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By Alichurch P. D

Perseverance nickel deposit is located at latitude 27¦ 491S, longitude 1200 42'E, 330 km north of Kalgoorlie, Western Australia. Gossanous outcrops were discovered in April, 1971, and after further detailed surface investigations, percussion drilling led to diamond drilling by June, 1971. Up to December, 1972, 127 diamond holes totalling 45,590 m were drilled to indicate 33 million tonnes averaging 2.2% Ni using a 1% cut-off grade. The deposit occurs in a lenticular ultra- mafic unit emplaced in metasediments locally forming the eastern flank of the Archaean green- stone belt trending NNW from Leonora to Wiluna. To the east a major strike fault separates the metasediments from gneiss; westwards there is a sequence of metavolcanics with further ultra- mafic units. Length of the lens is 3500 m and it attains a maximum width of 800 In. The eastern contact is moderately regular, but the western contact is prominently embayed. Local strikes are NNW, and dips are steeply W. A set of strike faults cuts the ultramafics and enveloping quartzites. These are normal faults, parallel to the major eastern fault, dipping 65-70¦W. They impart a serrated pat- tern to the sub-outcrop of the western contact. Massive serpentinite is the dominant rock in

Jan 1, 1973

By Carter A. J, Miller D. M, Holder N. H M, Van Aswegen P C

The Harbour Lights Mine situated at Leonora in Western Australia, mines a refractory sulphidic gold ore. The main sulphide minerals are pyrite and arsenopyrite. Due to the association of gold with the pyrite and arsenopyrite, gold recovery is not amenable to the normal cyanidation process.A pyrite/arsenopyrite flotation concentrate is produced at Harbour Lights. This concentrate has been stockpiled for the past two years.A bio-oxidation process (BIOX«)* to treat refractory gold flotation concentrates has been developed by GENMIN in South Africa. Harbour Lights acquired the technology from CRL BIOX« Pty Limited in Brisbane, to treat the refractory gold concentrates.

Jan 1, 1992

By Smith C. B

Major diamond pipes discovered in Western Australia in the late-1970s exhibited a number of unique features that not only resulted in Australia becoming the largest diamond producer in the world in volume terms by 1986 but also changed geological thinking on the primary occurrence of diamond. They were: - lamproite is an alternative primary diamond host to kimberlite. - the extremely high mean grade of the Argyle lamproite pipe at 5 ct per tonne. - the tectonic setting of the lamproite pipes in mobile zones mar- ginal to the Kimberley Craton in contrast to the traditional African setting within stable cratons. Diamond was one of the earliest economic minerals discovered in Australia but 128 years elapsed between its first recognition and the first Australian economic pipe discovery (Argyle). During that period some 200,000 ct of alluvial diamonds were mined in Australia (mostly in New South Wales), but such alluvial output is insignificant on the world scene where annual production today runs at 95 million ct of natural stones some 76010 of which comes from primary pipe sources such as Argyle which alone produces 30 million ct per annum. Of particular significance therefore is the geological nature of the primary diamond source rocks in Australia. The Argyle and Ellendale Pipes are lamproites, differing from kimberlite in their mineralogy and geochemistry, and characterised by the presence of typical lamproite minerals such as leucite, priderite, potassic richterite, and the abnormally high content of chemical elements incompatible with ultramafic rocks. But not yet widely appreciated is that many other Australian olivine-rich lampro- phyres also contain diamond. Such picritic alkaline rocks can

