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By P. B. Baxendell

The appraial of producing properties and profitability ntzalysis of a proposed capital expenditure are based on the same principles. In both problems a projection of future cash income is. cornpared to one or more capital expenditures. Several different methods have been in use either to compute a price to obtain a given earning power on the investment or to compute the earning power which will result from a given capital expenditure. One of these, the "Average Annual Rate of Return" method, computes in a simple manner the ratio of the present value of the future earnings after amortization to the present value of the undepreciated balances of the investment over the life of a project. This method, not well known generally, appears to have some rather unique advantages in reducing the computation work required, eliminating trial-and-error solutions, and providing a more accurate answer when applied to oil industry investments subject to the unit-of-production basis of amortization. Its derivation is given and its versatility demonstrated in the solution of certain everyday investment problems. A number of charts, useful in applying this method to profitability analysis and appraisal work, are provided. The current trend in the market values of producing properties is shown. INTRODUCTION Making sound capital expenditure decisions requires an objective means of measuring the productivity of individual investment proposals. Since the best measure of the economic worth of such proposals is their ability to produce profits, it is common practice to grade proposed capital expenditures according to their annual earning power as a percentage of the outstanding capital. The same principles which govern the determination of the rate of return of proposed capital expenditures also apply generally to the problem of determining the appraisal value or purchase price of income-producing oil and gas properties. Both problems are of prime importance in the producing phase of the oil business, where management is faced daily with decisions to drill or not to drill certain development wells, or with the determination of the appraisal value of producing properties. The common feature in both problems is that a projection of future cash income is compared with a known or estimated capital investment to determine itsiearning power or annual rate of return. In the case of development drilling, the cost of the proposed well can usually be estimated with a fair degree of accuracy and the problem consists of finding the rate of return on the invested capital. In the case of appraising producing properties, on the other hand, the desired rate of return is usually known in advance and the problem consists of determining the purchase price which, for the given income projection, results in the fequired rate of return. Certain accounting procedures common to the oil and gas producing business make these two problems and their solutions somewhat different from corresponding problems in other industries, and, in certain ways, simpler. The main difference is in the amortization policy which, for oil and gas production, is frequently on a unit-of-production basis, compared to the amortization on a time basis used in many other industries. The purpose of this paper is to discuss briefly the various methods currently in use for the measurement of productivity of invested capital in producing properties and, in more detail, the derivation and application of what will be called the "Average Annual Rate of Return Method". This rather interesting and not too well known method has some very definite advantages in the solution of many problems common to the oil industry. For the sake of simplicity, federal income tax considerations have been disregarded in the examples used, since they do not affect the principles involved. The use of the production payment route in the sale or purchase of producing properties, which has been amply covered in many other publications, has also not been included in this analysis. METHODS FOK MEASUKING THE EARNING POWER OF INVESTED CAPITAL, Of the many different methods used to measure the earning power of invested capital, four are applicable to oil or gas production ventures. Depending on whether these four methods utilize one or two interest rates, and whether a fixed amortization pattern is used, they may be classified as follows.

Advances in Optical Image Analysis and Textural Classification of Iron Ore Fines

Sep 13, 2010

By Thomas Donnelly

Introduction THE Province of San Cristobal is situated on the south side of the island of Santo Domingo about 25 miles west of Santo Domingo city, the capital of the republic. The copper mineralization is found about 1.-CAMP BUCARO. THE TOP OF THE RIDGE IN THE BACKGROUND MARKS THE CONTACT OF THE LIMESTONE AND TUFFS. S miles north of the town of San Cristobal, in the section known as Bucaro Hill; in San Francisco Hill; on the Nigua River; and on the Jaina (Liver. The district is reached by automobile from Santo Domingo city over an excellent road for 25 miles to San Cristobal, and then, by horse-back 6 or 8 miles up the Nigua River to what is locally known as "Camp

