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By James Mackie

The Vancouver Stock Exchange (VSE) has been providing venture capital for start-up companies since 1907. Ninety years' experience in the junior mining industry has enabled the VSE to develop policies and procedures tailored to the unique needs of start-up companies. Policies and procedures applicable to listed companies are documented in the Corporate Finance Services Department "Policy and Procedures Manual." Approximately 50% of the companies listed on the VSE are in the mineral exploration and development business. The largest number are exploring base metal, precious metal or diamond properties. A recent count shows that about 20 companies are exploring industrial mineral or non-metallic deposits. The minerals sought by these companies include limestone, decorative stone, building stone, lava rock, wollastonite, zeolite, garnet and graphite. There are two basic routes to obtaining VSE financing for an industrial mineral property. The owner can either sell an interest in the property to a listed company or form a company and have it listed on the VSE. In each instance, the listed company is responsible for raising funds to develop the property. A typical financing consists of the sale of company securities byway ofeitherprivate placement or prospectus offering.

Jan 1, 2001

By P. Klaus

"KfW IPEX-Bank is the commercial arm of KfW Bankengruppe, responsible for international project and export finance.KfW was one of the first banks in Germany to promulgate environmental guidelines for its commercial business activities. These guidelines were first made public in 2000 and updated for the second time in 2004. They now include specific reference not only to environmental but also to social concerns. The guidelines specify the procedures to be followed in assessing credit risks related to environmental or social hazards.The bank considers sustainability as an interdependent framework of economic, ecological and social factors. In its efforts to contribute to sustainable development worldwide the bank uses its influence as far as possible to improve a project’s performance if such improvement is deemed necessary."

Jan 1, 2005

By Tomek Ulatowski

This article discusses four principal areas relevant to financing direct reduction facilities: (1) Lenders' differing requirements with respect to projected cash flows; (2) The impact of leveraging on project viability; (3) The importance of appropriate debt structure; (4) The significance of accurate and complete capital cost estimates. The overall findings emphasize the inseparable connection between the project economics and its financeability, and particularly how direcly intertwined they both are in the project planning.

Jan 1, 1978

By Christian F. Baiz

INTRODUCTION Industrial minerals can have similar financing requirements to those needs of metaliferrous and coal mining projects. One of the outstanding differences is the understanding of the many different markets that these industrial minerals represent. There are in excess of 30 principal industrial minerals ranging in terms of annual production from the largest quantity such as sand and gravel, to possibly the smallest quantity of production of a legitimate industrial mineral which may be defined as industrial and rough gem diamond. (See Tables 1 and 2) Project finance techniques, analytical methods, and information requirements are covered elsewhere in this Chapter and Chapter 10. Some comments on equity finance aspects follow. EQUITY AMOUNT The amount of equity in a financing transaction provides a cushion to the lender in case the project runs into trouble. Generally speaking, the greater the amount of risk in a project, the more equity a lender will require. The amount of cash equity in a project financing transaction is between 25 and 40 percent. The amount of leverage (debt/equity) is negotiable based on such factors as the strength and extent of the sponsor's undertakings, of the project's economics, and the term of a strong sales contract. Naturally, a borrower seeks to obtain d loan with as little equity required as can be negotiated. Zero percent equity is usually associated with a take-or-pay contract (a hell-or-high- water unconditional commitment under which the purchaser must pay for the commodity as though it were shipped regardless of whether it is actually mined or shipped) with a financially strong corporate entity i.e., the parent company or an end user. As a take-or-pay contract is tantamount to a guarantee of payment, the banker views the credit basis of the loan as being other than the borrower's mining operation and therefore will analyze the creditworthiness of the institution purchasing the commodity on the basis of its corporate balance sheet. Do not confuse a take-or-pay contract with a take-if- tendered or take-and-pay contract. Another means in the United States of obtaining zero percent equity is the carved out production payment financing, typical of coal mine financing. This involves the sale, or conveyance, by the owner of the mineral property of a production payment to a nominally capitalized company. The nominally capitalized company is formed solely to buy the production payment and usually borrows 100 percent of the purchase price from a lender. Equity amounts of 10 to 20 percent generally are found in transactions which employ techniques such as an advance sale or a subordinated lease/loan. These agreements are viewed as quasi equity by most banks for several reasons. First, the proceeds represent a cash infusion early in the project's life - usually prior to the bank lending any funds. Thus, the repayment schedule is "behind" that of the bank debt. In the case of an advance sale, repayment is in the form of a long-term supply contract with favorable terms, usually priced close to the mining operation's costs. There is also usually a requirement that all costs of the project be paid for by the loan or equity, often making the sponsors financially responsible for any cost overruns. Cost overruns are a major risk in any project, large or small, and are often due to unforeseen factors such as wildcat strikes, a piece of faulty equipment, or any event which delays completion, e.g., remote location, weather, etc.. . The question of how overruns are covered can be negotiated. For example, in addition to the original debt/equity ratio of the project, there can also be a cost overrun ratio that will

