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The placer gold industry has experienced a roller-coaster history incorporating four major boom eras. The first, 'hand-methods' boom arose in the mid-19th Century from application of an old idea in new places around the globe. The subsequent hydraulic mining, bucket dredging, and 'hydraulic excavator-portable plant' booms each arose from application of new ideas in old places around the globe, ie in places where gold had been found during earlier booms. The new ideas that heralded the second, third and fourth booms were all significant advances in excavation technology. These enabled the industry to target the known deposits that were too deep, too wet, too small, or too low-grade for recovery by earlier boom methods. Relatively few new deposits or new deposit styles arose from the 'history book' exploration approach, so the number of known deposits to which each of the boom methods were applicable was limited. Consequently, the first three booms were each followed by significant periods of industry decline, and the fourth boom is currently waning inNew Zealand. Further decline is not inevitable and can be avoided by changing to a knowledge-based exploration approach similar to that adopted by the hard rock gold industry in the 1970s. Such an approach could easily herald the next placer gold boom.   Most of the relatively coarse, easily won alluvial gold in proximal and medial reaches of the active placer systems is gone. However, a substantial alluvial gold resource remains in the distal reaches of active systems, and in ancient placers formed onshore and on the continental shelf during previous sedimentary cycles. The resource in these deposits probably exceeds the total New Zealand placer production to date. Successful development of these placers requires application of robust geologic models for the formation and distribution of the placers through time, and advanced exploration technology that has not been used before in New Zealand. Nevertheless, the knowledge and technology required to explore and mine these deposits is available now. Many of these deposits contain a large proportion of problematic gold types that are difficult to recover with the commonly used gravity technology without sustaining significant losses. Despite advances in recovery technology in last few years, too much emphasis is placed on the incorrect assumption that gold size is the primary control on recovery efficiency. Other gold particle parameters, especially particle shape, exert a much greater control on whether gold will be saved or lost to the tails, and must be considered in the design of recovery technology and configuration of recovery circuits.

Jan 1, 2003

By E Mare

Recent highly publicised incidences of disastrous containment failures, none more pertinent than the 2019 iron ore tailings dam failure in Brumadinho, have focused the world’s attention squarely on the often-challenging subject of tailings storage. Unwanted ultrafines, that are deemed to be unworthy of further treatment or not to have further saleable value, are therefore a significant issue for mine owners looking to reduce risks and perceptions associated with long-term storage of tailings. In this context, there are strong drivers to identify safer approaches to ultrafine tailings management, especially if it can also lead to increased revenue, together with better water stewardship and environmental outcomes. The better management of tailings needs to be considered from both containment challenge and processing opportunity perspectives. This paper focuses on the latter, reviewing from a technical and economic perspective, the feasibility of more extensive processing and/or reprocessing of specifically iron ore tailings, in a bid to reduce the overall volume for management in long-term storage. Herein the opportunity lies in recovery processing, as much as enhanced thickening and/or mechanical dewatering, and therefore the paper discusses both issues as equally important sides of the same coin. Recent interest in iron ore ultrafines processing and reprocessing studies suggests that the enhanced processing of iron ore tailings offers multiple perceived advantages. Apart from a potential reduction in tailings volume, associated with safer containment, lower environmental impact and improved water management, the prospect of increased revenue from additional Fe recovery presents supplementary motivation for iron ore players to embrace this approach, as further elaborated in this paper.

Nov 8, 2021

By I Thomson, L D. Black, R G. Boutilier

The social license to operate (SLO) began as a metaphor for the ability of communities to stop mining projects. Soon people began to speak of levels of social license and the ability of communities to raise costs without completely stopping exploration or mining activities. Today the concept has spread to other industries and is evolving towards becoming a general management perspective on the socio-political rights and responsibilities of the corporation. The business case underpinning the SLO perspective on management is the need to assess and manage socio-political risk. For mining companies, socio-political risk has been steadily rising for several reasons, including the efforts of non-government organisations (NGOs) to pre-empt government policy options; the entry of mining companies into jurisdictions weak in the rule of law; and the weakness of global economic and financial regulation. In this perilous world beyond the comfort zone of effective government, mining companies must build their own socio-political stability by engaging directly with stakeholders to develop a strong SLO. In order to become a practical management perspective, the SLO needs to be measurable, which amounts to measuring the socio-political risks and opportunities presented by stakeholders. We present the results of efforts since 2009 to develop a globally reliable and valid measurement tool at the project and industry levels, validated in studies in Australia, Bolivia, Mexico and the USA. A factor analysis suggested four factors that mine management can address to raise their SLO level. The most chronically neglected factor involves the political right of the corporation to foster more equitable social contracts locally and regionally in both developed and developing countries. We conclude with recommended steps to earn and maintain the social license at the project and industry levels.CITATION:Boutilier, R G, Black, L D and Thomson, I, 2012. From metaphor to management tool - How the social license to operate can stabilise the socio-political environment for business, in Proceedings International Mine Management 2012, pp 227-238 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 20, 2012

