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By N. Novikov, M. Jastrzebski, N. Kryzhanovskaya, D. Shevchenko, I. Kapran, N. V. Novikov, T. Koehler, B. Zaporozhets

"The PFK FeNi Smelter was re-commissioned by Solway Resources in 2002, ending a long period of economic decline in the adjacent town. In 2009 Hatch was retained to design, supply and install a custom furnace crucible that would accommodate a capacity increase from 34 MW to 40 MW and increase campaign life through binding and cooling technologies, as part of ongoing improvement efforts. The involvement of PFK personnel was critical to the successful integration of the new furnace technology with the existing process and operational practice. The furnace upgrade project was completed in 18 months during 2010 – 2011. Since start-up, the furnace has exceeded production expectations, operating successfully at 42 MW.INTRODUCTIONAfter ceasing operations in the 1990’s, the Pobuzhsky Ferronickel Combine (PFK), located in central Ukraine, was stripped of useful equipment and deteriorated while dormant. The surrounding town experienced a period of economic decline throughout the 1990’s. Solway Industries purchased the complex in 2002 and began a systematic incremental program to re-commission the smelter using both local expertise and specialists from other parts of the former Soviet Union. This led to the re-birth of PFK as a successful toll-smelting complex, and a renaissance for the surrounding economy.As part of the continuing improvement program, PFK approached Hatch in 2009 to study the possibility of a capacity expansion from 34 MW to 40 MW. It was decided, based on the results of the study, to design and install a custom furnace crucible integrating the unique PFK FeNi process with modern Hatch furnace technology. This novel approach had many benefits, including: maximum re-use of existing furnace components (off-gas, feed equipment and transformers), minimal impact on upstream and downstream equipment and building structure, and the retention of a familiar operating regime. The latter was a key factor in the success of the project, as it allowed the extensive operating expertise of the PFK staff to remain highly relevant to the upgraded furnace. This led to minimized capital investment, a rapid start-up and no significant operational challenges switching over to the new equipment incorporating Hatch furnace technology."

Jan 1, 2012

By K. M. Murphy, M. B. Wittrup

ABSTRACT The Saskatchewan Ministry of Environment recognizes the importance of environmental protection as an important contributor to Saskatchewan’s economy, with the environmental performance of industry closely monitored. Unfortunately, environmental regulation is often accompanied by significant process that does not always add value to environmental protection activities. The Saskatchewan Ministry of Environment has embarked on a visionary restructuring of its regulatory framework from conventional command and control regulation to a results-based regulatory framework. This new regulatory framework will provide for establishing clear environmental protection and resource management objectives; streamlining the environmental acts and regulations; developing an environmental code of practice; relying on qualified persons; enhancing compliance and enforcement tools; eliminating of many permits; and developing greater certainty in environmental assessment decisions. Results-based regulation promises to deliver enhanced environmental protection with less process. The uranium industry in Saskatchewan will be used as an example of the potential effects of results-based regulation.

Jan 1, 2012

By M. E. Rossi, J. E. Camacho

"Geostatistical conditional simulations are becoming increasingly popular as tools that provide models of uncertainty at different stages of a mining project. They have been used as grade control tools in daily operations to assess the uncertainty of mineable reserves at the project’s feasibility stage, and to assess mineralization potential in certain settings. Other applications include assessment of recoverable reserves, resource and reserve classification, and drill hole spacing optimization studies. All large-scale applications of conditional simulations intend to benefit from the correct (or accurate) characterization of uncertainty, adequately describing the variability observed from the data and its effect on the final objective.The objective of this paper is to compare the ad-hoc uncertainty model provided by a traditional classification scheme with the probability intervals resulting from a conditional simulation model. It is argued that the uncertainty model derived from the use of classification schemes is of little practical use to the mining company or operation. The paper emphasizes differences in uncertainty based on the size of the mining unit considered, the extraction method, and local geological differences. Most importantly, it discusses confidence intervals for these mining units, as compared to the relative precision envisioned by a typical classification scheme.The application described in this paper is taken from a medium-sized Cu open pit and underground mine in northern Chile, and demonstrates the impact of several variables on the resulting conditional simulation models. It also compares a more traditional resource classification scheme applied, and the wide difference in local confidence intervals for each mining unit."

