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By Anna H. Connard

SUMMARY The discussion focusses on developments in the debt/equity swap market since the Marte project was negotiated in early 1988. It emphasises carrying forward the recent market trends to anticipate the breadth and scope of debt/equity conversions for mine development in the 1990s. Secondary market prices of LDC paper, conversion values and political influences in the host countries and the use of near debt and commodity-based instruments as components of mine financing in debt/equity deals will be placed in the perspective of recent trends and expectations for the future. THE MARTE PROJECT The Marte mine is a gold porphyry deposit in Chile's high Atacama, for which financing was put together at the beginning of 1988. The Marte project was financed by a combination of common equity and loans. It was unusual that the equity infusions were made under different programs. Some of the international equity was infused with fresh funds via DL 600. Other common foreign equity was provided through the conversion of Chilean bank debt under Chapter XIX. On the loan side,. export credits for the import component of machinery and equipment were sought. Local bank financing was negotiated for the remainder of ' the project's anticipated cost. The debt conversion market in Chile was at its apex in terms of interest, activity and government support when the mine financing was arranged. The price of Chilean paper in the secondary market hovered about 62 to 66 cents per U.S. dollar of face value. Meanwhile, the Chilean government was negotiating conversion redemptions significantly closer to full face value. The government differentiated between debt paper exchanged for corporate investors who had sourced that paper in the secondary market, and debt paper held by bank investors who would incur a transaction loss in the conversion. The use of a combined DL 600lChapter XIX equity financing created different yield calculation bases for the various investors. Chapter XIX prevents remittance of profits before year 5 and capital repatriation before year 11. Investors choosing this vehicle have either for a corporate policy in the target project not to declare dividends until repatriation is allowed, or they have to seek uses for the peso liquidity that would be generated through dividend declarations in the early years. However, DL 600 investors face no such waiting period on dividends, nor do they have restrictions imposed on cashing out of the investment before the 11th year. Therefore, any equity structure with components of both investment mechanisms will have inherent differences in cost basis and future income flows for the various participants. This equity imbalance is defensible if the investment motivations of the parties are analyzed: a mining investor using fresh funds looks for a hurdle return on equity calculated at conservative commodity prices, with as much flexibility to reap upside benefits as possible; a mining investor choosing to invest through a debt conversion mechanism will realize a modest short term gain on the conversion, reducing his effective cost basis, but sacrificing some return because of the waiting period on repatriation of dividends. INVESTMENT OBJECTIVES A bank investor exchanging his own paper for an equity participation in a mining project realizes a conversion loss on the transaction. He seeks a risk adjusted acceptable hurdle rate of return to recoup that loss over time. Motivation for the bank investor to take that loss may be derived partly from a strategy to diversify its existing portfolio by internal policy and externally regulated guidelines. The bank will compare yields on its loan portfolio to that country with anticipated dividend flows discounted back at a risk adjusted rate. It will analyze the project with return objectives of yield enhancement over time and with

Jan 1, 1990

By Luis W. Pommier

Large quantities of sea sludge containing halogenated organic compounds, such as PCB, oils and metals like arsenic and lead have accumulated throughout the years at the bottom of sea channels and harbors and are obstructing navigation and creating environmental problems which need to be resolved. A sludge from a California port would be dredged by suction pumps, it would be processed in a plant which would be built either on firm soil or on floating platforms. The sludge shows contents of up to 1 ppm of PCB, 15 % oil and 10 ppm of arsenic, which generates a very fetid odor. Bench scale work indicates that most of the contamination concentrates on the solid phase, in fact, only minor amounts of oil report to the sea water and can be readily removed by physical means. After separation of the sea water from the solids of the sludge by decantation, it is possible to solubilize the PCB, the oil and the metals into an organic solvent leaving a non-hazardous soil for disposal near the harbor. The PCB is dehalogenated during the solubilization process leaving a liquor solution containing the oil and metals. The oil is extracted leaving an aqueous solution containing the arsenic. Further process extracts the arsenic from this solution rendering the liquid non-hazardous. Transportation and disposal of the sludge is impractical. There are hundreds of thousands of tons of hazardous soils accumulated in each harbor, which would fill the hazardous waste disposal sites available and it would be, prohibitively expensive to do so. It is not possible to compare the costs of decontamination with a competitive method. If it were, the proposed process would be less expensive than transportation and disposal and it has the advantage of removing the liabilities from the Responsible party. After a full scale continuous pilot project is run to decontaminate a small, 500 cubic yards accumulation of this type of sludge in a California harbor, a full scale environmental project would be initiated. The decontamination of one million tons of sludge would be completed in five years.

