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By Michael Samis

The real option valuation method is often presented as an alternative to the conventional discounted cash flow (DCF) approach because it is able to recognize additional project value due to the presence of management flexibility. However, these two valuation methods can be separated on a more fundamental level by their differences in risk discounting. Real option valuation applies the risk-adjustment to the source of uncertainty in the cash flow while the DCF method adjusts for risk at the aggregate level of net cash flow. This seemingly small difference is the reason why the real option method is able to differentiate between projects according to each project?s unique risk characteristics while the conventional DCF approach cannot. This paper provides an overview of the real options and DCF valuation frameworks and discusses the differences in risk discounting that exist between the two methods. Using grade-school mathematics, this paper clearly demonstrates how, with real options, a unique project risk discount can be calculated which is directly linked to the project?s unique risk profile. It also highlights why the DCF method fails in this regard and shows why a call to ?increase the Risk-Adjusted Discount Rate? is an incomplete solution at best. Finally, a heap-leach project and satellite reserve development project are valued with both techniques and the difference in investment conclusions is explained in terms of the risk-discounting concepts discussed here.

May 1, 2003

By K. Ilankoon, I. M. Saman, S. J. Neethling

In heap leaching the transport of the acid from the drippers to the surface of the ore particles is a major factor in the overall performance of a heap. This flow behaviour is complex as the flow is unsaturated and occurs along a tortuous set of inter-particle channels and connections. The particle properties such as size, shape and porosity are very important when modelling the liquid holdup and flow within heaps, since the dominant mechanisms at work are quite different. This paper investigates the effect of these particle properties experimentally on heap flow behaviour using a 1-D column leaching system consisting of non-porous glass beads with a system of actual ore particles. The similarities and differences between the two systems on flow behaviour are described using an inter-particle flow model. In addition, the applicability of positron emission particle tracking (PEPT) for laboratory column leaching will be detailed to calculate hydrodynamic dispersion in packed beds compared to more conventional residence time distribution (RTD) tests and also to obtain the time averaged rivulet flow paths through the particles of the bed for the better understanding of heap hydrodynamics.

Jan 1, 2014

By L. Chunpongtong

ABSTRACT Oil sands production occurs on a massive scale, making orebody estimation a challenge. In rainy conditions, operators can have difficulty accessing ore at the mapped location. Without enough inventory as a buffer, the high-cost stockpile is depleted quickly, necessitating the removal of significant amounts of overburden and interburden to meet plant feed requirements. The inventory curve—a plot of ore inventory on a period-by-period basis—plays an important role in selecting an appropriate scheduling scenario. This paper presents a programmable method for creating an inventory definition by using a pit optimization tool.

Jan 1, 2014

By Art Hamilton

The Zn-Pb-Cu-Ag ore deposits of the Boundary and N-5 zones near Bathurst, New Brunswick, occur in a polydeforrned volcano-sedimentary sequence that is part of the Ordovician Tetagouche Group. Massive and disseminated sulfides are hosted by an argillaceous to cherty sedimentary sequence that is stratigraphically Wlderlain by a siliceous fragmental unit and is overlain by a feldspar-rich crystal tuff and related tuffaceous rocks. The deposits have a low iron sulfide content relative to that of most stratabound sulfide deposits of the Bathurst-Newcastle mining district. The ore is commonly associated with chlorite- and talc-rich sediments. The N-5 deposit is considered to be the fault-displaced extension of the Boundary deposit. The Boundary deposit is estimated to contain 891 000 t grading 3.31% Pb, 7.96% Zn, 0.32% Cu and 44 g/t Ag; the estimate for the N-5 zone is 330 000 t grading 3.24% Pb, 7.15% Zn, 0.33% Cu, and 37 g/t Ag. The ore is processed at 1000 tpd at the Heath Steele mill.

