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By Eupene GS

The valuation of exploration properties which contain no identified resources or reserves is the most subjective of all valuation tasks likely to be carried out by a geologist. The geoscience rating method proposed by Kilburn (1990) recognises this inherent subjectivity but also attempts to apply some discipline to the valuation process. Some other methods used for valuations of this type clearly lack discipline and are open to misuse and abuse. The Kilburn method essentially requires the practitioner to justify all aspects of the valuation process. The valuer must specify and, more importantly, quantify aspects which enhance or downgrade the intrinsic value of each property. The intrinsic value is called the ""base acquisition cost"" (BAC) and it represents the average cost to identify, apply for and retain a base unit of area of title. The BAC and base unit of area both vary with different types of exploration and mining title but remain constant for similar types of titles in the same mineral tenure regime. In the Kilburn Method the enhancement/ downgrading factors are determined by the geotechnical prospectivity (Kilburn Method) within the title. A modified version of the Kilburn Method presented here (""Modified Kilburn Method"") also focuses attention on other real variables besides the geotechnical attributes which influence valuations of this type, viz., competition for tenure and activity in the markets in which the exploration properties are being traded. The most active such market at present is the stock market. By utilising uniform BACs and base units of area (for similar titles) for all exploration properties (in practice in Australia this is only possible within a particular State or Territory), the method exposes the valuer's opinions of each of these variables to the scrutiny of the investor. The investor (or his professional adviser) is afforded the opportunity to directly compare valuations on different properties by different practitioners and can assess how the final valuation is weighted in respect of geotechnical prospectivity, competition for tenure, and stock/financial market sentiment. No other method currently employed in Australia to value mineral exploration properties affords the investor this `luxury', which some may argue is their right.

Jan 1, 1994

One common public perception of mining is that financially it is an extraordinarily risky business. Another and contrary view, in certain circles, is that price risk and other financial risks can be relatively easily removed or shifted by a number of schemes or devices. In reality, beyond the orebody discovery stage, mining need not be any more risky than most heavy industrial businesses. Nevertheless, as stated by Rappaport, (1986): Risk is a parameter of central importance in establishing the economic value of any asset. The level of risk is determined both by the nature of the firm's operations and by the relative proportions of debt and equity used to finance its investments. These two types of risk are commonly referred to as 'business risk' and 'financial risk' respectively. The term financial risk is used somewhat more loosely herein to recognise the reality that any risk inadequately addressed in the design, construction and operation of a mining project can have significant financial consequences; usually negative. For instance, a specific area of business risk in mining is often called technical risk which definitely has severe financial consequences if not managed correctly. The various risk shifting, hedging and risk management tools available all have their place and range from merely useful to almost indispensable. However, in the long-term, financial risks are maintained at acceptable levels by the application of sound, more fundamental business management principles. There are many with a vested interest in perpetuating a perception that the conceptual foundations of sound management practice are extremely complex. In reality, most management concepts are prosaic, but their application requires incredible discipline and hard work. There is no magic formula or 'silver bullet'. It appears that a company whose activities are restricted to mining can analyse the range of risks specific to mine development and operations more clearly than companies in which mining is just one of many businesses. The almost universal failure of large oil companies in the mining business is probably the best example of lack of any clear comprehension of fundamental business characteristics and risks. Conversely, in regard to risk management, choosing to be in other business as well as mining does nothing to reduce the risks of the mining business. The individual shareholder can probably make such 'diversification of portfolio' decisions better than most management teams. It could be argued that diversification across a number of disparate businesses may actually increase overall corporate risk due to lack of management concentration and focus. These differences between the perceptions of financial risks and the realities in mining need to be further elaborated in relation to some uncompromising business concepts.

