Search Documents

By E. C. Westman, W. R. Thomas, W. J. Conrad, A. J. R. Russell

"Understanding ground control problems continues to remain a focus of the mining engineering community. To aid mine operators and engineers in identifying and responding to ground control issues, the Ground Observation System (GOS) is being developed. The GOS is an integrated, web-based graphical user interface that displays ground response data collected wirelessly from an underground mine. It presents data in an intuitive manner to assist mine personnel, who are on- or off-site, in quickly identifying hazardous areas. Geotechnical instrumentation will be connected to wireless transmitters that will relay data in real-time to a surface computer that stores the information in a database. The GOS website will then display the geotechnical data in graphical and tabular forms, as well as in conditionally formatted mine maps. Data from each measurement device will be able to be viewed in its entirety or within a time interval, and can be downloaded for further analysis. The ability of the GOS to quickly interpret and communicate mine hazards to personnel of varying technical ability should prove to be a useful tool in understanding ground control and thus improving mine safety.INTRODUCTION Computer-based data information centers that convey operating parameters and conditions are prevalent in modern underground mines. Today’s systems are popular in showing ventilation controls and monitoring equipment performance (Jyothi & Meena 2013). In ground control monitoring, Conover, Ross, and Bigby, 2010 have installed a wired telltale roof monitoring system that sends roof displacement data every ten minutes to a computer on the surface. The computer receives, stores, and displays the data in real time. Data can also be viewed remotely through a password protected internet connection. Additionally, an internet connection allowed for remote updates to the system which streamlined software development and maintenance by eliminating travel (Conover et al., 2010). Currently, no such system beyond Conover et al.’s design has been accomplished. The Ground Observation System (GOS) is being developed to fill the void of real-time geotechnical monitoring in underground mines. A wide array of data will be transmitted wirelessly and broadcasted to on- and off-site mine personnel through the internet. The GOS will incorporate geotechnical data from roof deformation, borehole scratch testing, photogrammetry, and seismic monitoring into one interface, all while achieving permissibility for the use in gaseous mines. As a result, a comprehensive view of rock movement due to mining will be available. The overall purpose of the GOS is to deliver warnings; to ensure reliable data is relayed to personnel for the identification of potential ground failures, provide mine engineers information to design more stable mines, and assist with further geotechnical research."

Jan 1, 2015

By YONGQIONG YANG, Ning Wang, CHONGGUANG LUO, LI ZHU, Hanjie Wen, SHENGJIANG DU, Hannian Gu

Kaolin clay from Late Permian sequences has been considered a potential resource for niobium (Nb) due to high concentrations reported at several hundred micrograms per gram and large areal distribution. A previous case study identified titanium (Ti)-bearing minerals associated with kaolin clay as the main host phases for niobium. Correlation between the Nb and Ti concentrations was poor, however, and the types of Ti-bearing minerals and modes of Nb occurrence were unclear. To investigate this, typical kaolin clay samples from Late Permian sequences in southwest China were characterized, and final products derived from them were investigated using X-ray fluorescence (XRF), inductively coupled plasma-mass spectrometry (ICP-MS), X-ray diffraction (XRD), scanning electron microscope (SEM), transmission electron microscope (TEM) and energy-dispersive X-ray spectroscopy (EDS). The results revealed three types of titanium dioxide (TiO2) mineral phases in the clay samples: (1) massive TiO2 minerals, (2) aggregates of nano TiO2 minerals and (3) granular TiO2 minerals. The first two did not contain niobium. From the EDS analysis, the granular TiO2 minerals, including anatase and rutile, were the source of Nb in the kaolin clay samples. 

