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The mineralisation consists principally of layered pyrite, phalerite and galena, situated conformably within a sequence of tuffaceous, bituminous shales and dolomitic sediments that include slump breccias. The sediments show little evidence of post sedimentary reconstitution. A volcanic-exhalative-sedimentary origin is postulated for the mineralisation. Attention is drawn to the similarity between the McArthur deposit and the lead-zinc-silver orebodies at Mount Isa. The primitive nature of the sulphides is reflected by their adverse metallurgical behaviour, and it seems that the best prospect for milling and flotation benefication may lie in the production of separate zinc and bulk concentrates

Jan 1, 1968

By K. E. Waters, C. Marion, T. Grammatikopoulos, A. Jordens

"The Nechalacho deposit, located in the Northwest Territories, Canada, is a heavy rare earth element (REE) deposit. The main REE-bearing minerals in the deposit are zircon, allanite, bastnäsite, synchysite, columbite (Fe) and fergusonite. Previous work investigated the use of gravity and magnetic separation in the processing of this ore and showed that coarse particles following grinding were enriched in zircon, suggesting the potential for selective comminution. The current work investigates the possibility to selectively comminute gangue minerals and concentrate REE-bearing zircon into coarser size fractions. The ore was ground wet in a laboratory rod mill for various lengths of time (0, 10, 20, 30, and 40 min). The resultant products were analyzed using ICP-MS, to determine the distribution of zirconium and REEs in the different size fractions produced after grinding, and QEMSCAN, to identify mineral phases, mineral liberation and the distribution of minerals. Optimum grind sizes for the upgrading of zircon due to selective comminution were then proposed, and dense medium separation was investigated as a means to further concentrate zircon.It is important to note that this process is not representative of the currently selected process design or recovery for the Nechalacho deposit. Any application of this process to this deposit would require optimization in order to ensure appropriate grade and recovery targets are met.INTRODUCTIONThe rare earth elements (REEs) are the fifteen elements in the lanthanide series of the Periodic Table, as well as yttrium (scandium is excluded in this work). Traditionally, REEs are categorized into two groups: the cerium sub-group of “light” rare earth elements (LREEs); and the yttrium sub-group of “heavy” rare earth elements (HREEs) (Golev et al., 2014). The LREEs comprise the first six lanthanides (lanthanum through samarium) and the HREEs comprise the remaining nine lanthanide elements (europium through lutetium) coupled with yttrium (Golev et al., 2014). HREEs are much less abundant in the earth’s crust and on average are more expensive than LREEs (Seredin, 2010). Of the fifteen REEs, the production of neodymium, europium, terbium, dysprosium and yttrium has been determined to be most critical due to their scarcity, high demand and criticality in many high-technology and clean energy applications, such as in illuminated screens for electronic devices and permanent magnets in wind turbines (Seredin, 2010; U.S. Department of Energy, 2011). These five elements are classified as critical rare earth elements (CREEs) (U.S. Department of Energy, 2011)."

Jan 1, 2016

By Lucy van de Ruit, Megan Becker, Aubrey Mainza, Jenny Wiese

"UG2 chromitite ore is a complex, highly disseminated platinum ore from the Bushveld Complex in South Africa, with typical platinum group mineral (PGM) grain sizes below 15µm. The introduction of stirred mills to the platinum industry has enabled grinding to finer product sizes, which has improved liberation and recovery of the finely grained PGMs. However, reduction in particle size leads to an increase in chromite entrainment in the flotation concentrate, which has a negative impact on the subsequent smelting process. Factors such as particle size, froth structure, solids concentration and water recovery have all been identified as impacting entrainment, but whether particle shape also has a significant effect is unclear. The purpose of this study was to determine whether the recovery of chromite particles by entrainment during the flotation of UG2 ore is affected by particle morphology. A laboratory vertical stirred mill with inert ceramic media was used for grinding UG2 ore which was then floated in a batch flotation cell. Flotation feed and concentrate samples were analyzed using QEMSCAN to quantify the angularity and aspect ratio distributions of the particles. The stirred mill product was found to have relatively broad aspect ratio and angularity distributions, with the major mineral components (chromite and silicates) having very similar shape characteristics. Analysis of flotation feed and concentrate samples suggested that particle shape does not have a significant effect on chromite entrainment."

