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By H Arvidson, V Chamberlain, R Marinho, B Parsons, T Rowl, M Noppé, M Mattera

With the introduction of CRIRSCO (2019) based mineral asset disclosure, Regulation S-K part 1300, 2019 (S-K1300) by the United States (US) Securities and Exchange Commission (SEC), applicable to companies listed on the New York Stock Exchange from 2021, Mineral Resource is now required to be reported Exclusive of Mineral Reserve, referred to here as ‘Exclusive Mineral Resource’ (EMR). EMR is equivalent to reporting Mineral Resource additional to Mineral Reserve, which has been permitted in jurisdictions outside the US for many years. Despite this, there are no practical guidelines in the literature or relevant reporting codes and rules for Competent/Qualified Persons to refer to, which creates a risk that disclosure of EMR estimates across the industry will be inconsistent and potentially ambiguous for analysts, investors, potential investors, and other stakeholders.With the introduction of CRIRSCO (2019) based mineral asset disclosure, Regulation S-K part 1300, 2019 (S-K1300) by the United States (US) Securities and Exchange Commission (SEC), applicable to companies listed on the New York Stock Exchange from 2021, Mineral Resource is now required to be reported Exclusive of Mineral Reserve, referred to here as ‘Exclusive Mineral Resource’ (EMR). EMR is equivalent to reporting Mineral Resource additional to Mineral Reserve, which has been permitted in jurisdictions outside the US for many years. Despite this, there are no practical guidelines in the literature or relevant reporting codes and rules for Competent/Qualified Persons to refer to, which creates a risk that disclosure of EMR estimates across the industry will be inconsistent and potentially ambiguous for analysts, investors, potential investors, and other stakeholders.

May 24, 2023

By J Zhou, X Bi, Y Yan, W Peng, H Yang, D Weng, P Li

Fortescue Metals Group (FMG) fines from Western Australia is a hematite and limonite mix characterised by high crystal water content. Due to its higher supply capacity and lower prices, the Wuhan Iron and Steel Corporation (Group) intended to use more FMG fines in the sinter mix. It is understood that sinter quality is closely related to its microstructure featured by the hardness and brittleness of different mineral phases, the content of micro pores, and trans-cracks. In order to maintain sinter qualities such as tumble index, reducibility and so on at higher FMG fines blend ratios, a research project was initiated to study the effects of the FMG fines blending ratio on sinter microstructure. Research results showed that at higher FMG fines ratios, the hardness of hematite and magnetite were both decreased while the hardness of calcium ferrite showed a tendency to decrease. The number of cracks that were generated during Vickers hardness measurement in various mineral phases decreased, but their length was shortened, and the variation of crack lengths increased. The contents of hematite and magnetite were also reduced and the reduction of magnetite was clearer. Also the content of calcium ferrite and pores rose and the magnitude of the increase of pores was greater. Among all the mineral phases in sinter cakes, the Vickers hardness of hematite was highest within the range of 879 N/mm2 ~ 942 N/mm2, and therefore the decrease of its content in sinter and the enhancement of its brittleness, ie the number of cracks increased, were harmful to sinter strength. In addition, the excessive increase in pores content is also not favourable to sinter strength.CITATION:Bi, X, Yan, Y, Zhou, J, Peng, W, Li, P, Yang, H and Weng, D, 2013. Study of sinter microstructure with various blend ratios of Fortescue Metals Group fines, in Proceedings Iron Ore 2013 , pp 331-336 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 12, 2013