Jan 1, 1985

By Barrie A. Wigmore

There are two aspects of financing western coal development -- whether there is going to be enough money to finance the prospective large development of the industry, and the specific techniques of raising money for that development. To take the first question of whether there is going to be enough money around to finance your industry, I think it is quite clear that the restrictions on the development of western coal are going to be non- financial. Environmental impact problems are creating the greatest delay in coal mine development, at the moment; but getting enough personnel, mining equipment, railroad equipment, and failure of the Department of Interior to act on leasing federal coal lands all appear likely to create significant bottle- necks in the development of western coal -- larger bottlenecks than financing. Financing appears straightforward for the industry. There are many projections of the financing required to meet Project Independence goals. The National Academy of Engineers estimated that development of 500 million tons per annum of western coal would be necessary by 1985 to meet the Project Independence goals which might require $20 billion of capital spending. It is generally agreed that 500 million tons a year is not a realistic possibility. Carl Bagge?s estimate of production of 250 million tons a year by 1983 appears a more reasonable projection. Development

Jan 1, 1976

By The Staff

THE object of the work was to increase the capacity of the plant and, if possible, to reduce costs of the actual unit grinding while doing so. The accompanying assays of an infra-sizer analysis of the cyanide tail (Table l) illustrate the problem in hand. The cyanide tail is a combination of two products, gangue and FeS2. The assay alters by virtue of a change in gold value due to grinding and the relative quantity of FeS2 in the sizes, which itself varies with the grind. The disposal tail is the residue after the cyanide tail is scavenged by flotation, most of the pyrite being removed for roasting. It presents a somewhat different problem, since grinding gangue is all gain, but -10 micron FeS2 does not float nearly as well as + 10 product. This results in compromise in the final size to be aimed at. Extra grinding has hardly any appreciable effect on the gold extraction from the FeS2. (See Milling Investigations Into the Ore as Occurring at the Lake Shore Mine; Trans. C.l.M.M., Vol. XXXIX, 1936).

Jan 1, 1940

By J. Eloranta

"Previous work indicated that the annual per-capita consumption of raw aggregate material averages about 10 tons; half of which is produced by blasting. Given a population of approximately 320 million in the United States alone, this amounts to 1.6 billion tons of blasted material annually. It was also estimated that up to 20% of the blasted material in aggregate operations is smaller than 6.35 mm (1/4inch) in size. Thus, about 320 million tons (i.e. 1 ton per capita) of byproduct is produced annually and sold at significantly lower prices or potentially discarded in waste dumps."

Jan 1, 2017

By Shibu John

Rising energy demand and steadily decreasing quality of raw materials due to the global resource depletion are great challenges to the steel production today. The FINEX® Process has been developed jointly by POSCO, Korea and PRIMETALS Technologies Austria, to provide the iron making sector with the capability to lower hot metal production costs, environmental pollutions and to increase the flexibility in terms of operation and the choice of raw materials. FINEX® is a new technology combining a gas-based reduction in a series of fluidized bed reactors and a reduction smelting in a melter gasifier. Commenced in April 2007, the first 1.5Mtpa commercial plant has demonstrated the competiveness as an alternative iron making route. Another 2.0 Mtpa, third generation FINEX® (3G) plant was recently installed at POSCO, Pohang Works and has been operating satisfactorily since its blow-in in January 2014. Based on the well-proven plant concept, new process features, the highly competitive production costs and environmental advantages, the FINEX® Process can be considered as a competitive alternative to the conventional blast furnace iron making route.

