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By H. Harzer

Statistics Canada record s indicate that in recent years 70 to 80% of the entire Canadian coal production originated from Western Canadian mines, in which about 55 to 65% of the coals are bituminous. Until recently, less than 20% of the latter were extracted by underground methods , the remainder being surface-mined. However, it is estimated that within the foreseeable future up to 80 or 90% will have to be gained by underground techniques. Although Western Canadian coal resources are considerable, they are unfortunately locked in severely distorted, steeply pitching and faulted seams of variable thickness. Consequently, their economic extraction poses serious engineering problems. One possible solution to the problems is to apply hydromechanical methods to underground mining. This is a well-proven method shown to be economically viable under Western Canadian conditions. This paper endeavours to widen the scope of published data on hydraulic coal mining and is based on practical engineering and cost data gathered through contacts with West German designers and operators of hydraulic mines.

Jan 1, 1978

By Julie Dénommé

Today few in business would argue with the idea that we are living in a world that is Volatile, Uncertain, Complex, and Ambiguous. Coined VUCA by the US Army War College, these four words define the ?turbulence? and ?continuous white water? that the business literature has been documenting for the last decade. This VUCA world became even more relevant to business in 2007 when the Institute for the Future fellow Bob Johansen published the idea of transforming VUCA into Vision, Understanding, Clarity, and Agility. We call this VUCA Prime (VUCA'), and place an infinity loop (8) between them to show their dynamic interaction. This paper presents an exploration of the impact of VUCA 8 VUCA' on business and the conditions under which these dynamic forces help to successfully navigate change.

Oct 1, 2010

By W. D. Sinclair

"Between 1934 and 1956, nearly 31 million grams of gold were produced in the Matachewan area from deposits on properties belonging to Young-Davidson Mines Limited and Matachewan Consolidated Mines Limited. In 1979, production from these properties was renewed by Pamour Porcupine Mines Limited.Most of the gold produced has come from relatively lowgrade deposits (3.4 gl t or less) that occur in an east-trending belt of dykes and irregular bodies of trachytic syenite. Although small by comparison, these deposits have some of the characteristics of porphyry copper-molybdenum deposits. The mineralized syenite contains up to 5 per cent disseminated pyrite and is highly fractured and cut by quartz and quartzcarbonate veinlets. Gold occurs as native gold along fractures, in quartz veinlets and as minute inclusions in pyrite. Minor chalcopyrite and trace amounts of scheelite, molybdenite and galena are also present. Mineralization was accompanied by potassic alteration, consisting mainly of potassium feldspar.Some gold was also produced from small, but higher-grade, deposits in volcanic rocks. These deposits occur near the syenite-hosted deposits and consist of quartz veins and stringers mineralized .with pyrite and gold. Minor gold is present in some low-grade, porphyry-type copper-molybdenum occurrences and, locally, in large, isolated quartz veins.Lead isotope analyses suggest that the gold deposits were formed at about 2700 Ma and were locally remobilized at approximately 2400 Ma, following the Kenoran orogeny. The deposits appear to be genetically related to felsic magmas emplaced in an epizonal environment and deposited from hydrothermal solutions relatively concentrated in S and K20."

Jan 1, 1982

By Charles Camsell

Few persons ever stop to consider how vital an influence minerals, and especially metals, have had upon human history, how they have affected the every-day life of the individual or how at different periods they have altered the course of nations and determined their progress. Students and writers of history have dealt very fully with political history and have given us a great deal of detail about the careers and policies of kings, parliaments and nations, but frequently have not touched the economic causes that have been the real forces influencing the development and carrying out of these policies. So far as minerals are concerned there is no single work from which one can get a concise and consecutive account of the growth in the use of minerals, nor of the diverse ways in which the. geographical distribution, the .search for, the development and the use of mineral resources have affected human progress from the beginning of man's history. The reason for this is quite plain, and when one takes a little time to think of it he begins to appreciate the magnitude of the job and he will realize that the story of minerals and mineral resources touches a tremendous range of human activity, not only of mining .and metallurgy, but the whole field of agricultural and industrial growth, of exploration and colonization, transportation and commerce, monetary system, commercial policy, in short, almost every phase of economic life.

