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By John Canterford

Quay Magnesium Limited (QMG) listed on the Australian Stock Exchange in late September 2004 having raised approximately A$30 million with the object of designing, constructing, commissioning and operating a 15,000 t/a magnesium alloy production facility in Nanjing, China, Site construction commenced in February 2005 with installation of all major components completed by the end of October 2005, Hot commissioning was simultaneously commenced with the final stages of installation, leading to the first stage of continuous ingot casting by mid November 2005, Since that time ramp-up to the name plate capacity has been undertaken, This presentation highlights some of the more significant technical and logistical hurdles that have had to be overcome in order to meet the high quality product specifications required by a range of QMG customers.

Jan 1, 2006

By E. J. Wade

The general location, climatic conditions and access of the Tasu mine are covered briefly, with comments on the Jack of conventional transportation and communication facilities. The Haïda story of Tasu and early at-tempts at production are presented, together with a discussion of the government legislation which throttled exploration and production in the late fifties. General and specific details of local geology, mineralogy and current ore reserves are also covered.

Jan 1, 1968

In the present work, the effect of pH, non-ionic polyacrylamide flocculant and anionic polyphosphate on rheology and settling behaviour of colloidal TiO2 suspensions (15 ? 50 wt% solid) is investigated. Maximum particle aggregation, reflecting in the highest suspension settling rate and maximum shear yield stress was achieved at pH 7.2, the isoelectric point (iep), consistent with DLVO expectation. However, the maximum aggregation condition at the iep also resulted in the poorest suspension consolidation behaviour. Significantly enhanced consolidation was achieved for a more dispersed suspension at pH values away from the iep but at reduced settling rate. Thus, when pH alone is used to control conditions which facilitate strong interparticle attraction, a high settling behaviour which is not conducive to compact consolidation results. Improved suspension consolidation may be achieved at the iep via anionic polyphosphate addition which leads to attenuation of the strongly attractive van der Waals forces and emergence of "soft" repulsion due to weak inter-particle electro-steric forces. The weak repulsion act to lubricate particles involved in the hydrodynamic interactions which controls the compressibility of the sediment bed, allowing a compact consolidation of solids to be obtained. Alternatively, non-ionic polyacrylamide homo-polymer (Magnafloc 333) was fairly effective in flocculating titanium dioxide suspensions leading to high settling rate and acceptable pulp consolidation at the iep.

Jan 1, 2006

By H. Al-Kazzaz

The 2-mm butt joints of ZE41A-T5 sand castings were laser welded using 1.6 mm EZ33A-T5 filler wire and a continuous wave Nd:YAG system at a power of 4 kW, surface defocusing and various welding speeds, Compared with the base metal, the fusion zone showed significant grain refinement due to high cooling rate, No grain coarsening was observed in the heat affected zone (HAZ). The porosity area percentage and total solidification crack length in the fusion zone (FZ) were reduced as the welding speed increased from 4 to 7 m/min, Fusion zone area, total penetration depth, and weld width decreased with increased welding speed, The hardness in the FZ was similar to or higher than the base metal after a natural aging of about one year, but there was a drop in the hardness of the HAZ, The HAZ width decreased with increasing the welding speed, Tensile test showed that a joint efficiency of approximately 75 ? 90 % was obtained.

Jan 1, 2005

By D. R. Murray

A four-year study was carried out to determine the ability of coniferous trees to aid in the reclamation of uranium tailings at Elliot Lake. Five species were planted: white cedar, white spruce, jack pine, scotch pine and red pine. More than 570 bare-root, two-year-old seedlings were planted on bare tailings and in areas of established grasses. A further division was made between areas of coarse and fine tailings. Over-all survival and growth of the trees has been far below expectations based on previous experience with several varieties of grasses. The criteria for assessment have been per cent survival and yearly growth as determined by plant height. Pine was superior, with 68% survival when planted in bare coarse tailings, 45% for vegetated coarse tailings and 34% for vegetated fine tailings. Cedar had the worst survival rates at 49%, 14% and 7% respectively. No species survived on bare fine tailings. The survival and growth of the coniferous trees have been related to species, environmental conditions and tailings properties.

