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By P. J. D. Lloyd

This fascinating paper deserves study by all who are interested in the economics of gold production. The argument in the paper that price is determined by the balance between supply and demand may be thought to be obvious. However, correlation analysis presumes causality, and there is some evidence in the paper to suggest that causality is absent in this market.

Jan 1, 1984

By H. F. Fuls

Skorpion Zinc, an integrated zinc mine and refinery located in the south of Namibia, has a production capacity of 150 000 t/a of special high grade (SHG) zinc. The Skorpion zinc oxide resource will be depleted by 2017. Extensive exploration drilling for additional zinc oxides was conducted without success. With the abundant availability of zinc sulphide concentrates regionally (Black Mountain and Gamsberg in the Northern Cape or Rosh Pinah Zinc and new deposits in the Rosh Pinah region) the life of the operation can be extended by processing of zinc sulphide concentrates. The leach kinetics of zinc sulphides is vastly slower than for oxides, preventing the processing of zinc sulphides in the existing process under current conditions, and Skorpion Zinc faces the challenge to identify a suitable zinc sulphide treatment process that can be integrated with the existing plant. Various zinc sulphide processing options were identified through an extensive literature search and non-viable options were eliminated. Mass and energy balances were established for potential options and an economic evaluation (including capital and operating cost estimation) was conducted to identify a suitable process. It is concluded that ferric leaching of sphalerite in a sulphate medium under atmospheric or pressure leach conditions are suitable processes for Skorpion Zinc. These processes present advantages over all other zinc processing options when elemental sulphur is preferred as the final deportment for sulphide sulphur. Both these processes can be integrated into the existing refinery and will be able to process concentrates with a wide composition range.

Jan 1, 2013

By M. J. Kahn

A new Scramble has hit the African continent. This Scramble has many drivers: the 1978 Deng Xiao Ping liberalizations in China; the 1989 collapse of the Soviet empire; the ICT revolution; the ease of global communications. The underlying dynamic is the end of the bipolar world of the Cold War and its replacement with multipolarity. According to HSBC (2011), in 2050 China will be the world?s largest economy, with India number 3 and Brazil number 7. Russia will be 15th (below its old rival, Turkey). South Africa maybe ranked 30th, yet has been invited to join the exclusive (BRIC) club. One has to ask, why? It is sad to note how low South Africa is assessed to be?currently it is around number 24 in the world; the reason for the fall is that the HSBC model includes population growth, and it is in this domain that South Africa is a loser, being constrained by the impact of HIV/AIDS on its life expectancy. The original four BRIC nations include the factory of the world (China), the garden of the world (Brazil), the gas station of the world (Russia), and the back office of the world (India). South Africa comes to the club both as jeweller of the world and as gatekeeper. China, Brazil, and Russia all have considerable expertise in mining exploration, extraction, and processing.

Jan 1, 2011

The February General Meeting of the Branch was held in the St. Helena Club at 8.00 p.m. on the 10th February, 1971. Mr G. Y. Nisbet (Chairman, O.F.S. Branch) was in the chair. There were also present: Seven Fellows: Messrs. N. A. Honnet, C. J. Isaac, J. M' Meyer, I. Thomas (Committee Members), J. Lorenzen, S. L. S. Swart and D. Waterman. Six Members: Messrs. R. Campbell, D. J. Couperthwaite, R. Cross, A. H. Edwards, C. G. J. Vermeulen and G. J. C. Young. Two Graduates: Messrs. J. McLuskie and M. H. Smith. Six Associates: Messrs. J. Dean, W. F. de Lange, J. S. Freer, A. Hooper, A. Paschalides and L. Vorster. One Student: Mr D. J. Hammond and nine visitors, a total attendance of thirty-two. Minutes As the minutes of the General Meeting held on the 17th November, 1970 had not yet been published in the Journal, the Chairman moved that the adoption and discussion thereof be deferred to the next General Meeting. This motion was adopted unanimously. Office-bearers The Chairman informed the meeting that this branch had received the resignation of Mr J. N. Saunders. Following his resignation the Committee elected the following office-bearers: Chairman - Mr G. Y. Nisbet Vice Chairman - Mr J. M. Meyer The Chairman also announced that Messrs. J. M. Meyer and G. J. C. Young had been co-opted onto the Committee. General Members were advised that arrangements had been made for the Cookhouse Tunnel visit towards the end of March. Talk by J. Freer The Chairman called on Mr J. Freer to deliver his talk on "Uranium Extraction, Processing and Conversion for Fuel Element Manufacture". The presentation of this talk, illustrated by sketches, proved very interesting and entertaining and was received with applause from all present. Mr I. Thomas proposed a vote of thanks to Mr Freer on behalf of all members of the O.F.S. Branch. After thanking Mr Freer for his talk and all present for their attendance, the Chairman declared the meeting closed at 9.30 p.m.

