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By Markus A. Reuter, Jacob Wood, Robert Matusewicz

Over the last 20 years, significant improvements in copper smelter productivity have been realized through the advent of continuous smelting processes. This progress has until recently however, not been carried through to copper converting. Peirce-Smith converting has been widely used by the copper industry for 100 years but is limited by its batch nature in achieving large scale of production. A logical next step is therefore copper converting on a continuous basis with its inherent environmental benefits. A number of continuous converting technologies are currently in use or being developed within the copper industry, the majority of these operating with calcium-ferrite slags. A notable exception however is the Ausmelt Continuous Copper Converting (C3) technology which has focused on operation with ferrous-calciumsilicate or loosely called olivine type slags. This paper discusses the merits of the Ausmelt C3 process and the advantages offered in terms of operational flexibility and process control arising from the use of lime modified iron silicate slags. It also examines the effects of key process variables pertinent to continuous copper converting from both a theoretical and experimental/operational perspective.

Jan 1, 2009

By Stephen Hughes

Ausmelt Top Submerged Lancing (TSL) Technology has gained widespread commercial acceptance in the lead and zinc industries, as an efficient and highly flexible pyrometallurgical reactor with accompanying excellent environmental performance. For the processing of lead and zinc bearing feed materials twenty one (21) Ausmelt furnaces are now in operation, under design or under construction. With recent increases in the value of both lead and zinc and an ever increasing focus on the sustainable use of resources, interest in the processing of secondary feed material sources as well as metal containing residues has substantially increased. Ausmelt Technology has proven to be well suited to the economic recovery of values from such sources. This has for example culminated in Ausmelt?s commitment to the Whyalla Zinc project as the owner/operator of a facility for the treatment of zinc bearing secondary feeds. This paper describes Ausmelt?s recent developments in the fields of lead and zinc processing, as well as further investigations into new processing areas, including the direct smelting of zinc concentrates. Ausmelt?s TSL Technology can now be regarded as Best Available Technology (BAT) for metal production.

Jan 1, 2008

The Ausmelt Catalytic Waste Converter (CWC) has been developed for use in the treatment of industrial wastes and for the recycling of secondary materials. Ausmelt Technology uses a top submerged lance system within a versatile and efficient slag bath reactor. High temperature pyrometallurgical reactions are carefully controlled within an oxidised molten siliceous slag such that metals can be extracted from waste feedstock for recycling, with non-volatile elements reporting to the slag, usually as oxides. Modification of the slag chemistry results in a final slag product that is stable, vitrified and is able to pass standard leach tests such that it is safe to discard or be used in civil engineering applications. Toxic components in the wastes such as organohalides can be completely destroyed and are prevented from reforming. Waste to energy conversion is practiced by the addition of a heat exchanger/steam generator in the converter offgas system. The Ausmelt CWC has been used for recovering zinc from residues and slags, treating spent potliner (SPL) from the aluminium industry and a wide range of electronic and other potentially valuable waste materials. Methods of monitoring the exhaust gases at different stages in the CWC gas handling system are discussed. The assay of these gases prior to emission is used to assist in the control of the converter chemistry to ensure the complete oxidative breakdown of the feedstock.

Jan 1, 2002

By B. R. Baldock, R. W. Matusewicz

The recycling of used computer boards is a key industry activity for the recovery of precious metals. The safe and effective separation of metallic from non-metallic materials and subsequent processing of these secondary materials to provide high recoveries of values and excellent environmental performance are critical process requirements. Ausmelt Technology has been used commercially in four plants for the recovery of precious metals and has also been used very successfully at pilot plant scale to process computer boards. This work and its application to commercial operations with particular reference to processing conditions and environmental performance are reviewed.