Jan 1, 1978

By W. J. Weymark

"The Gregg River project is located 40 kilometres southwest of Hinton, Alberta, adjacent to and east of Jasper National Park. This metallurgical coal mine has been developed as a joint venture between Gregg River Coal Ltd. (a subsidiary company of Mana/ta Coal Ltd.) and seven Japanese companies. This 200-million dollar project consists of a conventional truckshovel open-pit operation and a coal preparation plant rated at 2.14 million tonnes of clean coal per year. Mining operations started in October 1982 with plant start-up following in April 1983. Introduction This paper is an overview and update of the Gregg River project, a metallurgical coal mine being developed as a joint venture between Gregg River Coal Ltd. (a subsidiary of Manalta Coal Ltd.) and seven Japanese companies. The Gregg River Coal leases cover 3440 hectares and are located 40 kilometres south of Hinton, Alberta, adjacent to and north of Cardinal River Coal Mine (Fig. 1). This 200-million dollar project consists of a conventional truck-shovel operation and a coal preparation plant rated at 2.14 million tonnes of clean coal per year. A total of 31.5 million tonnes of clean metallurgical coal will be sold to the Japanese over a fifteen-year term. At present, mining operations are ahead of schedule and the plant started up on schedule in April 1983. Access and Climate An all-weather road, Highway 40, connects the minesite with Hinton (the nearest commercial centre) and a Canadian National Railway (C.N.R.) spur line connects the minesite with the C.N.R. main line in Edson. Hinton is accessible by road chartered airline and rail. ' ~h~ rug~ed and varied topography in the area creates large vanations m temperature and precipitation over short distances. The region is characterized by precipitation throughout the year long cold winters and short cool summers. The mean temperatur~ of the area range from a low of -14°C in January, the coldest month, to a high of 12°C in July, the warmest month. Long-term precipitation data indicates a mean yearly precipitation of 870 mm of which 620Jo occurs during the summer months."

Jan 1, 1985

By K. Sawamukai, S. Ogasawara, D. Umenai, T. Tsuruta

"Removal of cobalt, strontium or cesium ion from the aqueous solution containing each metal ion only using microorganism was examined. Arthrobacter nicotianae which had a high ability to remove cationic metal ion was used for the removal of each metal. The removal of cobalt, strontium or cesium using A. nicotianae cells was affected by the solution pH, concentration of metal ion, and cell amount. The effects of above mentioned factors on the removal of each metal and time course of strontium from the solution containing each metal only using A. nicotianae cells were reported in this paper. INTRODUCTIONRadioactive elements, such as cesium, iodine, strontium, plutonium, barium, cobalt, lanthanum, yttrium, and tellurium, were detected around Fukushima Daiichi nuclear power plant, which was damaged by the magnitude 9.0 earthquake and the tsunami followed.The removal of radioactive elements from contaminated sources is a worthwhile subject to investigatein terms of environmental control. Research efforts have been especially concentrated on studying microorganisms that remove uranium including bacteria (Andres et al, 1993, Hu et al, 1996, Marques et al, 1991, Strandberg et al, 1981), actinomycetes (Byerley et al, 1987, Friiss and Myers-Keith, 1986, Golab et al, 1991), fungi (Byerley et al, 1987, Galun et al, 1983a, Galun et al, 1983b,Tsezos and Volesky, 1981, White and Gadds, 1990) and yeasts (Strandberg et al, 1981, Schmate II et al, 1978).We have investigated removal and recovery of uranium from aqueous systems using microorganisms isolated from uranium mines. We identified some strains of bacteria with extremely high uranium removing abilities (Sakaguchi et al, 1996), and thus, the microbial biomass may be considered as an adsorbing agent for the removal and recovery of uranium and heavy metals present in aqueous systems around Fukushima Daiichi nuclear power plant.In the present study, we screened various species and strains of bacteria, actinomycetes, fungi, and yeasts for their ability to adsorb uranium (Tsuruta, 2002). Basic features affecting uranium adsorption?co-existing cations and anions, cell amounts, pH, and the adsorption time course?by Arthrobacter nicotianae cells, which adsorbed the largest amount of uranium, were also investigated. In addition, we examined the removal of an other actinoid element, thorium ion, which may be present with uranium in refining effluents.In this paper, the removal of cobalt, strontium, or cesium from the solution containing each metal ion using A. nicotianae cells is discussed."