Aug 17, 2017

The first metal-mine accident-prevention course was prepared and published in 1942-45 as a series of seven miners' Circular (Nos. 51-57). The scope of the course has been broadened, revised, and brought up to date and is being published as a similar series of seven miners' circular pros. 51-57, revised) on accident prevention in metal and nonmetallic mines. These circulars are: Accident Statistics (Miners' Circular 51), dealing with general statistics on accidents and injuries at metal and nonmetallic mines, including causes, costs, and the uses of investigations and reports of all accidents.

Jan 1, 1957

By Keith L. Harris

Surprisingly, real gross national product (GNP) surged at a seasonally adjusted annual rate of 4.3% for the first quarter of 1987 according to preliminary estimates made by the Department of Commerce, the highest rate in 3 yr and significantly above the revised fourth quarter 1986 rate of 1.1% (table 1). The spurt, however, was caused by an unusual $59.5 billion rise in inventories, mostly cars and trucks, and there was little support from other sectors of the economy. Motor vehicle inventories rose as consumers continued to tighten their purse strings--consumer spending declined 0.4% for the second quarter in a row. Nonresidential and residential fixed investment and government purchases of goods and services were also down from the previous quarter. The increasing cost of energy was the major factor in the jump to 3.696 in the rate of inflation, as measured by the fixed-weighted price index for GNP, and rising inflation also helped put a damper on consumer spending. The underlying good news was that the trade deficit shrank for the second quarter in a row as imports declined at an annual rate of 11.1%. Also, profits in the manufacturing sector rose strongly in the fourth quarter, and for the first time in 9 quarters, the primary metal industries became profitable (table 1). If one discounts the anomalous inventory growth, the bottom line is that the economy continues to grow at close to the expected 2.5% level experienced over the past 2 yr. Of concern over the next several quarters, though, is the impact of the large over- hang of motor vehicles inventories on the economy. EMPLOYMENT The civilian unemployment rate declined to 6.636 in March after remaining at 6.7% for the previous 3 months. Employment continued to expand in February and March, although growth was significantly slower in March than in previous months. The manufacturing sector, however, lost 24,000 jobs in March after gaining 46,000 in February. Three-quarters of that gain came when striking workers at USX Corp. and Deere & CO. returned to their jobs. Employment in the manufacturing sectors of direct interest to the mineral industries has generally been increasing for at least the last quarter, while worker hours for these sectors have been on the upswing since April 1986 (figures 1 and 2).

Jan 1, 1987

Real gross national product increased at a larger-than- expected annual rate of 8.3 percent in the first quarter of 1984, with both consumption and investment spending increasing significantly in real terms (table 1). Residential and nonresidential fixed investment increased at annual rates of 25.7 and 14.6 percent during the first quarter of 1984, and investment in nonresidential structures, which declined in 1983, also increased during the first quarter of 1984, nearly attaining its 1982 level. The annual level of personal savings increased $27.7 billion, while the personal savings rate (the ratio of personal savings to disposable income) increased to 5.8 percent during the first quarter. The increase in the personal savings rate comes as welcome news to analysts concerned over the flow of loanable funds to the private sector and the impact on interest rates in 1984 of increased private and Government demands. U.S. Minerals Industry Performance A major upswing in the performance of the metal mining sector occurred during the first quarter of 1984, with production increasing almost 11.2 percent from January to March, The recovery of the metal sector is also reflected in the performance of primary metal industry profits, which were positive during fourth quarter 1983 following seven consecutive quarterly losses (table 1). Two thousand nine hundred more metal mining production workers were employed in February 1984 than in February 1983.