Jan 1, 2014

I In an optical microscope, mild attack by cyanide solutions on various minerals can be observed by means of colour changes as well as etching patterns. However, the mineral may not be identifiable due to the coloured film. In some cases, a transfer algorithm between mechanical stages enables the surface-altered mineral to be identified in the SEM. A more severe attack may not be so informative, as it is not known whether the mineral attacked has been completely dissolved away. The leaching behaviour of some common minerals is described.

Jan 1, 1991

By T. T. Chen, J. E. Dutrizac

Noranda Inc., CEZinc presently employs a cement-stabilization (jarofix) process to stabilize its jarosite residues for direct disposal. In this process, Portland cement partly decomposes Na-jarosite to form Ca6Fe2(SC>4)3(OH)i2.nH20, ferric hydroxide and sodium sulphate which further reacts to form gypsum; approximately one-third of the Na-jarosite reacts in the current commercial product. The cured jarofix products also contain minor amounts of various Ca-Al-Fe silicate-sulphate-hydrate phases and traces of calcite. Together with gypsum and a Ca-Fe sulphate phase, these species bond the various particles together, imparting mechanical strength and reducing the permeability. Water-soluble Zn and Mg are stabilized in the Ca-Al-Fe silicate-sulphate-hydrate phases. The freshly cured products usually contain small amounts of moisture and traces of residual Portland cement, which provides additional alkalinity for the neutralization of any residual acid species. Jarofix products stored for more than six years in the laboratory, after curing, are usually dry and exhibit the same micro-textures as those of the freshly cured products. However, the stored products are depleted in the Ca6Fe2(S04)3(OH)i2.nH20 and Portland cement phases, and are enriched in gypsum and calcite which reflects the highly alkaline environment of the jarofix products. The aged products also have increased amounts of the Ca-Al-Fe silicate-sulphate-hydrate phases which have elevated Zn and Mg contents. This implies a further immobilization of residual water-soluble Zn and Mg during stora

Jan 1, 2000

By J. E. Dutrizac

Mineralogical studies were carried out on nodulated copper cathodes from three primary refineries to characterize the nodular growths and to elucidate the causes of the nodulation. Nodulation is often initiated at the surface of the starter sheet or the stainless steel plating blank, although a layer of smooth copper sometimes is deposited before nodulation commences. In some instances, the "roots" of the nodules exhibit a pronounced dendritic texture that is associated with an abundance of cavities. Slimes particles are not usually associated with these growth features which lead to a globular surface deposit. The globules sometimes develop into larger nodules, and this type of nodulation is likely caused by improper addition agent concentrations. The nodules on most cathodes, however, exhibit "roots" at the contact with the substrate that are associated with microcavities and large clusters (>40 µm) of slimes particles. The slimes constituents are commonly Ag powder, PbSO4 and Cu2(Se,Te) but not AgCu(Se,Te) or Ag,(Se,Te). The size of the slimes clusters, rather than their composition, appears to be the important factor causing the copper to grow into nodules. Tiny individual slimes particles themselves do not appear to cause cathode nodulation.

Jan 1, 1999

By T. T. Chen

Gold in the Twin Creeks ore is primarily associated with arsenian pyrite. During pressure oxidation, the sulphides are solubilized, but part of the dissolved iron reprecipitates as jarosite and as an iron sulphate-arsenate-phosphate phase. The pressure oxidation products are subjected to cyanide leaching. The cyanide leach residues consist of quartz, gypsum, bassanite, anhydrite, small amounts of jarosite, an iron-sulphate-arsenate-phosphate phase, as well as trace amounts of orthoclase, rutile, pyrite, hematite and monazite; all these particles are dispersed in a fine grained matrix of illite-muscovite. The autoclave leach residues contain a small amount of carbonaceous matter. Many gold grains are detected on the surfaces of the carbon particles, and these gold particles are not leached during cyanidation. The gold particles are typically 0.1-0.2/Lm in size and commonly are embedded in the carbon surface or are coated with a K-AI-Si-S-O phase on the surface of the carbon. The gold grains are consistently associated with elevated CI contents (50-300 ppm Cl). The poor gold cyanide leach recoveries, which initially occurred in the Twin Creek developmental circuit under certain operating conditions, are attributed to the presence of chloride in the feed. This results in the formation of soluble gold chlorocomplexes in the autolcave and the subsequent sequestering of the gold on the surfaces of the carbon particles.