Jan 1, 2012

By A. Pawelczyk, D. Hreniak, E. Zych, W. Strek, K. Grabas, A. Ostrowski

"Mongolia is a country rich in rare earth resources. In the experiments carried out samples of the Mongolian ore were processed to obtain a lanthanide concentrate. The concentrate underwent hydrometallurgical processing. At the same time radioactive elements were removed. The lanthanides were obtained in the form of hydroxides that were further processed in order to get concentrated products. As a result cerium, lanthanum and neodymium-praseodymium concentrates were separated in the process. Also a concentrate of remaining elements: samarium, europium, gadolinium, terbium, dysprosium, holmium and erbium was obtained. INTRODUCTIONAccording to the assessment of the US Geological Survey, Mongolia possesses 16.77 % of the world total rare earth (RE) resources (Daly, 2011); that is the second largest RE reserve in the world, estimated to be 31 million tonnes in terms of rare earth oxides (REO). In the face of Chinese RE trade restrictions, Mongolia emerged as an important economical partner in mining and exploitation of these critical raw materials. This country is recognized as having more than five large RE deposits in the southern provinces. The most important are Lugeengol (Lugin Gol), Mushgia Khudag, Khotgor and Khalzan Buregtei (Eurasia, 2010). The Mongolian government has taken measures to facilitate western investments, nevertheless the country is economically dependent on China, the basic trading partner, particularly where exports are concerned.In the late 1970s Hydromet Kowary Enterprise, Poland, took up, along with the Wroclaw University of Technology, research and technological study on lanthanides recovery from raw materials of Vietnamese and Mongolian origin and from Indian monazite sands (Kowalczyk, 1990; Kowalczyk & Mazanek, 1987; 1990). For that purpose, a rare earth processing plant had been constructed with the capacity of about 10 t/year of hydroxide concentrate. The facility included several technological operations like grinding, flotation, hydroxide concentrate production in the hydrometallurgical processing, particular RE separation, and production of commercial products in form of CeO2, La2O3, Nd2O3, Pr2O3, and misch metal. Additionally work had been carried out in Kowary on the manufacture of yttrium and europium oxides of high purity, which were intended for color TV picture tube production in Poland."

Jan 1, 2012

By R. Burnette

Gold has been mined from a variety of deposit types that range in age from Archaean to Recent. The large variability in the geological settings of the gold deposits implies transport and concentration of gold by magnetic, hydrothermal and sedimentary processes. The factors that control the concentration of gold at certain sites and the grade estimation thereof remain major topics of debate. Due to the complex nature of the Witwatersrand Basin a mineralogical study, including mineralogical, petrographic and geochemical investigation was launched on TauTona Mine in order to characterize the various reef facies. The aim of the investigation was to determine if a correlation could be found between macroscopic characteristics of the reef, hanging wall and footwall, and the microscopic nature of the ore (especially gold grade). Petrograpgic and mineralogical results indicate that a correlation exist between gold, detrital and hydrothermal sulphides, uraninite, carbon, detrital heavyminerals and phyllosilicates. No correlation exist between gold and Mg, Fe or S. It appears that clast supported reef is of higher wade than matrix supported, but more work is suggested. No correlation exists between reef thickness and grade. The reef samples had the lowest phyllosilicate content compared to the hanging wall and footwall samples with pyrophyllite the most dominant. All of the correlations diagrams showed significant scatter and suggests a multi- factorial mineralization model. Gold distribution is also controlled by sedimentary features and thus it is not possible to select a single model for the formation and distribution of gold. It is evident that both sedimentary and hydrothermal factors influenced the mineralization and gold distribution on TauTona mine. It is thus essential that all related theories be incorporated in the development of a grade prediction model.