Jan 1, 1926

By Johnny Zhang, Yang Anguo, Li Weifeng, Xueyi Guo

"SKSTM oxygen bottom blowing smelting technology was developed by SKS-ENFI at SKS Smelter, Hunan in the 1990s to replace the conventional sintering process and thus to meet the high national EHS standard for lead.Since then, two major milestones have been achieved:1. Since 2002, the SKS oxygen bottom blowing smelting-blast furnace reduction has been in operation at SKS, YGL, Chizhou smelter etc. Now in China, about 50% of the lead (4.2 millions t/year) is produced using SKS process; and2. Since 2008, the blast furnace has been replaced by direct reduction of molten rich lead slag at YGJ smelter, which is more energy-efficient since no slag cooling is required. This two stage process (SKS Oxidation- Direct Reduction) is named as the YGL process.Since 2008, numerous technological innovations have been implemented in the furnace design, process control, and maintenance at YGL. The plant has been successfully demonstrated its unique excellent performances on all aspects from processing capacity, product quality, energy reduction, cost reduction and emission reduction. The purpose of this report is to update all the improvements with proven tracks.Meanwhile, a preliminary comparison on the following aspects between the YGL process and other similar technologies has been discussed:1. Plant design and operating conditions;2. Mass and heat balances, metal (Pb, Ag) recovery;3. Consumables, oxygen gun and refractory lining life;4. Energy consumption and operating costs;5. Sulfur capture and emission reduction etc.It is concluded that the modified SKSTM process is a clean SO2-free emission process. The process is characteristic of other features such as no extra fuel addition, low capital with a small foot-print design, low OPEX, high throughput, easy operation, long refractory lining life and high productivity (95%+ on line time annually). It offers an alternative cost-effective technology for lead smelting industry."

Jan 1, 2014

This paper aims to increase our understanding about existing capacity-building approaches and their implications for obtaining a social license to operate in the mining industry. The notion of ?capacity building? is gaining increasing currency in the mining sector in developing countries due to a rapid rise in the globalisation of mining operations. Capacity-building is conceived here as a process that lasts after the mine-cycle, intended to provide local mining communities with tangible skills and knowledge to gain meaningful employment in mining or other industries relevant for the local economy. Building community capacity to understand and effectively respond to these transformations is vital for obtaining a social license to operate, as it promotes sustainable and locally relevant development. Accountability mechanisms such as global norms and international standards increasingly highlight the need to build capacity among stakeholders, particularly among local communities adjacent to mining operations. International frameworks and mining companies have embraced the notion of capacity-building as a driver to assist corporate social and operational performance. However, this narrow understanding of capacity-building through the prism of corporate social responsibility and ?best practice? is preventing the industry from meaningfully impacting communities and maintaining a social license to operate. This latter notion is being widely embedded across multiple industry sectors, as a social and economic reward from mining companies to compensate communities for natural resource extraction and gain social acceptance. Although both concepts are widely recognised in the minerals industry, insufficient attention has been paid to the implications of applying a top-down (mining-orientated) or a bottom-up (community-orientated) capacity-building approach for obtaining a social license to operate, or indeed how these two concepts are linked and applied in practice. At times, communities lack the necessary capacities in the form of education and skills to deal with mining-led livelihood transformations. This is preventing both mining companies and communities from forging sustainable livelihoods and responding to mining-led livelihood transformations, a situation that is creating discontent among communities and reducing the possibility of obtaining and renewing a social license to operate for the industry. Based on a review of current scholarly debates, accountability mechanisms in the mining industry and fieldwork findings in Colombia, this paper will contribute to an understanding of the implications of existing capacity-building approaches that support a social license to operate.

Aug 1, 2013

By M. Desjardins

The Hoyle Pond underground mine, located in the Porcupine Gold Camp, east of the city of Timmins, Ontario, Canada, is the cornerstone of Goldcorp Canada Ltd?s Porcupine Gold Mines. Cut and fill, shrinkage, longhole and panel mining methods are employed to excavate the narrow gold bearing structures. In order to meet increased flow requirements of 256 m3/s at the mine, a new Fresh Air Raise (FAR) and new surface fans were commissioned in early 2005. The newly acquired fans were capable of supplying the desired volume of air within a range of 1.5 and 2.0 kPa. Upon commissioning of the surface fans the total pressure was found to be exceedingly high; far beyond the design capabilities of the new installation. Consequently only one surface fan could be operated at any given time providing about half the required volume of air. Extensive work was immediately started aimed at reducing the system resistance in order to permit operation of the two fans in parallel and achieve the required mine flows. Larger booster fans were installed in parallel at the 900 m level, a 3 m raise bore linking the 450 and 900 m levels was developed to twin the existing fresh air circuit, and the FAR from surface to the 450 m level was twinned with the original FAR. This strategy, completed in 2012, resulted in a drastic reduction in system resistance and pressures, allowing the two surface fresh air fans to be safely operated in parallel and meeting the flow requirements. This paper describes details of the engineering design work and commissioning of the modified ventilation system, successfully ensuring the long term viability of the project.

