Search Documents

A broker relies heavily on mineral valuations and independent experts' reports to provide the fundamental information, both technical and commercial, which provides the basis of estimating the sharemarket value of securities and underlying assets. It is important to appreciate the significant variance that can occur between the market value and other types of valuation at a particular point in time. In general, most experts' reports and valuations seek to provide estimates of technical/fundamental or ""fair"" value which correspond to the Corporations Law and accounting standards requirements. They do not usually attempt to estimate (stock) market values and it is usually and quite correctly the broker's task to estimate market values on the basis of a technical appraisal and consideration of all other commercial, market and financial influences. Therefore ideally, an independent experts' report or information memorandum will include material relating to commercial and management aspects of a company as well as detailed technical reviews and fundamental valuations. Wherever sensible cash flow projections can be made, cash flow-derived valuations, usually based on discounted cash flow (DCF) calculations, remain the preferred valuation methodology. Brokers in general would not argue with this preference. However, there is a paucity of examples of valuations where alternative methods are applied as a check on the reasonableness of a DCF-based estimate.

Jan 1, 1994

This paper gives a first-hand account of what a graduate mining engineer can learn by visiting Atlas Copco in Sweden and gives reasons why all mining engineering students should apply for this excellent scholarship. It will also (attempt to) refute the authorÆs mine managerÆs claim that the trip was a huge junket.

Jan 1, 2006

By J E. Everett, K Jupp, T J. Howard

Simulation modelling is a practice commonly used in the mining industry to evaluate alternative process designs. Such modelling is typically undertaken as an optimisation study to increase the efficiencies, productivity and product quality of operating mines. In this situation, real short-term grade variability data of extracted ore are available from production records as input data into the simulation.There is also a need for simulation modelling to be performed before mines are approved for construction to clarify the grade variability characteristics that can be expected from the operating mine and assist in the optimisation of the process design. In this situation no historical short-term grade variability data are available. To achieve meaningful and reliable results from a simulation it is necessary to have input data for the ore to be extracted from the pits, representative of the short-term grade variability that would be expected for the operating mine.This paper describes an example of a path taken to generate realistic input data.A method described as composite cut-off criterion was used to distinguish ore from waste, which gave substantially greater recovered tonnage at target grade compared to the conventional quadrant cut-off grade criteria.The only data available for the project was resource model data in the form of kriged block models, which are known to underestimate true ore grade variability. To achieve realistic results from the simulation it was essential to increase this variability while maintaining the accurate average grades. Areas of certain deposits that were modelled using both kriging and conditional simulation estimation techniques were quantitatively compared to establish the comparative variance and the kriged data was modified to match the conditionally simulated variance.A realistic mining model was generated via a process of discretisation and regularisation of the resource blocks. Quantitative assessment demonstrated that this method adequately compensated for ore dilution and that adjustment for ore loss was not required due to an ore skin surrounding the edge blocks.The conditioned data was then used to generate a schedule of daily mine extraction, considering grade variability, tonnage, equipment constraints and extensive blended-in-blended-out precrusher stockpiles to feed into the process design simulations.For the precrusher stockpiles a number of alternative allocation criteria were examined for ore being extracted from the pits to identify the best method in achieving reduced variability through the daily scheduling system. The study concluded that a single analyte separation criterion produced acceptable variability with minimal complexity.The blending efficiency of manually stacked and reclaimed precrusher stockpiles was studied to determine a realistic blending efficiency within the pile. A recommended method of building and reclaiming was determined to give maximum blending efficiency.Finally, the data was used as input into process design simulation models; simulation from crusher feed to shiploading demonstrating that control of shipment grade variability was achievable and that the conditioning of the data delivered realistic results.CITATION:Jupp, K, Howard, T J and Everett, J E, 2013. Generating synthetic data for simulation modelling in iron ore, in Proceedings The Second AusIMM International Geometallurgy Conference (GeoMet) 2013 , pp 231-238 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 29, 2013