The November General Meeting of the Branch was held in the St. Helena Club at 8.00 p.m. on the 17th November, 1970. Mr J. N. Saunders (Chairman) was in the chair. There were also present six fellows, N. A. Honnet, C. J. Isaac, J. G. Kirchner, (Committee Members), J. M. Meyer, S. L. S. Swart and J. W. Wilson; seven members, D. V. Baum, M. de Lange, A. H. Edwards, G. J. G. Emere, E. R. Penny, G. P. Rundle, C. G. J. Vermeulen; six graduates, N. Mayer, H. Miller, E. J. Shillaber, P. J. H. Short, M. H. Smith, T. R. Stromsoe; five associates, M. Andriesse, A. E. Hooper, A. Paschalides, R. L. Solms, W. M. Todd; one student, J. C. Simms and 14 visitors. Apologies for absence were received from Messrs L. O. W. Leimer and G. Y. Nisbet. MINUTES OF THE ANNUAL GENERALMEETING The Minutes of the Annual General Meeting held on the 27th August, 1970, were taken as read. Their adoption, which was proposed by Mr N. A. Honnet and seconded by Mr J. G. Kirchner, was carried unanimously. MINUTES OF THE JULY GENERALMEETING The minutes of the General Meeting held on the 8th July, 1970, were taken as read. Their adoption, which was proposed by Mr C. J. Isaac and seconded by Mr J. G. Kirchner, was carried unanimously. GENERAL BUSINESS Members were advised that no more applications could be entertained for the visit to Western Holdings; they could, however, still apply to visit Welkom Mine and Harmony. TALK The Chairman invited Mr A. Paschalides to deliver his talk on 'Controlled blasting in stopes and new explosives developments'. The presentation proved to be of great interest to the meeting and lively discussion followed the talk. Mr N. A. Honnet proposed a vote of thanks to Mr Paschalides on behalf of all members of the O.F.S. Branch. CLOSURE The Chairman thanked Mr Paschalides for his talk and all present for their attendance, and as this was the last meeting for 1970 he wished all members a Merry Christmas and a Happy New Year. He declared the meeting closed at 9.30 p.m.

By J. Grobler, J. Zietsman

"Understanding the influence of feed material mineral assemblage on spiral separation is paramount for the successful and consistent operation of a spiral plant. Plant stability is required to maintain high recovery of valuable heavy minerals (VHM). Standard material analysis methods used in the heavy mineral industry to evaluate spiral separation behaviour are unable to quantify performance differences in the case of large variations in feed assemblage. This study illustrates a systematic approach to evaluate spiral separation performance. This technique was applied on a four-stage spiral plant. The performance information was used in a circuit simulation to clearly illustrate the importance of correct setting of the spiral splitter position and resulting spiral mass loading to ensure optimal circuit stability and maximum VHM recovery.IntroductionHeavy mineral sands deposits generally consist of naturally fine-grained, free-flowing sand due to the way in which the deposit was formed. The size of the heavy minerals market is roughly 8 Mt/a of zircon and titanium combined (Iluka, 2013). If an average combined feed grade of 5% zircon and titanium and an average combined overall product recovery of 80% are assumed, the resulting run-of-mine feed tons that would require primary spiral beneficiation is 200 Mt/a. The number of spirals required for the processing of this material, assuming 6500 operating hours per annum, an average of 2 t/h per start, and the same number of rougher spirals as other duty spirals, is over 30 000 spirals for the heavy mineral sands business alone. These numbers clearly illustrate the importance of the spiral in the heavy mineral industry.The aim of a spiral plant in the primary processing value chain of a heavy mineral process is to reject non-valuable quartz (a light mineral) from various valuable heavy minerals (VHM). The product from the spiral plant is a heavy mineral concentrate that has a reasonable grade (more than 90% heavy minerals) at a reasonable heavy mineral recovery (greater than 90%). This benchmark is fairly easy to achieve if all the mineral particles are well liberated (as in the case free-flowing sand), the feed is properly deslimed (-45 µm fraction removed to less than 5% of the solids mass), and the spirals are fed within design solids concentration (water to solids ratio) and design spiral load (dry tons per hour per start)."