Callide Coalfields produces a sub-bituminous, very subhydrous, low rank, steaming coal with good combustion properties, primarily for domestic power generation. Geological input into planning of coal extraction requires expedient production of detailed structural, lithological, analytical, geophysical and geotechnical data. The CSIRO-developed SIROLOG borehole logging software and hardware system allows for detailed spectrometric analysis of coal/interburden. The gamma-gamma and neutron-gamma SIROLOG techniques both provide improved prediction of ash content over other borehole techniques. The neutron-gamma technique also predicts density and some important ash constituents (especially iron, alumina and silica). The software/hardware configuration allows for quick, easy interpretation of coal seam depth and lithology, parting thickness and ash/ash constituent contents immediately after a borehole has been logged. Within certain mine areas in the Callide Basin, the iron content of mined coal is widely variable in both vertical and lateral extent within and between seams. This variability creates problems in predicting the slagging behaviour of æas-receivedÆ coal during combustion, especially where the iron content of the ash exceeds 19 per cent. Using the SIROLOG tool in co-operation with traditional borehole sample laboratory analysis results, patterns in this variability can be determined and related to geological properties and process of formation of the coal seams. Subsequently, areas of high iron can be predicted in advance of mining. Since 1992, on-going collection and interpretation of SIROLOG downhole geophysical log data has significantly contributed to a number of research projects related to gaining a preliminary understanding of the iron distribution and formation during the Coal MeasuresÆ deposition. Because the probe was able to record variations in coal mineral matter content, it was found to complement more conventional techniques such as reflected light petrography, X-Ray Diffraction and SEM techniques that examine the mineralogy of iron species. Additionally, software has been developed to allow integration of SIROLOG data into existing geology databases, enhancing coal quality modelling and daily prediction of parameters such as raw ash, silica and iron contents that are indicators of ash fusion propensity. The correlation of SIROLOG-derived iron geophysical traces between drillholes and other sample points highlighted lithological and structural controls in the iron distribution in the sequence previously not detected. This work has allowed the development of a methodology for predicting iron in advance of mining and reconciling as-sold coal quality to that predicted. Predictions are currently being assessed at the coal face as mining progresses through high-iron zones.

Jan 1, 2000

By M-E Boucher

While the haematite concentrates produced in Eastern Canada and the magnetite concentrates that Australia will soon be producing are different feed materials, the pellets they produce have similar physical and metallurgical properties. This paper will examine the similarities and differences in the evolution of pellet microstructure for pellets produced from magnetite and haematite. The molten slag phase generated at high temperatures has a lower melting point when in contact with magnetite compared with haematite due to the higher divalent iron content. The presence of some slag is beneficial for bonding but too much can inhibit oxidation of magnetite, although slag generation at lower temperatures reduces energy usage. In pellets produced from haematite, magnetite is generated artificially from the combustion of the carbon particles added to the pellet feed as a source of energy. Maintaining the optimum production level and mineralogy of such æsecondaryÆ magnetite, allowing for its subsequent reoxidation, is important for the quality of haematite pellets. In both magnetite and haematite pellets, balancing the slag formation and oxidation (re-oxidation for haematite pellets) of the magnetite (secondary magnetite for haematite pellets) is necessary.

Jan 1, 2007

The Nickel Rim Depth Cu-Ni-PGE deposit, discovered by Falconbridge Limited in 1993, illustrates several trends in exploration in the Sudbury area. Recent discoveries tend to be deep, high grade, footwall hosted, close to or straddle property boundaries and made using a multi-disciplinarian exploration approach that integrates economic considerations with geology, metal geochemistry and geophysics (borehole EM). The Nickel Rim deposit occurs down dip of Inco's Victor Deep deposit (4.2 million tonnes at 2.25 per cent Ni, 7.30 per cent Cu) in the eastern margin of the Sudbury Igneous Complex (SIC) at a depth of 2650 m. Before commencing drilling an economic evaluation was done to determine the minimum size needed to be economic at the expected depths and determine the expected value of an exploration venture. The subsequent surface exploration program discovered a drill indicated, undiluted mineral inventory of 1.6 million tonnes of 1.58 per cent Ni, 10.13 per cent Cu, 4.17g/t Pt and 3.50 g/t Pd including 519 000 tonnes of 4.13 per cent Ni, 25.53 per cent Cu, 9.76 g/t Pt and 8.42 g/t Pd. The deposit is hosted by gneiss, migmatite, gabbro and pseudotachylite (Sudbury Breccia) 100 m below the base of the SIC.