Jan 1, 2004

By P. Oyanader

"In 2001, the Catholic University of Chile undertook a maintenance benchmarking study of six open pit copper mines having mill capacities varying between 18,000 t/d and 156,000 t/d, and collectively responsible for 58% of Chilean copper production. This paper describes the methodology used to conduct the study, as well as the overall results. Key performance indices were selected to measure the effectiveness, efficiency, and development of the maintenance process. Using a balanced scorecard philosophy, these indicators were divided into client satisfaction, financial, internal process, and learning and growth indices.Maintenance was found, on average, to be responsible for 44% of mine production costs. Percentage planned maintenance of equipment fleets was found to be low by world standards, averaging 35%, 56%, and 44%, respectively, for blasthole drill, shovel, and haul truck fleets. Fleet availabilities were found to be significantly influenced by the percentage of planned maintenance achieved, while maintenance cost per equipment was found to decrease non-linearly with increases in percentage planned maintenance. Investment in technical training (including planned maintenance practice) was found to be low by global standards. The paper concludes that fleet availability and maintenance costs in Chilean open pit operations could be considerably improved by improving and/or developing maintenance planning standards, and investing in training personnel in planned maintenance techniques"

Jan 1, 2005

By C. Larsen, I. Orford, L. Strah, M. Renaud, P. Radziszewski

"An AG/SAG mill was commissioned at the Brunswick mine concentrator in October 1998. This paper discusses the original shell top hat liner design for the bi-directional AG/SAG mill, observed liner wear, subsequent liner design modifications, and benefits.The original liners were chrome-moly steel Norsteel with rubber grates and rubber-lined pulp lifters. The design was based on experiences of other AG/SAG mills and recommendations by the liner supplier, Norcast. Liner design modifications were made in an iterative fashion after observing the wear rate profile of the liners; over ten liner sets were implemented. Shell liner design improvements were supported by a design of experiments approach in conjunction with discrete element method (DEM) charge motion simulations. Design optimization took into account lining costs and impacts on operating performance. The team approach to the liner design improvements process is described with emphasis on the application of the design of experiments. The liner wear history and mill operating performance are presented."

Jan 1, 2005

By D. Laguitton, D. Hodouin, V. K. Gupta, R. Spring

"The CANMET SPOC project aims at inducing progress in process evaluation and optimization by developing user oriented software based on state-of-the-art theory. The present work is the result of a joint effort by CANMET, Noranda Mines and Université Laval to develop two computer packages: one (RTD) to calculate the residence time distribution that best describes the material transport through the mill, the other (FINDBS) to estimate the rate of breakage and distribution function of the population balance model in a ball mill. The RTD package can handle data from various experimental methods (impulse or complex tracer feed, with or without recycling, etc...). The FINDBS package provides options for the functional description oj both model parameters Band S. The full detail of the methods and programs appears in a users guide. The program capabilities and several sample runs are presented.IntroductionSimulation of mineral dressing operations by computer has been largely contained within academic and research circles and has not yet gained a status of routine practice in the ore and coal industries. It is however a matter of time before process simulators are available on every process engineer's desk to assist process optimization tasks, flowsheet design and professional training. The CANMET SPOC project (Simulated Processing of Ore and Coal) was initiated in 1980 to assist the Canadian industry in integrating computer-based methodology for process evaluation and optimization(1). Software development, documentation and transfer is one of the main priorities of the project which will mature in 1985 by releasing a complete package of manuals and programs covering sampling, material balance computation, unit modelling, flowsheet simulation and optimization . This paper is a condensed description of a typical project element in its 1982-1983 state of development. The required methodology for ball-mill modelling and simulation was consolidated an d merged to other project elements during a joint study under contract financed by CANMET and Noranda Mines Ltd . The first part of the study dealt with documenting experimental methods and software for ball-mill computer simulation. Université Laval GRAAIM (Goupe de Recherche en Automatistion Appliquée à l'Industrie Minérale) acted as sub-contractor for this part of the study(16,17). A second part dealt with applying the model calibration techniques to a large industrial data base and is reported elsewhere(2,18,19)."