Jan 1, 2000

By Joseph Sofra

It has become increasingly evident that sustainable metals production in the 21st century requires producers to balance the needs of cost effective, high value production with that of responsible plant operation. This is becoming more difficult as lower grade and more complex feed materials, including recycled scrap and residues, are being processed to reduce production costs and decrease exposure to primary metal market fluctuations. One particular facet of the metals industry facing these challenges in the 21st century are copper producers, The recent steady decline in the copper price has seen the industry cut expenditure, tighten control on income streams and focus on high returns on capital investment. For these reasons copper producers are looking towards flexible technologies that can deliver high value products, with minimal environmental impact at low capital and low sustainable operating costs. Ausmelt's Top Submerged Lancing (TSL) technology for copper production is a low cost, proven technology for the processing of both primary and secondary copper materials. Both the smelting and converting operations introduce significant advantages in environmental performance, improved process efficiencies and high rates of metal recovery, Ausmelt has made significant gains in the past 4 years in establishing a strong market position for its copper technology, New installations in China, South Africa and India as well as existing operations in Zimbabwe and China have demonstrated its effectiveness. This paper reviews the application of Ausmelt Technology for both smelting and converting of primary and secondary sources, It discusses Ausmelt's design and implementation philosophy, and how this philosophy meshes with the needs of the end user.

Jan 1, 2003

By R. Matusewicz, A. Kaye

Ausmelt Top Submerged Lancing (TSL) Technology has gained widespread commercial acceptance in non-ferrous applications, including the processing of lead and zinc primary concentrates and secondary (post-consumer) materials. TSL is highly flexible and efficient, and is one of the few technologies which can process primary and secondary feeds, and use varying fuels, to deliver high recoveries and excellent environmental performance. With the recent high value of both lead and zinc, and an escalating awareness of the sustainable use of resources, focus on the processing of secondary feed material sources has surged. Ausmelt Technology has proven to be well suited to the economic recovery of values, with twenty-two (22) Ausmelt furnaces processing lead and zinc bearing feed sources now in operation, under design or construction. This paper describes Ausmelt's progress in the fields of lead and zinc processing, and developments in new processing areas such as EAF dust processing and linking to innovative hydrometallurgical technology. Ausmelt has recently committed to the Whyalla Zinc project as the owner/operator of a facility for the treatment of zinc bearing secondary feeds. This project is due for start up in the first quarter of 2008.

Jan 1, 2008

By Joseph Sofra

It has become increasingly evident that sustainable metals production in the 21" century requires producers to balance the needs of cost effective, high value production with that of responsible plant operation. This is becoming more difficult as lower grade and more complex feed materials, including recycled scrap and residues, arc being processed to reduce production costs and decrease exposure to primary metal market fluctuations. One particular facet of the metals industry facing these challenges in the 21 st century arc copper producers. The recent steady decline in the copper price has seen the industry cut expenditure, tighten control on income streams and focus on high returns on capital investment. For these reasons copper producers arc looking towards flexible technologies that can deliver high value products, with minimal environmental impact at low capital and low sustainable operating costs. Ausmelt's Top Submerged Lancing (TSL) technology for copper production is a low cost, proven technology for the processing of both primary and secondary copper materials. Both the smelting and converting operations introduce significant advantages in environmental performance, improved process efficiencies and high rates of metal recovery. Ausmelt has made significant gains in the past 4 years in establishing a strong market position for its copper technology. New installations in China, South Africa and India as well as existing operations in Zimbabwe and China have demonstrated its effectiveness. This paper reviews the application of Ausmelt Technology for both smelting and converting of primary and secondary sources. It discusses Ausmelt's design and implementation philosophy, and how this philosophy meshes with the needs of the end user.

