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By Eric Low

Raising capital by issuing debt or equity is necessary in almost every corporation. In the field of corporate finance, the raising of capital is a heavily-studied topic. However, some of what is studied on this topic in corporate finance is not applicable in the mining industry. There are also many financing options that were created for the mining industry such as flow-through shares, prepaid forwards, and royalty sales. The cyclical nature of the industry makes the risk-return profile of financings more difficult to estimate than in other industries. Additionally, the methods used to assess firm value are different than other industries, as the values of orebodies are not included on balance sheets. For precious metals companies, which are a hedge against most other securities, there are additional complications with determining investor expectations and cost of equity. This thesis puts forth a decision-making framework to explain mine financing choices from the perspective of mining companies. The approach is threefold. First, all of the major equity and debt financing instruments available to mining companies are presented and analyzed. Each financing method is assessed on a wide range of criteria. Next, these concepts are applied in case studies of four companies: BHP Billiton, Barrick Gold, Teck Resources, and Noront Resources. For each company, the overall choice of financing methods is shown and analyzed. The effect of financing choices on the weighted average cost of capital (WACC) is calculated. The final section deals with case studies of individual mine finance decisions during the past two years.

May 1, 2011

It is a pleasure and a privilege to be with you for the Annual Conference of The Australasian Institute of Mining and Metallurgy.The inaugural meeting of The Institute was held in Adelaide in April, 1893. Through the kindness of your President, who passed on to me several publications concerning The Institutute I have been able to glance back over the eighty years in which The Institute has served both the profession and Australia.In that record, many names of great distinction caught my eyes. When one reads the list of past presidents of the The Institute since 1893 and the list of those to whom The Institute Medal has been awarded, one reads the headings of a biographical dictionary of the Australian mineral industries. Many famous names are there-men from the great mining companies, engineers, scientists, metallurgists and geologists. Simply to read the names is to recall great enterprise and great achievement. Going over those names one hears the echoes of the inspiring story of the establishment of the Australian steel industry, the electrolytic zinc inq.ustry, all the major developments in the mining of coal, gold, copper, silver and lead, the treatment of difficult ores, the geological exploration of a cqntinent, the discovery of uranium, bauxite, petroleum, nickel, the establishment of the alumina industry and finally the mammoth earthmoving operations of today. The list of names is a chronicle of great men who did a mighty work. They stand like milestones in the progress of a nation.When one reads further and runs down the titles of some of the papers published in the Proceedings of The Institute even a layman like myself can appreciate the dramatic developments in mining and metallurgy that have transformed the whole practice of the mineral industries in our land. Australians have made some notable innovations and discoveries both in mining techniques and in the processing of ores. The history of mining is not only a story of the discovery of the mineral resources of this continent but of adventurous steps taken to perfect new ways of mining the ore and extracting the metal.I read with great admiration the presidential address given by Sir Maurice Mawby in 1968 and wa...

Jan 1, 1973

By Hideki Shimando

Periodic weighting and windblast which are caused by the dynamic effects of overburden in a longwall panel significantly affect longwall mining This study describes past experience with wind blast at Miike Colliery, proposes a new loosening system using hydraulic fracturing and moistening, and also discusses strength deterioration in hard-to-collapse roof rocks due to water in order to solve the problems caused by the effects of dynamic roof rocks behavior in a longwall face

Jan 1, 1998

By Paul Semple

"In 2007, Noront Resources Inc. discovered the high grade nickel copper PGE deposit in northwestern Ontario in a region now known as the Ring of Fire. Since the initial discovery, Noront has advanced the Eagle¹s Nest Project and in September 2012 released a feasibility study for the development of the Eagle¹s Nest Project. This paper summarizes the results of this recent study and outlines additional work planned in the next stages of project development. INTRODUCTIONThe following paper summarizes the findings of the recently completed feasibility study on Noront Resources Ltd.’s Eagle’s Nest Project. The feasibility study was compiled into a NI 43-101 report by Micon International. This paper is intended to summarize the major technical findings and for complete information, interested parties can find the entire NI 43-101 report at www.norontresources.com or on SEDAR.LOCATIONThe McFaulds Lake project area, which includes the Eagle’s Nest deposit, is located at approximately UTM 5844000 N and 547000 E, and between approximately 52º42’ and 52º50’ N latitude and 86º06’ and 86º24’ W longitude, approximately 250 km west of the community of Attawapiskat on James Bay and 575 km northwest of Timmins. The closest all-season accessible community to the McFaulds Lake project area is Nakina, 300 km to the south, where there is a paved airstrip, in addition to all weather road and railroad access (see Figure 1).The First Nations communities of Webequie and Ogoki/Marten Falls are located 90 km west and 120 km south southeast of McFaulds Lake, respectively. Both communities are served by regularly scheduled air service, primarily from Thunder Bay; both Thunder Bay and Timmins serve as support centres for the James Bay communities and the exploration projects in the area."