By N. Sahin, M. Can, Z. Ekmekçi, Y. Öztürk, Ö. Biçak, I. B. Çelik, B. Kocabiyik

"In this paper, a case study from Çayeli Bakir Isletmeleri A.S. (Rize, Turkey) about the selective flotation of copper minerals from sphalerite is discussed. Çayeli Cu-Zn Sulfide Ore contains different ore types, such as yellow ore, clastic ore, bornite-clastic ore, bornite-yellow ore, and black ore. For some of these ore types, selective flotation of copper and zinc is very difficult presumably due to presence of secondary copper minerals such as bornite, chalcocite and covellite, and also surface oxidation. These factors affect Cu-Zn selectivity due to activation of sphalerite particles in the ore during the process. The main objective of this work was to improve Cu-Zn selectivity by optimization of the pulp chemistry for different ore types of Çayeli ore. After preliminary flotation tests investigating effects of different chemical conditions, a plant survey was performed to determine the plant performance and sources of the problems when problematic bornite-clastic ore is treated in the plant. Various chemical conditions are tested in the laboratory scale test for better depression of sphalerite in copper flotation circuit. Combination of Na2S+ZnSO4+MBS was found to be the most effective depressant scheme. INTRODUCTION Ore variability is one of the most important factors affecting performance of a process plant both in short and long term planning. The geometallurgical modelling becomes a common tool to determine ore variability problems and develop the most efficient solution during life of mine (1, 2). Flowsheet design and equipment selection and sizing are usually done based on the results of ore variability test works. However, in some cases ore variability may not be foreseen during the design stage and therefore the solutions should be developed based on the existing flowsheet and equipment in the plant. In this situation, ore characterisation, problem statement and diagnostic testing should be applied step by step. The problem could be due to changing feed grade, mineralogical characteristics, grindability and surface characteristics when flotation is involved. The variability in feed grade with fixed mineralogy can be handled with relatively simple modifications (i.e. adjusting throughput or equipment capacity) in the plant. Variability in ore mineralogy is the most complex and difficult problem to tackle. Because, mineralogical variations could bring variations in mineral composition, texture and liberation. These variations can potentially lead to the variations in grindability of the ore and flotation behaviour. Variations in grindability are usually managed by optimization of operational parameters in grinding circuit, as it would be costly to replace the existing equipment in the circuit (3). The variations in flotation behaviour are mainly due to variations in mineral types and distribution, texture and surface oxidation. One or all of these factors could be observed in a flotation operation. Therefore, a comprehensive investigation both in plant and lab scale should be conducted for definition of source of the problem. The testwork to solve the problem and retrieve the performance is planned and conducted depending on the source of the problem (4, 5)."

Jan 1, 2017

By B. R. Pothini, H. von Schonfeldt

In underground coal mining many excavated openings have a relatively short projected life span. To ensure safety for men and materials at a minimum cost over the projected operating life, only pillars for overburden support and roof bolts for support of the openings are used extensively. Mining activity constantly changes the geometry of the mine producing load changes on the structural support members of the openings that often induce unstable deformations which can lead to roof falls or pillar failures. The paper describes how simple deformation measurements can be used to design primary and supplementary roof supports and to predict roof falls and possibly pillar bumps. Specifically, bed separations in the roof measured directly with the help of borescopes and calculated from differential convergence data are used to optimize bolt links or support requirements for chemical stabilization of mine roofs. Roof falls are predicted on the basis of admissible values for cumulative convergence between roof and floor, convergence rate, and the change of the rate of convergence. The pillar extraction operations convergence anomalies detected from contouring identify bump prone pillars, while convergence and pillar dilation determine the yield zone in a pillar to verify pillar softening and de-stressing. Manuscript not received in time for publication.

