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Exploration for uranium in Australia has so far discovered reserves equal to 17.5% of the Western World's. The Australian uranium industry, when fully developed, will be one of the largest producers and possibly the largest exporter in the world. The world's nuclear industry is young, rapidly developing in size and technology and is subject to more social, political and regulatory controls than any other industry. This paper considers the probable development of Australia's uranium industry against a background of normal commercial parameters together with other factors which are peculiar to the nuclear industry. As the theme of this conference is "Australia's role in the World Mineral Indus- try" this paper concentrates on the commercial and practical aspects associated with the development of Australia's uranium resources in a world context.

Jan 1, 1979

The first grant of land rights in Australia was pursuant to the Aboriginal Land Rights (Northern Territory) Act 1976. That Act has been at the core of the dispute between land rights and miners' rights. The mining industry believes that the Act, in giving a right of veto to Aborigines with respect to exploration and mining on Aboriginal land, has been responsible for a stagnation in exploration amd mining activity in the Northern Territory. In February 1985 the Commonwealth Government released for public comment its preferred model for national land rights legislation. The model has been opposed by the mining industry because it believes, first, that land rights is a matter which should be left to the States and, secondly, that the detailed mechanisms contained in the model constrain the industry in the manner of the Northern Territory legislation. Aboriginal leaders have opposed the model because it does not, in their view, measure up to undertakings given by the Commonwealth Government and, in addition, it provides for amendments to the Northern Territory legislation which are likely to result in the loss of the Aboriginal veto right. Are land rights and miner's rights compatible? The answer is yes provided all parties, including Governments, are prepared to talk and compromise and Governments recognise that the grant of land rights and any control by the Aboriginal people of exploration and mining on their land is not a substitute for raising the living standards of Aborigines as a significant group of disadvantaged Australians.

Jan 1, 1986

In 1989 Henry Fairlie wrote a cover story for The New York Republic, 'Fear of Living'. He noted, `The first Apollo space craft caught fire during a test on the launch pad. Three astronauts were killed, the nation was shocked and horrified, all the more because the screams and scrambles of the astronauts could be clearly heard'. After a brief delay in manned flights, the Apollo program resumed with strong public support; within 18 months, Apollo 11 landed on the moon. Fairlie contrasts the Apollo tragedy to the 1986 Challenger disaster. `The prevailing mood in America so panicked NASA that it took almost three years to send up another shuttle', he observed. `In 19 years between these tragedies, the idea that our individual lives and the nation's life can and should be risk-free has grown to be an obsession threatening to create an unbuoyant and uninventive society.' Taking risks is a normal part of our daily routine. The act of living involves minute-by-minute decision-making focused on survival through the practical management of risks. The act of breathing exposes each individual to the risk of infection while the act of crossing the road could almost be considered suicidal. We deal with these constant threats by observing simple rules of hygiene, safety or what may be labelled as common sense. The rules of community, designed to minimise risk in society, can at times lose focus and result in the imposition of schemes that have a far greater cost than the issues from which they protect. Effective management of risk, whether in the community or a business is about awareness and balance and the elimination of unacceptable risk. Risk cannot be eliminated from our lives or our working environment. However it can be managed if it is properly understood, monitored and controlled. The purpose of my presentation today is not to provide a comprehensive technical risk inventory but to capture the essence of risk and the application of management strategies designed to deal with it in a positive fashion. The basis of our differential financial reward system is risk. The key to successful management is to deal with the downside risks in such a fashion that the benefits of enterprise are not eliminated. The key question any investor must consider is `can the major risks assQciated with a venture be managed or eliminated while retaining a greater proportion of upside potential'. The answer to this question is the ultimate value an investor would assign to any project. In reviewing the relevance of risk to our industry the range of papers to be presented today provide examples of how management deals with specific components of risk. In each case the value of the business has been enhanced by the practical application of balanced risk management. The ultimate success of the industry depends very much on this concept as it also provides a public showcase upon which we are judged. Therefore, from all perspectives the effective management of risk is a cornerstone from which to build a stable and progressive mining industry.