Jan 1, 2017

By J. Dvorácek

Mine water poses a significant problem in lignite coal mining. The drainage of mine water is the fundamental prerequisite of mining operations. Under the legislation of the Czech Republic, mine water that discharges into surface watercourse is subject to the permission of the state administration body in the water management sector. The permission also stipulates the limits for mine water pollution. Therefore, mine water has to be purified prior to discharge. Although all mining companies operate mine water treatment plants, there is hardly any utilization of the final effluent. The high expenditure involved in the more sophisticated methods of mine water treatment has fuelled the search for the commercial utilization of the effluent.

Jan 1, 2012

The AK6 kimberlite is situated 25 km south of the Debswana Orapa Mine in Botswana and was discovered by De Beers geologists in 1969 during the follow-up of geophysical targets in the Orapa area. The kimberlite was not extensively pursued at the time as the initial bulk sampling indicated it to be of limited size and low grade, factors largely contributed to by the basalt breccia capping. Completion of high resolution integrated geophysical techniques and drill bulk sampling to depth recovered 97 tons of kimberlite during 2003 and 2004, which led to the increased size and grade estimates. Bulk sampling by Large Diameter Drilling (LDD, 23 inch diameter) commenced in 2005; 13 holes were drilled to a cumulative depth of 3,699 m and 689 carats of diamonds were recovered. In July 2006 the De Beers Mineral Resource Classification Committee classified these Phase I LOO results at a High Inferred level with an average grade of 24 carats per hundred tonnes (cpht) at a bottom cut-off of +1 mm, and a modeled average diamond value of 150 dollars per carat. A second phase of LDO drilling was initiated in 2006, and bulk sampling by trenching commenced in 2007 in order to deliver a resource estimate at indicated level. An Indicated Resource of 11.1 million carats at an average grade of 22 cpht was declared for the deposit mining lease application lodged in 2007.

Jan 1, 2010

By Phil Morriss

During the last 12 months, Sandvik?s Technical Service Group has carried out nine Scoping and Pre-feasibility studies for the application of In-pit crushing and conveying (IPCC) for large mining companies; the majority in conjunction with the Snowden Consulting Group. During these studies several key and recurring drivers have been identified: 1. Mining schedule issues ? there are several issues which crop up repeatedly, including: ?the unnecessary curvature of pit walls, ?very high rates of vertical advance which are (created by schedule optimisers to minimise stripping at all times) which are at the limit of what can be realistically achieved (and which of course make it harder for IPCC to achieve any impact), and ?The allocation of material to semi-mobile systems to maximise the ability for IPCC to be an effective alternative. 2. IPCC productivity issues ? the key issues are the IPCC system operating hours achievable, and the system throughput (both instantaneous and the average). 3. IPCC Risk issues ? there are perceptions about the risks associated with the use of IPCC which are a mix of reality and fiction, but which nonetheless create negativity towards the use of IPCC. In this paper, the authors wish to address specifically the factors affecting the IPCC productivity.

Jan 1, 2008

By S. M. Spottiswoode, A. J. Jager, N. C. Gay, J. A. Ryder

The South African mining industry is at present planning to extract orebodies at depths of up to 4 km. To do this cost effectively and, at the same time, ensure safe working conditions for mining, the personnel will require both the development of new strategies and the implementation of current rock-engineering technological developments on a wide scale. This paper covers most of the technological developments likely to be required for mining at very high stresses, but it is clear that improved regional support systems will need to be developed to ensure defective stability of the rockmass during mining operations. Similarly, it is clear that improved strategies for mining in large-scale geologically disturbed areas, where slip on faults or dykes can result in wide-spread rockburst damage, will have to be addressed

Jan 1, 1995

Members are advised that the Council has decided to change the format of the Journal from the present size to the standard international A4 size with effect from August, 1969. By making this change we will be conforming to more general practice today in regard to publications and this should effect certain economies and facilitate selling of advertising space. It has been arranged that in future the publication of the Journal, including advertisement sales, will be handled by Kelvin Publications (Pty.) Ltd. who are already doing this work satisfactorily for the Mechanical and Electrical Institutes. While making these changes, the opportunity is taken of redesigning the outer cover of the Journal to incorporate the new coat of arms. The Council trusts that these changes will meet with the approval of members.