By K Ringwood, J Cummings, C J. Moran

The development of a water accounting framework that enables consistent and contextual reporting of minerals operationsÆ water use, represents a key sustainable development objective that many Australian minerals companies have committed to. A future water accounting framework will require: key terms and definitions for water metrics for use in the Australian minerals industry that are consistent with the wider water sector, a suite of metrics representing key components of an operationÆs water balance, a calculation method for some of the metrics, and a reporting protocol. This paper presents the methodology that was used to derive these four components. Existing accounting frameworks were reviewed and key terms and definitions that were consistent with current regulatory requirements and voluntary approaches were proposed. A calculation methodology was developed to obtain some of the key indicators and variables that cannot be easily measured directly (eg water loss through evaporation). The adopted terms and definitions typically require a combination of empirical and estimated data. To test the proposed definitions and calculation methodology, values for water metrics were derived for eight sites, selected to test a variety of commodity and biophysical situations. The proposed framework and definitions could deal with the specific situations selected as case studies. The associated calculation methodology produced complete accounts at various levels. Some elements of the accounts could be directly checked against available data and simulations. The framework captured well variations in the reuse efficiencies; reuse efficiency could even vary for similar processes. It is concluded that this preliminary accounting framework provides a consistent language and metrics for quantifying and communicating water management, both at the intersection of the site with the surrounding landscape (through detailed reporting of site inputs and outputs) and within operational activities. Using this consistent framework for quantifying and documenting water use within an operation will provide a platform for compiling and comparing minerals industry water use with other sectors. This may support benchmarking activities within regions or companies and help demonstrate leadership amongst water users in water resource stewardship. The approach presented here is applicable to a wide variety of mining and processing activities, and biophysical environments, and following a period of stakeholder engagement and third party review, is being refined as a first step towards developing nationally consistent water use reporting for the Australian minerals industry.

Jan 1, 2009

Study on Dynamic Characteristics of Inertia Cone Crusher and Its Application

Sep 13, 2010

By J F. Carswell, G Cheshire

The Pajingo gold operation in Queensland is approximately 55 km south of Charters Towers and 134 km south-west of Townsville. The gold deposit was discovered on the northern end of the Drummond Basin in 1983 and first open pit production began in 1986. Mining progressed underground in the 1990’s and gold production peaked in the early 2000’s as the main Vera/Nancy lodes were extracted, producing 330k oz in 2003 (a record at the time). More recently, as Ore Reserves and grade have diminished, the mine has had to develop innovative mining practices to maximise recovery of the remaining Mineral Resource. This has included a modified sublevel caving method against previously mined/backfilled zones. The method has been coined modified sublevel shrinkage (MSLS). Full scale trials of the new mining method have been successfully completed. This has allowed the site to revaluate the Mineral Resource and include areas into the Ore Reserve that were once deemed sterilised, adding significant value to the operation and extending its life-of-mine. This paper describes the first of two large scale MSLS trials and key operational learnings from it.

