flewelling

"In the base metals industry of today, operations required to continuously improve productivity and reduce unit production costs. Consistent with these goals is the improvement of the muck haulage cycle from open stopes with the No. 12 Mine.Existing haulage from open stopes occurs with LHD units experience at Brunswick indicates that LHD units have a higher unit cost per tonne mucked than loader-truck combinations when the haulage exceeds approximately 150 m.The reintroduction of open stoping at Brunswick made existing loader-truck combinations unsuitable. It was recognized that application of recent continuous loading technology could potentially result in significant unit cost savings and productivity increases.A review of the technology resulted in the testing of the Voest Alpine AL60 loader in the open stopes located on the 1000m Le vel. Testing began in January 1988 and finished in late November 1988. The test will provide experience as well as quantified production and maintenenace parameters f or the purpose of quantifying production unit costs and system productivity, ultimately resulting in a decision to further utilize or not utilize the loader as a primarymucking unit at Brunswick .INTRODUCTIONBrunswick Mining and Smelting Corporation Ltd. produces approximately 10500 tonnes per day from the No. 12Mine located 35 km southwest of Bathurst, New Brunswick Mining is the largest (single mine) producer of zinc in the world having mined over 52 million tonnes since 1964. Many years of production still remain with proven and probable reserves in excess of 90 million tonnes. Reserves grade at an average of 3.65% Pb. 8.99070 Zn, 99g/mt Ag and 0.32% Cu . The operation employs 1446 people with approximately 800underground including operations and maintenance staff.In the No. 12 Mine two major mining methods are presently utilized . The primary method is Mechanized Cut and Fill (MCF) accounting for approximately 6500 tonnes per day from four major areas. The remaining 4000 tonnes per day is produced from open stopes with the majority of 2800 tonnes per day being produced by the 1000 level.The 1000Level contains 30 million tonnes segmented into open stope blocks 30 m high, 15m and 30 m on strike , with a transverse width of 10m to 50 m (Fig. I). Stopes are organized on a primary secondary stope arrangement along strike. Primary stopes are undercut and overcut full size with the back fully cablebolted. All stope and lateral development is driven 4.0 m high. All stopes to date are flat bottom (Fig. 2). Primary stopes are filled with cemented rock- fill , secondaries with conventional rockfill, Haulage from the stopes is primarily with 8-yard LHD units ; mucking is approximately 50% conventional and 50% remote. Haul distance to date has averaged approximately 150m with current stope haul distances of approximately 300m. Haulage is presently to a small jaw crusher situated on the 1000 Level. From August 1989on, haulage will be to a set of ore passes feeding to a large gyratory crusher situated on the 1200 Level. Start up of the gyratory crusher corresponds to an increase in tonnage from 1000 Level to 4100 tonnes per day."

Jan 1, 1989

By J. P. Cooney

Placer Dome is learning from experience in Latin America, Asia and Africa, as well as in North America, that contributing effectively to sustainable human progress in the areas of its operations presents unending challenges to think creatively, communicate effectively and remain culturally sensitive. People must be better off in terms of their economic circumstances, their social conditions and the quality of their natural environment not only during the life of the mines, but after mines close. Stakeholders, all those who are directly or indirectly affected by a mining project, should be able to participate in decisions which affect them. The development of sustainability strategies, the monitoring of sustainability performance and the implementation of sustainability programs are best done in partnerships with governments, communities, nongovernmental organizations and multilateral development institutions. Ultimately, the success, if not the survival of mining, will depend on our ability to get the sustainability equation correct.

Jan 1, 2000

By M. Boodman, E. Gertner

"At first glance, the activities related to mining and mineral exploration appear to be local or domestic, rather than international, in nature. Minerals, as corporeal or tangible property, form an integral part of the land in which they are found until extracted and exploited commercially. Even in the latter phase, the tangible nature of minerals gives the impression that the law governing the commercialization of minerals is the law of their situs at any given time. The nature of minerals appears to negate the international aspect of mineral enterprises.The fundamental flaw in the above analysis is its focus upon the nature of minerals, rather than the role of persons in mineral enterprises. The high costs of mineral exploration and commercialization invariably require the involvement of international consortiums or joint ventures. Governments may not have access to the funds necessary to exploit the mineral resources that they control. Local or domestic enterprises may not have sufficient expertise for mineral exploration. Further, markets for various types of minerals are far from localized or static. For these and other reasons, the tangible and localized nature of minerals belies the fundamentally international nature of mineral exploration and commercialization."

Jan 1, 2004

Today?s Topics ? Data to decision value chain ? Practical Considerations ? Example ? Before / After DSS ? Quick Decision Support Demo Practical Considerations ? More data is not necessarily better ? Organization and process silos ? Good vs. ?optimal?, but impractical Solutions

May 1, 2008