Search Documents

By A Keogh, P Allen, P Stoker

"An EXTENDED ABSTRACT is available for download. A full-length paper was not prepared for this presentation. Private equity (PE) firms are comparatively free of mandatory requirements for the level and scope of due diligence applied prior to making investment decisions in minerals projects when compared to listed entities, sovereign funds or financial institutions adopting the Equator Principles (Equator Principles Association, 2013). While this freedom allows for flexibility, agility and innovation in making investment decisions, it can also expose PE firms to material risks that may impact their ability to successfully list the projects or attract later financing.Financial institutions and investors with mandatory due diligence and disclosure standards may refrain from investment in or acquisition of a project if it fails to meet various performance requirements. There are many high-profile projects that have suffered significant write-downs on book value after acquisition because specific non-mining issues were not adequately assessed. Thus, a PE firm may be left with an asset that is difficult to divest and incapable of securing development finance.PE firms can manage this risk by being aware of the growth trend in the adoption of ‘international standards’ in addition to host nation standards and legislative requirements. This paper outlines key issues for PE firms to address to maximise the chances of obtaining funding or successfully taking an exploration or mining project through to listing or divestment. Two steps are required: identification of gaps in performance and priority matters of interest to financial institutions and development of action plans to ensure that the priority requirements are met or capable of being met.A PE firm can set its project for success by understanding the social and environmental performance requirements of international standard financiers and by setting the project on the right path to meeting these requirements, and thus making it an attractive investment.CITATION:Allen, P, Stoker, P and Keogh, A, 2015. Setting for success – private equity exploration and mining project buy-in to listing and divestment , in Proceedings PACRIM 2015 Congress, pp 93–100 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 18, 2015

By F Cesnik

The past few years has seen a concerted effort to improve the recovery of gold along with its co-product copper from the æhigh-gradeÆ Ridgeway concentrator at Newcrest Mining LtdÆs Cadia Valley Operations. A number of initiatives were identified and implemented, culminating in a sustained improvement in recovery of approximately three to four per cent for both metals. The key projects that contributed to this improvement included the installation of a 355 kW Metso stirred media detritor (SMD) to create a regrind circuit, installation of froth crowders on the scavenger circuit, installation of a Falcon SB2500SE gravity concentrator as part of the regrind circuit to improve gold recovered to bullion on-site and the optimisation of the grinding circuit to reduce the 80 per cent passing size (P80) of the primary grind from 160 to 121 ¦m for the same throughput via process control, cyclone and ball charge optimisation. This paper will focus on the supporting test work, where applicable, that was used as the design basis for the project, but more importantly the plant data before and after the changes to clearly identify the improvements to plant recovery.

Jan 1, 2007

By S C. Dominy

Gravity amenable gold ores are those that after comminution produce liberated particles, composites and/or carriers that can be recovered by gravity separation means. Recovery depends upon mineralisation type and the comminution and concentration method used. Any in situ ore with more than 20 per cent of gold greater than 100 µm in size is likely to have a strong gravity recoverable component. A less traditional approach is where the gold is sulfide-locked and the gold carrier plus any liberated gold is recovered via continuous gravity recovery following fine crushing. Specific tests are undertaken to determine the level of gravity amenable gold within a deposit. The principal methodology is the gravity recoverable gold (GRG) test, which consists of three sequential liberation and recovery stages. For continuous gravity recovery (CGR), the sample is fed over a laboratory Wilfley table to simulate continuous recovery of the gold. Tails from the feed can be progressively re-ground and re-tabled to develop a grade-recovery curve. Primary geology and gold particle size-distribution have a strong effect on the mass of sample required to provide representative results for both tests. Where low-grade ore contains very coarse gold, substantially larger sample masses are required. Experience has shown that GRG and CGR values can vary throughout an orebody, particularly within different geological-grade domains. A testing regime must consider sample frequency and support.