Jan 8, 1915

A Sun SPARCstation based computer network is utilised to store and process mining data at the Macraes Gold Mine. Techbase and Medsystem software running on the SunOS unix platform is used to generate all data plans, sections and other design data required on a daily basis to run the mining operation. The Macraes site is regarded as a fully integrated site where all geological, grade control, exploration, orebody modelling, resource estimation, pit optimisation and mine design is undertaken on site by MacraesÆ professional staff. The methodologies employed are regarded as æstate-of-the-artÆ where computerisation allows the rapid and efficient evaluation of large quantities of mining data by a handful of professional personnel. Ore reserves are estimated using an indicator kriging method and roving cone pit optimisation, a complex process that would not have been achievable in pre-computing days.

Jan 1, 1992

By A J. Eggers

With gold first discovered at Carrick in 1864, exploration and mining on the Carrick Goldfield in Central Otago, New Zealand, has now been ongoing for more than 130 years. Recorded historical hard rock production from up to 52 different mining claims from 1864 to about 1921 is 24,047 ounces (oz) of gold.   Since 1980 Amoco Minerals New Zealand Limited, CRA Exploration Pty. Limited, Amax Gold Mines New Zealand Limited and Summit Gold (New Zealand) Limited have conducted modem systematic exploration campaigns targeted at locating shear controlled gold bearing quartz lodes and stockwork deposits. More than NZ $1million has been spent by these companies on aerial photography, geological mapping, stream sediment surveys, soil and rock chip geochemistry as well as reverse circulation (RC) percussion and diamond drilling.   RC drilling by Summit Resources in 1997 has identified a 1,500 m long zone of low-grade gold mineralisation at Lower Carrick, with an average grade of 1.00 g/t Au over a 14 m average thickness. This gold mineralisation, hosted within a low angle shear zone, has analogies with the Hyde-Macraes Shear Zone in eastern Otago. Recent exploration and drilling at Carrick has revealed the potential to discover large (>0.5 million ounce (Moz)) low-grade bulk shear controlled quartz vein and stockwork gold deposits similar to those now being mined at Macraes.

Jan 1, 1997

By António Fiúza, Anthony Danko, Patrícia Leitão, Aurora Futuro, Cristina Vila, Lurdes Dinis

The average global recovery rates for processing scheelite ores by physical methods are normally in the range 50 to 70%, and it is problematic to attain a minimum grade of 60% WO3 in the concentrates without penalizing further this yield. Direct hydrometallurgical processing of low-grade concentrates or medium- to high-grade ores may become an interesting global economic alternative as it allows increasing the recovery rate, avoiding major penalizations due to the grade of the concentrate and increasing the added value of the final product. Leaching of scheelite by sodium carbonate presents several advantages such as its selectivity regarding the dissolution of troubling metals like iron and aluminium, allowing for a simple and flexible process diagram. However, it has the disadvantage that it is performed at high temperature and pressure with a high consumption of reagents. The feasibility of leaching is appraised by the extraction yield and selectivity, but also by the operating cost. Considering these aspects, a relevant objective of the research was to transform alkaline pressure leaching into a feasible processing alternative directly applicable to both medium- and high-grade ores and simultaneously to low- and high-grade concentrates produced by physical methods. The research used ore samples and low-grade concentrates from a typical skarn orebody as well as high-grade concentrates from a chalcopyrite-scheelite orebody. Different operating conditions were tested. Temperature, pressure and reagent concentration showed to be fundamental, but not exclusive, in determining the leaching behaviour. The operating conditions are milder than the ones generally proposed in the literature or currently in use in industry, but with higher carbonate consumptions. The research was oriented towards potential industrial implementation allowing for the application of optimization methods and straight scale-up to pilot-plan design and project.

By Q. C. Reynolds

Keywords: Pyrometallurgy, plant, photography, GIS, satellite images, Google Earth Google Earth is a piece of software able to display an interactive three-dimensional map of the world, combining aerial and satellite photography with maps, terrain, and user-generated geographical information systems (GIS). Many structural features of the planet, both natural and man-made, are of great interest to the mining and metallurgy field, and in this paper a study is made of the current state of the art of data accessible by Google Earth.