Jan 1, 1996

At 9.45 pm on Thursday, 12 July 1962 glass began to flow in an endless stream from a massive melting tank in a new Whangarei factory and a vital new industry was born û right on schedule. It wasn't good glass. It was ridged. It cracked. It rippled. It obstinately refused to emerge upstairs in the cutting room in one solid continuous sheet. But all through the night, drawing speeds were adjusted, temperatures changed. And on Friday morning, at 8:30, it finally came through as sheet û not perfect as yet, but sheet glass all the same. The rest is only a matter of time. Unfortunately, the buoyant enthusiasm displayed by the founders of the sheet glass industry in New Zealand, and the technical expertise of their European consultants, failed to bring the glass quality up to commercially acceptable standards and within six months, the company was in receivership. Taking over the role of producing New Zealand's sheet glass requirements, New Zealand Window Glass Company was formed as a partnership between two companies with long experience in sheet glass manufacture û Pilkington Brothers (NZ) Limited and Australian Consolidated Industries Limited. This paper sets out to identify the raw material requirements and controls necessary for the successful manufacture of sheet glass, and the availability and supply of suitable materials for use at Whangarei.

Jan 1, 1978

By A J. MacDonald, M P. Raffield

The South Deep massive orebody consists of 20 to 30 m of payable conglomerates ranging in dip from 11¦ to 20¦ and at depths of between 2400 m and 3400 m. The mine design process selected a mining method with a proven record of application that could be adapted to overcome the inherent difficulties associated with the depth, thickness and structural influences of the South Deep orebody. A modified cut and fill mining method provides a concentrated and highly flexible method of extraction. An integrated destressing cut will enable the modification of the stress environment such that it is suitable for massive mining operations. The choice of backfill type and stoping width in the destressing cut ultimately determines the characteristics of the stress modification and, as such, is critical to the success of the cut and fill operation. This paper discusses the decision process undertaken to determine the optimum backfill type and stoping width combination in terms of, conditions in the destressing cut faces and in the massive mining environment. Numerical modelling has been extensively used to analyse various scenarios to aid in the decision process.

Jan 1, 1998

ALTHOUGH the development of the various flotation processes during the last 8 years has been so revolutionary, this development has been, until recently, entirely confined to the separation of the gangue from the mixed metalliferous sulphides.The desirability of finding some method of separating the independent sulphides from such a miXture, by means of flotation, has long been recognized. ThIS need was emphasized when the slimes resulting from the grinding of Broken Hill sulphide ores were for the first time successfully dealt with by the Mineral Separation Company's process on the Central mine. This process proved the practicability of separating the sulphides of lead and zinc as a mixed concentrate from the gangue present in slime. Although this was a very notable achievement, the process has not been generally used, owing to the mixed lead and zinc concentrates resulting from the treatment being acceptable neither to the zinc nor the lead smelters.Although the introduction of eucalyptus oil in minute quantities as an emulsifying agent has simplified the work of the subsequent tabling of mixed sulphide concentrates, rendering unnecessary the burning off or removal of the oil, there will always be a considerable quantity of slimy product too fine to settle on the moving surface of the concentrating machines, and therefore requiring other means for its division into lead and zinc concentrates.

Jan 1, 1911

Throughout the Kalgoorlie Field the dominant factors influencing all planned exploratory work are: firstly, the general geology of the district, and, secondly, the lode fracture pattern. Superimposed on these, there are innumerable faulting problems which tend to complicate the search for ore.In this paper it is proposed to deal primarily with the lode fracture pattern and to touch on the general geology only insofar as it affects ore distribution. So much has been written on Kalgoorlie geology that it would be impossible to review the literature adequately in a brief paper such as this. The basic facts of rock types and rock distribution are well established and the broad structure of the field is known in the central portion, though it is less well established towards the northern and southern ends.The latest descriptions of the general geology are those of Stillwell (1), and Gustafson (2), -and these represent the basis of current knowledge.GENERAL GEOLOGY.The field is six miles long and about one mile wide, the long axis trending north-west. The "Golden Mile," or heart of the mining 'area, covers a length of three miles in the southern section, and consists of a central core of quartz dolerite greenstone which merges into uralitic quartz 'dolerite on its western margin. The uralitic quartz dolerite is derived from an original quartz dolerite by a low grade...