Jan 1, 1994

Forty two new apatite and zircon fission track analyses on the Kubor-Marum-Bena Bena area of northern Papua New Guinea severely constrain the timing of tectonic events and hence the tectonic models for New Guinea, particularly arc-continent collision. In addition, the data can be analysed regionally in terms of known and assumed lithospheric fault zones inferred to control mineralisation (eg. Corbett 1994; Kendrick et al 1995; Hill et al 1996) to determine reactivation of these zones. When combined with the new kinematic plate models for the evolution of New Guinea (Hall 1997) there is the potential to predict likely zones of mineralisation. The low-medium grade? Palaeozoic rocks of the Bena Bena terrane yielded a zircon fission track age of 17 Ma, indicating the time of cooling below 200¦C. The age is consistent with `the shift, at about 16-18 Ma, from volcanolithic sediments to mixed provenance sediments rich in quartz and metasedimentary lithic fragments in the southern Finisterre Ranges (Abbott et al. 1994). This shift was recorded in the Sukurum Formation, which ranges in age from Middle Miocene to Pliocene with quartzose and metasedimentary grains in all samples. Although recording rocks at temperatures of 200¦C and hence depths of ---5km, the 17 Ma age suggests the Bena Dena terrane was rapidly cooling at that time due to uplift and erosion, supplying metasediments to the southern flank of the Finisterre Range, currently 100 km to the east. Significantly, the Middle Miocene Akuna Intrusive Complex, dated 14-17 Ma by Page (1976), lies almost entirely within or adjacent to the Bena Bena terrane. Potentially the uplift, erosion and cooling of the terrane at 17 Ma may have been caused by the rising plutons. If so the 800 sq km exposure Akuna Intrusive Complex at the SE end of the Bena Bena terrane may have been the focus of uplift and supplied the metasedimentary detritus to the Finisterre Range. This suggests that the Finisterre Range was not far removed from the Bena Bena terrane, perhaps less than the 200 - 400 km indicated by Abbott et al (1984). The Akuna Intrusive Complex probably resulted from subduction of the Solomon Sea Plate beneath the PNG margin. In order for the subducted slab to reach depths of -100km below the area to facilitate partial melting and plutonism (Hamilton 1994), subduction probably commenced 3-5 Ma Ma before plutonism, ie at or prior to 20 Ma suggesting a significant change in the tectonic regime at -20 Ma, perhaps related to collision of the Solomons - Ontong Java Plateau collision (eg. Hall 1997). The main result to emerge from the 28 apatite fission track analyses is that the whole of the study area underwent rapid cooling due to uplift and denudation in the Late Miocene, mainly between 7-10 Ma. Results from several samples indicate that they were not totally overprinted prior to uplift indicating maximum burial of -3 km in the Middle Miocene, assuming normal temperature gradients. The burial is less if higher gradients are assumed, allowing for Middle Miocene plutonism. The Late Miocene cooling in the Mobile Belt agrees well with the Pliocene to Recent cooling in the Fold Belt to the SW, interpreted to be due to uplift and erosion associated with fold and thrust deformation of the Miocene Limestones (Hill & Gleadow 1989). This timing relationship suggests, that compressional deformation in the Mobile Belt occurred in the Late Miocene, at 105 Ma, and that the deformation migrated towards the undeformed foreland in the southwest in the Pliocene, at 5-2 Ma. The regional Late Miocene uplift and denudation in the Mobile Belt is also consistent with that postulated by Crowhurst et al (1996; 1997) for northwest PNG, although they considered the event to have occurred mainly from 8-5 Ma. If so, then the uplift and denudation may have been migrating from east to west as well as to the south into the Fold Belt. These timing relationships place significant constraints on tectonic models for the area, indicating that the major compressional pulse in PNG commenced in the northeast at -10 Ma and migrated to the southwest and west in the latest Miocene to Pliocene. This suggests that the initial arc-continent collision and associated shortening occurred in the Late Miocene around -10-12 Ma. This immediately followed intrusion and cooling of the Akuna Intrusive Complex at -17-14 Ma and the Bismarck Intrusive Complex at -12.5 Ma (Page 1976), indicating a linkage between the end of plutonism and the start of compressional deformation. The timing is consistent with the observation of Hamilton (1994) that in areas of subduction `the common regime in overriding plates is extensional and leading edges are crumpled only in collisions. This suggests that the Middle Miocene magmatism in northern New Guinea occurred during extension above a subducting slab and was terminated by Late Miocene arc collision and resultant compression commencing at -10-12 Ma. In general, these data indicate that the acme of denudation and cooling in the Mobile Belt was in the Late Miocene, with relatively little denudation there since. In contrast, Hill & Gleadow (1989) found that the peak of denudation in basement outcrops in the Fold Belt was in the Pliocene at -4 Ma. However, in this study some samples from the Mobile Belt yielded Pliocene ages or high

