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By David G. Laughton, Richard Poulin, Michael R. Samis

Real options (RO) valuation is an alternative net present value (NPV) framework that is able to incorporate both management flexibility and dynamic project risks. In this paper, management is considering the development of a satellite low-grade zone while operations in a developed high-grade zone continue. If the low-grade zone is developed prior to high-grade zone exhaustion, mine capacity must be expanded before additional production from the low-grade zone can be processed. This expansion can be avoided only if low-grade zone development is delayed until the high-grade zone is exhausted. The RO model presented here allows the development and capacity expansion decisions to be reconsidered on a discrete half-year basis. It delineates price regions, for given levels of high-grade zone reserves, in which it is optimal to develop the low-grade zone, defer low-grade zone development and abandon the mine irrevocably.

Jan 1, 2002

By Vincent Tricot, Daniel Altier, Roger Storry

"INTRODUCTION The Liantang / Heung Yuen Wai Boundary Control Point (BCP) project, located in the north-east New Territories of Hong Kong, will form the seventh land crossing between the Hong Kong Special Administrative Region (HK) and Shenzhen in China (Figure 1). The BCP project comprises an 11km long dual two-lane trunk road linking the border crossing facility to the existing road infrastructure in HK and when completed it will facilitate future regional development and alleviate frequent traffic congestion at the existing Boarder control points.In December 2013 Dragages Hong Kong (a member of the Bouygues Construction Group) was awarded the 5.4km long Contract 2 section of the project, including the 4.8km long Lung Shan Tunnels, by the Civil Engineering and Development Department of the Government of the HK SAR. To overcome the difficult ground conditions anticipated along the Contract 2 section of the project the tunnels will be constructed using mechanical and drill and blast (D&B) excavation techniques together with a 14.1m diameter multi-mode Earth Pressure Balance Tunnel Boring Machine (TBM). Land constraints imposed on the project alignment require that the final 500m section at the northern end of the Lung Shan tunnels, under Princess Hill (Figure 2), takes an almost 90 degree turn towards the north. The resulting 354m radius curve restricts the sight-line of road users to below the minimum 110m at 80km/hr hence, the internal span of the tunnels needs to be increased from 12.6m, in the standard straight section, to 15.4m in this curved section to accommodate a widened shoulder which will provide the required sight-line distance."

Jan 1, 2016

Just 104 km (65 miles) from Phoenix, AZ, Rio Tinto hopes its new Resolution Copper Mine will be a showcase for the Rio Tinto management philosophy. Its goal is to have a net positive impact. In every place that Rio Tinto mines, it wants to be able to have an overall beneficial effect on the local community, environment and economy. ?We?re constantly working to understand our impacts, to understand how to minimize our impacts and understand how to mitigate those impacts,? said Resolution Copper Mining chief executive officer David Salisbury, from the global headquarters of Rio Tinto Minerals in Green-wood Village, CO.

Jan 1, 2010

By Harry W. Barr

Judging by the inquiries that come to Battelle, a number of companies have run into problems in determining the size and character of markets for mineral fillers in general and specialty fillers in particular. Usually these problems arise during a project to develop a new mineral filler when management suddenly realizes that a considerable sum of money will have to be spent before any profits are realized from sales of the new filler. What management needs in this case is the odds for or against the success of the development. And these odds frequently are controlled by the markets for the new filler. Basically, the problems involved in gaging markets can be simplified to how much of this new filler can be used and by whom? But there are some potential booby traps in these simple questions that should be exposed. This paper will discuss a few of these problems such as: 1. Describing the filler so that the prospective customer recognizes its possible applicability. 2. Finding; a prospective customer who can verify the filler's applicability. 3. Expanding successful test results to total industry markets. 4. Appraising competitive products, and 6. Discovering all the possible uses for the new filler.