Jan 1, 2000

By T. T. Chen

Secondary copper anodes are generally rich in Sn, Pb, Ni and Sb, but are notably deficient in Se, Te and Ag. In the secondary copper anodes, most of the Ni, virtually all of the Ag, slightly more than one-fifth of the Pb, about one-third of the As and Sb, and approximately one-tenth of the Sn are in solid solution in the copper. The remaining impurity contents occur as 1-5 µm grain-boundary inclusions in the anodes, and these are mainly Cu2O, SnO2, Cu-Pb-As-Sb-Bi oxide, Pb-Sb oxide, Sn-Ni-Zn oxide, Cu-Sn-Ni oxide, Cu-Sb-Ni oxide (Kupferglimmer) and trace Cu2(Se,Te). Barium sulphate, which originates from the mold wash used in casting, is also present in the anodes. During electrorefining, the BaSO4, SnO2, Pb-Sb oxide, Sn-Ni-Zn oxide, Cu-Sn-Ni oxide and Cu- Sb-Ni oxide inclusions are liberated and accumulate in the slimes layer. Solid solution Ni dissolves and the Ni accumulates in the electrolyte. Solid solution Sn and Pb dissolve, but partly reprecipitate as Sn arsenate and PbSO4, respectively. Solid solution Ag dissolves but rapidly reacts to form Ag2(Se,Te), Ag powder, Ag-bearing Cu2O, (Cu,Ag)SO4 or a complex oxidate phase. Partial dissolution of the Cu-Pb-As-Sb-Bi oxide particles takes place; the Pb component is converted to PbSO4, whereas Cu, As, Sb and Bi dissolve. The reacted particles retain the morphology of the original Cu-Pb-As- Sb-Bi oxide phase. Some of the solubilized As, Sb and Bi remains in solution, but much reprecipitates as SbAsO4, As-Sb-Bi oxide, and as a poorly defined oxidate phase which consists mostly of Cu-Ag-Pb arsenate-sulphate. The high Sn contents of secondary copper anodes do not seem to affect the behaviour of the anodes during electrorefining.

Jan 1, 1999

By Paul L. Boni

Trona, Na3(CO3)(HCO3) ? 2H20, is mined in quantity from saline facies of the Eocene Green River Formation of southwestern Wyoming. The Green River deposits are the world's largest known resource of natural sodium carbonates. An estimated 127 billion tons of trona ore are known to occur in beds exceeding 4 ft in thickness (Wiig and others, 1995). Twenty-five trona beds, exceeding 3 ft in thickness, and covering at least 100 mil have been identified. The beds are numbered sequentially in ascending stratigraphic order. Trona beds underlie more than 850 mil (bed 17) and are up to 37 ft thick (bed 1) (Culbertson, 1966). Five underground mines, operating in beds 17, 19, 20, 24, and 25, process trona to produce soda ash (sodium carbonate). A total of 11,837,703 short tons of soda ash were produced from 17.1 million tons of trona ore in 1997 (Kostick and Clark, 1998). A detailed study of trona bed 17, using techniques of petrography and X-ray diffraction, has been undertaken in the Solvay trona mine, near Green River, Wyoming. A continuous, vertical-channel sample was taken from near the production shaft for this study. At this location, bed 17 is 12.6 ft thick and includes several stratigraphic markers that are easily correlated throughout the mine and in surrounding drill cores. Bed 17 in this area averages 90% trona through its entire thickness (Wiig and others, 1995) and 95-100% trona in the lower two-thirds of the bed. Mineral impurities include water-insoluble dolomite, quartz, pyrite, clays, and other minerals and partially water-soluble northupite and shortite. Northupite, Na3Mg(CO3)2C1, contributes to chloride contamination in the soda-ash product and is concentrated in the upper one-third of bed 17, which is left behind as roof rock. Northupite has two modes of occurrence: (1) as bedded strata with dolomite, chert, clay, and shortite and (2) between primary trona crystals in trona spar. Petrographic and mineralogic data indicate that this section of bed 17 was deposited subaqueously during its early and late history and may have undergone periods of deposition in a subaerial or marshy environment. Stratigraphic data indicate that trona accumulated at an annual rate of 2-4 in. per year. During trona deposition, dolomite, CaMg(C03)2, precipitated in parting layers when new water entered the lake, freshening supplies of calcium and magnesium. The lack of clay minerals in the trona facies suggests water input may be by means of springs, as opposed to overland flow. Clay occurrences in thicker dolomitic partings within the trona facies indicate periods of episodic overland flow, possibly resulting from storms in the surrounding basin.

