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Semisoluble salt minerals are characterized by their ionic bonding and are distinguished from soluble salt minerals by their limited solubility in water. One group of semisoluble salt minerals being considered is the alkaline earth salt minerals, including fluorite (CaF2), calcite (CaCO3) and apatite (Ca5F (PO4)3), as well as celestite (SrSO4) and barite (BaSO4). Another group of semisoluble salt minerals being considered is the rare-earth salts, which include bastnaesite ((Ce, La) CO3F), monazite (CePO4) and xenotime (YPO4). Surface chemistry features of these selected semisoluble salt minerals are discussed with respect to flotation separations. First, the surface chemistry features of alkaline earth semisoluble salt minerals are reviewed, and then the surface chemistry features of rare-earth semisoluble salt minerals are examined. The discussion includes electrokinetic behavior, wetting characteristics and collector adsorption.

By Richard S. Klein

Frozen coal creates severe handling problems. Utilities require uninterrupted supplies of coal to meet their increasing coal consumption rates. Difficulties incurred due to frozen coal result in more costly downtime for the utilities. Air cannons, vibratory hammers and thaw sheds are examples of mechanical devices used to break, crack or thaw frozen coal. Recently chemical treatments have been developed as preventive measures. The freezing of coal depends upon a number of factors, of which one of the most significant is surface moisture. The more there is, the larger the frozen coal problem. Slide 1 depicts a graph of frozen coal compressive strength as a function of surface moisture. Below a certain minimum value the coal will not freeze. Above this point, compressive strength is essentially a linear function of moisture over the range practically encountered. By surface moisture is meant the free moisture on coal having a normal vapor pressure as opposed to capillary moisture or inherent moisture. In addition to the straightforward freezing of coal surface moisture binding particulates together, frost formation occurs due to temperature gradients which develop in rail-cars and stockpiles .

Jan 1, 1980

By Madan M. Singh

It is estimated that through 1975, there were 1.69x109 m2 (418 000 acres) of urban land threatened by potential subsidence due to mining with a value of over $12 billion (19;3 dollars; USBM, 1979). With increased coal production to meet the energy needs of the nation, both these figures may be expected to increase. Hence greater attention to controlling surface damage due to subsidence is merited. In fact, the Surface `lining Control and Reclamation Act of 1977 (SMCRA) (Public Law 95-87) mandates that underground coal mining operators "adopt measures consistent with known technology in order to prevent subsidence causing material damage to the extent technologically and economically feasible, maximize mine stability, and maintain the value and reasonably foreseeable use of such surface lands, ..." The term "subsidence," as used in this paper, implies the total phenomenon of surface effects associated with the mining of minerals, and not only vertical displacement of the surface as is sometimes inferred in the literature.

Jan 1, 1984

By Daniel Roy, Danielle Bouffard, Antoine Berton, Simon Gariépy

Commissioning a mineral processing plant has always been a challenging task. The process includes pre- operational verification, dry and wet commissioning, and a gradual ramp-up to full production, all of which must be executed within the shortest possible timeframe, requiring numerous highly interdependent tasks to be conducted concurrently. This phase is under scrutiny by shareholders, corporate management, and other stakeholders who are keen to see a return on investment as the operation starts yielding results. Despite extensive documentation in the literature highlighting its significance, the impact of the commissioning phase remains underestimated in contemporary mining projects. This paper provides an overview of the commissioning process and its associated challenges before focusing on a critical success factor: building a dedicated commissioning team with the required competencies and personality profiles. The roadmap to achieving an efficient plant start-up is outlined. Drawing on over 15 years of experience with more than 20 concentrator commissioning and start-ups, a general framework is presented to maximize success. This method emphasizes the crucial role of the operation and metallurgy team in supporting these projects. Finally, insights from Soutex’s involvement in multiple start-ups are shared, offering lessons learned that emphasize best practices and challenges encountered in expediting the ramp-up process while maintaining high Health, Safety, and Environment (HSE) standards.

Feb 1, 2025

By A. S. Atkins

The interest in the use of micro- organisms in the leaching of sulphide minerals has been traditionally exploited as a scavenger process for the recovery of valuable metal by- products from waste ore dumps. Environmental concern on sulphur emission from conventional pyrometallurgical plants together with the cost of stack cleaning systems to comply with legislative control also indicate baccerial leaching to offer a low cost treatment for the processing of sulphide minerals. The paper describes the effect and limits of relatively coarse particles on the complete leaching of pyrite and its importance to the practical application in dump leaching operations of sulphide minerals. It has also been demonstrated that static leaching techniques have encouraging economic potential for process plant operations compared with agitated leaching systems.