Jan 1, 1983

By Larry S. Diaz

It is felt that prior to the presentation of the technical portion of this paper, some general information would be of interest. The Sar Cheshmeh Copper Mining Company was founded by the Iranian Government to oversee the design and construction of Iran's first copper smelter complex, which will be another step in the industrialization of Iran. Since this is the first such plant in Iran, Sar Cheshmeh wisely chose to enlist the technical assistance needed in regard to the facilities requiring engineering and operating know-how from outside of Iran. To obtain the foregoing, SCCM signed a contract with Anaconda-Iran, Inc., which was formed by The Anaconda Company for this project. The general scope of this contract covers the overseeing of engineering and design by Parsons-Jurden as well as physical plant construction. In addition to this, the same services were given to water supply and tailings disposal systems which were not included as part of the Parsons-Jurden contract. Anaconda-Iran is also assisting SCCM in setting up a training program for Iranian personnel for plant operations, administration, etc., which .will go on for some time after the plant startup, under the guidance of Anaconda-Iran expatriates. SCCM?s other responsibilities, in respect to the development of this industrial effort, are the building of a townsite for approximately 2200 families, the expected manning requirements, having all the facilities necessary to provide a pleasant life in a remote area. It has been estimated that the manpower for operations will be 2050.

Jan 1, 1976

By U. K. Custred

In 1973, the United States production of marketable phosphate rock set a record in excess of 42 million tons. This production rate is expected to continue to increase, due to the growing international requirement for fertilizer, at a rate exceeding 5% per year well into 1977. This trend contrasts sharply with the reduced phosphate rock production levels of the 1966 - 1971 period. The natural consequence of this growing phosphate rock market is an evaluation of the variety of means whereby plant capacity can be most effectively increased. One approach toward increased plant production capacity is through large capacity flotation cells provided they can be successfully applied to the recovery of the relatively coarse product which is characteristic of the phosphate rock feed. This paper will summarize the results of a nine month evaluation test program, conducted at the Haynesworth Mine at Bradley, Florida in which the flotation circuit "specific capacity" (tons feed/ft.2 floor space) and "specific input power" (Hp/ton feed) were determined, and the feasibility of achieving economically acceptable concentrate grade and recovery levels was demonstrated, using large, high capacity, flotation cells.

Jan 1, 1974

By R. Bishop, J. Baggett, J. Monsalve, J. Hole, N. Ripepi, A. Abassi

This work focuses on the operational and safety issues associated with karst voids in large opening underground mines. Issues include water inrush, structural instability, and engineering uncertainty in these environments. Coupled with the fracturing prevalent in folded sedimentary rocks, karsts are complex and challenging ground control risks. Traditional methods of predicting karst locations, such as probe drilling, are impeded by the inconsistent spatial distribution and variable sizes of the features. Ground penetrating radar (GPR) is a geophysical technique that transmits radio waves into a medium and subsequently detects reflected waves via a receiver. The travel time and energy of received signals are then processed and interpreted. The difference in material properties between limestone and open karsts causes strong reflections. GPR is frequently used as a geophysical surveying technique in several industries, however there is a lack of published research on underground mining GPR applications. The purpose of this work is to prove the viability of GPR in underground stone mines for karst detection, and to discuss the importance of karst detection ahead of mining. INTRODUCTION The Mine Safety and Health Administration (MSHA) currently lists 116 active underground stone mines in the United States, the vast majority of which extract limestone for crushed stone products. These limestone mines have the potential to encounter karst voids at some point in their operation, as most karstic regions of the United States develop in limestone rock masses (Kuniansky, Weary, & Kaufmann, 2016). Karsts, the cavities formed by the dissolution of carbonate rock, have long plagued the mining and tunneling industries, as well as been a hindrance on the Earth’s surface, producing sinkholes and ruining otherwise valuable land for construction and public use. The impact of karsts on the Gavarres tunnel in Spain is well documented by Alija et al; constant instability conditions, material spills into the tunnel, and unexpected cavities seriously delayed the project deadlines and “were not foreseen in the design” (Alija, Torrijo, & Qunita-Ferreira, 2013). At the water supply project in Sohngua River, China, Bin et al detail the presence of both water and sediment filled karsts which are sources of disastrous conditions at this tunnel (Bin, et al., 2017). A hydrological tunnel in Lebanon encountered numerous massive karsts in the tunneling path which required remediation via friction anchors, rockbolts, welded wire fabric, channel steel arch segments, invert steel beams, and shotcrete (Leech, Jaoude, & Ghanem, 2008). From a design standpoint, rock mass classification schemes, such as the RMR from Bieniawski and the Q-system from Barton, are not able to represent the true nature of a karstified carbonate rock mass, and therefore complex case-by-case analyses of underground conditions are necessary (Andriani & Parise, 2017).