Jan 1, 1948

By S Li, Y Lei, X Wu, C Ma, W Q. Zhang

The failure of roof of thin bedrock working face under loose aquifer in a coalmine can lead to water-sand inrush disaster. Based on the accident of water-sand inrush in 30108 working face of a mine in Shaanxi province, China, the mechanism of water-sand inrush is theoretically analysed. The process and critical conditions of water-sand inrush in working face are reproduced by numerical simulation where the bedrock thickness is 20 m, the clay layer thickness is 40 m and the mining height is 6.5 m. The study found that under the condition of thin bedrock and thick clay layer, the characteristics of the clay layer have a significant inhibitory effect on the development of the fractured zone, and the development of the water-conducting fractured zone is incomplete and insufficient. However, in the process of continuous mining of multiple adjacent working faces, the strength of the clay is gradually reduced by the influence of mining and the erosion of water, and the height of the fractured zone is gradually increased. In the subsequent mining process of the working face, the roof is more likely to be cut-off and lead to water-sand inrush. From the initial failure of the clay to the final crack directly through the surface, the shear strength of the clay is reduced by about 52 per cent. Further simulation found that in addition to the characteristics of the clay layer itself, the main factors affecting the water-sand inrush in the working face caused by overburden failure also include the difference in bedrock thickness and strength, and the difference in coal seam mining height. With the increase of bedrock thickness, the development height of the fractured zone increases gradually with increases of bedrock thickness when the cutting failure of overburden rock no longer occurs. With the increase of mining height, the height of water flowing fractured zone also increases, but the cracking ratio gradually decreases. Therefore, it’s of great practical significance to systematically study the mechanism and critical conditions of water and sand inrush in mines and the main influencing factors for preventing similar accidents in mines with similar conditions.

Nov 29, 2022

By H Rouhullahi, E B. Veshki an, R Kottnauer

The Galandrud coalfield is located approximately 20 km south from the coast of the Caspian Sea, Ruyan town, on the north slopes of the Alborz mountain range, in the elevation between 500 m (the Galand River valley) and 1350 m. For the time being, 32 coal seams (generally of small thickness û 0.8 m on average) have been recognised within the. On the other hand 72 coal banks of balanced properties have been included in reserve calculation, which means that some of the seams consist of several banks. The general dip of strata belonging to the south limb is about 30¦ to the South (with drags close to the south overthrust, where the dip reaches 85¦), while the dip of beds at the north limb is rather steep and usually between 45 to 75¦ to the North. The coal quality is in a rank of high volatile bituminous coal. The steep dip, unstable lithological development, complicated tectonics and comparatively lower coal seam thickness are the characteristic features of the Galandrud deposit. Environmental protection of this area makes exploration and exploitation more complicated. During mine exploration several adits were driven at three levels with 50 m vertical distances. About 4000 m of gates and crosscuts were up to now driven. During mining test the down-cut mining method (with one cut), the strike cut mining method and the down-cut mining method with two cuts were tested. The paper describes outlines for the selection of mining methods on the base of classification of the effective hangingwalls and footwalls, hazards of mining operations, and possibilities of the mechanised mining.

Jan 1, 2003

By Gibson G, Jaques L

The Broken Hill Exploration Initiative (BHEI) is a collaborative venture between the Australian Geological Survey Organisation (AGSO), Mines and Energy South Australia (MESA) and the New South Wales Department of Mineral Resources (NSWDMR) to provide a new generation of geoscientific information to promote and enhance the exploration for, and discovery of, new deposits in the Broken Hill region. The area under investigation (Figure 1) exceeds 150 000 square kilometres on either side of the NSW-SA border and is centred on the city of Broken Hill. N.T. I I OL n. WA 8A I Maw. AC,7 !ii oFCU vlc~ ~T. Fia I - Nlap showing the 150 000 square kilometre regwa,. i.i lcr investigation by the Broken HiII Exploration Initiauvr highlighted on the map of Australia. A major impediment to the exploration for, and to the understanding of, the genesis of the world-class Broken Hill Pb-Ag-Zn deposit is the structural and metamorphic complexit\ of the region. Important objectives of the BHEI are therefore: I. the definition of the three-dimensional structure of the province, 2. the deformation history, and 3. the stratigraphic and age relationships of the rock units. Early discussions between the BHEI partners and industry scientists revealed that new geophysical surveys would be a key requirement to help advance the understanding of the province, especially a contiguous high resolution airborne geophysical dataset covering both outcrop and areas of shallow surficial cover. The purpose of this paper is to draw attention to the new high resolution airborne geophysical data and to discuss their interpretation and potential for enhancing the knowledge of the Willyama Supergroup geology.