By S Wangchai, D B. Hastie, P W. Wypych, A P. Grima

Industries that handle and process ‘dusty’ ores are facing increasingly difficult challenges to ensure sustainable operation and development. Most existing dust-control measures treat only the symptoms of dust generation and do not deal with the root cause/s of the problem. Many of these methods are also relatively inefficient in terms of controlling dust emissions. This paper summarises the various existing options available for dust control and some of their features, advantages and disadvantages. It then describes some of the new technologies that are being researched, developed and employed to minimise dust emissions by addressing dustability or dustiness and the dust generation mechanisms found in industry. Recent research results and case studies are presented to demonstrate some interesting findings obtained from this work. With improved understanding and modelling of dust generation mechanisms and bulk material dustiness, it is possible to achieve a step-change improvement in the design, troubleshooting and application of more efficient dust-control technologies.CITATION:Wypych, P W, Hastie, D B, Wangchai, S and Grima, A P, 2015. Research and application of new dust control technologies for the iron ore industry, in Proceedings Iron Ore 2015, pp 529–536 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 13, 2015

By S G. Gemell

"The financial model is an integral component of any project evaluation based on mineral resources, ore reserves and (at least internally) exploration targets. Given the unity of purpose for preparing financial models for project evaluation purposes, the diversity of both format and content of the finalised models is surprising. Many models are prepared by staff or consultants who are comfortable with a particular format that may be used for other purposes, such as budget preparation or financial reporting. It is natural in these situations that the practitioner will take these models and adapt them to the purpose. The end result may or may not succeed in providing a clear, accurate and sufficiently detailed view of the project’s economic viability.When preparing a model, the practitioner should be cognisant of the interpretation and review, or audit, process. The auditor may be a consultant or employee of a bank, potential equity provider or of the project sponsor itself. Depending upon the scale of the project and the level of participation of the entity that the auditor represents, the financial model will be interrogated more or less rigorously. In any event, the end user will require the model to permit easy change of inputs and will wish to confirm that such change is appropriately and thoroughly transmitted throughout.Accordingly, there are some ‘dos and don’ts’ that can be readily applied in the creation of the financial model that will greatly assist the end user, not just in the change of inputs, but also in reviewing the model’s integrity. The less time and effort required by an auditor in this regard is reflected directly in the cost of the review process.CITATION:Gemell, S G, 2016. Financial modelling with the auditor in mind, in Proceedings Project Evaluation 2016, pp 172–180 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 8, 2016

By A B. Christie, R Barker

Recent studies carried out to support the development of a strategy for the New Zealand mineral industry by the NZ Minerals Industry Association have included investigations of mineral potential, and the development of scenarios for realising this countryÆs mineral potential by 2010. New economic research is applying a general equilibrium model to quantify the opportunity cost of this potential. The model analyses separately four categories of land (private land and three categories of Crown land) and identifies four distinct mineral classes û precious metals, industrial minerals, coal and aggregate. It investigates the economic effect of the increased availability of mineral resources on the mining industry itself, on other industry sectors and on the NZ economy generally, including its impact on unemployment, GDP and household welfare.The analyses suggest that increases in the level of GDP of between 1.9 per cent and 3.4 per cent may be obtained by utilising New ZealandÆs mineral wealth to varying degrees. The mineral industry sectors are significant beneficiaries under all scenarios; mineral output increases by between two and five times its current level. However, the flow-on effects to the rest of the economy, and to households, are also significant. The analyses show that household income, adjusted for changes in consumer prices, can be expected to increase by between 1.6 per cent and 2.7 per cent. This results largely from increased employment.