Jan 1, 2019

By C. Clark, R. Pakalnis, B. Seymour, L. Martin, R. Jacksha, M. Stepan, M. Roworth, C. Caceres

The National Institute for Occupational Safety and Health (NIOSH) is conducting research to develop safe practices for the use of shotcrete as ground support in underground mines, particularly mines operating in weak host rock. As part of this research, a rugged, portable direct tensile test system was developed for measuring shotcrete adhesion strength in underground mines. During the development of this test system, more than 185 direct tensile tests were conducted with a common, commercially available macro-synthetic fiber-reinforced shotcrete that was applied to concrete test panels using a dry mix process and machinery. The average bond strength of the shotcrete to the concrete substrate typically increased as a function of the shotcrete’s curing age, ranging from 0.44 MPa (64 psi) after one day of curing to 1.58 MPa (229 psi) after 90 days of curing. Adhesion strength increased markedly between one and three days of curing, reflecting a similar trend of increasing shotcrete tensile strength with curing time. This robust direct tensile test system can improve mine safety by providing a reliable means of measuring shotcrete adhesion strength and also supplying important information about the quality of the applied shotcrete and the competency of the underlying rock.

Jan 1, 2010

By G. Simmons

Santa Fe Pacific Gold Corporation (SFPGC) conducted pressure oxidation pilot plant studies at Hazen Research, Inc. on the Twin Creeks refractory carbonaceous gold ores during 1993 and 1994. Previous laboratory investigations demonstrated very good gold recoveries of 90 to 95%, using CIL cyanidation after batch pressure oxidation. However, results from the pilot plant showed that several ore types responded very poorly, with gold extractions of only 45 to 75%. Since these poor recoveries were unexpected, pilot plant testing was suspended for approximately four months while extensive research activities were conducted to determine the cause(s) and identify potential solutions. This paper describes the batch and pilot plant test results, the research activities that eventually identified the cause of the gold recovery problem, and the final semicontinuous and continuous pilot plant operations that confirmed possible solutions.

Jan 1, 1997

By T. S. Golosinski

This paper identifies the components of belt conveyor shifting force as a vertical force. Pv, horizontal force, Ph, and longitudinal force, P1. A method for estimation of these forces is proposed, which relates their value to the properties of the conveyor structure and rails, shifting operation parameters, and other site-specific conditions. The effect of this force on shifter behaviour is analysed and guidelines are developed for selection of a suitable shifter. Also discussed are the requirements of the shifting operation for other equipment.

Jan 1, 1986

By Hun-Joon Sohn

Chemical metathesis and electrochemical reductive conversion of chalcopyrite in the presence of cupric ions were studied in sulfuric acid solutions for temperatures up to 90°C. The process results in the displacement of iron in the chalcopyrite lattice by copper ions with rejection of ferrous ions to the aqueous phase. The rate of reaction was found to be very slow, requiring subsieve-sized particles for extensive reaction to occur. The reaction was insensitive to copper ion concentration. Stirred ball milling of chalcopyrite introduces lattice strain. The reaction rate with strained particles was markedly higher than with annealed chalcopyrite. The reaction rate was found to be diffusion-limited, showing two distinct reaction stages corresponding to the formation of CuS (covellite) followed by Cu1.8S (digenite). The experimental activation energy for the first stage was 102 J (24.4 kcal) and the second stage 123 3 (29.4 -kcal) per mole. The rate-controlling process is diffusion of lattice ions, probably iron. The enhanced rate after milling is attributed to a recrystallization process which provides new paths for diffusion along dislocations and grain boundaries.

