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By Sorentino C

Mineral valuation may appear to be a special field of financial valuation when in fact it is a subset of general investment decision theory. The only significant difference in mineral valuation is that in the case of valuing an on-going mineral asset, ie a mine, often there is no initial capital outlay involved. One is required to determine what the mineral asset as it stands is worth. But this is the same problem as determining the maximum one could pay today and not incur a loss over the life of the asset. In other words one needs to determine the Net Present Value (NPV) of the asset. The two most widely used discounted cash flow methods, NPV and Internal Rate of Return (IRR) came of age with the rapid adoption of the personal computer and spreadsheet programs. The two methods are directly related as the IRR is a special case of NPV. NPV measures the absolute increase in real wealth that can be expected from a certain investment, which makes it particularly suitable for mineral asset valuation, but ignores the efficiency of the investment. In contrast, IRR gives the expected efficiency of the investment but ignores the increase in wealth aspect. IRR has two serious theoretical weaknesses; multiple IRR's and a very rigid assumption about the rate of return of reinvested proceeds, plus if no initial equity expenditure is involved there is no IRR. The choice of the ""hurdle"" rate can also be a problem and in certain circumstances one can obtain different rankings of mutually exclusive projects using IRR and NPV. Although NPV and IRR supposedly measure financial risk, in fact they only address a very narrow area of risk, namely the time value of money given the real discount rate. They side step the issue of what the real discount rate should be and varying degrees of risk. The classical way to establish the real discount rate is to use the weighted average cost of capital.

Jan 1, 1994

The Middleback Ranges are a series of parallel northsouth ridges on the eastern side of the Eyre Peninsula, South Australia, about 20 miles inland from the Spencer Gulf, as shown in Fig. 1. They extend for some 20 miles across the centre of the County of York. North of them, on the same line of strike, in, the County of Manchester, is a disconnected series of lesser which ends in the Iron Monarch-Iron Knob ridge, the principal iron ore locality. These ridges are referred to in the following pages as an integral part of the Middleback Ranges.The deposits of hematite which outcrop in these ranges (Fig. 1) form the most important group of iron ore bodies in Australia, and are exploited by the Broken Hill Proprietary Company. The largest of them is the Iron Monarch (Fig. 6) .H: The next largest are the Iron Duke, the Iron Prince and Iron Baron. The Iron Knob, Iron Duchess, the North and South Iron Knights, Iron Queen, and the small body south of it, the Kimba Lease, and the deposits in the Cook's and Ash Leases, are all smaller.Numerous small lens-like bodies of hematite occur throughout the ridges, but are not of sufficient size to be of commercial use. At present only the Iron Monarch and the Iron Prince bodies are being worked. The Iron Knob was quarried previously, but its remaining supply is held in reserve.*Published by permission of the Council for Scientific and Industrial Research.

Jan 1, 1936

Prior to 1975, most geochemical drainage surveys for gold were based on analyses for pathfinder elements, such as As and Cu, rather than direct analysis for gold, for two reasons. Firstly, analytical methods lacked the required sensitivity and precision to determine gold abundance at background levels in stream sediments (usually in the range 1 - 10 ppb). Direct analysis was also inhibited by concern about the potential for gross sampling error, brought about by the dispersion of gold as rare discrete particles of the extremely dense native metal. This sampling error, commonly termed the 'nugget effect' has two components: erratic distribution of the element within the stream environment, related to hydraulic factors, and the difficulty in taking representative samples, both in the field and later in sub-sampling for analysis. In more recent years the collection of very large samples was commonly advocated to overcome the sampling problem (Hams, 1982; Nichol, 1986).Two methods have been widely used to evaluate the gold content of bulk samples (Elliott and Towsey, 1989). The preparation and analysis of heavy mineral concentrates has in recent years been largely superseded by the leaching of gold contained in bulk samples by cyanide, commonly termed the BLEG (Bulk Leach Extractable Gold) or BCL (Bulk Cyanide Leach) methods. The terms BLEG and BCL are essentially interchangeable and the latter will be adopted for the remainder of this paper. The strengths and weaknesses of these two techniques were compared with conventional total gold analysis on fine fraction (

Jan 1, 1976

By Raudsepp R

Since 1991, the Porgera Joint Venture has processed refractory sulphide flotation concentrate by pressure oxidation with the subsequent gold recovery, from the washed residue, via a conventional leach/carbon-in- pulp (CIP) circuit. The capacity

Jan 1, 1997

By Manlapig EV, Davis JJ

A methodology for modelling dense medium cyclones is presented for cyclones operating under conditions which avoid particle interference or apex crowding. Particle interference and apex crowding are shown to result in less efficient separations and represent undesirable regimes of dense medium cyclone operation. In order to avoid apex crowding, suitable medium to ore ratios and apex diameters should be used. Cyclone density differentials should be kept below approximately 400kg.m 3 to limit loss of efficiency due to excessive particle recirculation within the cyclone. The relationship between size-by-size partition curves shows that the flow split and density of the medium within a cyclone can be related to two new parameters, the pivot partition number and pivot density. The parameters are common to each partition curve in any set of size-by-size data and are mathematically related to the familiar performance characteristics, ecart probable (Ep) and separation density. The resulting expression confirms that the Ep and separation density are directly related.