Jan 1, 1992

By Ralph W. Edie

"IntroductionTHIS PAPER presents some analyses of diabases from a number of metallogenic provinces in Canada and the United States. It is intended as a contribution to the literature on the genesis of mineral deposits associated with diabase.As it has been in the past, opinion today on the origin of the cobaltnickel- native silver and associated pitchblende type of deposit is sharply divided. Some geologists hold that this type of deposit is in some way genetically related to intrusive diabase; others are of the opinion that the deposits are related to granite. The controversy, like others of a similar nature, probably will not be settled satisfactorily for many years to come, •but in the meantime it is recognized that, with respect to most deposits of the type referred to, altogether too few facts are known for accurate conclusions on genesis to be drawn. To contribute in a small way to factual data on this whole .problem, the writer analyzed diabase from several districts in Canada in which deposits of the aforementioned type occur. For comparative purposes, the copper, cobalt, and nickel content of diabase from Cornwall, Pennsylvania, and of norite from the Sudbury basin of Ontario, was also determined.Insofar as is known, none of the analytical work undertaken had been previously carried out."

Jan 1, 1953

By E. A. Roux

As the first mine-to-metal zinc operation utilising atmospheric leaching, solvent extraction and electrowinning, Skorpion Zinc faces unique challenges and opportunities. One of these challenges is found in the solvent extraction circuit, in which di-ethylhexyl phosphoric acid (D2EHPA) is used as the organic extractant. Although D2EHPA is an excellent extractant for zinc, it suffers from the co-extraction of ferric iron, which is produced during leaching and by the corrosion of the grinding media. This situation is partially mitigated by iron precipitation in the neutralisation step prior to solvent extraction. Unfortunately, some ferric iron still reports to the solvent extraction process. This leads to a slow build up of iron in the organic phase. Chemical stripping is used to maintain the Fe concentration at an acceptable level. In this paper, the efficiency of the iron removal process is discussed.

Jan 1, 2006

By R. Noorani, M. Cai

"Excavation of deep underground openings in highly stressed grounds can generate new fractures near the openings. As a result, rock mass bulking may occur, leading to large wall deformation. A better understanding of brittle rock failure and the associated fracturing process at the laboratory scale is an essential step towards evaluating dilation behavior of rocks. A grain-based model that can capture dilation behavior of rocks under various loading conditions at the laboratory scale can be a useful approach to study rock mass bulking at the field scale. The aim of the paper is to study the dilation behavior of rocks at the laboratory scale employing numerical simulation. A modified grain-based model is used to simulate the macroscopic response of crystalline rocks by considering micro-fractures at the grain scale. Grains generated with the Voronoi tessellation are allowed to fail in tension or in shear using a strain-softening model. Damage is represented by either grain boundary fracture or grain failure, or the combination of the two. As stress increases, the process of damage, fracture initiation and coalescence in rocks can be captured.The grain-based model was calibrated using test data of the Lac du Bonnet granite and a parametric study was conducted. Numerical simulation results showed that the proposed modeling approach is able to capture most of the mechanical properties, fracture pattern, and dilation behavior in both unconfined and confined loading conditions. In an unconfined compression test, interactions of microscopic fractures may lead to macroscopic shear or axial splitting failure depending on the chosen micromechanical parameters. Numerical experimental results show that the dilation behavior of the model is strongly related to the failure mechanism of rocks. Tensile-failure-dominated failure mode generates large dilation due to the formation of new cracks that are sub-parallel to the loading direction. On the other hand, shear-failure-dominated failure mode produces small volume increase. One significant finding from this study is that in order to capture large dilation using grain-based UDEC models, intragranular grain failure should be considered."

Jan 1, 2015

By A. Mitura

The paper presents the initial investigation of possible energetic applications of chosen wastes from groups: 06, 03, 05 and 01, including coal slimes being secondary product of hard coal processing. These categories of wastes are catalogued according to the polish law, where 06 ? wastes from production, preparation, purchasing and application of products of non-organic chemistry; 03 ? wastes from wood processing and from plates and furniture, celluloid mass, paper and card board production; 13 ? oil wastes and wastes from liquid fuels; 01 ? wastes produced by searching, extracting, physical and chemical processing of ores and other mineral raw materials. The change of combustion heat value was evaluated in produced energetic mixtures containing these types of wastes together with the change of their individual components. All combinations of ingredients were taken into consideration giving 256 various mixtures, from which 36 were selected to investigation. This allowed the performance of statistical factor analysis. For such prepared materials the application of regressive method was proposed in purpose of calculating combustion heat value and then the comparison of empirically determined and theoretically calculated heat values was performed. The change of regressive coefficients can be determined by the nature of Hess law (eq. 1) what was investigated and the attempt of its explication and validation was done.