Jan 1, 2013

By Roberts W. P H, Chant R. A

Investigation of the "whole-rock" major element geochemistry of the Broken Hill lodes and of the rocks immediately enclosing them has been carried out on the full lengths of 19 diamond drill cores transecting B lode,A lode, No. 1 lens and Lead lode in The Zinc Corporation Ltd.-New Broken Hill Consolidated Limited, at the southern end of the line of lode.It appears that the abundances of all of the principal "non-sulphide components" - Si02, AI2O3, Ti02, CaO, MgO, MnO, K2O, TiO2 and P203 - are closely tied to the incidence of sulphide. The well-known direct relationship of calcium and manganese with the incidence of sulphide is confirmed, and to this is now added the pairing sulpnide-phosphate, which is particularly welldeveloped in the zinc lodes. It is also now shown that there is a clear inverse relationship between sulphide on one hand and AI2O3, Ti02 , MgO, and K2O on the other.Total Fe-which is an important constituent of both sulphide and non-sulphide-appears to occur in essentially similar amounts in ore and enclosing materials. The incidence of Na20, while generally depressed in ore, issomewhat erratic and equivocal. Si02 and sulphide usually show a highly systematic inverse relationship-a feature stemming inevitably from their being by far the two most abundant, and hence two co-dominant, materials ofthe ores.These features of elemental abundance are interpreted in the context of seaflooor hydrothermal ore deposition to give some insight into the amount and nature of detrital and of chemical sedimentation, the formation and accumulation of different clay minerals, the chemical and physical characteristics of the bottom waters, and the reasons for the comparative paucity of iron in the Broken Hill lode.

Jan 1, 1978

By C. Wen

In Huoqiu region of Anhui Province, Fe2O3 occurs mainly in the form of specularite. Besides quartz, the gangue minerals include iron-bearing silicates such as chlorite and sericite which account for about 10% of the total gangue. The separation effect of conventional collectors is poor in the flotation of the minerals, that is, the average grade of iron concentrates is only 60-62%. Using the developed amphoteric collector can successfully realize not only the separation of specularite from various gangue minerals with results of iron concentrate grade above 65% and iron recovery of above 80% but also low temperature flotation at 15°C.

Jan 1, 2012

By Paul Miranda, Corby Anderson

"The Center for Advanced Mineral and Metallurgical Processing (CAMP) has recently obtained a Mineral Liberation Analyzer (MLA). CAMP has utilized the technology for several projects with excellent results. The MLA is able to both analyze size and quantify mineral phases. Therefore, the MLA is becoming the Sherlock Holmes of the mining and metallurgical industry. For this presentation, four projects have been evaluated and data was collected using the MLA. The first project involved tungsten mine. Previous mining practices have yielded poor tungsten results and recoveries. By using the MLA, tungsten mineral phases, along with possible contaminants, were verified and the results used to try to increase overall tungsten recoveries. The second project evaluated a molybdenite/chalcopyrite concentrate with surprising results. The third project is a silver project. Initial flotation scoping tests were performed by attempting to separate silver from gangue material. Because of the poor recovery results (less than 5%), MLA was used to determine possible scenarios for increasing silver recovery. Finally, the last project involves gold evaluation in tailings. For all projects, MLA application results will be presentedand discussed.INTRODUCTIONThe Center for Advanced Mineral and Metallurgical Processing (CAMP) has recently received a software add-on to a scanning electron microscope (SEM) located at Montana Tech. The Mineral Liberation Analyzer (MLA) technology was developed by Dr. Ying Gu of the JKTech Center of the University of Queensland. Since August 2006, CAMP has received and processed over 50 samples. These samples include a total mineralogy of tungsten ore samples, gold tailings, lead zinc tailings pile, molybdenite concentrates, copper concentrates, as well as others. During analysis of these received samples, the technology allows the samples to be quantified mineralogically with some surprising results.For analysis, the samples were initially sieved between 170 to 200 screen sized mesh. This ensures that received samples mineral size is fairly uniform. The samples are then placed into epoxy and allowed to harden. Next, the samples are polished and carbon coated for MLA analysis."