Jan 1, 1984

By M. H. B. Nasseri

Barre granite?s samples have been tested for fracture toughness under mode I along two different directions with respect to microstructural fabrics were investigated. 3D objects counter algorithm technique is applied on micro CT images to identify physical properties such as crack induced porosity, crack density, generated total surface area and contribution of individual mineral grains within the damaged zone.The result obtained justifies very well the fracture toughness anisotropy in Barre granite, and explains the difference in the structure of the damage zone evolving as a result of test crack interacting with pre-existing microstructural fabrics. The present study has potential application in the fields of rock mass stability, oil reservoir stimulation, rock fragmentation and damage in blasting and emplacement of dykes.

May 1, 2009

By G. Clarkson, M. Hitch, R. Clarkson

"A novel reagent-free method of extracting gold from gravity middling concentrates in the Yukon placer fields is presented in this paper. This method exploits the malleability of gold by submitting concentrates to grinding in a rod mill. Brittle waste minerals are effectively reduced, whereas malleable gold particles are flattened and are then extracted by classification through sieves. Recoveries in the field using a laboratory-sized rod mill regularly exceeded 90%, whereas correlation laboratory tests indicated recovery to be most sensitive to the mill charge size. This method has broad potential, including application to the gravity circuits of large hard-rock processing circuits.RÉSUMÉ Cet article présente une nouvelle méthode sans agents réactifs d’extraction de l’or dans les concentrés gravimétriques mixtes que l’on trouve dans les districts placériens du Yukon. Cette méthode exploite la malléabilité de l’or en broyant des concentrés dans un broyeur à barres. Les déchets miniers cassants sont bien réduits, alors que les particules d’or malléables sont écrasées puis extraites par classification au travers de cribles. Si les récupérations sur le site à l’aide d’un broyeur à barres de laboratoire excèdent 90 %, les essais de concordance en laboratoire indiquent que la récupération est très sensible à la taille de la charge du broyeur. Cette méthode présente un grand potentiel, notamment une application possible aux circuits gravimétriques des grands circuits de traitement des roches dures.INTRODUCTIONExploiting the high density of gold to separate it from waste materials is the oldest known mineral processing technique. This basic technique is still widely used in gravity concentration circuits today; however, gravity processing invariably results in high-value middlings, especially in the Yukon placer gold fields. In addition to having a uniquely high density, gold is also the most malleable metal. This unique malleability can be exploited to extract gold from otherwise inaccessible gravity middlings.The Yukon placer gold industry has been continuously ongoing since the 1860s, and today produces approximately 60,000 oz t (1.87 million grams) of crude gold annually, most of which is from the Klondike region near Dawson City (Van Loon & Bond, 2014). It is important to note that Yukon placer miners do not use any chemical extraction methods; rather, gravity upgrading methods are the sole processing techniques used. Placer deposits are typically coarse, well liberated, and naturally gravity concentrated and recoverable, thus making more expensive chemical extraction unnecessary (Mitchell, Evans, & Styles, 1997). Furthermore, a strict permitting regime, environmental concerns, lack of expertise, and fear of repercussions from regulators prevent miners from attempting more advanced processing methods, such as flotation or cyanidation. Even simple chemical extractions like mercury amalgamation have not been implemented for decades, with one observer noting that, as many as 30 years ago, “the art of mercury for amalgamating appear[ed] to be dying [in the Yukon]” (Osler, 1983)."

Jan 1, 2017

By John M. Gordon

DURING and after 1949, various groups of British mining engineers came to the Dominion Coal Company, Limited, at Sydney, N .S., to see at first hand the Dosco MINER ( 1). These visits culminated in 1952 with the ordering of four Dosco Miners by the (British) National Coal Board on an experimental basis through their Experimental Expenditure Funds. Others are now on order. The first machine was delivered in February, 1953, and, after slight alterations to suit the different power supply, the machine was made ready to work. Due mainly to the size of the machine, new rules and regulations governing its operation had to be put into effect and it was not until April, 1954, that the machine was put underground. It started to produce in June of that year. The three others were delivered early in 1955. The authors were sent to England by the Dominion Coal Company to install and demonstrate these machines and to work with the Coal Board engineers to- further interest in the machines in the British coal fields .