Jan 1, 1961

By John R. Duble

Through 1980, demand for cement in the Pacific Basin countries still seemed to exceed output. Availability of cement in the industrialized and developing countries of East Asia, Southeast Asia, and Australasia for the 1975 - 1980 period are discussed in this report. Quantitative data includes production, imports, exports, and apparent consumption. An account of new cement plants and plant extensions is provided. Countries and areas covered include: East Asia---Japan, South Korea, North Korea, Taiwan, China, Hong Kong, Philippines; South east Asia---Thailand, Vietnam, Singapore, Malaysia, Indonesia; Oceania (Australasia)---Australia, New Zealand, New Caledonia, Fiji.

Jan 1, 1982

By Chee Theng

"It is not surprising that the most popular key takeaway from the Developing Diversity in Mining workshop (see box) held on the first day of the SME Arizona Conference in December was, “Have more parties!”The adage that mining professionals work hard and play hard was clearly demonstrated at the two-day conference in the JW Marriott Tucson Starr Pass Resort & Spa in Tucson, AZ. Nearly 550 participants, some of whom had left behind frigid temperatures and thick parkas in their hometowns, attended a full slate of technical sessions, shared industry experiences and knowledge, reconnected with buddies in the industry, and made strategic new contacts in the conference’s collegial environment, aided by the mild Arizona winter.To start off the technical sessions, John Mansanti, president and chief executive officer of Crystal Peak Minerals and 2017 SME president, entertained a packed lecture room with his keynote lecture on “Tariffs, Embargos, and Cartels ... Oh My! A Perspective on Potash.” Mansanti gave the audience the benefit of his more than 35 years of experience at companies including Barrick Gold, Newmont Mining Corp., Placer Dome, Freeport-McMoRan and Intrepid Potash, where he was senior vice president for operations, technology and strategy. At the luncheon, Justin Cross, general manager of Freeport-Mc- MoRan’s Bagdad operations, spoke on how the role of a leader in mining is transforming from one based on technical expertise to one based on the ability to collaborate, to lead and to adapt to changes in technologies and skill sets, in his talk on “Knowing When to Learn, When to Lead and When to Manage.”"

Feb 1, 2019

By Ronald L. Gibbs

IN THE BEGINNING Contrary to popular myth, the personal computer can trace its roots back to a time before 1981 and the IBM PC. The seeds of the personal computer revolution were probably founded in 1975 with the release of the Altair (kit) personal computer, first advertised in Popular Electronics. June of 1975 marked the beginning of the Homebrew Computer Club in San Francisco. The founding membership list of the Homebrew Club now reads like a "Who's Who" of those involved in the early development of the personal computer industry. The Apple I computer was created by Steve Wozniak in early 1976 from the newly manufactured MOS Technology 6502 chip. It had 4,000 bytes (4K) of Random Access Memory (RAM] memory, a revolutionary amount of memory in 1976. Another early pioneer, the Commodore Pet computer, was another 6502 machine, but with 8K of memory. Tandy Corporation made its name in the hobby industry with leather kits. They embarked on a new path with the production of the TRS-80 line of personal computers. Most were based on the Z-80 chip, but again, were memory limited. A number of other Z-80 based systems followed later, including the Osbourne and the KayPro Computers. These systems were based on the Digital Research CP/M operating system and had a maximum of 64,000 bytes of memory (64K). The Apple I1 Computer appeared in 1977. Newer models of the original Commodore Pet and an Atari computer followed. These machines were also limited to 64K of memory addressing, and the early models typically shipped with only 16K, 32K, or 48K of memory. The Z-80 and the 6502 were the first truly commercialized CPU chips touting boxes with key- boards, monitors (sometimes a TV), and the ability to expand (peripheral slots for serial communications, centronics parallel communications, etc.1. They all shared one technology, audio tape as a storage media. The use of a portable tape recorder provided inexpensive, if not always reliable, magnetic storage. The tape recorders were typically finicky and required patience to use. Adjustments to the volume control were often needed to find "just-the-right" setting for loading or saving information. This kept the personal computer from being accepted in many markets, and gave it a reputation as a hobbyist or experimenters' toy. In early 1979, Steve Wozniak finished the design of a floppy disk drive and controller. This was a revolutionary design which reduced the "then" standard number of controller chips from fifty-plus, to just eight. With the advent of an affordable floppy disk drive mechanism, the personal computer was about to gain respectability. From a business standpoint, it was now possible to save and reliably retrieve business information. It also provided a superior means of distribution for commercially created software. Commercial software became a commodity rather than an oddity.