Aug 1, 2013

By L. D. Smith

Net Present Value Impact of Discount Rate The Discounted Cash Flow (DCF) method of valuations is universally used and accepted. The main criticism of the method is that it does not recognize the value of projects long life projects. This can be seen in the preceding graph where the present value of cash flows in later years are small for discount rates over about 10%. This graph covers a project that has a 25 year operating life. It is clear from the low height of the NPV bars at 10% and 15% in the last years of the project that an additional 25 years would add almost no value to total project NPV. As an example of this effect, an colleague undertook the evaluation of a pulp and paper project. The plant could be justified, but it was not possible to justify planting the trees as they took too long to grow and so had not appreciable NPV. The plant had to purchase wood to feed the plant.

May 1, 2013

By R. G. K. Morrison

By arrangement between the Ontario Mining Association and Messrs. John Taylor & Sons, Mining Engineers, 6 Queen Street Place, London, E.C.4, the writer was engaged for a period of not more than three months to report on the rockburst situation in Ontario mines. This was later amplified, by mutual agreement, to include, at the expense of detail, visits to the larger camps where rockbursts had not occurred, to get a general picture of conditions and to discuss the subject with operators in their respective areas. Scope of Activities Visits were paid to the following properties for the purpose of enquiry and discussion; the underground workings of those mines marked with an asterisk were visited on one or more occasions: KIRKLAND LAKE * Macassa Mines, Limited * Kirkland Lake Gold Mining Co., Ltd. * Teck-Hughes Gold Mines, Limited * Lake Shore Mines, Limited * Wright-Hargreaves Mines, Limited Sylvanite Gold Mines, Limited Toburn Gold Mines, Limited EAST KIRKLAND & LARDER LAKE Upper Canada Mines, Limited Chesterville Larder Lake Gold Mtng Co., Ltd. Kerr-Addison Gold Mines, Limited Omega Gold Mines, Limited PORCUPINE * Hollinger Consolidated Gold Mines, Ltd. * Mcintyre Porcupine Mines, Limited * Dome Mines, Limited * Buffalo Ankerite Gold Mines, Limited Paymaster Consolidated Mines, Limited Preston East Dome Mines, Limited Pamour Porcupine Mines, Limited Broulan Porcupine Mines, Limited Hallnor Mines, Limited Naybob Gold Mines, Limited Delnite Mines, Limited Moneta Porcupine Mines, Limited DeSantis Porcupine Mines, Limited Coniaurum Mines, Limited SUDURY lnternational Nickel Co. of Can., Ltd. * Falconbridge Nickel Mines, Limited LITTLE LONG LAC AREA * Little Long Lac Gold Mines, Limited MacLeod-Cockshutt Gold Mines, Ltd. Hard Rock Gold Mines, Limited Bankfield Consolidated Mines, Limited Magnet Consolidated Mines (1936), Ltd. à PICKLE LAKE AREA * Central Patricia Gold Mines, Limited * Pickle Crow Gold Mines, Limited UCHI LAKE * Uchi Gold Mines, Limited McKENZIE ISLAND AREA Gold Eagle Gold Mines, Limited * McKenzie Red Lake Gold Mines, Ltd. * Cochenour Willans Gold Mines, Limited RED LAKE * Howey Gold Mines, Limited Hasaga Gold Mines, Limited Madson Red Lake Gold Mines, Limited

Jan 1, 1942

By G. Lipsett, S. Dessureault

Information technology (IT) initiatives in the past have tended to be sold on their ability to maximize resource output and return on capital by allowing assets to be used more effectively and efficiently. Many IT projects fail, not delivering return on their investment. This is known in the IT industry as the “productivity paradox,” where increasing investments in IT do not result in comparable increases in productivity. Experiences and studies of most business sectors reveal that this paradox is rooted in the false assumption that more IT spending automatically results in financial benefit, whereas the benefits are in how effectively IT is used. Most business sectors have accepted that re-engineering of processes is required to gain the full benefits promised of IT. A mining operation has organizational processes similar to most business sectors, but unique operational processes. The lessons of changing business practice in more common business processes, such as inventory control and customer-supplier relationships, can be adequately transposed into a mine setting. The unique operational processes in mines, in turn, require unique redesign efforts. Several enabling information technology opportunities have recently become available, such as more integrated mine production management systems and tactical manager training simulators. This paper reviews some of the latest IT products and outlines the processes and kinds of change that will be required in order to benefit from these new investment options.