Jan 1, 2007

This paper describes the excavation of No. 1 Power Station Lift Shaft at the Kiewa Hydro-Electric Project. The advantages and limitations of the borehole method are outlined, and general principles of plant design are discussed.INTRODUCTIONFor many years, attempts have been made to reduce mine development costs by various methods. Some of the, techniques of tunnelling have been adopted in horizontal headings, and in main vertical shafts, mechanical plant has displaced hand labour with notable success. However, in the field of small rises and winzes, improvements have largely been effected by attention to details of procedure. The most promising avenues for' substantial reductions in cost relate to:(a) Long-hole drilling(b) The borehole method(c) Calyx drilling.Whilst each of these methods has its peculiar advantages, the borehole rising method is probably most useful, and capable of wide application.In brief, the borehole method of rising requires a, drill hole parallel to the axis of the rise. A hoisting rope is passed through the borehole, and is attached to a platform on which the rising crew are raised with their equipment to the drilling position in the rise.When properly planned, the method is particularly safe, and has generally received the approval of mine inspectors and safety authorities. Rising work is generally hazardous, even when special timbering methods are used. In...

Jan 1, 1959

I would like to thank The Australasian Institute of Mining and Metallurgy for inviting us to share with you some of our experiences in the handling, storage, and transportation of industrial minerals in North America. Cometals, Inc. is a wholly-owned subsidiary of Commercial Metals Company, headquartered in Dallas, a public corporation whose shares are traded on the New York Stock Exchange. Sales exceed one billion dollars. Cometals, Inc. is located in New York and specializes in marketing of chemicals as well as raw materials used in the manufacture of steel, refractories, abrasives, glass and ceramics. This makes us one of the larger regular shippers of industrial minerals. Many people are aware that industrial minerals need to be viewed and judged on the merits of their chemical and physical characteristics. In addition you are surely aware that close attention must be paid to the economics of these minerals to determine the appropriate value and competitiveness of the minerals or products delivered at the doorsteps of the consuming work. You may, however, not be aware that the handling and transportation of the mineral is of crucial importance, in fact, the transportation and handling costs of industrial minerals frequently are a major component of the value of the ores marketed and, therefore, it is only natural that close attention should be paid to them. Many of the industrial minerals require special handling to assure that the material reaches the consumer without being contaminated and without getting wet. I invite you to accompany me through the various steps involved in "delivering the goods" to the consumer.

Jan 1, 1989

By David Seaman, J-P Franzidis, Emmy Manlapig

"A new device has been developed to directly measure the bubble loading of particle-bubble aggregates in industrial flotation machines, both mechanical flotation cells as well as flotation column cells. The bubble loading of aggregates allows for in-depth analysis of the operating performance of a flotation machine in terms of both pulp/collection zone and froth zone performance. This paper presents the methodology along with an example showing the excellent reproducibility of the device and an analysis of different operating conditions of the device itself.The device has been used to investigate the froth selectivity of attached particles. Simultaneous measurements were made using a different froth recovery measurement technique in the same flotation cell. A comparison of these techniques shows that in this case, particles are selectively detached from bubbles at or near the pulp-froth interface.INTRODUCTIONA flotation cell can be considered to operate in two distinct phases or zones; namely the pulp or collection phase and the froth phase. The pulp zone is responsible for the formation of hydrophobic particle-bubble aggregates, whilst the froth phase is responsible for the separation of these aggregates from surrounding suspended hydrophobic and hydrophilic particles. Thus, the froth phase is the grade determining phase in flotation. A measurement of the bubble load (the mass of particles attached to air bubbles in units of mass/volume) will enable the analysis of the performance of both the collection zone at creating bubble-particle aggregates and also the froth zone at separating these aggregates from surrounding pulp.A measure of froth zone performance that has been used extensively in flotation research is the Froth Recovery, Rf, of a particular system. Froth recovery is defined as the mass of particles collected in the concentrate launder by true flotation as a fraction of the mass of particles entering the froth phase. The measurement of bubble load allows for this term to be calculated easily, rather than having to go through the laborious task of, for example, changing froth depths to determine this performance criterion (Contini et al., 1988; Vera et al., 1999b; Feteris et al., 1987)."

Jan 1, 2004

The distribution of tin and iron between slag and metal phases at about 1150°C was studied in pot scale experiments. The distribution coefficient k = (Sn/Fe) In metal X (Fe/Sn) in slag was found to vary from about 300 for metal corresponding to nearly pure tin, to about 100 for metal of about miscibility gap composition (17' 4 per cent Fe). Results conformed reasonably well to a straight line relationship between log k and (l-2NFe), as expected on theoretical grounds, and are consistent with thermodynamic data for the Fe-Sn phase diagram and the reaction Fe + SnO = FeO + Sn.Calculations are presented indicating the feasibility of smelting low-grade tin concentrates in a two-stage counter-current reduction process.