Jan 1, 1984

By Jerzy F. Sobala

Large - scale tests at the Polish Safety in Mines Institute /established in 1925 as "Barbara" Experimental mine/ performed in underground and surface experimental galleries, simulating conditions in roadways in mines, are the basic source of knowledge about development and propagation of explosions. Investigations up to 1973 were performed under the Institute's former research director Professor W.B. Cybulski s supervision, whose handbook concerning combating of coal dust explosions in collieries has been also published in the U.S. (2), and are continued until now. For investigating explosions the "Barbara" Mine disposes of 170 m /7.5 sq m/, 200 m /5 sq m/ and 400 m /7.5 sq m/ underground gallieries as well as of 10 m, 25 m, 44 m and 100 m surface galleries. For example, in the 200 m gallery more than 5200, and in the 400 m gallery - more than 2200 test explosions have been performed. Basing on determination of explosion hazard in roadways in collieries and on data of scientific research performed at the Safety in Mines Institute, the strategy of combating the explosion hazard in mines was elaborated; it includes mainly diminishing of coal duet. deposition in roadways, and -because of the possible inefficiency of this safety means in some roadways in mechanized collieries -- the introduction of three additional defence lines against coal dust explosions. It should be mentioned that at the "Barbara" Mine the problem of coal dust explosion initiation was elaborated as contract work for the U.S. Bureau of Mines. The main aim of this paper is to discuss some aspects of methods and measures for combating coal dust explosion hazard in highly mechanized mines in the Polish mining industry where in some roadways explosible coal dust is present, but it is not the aim to evaluate the effectiveness of methods and measures for diminishing the make-up of coal dust and coal dust deposition rates in roadways.

Jan 1, 1980

By W. M. Shaver, W. R. Dengler, F. A. Edwards

INTRODUCTION The Macassa Division of Lac Minerals Ltd. is a high grade gold mine that has been operating in Kirkland Lake, Ontario for the past 51 years. It produces approximately 120,000 tonnes of ore per year, averaging approximately 18.7 grams per tonne (0.45 ounzes per ton) of gold. Over the years, the ore body has been developed to a point where mining takes place below the 1,220 m (4,000 feet) elevation and 1,830 m (6,000 feet) west of the original shaft. The mine is currently serviced by two surface and two winze shafts. (Figure 1). The ore body extends below the 1,930 m (6,400 feet) Level which is the bottom of the existing mining operation. An ambitious underground exploration program has substantially increased these reserves. Concurrent with the discovery of greater reserves, has been rapidly escalating mining costs, particularly labour which constituted 66% of the total cost in 1981. These costs continued to escalate as the major proportion of mining was carried out to the west, far away from the existing hoisting systems. This required three lift hoisting for men, materials and ore. I n addition to the increased travel time and ore handling expense, increased humidity and temperature and ventilation and compressed air losses have added to the inefficiency of the operations. As a result, studies were initiated in 1980 to assess the future of the Macassa operation.

Jan 1, 1985

By J. F. Burr, D. P. Snyder, G. W. Luxbacher

"The Mine Improvement and New Emergency Response Act (MINER Act) of 2006 established the Office of Mine Safety and Health (OMSH) within NIOSH and provided authority for awarding contracts related to the development and implementation of new mine technology and equipment. Subsequently, Congress provided additional funding to NIOSH to initiate and continue the program. OMSHR has fulfilled this Congressional mandate through annual Broad Agency Announcement (BAA) solicitations, directed Requests for Proposals (RFP) and Inter-Agency Agreements (IAA), and has further expanded the program through capacity building BAA contracts with U.S. university mining departments in the areas of mine ventilation and ground control. This paper describes the extramural funding program and broadly examines the results of the 150+ contracts issued to date, grouped into key focus areas. INTRODUCTION The Mine Improvement and New Emergency Response Act (MINER Act) of 20061 established the Office of Mine Safety and Health Research (functioning as the Office of Mine Safety and Health Research or OMSHR) within the National Institute for Occupational Safety and Health (NIOSH), and provided authority for awarding contracts related to the development and implementation of new mine technology and equipment. The OMSHR external contracts program was formed in accordance with the MINER Act and has since issued over 150 contracts focused on worker health and safety. Initial funding for this program was provided by Congress through two Emergency Supplemental Appropriations (ESA) and was focused on emergency oxygen supply, communications and tracking, and refuge chambers (also referred to as refuge alternatives). Since the MINER Act, Congress has continued to fund the program through the annual NIOSH mining appropriation. The program was supplemented starting in 2009 with an academic capacity building program directed toward developing university tenure-track faculty and facilities and supporting graduate students in the area of mine ventilation; ground control was added as an additional focus area in 2011. A short synopsis of each contract is published on the NIOSH Mining website2 and final reports are available in digital form on request. A summary of the progress OMSHR has made over the 10-year period since the Act was published previously.3"

