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By K Voigt, B Bolton, C Rumble

The Ok Tedi copper and gold mine is owned and operated by Ok Tedi Mining Limited (OTML) and is located in the Star Mountains of the Western Province of Papua New Guinea. Waste materials (both sulfidic and carbonate materials) from mining operations, comprising 55 Mt of waste rock and 31 Mt of tailings per annum, are discharged into the headwaters of mine area creeks where erosion and sediment transport carries significant proportions of the total waste into the Ok Tedi and Fly River systems. The tailings are potentially acid forming (PAF) while the waste rock has been strongly acid consuming with an excess of acid neutralising capacity (ANC) due to the high proportion of limestone waste. Tailings and waste rock are eroded into the river system and transported to the lower Ok Tedi and floodplains where deposition takes place. Because of concern due to vegetation die back, a dredging operation commenced in March 1998 to remove the sand fraction from the main river channel. OTML identified a potential future ARD risk from the stockpiled sands due to reduce limestone production at the mine and sulfide/carbonate mineral segregation in the river system and in the dredge sand stockpiles. This paper describes the structure and framework of an empirical model developed to assist OTML in planning ongoing mining operations to control ARD. Modelling identified the need to provide additional mined limestone to prevent future ARD generation from material deposited in the mine area creeks. With the additional limestone, the ARD risk in waste rock storage areas and in the Ok Tedi and Fly River sediments is predicted to remain low due to the combined effects of high ANC, high alkalinity of natural waters and high moisture contents (mostly fully water saturated). However, monitoring and modelling indicate that the ARD risk from the stockpiled sands will increase substantially during the remaining years of the operation. OTML have initiated programs to identify and evaluate options to mitigate this risk.

Jan 1, 2003

Shizuyuan deposit is a compound type of greisen and skarn associated' with W,mo,Sn,and BI mineralization. Tungsten-bearing skarns are located at the contacts between carbonate rocks and granitic stock. Ore-bearing greisens occur in the top of granite or superimpose on the skarn rocks. Although mineralization and alteration are heterogeneous,there are clear patterns in the preferred associations of minerals on all scales, and an orderly sequence can be distinguished. The sequence of mineralization Isom bhar. Gsesus-.contactròoctaard is characterized bòyVtia of L, a4[~!kient assemblages W(mo,~P),,,W,(,Mo,Sn,Bi),Sn (Bi), and Sn. Skarn formation is divided into an early sk.arnoid stage and a late metasomatic stage. The skarnoid stage formed grandite garnet and diopside pyroxene in the limestone. The iron content of garnets decreases significantly away from the granite, whereas pyroxenes maintain a relatively constant diopsitic composition. The metasomatic skarn stage is charac- terized by hydrous silicates. The mineral assemblages of. greisens are regularly distributed in space. The feldspar-quartz-fluoride was usually formed in-the deeper part, upwards giving way to muscovite-quartz, and topaz usually occurs in the uppermost part. The distribution, and miner- alogical relationships of alteration facies suggest that they formed as a result of the progressive reaction of an ascending hydrothermal solution with aluminum-nearing limestones an-d granitic rocks respectively. The ore elements were mobilized and deposited in association. with hydrosilicate alteration of skarns and greisens.

Jan 1, 1987

The Permian rocks at Gympie were first studied as far back as 1868 in conjunction with the discovery of gold. The relationship of the Gympie Group to other sequences in the Gympie Composite Terrane is an important subject of investigations in a new mapping project of the Geological Survey Program of the Department of Resource Industries.In two areas the Gympie Group has been divided into four defined formations. They are the Highbury Volcanics (base), Ram mutt Formation, South Curra Limestone and Tamaree Formation (top) in the Gympie area, and the Mant basalt (base), Kolbar Formation, Gigoomgan Limestone and Teebar Formation (top) in the Gigoomgan area. Geochemical and lithological evidence from the basal volcanics of the Gympie Group (Highbury Volcanics, Mant basalt) indicate that they developed in an intraoceanic island arc setting. The overlying volcaniclastic sediments (Rammutt Formation, Kolbar Formation), which contain some continentally-derived material, are mainly of local derivation and shallow-water marine. A hiatus is present at the top of the Early Permian Rammutt Formation and Kolbar Formation. Following the hiatus, limestone sedimentation characteristic of a basin of restricted circulation developed in the Late Permian. There is some evidence of a hiatus between the limestone deposition of the Gigoomgan and South Curra Limestones and the overlying probable turbidite deposits of the Teebar and Tamaree Pnrmatinnc