Jan 1, 2003

On August 22, 1966, just 20 months after writing sales agreements with Japanese steel mills, Hamersley Iron Pty Ltd made its first contractual shipment of 52,000 tons to Yawata Iron and Steel Co Ltd. As world news, the event was not spectacular. But to mining men it represented an astonishing achievement. Twenty months of feverish effort and the expenditure of more than $100 million had created a large open-pit iron ore mine, a crushing plant, storage and load-out facilities for sized ore, and a supporting township at Mt Tom Price; a 182-mile standard gauge railway; and port and loading facilities for a nominal loading capacity of 6000 tph as well as a port town, Dampier, on King Bay. The project was executed in the sparsely inhabited, arid, dissected-plateau country of the Hamersley Range in the northwest sector of Western Australia. Hamersley, 60% owned by Conzinc RioTinto of Australia Pty Ltd and 40% by Kaiser Steel Corp, holds sale contracts for ore and pellets valued at $770 million. The main contracts are with the Japanese, who are to be supplied with 65.5 million tons of ore during the 16 years from August 1966 to August 1982 and 18 million tons of pellets over a 10-yr period beginning in early 1968. Of lesser importance at this time, but presaging trends, are contracts for a total of nearly 1.5 million tons to be shipped to England and Western Europe during the years 1966-68. A pellet plant with a capacity of 2 million tpy is now under construction at Dampier and is to be on stream early next year. Another interesting project for which the plans are set, is a desalination plant for sea water to supply industrial requirements and potable water for the town of Dampier.

Jan 5, 1967

By John Mathews

IT is a great honor to be asked by. the Board of Directors of this Institute to deliver the Henry Marion Howe lecture. The invitation carries with it a great responsibility, which I accept with considerable hesitation and with a feeling of unworthiness to perform the duties expected of me in this hour devoted to the memory of the life, character, and work of the late Professor Howe. Many of you recall the scholarly address delivered here a year ago by Prof. Albert Sauveur, and the beautiful tribute he paid-to his friend and colleague of many years in the great work of changing the art of iron making into the science of iron. My association with Professor Howe, was of brief duration-only one year-and the relation was that of pupil to teacher. My feeling toward him in later years was always that of a humble disciple at the feet of a master. He attained his third academic degree in the year that I was born. I recall the pride I felt when, after entering the, steel industry, I received from him, from time to time, letters asking for information or, perchance, asking my opinion, and he was always most punctilious in acknowledging the source of such bits of information in his writings. It was also my good fortune to sit at the feet of another great teacher-Sir William Roberts-Austen, at the Royal School of Mines. I mention him because his name was used by Osmond in coining the word "austenite," which is the subject of this address, and Osmond's suggestion was heartily approved by Howe. These three international metallurgists were the best of friends and delighted to honor the achievements of one another. There are other reasons for mentioning Roberts-Austen at this time. It was an introduction from Howe that opened to me the door of his -laboratory as well as of his heart. It was while at Roberts-Austen's laboratory that I .worked side by side with William Campbell

Jan 4, 1925

By Malcolm F. Hawkes

AUSTENITE grain size has long been recognized by metallurgists as an important property of steels because of its influence on toughness, hardenability, machinability and creep strength. Much research has been carried out on wrought steels to develop methods for disclosing austenite grain size, and to provide knowledge of the grain-size -characteristics of steels produced and heat-treated in various ways. Much less work in these fields has been done on steel castings; partly because, owing to the variable and complex microstructures of cast steels, it is frequently very difficult to obtain results that are not questionable. The object of this investigation, therefore, was to establish, for a wide variety of carbon and alloy cast steels, suitable methods for disclosing austenite grain size and some knowledge of the grain-size variations to be expected. The steel foundryman is interested in austenite grain size at two different stages in the manufacture of his products; one is just after the steel is cast, and the other is after any reheating operation carried out above the critical temperature range. In both, it must always be kept in mind that the grain size being sought is actually a previous austenite grain size, and that the austenite no longer exists once the steel has cooled to room temperature. The problem of the investigator is always to use evidence obtained from the structure at room temperature to deduce this previous austenite grain size, which was established the last time the steel existed at a temperature above the critical range. Since most steel castings today are at least annealed or normalized, the measurement of austenite grain size established by heat-treatment will be considered first. More than So commercially produced cast steels representing a wide variety of compositions and melting practices were used in the study. For each steel, grain-size determinations were made after each of three widely varying heat-treating schedules; namely, one hour at 1550°F, one hour at 1700°F, and six hours at 1700°F. The list of steels and results obtained on them will be found in the appendix. (See page 21.) A discussion of the knowledge gained on the applicability of various test methods and on grain-size characteristics of cast steels in general follows. MEASUREMENT OF AUSTENITE GRAIN SIZE ESTABLISHED BY HEAT TREATMENT METHODS SUITABLE FOR DETERMINING AUSTENITE GRAIN SIZE AFTER HEAT- TREATMENT AT ORDINARY TEMPERATURES AND TIMES It was desired, as one of the results of this investigation, to be able to recommend to steel foundries a method, or methods, of disclosing grain size best suited to accurate