Jan 1, 1984

By MOHAMMAD R. H. GORAKHKI, CHRISTOPHER BAREITHER, MANUEL APARICIO, IV JOSEPH SCALIA

Comingling filtered tailings and waste rock in a tailingsdominated mixture is a mine waste management strategy that has the potential to create geotechnically and geochemically stable landforms. Potentially acid-generating (PAG) waste rock can be sequestered within a filtered tailings matrix to enhance water retention and decrease hydraulic conductivity relative to a waste rock pile, potentially minimizing acid rock drainage (ARD). Enhanced water retention can reduce oxygen ingress limiting oxidation and resultant acid generation. Reduced hydraulic conductivity can slow inward percolation and outward drainage. In dry climates, the tailings matrix can hold precipitation near the ground surface accessible to evaporation and transpiration, thereby decreasing percolation. This paper presents an evaluation of comingled filtered tailings and waste rock in a tailings-dominated mixture (termed GeoWaste herein) and illustrates that ARD can be reduced under field conditions in a subtropical–highland climate.

By G. E. McClelland

Agglomeration techniques have been successfully applied to commerical heap leach cyanidation operations for the recovery of precious metals from low-grade ores, mine wastes, and tailings. The major parameters important for successful agglomeration pretreatment of these feed materials are discussed. Several commercial agglomeration-heap leaching operations are described. Two of the operations converted from conventional heap leaching to agglomeration-heap leaching after coventional heap leaching proved unsuccessful. Heap performance before and after agglomeration is discussed. A fairly recent operation that began production using agglomeration-heap leaching technology is also described. Two operations that processed milled tailings by agglomeration are discussed. The tailings feeds could not have been economically processed by means other than agglomeration-heap leaching.

Jan 1, 1986

By A. Frank Alsobrook

DOUG HALBE: Thanks, Terry. And in spite of your introductory comments, I'm going to attempt to continue our hallowed tradition of saying nice things about the speakers. This is really a serious comment now. We, as mineral processing and mill people, don't often talk to people outside our general operating area. One thing that we've tried to do in this operators' symposium is get speakers from various types of plant operations to help illustrate all the things we have in common. Our next speaker is from the industrial minerals area. I think there's a lot to be learned from industrial minerals operations. Some of the people in the last session learned some things about fine grinding in industrial mineral operations. I was a little surprised to see people there grind to 2 microns. Our next speaker is Frank Alsobrook. Frank is another nonmetallurgical engineer. He has a degree in geology, a master's of science from the University of Wisconsin. He's had his own very successful consulting company for a number of years. This is your 11th anniversary, Frank? Very good. He's also the immediate past chair of the industrial minerals division. I think the folks at the speakers' table should be ashamed. You have been so rowdy that Frank chose to sit in the audience. [laughter] We'd like you to come up now, Frank, and tell us some things that you've seen that might be useful to us. INTRODUCTION FRANK ALSOBROOK: The three topics addressed briefly are (1) teamwork and operations modeling, (2) the pitfalls of capital conservatism, and (3) the potential for by-product recovery. Ideas for improvements in these areas are not unique to industrial minerals but apply to metal mining and processing operations, as well. Several additional topics are suggested at the end of the paper.

Jan 1, 1998

Geostatistics is well known as a tool for ore reserves calculations at the exploration stage. The goal of this paper is to show geoscatistics can also contribute to productivity gains, allow better selection of the mining methods and better control of the grades during production. The first two examples show how geostatistics can provide sophisticated models, using conditional simulations and the use of them for simulations or optimizations of mining processes. A third example will show how to use geostatistics for short term planning in a large polymetallic vein type mine.