Jan 1, 1986

Close spatial relationships between the deposits of the Etheridge Goldfield (23,000 kg of bullion) and various regional geological and geophysical features suggest that genesis of the ore deposits was a multi-stage process that started with magmatic and metamorphic stages in the mid-Proterozoic, climaxed with structural and hydrothermal stages in the late Palaeozoic and terminated with an oxidation enrichment stage in the Cainozoic. Acceptance of this hypothesis permits classification of the Georgetown region into areas likely to contain deposits of the Etheridge type and those unlikely to do so. Consequently there is little scop- for the discovery of extensions of this field. However, the stratigraphic interval between the source rocks of the Etheridge field and stratigraphically higher host rocks of the Croydon field may contain disseminated replacement gold deposits of the Carlin type. The potential host (pyritic carbonaceous, and locally dolomitic siltstone of the Candlow Formation) is locally faulted and cut by granitoids and the extension of a mineralised, long-standing zone of structural weakness.

Jan 1, 1980

By Schmincke H-U

The Pleistocene basanite-tephrite Rothenberg cone complex was built by an alter- nation of strombolian and phreatomagmatic phases of explosive eruption. Two main centres, on a one km long NNE-trending fissure, were active during its construction. The strombolian deposits from three discrete facies corresponding to the crater-fill and inner wall and outer wall environments on the cone. The outer wall facies consists of an alternation of 1. 'normal' coarse-grained, relatively well- sorted lapilli and bomb beds, and 2. finer-grained poorly-sorted lapilli beds. Evidence suggests that the former was pro- duced by open-vent lava fountaining, with balanced magma supply and discharge rates, and the latter are the products of eruptions during partial blockage of the vent, by collapse of wall-rock, and formation of a degassed crust on the magma. The resulting explosions there- fore ejected a mixture of fresh actively ves- iculating magma, older partially degassed lava and material recycled from the wall of the cones. The phreatomagmatic deposits are an alternation of moderately-sorted fall beds and thinner ash-rich pyroclastic surge and rain-flushed units. The clast populations are much more diverse than strombolian ones, including abundant wall rock fragments from 0-100 m depth. The juvenile (magmatic) particles range from highly vesicular scoria to dense 'bread-crusted' clasts, and contain abundant small wall rock inclusions. The phreatomagmatic phases are products of explosive interaction of small batches of magma with shallow groundwater. Vesiculation of this magma played a small but significant role throughout the fragmentation.

Jan 1, 1987

The basic rule for correct design of a sample plant is that all parts of the material being sampled must have an equal probability of being collected and becoming part of the final sample for analysis. However, this rule is often ignored in the design of sample plants to save capital costs. This is false economy, because the samples taken are likely to be seriously biased and the precision may be compromised. The introduction of bias is particularly serious, because no amount of replicate sampling and analysis will reduce bias once it is present and it is often quite difficult and expensive to subsequently rectify the problem due to space limitations around the primary sampling location. This is also true of secondary and tertiary sampling stages, particularly in terms of the relationship between particle size and retained sample mass. The best strategy is to seek expert sampling advice and design the sample plant correctly at the outset.

Jan 1, 2005

By Hargraves A. J

At 4 MPa gas pres ure and 30°C the sorptive capacity of 10 selected Australian dried coal ranges from 17 to 23 m3/tonne of CH4 and 27 to 36 m3/tonne of CO2. Values for moist coals are about 25 per cent less. At 20°C, sorptive capacities are about 18 per cent greater. No clear relationship between coal rank and sorptive capacity was established.The permeability of coal to gas is dramatically reduced by progressive hydrostatic confinement. No single 'permeability' for a coal can be established because of relative affinities of coals and the gases (Ar, CH4 and CO2) used in experiments. Bedding plane permeability is significantly greater than permeability normal to bedding. Dependent on gas/coal combinations, permeabilities without confinement ranged from 150 to 0.05 millidarcies, and with 8 MPa hydrostatic confinement from 1.0 to 0.001 md. Generally, permeability is increased by reduction in temperature, and reduced by increase in moisture as one changes from Ar through CH4 to CO2. In retrospect, it is preferable to ubject permeability sample to 8 MPa hydrostatic stress only once, because changes occur in the samples and it is difficult to use other gases successively.The initial rate of desorption, DP, does not appear to be a reliable index of proneness to instantaneou outbursts for Australian coals.The methods used for determining quantitative gas-coal properties appear suitable and reliable for testing other coals.