Jan 1, 2011

By Wayne D. Goodfellow, William M. Luff, Steven J. Juras

Brunswick No. 12 is a vent-proximal massive sulfide deposit that formed above a feeder pipe with associated hydrothermal alteration. Because of the replacement of bedded sulfides deposited above the hydrothermal vent, individual sulfide lenses show the following vertical and lateral zoning outward from the vent complex: massive pyrite-pyrrhotite-ehalcopyrite core interlayered pyrite-sphalerite-galena (pb-Zn ore zone) - bedded pyrite. The feeder zone which underlies the Cu-rich core consists of an anastomosing network of pyrite-pyrrhotite-chalcopyritequartz veins with variable and generally minor contents of ferroan carbonate, Fe-rich chlorite, sphalerite, galena and arsenopyrite. Hydrothermal alteration of felsic igneous rocks hosting and adjacent to the feeder pipe is represented by an inner zone (zone I) characterized by sulfide stringers, Fe-rich chlorite, muscovite, quartz, and ferroan carbonate that formed at the expense of feldspars and what was probably glass; outer zones (II and III) are represented by Mg-rich chlorite and muscovite formation, and the albitization and silicification of K-feldspar. Accompanying these alteration trends is a marked decrease of Na + Ca, and an increase in Fe + Mg + C03 in zone I, and increases in Mg + Na in the outer zones. The classic zoning of metals within the sulfide lenses, the formation of a feeder pipe below the vent-proximal sulfide core, and the hydrothermal alteration of felsic volcanic rocks cut by the feeder pipe all support a vent-proximal origin for the Brunswick No. 12 deposit. Furthermore, restriction of sulfide stringer mineralization to the footwall sequence, the folding of the stringer zone by an F, fold, and the difficulty of long distance mass transfer of metals from the sulfides into the host rocks all argue against a tectonic origin for the stringer zone. All of the evidence indicates that the feeder pipe formed during the ore forming hydrothermal event, but has been distorted and in some areas detached from the overlying massive sulfides during subsequent deformation.

Jan 1, 1992

By Morris Wong

"An antimony-bearing gold ore was studied in a cyanide slurry containing 7 -20 ppm dissolved oxygen. 1 g/L NaCN at pH 9.5 and 48 hours retention time is required to extract 94 % of the gold from the 90 % minus 200 mesh ore by conventional cyanidation at a 7 ppm O2. As oxygen concentration was increased to 20 ppm, the conditions required to extract the same amount of gold were: 0.25 g/L NaCN, 16 hours retention time and 80% minus 200 mesh. Compared to conventional cyanidation, oxygen-enriched leaching was shown to reduce retention time by three times and cyanide consumption by four times. The kinetics of gold dissolution related to the dissolved oxygen concentration in slurry was expressed by following equation:XAu = 100 * (Kt + I0) / (1 + Kt + I0)where XAu is the percentage gold extraction; t is the retention time; K and Io are the slope and the intercept of the plot of XAu I (100 -XAu) vs. t respectively. The values of Kand Io depend upon the concentrations of cyanide and oxygen, the fineness of grind and the origin of ore sample etc.. A preliminary cost analysis was also performed to justify the use of oxygenating slurries.IntroductionGeneral:It was proposed almost 149 years ago (Elsner 1846) that oxygen is required for the dissolution of gold in cyanide solution. However, little attention were paid to oxygen application in the gold milling industry during the following one hundred years. Due to the constraints of gold price, reagent costs, refractory ores, and environmental issues in the past decade, the oxygen enhancement in the cyanidation process was introduced to the gold milling industry for increasing operation efficiency, reducing production costs, and meeting the requirement of environmental standard.The advantages of oxygen-enriched cyanidation have been reviewed by several investigators (Hague 1992, Jara et al 1992, Henderson 1989, Loroesch et al 1988, Elmore 1987, Cathro 1963). Common to all conclusions are the following advantages."

Jan 1, 1995

By Edgar Stansfield

Introduction First, I should define more closely the vague term 'recent work' that appears in the title of this paper. Following the period of depression that was an aftermath of the first Great War, the Research Council of, Alberta carried on for ten years without a Council and without a financial yote by the Legislature. In November, 1942, a new Council was formed, under the chairmanship of the Hon. N. E. Tanner, Minister of Lands and Mines, and a vote was granted by the Legislature early in 1943. By 'recent work', I mean work during the present regime. The Council is now going full steam ahead, or would be if it could get suitable technical assistance and required apparatus and materials. Lack of these has so far made unnecessary my responsibility for seeing that we do not exceed our estimates. The Annual Meeting of the Research Council will be held in November (1945), and at that meeting the programme of work for next year will be discussed. The present time is therefore the correct time for any of you who may have ideas as to work which might profitably be undertaken by the Council, to submit these ideas for consideration. I propose to discuss my subject under several headings, and to give enough of these to show that the Council has wide interests.

Jan 1, 1946

By Gorrell. H. A.

Subsurface water data can be very valuable in .petroleum exploration and research. For the discussion of problems related to subsurface waters uniform nomenclature and classifications are required. The term 'connate water' has frequently been incorrectly used. It should .only be used in its original sense in which it is analagous to 'fossil water'. Classifications .based on origin and on sodium-chloride content are proposed. Present and possible uses of formation water analyses are briefly discussed. Since the potential uses of formation water data are not fully understood, complete analyses of selected samples should be made to insure against future requirements. The subsurface waters of Alberta show considerable regional variation in amount and proportion of dissolved salts.