Jan 1, 1984

The National Mining Hall of Fame and Museum (NMHF&M) will induct the 2013 National Mining Hall of Fame class on Sept. 14, 2013. The ceremony will take place at the Brown Palace Hotel in Denver, CO. Representing the domestic and worldwide metal production, education, and health and safety sectors of the industry, this year?s five inductees cover a diverse cross-section of the mining industry. The inductees are: Charles F. Barber, Donald W. Gentry, Patrick H. O?Neill, Milton H. Ward and David A. Zegeer. They will join 218 other mining industry pioneers when they are formally inducted into the National Mining Hall of Fame at the 26th Annual Induction Banquet and Ceremony. They were selected for being visionaries, leaders and ambassadors, both within their own sectors and across the industry at large. Barber was a top executive at leading U.S. metals producer Asarco from 1956 to 1982. During his tenure, Asarco responded successfully to the demanding requirements of new environmental legislation in the United States and to changing concepts of foreign investment in mining, especially in Latin America. Gentry?s career took him from being a working mining engineer, to renowned mining educator, to president and chief executive officer of a mining company. As an educator, he had a positive impact upon hundreds, if not thousands, of new mining engineers and many others who took his short courses in mine economics. During his years in South America, O?Neill did everything from supervising operations of 15-bucket ladder gold dredges to becoming president of International Mining Corp. As an executive, he emphasized provision of education and training to local people working at mine sites for which he had responsibility. Ward?s experience covered the world and spectrum of metals, minerals and ores, ranging from A to Z (antimony to zinc and Australia to Zambia). He was president, chairman and chief executive officer of Cyprus Amax Minerals from 1992 to 1999, and he was president and chief operating officer of Freeport-McMoRan from 1983 to 1992, during which time he was instrumental in developing Freeport?s world-class Indonesian operations. Zegeer dedicated his mining career to protecting the health and safety of miners as a corporate executive, head of the U.S. Mine Safety and Health Administration (MSHA) and community leader. His tenure at MSHA coincided with a period of remarkable progress in U.S. mining safety .NMHF&M Board of Directors Chairman Paul C. Jones said: ?The five outstanding gentlemen being honored this year as inductees into the National Mining Hall of Fame are classic examples of the leadership and work ethic that has made America?s mining industry the world leader in technically sound, environmentally and socially correct, and economical mineral production that sets the standards for mining worldwide. We are very proud to add these five legendary gentlemen, who have demonstrated their sound technical and management skills to advance society on a worldwide basis, to our current list of 218 inductees being honored by the National Mining Hall of Fame.? 2013 Prazen Award winner ? The Nevada Mining Association is the recipient of the 2013 Prazen Living Legend of Mining Award

Aug 1, 2013

By AIME AIME

PRIZES totaling $450 were awarded at the Annual Meeting luncheon on Monday, Feb. 9, to the winners of the third national student prize paper contest. The undergraduate prizewinners, each of whom received a check for $100, were as follows: Mayo W. Lanning, Lafayette College, for his paper entitled ?Some Aspects of the Mining Methods Employed at the Scrub Oak Mines of the Alan Wood Steel Company,? (entered by the Lehigh Valley Section). Charles F. Parent, Montana School of Mines, for his paper entitled ?Relationships of Manganese Minerals in the Butte District,? (entered by the Montana Section). Harry Czyzewski, University of Illinois, for his paper entitled ?A Metallurgical Study of Cast Irons Used for Glass Molds,? (entered by the Chicago Section).

Jan 1, 1942

Although mining, particularly of gold and coal, played a significant role in the development of New Zealand, from the time of the spectacular gold rushes of the 1860s its economic importance to the country as a whole has decreased substantially since that time. Gold, coal and non-metallic agricultural and industrial minerals have been found in economically significant quantities, however, the search for base metals has not been successful.