Jan 1, 1999

By Richter, E. Charikinya

"Mineral processing unit models require information on particulate properties such as particle size, solids flowrate and mineralogical composition to model their operations. Process models that describe the separation process can be classified based on the level of information required from the ore, i.e. the feed stream to the separating unit. The most comprehensive level of mineral processing models is the particle-based modelling approach. Particle based modelling describes a modelling approach where mineral composition, mineral liberation and textural information of particles making up the process streams is used in modelling. The advantage of this approach is that all model streams carry particle level information (size, liberation, shape). This information is obtained by applying automated mineralogy techniques such as Quantitative Evaluation of Minerals by Scanning Electron Microscopy (QEMSCAN) analysis which provide accurate and detailed information on process stream particle properties. Currently the use of liberation information in modelling and simulation is rare, due to the limited number of separation models that liberation data as input. The objective of this study is to develop a particle based model for a dry magnetic separator, where mineralogical information is used directly to simulate a dry magnetic separator operation. Magnetic separation tests were carried out on high, medium and low grade magnetite ores using a laboratory magnetic separator. Streams from the separator were sampled and sized for chemical and liberation analyses. A sized mass and elemental balance around the magnetic separator was carried out. The elemental assays of each stream were converted to mineral quantities and a sized mineral balance was done. QEMSCAN measured liberation data was reconciled to the mineral balance based on mineral quantities obtained from chemical assays. This was followed by the development of a particle based model that calculates the trajectory of a single particle based on its mineral composition and textural properties. The model was tested on experimental data and was able to predict the effect of variation in process feed stream mineralogical attributes (liberation, grade, particle size) on magnetic separation performance. Results of this study highlight the benefits of the particle based modelling approach. INTRODUCTION The extraction of mineral values from ore requires liberation of the value minerals from the gangue followed by their separation. Liberation is achieved by size reduction operations (Desmond, 2008; Fuerstenau and Abouzeid, 2002). Separation of gangue material from value mineral takes place in various mineral upgrading stages such as classification, magnetic separation and flotation. In these concentration stages value minerals are separated from gangue minerals based on the physical properties of the ore particles making up the feed such as size, liberation, volume of magnetic material and density. The success of separation is related to the liberation of the feed particles, the performance of the separation technology applied, as well as the inherent characteristics of the feed material (Leißner et al., 2013)."

Jan 1, 2018

By S Coughlan

"A personal account of my journey from a student from suburban Melbourne in the 1970s through 40 odd years in and around the mining industry including the important events that have moulded my thinking and, as result, have formed the guiding principles of the mining contracting business and related entities that make up the Byrnecut Group. On reflection the game of chance has played a big part in the journey, from the selection of initial study based on my parents financial capability and the one and only offer of early employment by Western Mining Corporation where the formative phase of my career took place in what was the vibrant can do environment that existed in Kambalda in the 1970s and early 1980s. Subsequently the unplanned meeting with Frank Lubbock drawing me back to Kalgoorlie from Fiji in 1987 and the resultant formation of a private mining contracting business, the excitement of the mid 1980s Kalgoorlie mining environment followed by the turmoil of the 1987 stock market crash where business survival was the game, resulting in a relationship with the German based Thyssen Group.Thereafter the development of a large privately owned international multifaceted mining services group and the principles behind that growth. These include: development of strategic personnel and retention of those personnel cashflow management and debt within a private company scenario recognising opportunity for synergetic growth but insisting on market forces driving those business elements, as opposed to internal divisions group-wide sustainable business systems, particularly in relation to leading safety and training processes innovation and renewal to provide the elusive advantage in a competitive market the role of entrepreneurial small businesses in development of technology.The above principles combine to make a margin in a cut throat contracting environment, competing on the world stage against other contractors and owner mining options.CITATION:Coughlan, S, 2014. A miner’s journey, in Proceedings 12th AusIMM Underground Operators’ Conference 2014, pp 3–10 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 24, 2014