Jan 1, 1958

By Zhiyang Long, Ruiling Xiao

"A mine shaft is one main development method of establishing access in an underground mine. The construction technology of the mine shaft sinking is complicated and large equipment setup on surface and in the mine shaft. The paper briefly reviews a single-line operation method, parallel operation method and mixed operation method as well as the features of the one operation method with the excavation, lining and installation. The special construction technology mainly would include ground freezing methods, full diameter shaft drilling methods, caisson methods, grouting technology and concrete curtain methods as well as other methods. The paper summarizes the shaft sinking numbers and effects by the special construction methods during different periods. The paper states the shaft sinking conditions and the each created record conditions in the coal, metallurgy, non-ferrous metal, hydropower, highway, railway, nonmetallic and other industries. The paper has a prediction on the shaft sinking requirements and development tendency in the future for China.INTRODUCTIONA mine shaft is one main development method of access in an underground mine. In recent years in China the new shaft mines represent 45% of the total number of new mines. With the development of new mining area under construction and the development of deeper mines, the ratio of the mine shaft as access for underground mines will increase. The construction technology of the mine shaft engineering will be complicated, the operation site footprint will be small and the working environment will be more difficult. The mine shaft sinking operation will often be varied by the geological conditions and affected by underground water inflows, seam gas outbursts, geothermal and other natural conditions. The safe construction of the mine shaft sinking will be challenged by all these conditions. Although the mine shaft engineering will only be about 5% of the total mine roadway engineering, the mine shaft construction period often will take over 40% of the total mine construction period. With the progress of modernized mine production technology and the construction of a high production and high efficient mine, the mine transportation roadways mostly would be set in the seam and the engineered amount of the mine rock roadways reduced year by year could cause more prominent long extensions of the mine shaft construction period. Therefore, in order to speed up the construction, to shorten the mine construction period and to realize the investment benefits as early as possible, the technical level of the mine shaft sinking should firstly be improved and the construction speed of the mine shaft engineering and sinking should be speeded up, which would have important significant benefits."

Jan 1, 2019

By E. Burdukova

Rheological measurements have found a wide array of applications in mineral processing research. Rheological properties of mineral suspensions are highly dependent on the mineral surface properties as described by DLVO theory, and the relationship between these properties and inter-particle interactions is well established. In this paper, rheological properties of mineral suspensions are used to study the differences in behaviour of isotropic talc and anisotropic zirconia minerals as a function of varying properties of the suspension medium, such as pH and polymer dosage, specifically carboxymethyl cellulose (CMC). It was found that the rheological tests when carried out in parallel with electrophoretic or point of zero charge measurements, clearly reveal differences between behaviour of the suspensions of isotropic and anisotropic minerals. These differences are further accentuated with the addition of carboxymethyl cellulose (CMC).

Jan 1, 2006

By D. Sanguinetti, A. Consigny, M. Nodwell

"Alkali precipitation of dissolved metals is an inexpensive but non-selective means of treating mine wastewater. Alternatively, sulphide precipitation can treat to below parts-per-million concentrations while selectively recovering valuable metals. While technically feasible, sulphide treatment of dilute waste streams increases the size and cost of the plant relative to the metals loading. Ion exchange has been applied at two separate sites to pre-concentrate nickel containing wastewater prior to recovery in smaller and more cost effective sulphide precipitation circuits. The result is a dual-circuit system that can maintain high selectivity and reduce overall facility cost while meeting strict effluent regulations.INTRODUCTIONAlkali precipitation using lime is the most common method of treating mining effluents for dissolved metals removal. This method is generally sufficient for waste streams containing mixed metals of little value, and for meeting modest metal concentration limits in the final effluent. Due to the non-selective nature of the lime process, the produced metal hydroxide sludge is of little value. All metals are removed together in a sludge product which cannot be re-processed for further value recovery.By contrast, sulphide precipitation can be used to selectively remove and recover valuable base metals (such as copper, zinc, nickel and cobalt), since the sulphide will preferentially target these metals without reacting with less valuable metals (such as iron and aluminum). The low solubility of the metal sulphide solids also supports the removal of base metals to lower concentrations than can be achieved with alkali precipitation in addition to other benefits discussed more fully in a prior paper (Bratty, Lawrence, Kratochvil & Marchant, 2006). The corollary to this solubility feature is that sulphide precipitation can function on influent streams containing low (< 10 mg/L) metals concentrations to meet very low parts-perbillion final effluent concentrations. Reagent overdosing is also minimized when compared to alkali precipitation."