Jan 1, 1947

By Antonio Augusto Gorni, Kenji Camey, José Herbert Dolabela da Silveira

Recently several studies have been developed on the use of microalloyed steels with low Mn content (below 1%) in the controlled rolling of heavy plates for the manufacture of pipes. However, this novel concept of alloy has peculiarities in its thermomechanical processing. Lower Mn contents should lead to the acceleration of NbCN precipitation kinetics during rolling, leading to a reduction in the soluble Nb content in austenite that delays its recrystallization by drag effect. This fact, plus the heavy and fast passes applied under virtually isothermal conditions in a heavy plate rolling mill with high power, increases the risk of partial recrystallization during the finishing stage of the controlled rolling, since strain hardening of austenite becomes significant and the interaction between precipitation and recrystallization is increasingly delayed. The objective of this study was to analyze the evolution of mean flow stress during the finishing stage of controlled rolling in these low Mn, high Nb microalloyed steels, in order to better understand the metallurgical mechanisms acting during this process and identify conditions that allow full compliance with the requirements of this product class.

Oct 1, 2019

By Robert T. Howard, Morris Cohen

THE purpose of this paper is to direct attention to the lower part of the austenite transformation diagram, or TTT curves, where considerable uncertainty still exists as to the blending of the bainite and martensite reactions. The dissimilarities between these two low temperature trans- formations have been summarized recently by Troiano and Greninger.1 Of particular importance to the present work is the fact that martensite formation, unlike bainite formation, is not suppressed by the fastest quenching rates attainable. However, most of the investigations in this direction have been concerned primarily with the start of the martensite transformation [(M,)] during cooling, rather than with the quantitative aspects of the subsequent reaction on either further cooling or isothermal holding. Several years ago, Cohen2 suggested a form of transformation diagram which reconciled, at least schematically, the isothermal characteristics of the bainite transformation with the insuppressible nature of the martensite transfoi mation. In essence, the diagram consisted of a family of horizontal lines (representing the progress of the austenite-martensite reaction during quenching) which were interrupted in point of time by the bainite family of C-curves extending down from higher temperatures. This picture received later support by metallographic3 and dilatmetric4,5 studies, but the techniques employed were not sufficiently critical to substantiate some of the details. Elmendorf6 and Grange and Steward7 have shown that the Greninger-Troiano metallographic techniques may be used not only for [M,] determinations, but for studying the course of further austenite decomposition. In fact, the latter investigators have observed the amount of martensite formed as a function of temperature below [M,] in fourteen commercial steels. In the present paper, the Greninger- Troiano technique has been combined with the lineal method of Howard and Cohen9 to provide a unique, quantitative treatment of the austenite-martensite reaction. Furthermore, isothermal transformations have been similarly measured on holding at temperatures above and below M,, thus permitting a fairly detailed presentation of the lower part of the conventional austenite transformation diagram. EXPERIMENTAL DETAILS Materials The steels, listed in Table I, were selected for study because they exhibit a satisfactory range of M, temperatures and have not received as much attention as the lower carbon grades. They were prepared as 30 lb induction furnace heats in the laboratories of the Vanadium-Alloys

