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The valuation of resources companies is open to a huge amount of subjectivity. Not only are valuations subject to fast changing assumptions, such as commodity prices, exchange rates, ore grades, etc., but there is also no common agreement on the methodology to be used. To borrow from Malcolm Fraser, life wasn't meant to be easy for the resource company valuer. I will demonstrate three recent examples of valuations carried out but where the market or actual transactions done show very different results.

Jan 1, 1989

Haematite Recovery from a Tailings Stream Laboratory and pilot scale testing were carried out in 1999 on a tailing sample from a North American iron ore plant using gravity, magnetic and flotation techniques. The ore contained 16 per cent iron mainly in the fine (-38 ¦m) size fraction. Two methods of evaluating the separation efficiency were used; Selectivity Index and Z factor analysis. Tabling and magnetic separation produced poor results, with flotation testing showing some promise, generating concentrates assaying more than 40 per cent Fe. High grade concentrates containing more than 67 per cent Fe were generated using the Kelsey Centrifugal Jig, and it was recommended that this technique be pursued at a larger scale to verify the results obtained.

Sep 13, 2010

The optimization of management structure systems for coal mines is undertaken with the use of economic and mathematical models of the monitoring, manufacturing, and functional subdivisions of the systems. The main para- meter to be minimized is economic loss result ing from organization faults and this is achieved, in part, by optimum distribution of both technological objects and engineering and technical personnel. Models used are of the "gated" type, parameters for which are derived from analysis of manufacturing processes and from automatic information systems. The use of these models ofmanagement structures is only part of the process of optimization of those structures for coal mining operations.

Jan 1, 1977

Activated carbon is ideally suited to treating low grade ores and tailings by the carbon-in-pulp process and is rapidly replacing the use of zinc for recovering gold from cyanide leach solutions. Coarse carbon particles derived from coconut shell adsorb up to 30,000 ppm Au as a gold cyanide complex and can leave barren solutions containing

Jan 1, 1982

In recent years stricter requirements imposed variously by the Companies Acts, auditors and the Stock Exchanges have resulted in annual financial statements of mining companies becoming more detailed, informative and useful. Standards of reporting on ore reserves have not kept pace with the improvements in financial information disclosure, despite the fact that ore reserves are usually the most important asset of a mining company. The ore reserve reporting practices of fifteen leading Australian mining companies are analysed against important specific criteria. In terms of detailed and meaningful disclosure, there is scope for major improve- ments in annual ore reserve reporting Practices.

Jan 1, 1981

A magnetometer survey 'was the Darkes Forest area between 1968. The instrument used was model MZ4 with sensitivity 9.4 conducted over part of 30th April and 3rd May, an ABEM torsion magnetometer gammas per scale division. The survey consisted of a closed magnetometer loop along lines cut for a previous magnetometer and seismic reflection survey by Wongela Geophysical in March, 1968. The magnetic results of the previous survey were not satisfactory in some areas and are presented as a comparison in instrumentation. Station separation in the present survey was 100 feet with tie-in readings at shot points of the previous survey (usually 1320 feet apart)

Jan 1, 1969

By P McCarthy

Many mining operations developed in the last 15 years have not performed to expectations. Problems experienced include lower than planned development and production rates, geotechnical/stability problems, unplanned dilution, reduced metallurgical performance and unbudgeted capital/operating costs. Most of these problems can be directly attributed to decisions made on the basis of geoscience interpretations and estimates. Recent case studies continue to provide examples of unplanned events linked to the use of geoscience information. These studies illustrate the need to improve the way geological information is used in mine feasibility and operations. Comprehensive assessment of the consequences of inappropriate technical decision making is still rare; however, the information that is reported highlights the significant financial impact on a companyÆs bottom line.

Jan 1, 2006

The purpose of this paper is to provide a ælook behindÆ the Coal Mine Health and Safety Act 2002. The more important policy considerations in the development of the Act are described along with a summary of the main provisions of the Act. The Act, together with supporting regulations and other instruments will formalise the use of risk management as a necessary discipline in the systematic management of occupational health and safety. It must be recognised that the purpose of this paper is not to provide a legal interpretation of the legislation nor is it to provide legal advice. Rather, the main purpose is to provide some indication of the underlying intent behind the Act.

Jan 1, 2003

By Johnson M, Gaudin A

With the advent of Computer aided mapping and surface modelling techniques Geologists and Engineers have had to become familiar with the capabilities and limitations of these systems to effectively use them. In this paper we will trace a short history of the rather rapid progress in this area. From this historical perspective we will make some observations and use these to guess at what the future holds. We hope that this paper will assist in clarifying the develop- ments in computer assisted mapping and modelling and promote thought on how these techniques may be best applied to the problems of the Mineral Industry.

Jan 1, 1983

This paper suggests the models for determination the optimum life of machines on the basis of sum and difference of investment and maintenance costs. The economic-mathematical models are based on complex percentage method taking into account the time factor of referring cost. The following strategies of maintenance policy have been considered in machines repair: a strategy without investment, a strategy with continuous investment and a strategy with step-like investment. The effect of value of investment in repairing and time interval of investment on optimum machine exploitation life has also been considered. An illustrative example is presented.