Jan 1, 1985

Seven papers included in Session 8 of the Third International Mine Water Congress under the heading "Achievements in Mine Water Management & Research" have been reviewed. Only one paper, a case study by Masters on biological treatment of inorganically polluted effluent, has any connection with research in the sense of seeking new, generally applicable knowledge which would advance the frontiers of mine water management. The remainder deal with various aspects of the management of mine water ranging from investigation of the geology of a specific aquifer system through operating dewatering systems to the management of specific effluent disposal problems.

Jan 1, 1988

By U JSger

The Westerschelde tunnel will be the first permanent road link between the Dutch regions of South Beveland and South Flanders. Two tunnel tubes, each 6.6 km long, will be driven using the shield tunnelling method. The difficult ground conditions and a water pressure of up to 6.5 bar make great demands on the design. This paper describes the problems and their solutions.

Jan 1, 1999

The InLine Pressure Jig represents a breakthrough in digging technology Its design incorporates a unique combination of features previously utilised in conventional jig design. In particular, a moveable screen and circular bed are used to excellent effect. However, a major design innovation is the encapsulation of the circular bed within a vessel - allowing the equipment to operate under pressure. This innovation eliminates free water surface, improves the dynamics within the separation layer (crossflow) and provides significant cost savings in the handling of slurries. Recent research results have indicated its capacity to achieve high recoveries and upgrade ratios in the gravity separation of Minerals.

Jan 1, 1997

By Gordon A. R

The effect of various types of solid carbonaceOlls reductants on the rate of fuming of zinc from lead blast furnace slag was investigated at I250°C.The results of the laboratory experiments indicated that the rate of removal of zinc from slag depended primarily on the volatile matter contents of the reduclants. The effects of fixed carbon, moisture and ash contents were less significant.

Jan 1, 1992

The Tick Hill Gold Mine is situated approximately 110 kilometres south of Mount Isa, and 14 kilometres north of the township of The Monument. It was discovered in October 1989 by Mount Isa Mines Exploration in an area which had been targeted as high in potential for copper-gold mineralization.A mining lease application was made in March 1990. Mining, and the construction of the plant and infrastructure, began'in early August 1991 after the lease was granted on 20 June of that year. Commissioning of the plant began in December 1991, and the first gold was poured on site on 31 December 1991.The development of the underground mining operation commenced in January 1992 with the drilling of the ventilation shaft. The access decline was started in March of the same year, with the first ore produced from underground in August.

Jan 1, 1993

By Botz R. W

Macroscopic and microscopic studies of the outburst-prone Gemini Coal (Bowen Basin) showed that outbursts were associated with a localized inertinite-rich ply. Previous studies of the Gemini Coal had shown a general relationship between desorption rate, regarded as a good measure of outburst proneness, and inertinite content of coal samples.Desorption rates increased with increasing inertinite content and were highest for inertodetrinite-rich samples. These results suggest that inertinite content and composition play a significant role in outbursting and may be useful in identifying outburst-prone coals, which could be confirmed by desorption measurements.Consequently outburst-prone areas in the Upper Permian coal measures ofthe Sydney, Gunnedah and Bowen Basins have been defined using a combination ofthe parameters, inertinite content, depth ofcover and coal rank. In the Upper Permian, inertinite-rich coals are confined mainly to the top of the coal measures, except in the Sydney and Gunnedah Basins where an inertinite-rich interval (Bayswater Coal and correlatives) is also present towards the base of these measures. Only a small area ofthe central Sydney Basin, butmuch ofthe north-eastern and north-central part of the exposed Bowen Basin is considered outburst prone on the basis of these parameters.The most outburst-prone inertodetrinite-rich lithologies have a patchy and unpredictable distribution in the top of the Upper Permian coal measures. They can be defined only by sampling and petrographic analysis at the subsection level.

Jan 1, 1986

Estimation of the semi-variogram is basic to the geostatistical processing of data. The most widely used arithmetic average estimator is here employed with various sampling patterns to calculate experimental semi-variograms in a deposit which is simulated to have a defined semi-variogram. Percentage differences between theoretical and experimental semi-variograms are reported.