Sep 5, 2011

By L A. Martinez Tipe, J McKibben, S Barry

"Metal prices are central to a mineral investment decision and have a profound impact on the financial performance of companies in the mining industry. At its most basic level, metal prices are influenced by the disequilibrium between international metal volume supply and demand. That is, the commodity price is a regulator that equates international metal supply and demand where inventories act as a buffer between the emergence of this disequilibrium and its dissolution through a price change.From this viewpoint, mining companies are required to forecast metal and bulk commodity prices when evaluating minerals projects through discounted cash flow (DCF) analysis. While supply-demand models are instructive, many companies use historical prices, spot prices, futures/forward pricing and consensus opinion (or a combination of all of these) to develop price forecasts.This paper discusses the definition, fundamentals and differences between futures/forward and consensus pricing and the appropriateness of each in a DCF model for mine project economic evaluation.Our results demonstrate that great care is required when using either futures/forward or consensus pricing and that the decision to use one rather than the other requires consideration of other important elements in the DCF model (ie the risk-adjusted discount rate).CITATION:Martinez Tipe, L A, McKibben, J and Barry, S, 2016. Metal prices and the differences between forward and consensus pricing – which one is better for use in a discounted cash flow model?, in Proceedings Project Evaluation 2016, pp 149–158 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 8, 2016

By P Holt, M Allen

On the first of July, 2012, the Australian GovernmentÆs Clean Energy Act commenced. From this point, a price of $23/t of CO2-e will apply to facilities that trip the liability threshold. This first part of this paper concentrates on the mechanics of the Clean Energy Future legislation and how it will be applied to the mining and mineral processing industry.The second part of this paper contains analysis of the data presented for typical mine operations. Methodologies for constructing a carbon strategy are also presented. This will entail determining what the objectives of the carbon strategy are, and defining what the strategic priorities for a business should be. An action plan to address the risks identified from the Clean Energy Act is also developed as part of the strategy.Details such as the advantages and disadvantages of opting into the carbon price scheme for liquid fuels are shown. Other considerations such as the ability to acquire permits through the carbon farming initiative or through overseas clean development mechanism projects are explained.CITATION:Allen, M and Holt, P, 2012. Implications of the carbon price and developing a carbon strategy, in Proceedings International Mine Management 2012, pp 105-114 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 20, 2012

By K Williams, T Donohue, W Chen, T Roessler, A Katterfeld

Wet sticky iron ore poses particular difficulties in every aspect of the material handling process. Material hang-ups in bins, pipes and chutes; carry-back and spillage due to insufficient belt cleaning; clogging of screens; malfunctioning of crushers as well as rat holing of gravity reclaimed stockpiles are all predominantly due to the inherent cohesion and adhesion characteristics of the wet, sticky ore (Roberts, 1993). Limited understanding and quantitative measures on the stickiness of such a material significantly lower the mining operation efficiency.This research aims to investigate the cohesion and adhesion characteristics of the wet, sticky ore on physical modelling, experimental techniques and numerical implementation. Initially, the suitable bridging mechanism that contributes to the cohesive and adhesive forces within the iron ore material was identified (Hering, Martin and Stohrer, 1989; Rumpf, 1958). A cohesion/adhesion energy density factor based contact model was then introduced to describe the stickiness of the material. Secondly, an experimental system was proposed to directly test the stickiness of the material. Such a system is able to obtain both the cohesive/adhesive shear force and tensile force of the material at a specific moisture content. Lastly, the implementation of the proposed cohesion/adhesion model into the discrete element modelling (DEM) software was also discussed. A cohesion/adhesion calibration for modelling wet sticky iron ore in DEM was then conducted to ensure the material modelled in the simulation is reflective of the reality.From the study, understanding of the cohesion/adhesion characteristics of the wet iron ore material is significantly enhanced. Experimental and numerical outcomes can be directly applied for better designing or optimising the material handling processes that involve wet sticky iron ore. Consequently, the mining operating costs can be greatly reduced.CITATION:Chen, W, Donohue, T, Williams, K, Katterfeld, A and Roessler, T, 2015. Modelling cohesion and adhesion of wet, sticky iron ores in discrete element modelling for material handling processes, in Proceedings Iron Ore 2015, pp 387–392 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 13, 2015