Jan 1, 2009

By H. J. McQueen

Before 1950, hot working was simply deforming above the recrystallization point and gave a soft product compared to cold working. From 1960 onwards, improved testing in compression and torsion (stress, strain rate, temperature, quenching) provided valid specimens for microstructural analysis by polarized optical and transmission electron microscopy (TEM). Indeed, TEM was essential to uncovering the hot working mechanisms because it could distinguish between cold and hot substructures (dynamic recovery) in either initial or new grains (dynamic recrystallization). Over the years, teams at Concordia, McGill and UBC obtained NSERC support for students and equipment. CANMET built up a hot forming group having capabilities from high-rate cam-plastometer compression to rolling of experimental alloy billets; this was combined with latest metallographic instruments for fundamental research. Al alloys of every class (2000, 3000, 5000, 7000, 8000) were studied to understand the effects of solutes, precipitates, dispersoids and composites. The complex flow patterns in extrusion were clarified and modeled by finite element methods. Physical simulations of rolling schedules (up to 20 passes and reductions of 98%) by torsion provided evidence of microstructure development during both the passes and the softening intervals, thus clarifying development of texture in different alloys. The results frequently appeared in proceedings of Light Metals symposia and Canadian Metallurgical Quarterly

Jan 1, 2011

By Hu Harries

WE RECENTLY completed a study for a client, who is an applicant to export gas from the Province of Alberta, on the effects of gas export on Alberta's economy. This study was part of the client's application ?before the Conservation Board, and, no doubt, some of you are familiar with it. Submissions by other applicants in earlier hearings before the Board and before the Royal Commission on Energy, as well as claims made by parties opposing export, have also brought forward a number of other opmwns regarding possible economic effects. Ali of these studies have been on a piecemeal basis. They have dealt with particular aspects of particular applications, and only indirectly and by inference with the overall question of gas ex-port. We have prepared this paper to review the overall picture and ex-amine, as far as time permits, all sides of the question. While the paper is entitled Economic Effects of Gas Export on Alberta, we felt that the area considered should in-elude northeastern British Columbia, not only because Westcoast, the first major gas export project, is essentially a northeastern B. C. project, but because this area has historically been, from the point of view of economic, if not of political, geography, part of Alberta. In this paper, when we talk of export, we mean export from the Province or, in this case, from Alberta plus northeastern B. C. Sales to other parts of Canada have exactly the same effect on the economy of this area as l1ave sales to the United States, provided, of course, they are made on equal terms.

Jan 1, 1958

By K. J. R. Ford, Botz. M. M.

Porphyry copper ores are frequently a source of low-grade gold ore, but gold in these ores is often associated with significant levels of cyanide-soluble copper. Cyanide leaching of such ores increases flowsheet complexity and operating costs, and requires thorough planning to satisfy environmental requirements for tailings disposal and mine closure. This paper presents a review of the chemistry of cyanide leaching of gold-copper porphyry ores, carbon adsorption phenomena and means of removing base metals from leach solution. The primary economic drivers behind the processing of such complex ores are also analyzed.

Jan 1, 2011

By Judy K. Todd

Double benching has been utilized as an excavation technique in open pit mines for many years. This process involves drilling, blasting, and excavating the material for the design bench height. A second bench is then excavated without the creation of a catch bench, i.e. only minimal offset from the first bench face is allowed when drilling off the second bench. The result is a double high bench face or double bench. When drilling off the second bench, the offset of the drill from the bench face projects the lower bench face into the pit up to an extra five meters. This reduces the maximum attainable bench angle, enhances the probability of rock escaping the catch bench and increases the overall strip ratio. The generally utilized process of trim blasting also can impact on the final bench profile by contributing to blast damage of the face. BHP Billiton Diamonds Inc., Ekati Mine Diamond MineTM, has pioneered the usage of a technique that eliminates this offset. Double benching is accomplished by drilling a single, 30m pre-shear (two 15m benches) to define and protect the final bench profile. This article provides a comparison of the attained face angles obtained in the field utilizing both of the above methods, as well as a comparison with the analytically predicted angles prior to excavation.