By G. J. Krige

The extent of ground movements and stress concentrations in the vicinity of the reef in the deep mine-shafts used in the South 4frican gold-mining industry have led to the requirement that special tower structures be developed to span the reef intersection zone in several new shafts. So that structural engineers are able to design these towers, it is necessary to model the dynamic behavior of conveyances traversing them in some way, to provide a means to determine the magnitude of the forces generated. This paper describes the development of two such procedures. The first is a numerical method, utilizing a step by- step integration technique to track the motion of a conveyance through a tower. This technique has been implemented in a computer program, and some results are given.

Jan 1, 1995

By V. C. Robinson

INTRODUCTION Most presidential addresses are in the nature of a review of some specific topic and this will be no different. In thinking about the subjects which might be suitable for this address I decided that as next month will see my retirement from the gold mining industry I might review the four decades since I started in the industry in 1929. These four decades have been more than usually in',~resting and exciting. They have covered a period when the price of gold increased from the old figure of 84/- an ounce to the price of $35 an ounce today, taking in on the way at least two periods of premium sales from which the producer benefitted. The industry in these four decades has survived the most totally destructive war in history and has seen fundamental changes in the political, economic and governmental life of South Africa. There have been great technological changes and improvements, some of which I shall refer to later, and in addition there have been profound changes in the relations between employer and employee in the industry which have affected not only the economy of the industry but the traditional thinking of both management and labour. I believe that the address presented to this Institute on the occasion of its 75th Anniversary by Mr Goode covered more than adequately the history of the Institute and the part it has played in the mining industry of South Africa. It would be merely repetitive, therefore, to discuss the affairs of the Institute of Mining and Metallurgy. Having said this, however, it is also necessary to point out that the history of the Institute is, and always will be, an important record of the history of mining in South Africa. There are many facets, however, on which we ought to look back and to re-examine. One of the most rewarding, but at the same time one of the dullest, places to look for historical facts is in the annual reports of the Chamber of Mines. I suppose that some of the dullest of these have been the reports for which paragraphs have been prepared by me personally. The notes which follow do not claim to be anything like a full record of this exciting period. RISE AND FALL OF THE GOLD MINING INDUSTRY In talking about the mining industry of South Africa it is inevitable that one talks, particularly in the historical sense, about the gold mining industry - an industry of fundamental importance which has made South Africa what it is and which has been dying since the early part of this century. In Table I is shown the progress of the gold mining industry measured by its output of ounces of fine gold from the beginning of operations until the end of 1969, and if you are interested in the productivity of the men who work this industry the table, composed entirely from figures set out in the Chamber's annual reports, also shows the production of gold expressed as fine ounces per European and fine ounces per Bantu worker over a long period. If you are still minded to think of this industry as dying then the last column in the table shows how uranium has played such a vital part in the prosperity of the country.

By O. Y. Ntrama

Lebowa Platinum Mines has been in operation since the late 1960s and is a relatively small producer compared to Anglo Platinum?s other operations. The mine has never had substantial capital investment to expand its production scale even though its resource base is estimated in excess of 100 years at current mining rates. It is forecast that the mine will become unprofitable after 2008 due to the workings of the ageing infrastructure, the Merensky Reef operations being further from the shafts, decrease in productivity and increase in operating costs. In order to reverse the forecast decline in operational inefficiencies and profitability the replacement of the Merensky Reef operations at Vertical and UM2 shafts with the development of a 120 Ktpm Brakfontein Merensky Reef Mines is in progress. This paper covers the operational readiness framework developed from the control budget estimate and outlines an integrated business process adopted to ensure that the requirements of the investment proposal are met. The operational readiness framework, which addresses the transition process, will ensure that at operational start-up, all appropriate operating systems, procedures, information and legal requirements are in place, whereas the business integration process will aim to develop and sustain an organization with the appropriate infrastructure and workforce equipped with the necessary skills to meet Brakfontein?s requirement, and where possible embark on an optimized accelerated production initiative to ensure that the objectives of the investment proposal are sustained. Keywords: operational readiness, business integration, optimized accelerated production initiative, organizational development.