Jan 1, 1990

By Espinosa-Gomez R, Johnson NW

The Copper Concentrator at Mount Isa Mines Limited treats on average 18 000 tonnes/day of chalcopyrite ore containing typically three per cent copper. The main gangue minerals are iron sulphides (-13 per cent) and non sulphide gangue (-78 per cent). In August, 1991, the comminution flowsheet was changed from a conventional circuit (crusher/rod mill/two stage ball milling) to a modem circuit (fully autogenous grinding/one stage ball milling). The 80 per cent passing size of the flotation feed with the conventional circuit was 125 microns. The Copper Concentrator has two parallel grinding lines, two roughing and scavenging flotation lines, and common cleaning, recleaning and retreatment sections. During the first six weeks of the installation phase, one of the two flotation lines was fed by the conventional grinding circuit and the other by the autogenous grinding circuit. Data from parallel surveys and historical data are used to analyse the rougher/scavenger flotation performance before and after the change. The solid and mineral distributions of the flotation feed, the pulp chemistry and the reagent requirements are compared. The mineral liberation before and after the installation of autogenous grinding is compared on a sized basis using data from the 14 consecutive months before, and the seven months after the change. Liberation was measured using the QEM*SEM(*) instrument. The overall effect of the new grinding circuit on the plant metallurgy is also assessed using the copper recovery values, the dilution of the final concentrate and the distribution of copper losses in the final tailings. (*) Quantitative Evaluation of Materials by Scanning Electron Microscopy

Jan 1, 1993

By Paine G. G

The Red Dome Gold/Copper Mine is located approximately 15 km west of the township of Chillagoe which itself is approximately 220 km by road west of Cairns, Far North Queensland. The deposit, with other mines in the Mungana region, was worked from about 1901 to 1927. Exploration by Amoco Minerals Australia in the 1970s and early 1980s outlined a geological resource of 15 million tonnes. A mining reserve of 9.3 million tonnes was identified and originally developed by Elders Resources Limited. The mine commenced operations in March 1986 and was the first large-scale gold project in Australia to be developed solely on the heap leach process. The mine operated successfully as a gold heap leach operation until 1989 when new grinding, flotation and carbon-in-leach plant facilities were installed to process the non heap-leachable component of the orebody including the copper rich -ore. In March 1991, Red Dome Pty Ltd became a wholly owned subsidiary of Niugini Mining Limited. After six years of successful operation and having excavated a 200 in deep pit, it became evident in 1992 that unless more open cut reserves could be identified the operation was limited to six to nine months of high grade ore and a further 15 months of low grade stockpile material. A preliminary feasibility study was carried out to assess the viability of deepening the open cut. This indicated that from a technical and financial point of view it was possible to expand and deepen the open cut. This presented the daunting challenge of developing a 300 in deep, single access, open cut between a high chert ridge, a government railway line and a National Park. The meeting of this challenge is the subject of this paper.

Jan 1, 1994

Gold mineralisation at the Kerimenge-Lemenge prospects is a classical example of myltiple, overprinting events, associated with intrusive-related hydrothermal systems. Repeated emplacement of high level dacitic porphyry bodies (Edie Porphyry; 2.4 - 3.8 Ma) was accompanied by a phreatomagmatic eruption which formed a diatreme-maar complex. Later hydrothermal fluids utilised permeable fault zones and diatreme contacts. Mineralisation took place during two main events. Stage I consists of early quartz - illite/sericite - carbonate phase with associated pyrite-arsenopyrite mineralisation. This phase is zoned from quartz - sericite-pyrite/arsenopyrite in the south at depth, to dominantly manganocarbonate - illitic clay - arsenopyrite- pyrite_s significant base metals in the north and at shallow levels. The majority of known gold (18.1 Mt @ 2.0 g/t Au) at Kerimenge is associated with Stage I activity. The gold occurs primary within the lattice of the sulphides and is metallurgically refractory. Fluid inclusion studies indicate early boiling and progressive cooling and dilution of hydrothermal fluids during the evolution of the Stage I event. Near paleosurface condensation of gases, which evolved off the boiling system at depth, produced abundant low pH bicarbonate fluids. During the waning phases of Stage I activity, these bicarbonate condensate fluids descended down permeable structures and formed banded manganocarbonate veins. High grade non-refractory gold mineralisation during Stage II event is restricted to favourable structures at relatively shallow levels and in the northern regions of the prospect area. Gold in this event exhibits a distinctive Au - Ag - Te -Cu geochemical signature, and is associated with hessite - tennantite - chalcopyrite mineralisation within quartz veining. Alteration and fluid inclusion studies indicate that this style of mineralisation is a result of the quenching of pulses of hot, late magmatic mineralised fluids by the cold condensate waters.