Jan 1, 1966

By B Moynihan

The Roa Opencast Coal Mine is situated at the north-eastern end of the Greymouth Coalfield. It lies on an eastern flank of the Paparoa Range, 16 km north-east of the town of Greymouth on the West Coast of the South Island. Road access is via a sealed road from Blackball to Roa, then by a 5.3 km all weather, gravel road, which gains 340 m in elevation from 190 m RL at Roa to a maximum height of 530 m near the opencast.

Jan 1, 1993

By Tim O’Neil

Nearly 4,800 mining professionals and exhibitors occupying 580 booths attended the 2000 SME Annual Meeting and Exhibit, Feb. 28-March 1, in Salt Lake City, UT. The technical program included80 sessions and four specialty symposia: bulk material handling, control 2000, minor elements 2000 and plant operaters. Meeting highlights included the keynote session. Executive shared their perspectives on pivotal issues and approaches to address the challenges of the new millennium. SME has begun planning for its 2001 Annual Meeting, Feb. 26-28, in Denver, CO. The meeting carries the theme “2001 — A Mining Odyssey.” A call for papers has been issued and exhibit space is 80% reserved. For information, visit SME’s website, www.sme-net.org. Or write Box 625002, Littleton, CO 80162-5002,ph 800 763 3132 or 303 973 9550, fax 303 979 3461, or email meetings@smenet.org.

Jan 1, 2000

By Arnold O. Tanner

Tables based on 1985 data, which were not available in time for publication of the "1985 Minerals Yearbook," are included in this chapter; corresponding tables for 1986 are not yet available. Raw nonfuel minerals produced in the United States during 1986 had an estimated value of $23.5 billion, an increase of $0.25 billion over the 1985 value. This is the fourth consecutive year that the value has increased, and except for a de- crease in 1982, the value each year has increased since 1971, or 14 out of 15 years. Industrial minerals growth slowed from a 3% increase in value in 1985 to a 1.5% increase in 1986, reflecting the slow growth in the domestic economy. The value of industrial minerals, more than three times larger than the value of metals, easily offset the less than 0.5% decline in the value of metal mine production. Although the decline was small, this decrease makes 1986 the fourth year in the past 6 years in which a drop in the value of metal mining production occurred in the United States. U.S. production continued to lag behind the growing world production. Overall, the estimated raw nonfuel mineral production rose 1% over that of 1985. Domestic mine production of ferrous metals declined as follows, in decreasing order of production: nickel, iron ore, tungsten, and molybdenum. All remaining domestic primary nickel and tungsten mines had closed down by yearend. Nonferrous metals that similarly declined included titanium, rare-earth metals, lead, silver, zinc, and magnesium. For the second consecutive year, aluminum, produced predominantly from imported bauxite, declined in production, while imports reached record-high levels. Somewhat modest gains were made in beryllium and copper. As has been the case for a number of years, gold was a bright spot in the domestic and internation-al metal mining industry. Gold production was spurred on by the increasing usage and development of heapleaching techniques that make lower grade ores, which were previously uneconomical, profitable. Additionally, various mining companies, the U.S. Mint, individual States, and a number of foreign countries began production of gold bullion and commemorative coins. Gold output in the United States increased from 2.43 million troy ounces (revised) in 1985 to about 3.73 million troy ounces in 1986, a dramatic 54% rise.

Jan 1, 1988

By Ailton da Silva Ferreira

Thermoset polymers, like the polyester, become harder with increasing temperature owing to molecular crosslink formation, which is a thermal benefit for composite matrix applications. Natural lignocellulosic fibers, however, have low thermal resistance and tend to degrade with increasing temperature. Therefore, the combination of a lignocellulosic fiber, as reinforcement, with a thermoset polymer, as the matrix, results in a composite material with complex thermal behavior. In the present work, a thermal analysis was conducted on polyester composites with different amounts of curaua fibers. Both TGA and DTG curves were analyzed to determine the effect of the curaua fiber on the thermal resistance of the composites. It was found that the curaua fiber sensibly affects the thermal behavior of the polyester matrix for fiber amounts above 10% in volume. This effect is associated with an increase in thermal degradation.