Jan 1, 1995

By Norman A. M Macleod

FOR the past seven years, all flotation at the Britannia mill has been done in Forrester Air-Lift cells. Prior to 1931, the roughing and part of the cleaning operation had been performed in four 21-cell and two 14-cell M.S. machines. The resulting economies in reagent, power, maintenance, and general operating costs, and the increased recovery, more than justified the exclusive use of the Forrester machine. About three years ago, the possibility of still further improving the efficiency of the flotation section was the subject of considerable discussion and experiment. Arising from these experiments, tests were made of the practicability of using a cell of greater depth than that of any pneumatic or mechanically-agitated machine in common use. Cells were constructed with depths of 7 .5 feet, 10 feet, and 15 feet, and, in all cases, a very definite improvement in operation was indicated. The cell now being used in the mill treats from 5,500 to 6,200 tons of dry feed per day. It is 100 ft. long by 5 ft. wide by 8 ft. deep, and has replaced a total length of over 500 feet of standard Forrester machine. The choice of a depth of 8 feet was governed by the type of blower which was available-in this case, a Roots-Connersville blower, driven by a synchronous motor and delivering 6,000 c.f.m. of free air at 4.0 pounds per square inch. At the Chelan Division of the Howe Sound Company, where a new mill was recently built, all flotation is carried on in cells 10 feet deep, with good results.

Jan 1, 1938

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Jan 1, 1986

By Donald A. Bruce

"The Deep Mixing Methods (DMM), in their current forms, have been employed in the United States since 1986, although an earlier version had seen service from 1954. The earlier developments were strongly influenced by practices in the Nordic countries and Japan, while by the late 1980’s several DMM systems had been developed in the U.S. itself. Since then, DMM has continued its evolution, principally via the challenges of a series of large, landmark projects, but also via distinct, significant technological advances. This paper highlights the key points in the history of DMM in the U.S., and provides an overview of the different methods currently in use.IN THE BEGINNINGIt is a common misconception that the history of applications of the Deep Mixing Methods (DMM) in the United States dates from 1986 when SMW Seiko Inc. — a subsidiary of Japan’s Seiko Kogyo Company — was established in the Bay Area. However, the author believes that Intrusion Prepakt Co.’s patented MIP (Mixed in Place) system had been used, albeit sporadically (about 30 projects are recorded), since 1954 (FHWA 2000, 2001). Ironically, by 1961 this single auger method had been extensively used under license in Japan for excavation support and groundwater control — by the Seiko Kogyo Company. By 1972, the original MIP technique had been succeeded by more advanced Japanese methods, involving multiple augers. Intrusion Prepakt have long since become defunct.The first systematic studies of contemporary Deep Mixing Methods in Japan began in 1967 when the Port and Harbor Research Institute of the Ministry of Transportation began laboratory testing using granular and powdered lime for treating soft marine soils. Fundamental studies continued through the early 1970’s, by which time the development of industrial scale equipment was well advanced, having its first application on a marine trial near Haneda Airport. Coincidentally, laboratory and field research also began in 1967 in Sweden (“Swedish Lime Column Method”) for treating soft clays using unslaked lime. Reportedly the progenitor was a Norwegian, Kjeld Paus, who had made observations on fluid lime columns in the U.S. It would seem that developments in Japan and the Nordic countries proceeded independently until 1975 when the technology leaders from each group (Broms and Boman; and Okumura and Terashi, respectively) presented their — very similar — findings at a conference in Bangalore, India. Limited technical exchanges ensued thereafter.Whereas the Nordic developments continued to focus on the use of dry reagents (cement and lime) and relatively light equipment compatible with operating on and in very soft clays and organics, the Japanese progressed into the use of fluid reagents (cement-based grouts) and heavier equipment for both marine and land-based projects. Thus, by 1986, there were a large number of proprietary (wet and dry) DMM systems in Japan, and a rapidly growing market already by then accounting for over 12,000,000 m3 of ground treatment."

