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Most mining projects will involve some level of financial markets price risk. This is because commodities are generally traded in $US. The project will also incur costs in $A and if based in Australia will seek to generate a return in Australian dollars. Therefore the project faces commodity, foreign exchange and interest rates risk. As a business you may wish to maintain these risks within your business. However if the project requires financing to be provided then the financiers will want to ensure that there is a level of certainty attached to the cash flows to support the debt repayments. This is achieved by hedging the financial market risks. Traditionally the hedging process has been based on underlying assumptions within project models, which incorporate views on the direction of the underlying price risk. These views can be formed in an ad hoc manner. Gathering information from a variety of sources including economic forecasting and modelling, technical analysis, seeking market expert views. However, given the historical accuracy of such forecasts locking into long-term fixed hedging arrangements can create an inflexible environment that can restrict the opportunity to benefit from the underlying volatility of financial markets.

Jan 1, 2003

By D Manhire, G Hogan, M Ryan, S Whiteley

Site restoration at the L&M Mining Limited alluvial gold mining project at Waikaka near Gore, Southland is described. In 2000 mining operations started to recover alluvial gold beneath historical dredge tailings over 244 hectares in the flood plain of the Waikaka Stream. The project had an eight to nine year mine life but was prematurely closed in 2002 because of economic considerations. Restoration of the site back to pastoral farming, with shelter-belt and amenity tree, shrub, and wetland plantings is described. Dealings with the landowners and regulating authorities are addressed in the paper.

Jan 1, 2003

By Martin R. E

L44 Shaft is a major upcast ventilation shalt in the hanging wall of the 1100 Orebody. Various techniques for stripping a raisebored pilot hole were combined to produce L44 shaft. From the surface to 198 m depth, the shaft was concrete lined 7.3 m internal diameter. Below this the shaft was developed to 7.6 m diameter unlined. 11 level, 540 m below the surface, was the first readily accessible level connection. The section to 198 m depth was benched and concrete lined through weak oxidised ground. When more competent ground was encountered the operation was converted to horadiam stripping. This application of the raiseborer has led to a safer, more efficient method of shaft development.

Jan 1, 1977

By Q-c Li, G-l Gao

Cyanided tailings produced by gold processing operations may cause environmental problems, because they contain pollutants such as arsenic, sulfur and cyanide compounds. Moreover, tailings containing economic metals such as Au, Ag, Cu, Pb and Zn, are potentially valuable resources. In this article, cyanided tailings are catalytically oxidised by nitric acid in the presence of air or oxygen. The resulting solids may be leached to recover Au and Ag. The solution can be used to prepare ferric sulfate or iron pigment. Gases released in the reactions were recycled and reused by oxidation and absorption. All of these greatly improve metal recovery and the reuse prospects of cyanided tailings. Under the following conditions where the initial temperature of oxidation is 80¦C; initial concentration of nitric acid is 30 per cent (by weight); feed proportion (nitric acid to cyanide tailings mass ratio) is 3:1 and reaction time is two hours, the conversion ratio of cyanided tailings is 90.06 per cent. At the same time pyrite in the cyanided tailings is oxidised effectively, gold recovery is as high as 92.3 per cent and nitric acid loss per cycle is only five per cent because of NOx recovery.

Jan 1, 2007

By Stubbs B

In conjunction with Charles Copeman, we have arranged the presentation of a paper by Charles with a support paper by myself presenting alternatives to currentaccepted legal concepts involving the ownership of minerals by the Crown and the absence of ownership in any minerals or entitlement to benefit therefrom by the owner of the land on or under which the minerals occur.2. The current situation has its historical route in the concept of gold and silver being royal metals and belonging wherever situated in the Kingdom to the King and it is submitted it can be'seen as being archaic in nature perhaps even feudal and perhaps worthy in this day and age of reconsideration.Our purpose in these papers is to present an alternative view supported by argument challenging the present system and hopefully, creating room for comment and interchange amongst those involved in the industry. My solutions are not Charles Copeman's solutions and vice-versa. However, we do share a common belief that the present system may not be the best system.