Jan 1, 2003

There has been considerable attention in the literature to coarse sizing by wet and dry screening, but these methods have not proven to be applicable to the calculation of screen capacities for fine wet sizing, desliming and media recovery: A method is presented for the calculation of the size of screens for such duties, being based on the mean particle size of the oversize material on the screen which reflects the surface area from which the fines or media must be removed. Similarly for dewatering, it is the area from which the water must be drained. Desliming, media recovery and dewatering are each considered along with water require- ments both with the feed and as wash water.

Jan 1, 1984

By T C. Hughes, R Hughes

Ausmelt has developed and commercialised high temperature reactor technology that has been applied to waste processing in the form of a catalytic waste converter (CWC). Ausmelt Technology uses a top submerged lance system within a versatile converter containing an oxidised molten siliceous slag. Metals and other valuable products can be extracted from wastes for recycle into the community. Non-valuable components such as toxic organochlorinated compounds are destroyed and prevented from reforming. The slag produced is inert and can be safely used in building and concreting. The CWC can be applied to practically all types of wastes and examples from Ni-Cd batteries to toxic wastes are discussed. Additional benefits can be derived from large-scale operations if the surplus heat generated is exploited to produce steam and electricity.

Jan 1, 2000

Industry and Government is littered with computer systems which suffered massive cost overruns in their production and which do not fully meet the expectations and needs of their users. There are many in the computing business who caution that cost overruns of 100% are to be expected and who counsel seriously against accepting an implementation date as being realistic. System development methodologies and "Spectrum" is an example, have been designed to control systems development so the cost and time overruns are prevented. While some success has been claimed, our experience and information from other users indicates that this control is illusory, the first estimates of cost and time are inflated by the control system methodology, and the methodology itself can bury the original system.

Jan 1, 1983

Until the early 1960s the world aluminium industry was dominated by six principle pro- ducers with integrated activities from bauxite mining to aluminium production. The growth in consumption of aluminium since that time and the emergence of additional producers has broadened the market for bauxite. In addition the increase in the optimum size of alumina refin- eries has influenced competing metal producers to unite in large joint ventures to minimize alumina costs. From these bases the paper examines present and likely future markets for Australian bauxite; differing marketing phil- osophies for serving those markets; factors influencing successful marketing; and the sources and relative strength of competition which Australia faces.

Jan 1, 1974

The three main types of iron ore deposits in Australia are bedded, massive and residual. Some character- istics of iron ore, important in its process behaviour, are related to its mineralogy which is a result of its geological history. World iron ore resources are extremely large but there are problems in quantifying re- serves, defined as that part of re- sources from which a useable commodity can be extracted economically. The relationship between the discovery and exploitation of iron ore resources and the process of industrialization is examined in historical and present day contexts.

Jan 1, 1976

By Miskelly N

The Joint Committee of The Australasian Institute of Mining and Metallurgy (AusIMM) and the Australian Mining Industry Council (AMIC) have published a Code for the Reporting of Identified Mineral Resources and Ore Reserves. The Code is the result of an initiative begunin 1971 to achieve industry self regulation of Resources and Ore Reserves reporting which resulted first in guidelines for reporting standards but which have now been incorporated in ASX Listing Rules as a Code withsignificant sanctions ensuring compliance. This paper describes the background to the Code, its key provisions, and comments on practical aspects of1 working with the Code and compliance issues.

Jan 1, 1990

By Mackenzie JMW, Virnig MJ, Kotze MH

A new range of solid and liquid ion exchange extractants for gold based on the guanidine functionality is described. These extractants have pH versus gold extraction isotherms which lie between those of the conventional weak base and strong base resins which have previously been studied as aurocyanide extractants. Possible applications of these new extractants in gold recovery are discussed.

Jan 1, 1993

This paper outlines a range of strategies for steady state optimisation of most types of concentrators. Optimisation is considered in terms of comminution performance, energy efficiency, concentrator strategy and overall mine/concentrator operating philosophies. Application becomes more complex as the range of optimisation is expanded. However, the potential gains also increase. A step by step framework for data collection and analysis is provided. This process is facilitated by powerful simulation and mass balancing programs which are now in common use. Once a sound, steady state rationale for optimisation has been developed, it may be used to provide a fine foundation for process control system development.

Jan 1, 1993

By Marsham B, Baker D. C

The expansion of New Broken Hill Consolidated Limited (NBHC) concentrator necessitated the installation of hydrocyclone classifiers where rake classifiers had previously been used. Commissioning of the circuit and optimisation of circuit performance has highlighted problems related to classification of sulphide minerals. Testwork initiated to solve these problems has been used to develop cyclone models which have been incorporated in a ccnputer control strategy for the grinding circuit as a whole. The modifications to the circuit during the commissioning phase and the control philosophy are outlined.

Jan 1, 1983

Expert systems have been employed in a number of areas for a considerable number of years. However, the traditional long development times associated with these systems have restricted their application. With the advent of powerful Expert System Development Tools such as COMDALE/X and the use of efficient development techniques, the time required can be drastically reduced. This results in the availability and applicability of this technology to a wide range of applications. This paper discusses some of the 'rules' which indicate amenability (or otherwise) of a particular problem to an expert system solution. Various problem types are examined and these are illustrated with reference to examples of their use at various operating sites.

Jan 1, 1991