Jan 1, 2006

By P. Horrell, K. Rhodes, G. Harrison, J. Dean, D. Sammons, M. Stander

Anglo Platinum have perceived a need to increase the rate of reef development both for new mechanised stoping technology and on conventional new developing mines. The Research and Development Division of Anglo Platinum therefore initiated an experimental reef raise project with a tunnel boring machine (TBM) at Bafokeng Rasimone Platinum Mine (BRPM). The scope of the trial was for the boring of a reef raise 340 metres in length on the Merensky Reef. The boring phase of the trial took place over six months and the average rate of penetration of the TBM was 0,47 metres/hour. TBM utilisation was 22%. The TBM used in the trial was a Jarva MK6 manufactured in 1972 and its design with its backup system was not considered to be an ideal machine for reef development. However it was the intention of the trial to prove the concept of developing with a TBM on reef. In this respect the trial was unequivocally a success. There were many problems and long delays did occur during the boring phase. Nevertheless there is every confidence that a new TBM can be designed specifically for this type of work that will achieve high rates of advance up to (say) 400metres/month and with a more flexible steering system in order to negotiate reef changes. It can therefore be expected that TBMs will be used in the future for reef development on South African platinum mines.

Sep 1, 2001

By F. T. Cawood

This paper reviews the Mineral and Petroleum Resources Royalty Bill of 2006, identifies potential areas that require further consideration by the National Treasury and, where appropriate, offers alternatives. At its basic level a royalty regime consists of two elements: the base and the rate that must be applied to the base. Deciding on an acceptable royalty rate is a complex matter and can be done only after extensive analysis of all variables affecting the competitiveness of the regime. The proposed royalty rates are in the range of zero to five per cent and are based on sales revenue. It is argued that future investment patterns are more likely to be influenced by market cycles and commodity prices than policy events. Inevitably the current boom in the minerals sector will come to an end and the success of the proposed regime will be known only when profit margins are under pressure. Policy makers must therefore have the long run in mind when developing policies that affect the ability of industry to do business, without the need to renegotiate each time there is a change in the market. A long-run policy must be sufficiently flexible to allow for consistently fair sharing ratios and splitting of revenues between government and industry. Although broadly in line with international practice, the current version cannot be regarded as internationally competitive and efficient. In order for the royalty bill to become internationally competitive, promote beneficiation of mineral production and adequately compensate the State for the loss of a national resource, the National Treasury should heed the following main recommendations in this review: 1. Abandon the notion that each mineral product must have its own royalty rate; 2. Introduce an NSR type royalty that allows for value-addition costs to be deducted from the base; and 3. Provide for automatic relief through the use of a sliding-scale mechanism based on ability to pay, e.g. the X-Factor used in the gold mining tax formula.

Jan 1, 2007

By D. Lunt

This paper describes and sets in context the commercially proven uranium extraction processes. It also discusses some of the technologies that are currently being pursued with the aim of reducing costs and overcoming a number of technical issues that are faced by process designers and operators. In doing so, opportunities for the transfer of extraction technology from other industries/commodities are identified. The key processing areas that are examined include: ?The influence of mineralogy. The type of uranium mineralization and the nature of its association within a particular deposit will have a major impact on process route selection. Uranium minerals are classified according to their influence on extractive metallurgy. As the uranium price has risen in recent times, so opportunities are increasing for the recovery of uranium from less conventional resources such as phosphates and fossil fuels. ?The opportunities for employing techniques aimed at reducing the capital and operating costs of the overall process such as heap leach and beneficiation. Preconcentration by screening, gravity separation and radiometric sorting can potentially reduce the mass flow to the downstream leach and recovery plants. ?Purification or separation of uranium in carbonate systems. While it is possible to directly precipitate uranium from clarified leachate, the presence of impurities such as vanadium, molybdenum and others may dictate that ion exchange or selective precipitation is employed. Advances have been made in other industries in terms of improved ion exchange equipment aimed at reducing resin inventories and hence costs. ?Separation in acid leach systems. Earlier developments included the use of combined SX-IX systems (Eluex or Bufflex) and the introduction of continuous countercurrention exchange (CCIX). Column SX has found a ready application to uranium in view of the rapid extraction kinetics. With the renewed interest in uranium processing, efforts are being redirected towards further development of resin-in-pulp (RIP) as a means of driving down capital and operating costs. ?Extraction in a chloride environment. Australia and Namibia are desert countries where good quality water comes at a cost. However, both have access to saline water from either the ocean or subterranean aquifers. The issues associated with operating a uranium extraction operation in such environments is discussed. ?Extraction from less conventional sources. Recent price increases for U3O8 have resulted in a number of companies examining the recovery of uranium from sources such as fossil fuels and phosphate deposits. Both of these areas were examined in the 1970s and 1980s and a number of approaches were commercialized. The paper reviews the extraction options.