Jan 1, 1984

By Weller KR, Lim IL

The high pressure grinding rolls is one of the few new comminution devices that offer substantial savings when compared with traditional crushing and grinding circuits and with SAG milling. The machine has been well accepted in the cement industry, but mining companies have been more cautious in adopting this technology, partly because of wear and availability problems, and partly because of uncertainties in designing circuits which will deliver the power savings without complicating downstream processing. This paper addresses the latter problem by providing a model structure for predicting power draft and throughput from measurements made with small pilot scale high pressure rolls. Three existing models for predicting product size distributions are assessed and suggestions made for future work. The model structure comprises a power equation, incorporating measurements of torque and rolls speed previously used by the authors. Transport through the mill is assumed to be plug flow. Throughput is governed by the equilibrium gap between the rolls, which is determined both by machine settings and the physical properties of the feed material, including its size distribution. Therefore some form of physical testing in a model machine is required to determine throughput parameters. Results from copper and nickel ore experiments covering a wide range of machine conditions are presented and compared with model predictions. Model assumptions are discussed and directions for future work Suggested.

Jan 1, 1993

By N Fullelove

The Renison Bell Tin Mine on the West Coast of Tasmania has recently installed a new underground ore handling system incorporating underground crushing, conveying and hoisting facilities. Contracts for the sinking of the shaft and the development of the mine were let and managed by the operator, Renison Limited. Hardcastle & Richards was responsible for the design, procurement and construction management of the fixed plant and equipment including civil, structural, mechanical, electrical and instrumentation services. The system demonstrates worldÆs best practice in design and incorporates a state-of-the-art integrated control system allowing the entire system to be controlled by a single operator located in the underground crusher chamber. A rapid construction period was achieved, despite the difficult and constrained underground environment, without affecting the ongoing operations of the mine. The mine, which was established in the mid-1960s, had previously operated by trucking ore to the surface via a decline. Truck haulage distances and costs had increased as the mine became deeper over the years. By the 1990s it had become apparent that, in order to remain economically viable, it was necessary to reduce truck haulage distances and allow the mine to go still deeper to access orebodies such as Rendeep beneath the current workings. The Internal Shaft System achieved this by eliminating approximately 5 km of truck haulage. It allows the production rate to be increased to up to 1 Mtpa compared with a limit of 628 kt per annum by direct truck haulage to surface. The access it provides to the Rendeep ore and other deep orebodies greatly increases the amount of ore which can be economically mined.

Jan 1, 1998

By Smallnone P, Walker B

Mining of the AKI lamproite pipe at the Argyle Diamond Mine (ADM) commenced in 1985. Originally designed to mine ore at a rate of 3.6 Mt per annum, the project has gone through two major plant expansions to a designed production rate of 8.7 Mt

Jan 1, 1998

The Lennard Shelf is an Upper Devonian carbonate reef complex striking northwest for 350 km along the northeast margin of the Canning Basin. Numerous small Mississippi Valley type (MVT) Pb-Zn prospects occur within this belt, including the Wagon Pass prospect, located 105 km east of Derby in the Napier Range. At Wagon Pass, the base of the Upper Devonian sequence is a cobbly, dolomitic sandstone, the Van Emmerick Conglomerate. This is conformably overlain by the Frasnian to Famennian Pillara cycle Lower Napier Formation fore-reef deposits. These are characterized by red algal wackestones and terrigenous stylo- bedded packstones, with common dolomitization. The conformably overlying Famennian Nullara cycle contains a classic reefal assemblage, consisting of flat lying Nullara Limestone back-reef, fore-stepping massive Windjana Reef, and steep basinward dipping Upper Napier Formation marginal slope. The Nullara cycle is not dolomitized. The Wagon Pass mineralization is hosted by Lower Napier Formation dolomite. Mineral- ization consists of complex intergrowths and semi-massive assemblages of sphalerite and galena, with subordinate pyrite, marcasite, chalcopyrite, bornite, digenite, covellite and bravoite. Ore textures include granular and colloform. Gangue minerals are dolomite and very fine grained green chloritic clay. Although mineralization commonly occurs as reticulate fracture fillings, its overall distribution is stratabound. Ore paragenesis involved early "diagenetic" dolomitization, followed by breccia formation with chloritic and granular dolomite matrices. Main stage galena-sphalerite mineralization then occurred, accompanied by pervasive chloritization of silty units. Ore genesis was probably related to basin-derived "oil field" brines, with open space textures in the mineralization quite comparable to textures seen in Canning Basin dolomitic hydrocarbon reservoirs. Fluid inclusions in the host dolomite have typical MVT homogenization temperatures of 70-1150 C, and contain minor organic phases. The Van Emmerick Conglomerate, with its high porosity, dolomitization and weak Pb-Zn anomalism, was probably the aquifer for the mineralizing brines. Access of ore solutions to the Wagon

Jan 1, 1986