Jan 1, 1994

By M McCurd, M Lynch, B H. Yin, S Mendoza, C W. Bumby, Y Iwasaki, B Rumsey

Iron and steel production is responsible for approximately 6.3 per cent of global anthropogenic CO2 emissions. Direct reduction of iron with hydrogen is a potential route for decarbonising the iron and steel industry. Extensive small-scale laboratory experiments have been performed to test the feasibility of hydrogen-direct reduction of iron ores sourced from diverse geographical locations. However, test results from the batch reduction of small-sample do not necessarily translate to continuous commercial-scale processes. Establishing a small-scale continuous test reactor for H2- DRI process is challenging, requiring substantial resources and investment. The limited availability of small-scale reactors that enable testing under relevant conditions has become a major obstacle for H2-DRI development, leaving a big gap between laboratory success and proof of commercial feasibility. Here, we report on the recent commissioning of a continuous counter-flow vertical shaft reactor, which has a processing capacity of 6 kg/hr iron ore pellets at up to 100 NL/min H2 flow. We believe this to currently be the largest H2-DRI facility in the Southern Hemisphere. In this talk, we will discuss the design and construction journey for this reactor, starting from the initial system design to the initial demonstration of H2 reduction of titanomagnetite ironsand pellets. This reactor now enables a range of research capacities, including the validation of laboratory results on a larger scale with practical operational variables, feasibility assessment of hydrogen direct reduction of different iron ores on a commercial scale; identification of scalability, sticking, and other potential issues before building a full-scale plant; and a viable solution for producing small-quantity DRIs for downstream melting investigations. Overall, this new research facility offers significant benefits for assisting the transformation of iron and steel production to a more sustainable and green industry.

Sep 18, 2023

In 1952 when universities imposed fees on students and most students won either Commonwealth or Government department or private scholarships to study, I won a scholarship to study mining engineering at the University of Technology in Sydney. The univ

Jan 1, 1994

By Clifford C. E

1 eat my peas with honey I've done it all my lifeIt makes them taste rather funny But it keeps them on the knife.Innovation is that elusive characteristic which involves the determination of multiple and unique response to a problem, and then commitment to and action from the best of the alternatives.

Jan 1, 1993

Recent research publications in extractive metallurgy were analysed for their stated and self-evident objectives. Over 100 different objectives (not specific to a metal or unit operation) were identified. These were divided into groups of economic, environmental, professional and fundamental significance. Comparisons were made of the objectives adopted in universities, industry and national research organisations. The most common primary and secondary objectives (by a large margin) were "to develop a new process (different chemistry)" and "to determine the effects of variables on a process" respectively. It was concluded that, overall, recent research has been dominated by commercial objectives. Objectives related to thermodynamics and kinetics have been the most common of the fundamental sort. Those related to professional methods in general, sensors and process dynamics, among others, have been largely neglected.

Jan 1, 1986

By E Drueppel, F M. Meyer, P N. Martens, J P

The present study shows a calculation of the amount of copper contained in the initial reserves that remains un-extracted. The study is based on data of 271 producing copper mines and includes geological parameters, mining methods used and the processing recovery. Estimations disclose that approximately 25 per cent of the metal contained in the original reserves is not extracted. One third of this value can be attributed to mining, whereas two thirds are related to processing. However, values differ for different ore deposit types and mining districts.

Jan 1, 2003

The Greenvale Joint Venturers, Metals Exploration Queensland Pty. Ltd. and Freeport Queensland Nickel Incorporated, use ten Herreshoff roasters, for the reduction of ground lateritic nickel and cobalt containing ores.Initially the roasting section of the plant limited production, due to high down time.The use of technology developed and adapted over a number of years has achieved significant increase in on line time and a minimization of costs.

Jan 1, 1985

By P Gy

When it comes to sampling theory, a bad sampler is a bad sampler, no matter what, and a sampler is either bad or good. It also is of critical economic importance to tell and understand the difference, especially in a metallurgical plant. In this paper, the grand principles of Sampling Theory are first recalled, then the most popular types of sample cutters for plants are critically reviewed. It is concluded that the industry has a lot of progress to make in that direction, although improvements usually pay for themselves very quickly.