Aug 1, 2013

By F. Roemer, D. Goldmann, T. Elwert

Tantalum is an important minor metal for the production of high performance capacitors. Approximately 60% of the annual tantalum production is used in this application. Despite its high price of 298 US$/kg (average price 2010–2014), at the moment, no recycling from end-of-life products takes place. In the established recycling processes of waste electrical and electronic equipment (WEEE), tantalum is lost in the slags of copper smelting, where it is highly diluted. An economic recovery is not possible at that point. Although tantalum must therefore be extracted from the WEEE stream before it enters smelting, no industrial recycling processes exist. The main reasons are its low concentration in the WEEE stream, lack of information about tantalum bearing devices, technical difficulties of extraction, and conflicts of interests regarding the recycling of other valuable metals in WEEE. In this paper, the results of a cooperation research project are presented. The aforementioned challenges are addressed and a novel tantalum recycling process is developed. Small pilot scale experiments show that a mechanical processing route can produce marketable tantalum-concentrates of 30% tantalum with yields between 60 and 70%. This is reached through a manual pre-sorting of potentially tantalum bearing products followed by a combination of an optimized comminution, sieving, air classifying, eddy-current (EC), and two stage magnetic separation. Key to the implementation of this process was a detailed survey of the tantalum concentrations in different products carried out by the industrial partner.

Jan 1, 2016

By K. Huang, L. Pan

"Darcy’s law has been used extensively to model cake filtration. It is a macroscopic model, in which particle size dominates the kinetics and cake moisture. In the present work, a capillary flow model has been developed from first principles to study the effects of microscopic parameters such as capillary radius, boundary layer slip, disjoining pressure, and surface tension that may be important for dewatering ultrafine particles. Laboratory-scale pressure filtration tests show that dewatering kinetics is strongly dependent on capillary radius, which in turn is influenced by surface hydrophobicity, surface charge, and length scales of particles. The model parameters determined from laboratory-scale filtration tests show that use of a hydrophobizing reagent can greatly improve fine particle filtration due to increased slip and decreased capillary pressure. The kinetics of dewatering kaolin clay is fastest at a pH where the layer-structured particles coagulate with a face-to-edge orientation. The capillary flow model developed in the present work may be useful for designing filters and optimizing operating conditions.INTRODUCTIONIn 2014, Canada produced 2.2 million barrels per day of crude oil from the oil sands resources in Alberta, which is expected to grow to 3.2–4.0 million barrels per day by 2030 (CAPP, 2013). One of the challenges to meeting these projections is the tailings management. At present, the industry uses ?77 km2 of the lands to construct tailings ponds. Significant amounts of the tailings disposed to the ponds are silts and clays that are slow to settle and consolidate, creating problems for reclamation. It is, therefore, the objective of the present work to develop a filtration model that may be useful for developing advanced dewatering technologies that can address the tailings management issues.Darcy’s equation is the governing law for filtration. It was derived as an empirical model by H. Darcy in 1856 while he was studying fluid flow in sand filters (Hall, 1956). Since then, many investigators derived it from first principles. It relates superficial fluid velocity to the pressure drop across a porous medium of known permeability. In filtration, the latter can be related empirically to particle size using the Kozney equation (Yoon, 2005)."