By Muhammad I. Kabir

A new minitest of in situ uranium leaching processes at reservoir conditions is proposed. The test which consists of a single observation/ production well and two observation wells is designed to permit the evaluation of both restoration and leaching parameters. It is shown that by using a straight forward history matching procedure, sometimes called a type curve analysis, both the rate of leaching and the ultimate uranium recovery can be evaluated based on the results of the test. Type curves are presented for the case in which the reaction rate is kinetically controlled and there are no other minerals competing for oxidant. Other situations can be approached using the same techniques as those presented here.

Jan 1, 1981

By C. Sunderman, J. Johnson, S. Signer

Researchers at the National Institute for Occupational Safety and Health have developed a miniature data acquisition system (MIDAS) that can measure resistance changes and temperature, store data for later retrieval, and illuminate LED lights. This instrument can be used with strain-gaged bolts, cable bolts, CSIRO stress-measuring gages, string pots, and any other instrument that uses single-ended, resistance-type gages. MIDAS has the capability to measure up to 16 gages at preset time intervals and store more than 2000 scans, yet is small enough to fit in a 35-mm hole. Because the MIDAS consumes little power, a 9-V alkaline battery will operate the system for 6 months. Data from the MIDAS can be sent to a PC via an RS232/RS485/IRdA port. A software program was written to set operation parameters, graph data, and store all information directly to a spreadsheet. Three LED lights change from green to yellow then red based on reading levels and/or rates of change. This feature can be used with different types of gages to warn miners of possible rock instabilities. The MIDAS has received MSHA experimental permissibility approval and is currently being tested at several mines.

By Yotamu Stephen Rainford Hara

"The aim of our work is to investigate a low energy and clean route for the recovery of copper and cobalt from complex sulphide mineral concentrates. The mineral concentrates were roasted in air, in the presence of CaO (MS + CaO + 202 =MO+ CaS04) at temperatures below 973K. The roasted products containing CuO, CoO and Fe203 were carbothermically reduced at 1073K within an hour to preferentially reduce copper and cobalt. The kinetics of reactions were studied using the thermogravimetric technique and by characterisation ofreaction products using the XRDSEM-EDX techniques. The effects of MS:CaO ratio, roasting temperatures and physical nature of the mineral concentrates were analysed. The method for capturing S02 by forming CaS04 was analysed for reuse in the process. The energy balance for the above process is compared with that of conventional continuous smelting/converting process.1.0 IntroductionCopper sulphide mineral concentrates from Zambia contains substantial amouot of cobalt. The cobalt metal content in the concentrates ranges between 0.7 and 2 % weight, which corresponds to 3 and 9 % weight copper, based on the spot price of copper ($7 386/tone) and cobalt ($31 000/tone). Although the traditional approach using a combination of roasting-leaching-electrowining steps can be applied to recover copper and cobalt from sulphide mineral concentrates [1-4], there are two major draw backs of the traditional process: (i) the S02 emitted during roasting is too lean for economical conversion for sulphuric acid manufacture, which causes serious environmental pollution. (ii) silver and gold which are normally present in the sulphide concentrates are lost out [5] because they are not leachable by H2S04 or HCl which are the common leachants. The above two problems have been overcome by adopting flash smelting in which a rich S02 gas above 20% is produced [1, 5] and successfully converted into sulphuric acid. The precious metals tend to partition to blister copper and recovered during refming. However, nearly all cobalt is lost into the slag phase uoder oxidising condition which prevails during flash smelting. It is important to note that the cobalt content in the slag can be up to 2.6 % weight [6]. The recovery of cobalt from the slag is a process which requires huge amouot of energy since the slag is smelted above 1873K [6]. With a view of minimising the amouot of energy and S02 emission during metal recovery, our investigation involves roasting the sulphide concentrates in the presence of lime and reducing the roasted samples with carbon."