Jan 1, 1983

By N. A. Sareyed-Dim

Nickel ores may be classified into two major categories : sulphide ores, and oxidized lateritic ores, these latter containing nearly 80% of the known reserves of the metal (1). Two types of lateritic ores are recognized; ores high in iron but low in magnesia and silica are known as "limonitic", while ores low in iron but containing high percentages of magnesia and silica are called "silicate" (see Table I). Sulphide ores can be beneficiated readily by conventional ore dressing techniques and the technology for nickel recovery from such ores has been well tested in a number of commercial processes (1-4). Unfortunately, no economically viable process for the concentration of nickel from low-grade deposits has yet been developed, and so only the high grade ores are able to be worked profitably. Silicate ores have been treated pyrometallurgically for the production of ferronickel (2) (3) (5); limonitic ores have been processed hydrometallurgically to produce nickel metal (2) (3) (6) (7).

Jan 1, 1975

By D. Williamson

In the post war years metals analysts and statisticians have generally tracked the demand for metals in line with changes in OECD industrial production (IP) growth rates because, undoubtedly, the correlation between IP growth and metal demand was reasonable. However the correlation was exaggerated. During times of expanding IP growth metal demand increased at a faster proportional rate than IP growth. This was probably due to industry restocking in anticipation of growing demand at the start of each economic cycle. Conversely, metal demand would slacken at a greater rate than would be suggested by negative IP growth as industry destocked in order to reduce costs. Nonetheless, overall, a reasonable correlation between IP growth, over the longer term, and metal demand could be painted. Yet, although this correlation has stood well since the last world war it has been based on the fact that the bulk of the world's IP growth stemmed from the industrialized countries of the western world, latterly including Japan. The so called "developing world" was of little consequence, whilst countries of the Soviet Union and Communist Bloc were deemed to be closed, self-contained entities which, for each metal, would either be net exporters or importers. These quantities would be used by analysts to calculate the overall supply/demand equation for the western world only and to deduce whether a commodity was in shortage or surplus. It is now believed that this method of projecting total world supply and demand for raw materials is outdated and takes little account of the worldwide political changes which have occurred since the collapse of communism and the revitalization of China, albeit under a notional communist government. It is no longer appropriate to assess global balances for raw materials on the basis of three economic blocs namely, western world, developing world and communist bloc. Rather, global balances need to be projected on a global basis. In this regard, since the collapse of communism and the removal of many other totalitarian regimes, capitalist forces are at work and are attempting to satisfy, with some considerable success, the expectations of the great mass of the world's poorer people. Such people, usually located in Asia, Africa and Latin America have aspired to the same standard of living as people living in western Europe, North America and Japan. Now, with free market forces at work their aspirations will start to be met. Consequently, the demand for metals and other raw materials will now rise at a much faster rate than at any other time in the world's history. Not only will the production of raw materials have to keep pace with rising IP in the developed world but will also have to keep pace with the demands associated with the rising expectations of rapidly increasing populations in the developing world, as well as from within the old communist bloc countries. This paper sets out to argue the case that metal demand could well increase at a rate faster than the world's mining companies, governments and financiers can deliver.

Jan 1, 1997

By M. K. Boateng, K. Awuah-Offei

"Mining companies have started using quantitative tools, including computer models of community interaction, to gain intelligence on social risks surrounding their projects. Models of changes in community preferences regarding mining projects over time are useful for evaluating changes in project risk due to changes in the social license to operate. For example, agent-based models that use information diffusion models and social networks are useful for studying those changes due to information diffusion. However, such agent-based models are sensitive to many input parameters including the parameters of the diffusion model and the average degree of the social network. This work evaluates the sensitivity of such a model to diffusion and network model parameters (probability of imitation, probability of innovation, and average degree) using the first order and total sensitivity indices. The results show that the model is much more sensitive to the probability of imitation than the other two parameters. Thus, to reduce uncertainty surrounding the model’s predictions of community acceptance of mining, mines need to obtain accurate estimates of the probability of imitation. INTRODUCTION Mining companies have started using quantitative tools, including computer models of community interaction, to gain intelligence on social risks surrounding their projects. Models of changes in community preferences regarding mining projects over time are useful for evaluating changes in project risk due to changes in the social license to operate. For example, agent-based models that use information diffusion models and social networks are useful for studying those changes due to information diffusion. However, such agent-based models are sensitive to many input parameters including the parameters of the diffusion model and the average degree of the social network. This work evaluates the sensitivity of such a model to diffusion and network model parameters (probability of imitation, probability of innovation, and average degree) using the first order and total sensitivity indices. AGENT-BASED MODEL OF COMMUNITY ACCEPTANCE A few researchers have started using agent-based models to study mining systems (Fujiono 2011; Nakagawa et al. 2013; Bahr 2015; Boateng and Awuah-Offei 2017a, b). Nakagawa and co-workers used ABM to evaluate dynamics of a mining project’s stakeholder networks whereas Fujiono used ABM to study innovation diffusion in the mining industry. Our previous work has presented models and a framework for modeling information diffusion in a mining community and its impact on level of acceptance (a measure of SLO) of the mining project (Boateng and Awuah-Offei 2017a, b)."