Jan 1, 2012

By Phillip Mackey, Elmira Moosavi-Khoonsari

L'industrie du cuivre traverse une période passionnante, marquée par une forte demande, de bons prix et l'ouverture de nouvelles grandes installations. L'année 2022 a battu des records de production de cuivre, ce qui laisse entrevoir un potentiel de croissance supplémentaire. De grands projets sont en cours, comme la technologie Double Flash à Manyar, en Indonésie, qui peut produire plus de 500 000 tonnes de cuivre par an. À Munda, en Inde, on a construit la plus grande usine de cuivre du monde, qui produit plus de 1 000 000 tonnes de cuivre par an en combinant deux phases. De plus, l’installation de cellules de flottation de dernière génération au Mexique, au Chili et dans d'autres pays témoignent de la volonté de l'entreprise d'utiliser les technologies les plus récentes [1]. L'importance du cuivre dans la transition énergétique est évidente, l'accent étant mis à la fois sur la croissance et sur la protection de l'environnement. Cela se traduit par le développement d'usines de premier ordre dédiées aux pratiques durables.

May 2, 2024

By S. S. Yuan, Q. Z. Zhu, J. F. Shao

"This paper aims at enriching a homogenization-based anisotropic damage model for hard rocks under complex loading. A new damage criterion is proposed to capture material strain softening. Within the framework of irreversible thermodynamics, we are particularly concerned with two strongly coupled dissipative mechanisms: frictional sliding and damage by microcracking, which usually take place at cracks within cohesive geomaterials under compression. Focusing on the representative elementary volume containing multiple crack families, the free enthalpy of the matrix-cracks system is obtained. Importantly, a back-stress term is involved in the local stress applied to microcracks. This back stress plays the hardening/softening role in the friction criterion which is formulated at local scale. Strain hardening owns to the accumulation of frictional shearing and dilatancy while strain softening is caused by crack growth. The multiscale damage model is used to simulate laboratory tests on the Westerly granite under true triaxial compressions. INTRODUCTIONWhen subjected to compressive loads, hard rocks present nonlinear mechanical behaviors and induced material anisotropies. In that process, two main dissipative mechanisms have been largely identified: damage by crack growth and frictional sliding along closed crack faces, which are usually strongly coupled to each other on crack scale. Theoretical investigations have shown that the damagefriction coupling analyses allow explaining a large number of experimental phenomena involved in brittle or quasi-brittle materials. Concerning constitutive modeling, the standard Eshelby’s solution-based homogenization procedure for heterogeneous materials was recently applied successfully to describing the mechanical and poromechanical behaviors of cracked frictional solids."

Jan 1, 2015

By P. K. Gummer

Gold was fir t di covered on the Seabee property in 1947 by the Con olidated Mining and Smelting Company Limited. Acquired by Claude Resource Inc. in 1984, the property is now being explored by Placer Development Ltd . in joint venture with Claude Re ources. Between Augu t, 1985 and March, 1986, Placer completed 54 drill holes, extending the main o. 2 and o. 5 vein y tern to a depth of 1000 feet below surface and di covering two new satellitic gold zone 800 feet west of the o. 5 gold zone. Drill proven and probable geological re erve in four zone ( os. 2, 5, II, 14) to a vertical depth of 1000 feet, are approximately 1,120.000 tons averaging 0.32 oz. Au/ton.

Jan 1, 1986

By A. A. Goss

We investigate the relationship between corporate financial performance (CFP) and environmental and social performance (CSP) in a sample (n=165) of large, publicly traded U.S. mining and oil and gas firms. Using optimally scaled principal components analysis to generate aggregate measures of CSP strengths and concerns, we find higher concerns are related to higher volatility of unexpected earnings and discount rates. Furthermore, these earnings shocks are more likely to be negative as concerns increase. Decomposing this relationship shows that negative environmental performance dominates proactive environmental management as a driver of unexpected earnings, but proactive community efforts increase the magnitude of earnings shocks. We document some evidence of the strategic use of CSR, with those firms that have greater risk investing more proactively in CSR.

Aug 1, 2013