Jan 1, 2006

By Arturo Ressi di Cervia

The utilization of diaphragm wall construction in Hong Kong began in 1974 with the construction of the New World Center, the first diaphragm wall job built in the British Colony. That landmark job of which I am presenting a few slides and a schematic description, embodied all of the difficulties and problems which are encountered in the difficult geology of Hong Kong. A small rocky island in the South China Sea, Hong Kong provides one of the finest natural harbors in the world. It is its splendid harbor, coupled with the enterprising attitude of the Hong Kong Chinese and the laissez-fair attitude of the British government which has resulted in the explosive growth of this speck of land soon to revert to the political control of mainland China.

Jan 1, 1993

By Fábio Luiz dos Santos

As ligas de alumínio, em particular, apresentam certas restrições quando submetidas ao processo de união por soldagem. Isto se deve, principalmente, por apresentarem elevada condutividade térmica, elevada contração na solidificação e elevada solubilidade de hidrogênio. Levando em conta estes aspectos, o processo de soldagem FSW apresenta grande potencial para esta aplicação, visto que, é autógena, realizada sem fusão do material e sem utilização de escórias ou gases de proteção. A partir deste conceito, o objetivo do presente trabalho é avaliar a união de chapas finas de alumínio da liga 3105 H26, com espessura de 0,7mm. Para realização dos testes, foram analisados fatores como: penetração da ferramenta nas chapas processadas, ângulo de ataque, tipo de ferramenta e modo de controle de penetração (posição ou força). Os resultados indicaram que o modo de controle por força se mostrou o mais indicado para chapas finas, e que o regime transiente no início de soldagem foi a parte mais crítica para controle da qualidade da junta soldada.

Aug 16, 2017

By AIME

DURING the happy and peaceful years between the Treaty of Versailles and the third New Deal, metallurgy became one of the most cosmopolitan of the sciences. Any metallurgist can name some twenty or thirty scientists whose work, in this country, in England, in Germany, or in France, Sweden, Italy, or Japan was as well known in other parts of the metal-producing and metal using world as it was locally, despite the fact that many of these men never left their native land. One of these metallurgical cosmopolites is Augustus Braun Kinzel, former Chairman of the Iron and Steel Division, A.I.M.E., and now a Director of the Institute. Gus Kinzel, however, is not only a cosmopolite by reputation; he is also a cosmopolite in fact. For many years he commuted at least twice a year between New York and the rest of the world; he is, therefore, not only an expert on the art and science of metallurgy but is equally expert in world travel and can expound with authority on the comparative quality and especially on the cuisine of the great prewar steamship lines; and being a true cosmopolite, he knows, as well as he knows the iron-chromium diagram, the best vintage years in the Gironde, Cote d'Or, and Saone-et-Loire departments in France and along the banks of the Moselle and Rhine in Germany.