Jan 1, 2018

By Ihsan Berk Tulu, Ted Klemetti, Deniz Tuncay

Accurately estimating load distributions and ground responses around underground openings plays a significant role in the safety of the operations in underground mines. Adequately designing pillars and other support measures relies highly on the accurate assessment of the mining-induced loads, as well as the load-bearing capacities of the supports. There are various methods that can be used to approximate mining-induced loads in stratified rock masses, both empirical and numerical. In this study, the numerical modeling approach recently developed at West Virginia University, which is based on the modeling approach developed by the National Institute for Occupational Safety and Health (NIOSH), is investigated using the finite difference software FLAC3D. The model includes the longwall panels, the adjacent chain pillar systems, and the different stratigraphic layers of the overburden. Using the 3D model, changes in loading conditions and deformations on the areas of interest, induced by an approaching longwall face, can be examined. This paper details the 3D modeling of a longwall panel utilizing this approach, and the verification of the results against field observations. The studied panel was 360 m wide with a 3-entry chain pillar system and about a 160-m average overburden depth around the studied area. The overburden strata consist of alternating layers of shale, sandstone, and limestone. The FLAC3D results were compared against field measurements from the mine site. The stress change values measured in the chain pillars were comparable with the modeling results. The model also replicated the surface subsidence profile obtained from field measurements fairly well. Overall, the 3D modeling approach was found to be successful for the case study longwall panel.

Sep 23, 2020

By Douglas D. Donald

The financial analyst's job is to make an objective appraisal of the investment opportunities which exist within the various industries under his supervision within the context of the economic model provided by his firm and the a climate of investor sentiments. Industry analysis is critical. When a major investment trend develops, usually the stock of all companies within the specific industry react in the same direction. I should emphasize here, however, that an investment trend is influenced by the economic outlook, but economics is not the only determinant - investor psychology and arbitrary political factors may be of equal or greater importance. Part of our job is to recognize trends early and determine whether they are valid. Following industry analysis, the analyst must examine the specific companies within that industry since some companies usually react more violently than others to industry trends, whether they be favorable or adverse. To simplify the process of evaluating an investment opportunity, it is convenient to isolate three types of factors which have a bearing on every sort of business although the degree of influence of each factor may vary from industry to industry. These categories are, 1) independent or external factors insofar as they are beyond the control of corporate management, 2) interdependent factors insofar as influence may be exerted by industry-wide action, and 3) dependent factors covering the area of internal decisions which are basically under the control of the individual corporate managers. Although the title of this paper, "The Corporate Use of Cash Flow," is only one segment of the third category, it may be useful to continent on the first two categories as well. The independent factors may be either economic or governmental. The economic factors include cyclicality which may be very high in the case of the basic commodity industries or relatively low as in the case of utilities. Underlying growth rates, another independent factor, may range from the business equipment industry with an annual growth rate of 14% through the electric utility industry with a growth rate of about 7% per year to the

Jan 1, 1970