Jan 1, 1993

By W. E. L. Minter

The most important witwatersrand gold placers occur on extensive unconformity paleosurfaces that were produced during protracted periods of fluvial degradation. The erosional etches on what was generally unlithified substrate indicate that low sinuosity erosion patterns prevailed. The transport systems were dominantly braided fluvial with a minor debris-flow component. The placer sediments were non-cohesive sands and gravels which were evidently transported by fluctuating, yet perennial, discharges across extensive, low relief, bra1dplains, not far from littoral environments. Progress made in understanding heavy-mineral transport processes now emphasizes the importance that selective entrainment probably had in producing concentrations. Cognizance that these characteristics are not unique to the Witwatersrand should be taken into account when designing exploration models.

Jan 1, 1988

By Richard J. Waxweiler, Frank E. Lundin, Robert J. Roscoe, Victor E. Archer, Michael J. Thun, Joseph K. Wagoner

[Introduction] Since excess lung cancer mortality was first noted in the late 1800's among Joachimsthal-Schneeberg miners, there have been a number of studies of the long term health effects among various types of miners exposed to elevated levels of radon and its radioactive decay daughters. Substantial excesses of lung cancer have been noted among miners in the Joachimsthal mines (Sevc, 1976) , lead-zinc miners in Sweden (Axelson, 1979) , fluorspar miners in Canada (DeVilliers, 1971) , iron miners in Sweden (Renard, 1974) , uranium miners in Canada (Hewitt, 1976), and metal (Wagoner, 1963) and uranium miners in the United States (Lundin, 1971; Archer, 1976). The latter prospective cohort has also been shown to be at an excess risk of death due to tuberculosis, nonmalignant respiratory disease, and accidents when followed through September 30, 1974 (Archer, 1976). This report extends the followup of this cohort of miners through December 31, 1977 and expands the mortality analysis to investigate more cause-specific categories. [Methods] During the decade beginning with July, 1950, medical teams from the United States Public Health Service (USPHS) examined 3362 white and approximately 780 nonwhite males who had worked underground in uranium mines in the Colorado Plateau at least one month by January 1, 1964. Occupational, medical, and smoking histories were obtained during the examinations and often updated/confirmed during subsequent annual censuses of the miners conducted by the USPHS. The white miners now have been followed-up through December 31, 1977 using the Social Security Administration, Internal Revenue Service, direct telephoning and various other sources. Death certificates were obtained for the deceased and coded directly into the Seventh Revision of the International Classification of Diseases, Adapted, using the rules in effect at the time of death. Deceased miners for whom no certificate has yet been located were assumed dead on the date specified by the reporting agency, cause of death unknown. The uranium miners cohort was analyzed using a modified life-table system developed by the National Institute for Occupational Safety and Health (NIOSH). Person-years at risk of dying (PYAR) were calculated for each miner from his first USPHS medical examination date or date upon completion of one month of underground uranium mining if that was later. PYAR were calculated specific for five-year age groups, calendar periods, and periods after first underground uranium mining. The numbers of cause-specific observed deaths among the cohort occurring by December 31, 1977 were compared to the numbers of expected deaths. The expected deaths were calculated by multiplying the appropriate PYAR by the United States death rates for white males specific for five-year age groups, five-year calendar periods, and cause. The results were summed over the age and calendar period specific categories to obtain the total expected deaths for each cause. Standardized Mortality Ratios (SMR's) were calculated for each cause by dividing the observed number of deaths by the expected number of deaths and multiplying by 100. In some tables, two-sided 95% confidence intervals for the SMR's were computed using either Fisher exact confidence limits, if the observed frequency was less than eight, or approximate confidence limits, if the observed frequency was eight or greater, to indicate statistical significance. Because a priori hypotheses had been well established, one-sided lower confidence limits were used for tuberculosis, lung cancer, other nonmalignant respiratory disease (ONMRD), accidents, and total mortality. [Results] The cohort included 589 miners first examined in either 1950, 1951 or 1953; 753 first examined in 1954; 1235 first examined in 1957; 5 first examined in 1958; and 782 first examined in 1960. In Figure 1 the distribution of the cohort by first year of underground uranium mining indicates that 13.7% started before 1947 and would have thus had an opportunity to be followed beyond 30 years