Jan 1, 2002

By Spencer PA, Winborne DA

The Porgera mineral deposit in Papua-New Guinea contains gold as finely divided, probably submicroscopic (1 um) particles dispersed in a pyrite sulphide matrix. Only 25-30% of the gold in pyrite can be extracted by direct cyanide leaching and fine grinding the pyrite does not increase gold extraction significantly. This work is concerned with the application of alkaline leaching at atmospheric pressure to oxidise the pyrite prior to gold recovery by cyanidation. The paper presents and discusses results of a comprehensive set of testwork using sodium carbonate, sodium hydroxide and calcium hydroxide alkaline media. Best results, at 60-70% gold extraction, were obtained with sodium hydroxide systems.

Jan 1, 1984

By Golledge P

Access to the vast volume of exploration data available in the Geological Survey Division of the Department of Mines would be impossible without the use of modern computing methods. These data are used by geologists in the early stages of exploration activity and methods of access to those data by the mining public are discussed. A regime of the Department's current hardware and applications software usage and possible future developments to enable more efficient processing of administrative matters and the production of maps using on-line graphics are included.

Jan 1, 1983

All too often engineers and project teams focus on building æthingsÆ, and they tend to see the key goals as meeting the project cost and schedule targets. We frequently compound the problem by unknowingly rewarding engineers for building bigger, more complex, more æbullet proofÆ and hence more costly æthingsÆ. Unfortunately the end result all too often ends up being a disappointment in terms of business performance. The term æshareholder valueÆ may never have entered the discussions during the development process. This paper deals with the fundamental issues, which tend to pre-dispose new developments to success or to failure. As project management concepts are not particularly complex, it begs the question why is it that the failure rate of new developments is so high? It is argued that the answer lies more in people behaviour issues than in project management tools and processes.

Jan 1, 2002

Peraluminous metamorphic rocks may form from a variety of protoliths by a range of processes. Stratiform bodies of such rocks are relatively common in the Precambrian, but less commonly, also occur in the Phanerozoic. The protoliths of such stratiform bodies may have been regionally deposited chamosite-rich sediments, with varying amounts of clastic component, or may have resulted from the in-situ depositional or diagenetic alteration of volcaniclastic sediments, ranging in composition from rhyolite to basaltic andesite.Stratiform peraluminous metasediments, especially those of low to medium metamorphic grade, and relatively iron rich, may be genetically associated with, or be the host rocks for, a variety of styles of mineralization, especially for the ores of An, Ag, Cu, Zn and Pb.

Jan 1, 1990

Patterns of successful metallic mineral discoveries in Australia are analysed for the last three decades. A trend towards more discoveries of poorly expressed and blind ore- bodies is evident and can be expected to continue. Discoveries using traditional and conceptual geological techniques have proportionally declined but are expected to continue at a significant level for a decade or so. Improvements in the quality and numbers of geological exploration models and in the quality of available basic geoscience data have aided successful discovery in recent years. Although some orebodies for the Year 2001 have already been found maintenance of a strong mineral inventory demands that more and better geological models are applied. Empirical models need to be improved by critical multi- disciplinary integrated studies of mineral occurrence at all scales. New models can and will be developed by various means. If application of these models is made with all the innovation, initiative and unorthodoxy that can be mustered then new discoveries will result. Greater attention to the surface expression of orebodies will also lead to new discoveries. Review and follow-up of old data in the light of new concepts will provide yet another discovery route.

Jan 1, 1981

Because the Australian resource industry differs from the resource industries of other countries, direct application of manpower planning processes derived from overseas experience may be singularly inappropriate for Australian projects. Too often in Australia, project manpower planning has been undertaken as an afterthought to technical and financial analysis. A wide variety of complex and interrelated manpower considerations should be evaluated from the beginning of project planning, even at feasibility study stage, and relevant deductions should be incorporated into all other planning. Many manpower factors can be considered sequentially but it is probably necessary to undertake critical path analysis for manpower planning. The paper highlights some key factors involved in project manpower planning and suggests a simple linear planning sequence which integrates the analysis of factors and can in turn be integrated into technical and financial planning.