Jan 1, 1988

By D Phillpotts, S M. Mantsho, P Strobos

A challenge on many industrial flotation circuits is controlling concentrate mineral grades using measurements that are provided infrequently. The mineral grades in concentrate streams are a critical performance indicator in any industrial flotation circuit. Failure to achieve concentrate mineral grade targets has significant financial consequences on a flotation operation. A violation of a gangue mineral grade limits by the concentrator may also result in significant penalties. Online grade analysers which can provide reliable real-time grade measurements are essential for effective grade optimisation. The Blue Cube MQi analyser (by Blue Cube Systems) has recently come to prominence for its ability to rapidly determine mineral concentrate grades online and in-stream. This has provided excellent insight into the actual process dynamics in the flotation circuit, and hence enabled real-time control and optimisation of concentrate mineral grades. MintekÆs Measurement and Control division, specialising in advanced control solutions for mineral and metallurgical industries, has had the opportunity to link the FloatStar Grade-Recovery Optimiser to the measurements provided by the Blue Cube system at a nickel concentrator plant. The project initially focused on stabilising the final concentrate grade without directly accounting for nickel recovery. The site later procured additional Blue Cube MQi analysers, resulting in the expansion of the FloatStar Grade-Recovery Optimiser to incorporate recovery component in the performance. This site already had the FloatStar Grade-Recovery Optimiser for several years, but the original grade measurement device was unreliable and ultimately failed. The system was reactivated once the Blue Cube system was installed, replacing the old analyser.CITATION:Mantsho, S M, Phillpotts, D and Strobos, P, 2012. The implementation of FloatStar grade-recovery optimisation control solutions using Blue Cube online grade analysers on industrial flotation circuits, in Proceedings 11th AusIMM Mill OperatorsÆ Conference, pp 363-368 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Oct 29, 2012

By A Hutton, C Dick, D Fletcher

Mine and facility closure planning is a dynamic and rapidly evolving landscape. In this landscape, mining companies and industry consultants are generally good at estimating the associated earthworks and rehabilitation costs, because it is æcore businessÆ. Through our extensive work in mine closure, we have found that the safe and cost-effective demolition of mining related infrastructure is often grossly underestimated. Or alternately, it is simply assumed that the returns on scrap steel and the sale of re-usable plant will cover the related costs. With fluctuating steel prices and no guaranteed buyer for the assets, the estimated monetary return is often unreliable and in many cases unrealistic. On this basis this logic is fundamentally flawed. We have found that on most occasions this has meant that closure cost estimates fall well short of what the actual costs are to close the mine.GSSE and Liberty Industrial have worked on over 60 mine closure projects in Australia and overseas of varying scales and across a range of commodity types. An evaluation of these projects has shown that costs associated with the safe demolition and removal of a mining related infrastructure is in the order of 20 - 30 per cent of the total cost at closure. We believe it is one of the top three risk areas associated with mine closure planning and cost estimation, alongside bulk earthworks and the capping of tailings and waste rock storage facilities.Our paper uses examples from recent projects to demonstrate all aspects outlined above. We have also endeavoured to address the following key points related to the demolition and removal of mining related infrastructure:If companies fail to plan appropriately, complicating factors such as contamination, hazardous materials, mobilisation/demobilisation, geographical location, decommissioning standards, site constraints and weather, can add considerable costs to the project and result in variations for the demolition contractor.Closure planning often assumes infrastructure that is no longer required can be utilised by a third party and/or the new land holder. We intend to show that unless adequate consultation and planning is undertaken, this is not beneficial to the mining company, the environment, or the local community.CITATION:Fletcher, D, Hutton, A and Dick, C, 2012. The æsmoking gunÆ of detailed mine closure cost over-run - A review using case studies of the real costs associated with the demolition and removal of infrastructure in mine closure, in Proceedings Life-of-Mine 2012 , pp 325-332 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 10, 2012

By J A. Sanchidrián

The general ranges of validity of some distribution functions are assessed from their behaviour with 119 sets of fragmentation data from bench blasting obtained by sieving. The emphasis is on determining the lower size/passing limit that the size-scaled Rosin-Rammler, Grady and Swebrec functions, and their bi-component versions, can represent with reasonable precision. By fitting these functions to the data using different weights, the accuracy of the fit varies in the different size/passing zones, so that an overall knowledge of the capacity of the function is obtained across the whole size range, from the coarse zone to the fines. Reasonable ranges of use of bimodal Rosin-Rammler and extended Swebrec (all of them five-parameter, bi-component distributions) are, in terms of percentage passing p, 99 > p > 2 per cent (up to 100 per cent for the extended Swebrec), or 90 > p > 0.5 per cent, in which the expected error of the calculated size is below 15 per cent in the extremes of the range, and less than five per cent in most of the central range; maximum errors (ie errors that will only rarely be exceeded) are typically less than 50 per cent in the central range, and up to about 100 per cent in the extremes. Ranges of use for the Swebrec and the size-scaled Rosin-Rammler (three-parameter distributions), with only slightly larger errors than the bi-components, are 100 > p > 5 per cent or 80 > p > 2 per cent. The classical two-parameter Rosin-Rammler can be used in the range 95 > p > 20 per cent or 90 > p > 10 per cent, with expected and maximum errors less than about 15 per cent and 100 per cent respectively.CITATION:Sanchidrián, J A, 2015. Ranges of validity of some distribution functions for blast-fragmented rock, in Proceedings 11th International Symposium on Rock Fragmentation by Blasting, pp 741–748 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 24, 2015

