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By M. L. Chapman

When originally accepting the assignment, the Client had described the property as vacant land. A prior appraisal was later discovered and revealed that the property included a mineral rights appraisal. Further research disclosed an old dispute with a court ruling based on testimony by AIMA-certified experts. The present appraisal was therefore based on data from findings of the court with a fresh look at discount rate, absorption period, and residual land value. Fortuitously, the property subsequently sold on the market, while meeting all criteria for Fair Market Value. This provided insight into a market-based discount rate. Also, the absorption period could be adjusted in accordance with the current market conditions. The residual land value was minimal (based on comparable sales and projecting trends in market) as the property was affected by a flood zone and the surrounding development was sparse. PROPERTY HISTORY: A GREAT INVESTMENT Briefly, the subject property is located in the floodplain region of the San Jacinto River, a short river in southeastern Texas that flows into Galveston Bay, filled with sand and gravel. This location is on the north side of Houston, north of Beltway 8 on the east side of I-59.

Jan 1, 2012

By Richard Adsero

The Australian Bureau of Statistics and the United States Bureau of Labor Statistics publish data for a range of industries, allowing a measure of performance to be quantified, called multifactor productivity (MFP), and allowing performance between industries to be compared on a consistent basis. At the time of writing, the last released data was for 2011-2012. For Australia, the plot of mining industry productivity and a basket of the 12 most significant industries in Australia?s economy (including mining) are shown in Fig. 1. For the United States, mining and petroleum and all manufacturing productivity are also displayed in Fig. 1. The trends are as follows: ? The MFP in the Australian mining sector rose 36 percent from 1986-1987 to 2000-2001. There was a 47-percent decline in MFP from 2000-2001 to 2011-2012 (Australian Bureau of Statistics, 2011). ? The MFP in the United States mining sector rose 17 percent from 1986-1987 to 2004-2005. There was a 7-percent decline in MFP 2004-2005 to 2010-2011, (Topp et al., 2008).

Sep 1, 2013

By K. Biswas, F. C. Felipe

Paste backfill, because of its colloidal or water-holding properties, does not produce run-off water when placed underground. Paste backfill is generally, prepared from relatively low water content, full mill tailings with a certain proportion of ultra-fine particles and mixed with cement, thus producing early and better strength. Mill plant discharge tailings and other materials available at or near the mine site such as sand, aggregates or waste rock are used as blending materials in the mix design. This study investigates the influence of the above-mentioned blending materials on the mechanical characteristics of paste backfill, as well as the grading, shape, specific surface area, mineralogy and workability of the different mix design.

Jan 1, 2000

By W. D. Blackburn

If there is a single key to managing a mineral extraction company, it is the control of productivity. American labor costs, in general, tend to be in the range of 10%-15% of total costs. American coal mining labor costs, however, exhibit ranges of 30%-60% of total costs. Is it any wonder that the industry finds itself at a competitive disadvantage? When labor costs take as much as sixty cents of every dollar of revenue, there is little room for profitability. The American coal mining industry must set as a long range goal the reduction of labor costs to the 10%-15% range of total costs in order to be competitive.

Jan 1, 1986

By Richard P. Graff

Author?s note: Diversity in practice exists in the application of Generally Accepted Accounting Principles (GAAP) for purchase price allocations with respect to the recognition of Value Beyond Proven and Probable Reserves or VBPP, as defined by the Emerging Issues Task Force (EITF) in EITF 04-3: ?Mining Assets: Impairment and Business Combinations?. This diversity appears to arise from differing interpretations of what constitutes sufficient information to value components of VBPP in business combinations. Concerned with this diversity in practice, respected members of the mining community formed a working group which prepared an issues paper that discussed this diversity and provided recommendations for recognition and valuation of VBPP in business combinations. The working group then submitted this paper to the EITF, requesting further guidance be issued on the concept of VBPP. In conjunction with the submission to the EITF, the working group also provided this paper to the United States Securities and Exchange Commission (SEC) for review and comment. The EITF discussed this issue at its May, 2008 agenda committee meeting. However, it declined to add this topic to the EITF agenda for further consideration. Absent additional guidance on VBPP from the EITF, the working group submitted a proposed definition of VBPP to the U.S. Securities and Exchange Commission for its consideration. The following article, which is consistent with the issues paper that was submitted to the EITF and the SEC, discusses the components of and valuation techniques for VBPP. The correspondence with the U.S. Securities and Exchange Commission, which includes the proposed definition of VBPP by the working group, is attached as Appendix 1 to this article.

