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Equity finance provides the most suitable and frequently the only access to capital during the exploration and evaluation stages of resource projects when project risk is at its highest. Investors are prepared to provide equity funds in the knowledge that they are compensated for the higher risk they take on with higher potential returns or sufficient upside potential to justify the higher risk. The context of resource projects which determines the role of equity finance has changed considerably. Prior to the resurgence of the gold price and the development of new mining technology many resource projects were selectively mining orebodies by underground methods frequently with limited reserves proved up in advance of mining. The limited proved ore reserves base and the volatility of the gold price all contributed to a higher risk and higher return investment environment in which the use of equity finance was more appropriate and frequently the only option for capital raising. The financial risk of a resources project can be transferred to an underwriter who makes the commitment to distribute the financial risk between a number of investors. There is also the opportunity for financiers to use a mix of equity and debt finance to allow a company to proceed with the development stage where without such a mix the resource project would not proceed. By using a level of equity finance the project becomes robust enough in its ability to service the debt finance facility and the project proceeds with the equity participants receiving a suitable risk reward return. The liquidity from the establishment of a market for the company's securities enhances further capital raising and generally enables the company to satisfy its financial requirements on more favourable terms particularly during bull markets. The role of equity finance in the management of the financial risk during the exploration, evaluation, development and mining stages of resource projects is summarised in Table 1. In more detail the principal roles of equity finance and the ways in which equity finance impact on the risk management of resource projects will be considered in turn.

Jan 1, 1994

By P Licence, M Stevens, P Atkinson, J L. Mauk

The Rahu and Ascot epithermal Au-Ag prospects are two km north of the Karangahake deposit in the Hauraki Goldfield, and all occur in an approximately 6 km2 north-south elongated magnetic æquietÆ zone. The prospects are hosted by andesitic flows, lithic-crystal tuffs and local sedimentary rocks; local silica sinter occurs at Ascot. These host rocks are intensely altered by quartz, adularia, albite, chlorite, pyrite, illite, interstratified illite-smectite and calcite. Several minerals show zoned distributions, such as widespread adularia that overlies more localised and deeper albite. Illite is the only dioctahedral phyllosilicate in several drill holes, but elsewhere it forms a shallow carapace underlain by interstratified illite-smectite with 50 to 90 percent illite. Veins are common with quartz dominating near the surface and calcite becoming more abundant at depth. Local laumontite-calcite veins also occur. Pseudosecondary and secondary fluid inclusions in quartz and calcite at Rahu and Ascot have homogenisation temperatures (Th) that range from 162¦ to 268¦C and 128¦ to 243¦C, respectively. Most inclusions have trapped dilute fluids with salinities of less than 1.9 weight percent NaCl equivalent, but 20 percent of the inclusions have salinities of 2.0 to 10.5 weight percent NaCl equivalent. Calculated paleowater table elevations suggest that the water table at Rahu occurred at 440 m above sea level (asl). At Ascot, silica sinter formed from discharging geothermal fluids (=100¦C) at the paleosurface at ~135 m asl. However the sinter also contains comb quartz with pseudosecondary inclusions that have a Th average of 229¦C, corresponding to a paleowater table at ~430 m asl during inclusion entrapment. Taken together, these results suggest that the Ascot sinter was buried by approximately 300 m of cover material during a major volcanic or tectonic event, and that subsequent hydrothermal fluids formed veins and alteration at Rahu and deposited comb quartz at Ascot.

Jan 1, 2007

By E P. Leite, L A. Magalhpes

The Amazon Craton is one of the largest cratonic areas and comprises one of the est-endowed metallogenic provinces in the world. It hosts a number of different ore deposit types for which a variety of mineral exploration data are presently available at various scales and formats. These data, however, are not properly organised nor integrated by means of advanced spatial analysis tools. In this view, here we present a suite of neural network methods that were applied to these data, providing unprecedented mineral potential scenarios for several precious and base metals in the region. An EXTENDED ABSTRACT is available for download. A full-length paper was not prepared for this presentation.

Jan 1, 2008

Determining the controls of high-grade mineralisation at Vera Nancy requires careful data collection and assessment on a global and specific deposit basis. The techniques developed over 60 years ago to analyse structure, grade and width data are just as applicable today and can be enhanced using modern geological modelling software. High ore grades at Vera Nancy are controlled by both the primary geometry of the mineralised structure and the intersections of the main mineralised veins with subordinate splay veins. The main mineralised structure dilated as a consequence of extensional tectonics while the splays acted as conduits bringing oxidising surficial fluids into mixing zones precipitating high gold grades. Near-mine exploration is focussed on identifying zones of vein flexure and splay interaction to locate the relatively small high-grade shoots. Data modelling in a 3D environment is an essential process for understanding the geometry of the system being explored.