Mar 15, 2021

By S H. Begg

There is strong evidence that many major oil and gas (O&G) projects are plagued by large cost and schedule overruns, or significant underperformance in productivity. Similar evidence exists for large mining projects. This paper claims that uncertainty is the underlying reason why projects fail to deliver the metrics used to justify their investment, or to deliver the economic value possible if alternative decisions had been made.Most technical and economic analyses are performed to reduce uncertainty to help make decisions. Decision-making is about ranking alternatives and choosing the best; rarely are precise predictions required, if this is even possible. Better uncertainty assessment is one of the keys to better decisions, thus better business outcomes. To get better decisions it is suggested that the focus or reward/penalty incentives be shifted away from the quality of outcomes to the quality of decisions. High-quality decisions are those that are generated from the skilled use of the tools, methodologies and processes from the discipline of decision analysis.Uncertainty is quantified by probability, which is a degree of belief in the truth/falsity of some proposition about a quantity relevant to a decision, such as volume of in-place resource, future price or action of a competitor. The probability a person ascribes to a proposition depends upon their information set; hence probability is subjective – it is not an inherent attribute of the quantity of interest or the physical system.The above simple observations have profound implications for modelling approaches, how they deal with uncertainty, the use of data to help assess uncertainty and the reliability of information provided by subject-matter experts. The limited circumstances under which frequency data (from spatial or temporal variables) can be used to assign probabilities is also reviewed.People, in general, are subject to a range of biases and cognitive errors. Research with O&G subject-matter experts shows that their expertise offers little or no protection from making errors in probability assessments and other judgements.CITATION:Begg, S H, 2016. Decisions, decisions – uncertainty, variability, modelling and psychology, in Proceedings Seventh International Conference and Exhibition on Mass Mining (MassMin 2016), pp 9–18 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 9, 2016

The criterion for assessing the accuracy of coal reserve estimates proposed by Philip and Watson (1982) is criticized.Following Royle (1977), it is suggested that the global estimation variance found by geostatistical methods is more appropriate.This method is applied to coal data from the Bowen Basin. This shows that two factors (the inherent variability of the variable under study and the total number of drill holes) have more influence over the accuracy of the reserve estimate than the form of the drilling pattern. Comparisons between the relative errors for different sized regions demonstrate that the spacing between drill holes is of secondary importance. The dominant factor is the total number of holes.Comparisons between the relative errors show that some variables such as sulphur need a much denser sampling than the others to obtain the same level of precision.

Jan 1, 1983

By S Worden, A Lee Zhi Yi, E Sellers, G Corder, A Littleboy

The global shift towards decarbonisation is driving competition for the extraction of critical minerals such as nickel, lithium, and copper. To meet this demand, new mines are being developed while mines approaching closure are being reimagined as sites of potential resources. This reimagining challenges how mine closure is being conceptualised. In the conventional case, when a mine reaches the end of its economic life, it is closed or put into care and maintenance until it transitions to the next land use, such as agriculture, native ecosystem corridors, solar farms or integrated eco – precincts (Murphy et al, 2019; Holcombe, 2020) (the authors acknowledge that unplanned mine closures have left a devastating legacy of contamination, safety and cultural heritage impacts). Extracting minerals from closed or closing mines will extend mine life and, therefore, delay relinquishment and transition. In this context, innovative technologies are needed to make mining economically viable. In the first year of her doctoral research on improving stakeholder engagement in mine transitions, Lee Zhi Yi has coined the term ‘mine life extension technologies’ (MLETs) to describe a class of technological solutions that optimise extraction of resources after a mine reaches the end of its economic life. Examples of MLETs include agromining (van der Ent et al, 2015), in situ recovery (Robinson and Kuhar, 2018), and reprocessing or reuse of tailings (Gou, Zhou and Then, 2019). MLET extraction offers several benefits compared with conventional mining processes, such as waste remediation, value recovery of minerals, a smaller footprint and less environmental impacts (Sellers, Picorelli and Salmi, 2022). What requires further investigation is the consequences of MLET implementation to host communities or community perspectives towards the proposed technology and subsequent delays in transition.

Aug 2, 2023

The hematite deposits of Quadrilßtero Ferrffero (QF) are hosted by the Proterozoic itabirites of the Itabira iron formation (Harder and Chamberlin, 1915). These deposits are widely distributed at QF and include the hard hematite ore bodies. However, considerable variations in ore structure and texture can be observed. A preserved banding and lamination in the thin bedded, compact hematite ore, apparently reflects the original layering and/or the prominent foliation of the partly or completely replaced itabirite. The structure of the hematite ore deposits varies from almond shaped, rootless, to bedded bodies, both concordant with the main foliation, and to mesoscopic veins and irregular bodies. Hematite ore textures, which depends on the structural characteristics of the deposit, may be grouped into four main types:thin bedded, laminated and banded; micaceous, foliated and schistose; brecciated; and compact/massive. Thin bedded ores occur in the western, central and subordinately eastern portions of QF, while submicaceous, micaceous and schistose ores are predominant at the eastern part. Brecciated ores exist mainly at the western part and subordinately in central QF. Structureless, compact hematite ores may be either related to the brecciated hematite or occur as isolated bodies at central QF. It is suggested that a synkinematic, acid and oxidant, metasomatism during metamorphism, under a ductile regime, was responsible for the hard hematite ores of the types 1 and 2, and a static, subsequent, hydrothermal, regional metasomatism, under brittle regime resulted in the formation of the types 3 and 4. The common texture present in the all ores is the ubiquitous magnetite porphyroclasts replacement by hematite. Quartz and other silicate minerals are also substituted by hematite. Muscovite, tourmaline, talc, chlorite, apatite and kaolinite have been recognised in the hard hematitic ores. Apparently that mineral association denotes different equilibrium conditions of formation.