Jan 1, 2002

By J Pan, G Qiu

In this paper, an analysis is made of the present situation in the Chinese steel industry and its demand for iron ores. It is shown that the demand for iron ores has been growing substantially with the rapid development of the steel industry all over the world, especially in China. However, the iron ore market is currently in the situation where supply exceeds demand due to the economic crisis, with more investment in mines and less output of steel for several years ahead all over the world. Gigantic pressure is confronting the Chinese steel mills due to the too high and irrational price of iron ores. It is time to return the price of iron ores to a normal position much closer to their value. More attention has therefore been paid to developing low-grade and complex iron ore resources in China due to the irrational price of imported iron ores. More innovative mineral processing processes have been developed to tackle these complex resources. A systematic introduction to the development of beneficiation processes for low-grade iron ores is provided, including upgrading low-grade siderite, limonite, micron sized haematite and magnetite resources.

Jan 1, 2009

By Liu Wenyong, Huang Yucheng, Yang Ba

High-water rapid-solidifying material, called æhigh-water materialÆ, is a new material developed by the authors over many years. The material can solidify nine times its volume of water into solid. The material is a fine kind of binder with special properties. The solidifying body of high-water material with water has quite a high early strength. The compressive strength of the material within three days can reach the same strength as conventional Portland in 28 days. One ton of the material can replace three tons of conventional Portland cement as binder. Some important achievements have been made in application of high-water material. In metal mines, based on the material, a new full-tailing cemented backfill technology has been developed. The characteristic of the new technology is that high-water material is used as binder and full tailing or alluvial sand is used as backfill aggregate. Because of the application of the new technology, major technical problems in backfill technology such as classifying of tailing, dewatering, transportation of pulp, low strength of backfill body, environmental contamination and so on, have been solved.

Jan 1, 1998

By P Hagan, S Wang, D Li, B Loh

A study was undertaken to quantify the differences in performance between a full-length encapsulated cable bolt and a partially encapsulated cable bolt. Much research has been reported on the differences in cable bolt design and operational parameters such as borehole diameter and grout type with much of this based on the Laboratory Short Encapsulation Pull Test (LSEPT). However, there is a gap in knowledge surrounding the effect of anchorage length on load transfer and cable bolt performance particularly with respect to the role of the bulb in modified cable bolt designs. The objective of this study was to expand the existing knowledge base of cable bolt performance with the intent of developing a revised design criterion. Alongside a comprehensive review of current cable support theory, design and practice, a series of pull tests was undertaken to compare each anchorage method using a high capacity modified cable bolt. The results serve to confirm earlier work on fully encapsulated anchorage. Both the peak load capacity and stiffness of the fully encapsulated cable bolt were nearly double that of the partially anchored cable bolt. When the tests were repeated in an oversized borehole, while there tended to be more variation in performance, there was little significant difference in the mean results. In addition to anchorage length, there are other factors that contribute to cable bolt performance including in order of sensitivity: embedment length, water-to-cement ratio of the grout, type of grout and borehole diameter. CITATION:Loh, B, Hagan, P, Li, D and Wang, S, 2018. A comparison of the performance of fully versus partially encapsulated cable bolts based on laboratory-scale testing, in Proceedings The Fourth Australasian Ground Control in Mining Conference (AusRock), pp 291–302 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 30, 2018

This paper describes the technical development of the Newman beneficiation plant over its 23 years of operation and how this development relates to the mine ore reserves of high-grade and low-grade ore. It also discusses the importance of the beneficiation product grades in the overall blending of shippable products from a range of mines to optimise overall ore resource utilisation. Also discussed is the importance of the ore reserve reconciliations in resource utilisation. Data is provided on the capacity and quality improvement results of the plant upgrade, carried out in 1999. This shows how the original capacity upgrade targets have been exceeded and the additional quality benefits that have been obtained from this capacity.

Jan 1, 2002

By F Radke, P A. Tilyard

Determination of the mineralogical location (deportment) of minor and trace elements (including credit and penalty elements) in base metal concentrates can indicate whether further processing is likely to (a) reduce the levels of the penalty elements, and/or (b) direct selected elements into other plant products, thereby increasing current concentrate grade or increasing payment for credit elements. To determine the deportment of elements requires knowledge of the proportions of the minerals present and their individual element contents. In addition, knowledge of the liberation and locking is important, as this can affect any possible further processing. Mineral proportions can be determined by a variety of methods including chemical analysis, point-counting, area-counting, QEM*SEM, image analysis and mineral separation. In the case of a Broken Hill zinc concentrate, several of these methods were used and gave consistent results.