Jan 1, 1947

By J. Kuipers, R. W. Lawrence, P. B. Marchant, W. Brooks, J. T. Chapman

"Bioleach testing and piloting was conducted on refractory gold sulphide concentrate from Austin Gold Venture in Nevada during 1988. The objective of the test programme was to determine the technical and commercial viability of bioleaching as a concentrate pretreatment step prior to gold extraction by cyanidation. Baseline CIL cyanidation typically resulted in < 20% gold extraction from the Austin concentrate. Bioleaching enhanced gold extraction up to 95% using conventional CIL techniques. This paper summarizes the bioleach test programme and results, including pilot plant studies onsite, and describes the commercial design details for a possible retrofit of the Austin flotation tailings leach circuit to accommodate 20 tpd and 40 tpd capacity concentrate bioleach facilities.INTRODUCTIONBioleach testing on a refractory carbonaceous sulphide concentrate from Austin Gold Venture (AGV), was initiated in late 1987 as part of an ongoing programme at Austin to investigate alternatives to concentrate smelting. Preliminary batch biooxidation tests at Coastech indicated that over 90% gold extraction by carbon-in-leach (CIL) cyanidation of the bioleach residue could be achieved, compared with less than 20% gold extraction on untreated concentrate by similar CIL processing.Subsequently, a more rigorous laboratory study was undertaken at Coastech to establish continuous biooxidation operating criteria on a bench scale. The objective of continuous testing in the laboratory was to provide confirmation of enhanced CIL response based on continuous bioleach products and to determine key process operating and design parameters for pilot testing. The success of the laboratory test program led to the installation of a mobile pilot plant at Austin Gold Venture. The plant was operated by Coastech and AGV during 1988 to provide scaleup data and design criteria for commercial design and feasibility analysis. Based on pilot plant operating data, a detailed commercial bioleach plant was designed as a possible retrofit to the existing 1000 tpd CIL plant. Capital and operating costs were estimated to provide a commercial feasibility study of bioleaching as an oxidative pretreatment for Austin refractory concentrate."

Jan 1, 1989

By Roger N. Prescott

This report presents a new process in delay blasting with the use of ANFO and slurry explosives.