Jan 1, 2002

By D M. Aranha, M A. Fonseca, M Echtern

The regional syndeformational metamorphism affecting the Itabira Iron Formation (IIF) at Quadrilßtero Ferrffero (QF) was formerly discussed by Dorr (1965), who proposed that quartz grain size could monitor the metamorphism, according to James (1955), and that the formation of haematite could be the result of the synchronous metasomatic process. Herz (1979) suggested the existence of three metamorphic zones, not mentioning the haematite formation. It could be observed that the primary oxide phase in the IIF is magnetite and most of the hard haematite was derived from the metamorphic replacement of magnetite, forming micaceous or schistose haematite. Differently from most iron formations in the world, the formation of haematite deposits at QF occurred under high oxygen fugacity during metamorphism. The haematite microlaths display a strong preferred orientation, which determines the alongated shapes of the fragments. The terms foliated and unfoliated haematite have been applied by Dorr to the micaceous or schistose haematite, and to the isotropic, hydrothermally derived haematite. Under the microcope, the haematite exhibits a strong crystallographic or lattice orientation encircling the magnetite and martite porphyroclasts. The strain rate determined and defined the textural variation, size and economic importance of the deposits and the ore grade. Metamorphism at QF increases eastward and resulted in the formation of a gruneritic Fe-Mg amphibole, at the western portion, followed by a cummingtonitic amphibole at the central-western part, succeeded by the actinolite zone at the central-eastern part, and finally to the tremolite-anthophyllite zone to the east. These zones, arranged in a north-south pattern, can be followed in the pelitic units, whereas appear sericite-chlorite, kyanite-chloritoid and garnet-staurolite respectively. Carbonate geothermometry in IIF also may support the metamorphic variations. At the western zone the haematite forms small lenses within the itabirite, P-contents are slightly higher than in the remaining IIF, haematite grain size is minute, resulting in a submicaceous texture and the amount and dimension of relict magnetite within haematite is greater than in the other parts of QF. Jangada and Serra Azul deposits are examples of this zone. The central-western zone is characterised by significant haematite deposits, in considerable quantity and size, haematite grain size increased, in order to produce a micaceous texture, the P-contents and the amount of magnetite decreased. Pico do Itabirito, Cappo Xavier, Capitpo do Mato and Tamanduß correspond to the deposit type of this zone. At the eastern-central portion the amount of the hard haematite deposits decreases, increasing the soft haematite ore due to higher strain rates. However, it can be perceived that the relict magnetite almost disappeared and the haematite grain size became coarser than the haematite from the western zones. At the eastern zone, the haematite deposits exhibit typical schistose texture, the magnetite porphyroclasts are absent and the lowest P-grades in the haematitic iron formation. The haematite bodies characteristic from this zone are Andrade, Morro Agudo and the deposits at the Itabira District. The hydrothermally derived compact and isotropic haematite deposits, formed subsequently to the micaceous haematite bodies, were generated after deformation ceased, but under very high fluid pressure. The metamorphic reactions magnetite + quartz + H2O = grunerite + haematite and magnetite + quartz + H2O = grunerite + O2 were decisive in the formation of the metamorphic haematite deposits.