Jan 1, 2018

By R. Q. Phillips

INTRODUCTION Since Canada commenced sulphur exports in the early 1960's, the volume of exports has grown steadily and by 1984 Canadian sulphur accounted for 45% of internationally traded sulphur. In 1984 a total of 7.6 million tonnes of Canadian sulphur was shipped to offshore markets and the U.S.A. Total shipments, including domestic sales, were 8.3 million tonnes. With a production of some 5.6 million tonnes, inventory was drawn down by nearly 3 million tonnes in order to keep pace with demand. Since 1979, world consumption has exceeded total world production and Canadian sulphur inventory has played a truly crucial role in balancing world supply and demand. Consequently, by the end of 1984 the Canadian inventory, which stood at 21 million tonnes in 1978, had been almost halved to 12 million tonnes. This inventory, however, is still by far the largest in the world and will continue to play a vital role in the world supply until expected depletion around 1990. Canada is the world's second largest producer of sulphur following the U.S.A.. The Current production level of between 5 and 6 million tonnes per annum is forecast to be maintained to 1990 with only a marginal fall in that production level in the following decade to the year 2000. This will ensure that Canada retains its position as one of the largest producers and most important suppliers of sulphur in the world market well into the future. CANADA AS WORLD SUPPLIER OF SULPHUR Since Canada commenced sulphur exports in the early 19601s, exports have grown steadily. (Figure 1) The rate of growth accelerated in recent years and in 1984 a total of 7.6 million tonnes was sold for export, compared to 3.0 million tonnes in 1975 and less than 1 million tonnes in 1964. World trade in sulphur also increased during this period, from 11 million tonnes in 1975 to 17.0 million tonnes in 1984 (Figure 2). Most of this increase in volume was accounted for by Canada and Poland. As a result, the importance of Canada as world supplier expanded from 28% in 1975 to 45% in 1984. The markets for Canadian sulphur can be divided into two broad categories, i.e., solid and liquid (Figure 3). The solid market is the largest, taking about 70% of Canadian output, virtually all of which is sold offshore. The U.S.A. and the Canadian domestic market take about 20% and 10% respectively, in liquid form. In 1984, (figure 4) total Canadian sulphur sales exceeded 8 million tonnes with offshore export sales at a record 5.8 million tonnes and sales to the U.S. of 1.8 million tonnes. Domestic sales accounted for only 0.7 million tonnes. The general trend for offshore export sales has been upward whereas there has been relative stability in domestic sales. The exceptional growth in offshore sales in the 1970's necessitated considerable capital investments by the industry in order to establish a logistics system capable of handling increasing offshore tonnages. Over 50 sulphur plants are currently operating in Alberta and British Columbia. Some of these are connected by rail, (Figure 5) the balance being generally connected by road. There are currently fourteen of the larger rail-connected plants designated as export plants, and these are equipped with sulphur forming facilities. The long distances between these plants and tidewater terminals in Vancouver is a very significant factor in complex logistics of Canadian offshore sulphur exports (Figure 6). Alberta and B.C. plants are located an average of 1,400 kilometers from tidewater.