Jan 1, 1997

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 Corbett GJ

Comparisons between individual SW Pacific Rim gold deposits have facilit-ated proposal of a new classification of porphyry-related mesothermal gold deposit types. Carbonate base-metal gold systems form at relatively high crustal levels, peripheral to porphyry intrusions. There is a spatial assoc-iation with major structures which focus fluids from degassing porphyries at depth. Milled matrix intrusive breccias and extrusive maar volcano/ diatreme breccias form as a result of pre-mineralisation phreatomagmatic eruptions. These focus degassing magmatic fluids by the provision of fracture ground preparation, typically within competent host rocks, adjacent to the breccia bodies. Local dilational structures control the form of individual deposits which may contain bonanza gold grades at sites of fluid quenching and/or repeated mineral deposition.Early quartz veining and porphyry-related alteration is common and later gold mineralisation typically occurs in association with carbonate veining and Fe and base metal sulphides as Zn > Pb > Cu. The progressive cooling by mixing of the upwelling mineralised magmatic fluid with descending bicarbonate waters, produces characteristic zonations in carbonate compositions. These vary with distance from the porphyry source, from Ca through Mg, Mn and distal Fe types. Gold mineralisation is preferentially distributed within the Mn/Mg carbon-ates.

Jan 1, 1994

Investigations of the Mineragraphic Section; Commonwealth Scientific and Industrial Research Organisation, have included most of the known stannite-bearing ores in Australia, and have revealed several new occurrences of this relatively uncommon mineral. They provide information about its paragenesis, and its possible effect on tin recovery, that may be of general interest.Several of the investigations used in the preparation of this paper, were made in the first instance by pr. F. L. Stillwell or in collaboration with him.CASSITERITE-SULPHIDE ORES IN NORTH-WEST- TASMANIA Stannite is a minor component of most of the cassiterite sulphide ores of north-western Tasmania. These include the orebodies of Mount Bischoff, the Cleveland mine, Moina, the Stanley River district, Renison Bell, and the Heemskirk-Zeehan district, and form a well defined metallogenetic provence which is related to the Devonian granites of this part of Tasmania.In these ores mineralisation began. with deposition of cassiterite, a little wolfram, and quartz, topaz and tourmaline. With falling temperature, deposition of cassiterite ceased and arsenopy-rite, pyrite, and especially pyrrhotite, formed in abundance, tending to give massive sulphide ore. A little chalcopyrite; stannite, sphalerite and native bismuth accompanied the pyrrhotite. Deposition of quartz ceased after the pyrrhotite, was formed, and the later-formed nonsulphide gangue consists chiefly of carbonates and fluorite. With, the advent of the carbonates the pyrrhotite was altered to fine-gained intergrowths of marcasite and pyrite. Excess iron from the pyrrhotite entered the intergrown carbonate, or was precipitated as magnetite. Some solution of the cassiterite occurred at this stage, the tin being redeposited chiefly as stimnite replacement rims around the residual cassitellrite grains. Varying, but small, amounts of sphalerite, galena, tetrahedrite and silver minerals were depoSited at this stage, bringing the mineralisation to a...

Jan 1, 1951

By Clappison D. J

Since its formation in Papua New Guinea and raising of A$2 million in 1980, Niugini Mining Limited (NML) has grown to a company capitalised on the Australian Stock Exchange at about A$350 million. In 1995 the company produced some 237 000 ounces of gold, 700 000 ounces of silver and nearly 5000 tonnes of copper from its operations at Red Dome, in North Queensland and San Cristobal in The Atacama Desert of Northern Chile. This production contrasts with Niugini Mining's first mining venture at Mt Victor in the Eastern Highlands of PNG which yielded 20 000 ounces of gold and 11 600 of silver between 1987 and 1989. Following the formation of an exploration joint venture in 1982 with Kennecott Explorations (Australia) Ltd, now a subsidiary of RTZ, Niugini Mining's early recognition of the gold potential of volcanic rocks at plate margins led to discovery of the Lihir deposit in July 1982. This deposit containing about 42 million ounces of gold in resources, is one of the largest undeveloped gold deposits in the world. Following raising of equity funds through the float of Lihir Gold Ltd and debt finance in 1995, construction of the mine at a cost of US$673 million is now underway with first full-scale production at approximately 600 000 ounces of gold per year expected in early- 1998.