Jan 1, 1997

As a result of cheap Maui gas and plentiful hydro-electricity, over the past few decades New Zealand has enjoyed some of the cheapest energy of any OECD country. The situation is changing; at best we are facing some radical changes in energy use, at worst we are facing a crisis resulting from the following:   Cause 1: Maui gas will be exhausted by 2012. Distorted pricing and supply contracts; resulted in Huntly Power Station, a coal mine mouth generator running on 70 per cent Maui gas until very recently!   Cause 2: Investment in new generating capacity (and transmission) is woefully inadequate; as a result hydro lake levels are being continually pushed to the limits.   Cause 3: Distorted thinking is everywhere, for example; æWe will find more cheap gasÆ. æGas is clean û coal is dirtyÆ. Hot air  û ægreen alternatives such as wind generation will save usÆ. æNo NuclearÆ. The outcomes of the distorted thinking will be price increases, then shortages (there is nothing like "black-outs" to focus national thinking) and finally recession.   But what can NZ do? - Mine Coal. Coal jump-started the industrial revolution, it can provide the transition to post-gas and oil. NZ has the second highest reserves of coal per capita in the world, yet we use less that any other country with significant coal reserves. Our exports of our best coal have increased threefold, yet out own consumption has remained static at about 1-1.5 Mtpa for the last 30 years. Our coal is NZ owned and inexpensive relative to other energy sources, even allowing for infrastructure and environmental costs.   What can we do? We as mining professionals can promote informed responsible development and investment in the country's mining and energy business. We can galvanise public opinion on issues such as æunbundlingÆ our entire energy chain from mine-to generator-through transmission, even if the nuclear issue has to wait! With oil above US$70/bbl substitution is feasible. For individuals, there is always solar!

Jan 1, 2006

By B J. Wight, R Mackay, S Kim

Improving the understanding of the processes governing ground movements in and around brown coal open cuts is of significant interest for both operating stability and rehabilitation. Brown coal, lignite, is a low-rank coal that is best described as a soft rock, with geotechnical characteristics that derive from its organic origin. It is well-known that low-rank coals exhibit creep behaviour; however, little has been reported on the impacts of chemical processes on brown coal creep behaviour even though organic substances are susceptible to chemical alterations and mining processes will contribute to changes to the geochemical environment; around most mines, groundwater flow patterns are altered leading to enhanced surface water infiltration. Here we study the deformation behaviour of brown coal in response to ion exchange reaction. Our experimental results show that for different ion exchange conditions different characteristics of secondary compression are observed. With the addition of Ca2+, the ratio between coefficients of secondary and primary compression (Ca /Cc) initially decreased, presenting a minimum value at the concentration of 0.005?M, then increased significantly. This implies the importance of ion exchange process for the long-term deformation of brown coal. On the other hand, increasing Na+ concentration did not affect Ca /Cc values significantly over all tested concentrations. The suppression of diffuse double layer was still observed for Na+-treated samples as increasing Na+ concentration decreases Ca values. From a practical perspective, this study did not consider the tertiary creep behaviour and eventual creep failure.CITATION:Kim, S, Mackay, R and Wight, B J, 2014. Creep due to chemical alteration of rocks – a case study in brown coal, in Proceedings AusRock 2014: Third Australasian Ground Control in Mining Conference , pp 61–64 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 5, 2014