Jan 1, 1986

By Robert E. Barry

For new coal-fired power plants, federal regulations require that emissions of sulfur dioxide be limited to 1.2 pounds for every million BTU'S burned. This is equivalent to coal with a sulfur content of roughly 0.7 percent for Eastern bituminous coals and roughly 0.6 percent for Western sub-bituminous coals. The states and their political subdivisions are free to apply more stringent standards and to develop implementation plans covering existing and new units. Most Western-sub-bituminous coals contain less than 1% sulfur and hence their use, in many cases, will allow a utility to meet the regulations. However, there are problems in using such coals in furnaces designed for Eastern bituminous coals, and furthermore it will take many years to open mines and provide transportation facilities to utilities which are now burning coals with a higher sulfur content. Moreover, pending federal legislation would outlaw strip mining on land to which the federal government owns the mining rights. Those utilities who, for one reason or another, intend to continue burning Eastern bituminous coals with sulfur contents in excess of 1 percent are faced with removing SO2 from the stack gases. The alternative of utilizing coal gasification where the sulfur is removed prior to burning in a power plant is still in the early stages of development. Therefore, a large number of processes are under development for SO2 control.

Jan 1, 1974

By Abdelaziz Baçaoui, Imane Aarab, Abdelrani Yaacoubi, Khalid El Amari, Abderahman Etahiri

Phosphate ores upgraded by flotation are widely used as vital raw materials for the sustainable production of phosphate fertilizers to maintain the food supply. High-grade phosphate reserves become more and more depleted. Low-grade phosphate mining and processing are in the spotlight of the fertilizer industries to cope with the exponential growth in the world’s population and meet the increased demand for fertilizers. As part of a series of research works conducted within a major project aiming at upgrading a low-grade phosphate ore never-exploited before, the present work endeavors to optimize the flotation of this ore using the response surface method (RSM) as a follow-up of a screening study. Unveiling new insights on such a strategy paved the way for improving flotation performances. This work demonstrated that an optimum 30.18% P2O5 with 88.07% recovery was achieved using 63.10 g/t of sodium alginate (NaAL) and 2484.72 g/t of sodium oleate (NaOL) at pH 11.40. This maximum was contrasted with a new formulation of fatty acids (FAM). The 30.76% P2O5 grade with a recovery of 89.72% was attained using 50.94 g/t of NaAL and 1455.40 g/t of FAM at pH 11.68. FAM collector markedly outperformed NaOL at low concentrations proving the efficiency of synergists.

Dec 7, 2022

Narrow vein mining, with enough challenge and also where the cutting edge technology can be applied, is still a very important and exciting portion of the mining industry. Based on the deposit characteristics, the most flexible mining method, cut and fill, has been being tested mining this high grade Northern Nevada property, Hollister, since the year of 2008. In the last three years, 254,000 tons of ore were hauled out of the portal and 23,000 feet of development were excavated underground with the winning of several safety and environmental awards. Together with mine geology, the essential segments include mining cycle, ground control, ventilation, grade control and backfill method in cut and fill stopes were covered in this paper.

Jan 1, 2012

By Terrence J. Stobbe

On the job injuries to the musculoskeletal system are probably the oldest of the industrial safety problems. Long before we had pinchpoints to guard, chemical vapors to ventilate, and noise to enclose, people were getting strains, sprains, and sore backs from their work activities. In spite of the age of the problem, it remains a long way from being solved. The past ten years have seen a significant commitment by the sci¬entific community to understanding the problem. Engineers, scientists, doctors, and epidemi¬ologists have been involved, and as a result, today we have a much better understanding of the problem. The first step in understanding a problem such as this is to explore its history and epidemiology. The research done by Chaffin (1977), Snook (1970), Ayoub (1978), the ILO (1962), and others, led NIOSH to publish its Work Practices Guide for Manual Lifting in 1981. The guide was based on research carried out in general industry, but subsequent research by Stobbe (1983) and Peters (1983) has suggested that the nature of the problems producing injuries in underground mining is the same as in general industry. The problems are more intense in the mining environment.

Jan 1, 1984

By T. Hart

Nuclear gauging is used world-wide in almost every industry. From mining and ore-grading to finished product, the metallurgical industry is one of the biggest users of nuclear sensors for inventory, process control, and quality assurance. This paper will discuss the basic theory of gamma transmission gauging techniques found useful in mining, milling and metal production. Techniques to be discussed are gamma transmission for level and density. A major new technique will also be discussed. This technique is called gamma backscatter. The uniqueness of this technology, how to apply and the differences between transmission and backscatter will be accentuated.