May 1, 2002

By David J. Forrester

"CANMET’s research into underground coal mining is primarily conducted at the Cape Breton Coal Research Laboratory (CBCRL), established in 1981 to conduct safety research in underground coal mines. Located close to Canada’s largest underground coal producer, in the Sydney Coalfield of Nova Scotia, CBCRL’s program also includes the two western underground coal operations. CBCRL is a relatively small laboratory with a staff of thirteen — eight professionals and five support staff — with an annual budget of over $1 million. In order to maintain effective research response, flexibility is key and staff are increasingly working in project teams, crossing traditional section ties and also drawing from specialist expertise elsewhere within CANMET.CBCRL’s research activities have had a substantial impact on the Canadian underground coal mining industry, particularly in Cape Breton. CBCRL contributed to Cape Breton Development Corporation’s (CBDC’s) threefold reduction in lost-time accidents in the 1980s. Also, in the last four years alone, CBCRL’s work has enabled CBDC to save over $17 million in improved utilisation of reserves and cost savings. The work embraces the three traditional areas of mine environment, strata mechanics and mining technologies, however the current direction has been strongly influenced by recent external and internal factors. It is timely to review progress and recent directions."

Jan 1, 1996

By G. Lee, E. T. C. Spooner

"Molybdenum mineralization at Boss Mountain is hosted by the Triassic Takomkane quartz monzodiorite batholith and is associated with a Cretaceous monzogranite stock. Ore has been mined from a sheeted vein system that describes a partial annulus centred upon the apical region of the stock and from subvertical breccia pipes that emanate from the stock. Molybdenite precipitation is coincident with CO2 effervescence from a dilute (1.9 mole o/o NaC/ equivalent) hydrothermal fluid over a temperature range of 250°C to 370°C at a pressure of approximately 350 bars, interpreted to be greater than or equal to the lithostatic load and equivalent to a depth of 1.3 km or less.IntroductionThe chemical and thermal constraints on molybdenum transport and deposition to form molybdenum ore deposits are not well understood. To address this problem, the Boss Mountain mine in central British Columbia, operated by Noranda Mines Ltd., was chosen as a well-described (Soregaroli and Nelson, 1976), relatively small and simple example of a Cordilleran Mo~ deposit. It is situated on the northeast slope of Takornkane Mountain, 10 km west of the community of Hendrix Lake (N.T.S. 93A/2W; latitude 52°06'N, longtitude 120°56'W). Access is from 100 Mile House by nearly 90 km of road, the first 50 km of which are paved."

Jan 1, 1995

By J. Jerome MacDonald, Stephen B. Flewelling

"In the base metals industry of today, operations required to continuously improve productivity and reduce unit production costs. Consistent with these goals is the improvement of the muck haulage cycle from open stopes with the No. 12 Mine.Existing haulage from open stopes occurs with LHD units experience at Brunswick indicates that LHD units have a higher unit cost per tonne mucked than loader-truck combinations when the haulage exceeds approximately 150 m.The reintroduction of open stoping at Brunswick made existing loader-truck combinations unsuitable. It was recognized that application of recent continuous loading technology could potentially result in significant unit cost savings and productivity increases.A review of the technology resulted in the testing of the Voest Alpine AL60 loader in the open stopes located on the 1000m Le vel. Testing began in January 1988 and finished in late November 1988. The test will provide experience as well as quantified production and maintenenace parameters f or the purpose of quantifying production unit costs and system productivity, ultimately resulting in a decision to further utilize or not utilize the loader as a primarymucking unit at Brunswick .INTRODUCTIONBrunswick Mining and Smelting Corporation Ltd. produces approximately 10500 tonnes per day from the No. 12Mine located 35 km southwest of Bathurst, New Brunswick Mining is the largest (single mine) producer of zinc in the world having mined over 52 million tonnes since 1964. Many years of production still remain with proven and probable reserves in excess of 90 million tonnes. Reserves grade at an average of 3.65% Pb. 8.99070 Zn, 99g/mt Ag and 0.32% Cu . The operation employs 1446 people with approximately 800underground including operations and maintenance staff.In the No. 12 Mine two major mining methods are presently utilized . The primary method is Mechanized Cut and Fill (MCF) accounting for approximately 6500 tonnes per day from four major areas. The remaining 4000 tonnes per day is produced from open stopes with the majority of 2800 tonnes per day being produced by the 1000 level.The 1000Level contains 30 million tonnes segmented into open stope blocks 30 m high, 15m and 30 m on strike , with a transverse width of 10m to 50 m (Fig. I). Stopes are organized on a primary secondary stope arrangement along strike. Primary stopes are undercut and overcut full size with the back fully cablebolted. All stope and lateral development is driven 4.0 m high. All stopes to date are flat bottom (Fig. 2). Primary stopes are filled with cemented rock- fill , secondaries with conventional rockfill, Haulage from the stopes is primarily with 8-yard LHD units ; mucking is approximately 50% conventional and 50% remote. Haul distance to date has averaged approximately 150m with current stope haul distances of approximately 300m. Haulage is presently to a small jaw crusher situated on the 1000 Level. From August 1989on, haulage will be to a set of ore passes feeding to a large gyratory crusher situated on the 1200 Level. Start up of the gyratory crusher corresponds to an increase in tonnage from 1000 Level to 4100 tonnes per day."