Jan 1, 1997

By S J. Henderson

Pumped co-disposal of coal processing waste was promoted in the 1990-2000s as a low-cost highperformance alternative to tailings dams. In particular it would avoid high up-front capital for rejects trucks and dam embankments, and would produce a combined waste deposit with better geotechnical properties than either coarse rejects or tailings. Overall, the promise was not delivered; in particular, upon discharge the waste segregated by size, and operators responded by moving the coarser waste to contain the finer waste. In consequence, not only did design analysis lag behind construction, but some of the initial expectations persisted with the result that analyses did not fully represent what was occurring on the ground. After more than twenty years inspecting, designing and tending Co-Disposal Areas (CDAs), it is apparent that they are essentially upstream constructed tailings dams with some more favourable aspects but also a few unique quirks. Although waste management technology has moved on somewhat, the high cost of changing CHPP waste circuits means that most mines with pumped codisposal will continue to discharge mixed waste slurry into CDAs. It is therefore worthwhile to share some lessons in the hope of promoting sounder design, operation and rehabilitation. These include: • Discharged waste does not form a homogeneous wholly competent deposit but instead comprises materials ranging from sandy gravel to silty clay with the distribution determined by movement of the discharge and decant structures; • CDAs circulate and contain a lot of water; • As a result of the first two points, some areas of the CDA comprise saturated fine waste that is no different from tailings and, like tailings, often behaves in an undrained manner; • Seepage is inevitable and desirable because strength improves as water is removed. However, stability is strongly impacted by pore pressures and in design these need to be rationally rather than optimistically considered; • As CDAs are built to about 40m or higher, strength-deformation characteristics of the foundation become more important; • Even if geomechanically stable, CDAs will need covers to prevent salts and acids from reaching the surface; and • Erosional stability of the cover material(s) will probably dictate maximum slopes for rehabilitation.

Jul 1, 2021

Citigold Corporation operates the Warrior gold mine at Charters Towers, northern Queensland, mining narrow quartz veins (0.1 to 2 m wide) in granodiorite by long hole open stoping on levels 15 m apart. Access is by decline and cross-cuts with on-ore development drives. The mineralisation comprises Palaeozoic mesothermal quartz veins containing gold, pyrite, sphalerite and galena, hosted by the Ordovician age Towers Hill Granite. The gold grain size is variable from 1 to 500 ¦m with 1 m face samples up to 800 ppm Au, and average run-of-mine grades of 10 to 14 ppm. Despite the spectacular gold tenor, little visible gold is present. Gold grades are highly variable presenting challenges in ore reserve estimation. Tonnages are discounted by 70 per cent to allow for the low payabilities (30 to 50 per cent) of the veins. Estimation techniques allow high confidence in overall global grade estimates but poor reliability on a local scale (25 m). Kriging ranges as low as 5 - 8 m means that obtaining a Proved Ore Reserve by diamond drilling is not economically feasible, and broad-scale mine planning decisions are made at the Inferred Mineral Resource stage and mine design work at the Probable Ore Reserve stage. Proved Ore Reserves can only be estimated after underground development has proceeded through the mineralised body with levels at 15 m vertical spacing sampled at 2 - 3 m intervals along the level. However, reconciliations between actual gold produced and earlier resource estimates produce workable results. A further three mines are scheduled to be developed underneath the city of Charters Towers.