Jan 1, 1982

By B Kilgariff

Flotation has been in use at Broken Hill for nearly 100 years, and the process has gone through many different optimisation studies over that time. This paper reviews the current flotation practice at the Perilya Broken Hill Mine, and details one of the recent optimisation studies conducted using mathematical modelling and simulation tools. The optimisation study consisted of surveys of the lead and zinc circuits, mapping of the floatability components of the ore and developing models of the lead and zinc circuits. The models were then used to conduct simulations to simplify the circuit. The study allowed plant personnel to identify optimum operating conditions for their current flotation cells, as well as possible improvements in circuit configuration and cell capacity.

Jan 1, 2005

By S A. Ravishankar, W Perez

Flotation is one of the main concentration processes to purify kaolin clay via the removal of naturally occurring impurity minerals containing Ti and Fe. Currently, there are two types of collector chemistries used in the industry to float coloured impurity minerals. These are traditional tall oil fatty acids (TOFA) and specialty hydroxamate (AHX) based collectors. AHX based collectors have long been known to be the most selective collectors to float Ti and Fe based coloured impurity minerals (CIMs) as compared to TOFA based systems. AHX based collectors provide, not only improved selectivity and simplified process, but also more importantly, make it possible to treat certain kaolin resources that do not respond to standard TOFA systems. However, the relatively higher cost of straight AHX collectors has restricted broader application of these collectors in kaolin clay and other oxide flotation applications for a long time. Recent technological advancements, in both making and formulating AHX products more economically, increased the usage of these collectors in kaolin applications. Modified AHX products offer more economical alternatives and process options to provide high purity kaolin clay products for specialty applications based on cost-performance criteria. In this paper, the flotation performance of a series of newly developed AHX formulations is provided along with the characteristics of AHX flotation in general. In addition, flotation performance of earlier AHX collectors is provided based on published literature as background data.

Jan 1, 2005

By Joerg Hammerschmidt, Marcus Runkel, Andreas Wirtz, Kent Pope

"Fluidized bed reactor systems in the minerals industry have been progressively developed and widely implemented over a period of more than sixty years for a multitude of process applications. Their versatility is manifested in calcining, roasting and combustion treatment of minerals including solid fuels. Experiences from metallurgical processes have expanded to new applications in the oil shale processing, biomass combustion and renewable energy sector. This paper focuses on the most important aspects of fluidized bed technology for a variety of Outotec processes. Energy recovery is a major topic for all applications and will be addressed, as well as environmental aspects, particularly regarding the off-gas treatment. Outotec is one of the pioneers of roasting and the fluidized bed process including gas cleaning and sulphuric acid production where applicable. Process development is strongly supported by significant investment in R&D, thus enabling process adaptation and scale-up to meet specific customer/market requirements.Introduction to Fluidized Bed TechnologyThe early days of fluidized bed technology were characterized by the use of bubbling fluidized bed reactors (BFB). This technology was popular for roasting zinc and copper ores. The introduction of circulating fluidized bed technology led to increased plant capacities and improved process control for the traditional processes. Furthermore, the technology has been applied in many other industries, including the renewable energy industry, which will be part of this design and process comparison. The paper starts out with the fundamentals on particle fluidization as the main common design parameter, leading to the importance of heat recovery and offgas treatment.In fluidized reactor systems, the particle concentrations can reach several hundred kilograms per cubic meter of fluidization gas. This high solid concentration leads to large surface areas and enables direct contact of gas molecules with particle surface molecules. Excellent conditions for enhanced heat and mass transfer thus provide nearly ""ideal"" heat exchange conditions and better reaction kinetics. The bubbling bed exhibits a better heat transfer coefficient within the bed in comparison to the circulating fluidized bed (CFB). The different conditions of gas velocities and solid concentrations allowing the classification of fluidization reaction regimes are shown in the Reh diagram in Figure 1."