Jan 1, 2011

By W. J. Kennedy

Energy management in industry has recently achieved notice as a way to reduce costs without decreasing production. The same approach used in industry can be used in mining, even though the processes are different. This approach is based upon a three phase system of data collection, implementation, and monitoring, all aimed at gathering and evaluating information in such a way as to have a maximum impact on energy costs. This approach has these advantages: (1) attention is directed toward the part of each mining system where the most energy is used, (2) input is collected systematically from all persons involved in the operation of each system, and (3) a means of monitoring the progress toward established goals is created. The mining systems considered are truck haulage, conveyor haulage, blasting and crushing, and lighting. After describing the general procedure, the authors have described a specific method for improving the efficiency (and hence the energy consumption) of round-trip truck haul age systems.

Jan 1, 1982

By K. Hanumantha Rao, A. Nayak, K. S. Narasimhan, S. N. Mahapatra

B.A. Hancock It is not at all surprising that causticized potato and potato derived amylopectin starch solutions performed much better than their parent starches. Some preparation is required to rupture the starch granules to effect the polymeric adsorption and interparticle bridging necessary for selective flocculation. In laboratory work comparing the deslime performance of causticized and autoclave cooked laboratory corn starch solution preparations, it was found that higher deslime weight rejections, with attendant proportionally greater iron unit losses, occurred with the causticized starch. These results may be specific to the ore involved but they do suggest that cooking and causticizing cause different starch granule rupture and/or starch breakdown, which have an effect on desliming response. I calculated from the data in the article that the slimes product grades were high - 24.3% and 20.3% Fe when 53.7% and 54.5% Fe concentrate products were obtained, respectively, in Table 4, and 21% Fe with a 62.6% Fe concentrate in Table 5 - using the natural tailings sample, which had a head of 34.3% Fe. It may be advisable for the authors to consider different starch preparations in future investigations. The combination of upgrading and selectivity results presented in Table 4 are not as good as the authors suggest. The authors' claim that a system has been developed to produce saleable concentrates from the Kudremukh tailings is quite disconcerting. There are many hurdles yet to be crossed before commercial application of selective flocculation becomes possible because differences between the very small-scale laboratory tests conducted and commercial application are rather large. Among the many differences are varying circuit feed grades that will occur from use of tailings, the apparent face that much lower tailings grades will be encountered in practice (it is much easier to achieve a high concentrate grade with reasonable recoveries using 34.3% Fe tailings as in the study rather than 25.3% Fe tailings grades that the plant apparently averages), the hydraulic nature of the thickeners used in operations compared to the static system used in laboratory tests, the different size distributions that will be obtained from a plant closed grinding-classification circuit, and differences in water used in a plant operation and the laboratory. The authors wrote that it was necessary to overgrind to be sure that the coarse gangue would not settle with the iron oxide floccules. This situation is likely to be exaggerated in commercial operations where it is assumed cyclones would be used for classification. Because cyclone classification is greatly influenced by particle densities, there will probably be an even greater difference in size between the iron and gangue particles in the plant, which would make the gangue slightly coarser still in relation to the iron. This would make the selective flocculation-desliming separations using the procedure employed by the authors even more difficult and, using the dispersant system the authors employed, greater overgrinding would be required. To grind finer to minimize the coarse gangue in the flocculated iron oxides is quite inefficient and appears not to broach the problem. The actual problem appears to be insufficient dispersion of the ground pulp. In this situation, addition of a dispersant would likely be required to attain a sufficiently high pulp dispersion level to efficiently effect a selective flocculation-desliming separation. Although the very coarse particles would still have a tendency to settle with the floccules, it probably would be found unnecessary to overgrind as much as indicated. Use of an optimum combination of dispersant and pH modifying reagents may also significantly improve the selectivity of desliming. Additionally, although it is possible that sufficient dispersion may be obtained by pH control alone in some situations, it is quite probable that added dispersity was obtained in the reported work from using distilled water. It is research experience that distilled water enhances dispersion. In commercial operations it may not be expected that sufficient dispersion will be obtained by pH control alone, unless the water used in the process is by nature quite dispersive. Overall, a change in the Kudremukh tailings dispersant scheme appears necessary where a dispersant is used in conjunction with a pH modifying reagent. With this change, different dispersion-flocculation responses will result that would have to be further evaluated. Therefore, it is still an open question whether an efficient and effective selective flocculation separation using Kudremukh tailings may be obtained that will produce saleable concentrates.