Jan 1, 2016

By H. J. McQueen

Aluminum was hot worked at 400 - 500°C and strain rates (e ) of 0.004 -0.1s-1, under reversing strains (c) of 0.5 to 0.2 or 0.5 to 0 and also advancing from 0.5 to 1 or 0.5 to 5. Under similar test conditions for different parts of the strain paths, the average measured flow stresses are found to agree with each other. In the forward and backward strain path tests, the almost identical steady state plateaus affirm the occurrence of dynamic recovery (DRV). On reversal of strain direction at constant e , there was generally negligible Bauschinger effect. In specimens annealed at 400°C, static recrystallisation (SRX) was followed microstructurally. mainly by disappearance of elongated grains with serrated boundaries because the new grains were only little a finer than the old due to low strain energy. The only influence of reversing strain path observed was the effect of change of grain boundary area as grains elongated or returned towards equiaxed. In optical microscopy, elongated grains with serrations and deformation bands confirmed DRV in forward path specimens. In reverse path specimens, equiaxed grains were gradually restored with retention of serrations and bands. In low magnification polarized optical microscopy, grain alignment increased with strain for forward path specimens; whereas it decreased in reverse path ones, supporting DRV. Orientation imaging microscopy (OIM/SEM) revealed that elongated grains are broken up as deformation bands rotate during the forward path and that grains return to equiaxed appearance on backward straining. Comparative studies using optical microscopy in polarized light (POM), OIM/SEM and transmission electron microscopy (TEM) revealed that while subgrains remain equiaxed and constant in size and character during the forward and backward paths, the fraction of low angle facets decreased while that of high angle grain facets increased with increasing strain; these are coupled with a fairly low fraction of medium angle boundaries. The results contribute to the understanding that dynamic recovery in aluminum maintains sub-boundaries with low misorientation but as grains elongate and more subgrain become adjacent to grain boundaries the fraction of high angle boundaries rises (with backward straining it was vice versa).

Jan 1, 2007

By Kuwauchi. Y., M. Barati

Recycling of dust using a rotary hearth furnace (RHF) has gained considerable attention in the past two decades for the sustainable production of steel with less environmental impact. In order to further promote the recycling of electric arc furnace dust and carbonaceous wastes using the RHF process, a mathematical model was developed to predict the reaction behaviour of dust-reductant composites. The reduction kinetics of zinc and iron oxides as well as the volatilization behaviour of volatile matter in the reluctant were considered. The modeling approach and some preliminary results are presented in this article.

Jan 1, 2011

By Eiichi Sato, Koichi Kitazono, Hiroshi Masuda, Kenta Higane

"The present study investigated the low-temperature creep mechanisms in ultrafine-grained (UFG) aluminum manufactured by accumulative roll bonding. UFG aluminum with grain size 0.39 µm showed steady state creep even at room temperature under low stresses as confirmed by the creep curves in the strain rate–strain plot. The low-temperature behavior was divided into four regions by three distinctive stresses, sI, sII and sIII: sI (=45 MPa) is denoted as the micro-yielding stress with which dislocations start movement, sII (=85 MPa) the dislocation-multiplication stress above which dislocations multiply with creep deformation, and sIII (=171 MPa) the conventional yield stress above which macroscopic plastic strain is generated. During low-temperature creep, below sI, negligible plastic strain is generated. Between sI and sII, creep deformation with stress exponent 2.5 occurred, which is accommodated by dislocation absorption into grain boundary and grain boundary sliding, similarly to the low-temperature creep of HCP metals. Between sII and sIII, creep deformation with stress exponent 7.0 occurred, whose mechanism is similar to the low-temperature creep of coarse-grained aluminum. Above sIII, power-law breakdown occurred.INTRODUCTIONIt is well understood that the creep deformation brings about at high homologous temperatures (T/Tm) of >0.4, where Tmis the melting point, with diffusion processes. Recently, the importance of aluminum is increasing for cryogenic temperature parts such as a metallic liner or a cap in high pressure-hydrogen vessels, and the presence of creep behavior in aluminum at room temperature has become recognized (Matsunaga, 2013;Kassner, 2015).In HCP metals and alloys, especially intitanium, steady-state creep behavior appears at room temperature with apparent activation energy of1/10 of that for self-diffusion(Neeraj, 2000; Matsunaga, 2009).On the other hand, Kassner (2015) claims that aluminum shows creep behavior at room temperature with apparent activation energy of 4/5of that forself-diffusion, but never reaches the steady state. We should note that it is derived from the data obtained from short-term creep tests of few hour, and Matsunaga (2013) already claimed the presence of steady state in room temperature creep in aluminum with activation energy of 1/5of that for self-diffusion.The mechanisms for low temperature creep are considered different between HCP and FCC metals: in HCP metals, grain boundary sliding is observed and is thought to accommodate piled-up dislocations at grain boundaries through absorbing them. The so-called slip-induced grain boundary sliding occurs with low number of activated slip systems(Matsunaga,2009).On the other hand, in FCC metals, many activated slip systems bring about work hardening with dislocation cell structure formation. In the initial stage of creep, it results in primary creep (Kassner, 2015), but Matsunaga (2013) claimed that once the annihilating of a cross-slipped dislocation to another reaches balance, steady state is established. It has been, however, strongly required to show more convincing experimental verification for the presence of steady state in FCC metals at low temperature."