Jan 1, 2007

By L Edwards, M Haest, D Mittrup

The focus in the iron ore industry has shifted from increasing production volumes with less regard for cost, to efficient production of quality tonnes. BHP Billiton iron ore geoscience and exploration has embedded infrared spectroscopic sensing of drill hole samples to help meet this challenge.Infrared spectroscopy is delivering mineral predictions that are used for (automated) geology logging and modelling. The spectra are processed together with other available data sets to predict geometallurgical and geotechnical variables that include lump per cent and uniaxial compressive strength.Trials are ongoing to test the benefit of infrared spectroscopy during mining, including the analysis of grade control samples and remote sensing of mine faces. Results show great benefits in the fields of short-term geology modelling, better understanding of material (handling) properties, identification of geotechnical risk areas and high resolution ore-waste delineation.These trials are bringing BHP Billiton iron ore closer to its ultimate goal of having infrared spectroscopic data collected across the mining value chain. Once such data are available everywhere, regression models can be trained at one point (eg iron grade model trained on exploration samples) and be applied elsewhere (eg iron grade predicted on mine faces). Such predictive analytics will enable not only high precision mining, but also provide maximum time to tailor plant design to the ore in the ground, based on learnings from ores processed in other plants. This will improve planning outputs that will eventually increase mining efficiency, processing capability and product quality.CITATION:Haest, M, Mittrup, D and Edwards, L, 2017. Infrared spectroscopy in BHP Billiton iron ore with a focus on in-mine infrared sensing, in Proceedings Iron Ore 2017, pp 549–556 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 24, 2017

Australian coals tend to be young in geological age and high in ash by world standards; preparation of the coal before marketing is almost universal. On the basis of float and sink data from 39 locations in the Eastern Australian coalfields, the coals are placed in four categories representing increasing difliculty in their washability characteristics. These seem to be related neither to the geological age nor the geographical position of the deposit and Hunter Valley coals, for example, span all categories. The influence of crushing on the washability of Australian coals is briefly considered and from limited data it is concluded to be appreciably smaller than for British or North American coals. A strategy for the float and sink analysis of Australian coals is proposed and the influence of washability characteristics on current trends in the selection of separating processes for coking and steaming products is discussed.

Jan 1, 1979

By Y Lanwin

The Australian mining sector is undergoing a significant transformation with the adoption of advanced technology to the operational landscape. This has highlighted a critical disconnect between our traditional educational systems and the skill requirements of working with these advanced technologies. This paper aims to provide a behavioural science analysis of how the traditional manufacturing mindset, deeply rooted in our educational frameworks from primary to tertiary education, registered training organisations (RTOs), and in-house learning and development, is misaligned with the needs of today’s technologically advanced mining operations. Originating in the industrial revolution, the manufacturing mindset prioritised efficiency, mass production, and the division of labour. In educational institutions, this translated into an emphasis on rote learning, linear examinations, and a rigid adherence to processes and procedures. Such a system, while effective in producing a workforce suited for repetitive and predictable tasks, falls short in fostering skills like problem-solving, adaptability, flexibility, and coping with change – skills that are increasingly vital in a mining sector dominated by automation, robotics, and AI. The paper discusses how the focus on disciplined adherence to standard work procedures and processes in educational and training programs has inadvertently stifled creativity and autonomy in learners. This issue is compounded in the workplace, where employees, having been conditioned to operate within strict guidelines, now face the challenge of adapting to environments where autonomous decision-making and creative problem solving are crucial. In essence, the traditional approach to education and training has prepared individuals for a world of work that no longer exists. This paper advocates for a whole of pipeline approach, grounded in behavioural science, to revamp mining education and training. It highlights the importance of understanding and influencing the behavioural aspects of learning and recommends for an approach that promotes diversity, critical thinking, and adaptability, preparing the workforce to excel in the rapidly changing landscape of the Australian mining sector.

Sep 1, 2024

THOSE who dabble in mining are no exception to the general rule that persons who know a little of a subject are apt to think that they know all about it. Some colour may be lent to the belief that anyone may succeed in mining when we hear stories ofsuccessful diggers and others who have accidentally dropped on to something good through no foresight on their part; but we seldom hear the contra account of the far larger number who fail. Those who go more thoroughly into the subject, and take up mining as a profession, know very well that it is not one that can be carried out successfully by rule of thumb, but when they point this out to the public they are credited with trying to make it a closed profession; and outsiders are for ever trying to find out the "trade secrets," at the same time spurning the main one, which is hard study, experience, and the ability to apply their knowledge. The average mining man is not rich. When he amasses a fortune it is generally through speculation rather than professional work, thought no doubt his technical knowledge may have assisted...