Jan 1, 1946

By V. K. Alves, P. Lacoste-Bouchet

"In order to improve ball milling efficiency in pellet plants, Companhia Vale de Rio Doce (CVRD), experiments new technologies in Santa Luzia (M.G. – Brazil) research center facility. Pilot grinding tests have been conducted with small grinding media, size distributed from 5 to 12 mm (millpebs). Tests have been conducted on an ore from CVRD’s Usina 5 Nibrasco, in Vitória, Brazil. A sample of the regrind circuit feed was obtained and used in comparative grinding tests with two types of grinding charges: 100% balls and a blend of 70% balls and 30% millpebs by weight. According to the balls charge, the grinding media mixture has showed the following benefits: reduction of the power draw, increase of the mill capacity, reduction of the circulating load and a slight increase of the ore blaine. Following the results obtained, CVRD is going to further explore the regrinding potential of millpebs.INTRODUCTIONCompanhnia Vale de Rio Doce (CVRD) is the largest mining company in Brazil. CVRD is involved in iron, base metals, gold and bauxite industries. Moreover, CVRD operates several pelletizing plants in Brazil and in other countries.CVRD’s Center for Mineral Development (CDM) is equipped with a comminution laboratory where studies are carried out that are aimed at the optimization of existing plants at several mining sites as well as the technical and economical feasibility of new projects. The laboratory is equipped with a complete pilot plant with several mills and classifiers, enabling continuous grinding tests in grinding circuits of almost any capacity and characteristics.In January 2004, CVRD undertook to conduct pilot tests at CDM for evaluating the effect of small grinding media on ball milling efficiency. Generally speaking, it is not unusual for operators to add oversize grinding media in a conventional regrind mill. This fact originates mainly from prohibitive prices of grinding media below 25 mm due to a production capacity decrease of grinding media producers. The size of the grinding media is an important variable affecting ball milling efficiency. Use of oversize balls decreases the number of contact surface between which particles can be caught and broken."

Jan 1, 2005

By Suk han Jang

This paper describes the tower foundation design and construction experience for the 345kV Youngheung marine transmission line, which has been in commercial operation in Korea since July, 2004. This transmission line was designed and constructed to meet the rapidly increasing power demands of metropolitan areas and supply stable, bulk electric power from the Yonghung thermal power plant into metropolitan areas. This transmission line passes over the west sea, Lake Sihwa and over land. In order to successfully complete this project, and to safely support the tower during severe maritime conditions, several types of tower foundation such as Pad and Chimney foundation, Pier (Cylindrical) foundation, R.C.D foundation, Jacket pile foundation and Steel pipe pile + concrete mat foundation were developed and used. As the world?s first and longest marine transmission line, the 345kV Yonghung marine transmission line operates successfully, thanks to several high-tech civil engineering technologies and KEPCO?s accumulated experience.

Jan 1, 2007

By K. H. J. Clarke

"ALTHOUGH nickel was not identified as a separate element until a Swedish scientist, Axel Frederick Cronstedt, did so in 17 51, its utilization dates from pre-historic times. From its humble beginnings nickel has grown in importance until, today, in our clocks, television sets, automobiles, and air-planes, in our bridges, tableware, farm implements, and the equipment which processes our food, it is constantly at our service.For convenience in assembly, data and information relative to The Marketing of Nickel will be outlined in five phases: (A) Sources, (B) Distribution, (C) Utilization, (D) Market Development, and (E) Conclusions."

Jan 1, 1960

FOR rapidly marking in geological and topographical features on parish plans, the author has used the Veeder cyclometer with very satisfactory results. A simple Veeder cyclometer, usually retailed at cycle depots at 4s., is fixed to the axle of the front wheel of an ordinary bicycle. The cyclometer is desigued to read in miles and tenths of miles, which are recorded through gearing actuated by a striker on a spoke of the bicycle wheel engaging one of the vanes of the cyclometer once every revolution.By using 80 strikers the reading would be in chains and tenths of chains; therefore the use of 8 strikers gives the reading in chains, utilizing all the figures. The cyclometer is designed to be placed on the right-hand side of the bicycle, and takes up a minimum of space, being only about the size of the top joint of the thumb. With some makes of cycles there is insufficient clearance, so the cyclometer must then be placed on the left side, and the 8 strikers made to engage the top vanes, as shown in the sketch (Fig. 1).Very accurate readings can be obtained by this instrument. The author has found by numerous tests that the maximum error...