Jan 1, 1998

By R F. Sandenbergh

Due to environmental considerations, mineral processing plants are increasingly recycling water to decrease the impacts of wastewater on environment and the depletion of fresh water resources. Industrial experience has shown that increasing recycling water in flotation typically negatively impacts the recovery and selectivity, especially in the selective flotation of minerals from complex sulfide ores. The major reason for the reduced selectivity is typically the inadvertent activation of sphalerite or pyrite by the heavy metal ions (HMI) in solution. These HMI are often produced during milling and flotation and absorbed by other minerals. In the normal flotation pH value range (8 - 10), these HMI are often in the form of precipitates or complex ions that may re-appear in solution or become active should conditions favour this. In this paper, microflotation, batch flotation and XPS surface measurement were used to investigate the use of HMI absorbents additions to the pulp to improve flotation selectivity of a complex sulfide ore. It has been demonstrated that HMI removal does improve flotation selectivity by facilitating more effective depression of the sphalerite. Microflotation and XPS surface measurements have shown that HMI absorbents compete with sphalerite to absorb HMI, and thus reduce the surface concentration of HMI on those sulfides. The practical use of HMI absorbents in complex sulfide ore flotation is also discussed.

Jan 1, 2005

By A Poliakov, E Donskoi, K Vining

The automated optical image analysis software Mineral4/Recognition4 (M4/R4) is capable of performing comprehensive characterisation of different materials throughout the iron ore value chain, including ore fines, lump, sinter, pellets and coke. It has been successfully used by CSIRO for industrial and research projects and has been independently licensed to several world leaders in iron ore production and ironmaking. The M4/R4 software was strongly integrated with a Zeiss microscope to make use of the company’s powerful AxioVision software. This required users to own both Zeiss microscope hardware and AxioVision software in order to be able to use M4/R4 to its full image acquisition and analysis capacity. Therefore, it was not available to the users of equipment produced by other major microscope manufacturers. In recent times however, Zeiss has indicated that the AxioVision software will no longer be supported. To overcome this limitation, CSIRO has proceeded with the next generation of this software, Mineral5/Recognition5 (M5/R5). Importantly, the M5/R5 system has been developed without any dependence on a specific microscope hardware/software platform. Furthermore, the image analysis functionality is now based on openCV open access software and has been fully rewritten using stateof- the-art software development tools to allow reading and processing of all major image formats. Although past applications have been specific to iron ore and ironmaking applications, other improvements, such as an increased number of minerals allowing better gangue segmentation, flexible mineral definitions, improved software modules behaviour and refined analysis routines enables the platform independent M5/R5 image analysis system to be used by researchers in any area of mineralogical or materials research.

Nov 8, 2021

By Behl S

Flocculation behaviour of six different dolomite samples, four from the Florida mining district, one from Perry, South Georgia and another from New Jersey was examined using polyethylene oxide (PEO) as a flocculant. The samples were similar in chemical composition, however the porosity of the samples from the Florida mining district was higher than the others. FT-IR, adsorption and surface modification by leaching revealed that flocculation was directly related to the presence of isolated hydroxyl groups on the surface. The adsorption mechanism was believed to be hydrogen bonding of the ether oxygen of PEO with isolated -OH sites on the solid.