By D Deb, R Pramanik

This paper presents a generalised methodology in smoothed particle hydrodynamics (SPH) framework to analyse dynamic failure process of rock mass having natural joint under blast-induced stress wave and expansion, and penetration of high pressure gaseous product. The necessary interactions of gas-rock are incorporated in the model which describes features of coupling between damage and plasticity in tension and compression respectively. A Drucker-Prager formulation of plasticity is used to model the behaviour of aggregate field and the Grady-Kipp damage model is employed for tensile strain. These two material behaviours are then brought together within the framework of interacting continua. The model relies on the Drucker-Prager plasticity surface to predict the dilatancy aspect of the material response and to account change of strength according to the strain rate effect. Three numerical examples are presented with rock joint and multiple blastholes.CITATION:Deb, D and Pramanik, R, 2015. Smoothed particle hydrodynamics modelling of blast-induced fracture processes in naturally jointed rock medium, in Proceedings 11th International Symposium on Rock Fragmentation by Blasting, pp 65–70 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 24, 2015

By R Yang

This paper presents a fragmentation model for large production blasts in an open pit or underground environment. The paper shows that the particle velocity is directly related to pressure, strain, and strain rate and so it can be considered as driving force and mechanism of rock fragmentation. This is supported by the fact that a vibration with a larger peak particle velocity (PPV) generates larger disturbance in rock and so finer fragmentation or more blast damage than a low PPV. The crack distribution in rock from impact is based on findings from previous researchers (Seaman, Curran and Shockey, 1976; Liu and Xu, in press). The fragmentation size is calculated at three-dimensional grid points within a blast. The fines and oversized blocks are calculated explicitly – the fines generated close to blastholes and big blocks far from boreholes are modelled naturally. The multiple blasthole fragmentation (MBF) model takes surveyed irregular geometry of the free face of a blast as the calculation boundary. The MBF can model fragmentation with over one million grid points. Examples of the model’s field comparison are also included.The PPV at a calculation grid is estimated based on the same approach used for the near field non-linear vibration model (Yang and Scovira, 2007). The method is based on the dominant charge for a calculation grid point, non-linear charge weight superposition within a charge and from multiple charges, strain wave broadening, and amplitude attenuation with distance from a charge segment. The blasthole confinement affected by earlier firing charges is also taken into account.The MBF model inputs from blast design, such as: location and orientation of each blasthole, stemming length, blasthole diameter, multiple decking, bench height, initiation sequence, etc. It models the effect of the delay and its scatter in each blasthole on fragmentation and has a statistical modelling capability for geological random variation on attenuation of particle velocity wave. The wave reinforcement due to instantaneous waves arriving or diminishing cooperative contribution due to long delay intervals between charges is also simulated.The results are displayed in 3D volumetric plots, contour of fragmentation in cross-sections, and size passing curves for a whole blast or a region of the blast.CITATION:Yang, R, 2015. A multiple blasthole fragmentation model – its concept, formulation, capability and field comparison examples, in Proceedings 11th International Symposium on Rock Fragmentation by Blasting, pp 177–186 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 24, 2015

By B Levasseur, C Olsen, E Ghasemian Langeroudi, F Larachi, F Safizadeh, C Gagnon

Gold recovery by the cyanidation process is often accompanied by the leaching of other species. This leads to the depletion of the level of free cyanide and oxygen available for gold cyanidation. The largest proportion of the consumed cyanide is diverted by the cyanicides (eg S, Cu, Zn, Fe, etc) into non-valuable complexes.COREMÆs Extractive Metallurgy team has been conducting a research program on the improvement of the gold cyanidation process. As a part of this program, the current study aims to investigate the effect of certain operating parameters on the reactions involved during preoxidation and cyanidation. Flotation tailings and single mineral samples such as pyrite, sphalerite and chalcopyrite, along with their different combinations, were analysed to highlight the influence of ore mineralogy on the operating conditions. The effects of different kinds of oxidants (oxygen, hydrogen peroxide, ferricyanide and ozone) and chemical additives (ammonium sulfate) were investigated.Experiments conducted in alkaline solutions reveal that mineralogy is a key parameter since pyrite, chalcopyrite and sphalerite react quite differently during preoxidation and cyanidation. A significant increase in sulfur dissolution, especially on pyrite, was observed by applying preoxidation. H2O2 preoxidation showed a positive effect on increasing sulfate formation, a desirable by-product from the cyanide consumption point of view. Preoxidation of synthetic ores with ferricyanide resulted in boosting thiosulfate formation. Tests conducted on flotation tailings from a polymetallic mine revealed that a short preoxidation increases the dissolution of the ore leading to higher gold recovery and lower cyanide consumption. Regarding the formation of thiocyanate, the most undesirable by-product of the cyanidation, ferricyanide and ozone were found particularly efficient to hinder their formation. Finally, the addition of ammonium sulfate during the cyanidation process showed some promising results in terms of both gold dissolution and cyanide consumption.CITATION:Ghasemian Langeroudi, E, Levasseur, B, Safizadeh, F, Olsen, C, Larachi, F and Gagnon, C, 2013. Optimisation of operating parameters for cyanidation of sulfide-bearing gold flotation tailings in order to prevent the impact of cyanicides, in Proceedings World Gold 2013 , pp 111-120 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 26, 2013