Jan 1, 1956

By Zhuofei Yang, Jidong Kang, David S. Wilkinson

The fatigue behavior of AM60 high pressure die casting magnesium alloys was studied in a straincontrolled manner. The fatigue test was interrupted every 2,000 cycles for X-ray tomography scanning. The specimen was removed to be scanned on a desktop micro-CT system. The value of using X-ray tomography in a fatigue properties study was assessed with respect to porosity, cracks and fracture surfaces. The 3D analysis and model results showed porosity could be well measured and modelled in 3D. Defects bands are made of pores under 50 µm in volume-equivalent sphere diameter. Larger pores are randomly distributed in the region between two defect bands. Observation of cracks by X-ray tomography occurs in three ways such that the 3D model gives the best illustration of crack-porosity interaction while the other two methods have better detectability on crack initiation and crack tip observation. X-ray tomography is also of value in failure analysis on fracture surfaces. By summarizing X-ray tomography data during fatigue testing and observing fracture surfaces on a 3D model, a better understanding on the crack initiation, crack-porosity interaction and the morphology of fracture surface is achieved.

Jan 1, 2014

By P. Burke, V. Vuaroqueaux, A. Doyle, C. Petit, Kipouros. G. J.

Magnesium and its alloys are attractive for use in automotive and aerospace applications because of their low density and good mechanical properties. However, difficulty in forming magnesium and the limited number of available commercial alloys limit their use. The present work reviews the efforts to improve the attractiveness of magnesium through non-traditional processing, and presents results of current work on producing magnesium alloys via powder metallurgy (P/M). P/M can be used to alleviate the formability problem through near-net-shape processing, and also allows unique chemical compositions that can lead to new alloys with novel properties. The surface layer formed on the Mg powders during processing acts as a barrier to diffusion and sintering is problematic. The layer contains oxides, hydroxides and carbonates of magnesium, formed by reactions with the atmosphere. There are several means to possibly overcome this barrier. Alloying additions have been identified that may promote surface layer disruption during sintering. Processing variables such as sintering atmosphere may reduce the layer or allow the formation of less detrimental compounds. Post-sintering processes such as hot working may disrupt the layer and improve density. The experimental effect of all these processing parameters is presented in this paper.

Jan 1, 2010

By Grant Goddard

Cameco?s ?Double U? Strategy ? Double existing production ? To 40 million lbs U3O8 annually ? By 2018 ? Existing operations ? Saskatchewan ? United States ? Kazakhstan ? Projects under evaluation ? McArthur River expansion ? Kintyre (Australia) ? Inkai Block 3 (Kazakhstan) ? Development properties ? Cigar Lake project Measures of Success ? Safe, healthy and rewarding workplace ? Supportive communities ? Clean environment ? Outstanding financial performance

Nov 1, 2011

By W J. Dyck

Past attempts to establish an integrated steel industry on the West Coast of Canada have been unsuccessful for at least three reasons: (a) insufficient reserves of a suit-able iron ore supply; (b) a relatively small local market for iron and steel; and (c) the non-availability of an economical process to produce primary iron on a small scale. Today, the reserves of economically mineable ore deposits are ample to support a steel production of 100,000 to 200,-000 tons per annum. The local market has increased so as to be able to absorb most of this capacity. With-in the next few years, a small integrated steel plant, including the "H-Iron" direct iron ore reduction process for electric furnace charge stock production, will be able to show a profitable operation. Introduction

Jan 1, 1963

By Marc C. Bétournay

Over the last four years, an international initiative, championed by Vehicle Projects LLC, the Fuelcell Propulsion Institute and Natural Resources Canada, has been active in carrying out research projects to prove out the concept of applying fuelcell technology to underground mining vehicles. These have been carried out by a consortium consisting of mining companies, equipment manufacturers, technology developers, national laboratories and consultants, with the participation of Canadian and U.S. mine regulatory agencies. This clean technology, which produces only water and electricity, would allow several advantages to be obtained, in the health area (by eliminating diesel emissions and reducing noise generation), in lowering production costs (such as reducing ventilation required) and lowering green house gas emissions. This article outlines the results obtained in several key areas, such as the operation of fuelcells in underground conditions, risk issues related to underground and surface operation of hydrogen vehicles and hydrogen production and delivery systems, and the design and mining performance of the world?s first hydrogen mining vehicle, a mine production locomotive. The work to date on the fuelcell loader, designing the power plant and power transmission systems, operational requirements, and operating cost reductions, is also presented. There is also an evaluation of the overall mining applications and advantages this technology can bring to underground mining, including the facilitation of automation and tele-remote operation.