By Wetzeil N

High ambient temperatures combined with high surface humidity in the north of Australia and, in particular, the northern areas of the Northern Territory can make underground workplaces relatively inhospitable at certain times of the year. . Woodcutters' silver/lead/zinc mine, situated some 80 km south of Darwin, would be the most northerly underground operation of any significance in Australia. As such, during the build up to the wet season, it has a particular problem of ventilating a deep underground mine with already high dry and wet bulb temperatures at the surface. The Mine Management Act and Regulations mention only that workplaces shall be 'in a fit state for a person to work in or occupy'. Woodcutters therefore set in progress a Heat Stress Program to endeavour to set standards which would be more measurable and justifiable. The aim of the program was to compile a record of ambient atmospheric conditions in the working areas such that areas and/or work activities generating high ambient temperatures and humidities could be identified, quantified and qualified. Once the analysis stage of this program was completed, Woodcutters compiled a set of recommendations for the continued monitoring for, and control of, heat stress conditions to ensure that no underground employee was placed at risk from 'heat stress'. These recommendations are discussed in this paper.

Jan 1, 1994

On the face of it this is an easily answered question. Modern technology and life as we know it today would be impossible without industrial minerals and the responsible utilisation of mineral resources is essential for the economic wellbeing of the nation. The quarrying industry supplies a high percentage of the industrial minerals used in New Zealand and our role therefore, is to ensure a constant supply of high quality roading and concrete aggregates so that society and the community as a whole can develop. We must do this in a manner which causes the least possible disruption to members of the community, which efficiently utilises all the valuable resources, which causes as little pollution as possible and last but by no means least, creates realistic profit for the operator. It is only by achieving a reasonable profit that we are able to continue in business and therefore play our part in the development of the country. Unfortunately, quarries have a poor image and are not generally popular, as on the whole, they are noisy, dirty and dusty and attract large trucks which create traffic problems. Judging by the amount of restrictive legislation with which we have to comply today, not even government or the local authorities want quarries which presents the industry with some serious problems, some of which will be outlined in this paper.

Jan 1, 1978

By G De Tomi, R Sousa, A Lapworth

One of the current challenges for iron ore producers is the ability to respond to changes in ROM stockpile specifications in a quick and cost-efficient manner. The decision-making process to respond to such changes is normally associated with grade-control and short-term mine planning activities, from where new operating instructions to the mine are provided. Mines are under increasing pressure from changes in the industry, such as a scarcity of skilled staff; a higher turnover of skilled employees and tighter product specifications. The quality of operational activities easily suffers as a result of these pressures. The technology that supports operational activities is often poorly implemented, which results in systems being unsustainable and poorly understood by the organisation. All successful technology implementations rely on the people, processes and technologies involved being well understood. Because of the complex nature of mining, the processes that underpin mine planning, scheduling and operational control are often not well defined. This results in activities undertaken by individual departments being poorly integrated. Datamine has developed a set of tools and methods for decomposing; capturing and documenting processes and ensuring those are embodied in implemented solutions. A case study of such a solution is the GEROS planning system, which has been successfully implemented at CVRDÆs Southern Iron Ore System, in Minas Gerais, Brazil.