By M Uceda, E Guerra, Y Choi, J L. Shepherd

In this paper we describe the leaching characteristics of pure gold in thiosulfate solutions that contain a known chelator; meso-2,3-dimercaptosuccinic acid (DMSA). The interfacial and chemical characterisation of the system was accomplished using both electrochemical methods and inductively coupled plasma mass spectrometry (ICP-MS) analysis after pure gold samples were exposed to solutions composed of 65 mM Na2S2O3, 1 mM NaOH and a range of DMSA concentrations. In the absence of DMSA, cyclic voltammetry revealed the onset of thiosulfate mediated gold dissolution, the degree of which was reduced at more positive potentials due to the formation of oxidised thiosulfate products on the gold surface. The addition of small amounts of DMSA (<10 ¦M) to the electrolyte resulted in minor changes to the voltammograms indicating a subtle interaction of the additive with the gold surface that may improve leaching. However, at higher concentrations of DMSA (up to 100 ¦M), electrochemical evidence suggests the formation of new oxidation products in solution as well as the formation of more compact monolayers of DMSA on the surface, which contribute to partial repassivation of the surface. The influence of DMSA on thiosulfate leaching of pure gold electrodes at the open circuit potential for a period of 90 minutes was tested and the corresponding gold leaching performance evaluated with ICP-MS analysis. Our data shows that small amounts of DMSA (1 ¦M) doubled the amount of total gold in solution when compared to the same study in the absence of the additive. However, higher concentrations (5 ¦M DMSA) reduced the overall amount of dissolved gold. These results may point to a mechanism where small amounts of DMSA improve leaching by adsorbing onto the surface in a highly defective monolayer that partially blocks or disrupts the formation of passivation products caused by thiosulfate oxidation, but excess DMSA can limit the leaching process itself by forming too coherent a monolayer on the gold surface.CITATION:Uceda, M, Choi, Y, Shepherd, J L and Guerra, E, 2013. Investigating the influence of meso-2,3-dimercaptosuccinic acid on thiosulfate leaching of bulk gold electrodes, in Proceedings World Gold 2013 , pp 207-214 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 26, 2013

By M M. Collisson

The Synthetic Rutile (SR) plant operations, North Capel, produce electrostatic precipitator (ESP) fume and kiln scrubber residue. Typically ESP contains about 18 per cent Ti, 13 per cent Fe, 0.5 per cent Mn, eight per cent Si, six per cent Al, 16 per cent C, 0.9 per cent Zn, 0.6 per cent Pb, 300 ppm As, 300 ppm Cr and 5 ppm Cd. These wastes are held in a storage dam together with neutralised acid effluent (AE) liquor. A project was initiated to treat the fume and produce a benign residue that could be delivered to landfill, reducing dam space storage. Plant AE, containing free acid (9 - 14 g/L), Fe (6 - 7 g/L) and Mn (1 g/L), was used to leach ESP. The degree of extraction achieved for various elements include about 20 per cent Zn, almost 50 per cent As, five per cent Al, 0.4 per cent Pb and 15 per cent Cd. Extraction was most effective at pH The residue from AE leaching still contained Pb. TCLP tests of the leach residue produced Pb extraction significantly higher than the 0.1 ppm stipulated by Class 2 landfill guidelines. Other elements (eg As, Cd, Cr) successfully met the limits. Further leaching of the residue with EDTA extracted up to 65 per cent of Pb content. TCLP tests on treated residue showed Pb leaching potential of Lead was removed from the leach circuit as the sulphate by acidification of EDTA leach liquor, allowing EDTA to be recycled. The study showed that one waste stream can be used to treat another and help reduce plant waste.