Jan 1, 2010

By R. F. Hinds

A pressurizing system was designed and built to apply a radial pressure of 5.000 psi to rock samples. Samples of the Bradford, Weir and Kirkwood sandstones were subjected to radial pressures parallel and perpendicular to the bedding in the system and the changes in conductivity, porosity and permeability were deter-mined. Asymptotic decreases in conductivity, porosity and Klinkenberg permeability were observed over the 0- to 3,500-psi range. From these data, the increase of formation factor over the same range was calculated. The cementation exponent expressed in the Archie equation was found to increase with pressu,re. The rate of change varied from formation to formation. Only small differences were observed for samples taken parallel to the bedding as comnared to those taken perpendicular to it except for the Bradford sand. Above 3,500 psi the data are not good enough to tell if the properties continue to fall-off asymptotically or in a different manner. A possible explanation for the probable litnit of the asymptotic rate around 3,500 to 4,500 psi is that this represents the maximum pressure which the formations have unrdergone during their geological life as a result of burial. INTRODUCTION For many years measurements have been made in the laboratory of the properties of oil-bearing sandstones with little consideration being given to whether these properties had been changed when the samples were moved from their original position in the ground to the laboratory. Relatively little has been reported in the literature on the effect of pressure on the properties of sandstones. The changes in permeability for eight typical consolidated oil-bearing sandstone samples with overburden pressure (0- to 15,000-psi range) was presented by Fatt and Davis' in graphical form. In 1953 Fatt' also reported the relationship between porosity and overburden pressure for four typical consolidated oil-bearing sandstone samples (0- to 5,000-psi range). Fatt later described the changes of formation factor and porosity of 20 typical oil-bearing sandstone samples with overburden pressure changes (0- to 5,000-psi range) giving the values of the coefficients and exponents in the Archie' equation, and the more general Winsauer equation', where C, k and m are empirical constants, F is the formation factor, and + is the porosity. During the experiments of this investigation the core was contained in a neoprene rubber sleeve as shown in Fig. 1. It was held between two steel end members which were mounted in a steel cylinder. The unassembled pressure cylinder with its component parts is shown in Fig. 2. The core was insulated from the two steel end members by a Teflon sleeve with a small hole in the

Six simulations by the Mpnte Carlo method employing both classical and geostatistical techniques are presented for the determination of the probability distribution of the in situ value of a coal seam. To avoid the problem of qualitative estimation of parameter variability in the calculation of an arbitrary seam value, only data values from borehole information were used to quantify the variation in four coai seam parameters.The method which is suggested as being the most appropriate is a particular geostatistical approach that employs the best linear unbiased estimate and the error of estimation for a number of two dimensional blocks. The results indicate that the variance of the coal seam unit value may be much higher than that indicated by the classical approach because of the spatial variability that is properly incorporated in the geostatistical approach.The model used in the Monte Carlo simulation to determine the economic value of a coal seam can be extended to incorporate all those parameters which are necessary for a true estimation of the probability distribution of the coal seam value. A time value concept for discounting can also be incorporated to optimize the economic return of a coal mining project.

Jan 1, 1983

By Alain E. Holeyman

After scoping out the objectives of this general report, the report reviews the three assigned main themes addressed by the papers submitted to the session: pile monitoring, testing, and data processing. It focuses on later developments and on issues requiring clarification, thereby identifying topics for potential discussion. Pile Monitoring does not bring much novelty, except for the integration of IT on construction sites. As far as testing, new developments focus on internal pile loading procedures while more confidence is being gained with dynamic and kinematic load tests. Significant advances are noted in the interpretation of data, where variability of results are coped with, loading rate effects are being better addressed, and more routine use of Finite element analyses are observed. Several many older problems remain while new issues emerge from more recent technologies and approaches.

Jan 1, 2006

Estimating Particle Size Fraction Proportions - A Multiscale Approach Using Multiple Kernel Learning

Sep 13, 2010

New Zealand China Clays produces a unique halloysite clay product at Matauri Bay, Northland.   The company has licences over four deposits that were derived from the weathering of rhyodacite domes. Clay is mined and processed from two of the four deposits and is refined using a complex process based on gravity separation.   The product is almost entirely exported to niche markets in 24 countries. The main market is the fine ceramic industry where the product is used as a component in the manufacture of high quality porcelain and bone china bodies. The use of halloysite in these bodies gives the manufacturer the ability to achieve high whiteness and translucency. The other major market is for use in technical ceramics, where the product is sought after due to its high purity, fine particle size and stability at high temperatures.

Jan 1, 1997