Jan 1, 2000

Extensive geophysical exploration and drilling operations have been: conducted in, South Central Queensland by Phillips Petroleum Company and Sunray DX Oil Company since late 1959. The main outlines of subsurface geology are now known, but many problems must be solved before a comprehen sine. picture can be presented of the geology and petroleum prospects e Interpretations to date suggest that -fiddle Paleozoic sedimentary rocks, probably, related to the Tasman belt of geosynclines, once extended. over. most. of the area An oro;eny 2.n late Paleozoic time, succeeded by deep pre-Pexmian erosion, removed the older sediments over large. areas, but Paleozoic sediments, were preserved from erosion in the Adavale and ancillary structur-a.l basins. Marine sediments of Devonian age are con-sidered prospective source beds for petroleum. Current work is directed toward finding favorable structure and reservoir beds to test the oil prospects of the area.

Jan 1, 1962

Thiess Dampier Mitsui's Moura-Mine is located in the south-eastern corner of Queensland's Bowen Basin, some 180 kms west of Gladstone. Current requirements of the open cut operation are to drill and blast 25 million cubic metres of overburden per year, consuming some 12,000 tonnes of explosive in order to meet the requirements of the mine's four operating draglines and one overburden shovel. By early 1985 it had become obvious that the existing drill and blast equipment and technology could not cope with the long-term needs of the open cut mining operation. Three 61R drills were in need of rebuilding or replacement. Bulk ANFO trucks working two shifts per day were unable to match the requirements of the four draglines dne to long travel distances, slow discharge rates and their inability to load water-resistant products into the increasing number of wet holes. This paper outlines the significant steps taken to introduce new equipment and technology and the resulting improvements in the mine's productivity and economics.

Jan 1, 1986

By M T Roche

The Cannington deposit is one of the largest accumulations of silver-lead known. Located 135 km southeast of Cloncurry in North West Queensland (Figure 1), Australia, the deposit is currently in the feasibility stage of its development. The deposit is named after the nearby Cannington Pastoral Property which runs some 25 000 sheep on 'downs' country. The investigations of the Cannington deposit are carried out under the authority of Mineral Development Licences 139 and 144 and Exploration Permit for Minerals 6788, Answer Downs. Exploration for Broken Hill Type (BHT) silver-lead-zinc deposits in the Mt Isa region has been undertaken by The Broken Hill Proprietary Company Limited's Minerals Division (BHPM) since the early 1980s following in-house research which showed that the Eastern Succession of the Mt Isa Block exhibits characteristics which were favourable for hosting BHT

Jan 1, 1994

Production of oic at BHP Minerals Pty Ltd's Cannington Mine commenced in May 1997. The initial sloping blocks at the [nine are located in the upper part of the Footwall Lead lode, and the Hangingwall Lead and Glenholme Breccia lodes. This paper discusses the geological investigations, interpretation and modelling that was undertaken for the Footwall Lead lode production block at Cannington Mine, as well as providing a basic geological introduction to the Cannington deposit.

Jan 1, 1997

High pressure (-1.2 GPa) Early Cretaceous granulite facies orthogneisses in Fiordland, New Zealand are in tectonic contact with a cover sequence comprising mid-Palaeozoic amphibolite facies metasediments, subordinate metavolcanic rocks and syntectonic granitic orthogneisses. This cover sequence and the underlying granulites constitute upper and lower crustal plates of a mid-Cretaceous metamorphic core complex whose emplacement was linked to continental rifting and the Late Mesozoic breakup of the Pacific margin of Gondwana. Exhumation of the lower plate granulites occurred in two stages. The first stage was associated with extreme attenuationand tectonic denudation of the cover sequence accompanying emplacement of the core complex, leading to rapid uplift of the granulites but without generating the large volumes of Fiordland-derived sedimentary detritus normally expected if uplift and erosion were the only factors involved in unroofing the granulites. Final uplift and exposure of the granulites at the surface occurred mainly during the last 10 Ma in response to transpression across the mid-Tertiary Alpine Fault and/or the obduction of Fiordland continental crust over oceanic crust of the Tasman Sea.