Jan 1, 1993

By Tapp B. A

The minerals industry in Australia is currently regarded as the country's economic saviour; the bastion of economic security. As Fitzgerald (1974) stated, 'Australia's natural endowments in minerals are the envy of most countries of the world'. As a result the proposed new mineral developments are on a scale that hitherto in the sixties would have been completely unenvisaged. It is reported that Australia is poised on the verge'of a sixteen billion dollar mining-based investment boom: a boom that will see Australia dominate the energy export field, the mineral processing field, and create the 'coal dollar'. This growth scenario has many inherent dangers, and it is the authors' contention that these should be carefully considered before further development proceeds. Two of the major problems related to the mineral industry growth scenario are the predictability of the future metal market, and the energy cost of mining. The latter problem is the one discussed here. The mining-mineral processing industries in Australia currently use about 36% of Australia's primary energy

Jan 1, 1980

By Ormsby W. R, Nicholson P. M

Woodcutters is a polymetallic vein-style deposit hosted by sediments of the Palacoproterozoic Whites Formation which forms part of the sedimentary sequence in the central Pine Creek Geosyncline. Past production and identified resources total over eight million tonnes at 5.5 per cent lead, 12.1 per cent zinc and 110 gA silver. The local geology is influenced by Archaean basement highs; the Rum Jungle and Waterhouse Complexes. Unconformably overlying basement are interbedded clastic and crystalline carbonate units (Batchelor Group) representing cyclic changes in the depositional environment. These exhibit onlapping features with the underlying rocks. Sediments of the overlying Frances Creek Group suggest a quiet period during subsidence and subsequent increase in water depth (the carbonaceous dolomitic shales and the interbedded dololutites of the Whites Formation) followed by proximal uplift resulting in the inundation of turbiditic flows (Acacia Gap Quartzite). All of the Palaeoproterozoic rocks show evidence of being affected by penecontemporaneous, basement circling faults with steep dips. The stress regime during the deposition of the Frances Creek Group was characterised by alternating episodes of thrusting and transpression. Periods of relaxation also occurred. The compression resulted in major NS strike-slip (transpressional) faulting, en-echelon NNE trending folds and NW-SE tensional cross faults. Thrusting produced N-S striking, steep dipping reverse faults and a possible decollement immediately above the Batchelor Group. Relaxation is evidenced by the intrusion of lamprophyre dykes and dolerite sills (Zamu Dolerite). Mineralisation at Woodcutters occurred in faults within the Whites Formation, probably synchronous with deformation and the deposition of the upper parts of the Frances Creek Group. Greenschist facies metamorphism occurred as the rocks were further buried. Several massive sulphide bodies occur at Woodcutters. A number of features influence the location and shape of these bodies. They are: ò the N-S transpressional faults and in particular associated dilation zones; ò intersection of the N-S transpressional faults with the axial plane of the NNE trending Woodcutters Anticline; ò intersection of the N-S transpressional faults with the NW-SE cross-faults; ò intersection of dololutite rich units with the NS transpressional faults where local replacement takes place; ò thickening of the lithological units in the vicinity of the anticlinal axis; and ò the anticline doubly plunging to both the north and south. The mineralisation exhibits vein-like features as well as epigenetic textures. Its boundaries are sharp, its thickness varies rapidly down dip and along strike, and no alteration halo exists though stringer veins of quartz-carbonate-pyrite ¦ sphalerite/galena occur in close proximity. A number of sulphide mineral assemblages have been recognised, each separated by periods of deformation and partially replacing the earlier assemblages. Vertically continuous zonation patterns highlight the presence of rich galena-sphalerite-silver in zones of maximum dilation and pyrite-arsenopyrite-gold concentrated at the along strike peripheries. The genetic model proposed has the mineralisation occurring whilst the transpressional regime was active. It was deposited from the same fluid that elsewhere in the Geosyncline formed the stratiform deposits higher in the sedimentary pile. Hydrocarbons sourced from the organic-rich Whites