Jan 1, 2007

By M. C. J. van der Merwe

"Carboxymethyl cellulose is an organic binder used in the iron ore pelletizing industry. The basic principles of how carboxymethyl cellulose (CMC) solutions behave during the pelletizing process and how these principles affect the drop and compression strengths of the pellets are poorly understood. The aim of the investigation was therefore to gain knowledge on the behaviour of CMC during the pelletizing of haematite concentrate.Haematite pellets with different additions of CMC (0.1–0.4 wt%), were subjected to drop tests, compression tests, and free moisture content analysis. The relationship between the drop strength, compression strength, free moisture content, elapsed time, and CMC concentration was analysed.The drop strength had a strong correlation with the free moisture content of the haematite pellets, with a correlation coefficient of 0.94. The compression strength of the CMC-bonded haematite pellets increased as the free moisture content decreased, reaching a maximum upon depletion of the free moisture content. Haematite pellets with CMC concentrations of 0.1 and 0.2 wt% developed most of their strength within the first day after pelletizing, whereas pellets with concentrations of 0.3 and 0.4 wt% developed most of their strength between one and two days after pelletizing. The time within which CMC-bonded haematite pellets develop most of their strength is therefore dependent on the CMC concentration. IntroductionFines are produced during the beneficiation of iron ore. These fines are separated from the lump ore and can be upgraded to produce a concentrate, which is used as a raw material for the production of pellets. Pellets in turn form a key burden material for direct reduction processes as well as the blast furnace (Zhu et al., 2015).Inorganic binders such as bentonite have been used predominantly in the iron ore pelletizing process to obtain pellets with suitable properties (Eisele and Kawatra, 2003). These binders, however, have the disadvantage of introducing impurities into the pellets. This has resulted in organic binders being pursued as suitable replacements for inorganic binders, of which carboxymethyl cellulose (CMC) shows good potential. Although CMC has been used as an organic binder in iron ore pelletizing, the fundamental principles of how it behaves during pelletizing and how these impact on pellet properties are poorly understood."

Jan 1, 2017

To the trustees of The SAIMM Scholarship Fund We have audited the annual financial statements of The SAIMM Scholarship Fund set out on pages 587 to 592 for the year ended 30 June 2005. These financial statements are the responsibility of the trustees. Our responsibility is to express an opinion on these financial statements based on our audit. Scope We have conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes: examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Audit opinion In our opinion, the financial statements fairly present, in all material respects, the financial position of the trust at 30 June 2005 and the results of its operations and cash flows for the year then ended in accordance with South African Statements of Generally Accepted Accounting Practice.

Jan 1, 2005

To the members of The South African Institute of Mining and Metallurgy I have audited the annual financial statements of The South African Institute of Mining and Metallurgy set out on pages 641 to 644 for the year ended 30 June 2006. These annual financial statements are the responsibility of the Institute?s Council members. My responsibility is to express an opinion on these annual financial statements based on my audit. Scope I conducted my audit in accordance with International Standards on Auditing. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the annual financial statements are free of material misstatement. An audit includes: ?examining, on a test basis, evidence supporting the amounts and disclosures in the annual financial statements, ?assessing the accounting policies used and significant estimates made by management, and ?evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. Audit opinion In my opinion, the annual financial statements present fairly, in all material respects, the financial position of the Institute at 30 June 2006 and the results of its operations and cash flows for the year then ended in accordance with generally accepted accounting practice appropriate to the Institute. Supplementary information The supplementary schedule does not form part of the annual financial statements and is presented as additional information. I have not audited this schedule and accordingly do not express an opinion on it.

Jan 1, 2006