Jan 1, 2005

By J Herbertson

æZero waste steel making productionÆ has already been the subject of several studies and also the successful result of some companies. Regarding waste and by-products, slags are the largest in terms of weight, although among the least hazardous. All steelmakers around the world are presently looking into profitable solutions, according to their local conditions: environment constraints, available markets, and mode of operation. Today the major technical methods of slag value capture include different levels of magnetic separation and screening to remove entrained steel, for production of aggregate in civil works. A survey of different retrieval processes shows that pyrometallurgical processing of steelmaking slags will increase the recovery ratio of iron and other metals. In the process, the remaining part of the material, a mixture of metallic oxides, can be easily transformed into hydraulic binder such as cement. Can steelmakers consider the slag as a co-product, and not only a waste or by-product? The ability of pyrometallurgical processes to treat other wastes and by-products generated in the steelplant is an opportunity for the steelmakers to reach the æzero waste productionÆ status. A technical survey of the experiences and possible solutions of pyrometallurgical processing is presented as well as technical descriptions of technological, economical and profitability analysis in relation with foreseeable markets.

Jan 1, 2002

By M J. Pascoe

The performance of 460 stope surfaces at WMC ResourcesÆ Olympic Dam Operation (ODO) has been used to investigate the confidence that can be placed in the Stability Graph Method for design of stope dimensions. A detailed database of stope performance and ground condition information was established for each stope. The database contains all the required stability graph information as well as other factors thought to influence stability, such as discrete major structures, poor shape and exposure time. The performance of each stope surface was quantified by calculating Equivalent Linear Overbreak/Slough (ELOS). The performance of stope walls and crowns was plotted on the supported and unsupported case history stability graphs. Based on this information an ODO design limit of HR = 3.3 x NÆ0.33 has been suggested for stope walls. Walls that plotted above this line were 80 per cent stable, 20 per cent unstable and zero per cent failed. Below the line 60 per cent were stable, 30 per cent unstable and ten per cent failed. Supported crowns that are flat or arched in shape and are not within the influence of major structures can be designed in the stability graphÆs æstable zoneÆ with a strong likelihood of stability. The Stability Graph Method did not reliably predict the performance of unsupported crowns at ODO.

Jan 1, 2005

Australian contract mining as it is known today had its origins in the early-1980s. Before this time there were numerous examples of underground mine development, and specifically shaft sinking being carried out by contractors. However, these were typically international contracting companies who came to Australia for specific projects. Growth in the underground mining industry in the 1980s opened up the opportunity for contractors. Mine owners had a need for contractors who could bring technical and operational capabilities to a project combined with capital in the form of equipment. In the early years the contracting industry was dominated by smaller players who focussed on mine development. The relationship between mine owner and contractor was loose and typically contract documents were rarely referred to. Through the 1980s and 1990s the underground contracting industry in Australia grew to where today there are over 20 underground contracting companies operating in an industry with an estimated annual value in excess of $1 billion. Of these 20 companies approximately five dominate with annual turnovers exceeding $100 million. Underground contractors now provide all facets of underground mining including development and production. Over the last 20 years the underground contracting industry has been able to consistently lower costs to mine owners through a combination of:equipment productivity, labour productivity, and technical innovation.

Jan 1, 2002

By Bragg R, McMahon B, Lenton R

In 1992 environmental audits were carried out at seven coal mines operated by Oakbridge Limited in the Hunter Valley and Lithgow areas of NSW. The audit reports recommended a course of action designed to improve the environmental management system already in operation at the mines. This program started with training in environmental awareness for the Board of Directors, and the development and authorisation of an environmental policy. On-going programs at each mine were expanded to include environmental awareness training for all 2000 employees at the mines, and the development of a 20-module environmental training program which included air, water, soil and noise management, oil and chemical handling, sampling and monitoring, rehabilitation techniques and many more. Environmental incident reporting was introduced, and a system of reporting from the coal face through individual mine site environmental committees, to a Corporate Environmental Committee and up to the Board Environmental Committee became an effective part of a due diligence program. The Board resolved to undertake external independent environmental audits every two years, with internal reviews in the alternate years. An Environmental Management Group was formed, consisting of four internal environmental personnel and Oakbridge's appointed environmental consultant, to effectively resolve many of the environmental issues facing the Group. This program is continuing to evolve as an industry leader in environmental management Practice.