By R Lastra, Y Choi, C Hamilton, P Kondos

Hydroseparation (http://www.cnt-mc.com) was used to concentrate sized fractions (from <38 ¦m to 150 ¦m) of various ore products ahead of carbon-in-pulp (CIP)-treatment. The resulting size-by-size concentrates were mounted as monolayer polished sections and subjected to automated unattended precious metal searches by image analysis (see Lastra, Wilson and Cabri, 1999). Systematic variations in Au-deportment permit quantification of Au reporting as discrete grains from fresh-feed through to pressure oxidation (POX)- and CIP-feed. Application of hydroseparation, image analysis and assays to characterising tailings (from <10 ¦m to 106 ¦m) from four mine sites is also described. Results are encouraging enough to predict that the combination of hydroseparation (HS) and automated image analysis could become a standard methodology for study of precious metal ores and metallurgical products.

Jan 1, 2008

By M Lee, J F. Carswell, G Reitsema

"The increased costs of underground mining have continually challenged engineers to identify opportunities for alternatives to common approaches to underground development. Considerations to the design of horizontal and vertical development at the Dugald River mine targeted inclined raise boring to reduce horizontal development, not only to reduce cost, but to allow development activities to focus on other areas of the mine.The mine plan consists of 50 raise bored ventilation shafts, of which 17 have been mined to date with diameters ranging from 3.1 m to 5 m and lengths from 30 m to 200 m. The expected performance and stability of these shafts has been determined using methodologies proposed by McCracken and Stacey (1989) and further refined by Peck, Coombes and Lee (2011). Actual raise performances have been collated and compared to a database of raise bore performances across Australia as presented by Coombes, Lee and Peck (2011), and form a database of raise bore performance specific to Dugald River.Opportunities to further optimise the mine plan and reduce costs have seen the introduction of large diameter-inclined raise bored ventilation shafts to minimise the required lateral development to connect the ventilation circuits. Large diameter inclined shafts ranging between 3.1 m and 4.5 m in diameter have been successfully mined with dips down to 70°, reducing the cost of lateral development by more than $1 million over the next two years.Both technical and operational challenges were overcome in the mining of large diameter-inclined raise bores, including modification of: existing methodologies of assessing shaft wall stability for inclined raises. These included variations of the McCracken and Stacey method and the utilisation of the modified stability number (N’) previously developed for stope performance (Potvin, 1988). both the collar and toe development profiles, including the general set-up of the raise bore drill rig to reduce the operational risks associated with angled raises.Due to their success, inclined raises have been designed for subsequent stages of the life-of-mine ventilation system at Dugald River. This has resulted in significant capital cost savings for the mine.CITATION:Carswell, J F, Reitsema, G and Lee, M, 2017. Vertical and inclined raise bore performance at Dugald River mine, in Proceedings 13th AusIMM Underground Operators’ Conference 2017, pp 313–320 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Oct 16, 2017