Jan 1, 1996

By Kurihara M

In Japan, shield tunneling method is generally used to drive a tunnel in sand layers around the urban area. In this report, appli- cability of NATM (New Austrian Tunnelling Method), which uses rock bolts and shotcrete as support, to water-bearing sand layers is studied aiming at establishing more economical tunnel driving technique. After the geological exploration, the conditions (i.e. pitch of steel supports, water content, cohesion, and fine content of ground,)necessary to ensure the face stability were investigated by using centrifuge loading tests. Concerning measures to manage ground water, an air permiability test was carried out to investigate the effect of the compressed air to cut-off inflow, and pumping test to study the applicability of dewatering. Furthermore, two dimensional elastic FEM analysis consider- ing progress of the excavation face was perform- ed to analyze stresses in the support system and deformation of the ground, and to investi- gate safety of the support and the ground. From these prior investigations, possibility of the applicability of NATM to the present pro- ject was predicted. Finally, based on these results, a real scale field application test was put into practice to confirm the prediction, and to pursue construction efficiency and phenomena which could not have been predicted Beforehand.

Jan 1, 1987

Ventilation characteristics of a three h -nc longwall development panel in a 1/100th tale hydraulic model using dispersion mechanics are the first applications of its Find in ventilation. Dispersion mechanics gives additional and important ventilation parameters such as degree of mixing, bypassing, -ecirculation etc. These are not obtainable the traditional pressure-volume methods. Experimentally, the model work investigates entilation characteristics of different stopping layouts, including leaky stopping,, cut-throughs and return roadway, brattice tyre ventilation and the effects of flow rate reduction on air distribution in the headings. Additionally, a model of methane generation at the face provides results used to calculate the dispersion characteristics in the return airways. It is concluded that the model resui,s -trongly suggest that dispersion mechanics could be applied to mine ventilation surveys to provide quantitative flow pattern data and details of effective dispersion '?_C!,r riro ò `b' eritilat.ing air.

Jan 1, 1983

A thick sequence of alkaline intrusions and volcanic rocks underlies a Quaternary caldera on Liliir Island. The sequence is host to a still active sub-aerial hydrothermal system and associated epithermal gold mineralisation. Sub-horizontal alteration horizons exhibit progressively increasing chondrite norma-lised (La/Lu) en and (La/Sm) cn ratios from unaltered shoshonites, to the potassic alteration zone, to the argillic altera-tion zone to the advanced argillic alte-ration zone. The increasing fractionation of HEE, and especially of LHEE, up the alteration sequence is the result of de-creasing pH, temperature and alkalinity of the hydrothermal fluids with increa-sing alteration intensity. HRE3 were especially mobile in argillic and advanced argillic alteration units characterised by acid fluid conditions and large fluid volumes. Abundant Cl, S and CO2 within the hydrothermal fluids and thus abundant REE complexing agents and large fluid volumes favoured the mobility of REE during hydro-thermal alteration of the volcanic rocks and intrusions. Steam escape, mixing of the gases with groundwater and a change from a magmatic neutral chloride hydro-thermal system to a meteoric acid sulphate system was accompanied by liquid/vapour ratio changes, pronounced alkalinity, pH and temperature decreases, and fluid/rock ratio increases. This caused the mobili-sation, fractionation and deposition of PF.F.

Jan 1, 1990

By Quemard D, Troncoso J

The Gordonstone Project with a capital cost in excess of $500 million will become the largest underground coal mine in Australia. The project development decision was taken on 31 July, 1990 and at 31 May, 1991 construction was approximately 35 per cent complete. The first train of processed product coal will be railed to Gladstone during December 1992. The general theme of this paper therefore will address the planning and development processes at Gordonstone particularly the interrelatedness of technical, production, construction and environmental disciplines to ensure success during operations.