Jan 1, 2015

By W. Sondermann

"AbstractWith the increasing demand in reuse of inner city areas and the urgent need for deeper foundation pits under cramped circumstances, adjacent structures close to and high ground water level, the well-known established technologies especially with small to mid-sized dimensions are often too time consuming and occasionally not economic to install lateral support systems. The alternatives for these specific cases could be the usage of the deep mixing technology to create lateral support systems in reinforcing the deep mixing elements additionally to transfer the horizontal loads from earth – and water-pressure.With increasing demand in depth and water tightness, verticality and overlapping of single column solutions are becoming the key in execution. In addition, for some applications subsoil-conditions were not ideal for wet deep mixing technologies. The tubular soil mixing system (TSM) as a combination of mechanical mixing and support of hydraulic cutting by jet grouting can provide solutions toovercome these challenges.1. Current market conditions and trendsThe present financial crisis and the efforts not only to consolidate national budgets, but also to rescue certain banks, have not left the building industry unaffected either. Some drastic cutbacks to public budgets, along with the increasingly restrictive granting of credit for the financing of construction projects, have led to enormous over-capacities in the building sector, with purely negative impact. As a consequence of these negative developments, many companies are experiencing the pressure to restructure more quickly and to reduce costs but at the same time to keep the consequences of all activities, both externally and internally, within limits acceptable to employees, owners and finance institutions and last but not least consumers."

Jan 1, 2014

By E. S. Moore

DEEP oxidation and-secondary enrichment of ore deposits, although so important in many parts of the world, are comparatively rare in the Canadian shield. Intensive glaciation during the Pleistocene epoch accounts for their rarity. Glaciation has cost Canada much in the destruction of not only enriched ore deposits, but placers that must have been developed near our numerous gold deposits during the long period of weathering that pre-ceded the Pleistocene. There seems to be a very common misconception regarding the average depth of rock that has been removed from the shield by glaciers. These bodies of ice are usually given credit for the removal of the greater portion of the thousands of feet of rock that we know has been eroded from this large area since Precambrian time. As a matter of fact, the average thickness of solid rock removed can be measured in tens rather than even hundreds of feet, although very deep erosion has resulted in some sections where the glacial ice has been constricted in depressions, such as deep valleys and lake basins. On the other hand, there are few areas within the shield where the glaciers have not disturbed practically all of the mantle rock and some feet of the underlying bed-rock. The chances of finding deeply oxidized cappings and enriched ore deposits are therefore comparatively few and these have been found chiefly where favourable structural and topographic conditions for their formation and preservation have existed. Faulting has been responsible for several of these deposits, and easily decomposed rocks, such as. sulphides and carbonates, have been very important factors. Topographic features, such as high and resistant hills, favourably situated with respect to the ore deposits have, in a few cases, played a part in providing protection from glacial erosion and in furnishing head for the descent of surface waters. At least four cases of oxidation to depths quite abnormal in the Canadian shield have so far been found in Ontario. These are the Helen and Josephine iron mines in the Michipicoten district, the Keeley silver mine in South Lor-rain, and the Ross gold mine in Hislop township, Cochrane district. A deeply oxidized zinc deposit of unusual interest occurs in the Precambrian rocks in New York State, not far from the Canadian border, and there arc the well-known iron deposits in the Lake Superior region of the United States.

Jan 1, 1938

By T. G. Hayes

Economic and environmental regulations in the coal industry have required companies to evaluate their current blasting method of loosening in-situ coal. This paper will review ripping vs. blasting thick in-situ coal seams, handling frozen active coal stockpiles and proper stockpile conditioning and reclaiming. How basic operating technique can improve job efficiency, productivity and cost per ton.