Jan 1, 1990

The education system today is turning out potential Mine Managers and Superintendents for the coal industry who are lacking in adequate management knowledge. They are required by the Mining Act to be highly skilled operators who are operations and production oriented. This puts them in much the same category as airline pilots and ships' captains. The real need is for them to be management and profit orientated. Changes over the years in Managers' and Superintendents' roles are highlighted by identifying those professions and vocations with whom they must now work. Comparing classifications in the 1916 award and the current award, and making a comparison between management and mining degree courses, leads to the conclusion that separate degree courses are necessary for future Mine Managers and Mining Engineers. Mine management must become a profession in its own right if optimum profits are to be made from mining in the future.

Jan 1, 1980

Today's emphasis on the enterprise bargaining process must be seen as an opportunity for organisations to further develop occupational health and safety standards at work. In particular, this shift from a centralised industrial relations system to employer, employee bargaining, presents organisations with an excellent opportunity to develop OH & S at the `shop floor' level. This is despite real difficulties in presenting hard data on the cost benefits. Unfortunately, examination of enterprise agreements ratified by the Australian Industrial Relations Commission (AIRC), show that less than 32 per cent contain provision for occupational health and safety. Those addressing the issues of occupational health and safety have included segments such as: ò rehabilitation activities; ò a new emphasis for workplace occupational health and safety committees; ò formalising procedures related to hazard identification and control; ò the use of personal protective clothing; and ò occupational hygiene and health monitoring issues. For example, an enterprise agreement reached between CIG-Gases and their unions, included clauses which commit employees to attending ten safety meetings and two work place inspections each year, in order for them to receive any further pay rises.

Jan 1, 1995

Differences in the assay results of replicate samples engender doubts on the reliability of ore sampling and of assaying procedures. An analysis of variance is a technique to estimate the variability at each level of the procedures. In an example, the variability of one-metre core samples was far greater than that of the assaying technique.

Jan 1, 1976

Due to collapsing copper prices during 1974/75, a rapid changeover was made at the C.S.A. mine from mechanised cut and fill stoping with incline access to the more economic long hole open stoping method. In 1974/75, 20 per cent of total production came from open stopes. For the 1976/77 year-to- date, more than 80 per cent of total production has been won from open stopes. As a result, mining performance has improved considerably. Stops, drilling performance has increased by more than 50 per cent since the changeover from extension rod, 50 mm diameter cut and fill uphole drilling to 115 mm diameter in-the-hole hammer drilling of holes up to 65 m long. Stops blasting performance has improved from 750 tonnes to 950 tonnes blasted per manshift. Open stope primary blasting per- formance is much higher, but reduces to 950 tonnes per manshift when secondary blasting and firing of hung drawpoints are taken into consideration. Ground control, the most expensive and least productive aspect of cut and fill mining, is almost entirely eliminated in long hole open stoping.

Jan 1, 1977

The relative importance of magmatic and metamorphic fluids in Archaean gold mineralisation has long been a subject of debate. Computer simulations can be used to explore the interaction between competing fluid flow drivers, thus providing insight into their role in mineralisation. This approach has been applied to Archaean gold mineralisation in the Yilgarn craton, Western Australia. A simple model representing regional metamorphism in a granite-greenstone terrane indicates that fluid produced during a regional metamorphic event in the Yilgarn was unlikely to have been involved in mineralisation, because it would have escaped from the crust long before the main gold event. Another model illustrates the competition between magmatic fluid production, convection, and deformation. The model shows that the timing of deformation relative to fluid production is important in determining the fate of magmatic and metamorphic fluids, and hence their potential to play a role in mineralisation. An EXTENDED ABSTRACT is available for download. A full-length paper was not prepared for this presentation.