Jan 1, 2008

By A Turichshev

The synthetic rock mass (SRM) approach for modelling jointed and veined rock has been at the forefront of caving geomechanics research for years. A well-constructed and calibrated SRM model can capture the full rock behaviour at a macroscopic scale. Traditionally, SRM technology employed bonded particle models (BPM) due to their ability to model rock’s response to loading without prior specification of behaviour. The SRM modelling process requires the BPM to simulate intact rock and the subsequent introduction of fractures or veins by changing bonding characteristics between the particles. However, bonded particle materials have difficulty reproducing both the compressive and tensile strengths of intact rock. This and other limitations of BPM have been the driving force in exploring the potential of grain-based (2D) and bonded block (3D) models (BBM).This paper reports on recent work exploring the applicability of both BPMs and BBMs in 3D to the modelling of intact rock. The advantages and limitations of both BPMs and BBMs are addressed based on the results of numerical simulations using the PFC3D and 3DEC distinct element codes. The preliminary results suggest that BBMs are better suited for simulating intact rock behaviour than BPMs. Ongoing work aims to better qualify the applicability of BBMs under different conditions. This has significant implications for our understanding of rock mass behaviour in a caving environment.CITATION:Turichshev, A and Hadjigeorgiou, J, 2016. Simulating intact rock behaviour using bonded particle and bonded block models, in Proceedings Seventh International Conference and Exhibition on Mass Mining (MassMin 2016), pp 453–460 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 9, 2016

By Y L. Ma, M Chen, W Bruckard

With the extensive exploitation and gradual depletion of high-grade copper reserves, the mining industry is paying more and more attention to the hydrometallurgical extraction of copper from lowgrade and arsenic bearing copper ores. Hydrometallurgical processing, such as heap leaching, column leaching and bioleaching, provide a viable alternative to the traditional pyrometallurgy due to its harmony with the environment, moderate capital investment, and low operating costs. However, the slow leaching kinetics of enargite (Cu3AsS4) and chalcopyrite (CuFeS2) remain problematic for commercial leaching practice. The formation mechanism and the nature of the passivating layers during leaching is still a matter of debate in hydrometallurgical research. In this study, the dissolution mechanism of enargite and chalcopyrite in sulfuric acid solution was investigated using a range of electrochemical and spectroscopic analysis methods. Electrochemical oxidation of enargite demonstrated an obvious passivation region from 500 to 750 mV (Ag/AgCl). The formed passivation film was found a n-type semiconductor behaviour, which is different from the original enargite with a p-type behaviour. The results of X-ray photoelectron spectroscopy (XPS) suggested that a nonstoichiometric film Cu(3−x)As(1−y)S4 (x>>y) accumulated on the electrode surface, which accounted for the obvious decrease in current density in the passive potential region. For chalcopyrite, three important potentials of 550, 680 and 730 mV which are related to the formation and dissolution of passivation film were observed based on the cyclic voltammetry (CV) and potentiodynamic polarisation. Raman and X-ray absorption near edge structure (XANES) spectra studies of the chalcopyrite electrodes after being treated under these three potentials indicated a metal-deficient sulfide of Cu1−xFe1−yS2 (y>>x) might be responsible for the passivation phenomenon. Hence, it is concluded that the passivation of enargite and chalcopyrite are similar which are caused by metaldeficient sulfide surfaces although the compositions of the metal-deficient sulfide are different.

Aug 24, 2022

By D Van Doorselaere

The purpose of blasting during mining is to produce a muck pile that can be efficiently loaded and transported. There is an increasing awareness of the variation in muck pile characteristics and its economic implications. It is well known that good fragmentation by itself is not sufficient to optimise the muck loading efficiency. The swelling and configuration of the muck pile also significantly affect the productivity of the loading equipment. The characteristics of a muck pile depend upon the blast design parameters, explosive properties and rock mass geology. This study has focused on the dependence of muck pile configuration on blast design parameters, explosive properties and size distribution of the muck.The field work was done in two phases. In the first phase 12 blasts were monitored, while in the second, three blasts were monitored. The blast design parameters and explosive properties for each blast were documented and the following muck pile characteristics were measured:muck pile height and its distance from the facedistance of throwwidth of the power troughsize distribution by image analysis technique.The effects of burden, bench height, heave energy of explosive, row-to-row delay, powder factor and the mean particle size of the fragments on muck pile configuration were examined. It was observed that muck pile height and distance of throw are strongly influenced by the burden, bench height, heave energy of the explosive and the size distribution of the muck. The width of the power trough depends upon the row-to-row delay, powder factor and total burden. In addition, the effect of the fragment size distribution on the muck pile parameters has also been discussed.CITATION:Singh, S P and Van Doorselaere, D, 2015. The relationship between blasting parameters and muck pile configuration, in Proceedings 11th International Symposium on Rock Fragmentation by Blasting, pp 369–374 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 24, 2015