Jan 1, 1995

Exploration and mining title administration in the Northern Territory has changed dramatically over the last 20 years. These changes have occurred due to legislative amendments, technological developments, and the changing face of the mining industry. The first legislation to control mining in the Northern Territory was the Northern Territory Gold Mining Act (1873) of South Australia. In 1911, control of the Northern Territory was passed from South Australia to the Commonwealth. As a result of the mining boom which followed the discovery of gold in Tennant Creek in 1932, the Commonwealth passed the Mining Ordinance of 1939. This legislation was amended 39 times and stayed in force until July 1982, when the self-governing Northern Territory passed the Mining Act 1980. This Act is still in force and is continuously under review. The first computerised mining titles system, REGIS, was created in 1984/85 and was, to all intents and purposes, just a computerised index. Various modifications ensued, and in 1989 the Titles Database was unveiled. The database has developed to be one of the most sophisticated yet user-friendly mining titles databases in Australia. In excess of 50 companies have access to the database from their own offices. Work continues on its development and fine-tuning. The paper outlines the development of the database since inception.

Jan 1, 1994

I propose to speak today about our mineral heritage. In common usage "heritage" refers to the past. It means the discoveries, the developments, the mines and the processing plants, the benefits, the consequences, and the human experiences flowing from these. The history of the industry, inseparable from the history of the countries in which The Institute operates, is a rich background of which we can all be proud.But there is also a much wider meaning to mineral heritage. Our past has left us with the ab\lity to create and operate world scale enterprises generating wealth for the community, the ability to offer satisfying and challenging careers in a wide range of skills to our young people, and the willingness to follow adventurous and challenging vocations in remote areas, away from the big cities, at a time when the mentality of many is to get the most for the least effort and at the least inconvenience to themselves. The industry continues to be the repository of the pioneer spirit and a vital contributor to improving the life of the people in our countries.Thus, while our mineral heritage has much to do with the past, an essential part of it is how we use this rich past to build and shape our future. It is in this broader context that I am speaking today.

Jan 1, 1990

In the sixteenth century the Spanish Captain da Alvaro Soavedaro, on a search for the explorer Ferdinand Magellan, came across the main island of New Guinea which he named Isla del Oro (Island of Gold). Since that time exploration for, and mining of, gold has been pursued by many, culminating in . the development of major world-class projects in the latter part of the 20th century. Though various prospectors have panned for gold and small gold mining projects were undertaken through the seventeenth and eighteenth centuries, it was not until the 1880's when mining became a more concerted economic venture. Misima and Woodlark Islands in Milne Bay, Gura-Ackera and Yoada in Oro, and Lakekamu in Gulf Province and Keveri in Central Province were all gold producers by late nineteenth century. It was in the 1920's that corporations began mining in PNG and with the commencement of production at Panguna in Bougainville in 1972 a new era of mega-project mining began.' Today there are two large mining projects producing mainly gold and copper. The first, already mentioned, is Panguna on Bougainville Island. This project has provided Government with $US 475 million in taxes. ok Tedi is the second large mine development located in Western Province. It began production in 1984 with the extraction of the deposit's "gold Cap".