Jan 1, 1995

By Bennett McLaughlin

AGNICO-EAGLE started sinking the Penna Shaft in 1995 with a hoisting plant capable of hoisting 1,800 tonnes per day from a 2,240 metre deep shaft. Exploration success lead to the installation of a hoisting plant capable of extracting 4,500 tonnes of ore and 1,800 tonnes of waste per day from a depth of 2,210 metres. The introduction of a new rope selection factor, permitting a safety factor of 4.0, represented the breakthrough required for a cost-effective project. This paper describes the process taken to introduce the new rope selection factor and its impact on the original plant.

May 1, 2001

MR. L. C. BALL, chief government geologist, Queensland, wrote: This paper is intended as a severely mechanical exposition of the means adopted to deal with tremendous inflows of water concurrently with development and exploitation; but incidentally it serves as a splendid exposition of close co-operation maintained between the geological and engineering branches of this large organization.I have been impressed by the completeness of the mine plans of 'Mount Isa Mines Ltd.; but only such a paper as this has brought fully to my understanding the difficulty and complexity of the solid geometry involved in the detection and plotting of the orebodies and their stratigraphic control, including faults and large-scale brecciations, and the managerial foresight that set going the initial investigations.The company's geological branch of course must be given full credit for the results attained, but it gives me pleasure that the Geological Survey of Queensland has been closely associated in much of the study.It is noted that complete drainage was affected, but it would be interesting to learn whether the brecciated zone will again become waterlogged and whether from above or from below, and whether there has been any change in the dissolved mineral content of the water as the work progressed.

Jan 1, 1939

By Don Ibana

Supported by the Minerals Council of Australia (MCA) through the Minerals Tertiary Education Council (MTEC), three Australian universities–Curtin University, Murdoch University and the University of Queensland–have formed the Metallurgical Education Partnership (MEP) to jointly develop and deliver an engineering design capstone unit–Metallurgical Process and Plant Design–in their respective undergraduate programs in extractive metallurgy, in order to enhance the students’ educational experience. A unique feature of the program is the close interaction of the students in all three universities and a significant involvement of industry professionals. Now in its sixth year, it is clear that this unit is achieving its objectives

Jan 1, 2014

By Marietta Canty

A paper is presented in which an innovative biological process is described for the treatment of cyanide-, metals-, and nitrate-contaminated mine process water. The technology was tested for its ability to detoxify cyanide and nitrate and immobilize metals in wastewater from agitation cyanide leaching. A pilot-scale demonstration is described in which a pilot plant was constructed to demonstrate the technology on a mine process waste stream at a mine in Nevada. The demonstration was performed Jointly under the Mine Waste Technology Program (MWTP), which is funded by the U.S. Environmental Protection Agency (EPA) and is jointly administered by the U.S. Department of Energy's (DOE) Western Environmental Technology Office (WETO) and the Superfund Innovative Technology Evaluation (SITE) Demonstration Program under Interagency Agreement Number DW89938513-0 I-0. MSE Technology Applications, Inc. (MSE) located in Butte. Montana, was the contractor responsible for conducting the project, and Pintail Systems, Inc., of Aurora. Colorado, was the technology provider. The pilot-scale unit was field-tested at the Echo Bay McCoy/Cove Mine southwest of Battle Mountain, Nevada. The biotreatment process was considered to be successful in destroying cyanide in the mine process water. The process was also determined to be effective in removing metals. The pH was consistently neutralized, and nitrates were successfully removed from the mine process water. As a result of conducting these pilot-scale tests, the biotreatment process was concluded to be an innovative, cost-effective alternative for the treatment of mining wastewaters.