By M Kent, D Elder, J Woodward, R Edwards, B Catto

At Tropicana gold mine (TGM), mine planning is completed from ‘one source of truth’ known as the Integrated Planning Model (IPM). The IPM is a block model which forms a core component of the TGM Mine Planning System – used for short, medium and long-term mine planning cycles, and for Mine to Mill reconciliation.The IPM was developed from a desire to consolidate long-term information contained in mineral resource and ore reserve models, with short-term information from the grade control processes, including grade control models and ore polygons.The IPM is informed initially by resource models, upon which the longer term budget and schedules are based. The IPM is routinely updated with grade control models and ore design information, providing increased confidence for short to medium term mine planning. In this format, the IPM also provides a framework for reconciliation of resource performance with grade control, mining actuals and mining schedules, and ultimately milling. As well as a means for analysing past performance through reconciliation, it has proven its worth as a predictor of variation and an input to successful schedule sequencing and change management. The IPM is a critical component of the TGM Mine Planning System, providing a centralised framework for short interval mill feed prediction through to life-of-mine (LOM) planning.Current development of the IPM is working towards incorporating Mine to Mill optimisation and real-time material tracking projects at TGM. If successful, the model will provide a truly powerful mine planning data source. Current development outlines a mechanism for tracking material from Mine to Mill, and for transferring mill performance data back to the IPM. Increasingly advanced material classification and mine planning, incorporating the multiple geometallurgical variables, will enable the mine to provide consistent mill feed products and result in a steady state and optimised mill.This paper outlines the vision, creation and benefits of the IPM at TGM. It also introduces the ongoing developments to ensure the IPM becomes only more relevant to successful and integrated mine planning as TGM matures from the new kid on the block to the old hand in the neighbourhood.CITATION:Catto, B, Elder, D, Edwards, R, Kent, M and Woodward, J, 2017. An integrated approach to mine planning – building the integrated planning model at Tropicana gold mine, in Proceedings Tenth International Mining Geology Conference 2017, pp 305–314 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 20, 2017

In this paper, three types of value-adding in the minerals industry are discussed: downstream processing, improving the efficiency of existing processing and increasing the knowledge base and expertise of the staff. It is shown that, while downstream processing seems to offer a good way of improving Australia's trade position, there are a number of impediments to such development, notably, limited access to the appropriate technology and overseas markets. Transport costs can also be a problem. To reverse the situation will require more positive policies by government. In the meantime, something can be done towards adding value by increasing the efficiency of existing processes. Examples are given, showing how it might be possible to make economies in reagent costs in the gold industry, how innovative technology has led to more complete processing of a tailings dump, how research might lead to an increase in the throughput in the production of synthetic rutile and how it is possible to leach selectively from gold/copper ores.

Jan 1, 1995

By S Rogers, D Stead, E Eberhardt

The last decade has seen a major increase in use of the discrete fracture network (DFN) approach applied to cave mining problems, often integrated within more complex geomechanical simulations. Because the value of the DFN model directly depends on the quality and quantity of available field data, there is the need to apply dedicated mapping procedures to collect sufficient structural data at the required engineering scale. This paper attempts to address several key questions about DFN modelling; for example: are current methods for fracture mapping suitable for DFN modelling? What are the critical parameters that we need to measure and what do we need to change in the current practice? Particularly at the earlier stages of a cave project, engineers may have to account for the lack of appropriate data, which manifests itself in the form of increased uncertainty and the difficulty to characterise variability in an objective manner using a limited set of data. DFN models could in principle be generated using limited data by assuming statistical distributions for the sampled parameters; however, engineers would need to be aware of the implications that such limited knowledge (and increased uncertainty) would have on stability analysis, fragmentation analysis and mine design. When used correctly, a DFN approach offers practitioners the opportunity to:maximise the use of fracture data collected from mapping of rock exposuresgenerate more realistic synthetic rock mass modelsprovide estimates of natural fragmentation that also account for rock mass variability.CITATION:Elmo, D, Eberhardt, E, Stead, D and Rogers, S, 2016. Discrete fracture network modelling – importance of accounting for data uncertainty and variability, in Proceedings Seventh International Conference and Exhibition on Mass Mining (MassMin 2016), pp 845–852 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 9, 2016

By G W. Wilson

Net solar radiation is one of the key factors affecting evaporation from soil covers on waste rock dumps. While net solar radiation is normally taken as a uniform parameter over a site for modelling purposes, there can be significant variation in the radiation actually received on various portions of the dump. These variations are a function of the difference in the cover slope and direction of exposure. A predictive model has been developed to calculate the actual radiation received on the dump surfaces, based on the net radiation data measured at a weather station on a horizontal surface. The model has been designed for application at any mine site in the world, and can be used in conjunction with evaporative flux models to help estimate the effect of three-dimensional variations in the cover surface exposure. The waste rock dump at Equity Silver site (located in British Columbia, Canada) has a barrier-type soil cover system to limit oxygen entry and water infiltration. This cover has been monitored for the past nine years. The new net solar radiation model has been applied to this site and the predicted net radiation was compared to the values of actual net radiation measured on the site. The predicted variations in net radiation over the three-dimensional surface of the waste rock dump have been applied to calculate spatial variations in potential and actual evaporation (or evapotranspiration) from the site. Preliminary analyses indicate actual evaporation from a site at this latitude could vary by a factor of two for exposed versus shaded slopes. The implications of these variations for the site are considered.

