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The ""comparable sales"" method of valuation attributes value to an asset by reference to actual sales of comparable assets or to the market capitalisation of companies with comparable assets. This methodology is widely used in real estate valuations. The real estate approach can be used to value mining and exploration properties where there are actual sales of comparable or similar assets in the recent past. The practical limitations of the comparable sales method are well known and self evident: limited number of transactions, limitations on comparability and inadequate data. The real value of the comparable sales method is in its use as a validity check. Estimates of value of mining and exploration assets are so sensitive to so many variables that all valuation methods have limitations. Accordingly there is real value in attempting to establish benchmarks from comparable sales. Apparently sophisticated valuation methods can mislead by creating the impression that valuation is a precise science. The judgement of the valuer is critical and judgements can be wrong. Any available evidence from actual sales that are even remotely comparable can provide useful input to the valuation process.

Jan 1, 1994

By Henderson J, Ward RG

Dissolved oxygen has been measured directly using a rugged, reliable, accurate electrochemical probe system developed for steelworks application by B.H.P. Central Research Laboratories. Furnace measurements show that the steel is generally supersaturated with oxygen and that oxygen contents vary considerably from heat. to heat. Ladle measurements also show considerable heat-to-heat variations. Analysis in terms of ladle deoxidation chemistry differentiates between carbon monoxide controlled and manganese silicate controlled oxygen levels. Deviations from these levels are sometimes due to aluminium present in other added ladle alloys but in some cases the plant applicability of laboratory derived equilibria is questionable.

Jan 1, 1972

By Barber J

The manganese ore of Groote Eylandt is a shallow sedimentary deposit of Cretaceous age. There are a number of deposits which vary greatly in ore texture, density, percentage of matrix and thickness. The thickness in the present five operating quarries varies from 1-5 metres. The mine output in 1973 was 3 million tonnes of which 60% was blasted, the remainder ripped and bulldozed. The shallow deposit and its varying thickness create rather unique blasting problems which must be overcome in order to produce a minimum overall mining cost but not necessarily resulting in a minimum drilling and blasting cost per tonne. Future planning envisages the introduction of site mixed slurry explosives following test work and the application of a twin boom single operator rotary percussion drill. The paper outlines the overall developments,present and envisaged practices and the reasons for these changes.

Jan 1, 1974

By G Huggins

Excavation in underground jointed rock masses creates cavities into which the surrounding rock mass deforms. Deformations, besides intact rock deformation, include mechanistic deformations such as slip and rotation. In this paper deformational moduli were measured for prototype and blocky (jointed) models using elastic analogue methods for stopes from MIM LimitedÆs Lead Mine. The blocks for the models were defined in terms of the prototypeÆs joint sets, their spatial separations, orientations and average friction characteristics. From dimensional analyses, a relationship between prototype and model deformations was used to predict stope mid-span deformations. The results of this physical modelling work, conducted in the 1970s, motivated an investigation into the electro-treatment of tailings backfill to achieve improved strength and stiffness characteristics. Tailings backfill containing fines and having a high clay content can be electrically dewatered, and at times grouted, cemented, ion exchanged or agglutinated, to achieve relatively high magnitudes of strength and stiffness. These treated tailings stiffnesses can reduce the deformation magnitudes within a rock mass and, in doing so, reduce problems encountered in mine pillar extraction. The application of these tailings modification techniques is examined in relation to the elastic analogue methods.

Jan 1, 1998

By Ellicott C, Webb N

In November 1996 the NSW Minister for Mineral Resources, Hon Bob Martin MP, commissioned ACiL Economics and Policy Pty Ltd to conduct a wide ranging review of safety within the New South Wales mining industry.The review was a response to a disturbing number of fatalities which had occurred in the industry during the Minister's term of office together with a number of alarming near misses where serious failures in mining systems had occurred. Shortly after the review was commissioned, four mine workers died at Gretley Colliery near Newcastle. An inquiry is currently being conducted into the incident.