Jan 1, 1977

By J. D. Anthony

The Australian continent possesses significant reserves of a wide range of minerals, including bauxite, coal, copper, diamonds, gold, iron ore, lead, manganese, mineral sands, nickel, phosphate, silver, tin, uranium, and zinc. Australia&apos;s identified economic resources of many minerals are very large as indicated in Table 1. A sophisticated and highly experienced mineral industry is now an established feature of the Australian economy and Australia is the world&apos;s largest exporter of iron ore, alumina, mineral sands and refined lead and amongst the leading suppliers of many other commodities such as coal, lead and zinc ores/concentrates, nickel, refined zinc, tungsten concentrates and bauxite. The industry exports 70% of its production. This is reflected in the value of Australian mineral exports which have grown from about $200m in 1960/61, comprising 10% of total export receipts, to about $1265m or 29% of export income in 1970/71 to around $7061 representing 37% of Australia&apos;s total export income in 1980/81. Details of the more significant minerals are as follows: Japan (42.1%) USA (11.3%) ASEAN (6.3%) UK (5.9%) F.R. Germany (3.8%) Republic of Korea (3.4%) New Zealand (2.6%) Also see Table 2. AUSTRALIA&apos;S MINERAL RESOURCES POLICIES Federal and State Governments&apos; Responsibilities Australia has a federal system of government comprising six States, a self-governing Territory and a Federal Government. Under the Australian federal system the Constitution sets down the powers of the Federal Government. All powers not assigned to the Federal Government in the Australian Constitution reside automatically with the States. Certain of these broad powers result in the Federal Government having a significant influence on resources development. For example, in being responsible for economic management, the Federal Government&apos;s fiscal and monetary policies have an important effect on industry as well as on State finances. In particular, the taxation regime employed by the Federal Government is of direct importance to decision-makers in the resources industry. The Federal Government is responsible also under the Constitution for external trade matters; and international trade and commodity matters are increasingly important in Australia&apos;s international relationships. Foreign investment is another area where the Federal Government has a role to ensure that national interests are protected. This foreign investment power flows from the Federal Government&apos;s control of foreign exchange movements into and out of Australia. However, before enlarging on these and others of the Federal Government&apos;s powers and policies, it should be emphasized that the State governments, by virtue of their wide powers to regulate matters within their own boundaries, are more directly involved in the day-to-day administration and regulation of mining operations. For instance, the powers of the State governments include the responsibility-for the granting of exploration rights and mining leases, the approval of mining operations and the levying of royalties and other like charges. Administrative arrangements covering the granting of minerals and petroleum exploration and development titles vary from State to State. Before development rights are granted, State governments consider environment protection and rehabilitation aspects of development proposals. The provision of infrastructure within State borders is a matter primarily of State government responsibility. It is usual practice in Australia for State governments to construct and operate infrastructure services such. as railways, ports and electricity generation and transmission. The States may also provide certain public services such as electricity. and water, port and loading facilities, communications, health and education services which form part of the infrastructure of mining operations. In remote areas the mining companies themselves usually are expected to provide much of this infrastructure. However, the Federal Government is primarily responsible in some fields, such as telecommunications and parts of the railways network. State governments carry out preliminary exploration and geological mapping and some are directly involved in the mining of coal for power generation. The Federal Government&apos;s responsibilities in addition to economic management, taxation, international relations, foreign capital and investment, include regulation of exports, environmental matters and matters affecting the Aboriginals of the Northern Territory. FEDERAL GOVERNMENT POLICIES The continued sound development of the minerals and energy resources sector is regarded by the Federal Government as being of very great importance. However, the Government does not seek to participate directly in resource developments. It sees its role rather as that of establishing a sound economic and policy climate in which private companies can identify opportunities, seek out customers and marshall the necessary capital for the development of resource projects.

Jan 1, 1982

In Australia we usually define "resource" in purely material terms, and rarely relate it to intellect and human capacity. We look at the sheer abundance of our natural resources and are satisfied with the feeling that we don&apos;t really need-to rely on using our brains. Certainly our country is fortunate to have the mineral resources it does, but in many ways Australia&apos;s worst enemy is its "lucky country" syndrome because we tend to underutilise the great resource we have in the capacities of our people. Raw material exports will undoubtedly continue to contribute a major share of our export revenue, but to harness the riches our country has to offer most effectively we need the vision and planning necessary to bring together our material and human resources. There is a need not only to find, exploit and process our minerals economically, but to turn as much of our mineral wealth as possible into high value products before it leaves the country. In particular we must use our brainpower if we want to maximise economic benefit from and political influence over the strategic minerals which leave our shores. In the past we have been successful in finding and exploiting minerals because our mining industry has been in the forefront of private sector research and development. But if Australia is to have an advantage over other mineral rich countries in insulating itself from the effects of cyclical swings in commodity prices, then the future of the industry must lie even more in technological sophistication rather than depending. on such considerations as size and location of mineral deposits. To survive, our mineral industry must have the foresight and resourcefulness to make its own luck. There are two keys to increased efficiency in exploration and production and in further processing methods: enhancement of the skills of the workforce and continual improvement of R&D.

Jan 1, 1986

It is a great privilege to be invited to give this address at this centenary conference. A centenary is a time for recollection, for celebration and for looking ahead. The AusIMM has much to celebrate and many things to recall. I hope in this address to make some useful comments about Australia&apos;s future (and mindful of but not forgetting New Zealand), looking ahead for 25 years or so, and the mining industry&apos;s role in that future.