Jan 1, 2008

By D. R. Wilburn

This summary of international mineral exploration activities for the year 2007 draws upon available information from industry, literature and U.S. Geological Survey (USGS) specialists. The summary provides data on exploration budgets by region and mineral commodity, identifies significant mineral discoveries and areas of mineral exploration, discusses government programs affecting the mineral exploration industry and presents analysis of the mineral industry based upon these data. Two types of information are reported and analyzed in this annual review of international exploration for the year 2007: 1) budgetary statistics expressed in U.S. nominal dollars provided by Metals Economics Group (MEG) of Halifax, Nova Scotia, and 2) information on regional and site-specific exploration activities that took place in 2007 and compiled by the USGS.

Jan 1, 2008

By C. Ford, R. E. Salas Rojas, J. P. Contreras Rodriquez, S. A. Pierce

Heightened environmental consciousness has resulted in the development of various international accords dealing with natural resource management. This international awareness is now being translated into regional and local initiatives that proactively implement collaborative environmental management programs. One such program was recently initiated in northern Chile in recognition of the interconnection of Andean salars. Cooperative efforts between industry, governmental agencies and academic professionals have resulted in the implementation of simultaneous environmental monitoring of flora and fauna in the salars of northern Chile. This coordinated effort is leading to an improved understanding of the migratory patterns of South American fauna, as well as improved access to an expanded database for the multiple user groups associated with the Andean salars. The El Abra Mine is actively participating in these coordinated monitoring efforts.

Jan 1, 1999

By Steven G. Vick

Effects of the August 1995 failure of the Omai tailings dam in Guyana continue to be felt throughout the mining industry. This article is taken from the final report of the independent body of experts commissioned by the government of Guyana to establish the cause of the failure. It explains what happened, why and how to avoid it in the future. Despite environmental, health and safety effects that were negligible by any objective measure, the failure has received wide international attention. Coming on the heels of the shift in exploration targets and development opportunities to developing countries, it has intensified interest in tailings dam safety and environmental management issues. An informed understanding of the nature of the failure and its effects is key to responding to these concerns.

Jan 1, 1996

By G. J. Koons, J. L. Uhrie

Field density studies carried out at the Phelps Dodge Chino Mine have found that truck-induced compaction is limited to the upper 2.4 meters (8 feet) of an individual lift. Hydraulic properties of material compacted to field densities were determined in a laboratory setting and saturated flow models were then run, simulating the effect of compacted zones within a stockpile. Modeling shows that compaction can effectively prevent solution flow through large portions of the stockpile, implying that great care must be taken to ensure that ripping is carried out to a full depth of at least 2.4 meters (8 feet) across the entire stockpile to achieve uniform solution flow. Uniform solution flow will result in maximum leach recovery.

Jan 1, 2000

By J. Hindman, E. Moeller

Vermiculite is currently mined from shallow (less than 25 m or 80 ft) surface deposits throughout the world. The largest producers are Palabora Mining of Phalabowra, South Africa (ore stock is a phlogopitemica), Xinjiang Yuli Xinlong Vermiculite of Korla, China, and W.R. Grace of Enoree, SC (ore stock is a biotite mica). Smaller operations are in Australia, Brazil, Russia and Zimbabwe. They also produce vermiculite on a continuous basis but do not export any significant amounts of product to North America. Intermittent and poorly documented production on a minor scale is reported from Argentina, Egypt, India and Uganda. Worldwide vermiculite production in 2004 increased1.7 percent to 432.8 kt (477,000 st). North American production declined, while African and Chinese production continued to increase.