Jan 1, 1998

By Lane G

This paper addresses project commissioning, that is, activities that culminate in the transfer of a project from the construction phase to routine plant operation. These activities should be initiated early in the engineering and design phase to ensure that the plant design is operator friendly and that construction is scheduled such that pre-operational testing and hand over to the owner occurs in a timely and cost-effective manner. For the purposes of this paper, commissioning includes all activities related to pre-operational testing, no-load testing, water commissioning, and ore commissioning. That is, all activities from construction completion to practical completion of the prime contract. This process is facilitated in numerous ways dependent on the nature of the project prime contract and the size of the project. For small lump sum projects, the contractor's responsibility may include all phases of commissioning to practical completion, whereas, a managing contractor on a complex multi-contract project may only be required to bring the project to mechanical completion and hand over to the owner for ore commissioning. Irrespective of the responsibilities, commissioning programs require careful planning, effective communication and detailed reporting. Unsuccessful

Jan 1, 1997

The type of population encountered in the sampling of coal, ores and other products of natural phenomena is one in which the variance within a cluster of elements generally increases steadily as the size of the cluster increases. To enable estimation of variances of stratified random or systematic sampling for such populations one must model the serial correlation function or alternatively, the variogram function. The author has postulated a specific symmetry of the serial correlation function which leads to expressions with rich theoretical and practical implications. These expressions provide a spatial correlation function which explains power law relationships often observed in studies of dispersion variances. They also enable straightforward calculations of sampling variances. The importance of the role of finite population size in the equations leads one to examine previously held concepts of ælargeÆ and æsmallÆ sample populations. The model based on the symmetry postulate is a fractal model with the serial correlation function of a hypothetically infinite population being of the same form as that developed by Mandelbrot for discrete fractional noise. Techniques used in fractal mathematics apply, including box counting and fitting of a dimension function. The paper establishes a framework for the understanding of this fractal theory and demonstrates how to calculate sampling variances from the model variogram using simulated data fitting the model.

Jan 1, 2008

Project evaluation is completed through individual studies covering technical and financial aspects of the mine to market. These studies are completed at various levels of detail depending on where the project evaluation is in the projectÆs life cycle. The competency of the studies varies in relation to the quality of data, level of the skills employed, control, management and reporting structure. The focus of this paper is managing elements of the study, looking at the cost of opportunity to influence the project, against the value added. Selection of the study manager and study teams is central to getting an integrated project evaluation addressing the correct issues completed on time. Retention of key personnel can reduce rework which, in turn, can reduce time and cost impacts. It is important to have a work breakdown structure at the outset so that the study teams have a common numbering and naming system that will integrate areas, equipment, budgets estimates and accounts. Having set up the evaluation groups and provided training in the study procedures, understanding the scope and schedule are vital elements in producing a project evaluation that addresses the opportunities and the risks of the final project. Arriving at an accurate capital budget requires integration of the research controlled through common systems. Project evaluation process must also address how the project is to be delivered.

Jan 1, 2007

By S MacKinnon, J Kok

Potential areas for improvement in flotation performance were identified during JKTech model development surveys in October 2003. Subsequent implementation of the JKTech recommendations in consultation with flotation cell manufacturer Outokumpu have resulted in gold flotation recovery increases of more than four per cent over a two-year period. One of these recommendations was the installation of High Shear Stators in the Cleaner and Recleaner flotation cells. The High Shear Stator installation project was justified based on simulations completed using JKSimFloat. Bubble size measurements completed before and after installation of High Shear Stators showed a reduction in mean bubble size of approximately 50 per cent in the Cleaner cells. Both Cleaner and Recleaner banks showed a significant narrowing of the bubble size distributions following the installation. Plant gold recovery increase resulting from the installation of High Shear Stators was 1.1 per cent, with a 1.9 per cent increase in flotation gold recovery and 5.4 per cent increase in flotation sulfur recovery. Based on the 1.1 per cent recovery increase and total project cost of less than $200 000, the High Shear Stator Project NPV was $8 200 000 with a 0.25 year payback period.

Jan 1, 2006

The aim of all modelling is to replicate geological reality as closely as possible using available data. This paper is aimed at one end of the spectrum, where very limited data is combined with intuitive geological ideas to synthesise models for either target definition or for determining minimum viable mining scenarios. Interactive 3D modelling allows a satisfactory hypothetical geometry of surfaces to be assembled, and provides a fast quantitative method for generating targets. As data flows from exploration, an evolving geological model assists with the progressive evaluation of a prospect. Two case histories are described where this approach has been used successfully, the Mosquito Hill Prospect in Queensland and the Longwood Ranges Platinum Prospect in New Zealand. The possibility is also discussed of hypothetically modelling an orebody which has yet to be discovered. The proper description of an orebody is the foundation upon which all mine design and planning is undertaken. The volumetric accuracy of the model is crucial in valuing an orebody. Geologists must form a geometry which matches the conceptual view of the ore occurrence and ensure that they understand how the computer system used calculates volumes. If the underlying assumptions inherent in the method conflict in any way with the conceptual model visualised for the ore occurrence, then that method must not be used.