Jan 1, 1983

Stereological transformation relies on knowledge of the textural characteristic that governs the relationship between the one-, two- and three-dimensional liberation spectrum. Transformation functions can be built from fractionation of real mineralogical particles. Alternatively, transformation functions can be built from simulated textures, geometrical textures or artificial textures. These transformation functions can be useful when the texture of an ore has not yet been characterised for the preliminary assessment of liberation. Recently, Lin et al (1995) developed a methodology for generating such an artificial texture. The artificial texture can be used to produce broken particles of known volumetric composition. Data from image analysis on several artificially generated samples is readily available, and can be used to build the associated stereological transformation function. In this work, the methodology for calculating the transformation function from LinÆs artificial texture is presented. The new texture is implemented for stereological transformation applications.

Jan 1, 2008

By M Eichorn

Running a successful reagent plant trial is not an easy task, especially when trying to achieve an incremental improvement in a highly variable process, such as flotation. Cytec aims to achieve one per cent recovery improvement with 90 per cent statistical confidence. Most concentrators experience large fluctuations in recovery and so the æmagicalÆ one per cent is difficult to detect. With the aid of statistical software, including REFDISTR (proprietary) and ECHIPR, Cytec have developed a unique approach to differentiate between daily operational variation and actual process improvement. This paper describes how Cytec runs a plant trial based on extensive laboratory investigation and detailed analysis of historical plant data using statistical techniques.

Jan 1, 2000

The rnunber of Cenozoic volcanoes which has already been found in China surpasses 600. An ancient Chinese tourist, Xu Xiake (1587-1641 in the Ming Dynasty), mentioned in his travel notes the volcanoes and hot 'springs in Tengchong, a country of the Yunnan Province, 400 years ago. In 1927, the geologist, Yun Zhanli, expounded generally on the recent volcano distribution in China. In the '70's, China not only accomplished aerial photography and produced topographic and geological naps covering the whole country, but also obtained a new understanding of the geographic distribution and process of development of the Cenozoic volcanoes through Landsat imagery; interpretation and ground verification, together with C14 isotope dating and analysis of volcanic rocks.

Jan 1, 1987

The Filblast Cyanidation Process incorporating intense high shear mixing, high gas mass transfer efficiency and high oxygen concentrations under conditions of elevated pressure has now been been successfully applied in gold cyanidation mills since May 1993. The first commercial unit had a slurry capacity of 110 cubic metres per hour. Since then 230 and 450 cubic metre per hour units have been installed and a 1000 cubic metre per hour unit has been designed. Laboratory and pilot plant Filblasts have also been built.The reactor is a robust, compact in-line or end-of-line device and may be constructed out of a wide range of materials including wear and corrosion resistant alloys and ceramics. The Filblast Process may be applied to high temperature leaching of refractory gold ores and base metal concentrates.

Jan 1, 1997

By M N. Ingham

X-ray fluorescence (XRF) spectrometry has always been considered to be a comparative method of analysis. Reference materials are required to calibrate the analytical system. This paper describes the use of a set of æsyntheticÆ oxide standards, made from commercially available high purity compounds, to calibrate a spectrometer for 21 major and minor oxides. The spectrometer software uses simple methods of background correction, and a fundamental parameter method of matrix correction. Sample preparation is by fusion in 66 per cent lithium tetraborate, 34 per cent lithium metaborate. The use of synthetic standards, made from traceable compounds, brings XRF significantly closer to being a primary rather than a comparative method. Reference materials were used to validate the method described and examples of accuracy for major constituents are given using ores and other minerals. This method has successfully been used to analyse a wide variety of minerals and ores, as validation data shows. A titanium process example clearly shows the benefits of highest accuracy analysis.

Jan 1, 2008