Jan 1, 1987

In the Renison Bell area of western Tas mania, a series of Lower Cambrian quartzites, shales, carbonate beds ("dolomites"), cong- lomerates, tuffs and argillites have been folded into a broad monocline whose general strike is NW-SE, plunging slightly north and dipping NE. The downwarped eastern side of the monocline is disrupted by a steep (50-800) east dipping normal fault, known as the Bassett Structure, whose throw is in excess of 500 m. A series of flat north dipping normal faults, each with a throw of approximately 50 m, further disrupts the sequence. All major faulting was pre-mineralization. A cassiterite- bearing Devonian quartz porphyry body intrudes this Cambrian sequence 2 km south of the currently operating mine. Of economic importance is the presence of three carbonate beds in the sequence. These carbonates consist of a mixture of calcite, dolomite and siderite. The No. 1 (youngest) and No. 2 carbonate beds are each approximately 15 m thick and are separated by 20 m of hematitic conglomerates and tuffs. The No. 3 (oldest) carbonate bed is approximately 5 m thick and is separated from the No. 2 horizon by 50 m of dark grey, finely laminated shales and quart- zites. Whilst the carbonates are remarkably persistent over at least 30 km2, facies changes are common and as a result of these changes, the carbonates vary considerably in

Jan 1, 1973

Because of the work of the pioneers of sampling theory, we know the principles, test work and equations to use to design sampling systems to meet targets for precision and accuracy. However, we do not see such æproperÆ systems deployed everywhere a sample is obtained around mineral processing plants. In many cases, we do not have solutions that satisfy all of the theoretical, economic and practical considerations. There are some well-known problems, such as high-volume streams with wide size distributions combined with a sparse valuable component that is heterogeneously distributed (such as gold ore SAG mill feeds). However, other difficult sampling issues are common, such as streams which vary widely over a day in flow rate and slurry density (many flotation concentrates), and loaded CIP carbon on transfer to elution. Inventory measurement issues abound, especially for leaching operations where daily inventory change is significant for metallurgical accounting. The result is that operators realise that although they issue reports daily, they do not know what is actually going on in their plant on a daily basis with sufficient confidence to quickly diagnose problems or confidently predict the benefits of potential enhancements. The industry needs practical and economic solutions that can be awarded the ætheoretically correct samplerÆ tick in order to better understand and optimise their processes.

Jan 1, 2008

A feasibility study will fail its objective if it does not identify and then correctly assess, all the risks which could have a substantial impact on the financial viability of a project. Before this assessment can be undertaken, one needs to understand the risk profile of the entity which is making the decision about the project. Some of the commonly encountered issues when assessing project risk are related to the problem of not being able to see the wood for the trees. In any risk analysis it is important that conservatism does not strangle a viable project; that the variables are internally consistent with each other, that reality checks are carried out and that appropriate expertise is used. Sensitivity analysis forms a part of the overall project risk assessment; however, it can only test those variables which have already been identified in the financial model. The most useful tool in performing a sensitivity analysis is Monte Carlo simulation. When properly used, it provides a more real world scenario than the simple adjustment of key variables by ¦ 10 per cent one at a time. Monte Carlo can provide valuable information about the robustness of a project. Project risk and sensitivity assessment is prone to the analysis paralysis syndrome. The focus should be on quality rather than quantity.

Jan 1, 1997

As a society, the retiring age of workers is increasing. Individuals are having to consider working to an older age (beyond 55 years), the reason being to æpay offÆ debt, maintain a quality of life or, as a bigger picture, because society simply cannot afford the aging population. The Government is encouraging and promoting those approaching retirement to work to an older age to alleviate the financial burden of an aging population. In a working context those aged 55 years and over accounted for ten per cent of the Australian workforce in 1998 with this age group expected to account for half of the growth in the workforce between now and 2016. For the 60 - 64 years which account for less than three per cent in 1998, this group is expected to account for 15 per cent of the growth in the same period. As a result of individuals who have worked all their lives and in some cases æphysically hardÆ, they do not fully enjoy their years of retirement as a time when they get to choose what they want to do rather than what they have to do. Of particular interest are the physical or health related conditions that individuals end up with and the restrictions that ensue resulting in an individual being incapacitated either physically or with respect to the state of their health.

Jan 1, 2005