Jan 1, 1981

By James R. Walsh

While flue gas scrubbing with alkaline solutions is one of the oldest methods of removing SO2 from flue gas, a satisfactory scrubbing system for this application, which is both technically and economically viable, has yet to be developed. Interest in alkaline scrubbing has continued because of its basic simplicity and comparatively low capital cost. Drawbacks of alkaline scrubbing are the tendency for accumulation of solids to plug the system, scaling, corrosion and erosion problems and the need to dispose of large quantities of waste. Discussed are instrumentation loop applications to a 90,000 cfm alkali scrubbing test facility, the process problems the instrumentation engineer faces in. selection of equipment, the performance of the instruments selected and the problems encountered during start-up. The Test Facility incorporates centralized electronic process control with a digital data acquisition system provided to log process variables and print off normal (alarm) conditions. Flue gas SO2 content is measured by ultra-violet analyzers and analysis of the total gas stream is by gas chromatographs.

Jan 1, 1973

By Thomas J. Ferree

A Reichert cone concentrator was installed in an aggregate plant circuit to recover the extremely fine "flour gold" known to exist in the deposit. The gold content of the bank-run gravels averages about 0.1 grams per ton (about $1.45 per ton), based upon $14.47/g (345O/ounce) gold. Tine Reichert cone, in conjunction with a conventional shaking table, re- covers in excess of 85% of the gold. A screen analysis of the gold particles shows 44.1% is -i4 microns (-200 mesh) in size. The plant operates with a two-man crew.

Jan 1, 1981

By William G. Freeman

As with most industrial minerals, barite is freight sensitive. This paper is given so that others might gain from the experience of barite companies in reducing their transportation costs. Some of the approaches used were unusual and others standard, but by perseverance considerable savings were realized.

Jan 1, 1973

The price of copper has gone into the tank. So has gold. Environmental regulations are more restrictive. Global warming has world leaders and environmental groups seeking international regulations to keep the planet from heating up - mostly by restricting the use of fossil fuels. And the US Secretary of the Interior wants to make it more costly -prohibitively so for smaller companies - to mine hard rock metals in the United States. By rights, miners should be carrying around a pessimistic attitude about their industry. But miners are an optimistic lot, always believing that things will improve. That optimism was in evidence in Tucson, AZ in early December, when about 620 miners met at the Double- tree Hotel for the Annual Meeting of the Arizona Conference, put on by SME. Attendees listened as a United States congressman commented on the recent tax cut bill, mining regulations and the continuing need for the mining industry to improve its image in the eyes of the general public. Session speakers discussed how improved technology has made their processing operations at Sierrita and Morenci more efficient and cost-effective.

Jan 1, 1998

By J. Kern, M. Cain, T. Torries

Until recently, the generation of electricity was regulated in all states, and the value of generation assets in a regulatory environment for ad valorem taxation were based largely on the book value of the plant plus the rate of return on capital allowed by the state regulatory agency. This method of appraising utility generation assets is inappropriate in a competitive environment because past capital expenditures are not relevant in a competitive environment. However, it is not clear what valuation methods are appropriate after restructuring. This paper identifies important problems and advantages of other appraisal methodologies and makes comments on various valuation and taxation methods.