Jan 1, 1989

"7.1. Glossary of the Platinum-Group Minerals7.1.1. IntroductionA glossary of the platinum-group minerals (POM) serves as a useful introduction to a chapter on their mineralogy. Earlier glossaries (Cabri, 1972, 1976) were prepared for different purposes and composed in a different manner. As for most mineralogical textbooks, from Dana's System of Mineralogy, 3rd Edition (1850) , to Fleischer's Glossary of Mineral Species (1980), this glossary is primarily a chemical classification, arranged here in two tables. Table 7.1 groups the mineralforming compounds of the six platinum-group elements (POE) according to their essential anion(s) or according to the nonPOE element in intermetallic compounds. Table 7.2 is a similar listing for the native metals and alloys of the POE. Both tables include unidentified POM considered to be bona fide new minerals requiring additional study for complete characterization and recognition (see Chapter 9*). Some information on the chemistry of the POM is given in the sections on X-ray data (7 .2) and ore microscopy (7 .3). Because the overwhelming majority of POM have been characterized by the electron microprobe, a more detailed account of representative analyses is given in Chapter 8**. The total POM listed in Tables 7.1 and 7.2 is about 100, after deleting some which would not qualify as discrete species if found today, but which are still recognized on historical grounds; e.g. iridosmine, osmiridium, platiniridium. Tables 7.1 and 7.2 also include 28 unnamed POM; included because they are considered to be probably new species (Cabri 1981 b). The referral scheme for unnamed minerals is the same as in Chapter 9. There are considerably more palladium minerals known than other POM; the proportion of total species (listed in Tables 7.1 and 7 .2) for the POE is: Pd 48%, Pt 21 o/o , Ru and Ir 9% each, Rh 8% and Os 5%. These proportions are in marked contrast to the estimated cosmic abundance, as compiled for average type C1 chondrite by Naldrett and Duke (1980): Pt 29%, Ru 20%, Pd, Ir and Os 15% each, and Rh 6%."

Jan 1, 1979

By William D. Macdonald

The Upper Devonian Kettle Point black shale of southern Ontario is poorly exposed. Structural maps pre-pared from the data of numerous wells show that the upper surface of the formation has low regular relief, and that the lower surface reflects domes in the Middle Devonian and also local subsidence of the Devonian rocks due to solution of salt in the Silurian Salina Formation. The appearance of minor amounts. of marcasite, pyrite, and calcite, m that order, as interpreted from the evidence of concretions from the type locality at Kettle Point is thought to have been influenced by a rise m the pH within anaerobic sediments preceding compaction.

Jan 1, 1960

By H. Reimer

The rates of return on investment are examined for several major Canadian mining companies. Because we are dealing with a highly cyclical industry, subjected to widely fluctuating metal prices, rates of return are examined over a 20-year period. Conveniently, the first decade examined reflects the period when the industry enjoyed incentives to develop deposits; during the second decade, incentives were reduced and the industry became the most heavily taxed industry in Canada. The high rates of inflation since 1973 have distorted the real rates of return on investment if one considers replacement cost.

Jan 1, 1977