Jan 1, 1990

By Corner NG

A sea bed sampling programme by CRA Exploration Pty. Limited over an area of 12000 km offshore from Westland, Southland and Otago, New Zealand, led to the discovery of the Harvester Prospect, an area of some 67 km2 which averaged 189 mg/m3 gold in surface samples. This area was in water depths of 70 to 100 m and contained a high grade core of 33 km2 which averaged 283 mghn3 gold. The gold recovered was fine grained, averaging 124 microns, and indicated a potential resource of approximately 10 t of gold per metre of thickness. Interpretation of existing seismic and geological data suggested that the gold anomaly may be associated with a unit of sediments 10-40 m thick, probably deposited during a lower sea level stand. Two initial attempts at vibrocoring the anomaly produced inconclusive results. In 1989 a much more powerful vibrocorer with scaled up support facilities and a dedicated 24 It turnaround laboratory were employed. The final results clearly showed that the gold was from an uneconomic surface enrichment.

Jan 1, 1990

By McOnie A. W, Rutherford PG

A volcanic sequence is described from the Golden Cross Mine, Waihi, New Zealand. The sequence includes seven lithostratigraphic units comprising flow and pyroclastic units of Coromandel Group andesite and dacite and overlying Whitianga Group dacite and rhyolite which is intruded by the Golden Cross dacite porphyry and rhyolite dykes. The sequence is mineralized and is unconformably overlain bv_ two post-mineral units, the lacustnne Waitekauri beds and Omahine Subgroup andesite. Detailed structural analysis of mine data has identified four deformational events (D 1-D4) and related these to the gold-silver mineralizing events. Faulting was coeval with the mineralization and directly controlled the development, localization, style and geometry of the ore shoots. Mineralization developed in competent lithologies where dilation occurred during faulting. The Empire Fault is the master shear which controlled fluid flow. Mineralized veining developed in response to tectonic pulses occurring at slightly different stages as represented by the underground Empire vein complex and the open pit vein array. The mineralizing events culminated with the deposition of barren calcite veins. Post-mineral movement along the Western Boundary fault appears to have offset the ore body.

Jan 1, 1995

By C P. de Jager, J J. Taljaard

Over the past 75 years, the mining of platinum has predominantly focused on the Merensky Reef horizon in the western Bushveld region of the Bushveld Igneous Complex (BIC) of South Africa (Figure 1). The orebody is relatively flat dipping at 10¦ to 25¦, narrow tabular in shape and has been mined to a maximum depth of some 1600 m within Anglo Platinum. This has resulted in the installation of up to four generations of shaft systems as mining progressed into reserves at greater depth. In recent years, with the improvement in processing technology and improved economics, in particular with the improved price of palladium, the mining of the UG2 Chromitite Reef is proving economically viable. The UG2 Chromitite Reef occurs below the Merensky Reef in the succession and the normal separation varies from 15 m to 400 m, with the largest separation between the reefs occurring in the eastern region of the BIC. The UG2 Chromitite Reef horizon is now being accessed from existing Merensky mining infrastructure by cross-cutting back through the stratigraphy where appropriate, or by establishing new decline cluster systems from surface, along the extensive strike length of the various mining properties. These declines are generally established utilising mechanised mining techniques. This paper gives an overview of the techno-economic approaches considered and evaluated for the selection of the optimum mining and shaft systems. More specifically, the paper reviews the design parameters used, techno-economics, conveyor versus haul alternatives, logistics simulations, capital costs, system performance, time to market or ramp-up success, important system differences and lessons learnt.

Jan 1, 2005

The following thesis is an outcome of an investigation undertaken by the writer, at the suggestion of Professor Skeats, of the dykes and associated auriferous reefs of the Walhalla-Wood's Point belt, with the view of determining what relation, if any, existed between the petrological nature and the extent of llietasomatic alteration undergone by the dykes, and the genesis and localization of the gold.Although the greater part of the writer's time in the field and laboratory was occupied in studying the dykes and auriferous occurrences, a study was also made of the general geology as a basis for the special investigation. In addition, it soon became evident in the field that secondary enrichment had played a marked part in re-concentrating the gold and some interesting data in this connection have been collected. For example, indubitable evidence has been found of nuggets of gold having been formed by secondary processes.