Jan 1, 2003

By-products are of greater importance in lead and zinc mining than in any of the other major base metals. While I think most mining people would accept that statement, you would probably get some widely varying estimates when attempting to quantify the value of by-products in lead and zinc mining. We are now able to do this with our lead-zinc mine cost model. This model was originally developed as a zinc mine cost model to help us forecast long-term zinc supply and price as part of a study we completed in late 1979 entitled "Zinc - The Next Decade". Before demonstrating the importance of by-product revenue to lead- zinc mines, let me first explain how the cost model was constructed. I will discuss the model as it was originally constructed - as a zinc mine cost model. It has subsequently been expanded to include lead only mines and now can Be run either as a zinc or a lead mine cost model.

Jan 1, 1980

By A. K. Sinha

Ever since electricity was introduced, electrical injuries and electrocutions have continued to occur regularly in coal mines. An analysis of the two hundred cases of electrocutions which occurred during 1956 to 1970 indicated that over 50 percent of the incidents were caused by the ineffectiveness or lack of electrical grounding. Research shows that various types of arbitrarily designed ground beds are in use and that the ground resistance and current are often very high and subject to wide seasonal variations. The results of a recent research are discussed in this paper.

Jan 1, 1980

By John A. Herbst, Per-Olaf Samskog, Jan Bjorkman, Yi Chang Lo

The study described here is concerned with the development of a model for the simulation and optimization of a rod milllpebble mill circuit. A series of laboratory tests was conducted to investigate the effect of critical operating variables. The pebble mill model structure used was a population balance type which accounta for impact breakage and fines production from pebble wear. Model parameterization and verification were performed using data obtained in batch tests and in a plant test campaign. The model developed was found to provide accurate predictions of plant-scale grinding. The prediction errors are less than 21 for the product size and 31 for the mill power required to achieve that product with a mill volume scale-up of 14,000 to 1. These results indicate that accurate extrapolations from laboratory batch data to plant scale performance are poaaible using the population balance model and scale-up prediction procedures for pebble mill circuits as well as ball mills. Preliminary indications are that the new model developed here will provide vital input for pebble mill optimization and process control as well as pebble mill design.

Jan 1, 1990

By C. R. Fahnestock

One of the major problems for us in the earthmoving industry is the analysis of materials under the ground surface. Countless engineering and construction jobs would be simplified if there were an inexpensive and fast way to obtain information on problems such as: Depth and solidith of bedrock? Nature of the materials between bedrock and the surface? Adequate foundation for bridges and drainage structures? Location of supplies of materials to be used in construction? Investigation of tunnel sites? Characteristics of swampy areas and investigation of existing and potential slide areas? These questions are of paramount interest to highway contractors as they bid jobs and plan, equipment spreads to handle them at optimum efficiency. Such information also is invaluable to engineers in the design and construction of bridges, buildings, railroads, canals, and tunnels.

Jan 1, 1961

All coal preparation unit operations in which fine coal is handled depend to some extent on wettability of coal surface by water. The wetting results from interactions between the coal surface and water molecules that are determined by the composition of coal matrix (interrelated with coal rank) and heterogeneous constituents such as oxygen functional groups, mineral impurities and pores. The contact angle of water on an unoxidized, homogeneous coal hydrocarbon matrix is calculated to be 100o, and much lower values measured on real coal specimens result from contributions from the heterogeneous constituents. While the effect of wettability is critical in flotation and oil agglomeration, suppression of respirable dust, and coal water fuels, it has been shown to play a significant role also in coal flocculation with semi-hydrophobic and totally hydrophobic flocculants.

Jan 1, 1995

By Chin Wei Yang

Linear programming (LP) has proven to be a most effective mechanism for modeling a vast array of practical problems, while the development of LP applications in engineering have been extensive enough to show its advantages and limitations. In this paper: we focus on the properties of the widely-wed linear programming transportation (LPT) model formulated and developed by Koopmans (1) . There have been many models of this type applied especially in the field of energy economics (2-7). Since most of these applications can be linked to the seminal work of Henderson (8), we stall present our discussions based on his work.

Jan 1, 1980