By A Chandra, P Guj

Only a few complex real options can be valued using closed-form equations, such as the Black and Scholes formula, because these algorithms are restrictive and prevent the construction of practical project evaluation models. Although a binomial lattice method paired with the ærisk-neutral probabilityÆ provides an easier and flexible modelling of exploration and mining projects, it has limitations when projects are complex, long-lived and influenced by the interplay of various market and private uncertainties. In order to overcome these limitations, modern decision tree software using dynamic programming capability can be used for real option valuations. This is a powerful computational tool in which the impact of various sources of uncertainties can be differentiated, so that the optimal decision path can be explicitly displayed visually. There has been significant academic controversy surrounding whether different real option (RO) valuation methods would lead to different real option values (ROV). This paper, using a realistic copper mining example, demonstrates that as long as the same degree of subjectivity and consistency are used in different real option valuation methods, they yield the same result. This conclusion is valid irrespective of whether the cash flow volatility generated by various sources of uncertainties is handled in an aggregated or in an explicit and differentiated manner. This paper compares two choices for an investor either to æbuy now and developÆ a project or to enter into a ætwo-year option to purchaseÆ after the proponents have developed it. It also shows how significantly different net after-tax operating cash flows may be generated by these different choices on the same underlying asset represented by the project. This is due to the difference in the amount and timing of the relevant capital investments affecting the depreciation and amortisation charges and as a consequence, the income tax paid. CITATION:Guj, P and Chandra, A, 2012. Real option valuation of mineral exploration/mining projects using decision trees - Differentiating market risk from private risk, in Proceedings Project Evaluation 2012 , pp 177-188 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 24, 2012

EIA is a test of a development proposalÆs legitimacy and asks two questions: not only æis the proposal competent?Æ but also ædoes the proposal have moral authority?Æ For reasons of miningÆs historic importance and of a scientific and technological industry culture, traditional EIA has focussed on the first on these, an increasingly misplaced priority in a changing world.This paper explains why competence alone is not enough and examines the second of the two questions: what is meant by a projectÆs moral authority, why does it matter, why has it taken so long to become an issue and what, in practical terms, can project proponents do about it.

Jan 1, 2004

IN preparing a sample of refined lead for analysis, it is necessary to exercise great care to avoid contaminatien, as the amounts of the various impurities present in market lead are very small. The lead is cut into convenient-sized pieces, which are flattened out with a hammer, so that, on putting tbe lead through the rolls, strips of about one inch in width and Ij32iu. in thickness are obtained. The hammer, anvil, and rolls should be carefully cleaned before use. The strips oflead are cut up into pieces of about one inch square. If the lead is roIled out very thin and cut up into small pieces there is considerable risk of the acid acting too violently and causing loss through frothing over. A blank assay on all the reagents used should becarried right through, along with the actual analysis of the lead. This is of the greatest importance, particularly with regard to the determination of such impurities as iron, sulphur, arsenic, and antimony.METHOD OF ANALYSISThe method of analysis is as follows: Take two lots of 600 gIm. each, place in a large beaker, add 2000 cc. distilled water and 750 cc. concentrated HNOs. Cover with a clock glass and warm on a hot asbestos plate until all action ceases. (If any white precipitate forms, filter off and examine for Sn and Sb.) Add 420 cc. H2S04 (1-1), and stir well while adding the acid: Allow PbS04 to settle, pour off the clear liquid into a 12-in. porcelain evaporating dish, and start evaporating down, the dish being placed directly on an 8-in. ring gas burner. Wash the precipitate three times by decantation using approximately 1200 cc. hot water for each washing, and stir well...

Jan 1, 1922