Jan 1, 1916

Improved Process & Practices Result In: ? Reduction of undesirable downtime, & expensive secondary damage ? Improved equipment performance & health ? Extension of equipment life, & reduction of operating costs ? Safety and environmental performance improvement Equipment knowledge capture and consistently applied

May 1, 2010

By Dianne C. Marozas

The U.S. Bureau of Mines is conducting research to evaluate the potential for developing an in situ leach mining process that will selectively extract manganese from oxide ores, leaving gangue relatively undisturbed. To accomplish this, a geochemical approach, based on deposit-specific information such as mineralogy and geology, is used to constrain the operating parameters of the system. Among the studies being conducted are (1) leaching experiments to define reaction mechanisms and kinetics, (2) detailed petrologic characterization at the microscopic scale to assess Mn distribution and leaching efficiencies, (3) deposit characterization and evaluation, and (4) development of potential Mn recovery schemes. Data from these studies are being used to develop engineering design information for an in situ mining process. Specific details of the Bureau's research project are discussed, including results obtained to date.

Jan 1, 1991

In North-West Nelson the Riwaka Complex, a linear basic intrusive complex, is exposed for approximately 45 km. Some 500 km south, across the Alpine Fault, a linear zone of similar but less well known basic intrusives that may be correlatives of the Riwaka Complex is exposed discontinuously for about 80 km. The Complex was emplaced at several centres along a major tensional fracture zone that developed in upper Carboniferous to Lower Permian time. This fracture zone probably formed in response to the development of a west dipping subduction zone that gave rise to the Permian volcanic arcs in east Nelson and western Southland. The Riwaka Complex contains three rock suites. The Fractionation Suite, characterized by cyclic mineral layering and small scale cumulus banding is the largest and is divided into the Ultramafic, Hornblende and Plagioclase Series, each of which is subdivided into several units. The Cumulus Gabbros represent a restricted but important suite of unusual composition, while the third suite is the late phase Diorite Suite. Except in the lower units of the Ultramafic Series sulfide mineralisation is widespread. Pyrrhotite is the dominant sulfide with lesser chalcopyrite pentlandite and pyrite. Four significant zones of sulfide accumulation are recognised and discussed in some detail. Evidence suggests that the primary magma from which the Riwaka Complex was derived was sulfur deficient. It is concluded that the sulfur content of the Riwaka Complex was derived from assimilation of sulfur rich wall rocks during intrusive processes.

Jan 1, 1980

Autogenous-Carrier Effect and Gangue Influence in Fine Particle Flotation of Ilmenite/Titanaugite System

Sep 13, 2010

By Peter Waggitt

Northern Australia has been home to uranium mining for over 70 years, more or less continuously. In the early days, post World War 2, there was little effort made to remediate workings at the end of operations. The three “campaigns” of uranium mining (1951-55; 1960-70; and 1979-present) are all now in various stages of remediation. This includes not only the large legacy site at Rum Jungle but also smaller fields like the South Alligator Valley, as well as contemporary works at Nabarlek and the ongoing closure at Ranger– Australia’s longest operating uranium mine. This paper briefly describes some of the past remediation activities before providing an update on the Ranger closure programme and future timetable.

Jan 1, 2020

By D Connelly

Silver and gold bearing ore from the Troy Resources NL Casposo Gold-Silver Project, located within the San Juan Province of Argentina contains a complex mix of gold, silver, electrum and silver sulphides in the ore. Casposo is a typical low sulphidation epithermal style gold–silver deposit where mineralisation is hosted within rhyolite – andesite flows and breccias. Veins are typically banded quartz–chalcedony colloform - crustiform banded with quartz - carbonate infill. Mineralisation is associated with an assemblage consisting of quartz, chalcedony, adularia, calcite, illite, sericite and trace sulphides. Gold and silver occur as electrum, native silver, sulfosalts and silver sulphides. This paper presents a case study that describes the process selection, development and engineering of a tailored process plant for the recovery of gold and silver from this ore.The original feasibility study, modelling, metallurgical testwork and engineering studies are outlined. The final flowsheet was based on minimising capital cost, operability, recovery and minimising technical risk.The process flowsheet uses the traditional Merrill Crowe route because of the high silver to gold ratio in the feed and achieves maximum gold and silver recovery while providing a common facility for future ore body treatment.

Aug 8, 2011