Jan 1, 1998

By Etienne S. Bieler

Mr. Chairman, Ladies and Gentlemen, I come to you tonight distinctly as a physicist, not as a geologist or a mining man. My experience in applied geophysics has been short, and I do not doubt that many of you have a much larger acquaintance: with the subject than I have. A little over a year ago, the firm of Alderson, MacKay & Armstrong decided to investigate the possibility of developing a new method of electrical prospecting suitable to our northern Quebec and northern Ontario conditions, and asked me to take up the work. A preliminary survey of existing literature convinced me that the field of induction methods was most promising. I wish to give you some account of the work carried on last summer in the Rouyn district in this connection with the very able assistance of Mr. H. G. I. Watson. Geophysical methods of prospecting can be divided generally into four classes: magnetic, electrical, gravitational, and seismic. Each class depends on the existence of a definite property in which the valuable mineral to be discovered differs materially from the surrounding rocks. In the four classes, the property will be, respectively, magnetic permeability, electrical conductivity, density, and elasticity. By far the largest differences occur in the case of electrical conductivity, where it is not rare to find ratios of the order of several millions, or even billions, between ores, sulphide ores especially, and the surrounding rock. Hence the sensitiveness and delicacy of electrical methods. Of these four classes, only two, the electrical and the magnetic methods, have been put to extensive practical use in the discovery of metallic ores. The other two classes are important mainly in connection with oil detection.

Jan 1, 1928

By Steve T. Laflin

Since the beginning of the nuclear era, there has never been a commercial solution for the large quantities of depleted uranium hexafluoride generated from uranium enrichment. In the United States alone, there is already in excess of 1.6 billion pounds of DUF6 currently stored. INIS is constructing a commercial uranium processing and fluorine extraction facility. The INIS facility will convert depleted uranium hexafluoride and use it as feed material for the patented Fluorine Extraction Process to produce high purity fluoride gases and anhydrous hydrofluoric acid. The project will provide an environmentally friendly and commercially viable solution for DUF6 tails management.

Aug 1, 2010

By J. A. Kinnaird, B. J. Youlton, K. L. Youlton

Methods for treating and processing refractory gold ores are well established. However, what is less well understood is how the formation of the gold-bearing deposits affects gold processing and extraction. In order to evaluate the effect of ore genesis on gold extraction a number of South African gold deposits were studied. These included complex Pilgrim’s Rest samples as well as refractory Fairview, Barbrook, and Consolidated Murchison samples. We found the refractory nature of gold ores is controlled by a limited number of well-understood mineralogical factors. Solid solution gold is linked to low temperature and pressure conditions in fine-grained sedimentary lithologies, while reactive pyrrhotite can form from hydrothermal fluids associated with mafic magmatic rocks. These formational controls can be used to identify and avoid complex deposits at a desktop study phase, or address and reduce complications further along the pipeline using early mineralogical studies.

Jun 1, 2021

By Philip Henry

THERE is a difference of opinion among engineers on the subject of depreciation in general, and still more on its application to any given case. The committee which was appointed by the American Society of Civil Engineers to make a report on Valuation of Public Utilities, states "There is no subject connected with valuation about which there are more diverse views than those relating to depreciation;" and in the discussion which took place upon the presentation of the preliminary report of this committee in January, 1914, that part of the report dealing with depreciation called forth more discussion than any other. From this discussion it was evident that the word " depreciation" was not always used in the same sense, so it is quite important that some definition be adopted. As this paper relates to the proper method of treating depreciation by corporations or individuals operating oil properties, both of which must make a return of annual net income to the government in connection with the income tax, it will be in order to adopt the definition of the Internal Revenue Bureau. Under date of Mar. 29, 1910, the Commissioner of Internal Revenue of the Treasury Department stated "Deduction on account of depreciation of property must be based on lifetime of property, its cost, value and use." Again, on Form 1035, "Return of Annual Net Income" for miscellaneous corporations (Section 2, Act of Congress approved Oct. 3, 1913), a deduction from gross income is allowed for "Total amount of depreciation for the year." This item is defined more particularly as follows: "The amount claimed under Item No. 5 (b) for depreciation should be such an amount as measures the loss which the corporation actually sustains during the year in the value of buildings, machinery, and such other property as is subject to depreciation on account of wear and tear, exhaustion, or obsolescence. The amount taken credit for on this account in order to be allowable should be so entered on the books as to constitute a liability against the assets of the corporation. The amount claimed under this item should not cover losses in the value of stocks and bonds. Decrease in the book value of securities owned, so far as such decrease represents a decline in the actual value of such securities, should be deducted under item 5 (a) of the return.

Jan 1, 1915