Jan 1, 2014

By Gill Montgomery

The problems of the domestic merchant fluorspar producers are more or less common with those of many other producers of metallic and non-metallic minerals. For more than ten years the American fluorspar producers have seen an ever lowering price in the market-place for the fluorspar product, while their labor and material costs-continue to mount steadily. This cost-price squeeze has forced out of business all but a few of the merchant producers, and only two captive producers continue to operate, and one of them has announced early curtailment. The prices of domestic fluorspar, of all grades, have declined because of the competition from cheaper foreign imports, principally from Mexico, Spain and Italy. Tariff protection on fluorspar, particularly on the highest or acid grade, has never been sufficient to cover the production cost differential between foreign and domestic fluorspars. Low ocean and barge freight rates have also contributed to the barring of the product of domestic mines from, the major consuming centers along the Gulf and East Coast. Because of the freight disadvantage, all but one or two fluorspar producers in the western states have had to suspend business. More than 80% of the domestic fluorspar is being produced in Illinois and Kentucky fluorspar districts which adjoin on both sides of the Ohio River.

Jan 1, 1964

1. COAL PRODUCTION: Under Section 402 of Public Law 95-87 (SMCRA), coal operators are required to pay a fee when coal is sold, used, or transferred. These fees are deposited in the U.S. treasury as the Abandoned Mine Land Fund. Information about the type of coal (bituminous, lignite, or underground) and tonnage are tabulated on Form OSM-1 and submitted with the fee, which is paid quarterly to the Office of Surface Mining. The coal production data presented in this report was compiled from information stored in the Office of Surface Mining Fee Collection System computer data base. Collection of the fee began with the last quarter of 1977; therefore, 1978 data includes the last quarter of 1977 and the first three quarters of 1978. Information for each successive year follows the same tabulation pattern. Surface production includes both bituminous and lignite coal; underground includes tonnage reported as underground mined. In New Mexico and Montana, coal production on Indian land is listed under the Crow, Hopi, and Navajo Tribes. 2. HISTORIC COAL PRODUCTION: Federal Government agencies have published coal production data since 1807, the date of the earliest record. The source of coal production data used to compile this graph was: 1891-1895, U.S. Geological Survey, Division of Mineral Resources; 1896-1977, U.S. Bureau of Mines annual Minerals Yearbook; 1978- 1991, Office of Surface Mining data described in footnote 1 above. 3. NUMBER OF MINES: The number of mines was compiled from Office of Surface Mining Fee Collection System data described in footnote 1 above. Annual totals were calculated by adding together the number of operations with the same Mine Safety and Health Administration numbers reported each quarter and dividing by four to give an annual number in each state. 4. ENFORCEMENT ACTIONS: Enforcement action data was compiled from annual reports developed by Office of Surface Mining field offices and historical field office records. The data presented are all actions taken by both the state regulatory authority and the Office of Surface Mining. Citations issued are the sum of Notice of Violations (NOVs) and Cessation Orders (COs). Because the Hopi and Navajo jurisdictions overlap in Arizona and New Mexico, enforcement actions data for the tribes have been combined in annual reports prepared by the Albuquerque Field Office; therefore, they are combined for this report and listed under Navajo Tribe. 5. ACREAGE PERMITTED: Acreage permitted data was compiled from annual reports developed by Office of Surface Mining field offices and historical field office records. The acreage listed was permitted during the year shown and is not the total acreage under permit during that year. 6. BONDS RELEASED: Acreage of reclamation bonds released was compiled from annual reports developed by Office of Surface Mining field offices and historical field office records. The sum of final Interim Regulatory Program bonds and Phase 111 (or final release) bonds shows only the land area where reclamation is complete and has been released by the regulatory authority.

Jan 1, 1992

By T. J. DeMull

The business of heap leaching requires accurate forecasting of metal production from the heaps. Business forecasts typically follow a format that project periodic (monthly, quarterly, or annual) product shipments based on anticipated operating results, e. g., tons of ore placed, grade of ore, and rate of leach extraction. Since revenue and cash flow are dependent on the metal production stream, forecasts of metal production are very important for project evaluation and business planning purposes. Nevertheless, production forecasts, particularly for new heap leach projects, have been prone to errors. The present paper identifies some of the pitfalls that would be encountered in preparing production forecasts for new heap leach operations and provides a checklist of considerations to assist in preparing a forecast. Also, the paper presents a case study of copper production forecasting used for the Sanchez Project, a heap leach operation located near Safford, Arizona, that is presently under development by AZCO Mining, Inc.

Jan 1, 1995