Jan 1, 1995

By E House, V Lisitsin

Recent whole-rock geochemical data from nearly 900 fresh drill core and underground samples taken from seven central Victorian gold deposits confirm the presence of distinct and identifiable primary alteration haloes surrounding the deposits. Ferroan carbonate alteration extends for up to several hundred metres away from turbidite-hosted gold mineralisation outside of contact metamorphic aureoles. A less distinct phyllic alteration zone can be identified using geochemical molar ratios or short wave infrared analysis. It generally overlaps a sulfidic halo characterised by disseminated pyrite and in close proximity to mineralised structures, arsenopyrite. The extent of the sulfidic halo can be traced using low-level analysis of pathfinder elements such as S, Au, As and Sb. Recognition of these alteration features enlarges the target for exploration and provides a tool by which drilling can be directed towards mineralised structures. An EXTENDED ABSTRACT is available for download. A full-length paper was not prepared for this presentation.

Jan 1, 2008

Industrial relations on Australian and New Zealand resource projects can be volatile. Therefore investors have become increasingly aware over the years that sound industrial relations during construction is vital to the overall success of their project. There has been a wide range of actual industrial relations performance, project by project, and the degree. of success often directly correlates with the degree and thoroughness of pre-project planning. However, although many projects have been crippled by delays and cost overruns because of labour disputes, good results are achievable. Total commitment to the project by all parties involved is essential and it is up to the employers to seek out this commitment and not just trust mother luck. Industrial relations must be taken very seriously as the price of failure can render a resource project unviable.

Jan 1, 1983

The use of ammonium nitrate/fuel oil explosives is.now well established in most open cut mining operations. Its use. is extending to underground mining. This has been due in a large measure to improvements in the nature of the ammonium nitrate made available from various sources. The addition of surface active agents and water in controlled amounts to the fuel oil has been found to increase the sensitivity of the ANJFO mixture with consequent better explosive properties. It is considered that the surface active agent increases the bond between the ammonium nitrate and fuel oil giving a more, intimate physical and chemical mixing of the oxidising and reducing agent. This results in increased sensitivity and a faster rate of reaction. The increase in sensitivity has been accomplished without any diminution of safety. Tests which demonstrate the safety of this type of explosive are given in the appenuix.

Jan 1, 1964

Project managers must juggle many aspects to bring their project in on time, on budget, and in accordance with the aims of the project owner. Whether the project is a mining feasibility study, a technology implementation or a construction project, it falls to the project manager and his or her team to deal with risk from two standpoints, which may be at odds with one another. First, a project team must deal with risks to the project itself û that is, risks to on-time, on-spec and on-budget delivery against the value promise made to the customer. Second, there is the management of risks within the subject matter of the project, undertaken on behalf of the customer. The project manager cannot dodge this responsibility; yet there is a tendency (particularly in smaller, in-house studies) to avoid digging too deep, possibly for fear of what may be uncovered! This paper investigates the responsibilities of project teams in regard to risk management and reporting. It examines ownership of project risk; the nature of risk management activities undertaken by the team during the course of a project; and outlines some controls to ensure that the two opposing arms of project risk are reconciled for the benefit of both the project team and the project owner.

Jan 1, 2007

Passive systems for the treatment of acid mine drainage (AMD) are typically more economic in the long term than active systems. Various flow charts for treatment selection have been prepared by scientists in the USA, however, they have typically not included a variable important at New Zealand AMD sites on the West Coast: topography and available land area. Very steep topography, dense and often protected vegetation (and animals such as snails), and a high-rainfall climate result in AMD with very high flow rates in locations with very limited space for remediation. Flow charts specific to New Zealand have been prepared which accommodate topography and available land area. Parameters necessary to use the flow charts are iron and aluminium concentrations, pH, ferrous to ferric iron ratio, dissolved oxygen concentration, topography and available land area. Prior to full scale construction, is it recommended that flow rates be quantified, small-scale trials be conducted, and cost, effectiveness, limitations, and risk of failure be reviewed for various options. One full-scale remediation system has been installed in New Zealand based on this methodology and another is planned. The performance of these systems, as well as future systems to be installed, will be used to validate these treatment system flow charts.