Jan 1, 2005

By Landy Stinnett

"When performing a valuation of a mineral property, a developing mine or perhaps an ongoing operation, the appraiser is typically provided with a range of information prepared by the property owner. This information can include ownership records, geological interpretation, assay data, an estimate of the reserves or resources believed to be on site (tons and grade), mine plans, production forecasts, capital and operating cost projections, and so forth.The appraiser familiarizes himself with the data, analyzes the various reports and then prepares the appraisal. There is usually a site visit, and there may be some effort at comparison of the particular mineral deposit with others in the region or with those of similar depositional characteristics, but for the most part, the appraiser is relying on the corporate documents, tempered by his/her experience in the field. Time is usually of the essence, the cost for the assignment has been trimmed, and therefore independent verification of the various components comprising the underlying data base (legal review, redrilling portions of the deposit, collection of new samples, re-assaying, etc.) is unlikely in most situations.In the case of high-value commodities — gold, silver, diamonds, perhaps the platinum-group elements — there have been numerous examples of the property owners attempting to increase the value of their holdings by nefarious methods. Most of these involve salting the deposit in some fashion; i.e., introducing small amounts of the commodity into samples being sent to a laboratory for analysis so that the resultant assay shows a higher grade (Donaldson, 2002; Greeley, 2001; Lechler et al., 2008 and Meech, 2001). Other schemes to enhance the apparent worth of a property include the use of nonstandard assay procedures, incorrect handling or withholding of the underlying information, and false reporting."

Sep 1, 2016

By Robert D. Coyle, David L. Emmons

Introduction The Cove gold-silver deposit is located in Lander County, NV about 50 km (30 miles) southwest of Battle Mountain, NV (Fig. 1). The deposit is in the north-central part of the Fish Creek Mountains within the McCoy mining district. Gold was first discovered in the McCoy district in 1914 by Joseph H. McCoy (Vanderburg, 1939). From 1928 to the early 1930s, minor production occurred from shallow underground workings. Total gold production was less than 311 kg (10,000 oz; Stager, 1977). The district was inactive until the mid-1960s when it was explored by Bear Creek Mining, Summa Corp., Houston Oil and Minerals Corp., Gold Fields, and Tenneco Minerals. Tenneco began a detailed reevaluation of the McCoy deposit in the fall of 1984. Tenneco's decision to place the deposit into production was based on a geological reserve of 8.7 t (280,000 oz) of gold (Kuyper, 1987). Subsequent exploration and development drilling of the McCoy skarn deposit has more than doubled the mineable skarn reserves to 19 t (615,000 oz) of gold. In September 1985, Tenneco began development work on the McCoy gold-skarn deposit. The project is an open-pit, heap leach mine. The first gold was poured in April 1986. Echo Bay Mines acquired Tenneco's precious metals properties in October 1986. The mining operation and district exploration started by Tenneco is continuing under the Echo Bay's ownership. The Cove deposit was discovered in January 1987 and production began in February 1988. The deposit will begin as an open-pit, heap leach operation. It will be converted into an open-pit and underground mine with a 9-kt (10,000-stpd) mill. Geologic setting The Cove gold-silver deposit is situated on the east flank of the Fish Creek Range. Surface elevations range from 1460 to 1680 m (4800 to 5500 ft). The deposit is 1.6 km (1 mile) northeast of the McCoy gold-skarn deposit. The Cove deposit is hosted by the Augusta Sequence of Triassic age. Three formations of the sequence are mineralized at the Cove. In ascending order they are the Favret, Panther Canyon, and Augusta Mountain formations. The Favret formation is a gray, locally silty limestone that is commonly fossiliferous. The base of the formation is not exposed. Exposed and drilled intervals are more than 60 m (200 ft) thick. Conformably overlying the Favret formation is the Panther Canyon formation. This formation is 215 m (700 ft) thick and consists of a siliclastic and carbonate sequence of conglomerate, quartzite (sandstone), mudstone, limestone, and dolomite. It is a distinctly coarsening-upward sequence of rocks. The top of the unit is conglomerate with chert and quartzite clasts up to 150 mm-diam (6 in.-diam). The Augusta Mountain forma-

Jan 8, 1988

By I. R. Firth, D. L. Taylor

The ability to accurately model the movement of grade boundaries during a typical bench blast would be of significant benefit to mine operators. The movement of grade boundaries during the blasting process may have significant impact on grade recovery if not accounted for. The paper describes the preliminary stages of a research project which combines numerical blast models and conventional mine planning software to allow practical use of the results of a numerical blast simulation. A two dimensional bench blast is simulated using the Universal Distinct Element Code (UDEC). The results of the simulation are used to provide input to the Surpac mine planning package which can be used to generate grade control plans.