Jan 1, 2003

By D Henderson, M Germain

The beneficiation of iron ore deposits to yield haematite and magnetite concentrates for steel making processes typically require the use of one or a combination of wet processing techniques based on gravity, magnetic or froth flotation processes. With the need for more cost-effective technologies with a lower water demand, a re-examination of dry processing techniques has been initiated. For example, a dry processing capability may offer an advantage where suitable quality and quantity of process water hinders the development of a particular resource. This paper describes recent laboratory test work for the production of high grade concentrates using dry electrostatic techniques for -300 ¦m haematite and magnetite ores and compares them with magnetic separation techniques.

Jan 1, 2009

By P Gleeson, J Coombes, P Suresh, T McLennan

The last 20 years have seen a dramatic rise in the use of 3D visualisation and modelling for geological data, but there has been relatively little effort to do the same for the variogram models that underpin the standard estimation algorithms used by the mining industry.For kriging, one of the most used geostatistical estimation methods, specifying a variogram model is a critical part of the modelling process. Experimental variography is the primary method for approximating the theoretical variogram function from the available sample data, and then determining an appropriate variogram model from the approximations.The traditional tools used for experimental variography are limited to looking at subsets of the data and are often presented without reference to geographic space and geology. It can be difficult to know what input data is being used for a particular experimental variogram, and whether there is enough support in the experimental variograms to propose an appropriate model.To overcome these limitations, an innovative approach called situational variography has been proposed that visualises variograms in 3D alongside contextual geological and geometric data. Presenting variograms in this manner aids understanding of how the spatial variance relates to the underlying data.A 3D extension of the 2D radial variogram maps will be investigated which allows for dynamic exploration of the full experimental variogram cloud. These 3D experimental variograms are much easier to visualise situationally.A workflow for situational variography will be outlined and the advantages of the situational approach will be illustrated using a porphyry copper deposit.CITATION:Gleeson, P, McLennan, T, Suresh, P and Coombes, J, 2017. Situational 3D variography – determining the variogram in the context of geology, in Proceedings Tenth International Mining Geology Conference 2017, pp 191–198 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 20, 2017

Ilmenite (FeTiO3) is the primary global source of titaniumdioxide which is commonly used as a whitening agent in papermanufacture and a pigment in paint manufacture. In WesternAustralia ilmenite is processed by the Becher process (Becher,1963, Becher et al, 1965) where ilmenite particles are feddirectly into the furnace with coal and heated to form acomposite of elemental iron and TiO2. The mechanism of thecarbothermic reduction of ilmenite has been extensively studied(Grey, Jones and Reid, 1973; Jones, 1973; Grey and Reid, 1974;El-Tawil, Morse and Francis, 1993) and is reasonably wellaccepted.

Jan 1, 1997

Prior to 1972, Peko Mines Limited at Tennant Creek used a central mill at Peko, which consisted of a gravity circuit, flotation and cyanidation of tailings, to treat their gold ore from surrounding mines. The Warrego concentrator, 60km to the west, was built to handle the Warrego and Gecko copper orebodies, which were being developed concurrently with the concentrator construction The Warrego concentrator consisted of a flotation circuit, using autogenous grinding at 100 - 120 tph, compared to the more elaborate Peko circuit employing rod mill - ball mill grinding capable of treating only 18 - 26 tph. During development of the Warrego copper mine a gold rich ore pod was located, because of which the mining plans were adjusted to allow simultaneous, separate extraction of the copper and gold ores. However, the plans for the concentrator were not affected as the gold ore could be carted 60km to the Peko central mill for processing.