Jan 1, 1920

Deep hydrothermal fluids adjacent to the Alpine Fault move through the brittle-ductile transition to mix with convecting fluids from near surface environments. These tectonically driven fluids evolve mainly from prograde metamorphism at mid crustal depth (ten kilometres) within the ductile regime which has been elevated due to advection and drag on the fault plane. Through the onset of brittle failure and cataclasis within Alpine Fault mylonites, fluid overpressuring results in hydrofracturing and localized implosion. Along the length of the Alpine Fault, hydrothermal alteration varies on most levels (Table 1). There is an observable increase in Fe-Mg carbonate between the Waitaha and Taramakau Rivers (between Ross and Aurthur's Pass, respectively). Field studies concentrate to the north east of the Arahura River, noted for historical mineral wealth. Late meteoric fluids move through cataclasite, brecciated mylonite, and other open fractures. Chloritisation is the major retrogressive phase. Dolomitic hydrofracture veins (Figure 1) within coherent mylonites contain iron and copper sulphides. Notably, the enrichment in Fe-Mg carbonate towards the Alpine-Hope Fault intersection seems to represent a region of enhanced permeability possibly related to shallow seismicity, increased regional faulting, footwall variation, strike-slip dip-slip distribution, and/or topographical anomalies (ie saddles). Isotope studies identifying an 'Inboard Fault Gouge Calcite Zone' correlate to values from the Main Divide region at the headwaters of the Arahura River (Browning Pass-Wilberforce Valley) (Becker et aI, 2000). These correlations are supported by rare arsenic anomalies (avg l06 ppm n = 5, Figure 2) found in both regions which suggest that fluids may be interconnected at depth.

Jan 1, 2001

By A Hilli, K Kosmara, J Steyn

PT Nusa Halmahera Minerals (PT NHM) is an Indonesian joint venture company owned by Newcrest Mining Limited (75 per cent) and PT Aneka Tambang (Persero) (25 per cent). PT NHM operates two underground gold mines, Kencana and Toguraci at the Gosowong mine site in North Halmahera District, North Maluku Province, Indonesia.On 8 February 2016, a major ground movement occurred in the K-Link orebody of the Kencana underground mine, effectively blocking the only two access ways to the stoping area. Following mine clearance, it was found that a Solo production drill rig operator, who had been drilling in the Level 10 Extraction Drive was still underground, cut off from the rest of the mine by the ground movement.Communication, nutritional and logistic supply to the trapped operator was established with the breakthrough of two diamond drill holes. A range of technical expertise and opinions from both on and off-site were sought and two options were chosen for implementation of the rescue operation. The rescue was completed successfully on 16 February 2016 with the operator being rescued in good physical and mental health.CITATION:Kosmara, K, Hilli, A and Steyn, J, 2017. Eight days entrapped – PT Nusa Halmahera Mineral’s rescue of a trapped miner, in Proceedings 13th AusIMM Underground Operators’ Conference 2017, pp 155–160 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Oct 16, 2017

By R L. Koenig

Previous papers at Metplant conferences have covered the options for crushing and grinding circuit selection. High Pressure Grinding Rolls (HPGR) may have considerable advantages over autogenous milling circuits but test work and evaluating different grinding circuits must be done to establish which circuit provides the best option. The Hawsons low grade magnetite project provides a specific example in using thorough test work, careful simulations and detail in design to allow the evaluation of grinding circuit performance. Fortunately tools are available for this evaluation and the test work for the Hawsons iron ore is detailed in this paper. The results of the test work and simulation indicates that although the Hawsons iron ore is competent in terms of autogenous milling given the medium hardness of the ore in the Drop Tests, the HPGR testing indicates that the use of HPGR is likely to use half the energy requirement. This is a characteristic of the Hawsons iron ore and is likely to be valid for other iron ores in the Braemer Iron Formation which stretches from the Hawsons lease in New South Wales to Razor Back and South Dam in South Australia. The Hawsons magnetite iron ore resource has been known from the early 1960s when CRA explored the area. However, the Pilbara region was discovered in this era and this led to development of high grade direct shipping grade hematite ores. Carpentaria Exploration (Capex) rediscovered the magnetite whilst undertaking multi-commodity exploration in the Broken Hill district during 2009. The magnetite grade was found to be low at around 16% Davis Tube mass recovery (DTR) but despite this, the project provides a positive business case as a result of the following key factors:• The mineralisation is particularly soft for crushing and grinding with a Bond Work Index of 6.3.• The mineralised rock fractures easily preferentially along grain boundaries.• The location is close to mining infrastructure and a skilled workforce in Broken Hill, 60km to the North East.• It is close to road and rail infrastructure for access to the resource.• The only contaminant in concentrate is silica.• The resource contains many billions of tonnes of magnetite mineralisation.The low Bond Work index is a key characteristic of the Hawsons iron ore and the use of autogenous milling and HPGR circuits is compared to other iron ores indicating why the plant energy requirement may be just as important as iron ore grades.