May 1, 2003

By M. Drozd, M. Somppi, Z. Yamak

"Granular activated carbon is widely used in the gold mining industry for gold extraction from aurocyanide-containing slurry. The extraction process can employ carbon as part of the gold recovery operation for various circuit designs including carbon-in-pulp (CIP), carbon-in-column (CIC), and carbon-in-leach (CIL) circuits. However, various qualities of activated carbon exist and the durability of the material can change significantly from source to source. Handling this expensive reagent can pose challenges when fine carbon losses occur in the CIP, CIC, and CIL circuits. Additionally, any gold that is adsorbed to these carbon fines can also be lost by various mechanisms including carbon attrition and fracturing, inefficient coarse-fine separation, and poor carbon fines capture. With the above in mind, a series of tests were conducted to investigate standardizing simple laboratory methods for testing carbon quality. A standard procedure beyond or enhancing ASTM methods can serve as additional starting points for evaluating carbon specific to the gold industry. The investigation focused on size distribution, flatness, wet attrition resistance, surface area, gold kinetics, and gold loading. The final results provided information to generate an equation for ranking carbon samples to plant performance.IntroductionActivated carbon for use in gold extraction is amongst the most commonly found processes in modern gold-milling plants. Although gold losses are inevitable in the milling process, operators often focus on the importance of maximizing gold recovery. One focus area that is important in gold recovery is optimizing the use of activated carbon and examining potential changes to realize improved economics for carbon-in-pulp (CIP), carbon-in-column (CIC), and carbon-in-leach (CIL) processes."

Jan 1, 2017

By N. Romani, R. Provost

"Commissioning of a circulating dry scrubber (CDS) plant was recently completed at an existing facility in Québec, Canada. The CDS plant treats the sulphur dioxide off-gas emitted from rotary kilns in order to meet increasingly stringent environmental requirements. This installation enables the existing facility to reduce their sulphur emissions by over 90%.Proper planning of the different commissioning stages and staffing an integrated team are the most important factors required for a successful plant start-up. A strong Operational Readiness plan must be in place as early as the start of construction in order to ensure a smooth transition from commissioning to operations. Plant performance can meet or exceed performance criteria within the required timeframe if the proper group dynamic and good communication is established between construction, commissioning and operations teams.The road blocks encountered are often from systems that one assumes will operate without trouble such as air-conditioning, or design assumptions that were taken years earlier in feasibility process stages, namely the capacity of existing systems that will connect the new plant to the existing facilities. The challenges associated with rectifying these issues in addition to the requirements to properly start-up and operate a new plant without impacting production are great, and it is imperative to have the necessary resources to react quickly to any problems.IntroductionCommissioning of a circulating dry scrubber (CDS) plant was recently completed at an existing facility in Québec, Canada. The CDS plant treats the sulphur dioxide off-gas emitted from rotary kilns in order to meet increasingly stringent environmental requirements. This installation enables the existing facility to reduce their sulphur emissions by over 90%.The CDS ProcessA general overview of the CDS process is presented in Figure 1 below. The combined, de-dusted off-gas from multiple kilns is sent to the CDS, which acts as an entrained fluid bed, where the gas is contacted with a water mist, re-circulated solids and hydrated lime. The SO2 from the gas stream and the available calcium hydroxide (Ca(OH)2) from the hydrated lime dissolve in the water and react to ultimately form calcium sulphites and gypsum. The solid residue (referred to as CDS residue), is the primary by-product of the process."

Jan 1, 2016

By D. F. Strong, P. P. O'Neill

"The Isle aux Morts Prospect is the first polymetallic, sulphide mineralization reported from the Port aux Basques Complex of southwest Newfoundland. Zn-Pb-Cu-Ba-Ag mineralization hosted by quartz-muscovite semipelite, occurs at the contact between a quartz of eldspathic unit and pelitic unit with intercalated amphibolite are minerals comprise sphalerite-galenachalcopyrite, in order of decreasing abundance. The principal gangue minerals are quartz, muscovite, feldspar and barite. Three morphologic types of mineralization are present: massive with more than 50% sulphide, flanked on one or both sides by disseminated and/or banded types. The massive type of mineralization exhibits a :durchbewegung"" fabric of rounded silicate fragments in a sulphide matrix, characteristic of intensely deformed and metamorphosed sulphide bodies. Sulphide minerals have been mobilized and recrystallized and share the same metamorphic and deformational history as the host rocks. Quartz muscovite schist which hosts disseminated mineralization, displays a K2O enrichment and Na2O depletion, that is typical of alteration associated with sulphide bodies in volcano sedimentary sequences. Isotopic ratios of sulphur are comparable to those of volcanogenic massive sulphide deposits.Despite penetrative deformation and metamorphic recrystallization, features of the local geology and the mineralization suggest that the Isle aux Morts Prospect is volcanogenic in origin. IntroductionFollowing the release of a government lake sediment survey (Butler and Davenport, 1980), which indicated anomalous concentrations of metals in southwest Newfoundland, geologists with Utah Mines Ltd. discovered the Isle aux Morts Prospect, a Zn-Pb-Cu-Ba-Ag showing, located approximately 15 km northeast of Port aux Basques (Figs. I and 2). The mineralization occurs in quartz-muscovite schist and is the first significant basemetal discovery in the Port aux Basques Complex."