Jan 1, 1978

By Koeng R, Richardson M, Hoare R

A discrete event computer simulation model was developed for two of the stoping methods currently used at the Z.C. Mines Broken Hill oper- ations. The objective in undertaking this project was to provide an effective tool for mine planning and design to allow comparisons of alternative extraction strategies and attempt to optimise the allocation of capital equipment and human resources. The Slam II simulation program was used in conjunction with ,a com- monly used data editor, text editor and graphics package to allow the simulation to be done on a personal computer with minimum training requirements. The computer hardware used was a portable computer cur- rently available using 80386/20MHz electronics. Specific logic techniques were developed to allow the Slam II language to simulate mining opera- tions because it was originally developed for manufacturing and com- mercial simulations. The design of the model was based on observations and a data collec- tion campaign. The model was designed with flexibility which allows simple editing of the input data which includes: - Insitu volumes - Development statistics -Loadout efficiencies -Loader speeds, availabilities and capacities -Chute numbers, volumes, distances and blockage statistics -Trucking statistics -Work schedules -Utility statistics

Jan 1, 1988

By F D Durao, Muge F. H, Rogado J. Q

In the scope of the project named CAPUME II (EEC BRITE/EURAM contract - project MA2M-CT90,-0042(SMA)) for the development of an integrated mine planning system for underground mines, two of the main tasks were the development of a short-term mining planning procedure (module) and a numerical simulator of the mineral processing plant of Pirites Alentejanas - PA. The short-term mining planning module defines the mining sequences by solving a constrained minimisation problem. The ore grade variability is the objective function subject to the geometrical constraints of the mining method and to the maximum of `internal blending'. The optimisation problem is solved by applying a dynamic programming algorithm. The plant simulator is an essential tool of the planning system allowing the preview of metal grades/recoveries of copper, lead and zinc of concentrates streams, given the corresponding metal assays of the run-of-mine ore, defined by the short-term mine planning module. This way, the management can plan the short-term mining operations (the weekly sequence of exploration blocks and the internal planning) in order to fulfill given required conditions, based on a shipment schedule and on a purchaser's formula. In this paper, after a short description of the short-term mining planning module and of the simulation package named SIMUL, a synthesis of the main model development steps and the results of some simulation runs are presented and discussed.

Jan 1, 1995

The energy supply in the 21st century is still secured by coal. According to estimates of the International Energy Agency (IEA), coal will have the same importance as oil for the world-wide supply of energy until 2030. Coal is also an important element of EU policy, its future use is closely linked to effectively addressing the environmental challenges it poses. Hard and brown coal represent approximately 80 per cent of European Union (EU) reserves of fossil fuels and coal utilisation can co-exist with the development of power generation based on renewables. Europe is the world's third largest consumer of coal behind China and the United States.The Czech Republic is poor in energy resources except for coal. Brown coal is relatively abundant (mineable reserves estimated at 1800 Mt, output 48 Mt/a) and significant quantities of hard coal (mineable reserves 900 Mt, 13 Mt/a), much of it suitable for coke production, are also present.Severoceske Doly (SD Company), the biggest Czech coal mining company (22 Mt/a, 48.6 per cent Czech market share) and one of the biggest in Europe, reinforces despite the last deep crisis in the Czech and European economies its long-standing stable and strong market and financial position. From 2009, the SD Company co-owns, with partners, a brown-coal mining company MIBRAG (21 Mt/a). SD Company invests in large mining equipment (eg new giant spreaders and bucket-wheel excavators, extension of overland belt conveyors), rebuilds and upgrades mining and processing installations, auxiliary and other machinery. We should see the investment we make today in tomorrow's mining and reclamation as an opportunity and not as a burden. They enable to make our position more resistant in the longer term. Projects focused on the environment and operational safety went hand in hand with these efforts.R&D activities relate to technical innovations, improvements of mining equipment, research and evaluation of conditions for extracting coal seam and/or overburden and mitigation of environmental impacts, utilisation of coal in new products. The company spends considerable amounts on reclaiming affected land and creating a new post-mining landscape.Our dialogue with influential stakeholders in the region where we operate contributes to the long-term improvement in the quality of life of local residents. Such dialogue with communities in the last ten years has been instrumental for confidence building. SD Company helps to develop many projects of towns and villages in its vicinity. The stable and transparent relations with our neighbours are in accordance with our basic principles of corporate social responsibility.

Dec 6, 2010

Successful management is ultimately measured by return on shareholders' funds. This is the inescapable and inexorable discipline that ultimately rules every investment. Shareholders today are predominantly, and increasingly, the superannuation funds and insurance funds of almost all of us. We have already reached the situation in Australian investment history in which the best interests of employees can be very directly identified with the best interests of the owners of the capital invested.

Jan 1, 1992