Jan 1, 2013

By William R. Opie

Considerable effort by extractive metallurgical research organizations has been devoted recently to developing pollution-free processes for treating copper sulfide concentrates. A number of hydrometallurgical processes are in various stages of development and have been subjected to economic evaluation. Although the hydrometallurgical approaches eliminate SO2 emission problems, they create objectionable effluents and residues, make precious metals recovery complex, and are not very efficient for treating chalcopyrite. Furthermore, they are consumers of considerably more energy than pyrometallurgical processes which produce blister copper that can be electrorefined to commercial grade cathodes. This paper discusses a pyrometallurgical process under development by AMAX Base Metals Research & Development, Inc. (1) The original objectives set for the process development were: 1. Sulfur control of at least 95% with elimination of fugitive emissions. 2. Copper and precious metal recoveries as good as or better than conventional processes. 3. Low capital cost. 4. Competitive operating costs 5. Use of known proven technology where applicable.

Jan 1, 1976

By W. G. Jewitt

YELLOWKNIFE, the most northerly Canadian gold mining district, is once more in the throes of a boom. Touched off by spectacular and well-publicized diamond-drilling results on the property of Giant Yellowknife Gold Mines, Ltd., mining companies and the general public are competing for mining claims and for the shares of companies owning mining claims in the area, with little regard for values. Such a stock-market boom has various unfortunate consequences but undoubtedly one beneficial result is that considerable amounts of money are made available for serious development. The Yellowknife mining area lies on the north shore of Great Slave Lake, in the Northwest Territories, at a latitude of approximately 62°30' north. The topography is a low-relief phase of that usual in the Canadian Laurentian shield. Roughly, one third of the surface is lake-covered, one third muskeg or overburden, and one third is bare

Jan 1, 1944

By Carlo Sampaio, Moacir Veras, Aaron Young, Carlo Petter

"Three major challenges for the mining industry are the minimization of energy use, water consumption and environmental impact. Therefore, any technique that reduces milling waste, decreases water usage and shrinks impact during mine life must be considered a major innovation in mining.To these ends, one of the most impactful developments in mining within the last 10 years has been the expanded use of high technology sensors to create preconcentrations of mine ore (Jönsson, 2014). The most common sensors used are charge-coupled device (CCD) cameras, that allow through a red, green and blue (RGB) coloring system, the separation of minerals with different colors, tones and, in many cases, with differences in brightness.More recently, the development and use of dual energy X-ray transmission (DE-XRT) to enable the separation by atomic density of the constituent minerals within a given rock has become a reality. Within this work, a rapid bibliographical review of the CCD and DE-XRT methods and examples of their usage within mining and the industrial minerals sector are presented.Sensor-based sorting in miningAutomation within mining is one of the industry’s current goals. Sensors of various kinds have been used as steps toward automation in recent years, from improving the safety and productivity of haul trucks through the use of cameras and global positioning satellites (GPS), to the divination of slope failures. Just as with other mining areas, sorting has improved dramatically and made great steps toward automation in recent years (Wotruba et al., 2014).Sensor-based sorting (SBS) uses spectromatic sensors to identify intrinsic characteristics of particles and separates them by either mechanical or pneumatic means into different product streams (Wotruba et al., 2014). SBS can be used with great effectiveness to improve gravimetric beneficiation through the selective separation or preconcentration of run of mine ores (ROM)."

Jan 1, 2015

By George Wolff

To THE average person, the purport of the items and figures on the balance sheet of a mining company are hazy and the real financial condition of the company is cloaked in obscurity. It is also likely that the satisfaction of the stockholder in his investment, as well as the determination of the prospective investor, rests more on the reputation of the company, his confidence in the management, the stated earnings per share and the dividends paid, than on a comprehension of the information contained in the balance sheet. The balance sheet of any company at best can only closely approximate the true financial condition as of a given date. Any item of asset, except cash, can probably be altered if another's viewpoint is applied. It is difficult and expensive to drill and explore an orebody to determine the entire tonnage of ore therein. Those inherent difficulties render it practically impossible to prepare an absolutely correct balance sheet of a mining company. It is possible, however, to present the facts of a mining company more intelligently and comprehensively than is usually done. With this in mind, a balance sheet of an imaginary mining company is submitted, with supporting schedules. The same fundamental principles hold true whether we consider a large or a small company. Less complexity is involved in dealing with the affairs of a smaller company. Therefore, for this purpose, the assumed company operates but two mines and a smelting plant. It has been deemed advisable to introduce the features of the operation of a mine acquired prior to March 1, 1913 and one after that date. The presentation therefore is concerned in one mine with the appraisement as of March 1, 1913 and in the other with the appraisement by reason of discovery. A consequential factor pertains to dividends paid from depletion reserves and therefore free of surtax to the stockholders. While supporting schedules, when necessary, give details of certain items on the balance sheet, it seems desirable to give further explanations with respect to some of them. This seems to be important because some mining companies do not treat the items as indicated on the statements submitted.