Jan 1, 2008

Conceptually coal reserve assessment is simple but in practice it presents many problems. These arise from the origin and geological history of coal seams and from the diverse nature of the coal itself. The suitability of a coal for a particular use depends upon its type and so sheer quantity of reserves does not guarantee the adequacy of coal reserves for all requirements. Codes have been formulated to counteract the effects of subjectivity in reserve assessment. The code for calculating and reporting coal reserves published by the Standing Committee on Coalfield Geology of New South Wales has wide acceptance but the Committee itself recognises that it has shortcomings. Currently the Committee is engaged on the commendable but difficult endeavour of formulating a code that will meet the needs of scientific rigour and professional and commercial ethics and that will allow the specification of an assessment method without constraining it. It is generally agreed in the coal industry that the assessment of coal reserves can not conveniently be incorporated into codes formulated for other resources.

Jan 1, 1979

This brief overview of the history of Brown Coal mining in Victoria is a luncheon presentation -I do not intend to make it indigestible with extensive listings of resources or production. There is a vast pantry of collated historical records and of vari- ous predictive studies available for the enquired with a hearty digestion. A gourmet collation is provided in The Aus IMM Monograph No 11 published in 1984 entitled "Victoria's Brown Coal-A HUGE FORTUNE IN CHANCERY", currently still on offer by the Institute and available at a bargain price in the foyer at this conference. Monograph No 11 also provides a feast of excellent references on the theme of Victorian Brown Coal assembled by the several contributors. In contrast, my presentation paper is a fast-food service, extracts from the printed paper only-you have no choice-you "get what you get" and in small quantity. I hope it will tantalise your appetite -like Oliver Twist you will ask for more. -Buy the Monograph!

Jan 1, 1989

This paper describes some experiences in the design of flotation reagent schemes for the efficient flotation of complex gold ores containing free gold and/or gold associated with easily flotable sulphide minerals such as chalcopyrite and bornite. Historically, the design of gold flotation reagent schemes has been based primarily on experiences using high dosage levels of water soluble charged collectors such as xanthates and dithiophosphates and carefully controlled regions of pH. This approach has been effective with gold associated with complex sulphide minerals, in particular gold associated with iron sulphides such as pyrite. An alternative two-stage reagent approach is presented that is applicable to certain types of gold ores. This approach involves using very small dosages of uncharged water insoluble collectors at natural ore pH followed by a modified bulk flotation reagent approach for the second stage. The reasons for utilising this approach, when applicable, are discussed and illustrated with examples.

Jan 1, 1997

The techniques used in evaluating gold placers and in recovering gold therefrom are briefly reviewed and critically assessed, relative to the estimated and actual recoveries from many operations. The discrepancies between these quantities can be significant and sometimes disturbing. The coefficient of variation for the annual percentage recoveries, relative to the estimates, is in excess of 10 and commonly above 20 . The difficult- ies in evaluating placers are recogni- sed both in the gathering of meaning- ful sample data and in the derivation of estimates. There are deficiencies, perhaps insurmountable at reasonable cost, in the techniques used to derive an estimate and in the gold saving devices usually employed. There is a subconscious trend to use recovery as a check on the estimate. The industry could have extracted more information during the evaluation and working of deposits in order to fully characterise them and in order to quantify metallurgical efficiency. There is a place for other prospecting techniques, particularly geophysical, in placer evaluation and a need for more appropriate and sophisticated

Jan 1, 1976

Benchmarking of mining operations has been in vogue for a number of years: it seems teams are forever flying around the world to try to understand what other operations are doing. However, unless a benchmarking exercise involves data gathering at a fundamental level and a rigorous analysis process is applied, the trip will be nothing more than industrial tourism. When benchmarking is performed thoroughly, the range of comparisons that can be made is extensive and informative, and need not be restricted to sites with similar conditions and equipment fleets. This paper describes the detailed and rigorous process for benchmarking used throughout AMC benchmarking studies. The paper demonstrates how, through drilling down to the underlying drivers, the often heard cry of æyou canÆt compare us, weÆre differentÆ can be overcome. Included in the discussion are a number of significant issues that have been identified during AMC benchmarking studies. The paper then considers the types of opportunities that have been identified and the potential for improvement. The paper concludes with a discussion of the implications for planning, measuring and management of operational performance.