Jan 1, 2007

Flue gases from electrical power station boilers, roasting, metallurgical and chemical plants could be treated by flotation using conventional flotation machines. The flue gases are introduced into the pulp instead of the air. The flotation media is a suspension of Ca(OH)2 or CaCO3 or a solution of NH4OH etc containing Na oleate as collector and frother. The SO2 and dust content of the initial flue gases were experimentally reduced by 100 to 1000 times in one flotation operation. The velocity of the flue gases through flotation machines could reach approximatively 0.4 to 0.5 m/s and more against 1.5 m/s reached in scrubber absorbers used for this purpose, but the quality of purification is expected to be better for flotation, which is essential for the cases of heavy polluted metallurgical and chemical flue gases. For some chemical plants the flue gases flotation media may be different and more suitable as compared to the above mentioned media. The proposed flotation method could be used for separation of dry grinded ores in the form of aerosols, with a realisation of flotation from a closed space (gas bubble in the pulp) onto the interface liquid-air where the particles are attached inside the bubbles.

Jan 1, 1993

By Rao A. B, Rao V. D

Northeast of Brazil is situated in the polygon of drought. It covers some very important states like Bahia,Pernam- buco, Paraiba, Rio Grande do Norte, Cea- ra and Piaui , which have a potential for mineral production. Of them the main contributions that comes from Rio Grande do Nor to , Ceara and Paraiba are the scheelite and im portant quantities of granitic pegmatite mine- rals like tantalite-columbites, micas, beryls, precious stones, lithium minerals etc. On the other hand flourishing mineral economy in gold, tin, emeralds, chromium, lead, apatite is most- ly from Bahia; and potassium, salts, and petro- leum are from Sergipe, Alagoas and Bahia res; pectively. The most interesting aspect coninues to be the nucleus of the drought zone constituted of the Rio Grande do Norte, Paraiba and Ceara sta- tes.The first two authors have worked for twel- ve years in the region and have dedicated atten tion and time to two systems, namely skarns and granitic pegmatites. Their mineralogy,petrogra- phy, geochemistry, origin and economy is being worked upon from time to time to accompany the progress that is being achieved both in the sec tors of geology and economy. Besides, during the field campaigns, evidences have been sought to find the best guide horizons for mineralisa- tion and options for the location of target areas and prospection methods for scheelite, tantalites and other pegmatite minerals.

Jan 1, 1988

By I Chan

The Wambo Rail Spur located near Singleton, New South Wales, Australia, runs for 14 km linking the Mt Thorley rail loop and running north-west alongside Jerrys Plain Road to the Wambo Coal Mine at Warkworth. A portion of the project is a 260 m long tunnel located where the rail line passes under Jerrys Plain Road. The tunnel has a low cover and is mostly within highly weathered to fresh laminated siltstone interbedded with coal seams, sandstone and conglomerate. This paper presents the design basis and construction methods used to achieve the 100 year design life of the tunnel required by Wambo Coal while also satisfying settlement and vibration limits imposed on Jerrys Plain Road. 

Jan 1, 2008

Qualitative measurement of respirable dust in metal mines is limited and an example of this is demonstrated at Northparkes Mine, where operational experience was sought for measuring dust standards and identifying exposure limits. However, relying on operational experience has limited value due to variation in observations from person to person and is based on visible dust (which is larger in size than respirable dust). However, with sophisticated dust measuring equipment, like the real-time aerosol monitor, dust concentrations can be accurately measured and recorded concisely. Research conducted as part of a collaborative agreement on behalf of Northparkes to launch an occupational dust monitoring program was implemented on the mine site. To form the basis of this research, it was hypothesised that no proper dust measuring testing at the mine site had been adequately identified. In addition, existing occupational hygiene monitoring programs did not adequately quantify employee exposures to these hazards. This project will outline the results of an occupational dust monitoring program, hence greatly improving the capacity to quantify the health risks posed to employees.

Jan 1, 2008

The Australian industrial relations system is in a state of constant change. We are undergoing a transformation from a compulsory arbitration and an award based system to one which is fundamentally rooted in the concepts of enterprise bargaining. This is true both at the State and Federal level. The structural changes which facilitate the movement away from the predominance of Awards to enterprise agreements has been fostered by both sides of the political spectrum and is a cornerstone of their respective industrial relations platforms.In determining what form or combination of forms of industrial instrument(s) should apply to the individual enterprise, employers must have regard to the viability and sustainability of each form in the changing industrial climate. In particular employers should have regard to the needs and agendas of their employees and unions which may purport to represent Them.

Jan 1, 1998