Jan 1, 2001

By Trevor Ellis

The following is extracted from a report by the author to the International Valuation Standards Committee (IVSC), with minor modifications for the purpose of publication. The author represented the IVSC at the annual session of the Ad Hoc Group of Experts on Harmonization of Fossil Energy and Mineral Resources Terminology. This is a body organized by the United Nations Economic Commission for Europe (UNECE). This second session, held in Geneva, Switzerland, achieved an important agreement for advancement toward uniform global standards for the classification of minerals and petroleum reserves and resources. Attendees discussed the possibility of enhancing the United Nations Framework Classification for Energy and Mineral Resources (UNFC) for implementation globally as the classification standard for use in financial reports under the International Financial Reporting Standards (IFRS). Presently, there are between 100 and 200 mineral and petroleum resource classification (or definition) systems throughout the world — a similar number to what there are countries.

Jan 1, 2006

By K. Holmberg, D. Herriot

This paper by Mr Mclvor is yet another contribution to the eternal controversy surrounding the benefits, or otherwise, of high circulating loads in closed circuit grinding. Throughout the paper it is difficult to establish whether the author is referring to effects relating to the mill, classifier, or to the overall circuit. Table 1 is put forward as indicating the advantage of operating at high circulating loads. From the two (it would be interesting to see more) product sizing points provided in each case, the conclusions to be drawn are that cases one and two have very similar size analyses. The third case, however, indicates a much flatter curve, that is to say, higher fines production and a very wide spread of size ranges. If the objective of this circuit is to provide a closely sized product with minimum overground slimes to the downstream process, then it would appear to be the less "efficient" by far. No data is given for product pulp densities either. The term "efficiency" should never be used without a careful and clear definition. In this case, "efficiency" is used to express an apparent percentage reduction in operating work index (Bond) from the measured "standard" at 250% circulat¬ing load operation. The Bond calculation is itself based upon

Jan 1, 1989

Canadian mining giant Teck Resources Ltd. will be the exclusive supplier of the metals used in the production of the more than 1,000 medals to be awarded at the Vancouver 2010 Olympic and Paralympic Winter Games. Teck, the diversified resource company headquartered in Vancouver, B.C., is providing 2.05 kg (4.5 lbs) of gold, 1,950 kg (4,300 lbs) of silver and 903 kg (2,000 lbs) of copper sourced from its operations around the world. In addition to the raw materials mines, this year?s medals will make Olympic history as they will be the first to contain metals recovered from processing the circuit boards from end-of-life electronics (e-waste) that would have otherwise been destined for a landfill. After mining or production through a variety of smelting and recovery processes, each metal has been refined to enhance the metal purity.