Aug 8, 2011

The management of safety has undergone a number of radical changes in the past 100 years. The most important paradigm shifts occurred through the work of Heinrich, followed by the advent of the safety systems era and, more recently, the behavioural safety approaches that have become increasingly popular around the world. Each of these æapproachesÆ to safety has left an indelible mark on the way we target safety improvements, helping decide which interventions are deployed and how they will be measured. They have also resulted in a number of æmythsÆ about safety management, each of which will be discussed, analysed and challenged in this paper. This paper highlights the complex problem of æcomplacencyÆ, that has arisen out of the increased levels of regulation and consequent perceived protection that workers enjoy in the work place. It also looks at a phenomenon called æaccident migrationÆ which results from a superficial treatment of accidents with changes to rules and procedures. The most recent approach to safety is generally known as behaviour-based safety, which flowed from the human sciences and quality management era. This approach has had a dramatic impact on the way safety is managed around the world, but still falls short in a number of key aspects, most notably the area of risk awareness and risk understanding. Many workplace accidents occur simply because the risk is unidentified, underestimated, not understood or ignored. This paper proposes a new direction for safety, called competency-based safety. It is based on cognitive psychology aimed at combating the consequence of modern protection. A case study is presented detailing the deployment of this approach throughout Placer Dome.

Jan 1, 2005

By N G. Corner

A sea bed sampling programme by CRA Exploration Pty Limited over an area of 12 000 km offshore from Westland, Southland and Otago, New Zealand, led to the discovery of the Harvester Prospect, an area of some 67 km2 which averaged 189 mg/m3 gold in surface samples. This area was in water depths of 70 to 106 m and contained a high grade core of 33 km2 which averaged 283 mg/m3 gold. The gold recovered was fine grained, averaging 124 microns, and indicated a potential resource of approximately 10 t of gold per metre of thickness. Interpretation of existing seismic and geological data suggested that the gold anomaly may be associated with a unit of sediments 10 - 40 m thick, probably deposited during a lower sea level stand. Two initial attempts at vibrocoring the anomaly produced inconclusive results. In 1989 a much more powerful vibrocorer with scaled up support facilities and a dedicated 24 h turnaround laboratory were employed. The final results clearly showed that the gold was from an uneconomic surface enrichment.

Jan 1, 1990

By Harris J. W

Mr. Gillie and Mr. Harris have given us a wealth of information and food for thought on the vital subject of information and food fo rthought on the vital subject of reducing costs and mention considerable saving in some of the larger items. There are a number of points on which I would like further information, but I will confine my remarks to a relatively small saving which is of particular interest in view of another paper to be presented this afternoon.Mention is made of a 50 per cent reduction in the amount of zinc used in the precipitation of gold slime from the pregnant solution. Would Mr. Harris enlarge on the methods by which they obtained this reduction; and could he give an actual figure of zinc consumption either by ton of ore treated or per ounce of bullion recovered.AuthorsWe consider the reduction of zinc is due to improved clarification of the pregnant solutions. The sand clarifiers used prior to the installation of the 50 ft. -thickener were not satisfactory due mainly to the blending of the hessian and matting under the sand. Under these conditions the leaf clarifiers were fed with overflow solution from the clarifiers and were overloaded in consequence. The addition of Calgon has also been beneficial.The present consumption of zinc per ton of solution treated is 088 lb. per ton.A. L. "Keats (No,rth Broken Hill Limited)In the operation of milling equipment there is a progressive increase in maintenance expenditure during the life of a machine, so that when comparing the cost of operating old equipment with the cost of operating new equip...

Jan 1, 1956

By L C. Thompson

A new understanding of the formation of black organic shales in the Illinois Basin has contributed to insights on how to produce methane from these complex reservoirs. These shales are far from simple shallow derived sediments but are in fact the result of a complex series of events which include the intermixing of volcanic detritus and the marine organic material, onlap successions and low energy turbiditic intraformational activity. This has led to a review of the commercial significance of the mid Devonian shales in the sedimentary basins of the eastern half of the USA. These shale sequences are also characterised by very little contribution from the underlying Lower Palaeozoic carbonate formations. The later diagenetic influences and the interaction of sea floor bacteria especially since the mid Devonian have lead to the creation of a major source of energy in the form of methane. Vast areas measured in 1000s of square kilometres are known to contain biogenically derived natural gas as methane. However, this vast resource produces very little gas due to abundance of illite which acts as a major adsorption mineral and creates a refractory situation where though there is abundant gas present the rate of release is clearly subeconomic. This paper will present the results of recent laboratory trials which have indicated that it is possible to create microfracturing using bacteria within the gas bearing shale sequence and also restart the methanogenesis process. As most coal bed methane environments have similar organically derived shales in direct relationship to the coal beds themselves then this paper has ramifications for this industry as well.

Jan 1, 2004