Jan 1, 2001

By M I. Pownceby, M A. Rhamdhani, S Palanisamy, D Fellicia, B Satritama, G A. Brooks, A Ang

Metal production have long been using carbon sources as both reducing agents and energy sources. Consequently, the global extractive metal sector contributes significantly to greenhouse gas emissions, accounting for approximately 9.5 per cent. Hydrogen gas offers as a promising ecofriendly alternative to carbon in metallurgical processes, serving as both a reductant and energy supplier with a by-product being only water vapour. However, the implementation of molecular hydrogen faces certain challenges related to the thermodynamics and kinetics of metal oxide reduction. In addressing these challenges, researchers have explored the application of hydrogen plasma, generated by subjecting molecular hydrogen to high energy to produce atomic, ionic and excited hydrogen species. Hydrogen plasma offers thermodynamic and kinetic advantages over molecular hydrogen and carbon-based reductants, exhibiting lower standard Gibbs free energy of reaction and activation energy. Therefore, hydrogen plasma can produce metal in fewer steps, process any oxide feed and feed size and even be used to refine metals. Despite these advantages, challenges exist in utilising hydrogen plasma in extractive metallurgy, including electricity costs, potential reverse reactions and industrial-scale implementation. This study provides a mini review of prior research on hydrogen plasma for metal oxides reduction, particularly iron oxide, as well as state-of-the-art techniques for its use in extractive metallurgy applications by mentioning several reactor types. Future prospects and scale-up possibilities of the hydrogen plasma in extractive metallurgy will also be presented.

Aug 21, 2024

By A Dennis, T Hunter, R Coleman

For metallurgical plant design, it is necessary to progress through successive phases of test work, piloting and process development before involving all the other engineering disciplines and “freezing” the process design criteria and flow sheet. This process usually relies upon the experience, skills and personal preferences of various technology providers, study and engineering entities, test work and metallurgical laboratories and, most importantly, the owner’s team and its operators. Current industry trends include lower grades, more complex orebodies, geometallurgy in defining orebody variation and design envelopes, more common “hybrid” plant processes and the market demands for more reliable, timely and predictable early plant performance.This paper will discuss interaction of these trends and provide guidelines for the level of detail and technical complexity required for a number of different “typical” examples. The paper will pay particular attention to the study definition level translated into the required detail and certainty needed by the overall process “owner” and original equipment manufacturer (OEM) equipment suppliers to ensure the best real plant performance. Some recent case studies will be discussed. In many projects, at a late stage of project definition, it has become common practice to undertake a “value engineering” phase. Although it could be argued that this should be undertaken earlier, it is largely driven by an overall need to reduce capex and “optimise” the perceived “fat” built into the project during the detailed design process. This value engineering can be very counterproductive to project timing and operational performance and warrants discussion.The paper is intended to promote discussion on a topic of wide interest. The authors’ diverse backgrounds and experiences are integral to the views in this paper.CITATION:Dennis, A, Coleman, R and Hunter, T, 2017. Critical process design considerations from test work to operations, in Proceedings MetPlant 2017, pp 12–30 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 11, 2017

By F Burns, G Peachey

The Hidden Valley process plant has recently undertaken a program to relieve process flow bottlenecks and improve process automation. An environment of cost reduction and restrained capital necessitated solutions that primarily utilised existing equipment and internal resources. Removing bottlenecks relieved pressure from a strained circuit that was unable to maintain consistent performance. Improved process automation firstly stabilised the process, then allowed the circuit to sustainably operate at the expanded capacity limits. These allowed implementation of an operating approach that focused process operators towards identifying and resolving process disturbances in advance. Plant recovery and throughput have markedly improved as a result.CITATION:Burns, F and Peachey, G, 2014. Recent process improvements at Hidden Valley gold mine, in Proceedings 12th AusIMM Mill Operators’ Conference 2014 , pp 43–54 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 1, 2014

By A Sinuhaji, R Poedjono, G Flumerfelt

PT Freeport Indonesia is currently building the DOZ mine. It is a 25 000 tonne/day block caving operation which is scheduled to reach designed production levels by the fourth quarter of 2002. This paper describes some of the issues and challenges faced by the operation when introducing a new undercut method part way through the project. Advantages and disadvantages are discussed as well as the expected benefits of the new method.