Jan 1, 2018

Arsenic bearing minerals such as enargite (Cu3AsS4) and tennantite (Cu12As4S13), which may associate with major copper minerals such as chalcopyrite (CuFeS2), chalcocite (Cu2S) and bomite (Cu2FeS4), usually report to the copper concentrate in conventional flotation due to their similar flotation properties. Arsenic in a copper concentrate causes environmental problems and also problems in the subsequent pyrometallurgical process. Voltammetric studies were carried out to investigate the oxidation characteristics of enargite, tennantite, chalcopyrite, chalcocite and bomite. Contact angle measurements and micro-flotation tests were conducted to examine the flotation characteristics of enargite and chalcopyrite under controlled pulp potentials. Selective flotation of enargite from chalcopyrite under varied pulp potentials was conducted to investigate the feasibility of arsenic removal from a copper concentrate. The test results indicate that the non-arsenic bearing copper minerals ( chalcopyrite, chalcocite and bornite) were easier to oxidise than arsenic bearing minerals ( enargite and tennantite) in an alkaline solution. Enargite floated well at a potential as high as +0.45 V vs. SCE while chalcopyrite was completely depressed at a potential higher than +0.43 V vs. SCE. Selective flotation revealed that enargite can be successfully removed from chalcopyrite through controlling the pulp potential at +0.30 ~ +0.50 V vs. SCE.

Jan 1, 2007

By H. J. White

Haynes International, a world leader in the manufacture and production of nickel, and cobalt base alloys has invented and developed a low cost high temperature material, with a unique combination of superior oxidation resistance and weldability/ fabricability. HAYNES® HR-224TM (Ni ? 27.5Fe ? 20Cr ?3.8A1 ? 0.3Si ? 0.3Ti) forms a planar/ continuous/ adherent aluminum oxide film at high temperatures which has been shown to effectively limit chromium poisoning in solid oxide fuel, cell, systems. A 20,000 pound vacuum induction melted (VIM) + electroslag remelted (ESR) heat has been melted and converted into various product forms: sheet, plate, bar, welded tubing, wire, etc. The alloy was designed for service in severely oxidizing environments recuperators, automotive catalytic converters, wire strand annealing furnace tubes, etc. and has been of great interest to solid oxide fuel, cell, manufacturers as a materials of construction in balance of plant (BOP) design. This manuscript presents the physical, properties, mechanica, properties, and oxidation resistance of the alloy compared to other materials being considered for solid oxide fuel, cell, design

Jan 1, 2010

Applying DEM to prediction of tumbling mill performance is challenging because several different modes of breakage are active in the process. As our knowledge of breakage and computational capacity improve, it is worth revisiting previous simulation tasks which did not produce a satisfactorily realistic description of a measured process. At SAG 2006, we reported the simulated and measured outcomes of treating a well characterised ore in a 1.2 m diameter mill. This well instrumented, pilot scale mill at the University of KwaZulu-Natal has been combined with some new approaches to ore testing to allow different modes of breakage to be tested. The mill design allows the rate of generation of fine material to be measured in close to real time for autogenous and SAG mill charges. The updated simulation model estimates mass loss with particle evolution and embeds the cumulative damage and breakage. The simulated results are compared with the measured results. Issues such as relating modelling inputs to particle breakage characterisation data and the accuracy of the predictions of the models are discussed.