Jan 1, 1991

By A Baensch, E Grimsley

Eloise Copper Mine is situated 56 km east-southeast of Cloncurry, Queensland, Australia. The deposit was discovered by BHP Minerals in 1986 during follow up diamond drilling of EM anomalies associated with major aeromagnetic anomalies. The deposit is overlain by 60 m of Mesozoic cover. Amalg Resources NL commenced mining during 1995 by means of decline access and long hole-stoping. The total mineral resource comprised 1.77 million tonnes at 4.10 per cent Cu as at the end of June 2003. Proved and probable reserves are 930 000 tonnes at 3.97 per cent Cu. Mineralisation is hosted within a strongly foliated Proterozoic meta-sedimentary sequence comprising arenites and schists. The metasediment sequence also contains a coarse-grained amphibolite body possibly representing an early intrusion of gabbroic composition. Economic mineralisation characteristically occurs as a number of steeply plunging lenticular bodies with strike lengths of between 100 and 200 m and maximum widths approaching 25 m. The principal orebody, the Levuka (B) Lode, displays a down plunge extension exceeding 1000 m and is open at depth. Ore mineralogy is almost exclusively chalcopyrite with the principal gangue phases consisting of pyrrhotite + quartz + carbonate. A biotite + hornblende + magnetite assemblage represents locally intense mafic alteration of the metasedimentary host sequence. Magnetite is present in variable amounts and may be locally significant in some of the smaller satellite orebodies. Within the orebodies the sulfides display a range of textures from massive through to vein like. Sulfides commonly display brecciated textures at a range of scales. Post-mineralisation faulting has severely dislocated the orebodies, resulting in a complex arrangement of fault bounded ore blocks. These faults display considerable variability in regard to strike, dip and amount and direction of throw. A recent review of the fault system by means of large-scale structure underground mapping, re-interpretation of drill core and 3D modelling has led to a significant improvement in the understanding of these structures. A significant upgrade of the geological database has accompanied the structural review. The overall improved understanding has aided the mine design processes with particular regard to decline and access development and pillar location. This has also impacted on the design of drilling programs and exploration for additional satellite ore zones.

Jan 1, 2003

By M Darvall And R Fare, D Dormer

The Argo Archaean lode gold deposit is hosted within a structurally complex shear zone system, 70 km south of Kalgoorlie, and 3 km west of the crustal-scale Boulder û Lefroy Fault. Argo is an active underground mine currently producing at a rate of 120 koz pa with a Probable and Proven Reserve as at December 2005 of 2.19 Mt at 5.94 g/t Au (419 koz), a reduction on the December 2004 Probable and Proven Reserve of 4.58 Mt at 5.74 g/t Au (845 koz). This Reserve is hosted in six separate gold bearing lodes within the Argo shear system. Presently, a further six subeconomic shears are recognised. The 2005 Reserve figure represents a reduction of 426 koz compared to the 2004 Reserve as a result of a thorough review of the geological interpretation/resource model, and engineering factors applied to the Resource/Reserve, and depletion due to mining. Year on year Resource/Reserve figures at Argo had gradually increased as additional information on the system became available and mining methods were increasingly resolved with early production. The portal for Argo underground mine was cut in June 2002 within the highly profitable Argo open pit. The proposed æAvocaÆ bottom-up mining method required extensive lead time between development and the commencement of stoping in April 2004. During development considerable additional complexity in the Resource was encountered. Additional structures were identified, and complex splay interactions affecting the geology impacted on development. Intensive concurrent exploration in the footwall to the main lode during this period was the main cause of the increase in the Resource/Reserve figures during early development. As development progressed, lower grade continuity was observed than was previously interpreted. At the same time, drilling of deeper portions of the deposit and subsequent reinterpretation of the geological model significantly reduced strike lengths of economic mineralisation. Radical changes to the mining methods were required to improve productivities and to satisfy geotechnical considerations. The changes altered the engineering factors applied, which resulted in a reduction in the Reserve figures.