Jan 1, 2002

By T Y. Dube

In this paper current net present value (NPV) based mine valuation techniques that take into account market and private risk are discussed and analysed. Potential pitfalls that arise from the application of a portfolio, market or commodity based risk metric to a mining project are identified. An alternative non-simulative framework for quantifying and factoring market and private risk in NPV calculations is proposed and then applied to a hypothetical case study in an attempt to overcome identified pitfalls. Mathematical proof that a static discounted cash flow (DCF) calculation can underestimate or overestimate mine NPV is presented, the conditions for each are outlined and the degree of underestimation defined.CITATION:Dube, T Y, 2012. How the use of market-based risk metrics can undervalue good mining projects and overvalue poor ones, in Proceedings Project Evaluation 2012 , pp 29-34 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 24, 2012

By Concha F, Sampaio R

In most of the literature, the hydrocyclone is viewed as a black box in which only global variables are present and where the equations are obtained by curve fitting. Recently some work has appeared where the Navier Stokes equations are solved numerically in the hydrocyclone geometry. However, in all of these works the air core surface, which has an important influence on the hydrocyclone dynamical behaviour, is modelled as being a cylindrical surface of fixed radius. In this work, we model the surface of the air core as a free-boundary which has to satisfy a jump condition, the Young-Laplace equation, relating the physics to the geometry. Based on this model, we are able to explain, qualitatively, some phenomena that have puzzled research workers in the field for many years, and can show, through the air core behaviour, the influence of material parameters on the performance of the hydrocyclone.

Jan 1, 1993

By Neill B. K, Fander H. W, Wong K, Dunlop G, O&apos

Commercial interest in refractory gold is increasing rapidly. This trend is supported by the work patterns of Amdel, where, apartfrom routine process- ing of free-milling and refractory ores, the majority of testing now includes biological and pressure oxidation studies to enhance gold recoveries. Central Mineralogical Services have examined, among other ores, an apparently unique type of refractory coating. A summary is given of experience at Optimet Laboratories, Pty., Limited. Research into nitric acid pre-oxidation, underway at the South Australian Institute of Technology since 1987, has shown significant improvements in gold recoveries, and in some cases, large reductions in reagent consump- tions. Three final-year student research projects were undertaken in 1990, jointly between the University of Adelaide and the S.A. Institute of Tech- nology. These projects involved biological pre-oxidation, pressure leaching, and Scanning Electron Microscope examination of refractory ores, and the resultant pre-oxidation and cyanidation products.

Jan 1, 1991

The use of rubber-tyred equipment in a decline mining system requires that roadways be kept free of running water. At Renison this is achieved by the use of stage pumping or gravitating to a major pump station and pumping from there directly to the surface. The frequent use of pick-up lines and pump boxes in the decline system provides a method of water control and reduces the amount of slimes in pump lines. The Bassett Fault structure, which lies on the hangingwall of the mine is the major source of ground water. This is encountered in diamond drill holes and exploration develop- ment. Dewatering of this structure is possible by controlling the flow from selected holes. Future pumping requirements may be predicted by analysing changes in the level of the water table and by calculating dewatering rates required to maintain ore reserves available for production.

Jan 1, 1977

The methods used by the Anglo American Corporation for analysis of long-term metal markets and prices are described. The principal factors affecting the relationships between production costs and metal prices are analysed. These are firstly the type of market, - speculative or consumer commodity, free market or subject to price control; and secondly the rate of growth of demand for the metal. It is shown that virtually all metals will have relatively low rates of demand growth for the foreseeable future, due to market saturation, increased economisation, substitution and product obsolescence. Metal prices have a clear dependance on production costs, however forecasting future costs is by no means simple; amongst other things, account must be taken of changing exchange rates, inflation rates, and the potential for operating more efficiently. The paper concludes by giving brief assessments of the long-term future for aluminium, copper, zinc, nickel and tin.

Jan 1, 1986