Jan 1, 2012

By H. A. Pearse

The history of the flotation process, as applied to the practical field of ore dressing, dates back somewhat less than twenty years; yet this fact may be overlooked in view of the present universal dependence on this process in the concentration of almost all classes of ore. It is therefore interesting to recall that Britannia was the scene of some of the earliest experiments with flotation on a commercial scale. In 1911, sixteen years ago, an Elmore vacuum machine was operated for several months with encouraging results. In 1913, some time before flotation was very generally adopted elsewhere, a Minerals Separation plant, capable of treating 600 tons daily, was operating successfully at Britannia. Considering how little was known of the theory and practice of flotation at that time, the recovery was remarkably good, but it was not until the present mill was completed in 1923 that any attempt was made to raise the concentrate grade by differential flotation, or, in other words, to float the chalcopyrite while rejecting the then worthless pyrite with the tailings. The first ore passed through the present concentrator in March, 1923. As originally designed, the rated capacity was for 2,000-2,500 tons, but this has been increased year by year, until at the present time 4,000 tons daily can be treated economically. During the first few months of operation the concentrate grade averaged only 10-11 per cent Cu, but by the end of 1923 this had been raised to over 20 per cent, due to the elimination of the pyrite by differential flotation. In 1923 the tailings averaged approximately 0.25 per cent Cu, but also in the matter of recovery a considerable improvement has been effected, for during the year 1926 an average tailing of 0.15 per cent Cu was maintained.

Jan 1, 1927

By M. M. C. Lima, L. C. S. Solimani, M. A. Quintela

Galvanized steel scrap is recycled to B OF converters where zinc escapes from the bath and is captured by the gas control system, appearing in BOF sludge. As BOF sludge contain high iron content, it could be recycled, but due to its zinc content, it is disposed in landfills. In this study techniques were evaluated for zinc layer removal from scrap by sulfuric acid leaching. The effects of coating weight, temperature, time and sulfuric acid concentration were evaluated for three different galvanized scrap. The results showed that the behavior of each galvanized scrap was different. Nevertheless zinc removal efficiency was more than 80% with low dissolved iron in the leached solution.

Jan 1, 2011

By József L. Margitfalvi

Different Au/MgO catalysts modified with Mn, and Fe were prepared by precipitation-deposition. The catalysts were characterized by XRD, FTIR, Temperature Programmed Reduction (TPR) and CO chemisorption and were tested in CO oxidation in the temperature range of 243-523 K. The catalytic tests using both Temperature Programmed Oxidation (TPO) technique and time on stream (TOS) experiments revealed the high activity of catalysts prepared. In TPO experiments the modification by Mn significantly increased the activity above 300 K, however in the subambient temperature range the activity decreased considerably. Catalysts modified by iron did not show any decrease in the activity below 300 K, while the activity at high temperature increased significantly. Catalysts modified by Mn, Fe showed higher activity, selectivity and stability in preferential CO oxidation, carried out in the presence of hydrogen than the unmodified Au/MgO catalysts. Results of in situ FTIR spectroscopy on both the base Au/MgO and the iron modified catalyst unambiguously revealed the formation of ionic gold in the presence of CO/O2 mixture. The formation of this species was strongly hindered in catalyst modified by manganese. Results obtained strongly support the need for the formation of "metal ion - metal nanocluster" ensemble sites. These sites are involved in the activation of the CO molecule prior to its reaction with atomic oxygen. It is suggested that at subambient temperature these ensemble sites contain mainly ionic forms of gold, while at higher temperature iron or manganese ions are involved in CO activation.

Oct 1, 2003

By D. F. VanDine

The phases of a typical exploration program for sand and gravel resources include: (1) collection and assessment of existing information; (2) air photo interpretation and remote sensing; (3) ground investigation and mapping; (4) sampling and testing; and (5) data storage, retrieval, analysis and presentation. Depending on the purpose, time frame and funding available for the study, these phases, and the various techniques used within each phase, will vary. Once a sand and gravel deposit has been located, defined in size and quality, and found to be suitable for a given purpose, it can then be classified as a granular resource.

Jan 1, 1984