Jan 1, 1988

By Luke Keeney, Stephen Walters

"The start up of a new mining and metallurgical facility is a crucial step in the life of any mining project. The mining industries record is poor when evaluating processing plant operation relative to design capacity predictions made during feasibility studies. Multivariate geometallurgical orebody characterisation, using principle component analysis, is a method developed for improving predictive processing performance models during feasibility stages of mine development. This paper outlines the application of multivariate geometallurgical characterisation to the Cadia East deposit located in New South Wales, Australia. Cadia East is a low grade high tonnage copper-gold porphyry system in advanced stages of feasibility analysis. A dataset of ~32000 measurements and 150 comminution parameters (A*b and BMWI) has been used to develop class-based characterisation and modelling methodologies. The results of this study outline the development of class-based ore characterisation and provide a technique for analysing and interpreting large and complex geometallurgical datasets for prediction and optimisation of processing performance. The results enable sophisticated population modelling to be conducted which displays deposit scale processing variability, aiding circuit design specifications and predictions during feasibility studies.INTRODUCTIONA feasibility study is the major technical report on which the decision to proceed to production and on which financing is based (Shillabeer & Gypton, 2003). The mining industry’s record is not very good when actual construction time, costs, and operating performance are compared to the projections made in feasibility studies (Ballard, 1983; Gypton & Ward, 2000; Gypton 2002). A study by McNulty (1998) found that of 41 mineral processing and chemical plants built between 1965 and 1995, only 56% achieved design capacity within two years of commissioning and three were closed after failing to achieve design capacity within 36 months of start up (Shillabeer & Gypton, 2003). McNulty (1998) related this underachievement and failure of start up performance to the use of innovative process technology without appreciating and managing technical risk. Factors contributing to technical risk include inadequate pilot plant testing, scaled up prototype equipment without backup, design flaws and poorly understood complex process chemistry."

Jan 1, 2009

By J. A. McLennan

Nickel laterite deposits are typically formed from tropically weathered mafic-ultramafic complexes. The resulting nickel concentration is found within soil horizons and is mineable with regular dozer units. At the time of mining, digging elevations are needed at selective mining units (SMUs). Moreover, for mine planning, the costs due to dilution and lost ore require mining elevations to be specified. A conditional simulation approach is used to calculate ?optimum? SMU mining elevations. Multiple realizations of the ore base surface are simulated. For a single bottom surface realization, dilution and lost ore costs are calculated over the entire vertical extent of each SMU. The optimum mining elevation is the elevation where the lowest summed cost of ?accepting dilution? and ?wasting ore? occurs. The reported SMU dilution is the cost of mining the volume of waste located below the bottom surface and above the optimum mining elevation and the reported SMU lost ore is the cost of not mining the volume of ore above the bottom surface and below the optimum mining elevation. For all ore bottom surface realizations, optimum SMU mining elevations and their associated dilution and lost ore costs are calculated and compiled to represent production uncertainty.

Apr 1, 2005

By Martin Murenbeeld

Outlook: Nine Bullish Arguments 1. Global fiscal and monetary reflation: PIIGS, US, etc. 2. Global imbalances: the dollar must decline 3. Global FX reserves are ?excessive?: diversification 4. Central bank attitudes to gold: now positive 5. Gold is not in a bubble: room to rise 6. Mine supply is flat: ?peak? gold? 7. Investment demand: long-run uptrend 8. Commodity price cycle: many years to run 9. Geopolitical environment: positive

May 1, 2010