Jan 1, 2010

By Z. Zhang, M. S. Gonzalez, M. de P. Bueno, P. Holopainen, S. Luukkanen

"Despite being a field of study that requires practical knowledge and experience, mining engineering education follows the same pattern in most mining universities around the world, consisting of theoretical courses and laboratory-based practical modules (Mischo, 2015). The possibility of having practical training in real mining conditions on actual mine sites or processing plants is limited, while the only contact that undergraduate students have with mining operations during their time of study is usually through shorttime internships or visits in the context of educational trips. Real integration between universities and the mining industry may be scarce, which does not help students to observe the actual processes and thus understand the whole picture of mining operations.Indirect practical training is now possible since that technology is shifting from mechanical to digital, and the use of virtual reality — in the context of Mining 4.0 — can provide additional experience to the learning process. However, virtual reality is limited to the visual impression and is also limited in actions (Binder et al., 2018). In any case, when there is not a proper pragmatic view of how the different disciplines link to each other, especially if there is a lack of communication, unfortunately the results could be seen at a later stage in the mines as a poor performance of professionals and workers.Another major challenge for educating specialists in the mining sector is that experimental mines suitable for practical education, where the skills and knowhow could be developed and/or enhanced, are rare worldwide. Such research and educational (R&E) facilities are practically former metal ore mines that have been transformed into experimental sites. Besides being limited in number, not all facilities of this kind serve both a research and educational purpose.An early example of asolely experimental mines is the Luossavaara-Kiirunavaara Mine site operated by LKAB in Sweden, where systematic research on rock mechanics and mining engineering was successfully carried out in the 1980s. As a result, the developed underground mining technology was applied in LKAB’s mines at a later stage. There have also been research mines within collieries such as the former Lake Macquarie Mine at New South Wales in Australia and the Zeche Tremonia Mine in Germany), but these are no longer in operation (Mischo, 2015)."

Oct 1, 2019

By G. Deschenes, W. Yen

Ammonium thiosulphate is a non-cyanide lixiviant for gold leaching. The major problem is the high reagent consumption. A combination of 0.3M (NH4)2S2O3, 0.03M CuSO4, 3M NH3 was used to leach a copper-bearing gold ore at pH 10.2 for 24 hours. 30 kg/t of thiosulphate was consumed. Oxygen and copper species were found to be responsible for thiosulphate decomposition. The thiosulphate consumption could be reduced to around 17 kg/t by adding chelating agent, reducing copper sulphate concentration to 0.001 M and replacing CuSO4 by NiSO4. The increase of pulp density might reduce the thiosulphate consumption to around 17 kg/t. By regulating the oxygen supply, the thiosulphate consumption could be reduced to 10 kg/t.

Jan 1, 2002

By David Cronan

"Most of the recent renewed interest in manganese nodule mining has been focused in the Clarion-Clipperton Zone (CCZ) in the NE tropical Pacific where nodules are rich in Mn, Ni and Cu. However, equally interesting, but compositionally different, nodules occur in the tropical central South Pacific (CSP). The CC Zone deposits lie in the International Seabed Area whereas those in the South Pacific lie mainly in the Exclusive Economic Zones of Island States, principally the Cook Islands and Kiribati. The CSP nodules should not be regarded as an alternative resource to CCZ nodules, as they are enriched in different elements. Rather, the CCZ nodules should be thought of as a source of one group of metals (Mn, Ni and Cu) and the CSP nodules the source of another group (see below), mutually complementing each other and to be mined in parallel for their different metals.Manganese nodule mining in the South Pacific has been mooted since the 1970s. However, new data on manganese nodule composition and abundance there have recently appeared. Also, a recently developed interest in 'rare', 'green' and 'technology' elements has necessitated a re-examination of old South Pacific nodule data for information on these elements (previously thought to be economically unimportant), and the re-analysis of the deposits to obtain new data on them. Additionally, current and possibly future applications to the UN to extend island 'continental shelf' areas necessitates an appraisal of the manganese nodules in these areas. These developments have prompted recent work that has helped to refine our understanding of the distribution and abundance of metals of traditional interest in South Pacific nodules, namely Mn, Co, Ni and Cu, but has also drawn attention to other elements of possible economic interest including titanium (Ti), vanadium (V) and the rare earth elements (REE)."

Sep 1, 2014

By D. L. Watson

In spite of the deflationary state of the minerals business today, there will be opportunities for those who can fulfill future needs. Since there are abundant supplies of ores and fuels to keep prices down, at least in peacetime scenarios, future needs may be as much political and social as technical and economic. Engineers and economists will develop new and innovative ways to find, mine, process and pay for mineral deposits. Pressure from governments and non-governmental organizations and the public will combine with market forces to provide opportunities for highly competitive, risk-taking enterprises who can leverage the qualities of their orebodies and employees by being good neighbors and partners.

Jan 1, 2000