Jan 9, 1986

By Jianmin Qin, Raja V. Ramani, Wilson Miola

The number of underground work entities operating under reduced dust standards in U.S. coal mines has been increasing since the start of the decade of the 80s and is currently approaching 10,000. The concern for controlling the quartz levels in airborne respirable dust in coal mine has manifested itself in several improvements in equipment selection and operation, face ventilation practices, and dust control procedures. At the same time, fundamental studies have been initiated on determining the source-sink relationships of the airborne quartz dust. The P-7 method is the prescribed method for the determination of quartz in the respirable airborne dust samples from coal mines. Questions have been raised on the reliability of the P-7 infrared spectrometry method for quartz analysis in powders. No specific method has been defined for quartz determination in bulk samples from the mine. In a recent study on the relationship between quartz in the airborne dust and that in the materials being mined, both infrared (IR) and x-ray diffraction (XRD) methods were used on a suite of samples from several coal mines. These samples encompassed airborne respirable dust samples, airborne total dust samples, the oversize fraction from the respirable samplers, ROM samples, channel samples, and chip samples from the face, roof, and floor materials. In this paper, the sample preparation and analysis procedures for the samples are discussed. The data, analysis results, and comparisons of the P-7 and XRD results are presented. The quartz percent determined for the same sample by the two methods are different. In 85% of the samples analyzed, the quartz percents determined by the XRD method are higher than those obtained by the P-7 method. However, there is a strong linear relationship between the results from the two methods. Further, the XRD method indicates an average of 20 percent more quartz than that from the P-7 method. The reasons for the differences in the results and the need for additional studies are explored.

Jan 1, 1991

By Harry R. Price, Bharat Doshi, Awni Qaqish, Abdul-Ghani Mekkaoui, Thaddeus Znoy, Ramesh Shukla

In 1992, a detailed inspection of the Southfield Sewer revealed a reach of approximately 0.8 kilometers in length, located directly below the freeway lanes, which was severely distressed. Failure of this section of the sewer would result in the closing of the busiest roadway in the state as well as the potential backup of sewage into homes and spilling into nearby surface waters. As such, repair of the distressed section required development of a procedure that would not jeopardize the conveyance of flow through the existing sewer nor impede travel on the overlying freeway. Based on these constraints, the DWSD and NTH team developed a repair concept that entailed the mining of a new, 3.05-meter (10-foot) diameter bypass away from the traffic lanes. The new bypass section was connected to the existing sewer, up stream and down stream of the distressed area, using a “top down” construction approach, that required only minimal freeway closures during weekend periods. This paper, prepared jointly by the Owner, Consultant and Contractor will describe existing conditions, design considerations and construction methods.

Jan 1, 2001

By J. L. Huiatt

The U.S. Bureau of Mines and Great Salt Lake Minerals and Chemical Corp. developed a froth flotation process for concentrating potassium salts from Great Salt Lake solar evaporites containing about 5 percent K. The crude evaporites, which were predominately halite (NaCl) with smaller amounts of kainite (KCl.MgSO4.2.7H20) and schoenite (K2SO4MgSO4.6H20), were conditioned in a saturated brine solution, thus converting nonfloatable kainite to the floatable mineral schoenite. Schoenite was then selectively floated with a medium-molecular weight fatty acid. Continuous small-scale pilot plant testing indicated that 80 percent of the potassium could be recovered from the crude evaporites in flotation concentrates assaying about 11 percent K.

Jan 1, 1975

By Robert T. McKnight

Introduction The minerals exploration business, like many businesses, is faced with the problem of valuing future, risky cashflows. These cashflows are derived from those mineral deposits which have been successfully commercialized. Many deposits, however, do not have the quantities or grade of ore to be considered economic at the projected metal prices using the traditional tools of the Capital Asset Pricing Model and discounted cashflow analyses. If one calculates the future revenues, costs and cashflows of one these marginal properties, and discounted it at the appropriate risk-adjusted discount rate, it may have a negative present value. Yet such a property may still have real, positive value in the marketplace. Why would a firm pay money for a property with an (apparent) minus present value? Mining properties such as these are bought and sold in arms- length transactions on a regular basis. Why is this so? Part of the reason relates to the nature of ore reserve information. To generate cashflows, the analyst must t assume that the reserve information is known with certainty when, in fact, reserves are not known with certainty. Mineral reserves are a function of commodity price, extraction costs and the level of (usually drilling) information about the reserves. Stated, or currently known, mineral inventories may vastly understate the true state of nature. Some firms may therefore be buying a property based on a completely

Jan 1, 1988