Jan 1, 1993

Great new drilling results! What&apos;s so sinful about being a multi-national company? Overseas protestors flown to Australia for a free holiday How to counter the protectionist danger? Our current economic standing Over-regulation puts a convicted paedophile on the payroll The broken window fallacy Mining - A shared history Aristotle and the camels A brighter future? Something over which we do have far greater control, i.e. leadership within our own industry My challenge to you The expanding gold- producing company of which I am proud to be Chairman, Croesus Mining NL, is by definition a æmultinationalÆ. Our shareholders are based in 36 different countries, 77% of our 107 million shares are held in Australia, 23% are held outside Australia, and include New Zealand holdings of 7%. In September, Croesus Mining presented our company at the Mining 2000 Forum in Melbourne, a city caught up with multinational protestors demonstrating against multi-national companies. &nbsp;

Jan 1, 2000

By Travis Q. Lyday

Australia was one of the world&apos;s principal producers of minerals and metals, and its minerals industry was a leading catalyst in promoting growth of the country. Australia was the world&apos;s largest producer of alumina, bauxite, diamond, ilmenite, monazite, opal, rutile, sapphire, and zircon. It was the premier exporter of alumina, coal, ilmenite, refined lead, monazite, rutile, and zircon, and was the second leading exporter of iron ore, after Brazil. Ranking behind China, the United States, the U.S.S.R., the German Democratic Republic, Poland, and the Federal Re-public of Germany, Australia was the seventh largest producer of coal (all grades) in the world. Australia was the fourth largest gold producer in 1988, after the Republic of South Africa, the Soviet Union, and the United States. It was the second largest producer of zinc, the third largest producer of nickel, the fourth largest producer of uranium, and the seventh largest producer of copper. 2 The country&apos;s mineral wealth was so extraordinary that it was virtually self-sufficient in most mineral commodities. Endowed with abundant resources of coal, natural gas, liquefied petroleum gas, and uranium, Australia was one of the few market economy countries that was a net exporter of mineral fuels. About 90% of Australia&apos;s consumption of crude oil was supplied by domestic production; this was expected to decline significantly about 1990, unless significant new oilfields were discovered.

Jan 1, 1990

By I Haine, J Penm, T Waring

During 1999 there was a considerable turnaround in world prices for most minerals and energy commodities, except for the bulk commodities (coal and iron ore). The main reasons for this turnaround were: improved prospects in demand for most minerals and energy commodities in the Asian region following a return to both economic and industrial production growth in key economies in that region; continued moderate growth in demand in Europe and North America; substantial production cutbacks in a range of minerals and energy industries; effective reductions in the supply of oil by OPEC nations; and an announcement by European central banks that they would cap the amount of gold they sell and loan in the next five years. Most of these influences are expected to be sustained into the first years of the new millennium. In 2000, with exception of coal, average world prices of minerals and metals are forecast to rise significantly. Gross domestic product and industrial production is expected to grow in some European countries and most Asian countries in 2000 and, with moderate growth expected to be sustained in the United States, demand for minerals and energy is expected to increase. AustraliaÆs main bulk commodities, iron ore and coal, saw prices set for 1999 - 2000 at substantially lower levels in negotiations in early-1999. Double digit price cuts were locked in. However, similar falls appear to have been avoided for coal in Japanese Fiscal Year 2001, while increases of between four and six per cent were achieved for iron ore. Forecast modest recovery in economic growth in Japan and increasing demand elsewhere in Asia are expected to lead to tighter market conditions in 2000. Beyond 2000, world minerals and energy markets will be influenced by the expected robust global supply responses of minerals and energy companies, against a background of sustained economic growth and industrial production growth in major consuming countries. Over the medium-term, a return to declining real prices which have been evident for most commodities in the recent past, is expected as exploration, mining and processing technological change and associated productivity growth continues to reduce industry costs. While lower rates of exploration and mining investment in Australia between 1998 and 2000 will modestly constrain the rate of future industry expansion, Australia remains an important contributor to expected growth in global minerals supply over the medium-term. Australian mine production is forecast to grow between 1999 - 2000 and 2004 - 05, boosted by production from recently commissioned mines and minerals processing facilities and comissioning of other projects at advanced stages of planning.

Jan 1, 2000