Jan 1, 1994

Hard rock TBMs are very often open machine layouts, with just a part roof shield over the front of the machine. The whole system is designed for fast face advance and the economy of the project often depends entirely on the rate of advance. Typically, hard rock conditions will demonstrate stable and good ground for a major part of the tunnel. However, short sections of crushed shear zones with clay and gouge material may cause serious time delays. Spiling rock bolting has been proven to be very efficient under such circumstances, provided the fully grouted rebar bolts can be placed in a controlled and practical manner.Environmental restrictions are becoming more and more a part of tunnel excavation projects. Even hard rock TBM tunnelling may require a strict ground water control, because of consequences on the ground surface from lowering the ground water level. Such consequences may be surface settlement, negative influence on ground water resources or damage to vegetation.Pressure injection ahead of the advancing tunnel face (in this paper named pre-injection), using microfine cement and chemical grouts, is today a proven technology. As examples can be mentioned (Garshol, 1997) about 100 km of pre-injected tunnels below Oslo City and about the same length of subsea tunnelling elsewhere in Norway. Examples from other parts of the world are also available, like below Stockholm, Sweden, the Inland Feeder project and Hollywood Metro both in Southern California.To take advantage of spiling rockbolts and pre-injection, it is an obvious prerequisite to be able to drill the necessary boreholes in the right positions and at the correct angle. In drill and blast excavation this is simple, but in TBM projects it has repeatedly turned out to be difficult. More than once owners have accepted bids containing reassurance from the contractor that the drilling method will be sorted out later. Experience shows that if ælaterÆ means after start of the TBM operation, it is often too late.

Jan 1, 1999

The New Broken Hill Consolidated Airshaft is the first major undertaking in the development of New Broken Hill Consolidated Ltd's. property, which adjoins that of The Zinc Corporation Ltd. on the latter's southern boundary.The Zinc Corporation ore-body has a southerly pitch. The Zinc Corporation's New Main Shaft is 1000 ft. north of the common boundary, and the general plan of development of the New Broken Hill Consolidated property is by driving south from this shaft on the lower levels. No downcast airway from the surface was available south of the Zinc Corporation's New Main Shaft; this shaft acts as the main downcast to the bottom of the Zinc Corporation mine, the general air flow then being northward and upward to the upcast shaft at the extreme north end of the Zinc Corporation property.Rock temperature is 920 F. at 2000 ft., increasing by 10 Fahr. each 72 ft., the rock temperature at 3000 ft. being estimated at 1060 Fahr. With the general air flow northward from the Zinc Corporation's New Main Shaft, adequate ventilation under these temperature conditions would not be practicable for any great distance south of this shaft without another main airway from the surface. Accordingly the New Broken Hill Consolidated Airshaft is being sunk at a point 1000 ft. south of the common boundary, i.e., 2000 ft. south of the Zinc Corporation's New Main Shaft, to ventilate future New Broken Hill Consolidated workings and that part of the Zinc Corporation mine between the boundary and the New Main Shaft.

Jan 1, 1940

Two key elements in the design of a pastefill or high density backfill system are the preparation of the backfill material and its distribution underground. This paper examines these two areas. Owing to the essentially impervious nature of total mill tailings, preparation of pastefill and high density fill from current tailings involves a physical dewatering process. There are currently three methods available for this process: Vacuum or pressure filters. These represent the ætraditionalÆ approach to the preparation of pastefill. Paste production storage mechanism. This is a thickening/storage mechanism developed with the specific objective of producingpaste/high density backfills. Fluidization. This system utilises silos fitted with simple dewatering devices and nozzles. Recently developed by CANMET, it provides the simplest and most economical approach.This paper describes and compares the three preparation methods, from a practical and an economic point of view. Once the pastefill/high density fill has been prepared and binder added, the backfill must be distributed underground into the stopes. A fundamental factor in the design of a distribution system is the rheology of the material. No two materials will exhibit the same properties, and a sequence of rheological and related testing is required prior to the completion of the design of the underground distribution system. This paper covers the testwork normally required and discusses the fundamental design parameters of pastefill distribution systems. The final section of this paper summarises the use of pastefill at three mines in Canada.

Jan 1, 1998

This problem is seen as being central to a number of peripheral problems. Of these, the following are considered to be of major importance: 1. Reserves. Changes in Quality. Depths at which they occur. The effects of catchment and water storage areas. The effects of urban development. 2. Environment and the compat- ibility of mining and preparation of coal. 3. Transportation of Coal. J. tabour.

Jan 1, 1976