Jan 1, 2006

Through the stress synthesis of many examples of macrostructure in the middle of China, it can be concluded that in the middle of Chinesetectonics there are two compression-torsion-forces, one of which ( from NW to SE ) came from the northwest side of Aerjinshan abyssal and giant fault("F1A", see Fig.7,8,9 ); the other (from S to N ) came from the south side of the north piedmontal fault of Kunlunshan-the south piedmontal fault of Qinlingshan ("F2K-F2Q", see Fig-7,829 ).Owing to the two compression torsion forces a new special type of structure named rotation-apart structure occurred from Chaidamu basin to Hebai, Henan, Anhui plain,from Caledonian movement, Hercynian movement,Yenshan movement to Himalayan movement, step by step In the north of Qilianshan during the late Caledonian movement: during the Hercynian movement it extended into a vast area including the Chaidamu basin and Eerduosi basin; during the Yenshan movement it spread over the whole area of Helanshan,Eerduosi basin and Hebai , Henan, Anhui plain. In the period of Himalayan movement all these structures revived .The rotation-apart structure controlled the distribution of all mineral deposits and also were the mineralizing structures.The relation between these rotation-apart structure and earthquakes is very close.

Jan 1, 1990

The large, high grade 3000 and 3500 copper orebodies at Mount Isa lie greater than 1200 m below the surface, and partly beneath the silver-lead-zinc mining operations at the Isa Mine.Since discovery over 30 years ago, the primary data acquisition programs have been integrated with long-term copper production strategies. These potentially sizeable and distinctly separate accumulations of copper mineralisation are the only sources capable of supplementing a decline in output from the 1100 orebody in the 1990s. Within a decade these deeper copper orebodies will become the major source of copper ore.

Jan 1, 1993

The optimisation of capital in the total planning context has broadly two components: ò maximising the efficient utilisation of capital against competing capital demands; and ò maximising the efficiency with which the industry's capital requirements are sourced. This paper focuses on the latter of these two concepts, as I wish to highlight that within the coal industry the inefficient sourcing of capital has resulted in the inefficient utilisation of capital. In discussing the optimisation of capital within the coal industry I would like to outline three fundamental issues which currently impact the industry and its application of capital: Initially, from the perspective of an independent investor, the perceived risk associated with investing in a volatile industry cycle has not permitted appropriate funding structures to be created thus leading to an inefficient utilisation of capital. Secondly, investors seeking out a windfall gain have established a practice of trading in the assets rather than encouraging recapitalisation. And lastly the mismatch of supply and demand leading to the establishment of new projects which include a percentage of offshore investment has fostered an environment of lower returns and subsequently a dilution of capital.

Jan 1, 1991

The title of my presentation is `Nursing One's Resources', words that fit a young organisation like Ross Mining and words we had to apply to reach our current level as a company. To get to where we are, we had to nurse, foster and treat carefully all our available resources in the widest sense of the word, namely: ò a stock or supply that can be drawn upon (funds, mineral resources, human resources); ò the means available to achieve an end; ò skills in devising expedients; and ò practical ingenuity. I do not claim that Ross Mining is now the perfect mining company. However, we have become a profitable, dividend- paying, gold mining and exploration company which is to our knowledge, currently the cheapest gold producer on the Australian continent. Nursing our resources got us where we are and will guide us in our future development. The words `nursing one's resources' are I feel particularly applicable to mining-as I like to argue that the extractive mining industry has a social responsibility to optimise the metal output and value from each orebody which is being exploited, and preferably leave no metal behind. Likewise, a modem company cannot survive into the future without maximising and optimising its human resource potential. In this presentation I would like to present a number of actual examples of nursing one's physical and human resources. Before I do that, I will give a brief background to Ross Mining. Ross Mining NL is a young Queensland-based company that gained its stock exchange listing in September 1987 and that poured its first gold in 1989 from its own developed Belyando Mine, located in Central Queensland. We have now reached the stage of a medium-size gold producer, producing approximately 70 000 ounces of gold per year, mainly from the Yandan Gold Mine, also in Central Queensland. Our production is set to increase to over 100 000 ounces in the near future. Recent increases in our resource base have secured us a future of ten to 15 years. As a young, newly listed company, we faced all the dangers that most new small floats do as a new entrant into an established industry. However, one advantage of being young and perhaps naive, is summed up by the following Zen Buddist saying: In the beginner's mind there are many possibilities, in the expert's mind there are few. A mining company's main assets are the sum of its resource base and the skills and talents of its people. Attempting to optimise both the physical and human resources within the company has been to-date the key to our success. The first example I would like to present is linked to the exploitation of the Belyando Gold Mine in Central Queensland.

Jan 1, 1995