Jan 1, 2003

During the post war era, the requirements of the "Third" World for modern civil works, energy and industry, coupled with an insistence that these capital installations are understood and controlled by indigenous people, have crea- ted a demand and flow of technology from those countries with well developed skills. Thus has grown a real trade in technology - an activity in which consultants play an important role. An indication of the magnitude of this trade is given, together with an outline of some of the special problems. Australia is shown to be dis- advantaged and has been slow to offer the incen- tives to consultants which other countries offer.

Jan 1, 1975

The rights of nations to explore and exploit minerals in the continental shelf were recognized by the 1958 Convention on the Continental Shelf. The Commonwealth Government has expressed the view that, as a party to the Convention, it has, by virtue of its foreign affairs power, full rights to legislate with respect to offshore minerals. States have taken the view that the rights recognized as extending into the continental shelf are land mineral rights, which belong to the States, and the Commonwealth legislative power in this field is strictly limited. Without prejudice to each other's rights, Commonwealth and States agreed to "mirror" legislation in relation to offshore petroleum. Commonwealth and State legislation, of which the operative parts are in identical terms, are both administered, in relation to areas adjacent to each State, by State Ministers of Mines. The legislation has functioned well in practice, though difficulties are encountered by the Commonwealth Government due to lack of direct accountability to Commonwealth Parliament. An alternative scheme designed to overcome this problem is outlined.

Jan 1, 1974

By Quast K. B, Newell R, Caterford J. H

The most common reason for gold-bearing deposits being refractory is the presence of sulphides; in many cases these interfering minerals contain arsenic, antimony, or other environmentally-sensitive elements. A number of processes have been proposed or developed for pre-oxidation of interfering minerals. In most cases developers have focussed on gold recovery and capital costs, with relatively little data on the deportment or form of these potentially harmful elements. This paper surveys recent work connected with pressure pre-oxidation processes. Data from pilot plant treatment of refractory gold materials, using the nitric acid Redox process, is discussed along with the attendant flowsheet and engineering implications. Four refractory gold-bearing materials have also been tested at the University of South Australia for arsenic and antimony deportments.

Jan 1, 1991

Investigations into the flotation behaviour of single minerals, mineral mixtures and ores at the CSIRO Division of Mineral and Process Engineering have led to the development of sophisticated laboratory flotation testing equipment. Both routine and complicated flotation investigations can be conducted in a precise and reproducible manner using procedures and equipment that have been refined over many years of conducting careful batch flotation testwork. Several important advances in flotation research can be attributed to changes in testing procedure developed as a consequence of the availability of this equipment. The flotation cell and ancillary equipment is described and associated developments and techniques discussed.

Jan 1, 1992

The constraints in university courses are lack of hours, high cost of scientific equipment, and poor availability of suitably experienced staff. These have forced the balance away from practical work and towards more theory. Labelling of individuals as either practical, or academic, does not help the inter- change of staff between industry and univer- sities that is necessary to balance idealism and realism. Practical men who do return to universities may lose seniority and find that industry is reluctant to have them back. Academics who specialise too long may concentrate on their research to the exclusion of basic material. It is difficult to operate pilot scale plants in universities because of lack of time, and obsolescent equipment. Small grants from industry might enable tests to be run in research laboratories such as at C.S.I.R.O.. Within universities there may be a need for greater interchange of students among depart- ments, aided by the absence of weighted student unit measurements, as suggested by Aus.I.M.M. and A.M.I.C.

Jan 1, 1984