Jan 1, 1910

For its Hellyer project, Aberfoyle sought to establish a high degree of confidence in all aspects of the feasibility study. Accurate capital and operating cost estimates were an integral and essential part of the study. They were crucial to the evaluation of investment returns and competitive cost position. Both the capital and operating cost estimates were based on the comprehensive data available from exploratory mine development, pilot plant operation, detailed engineering design, and Aberfoyle's experience in the area. One of the principal project objectives was to maximise operating productivity and efficiencies and this created capital cost alternatives which needed thorough cost-benefit assessment. The estimated capital cost for construction and development was $90 million, and the project was completed virtually on time for $80 million. The first year's experience indicated that operating costs would settle to well within 10% of the estimates.

Jan 1, 1990

Salaries for mining professionals have gone up substantially in the last two years across most vocations and there has never been a better time to enter the industry, in terms of career opportunities and salary packages. With so many offers on the table and companies outbidding each other to attract the best talent, many new professionals are being lured in by the big money, sometimes at the expense of a satisfying career and a sustainable lifestyle. What should we consider when accepting a new position? What are our values, and how do these drive our decision making? This paper examines our core values as people and makes some observations about what it takes to really succeed in the mining industry.

Jan 1, 2006

This paper is an outline of the developmental practices now in use at North Broken Hill Limited, N.S.W. The description will be given under the following headings.I. General.......opening up of a new level.II. Driving.III. Winzing.IV. Rising.V. Auxiliary Ventilation.VI. Notes on the Introduction of Mechanical Appliances.VII. Office Records and Routine.I. GENERALThe lode, for purposes of description, may be said to be divided into two portions which are usually referred to as the Southern and Northern Orebodies.The southern ore-body is the larger and in places attains a width of 200 feet. The northern ore-body is, generally speaking, comparatively narrow. These ore-bodies have a northerly pitch of approximately 45' and a westerly dip of 60. In the southern ore-body a grid of ore chutes is provided at 31 ft. 8 in. (5 square set) intervals and this necessitates an elaborate arrangement of cross-cuts, portion of which have to be driven through the foot-wall. Crushed country rock adjacent to the foot-wall makes it necessary for drives to be placed at least 60 feet from the lode.In the northern ore-body the ore chutes are arranged along a longitudinal drive, thus making a much simpler layout. These layouts were described in detail by A. R. West (Proceedings A.I.M.M. No. 117). In opening up a new level from the shaft plat, a heading is extended in a westerly direction until a point approximately 60 feet from the footwall of the lode is reached.At this point the direction of the cross-cut is altered to a bearing approximately 90 to the general strike of the ore-body, and the cross-cut continued until the hanging-wall is intersected. From the information obtained together with that from diamond drilling, the outline of the ore-body is plotted as closely as possible, and this serves as a basis for the layout of the level. Drives south and north from the main cross-cut are made in order to determine the southern and northern extremity of the southern ore-body. The former is usually driven in the centre of the ore-body and serves as a permanent gangway and ventilation drive for the new level.From the northern extremity of the southern ore-body, the drive north is...

Jan 1, 1944

Since the introduction of water cooled test rings the operation of cupelling retort bullion has not alone been sImplified, but has also been the means of concentrating the bullion for the fining test in a much shorter time.The first water cooled test ring which I used was rectangular in shape, inside dimensions 5 ft. 3 in. x 2 ft. IQ in., and made of i in. mild steel plates, with a water space of 9i in. x 3t in. However, it was found that as soon as the filling commenced to wear and the litharge came in contact with the jacket, the plate was gradually affected on the lines of the wash, caused by the blast. After a while the inside steel plate went beyond the factor of safety, and was then substituted on the sides and the front of the test ring by a tin copper plate, which has stood now for the last five years without showing the least signs of wear or leakage.The test remains in use as long as the bottom is regarded as safe, and toward the end of the life of the test the litharge is allowed to work against the copper plate.

Jan 1, 1901

The principal source of funding the working capital requirements of gold miners has traditionally been equity. However in the 1980s, with a substantial increase in activity in the exploration for, and the production of, gold the traditional sources of equity finance became no longer sufficient to meet demand. With the often high cost of raising equity, the need for developing alternative financing structures became critical, especially since the stockmarket crash of 1987 which at least until recently, adversely affected the amount of equity capital available for investment in mining.

Jan 1, 1994