Jan 1, 1928

By George Wolff

To THE average person, the purport of the items and figures on the balance sheet of a mining company are hazy and the real financial condition of the company is cloaked in obscurity. It is also likely that the satisfaction of the stockholder in his investment, as well as the determination of the prospective investor, rests more on the reputation of the company, his confidence in the management, the stated earnings per share and the dividends paid, than on a comprehension of the information contained in the balance sheet. The balance sheet of any company at best can only closely approximate the true financial condition as of a given date. Any item of asset, except cash, can probably be altered if another's viewpoint is applied. It is difficult and expensive to drill and explore an orebody to determine the entire tonnage of ore therein. Those inherent difficulties render it practically impossible to prepare an absolutely correct balance sheet of a mining company. It is possible, however, to present the facts of a mining company more intelligently and comprehensively than is usually done. With this, in mind, a balance sheet of an imaginary mining company is submitted, with supporting schedules. The same fundamental principles hold true whether we consider a large or a small company. Less complexity is involved in dealing with the affairs of a smaller company. Therefore, for this purpose, the assumed company operates but two mines and a smelting plant. It has been deemed advisable to introduce the features of the operation of a mine acquired prior to March 1, 1913 and one after that date. The presentation therefore is concerned in one mine with the appraisement as of March 1, 1913 and in the other with the appraisement by reason of discovery. A consequential factor pertains to dividends paid from depletion reserves and therefore free of surtax to the stockholders. While supporting schedules, when necessary, give details of certain items on the balance sheet, it seems desirable to give further explanations with respect to some of them. This seems to be important because some mining companies do not treat the items as indicated on the statements submitted.

Jan 1, 1928

I am honoured to be given the opportunity to share with you my thoughts on what will be the essential characteristics of æThe Mining Company for the 21st CenturyÆ. For me the 21st century is all about globalisation and the challenges and the opportunities that globalisation presents for the mining industry. To play on the global stage the successful mining companies must develop profiles that are global in: their operations diversity, their partnership relationships diversity, their customer relationships diversity, their workforce diversity, and their shareholder diversity. In my view æbigÆ will count in the 21st century, but big overlaid with quality: quality assets, quality people, quality partners, quality customer relationships, and quality image and reputation. Last year, Rio TintoÆs Leon Davis said when he addressed the Minerals Council of AustraliaÆs annual conference that Australian resource companies that wish to become global operators must develop an unequivocal international identity that will make that company a known and trusted quality wherever it seeks to do business. He went on to say that structuring and operating a business in a way that consistently manifests the qualities that inspire respect and evoke confidence is vital. I absolutely concur with what Leon said. Unfortunately, the fact is that, as we stand at the beginning of the 21st century, our industry and many of our companies are no better accepted by the world community than was the case five, ten, 15 or even 20 years ago. In fact, in some cases, the warmth of the acceptance may have subsided. To some extent the demonstrations that we saw recently in Seattle and Davos reflect a growing distrust, disquiet and cynicism in our communities. Here, however, I see an opportunity. While on the one hand the mood of disquiet presents many challenges, it also provides those of us who are willing to get out on the front foot in addressing the issues, and engaging in the dialogue, with a very significant opportunity to create a major competitive advantage. It provides the opportunity to earn respect and the opportunity to develop a reputation as a company that is sought as a joint venture partner and a company that is welcomed by governments and communities. Importantly, also, people will seek employment with such a company and will invest in such a company. The challenge is to change the way we behave and the way we are perceived by all the key stakeholders. Many of our industryÆs traditional skills are now commodities à many can be à and are out-sourced. The new critical skill for the 21st century à the real competitive advantage à will come from creating a real and genuine understanding of our role and what we stand for. Everything we do should demonstrate not only sound business principles, but also an understanding of the political, social, cultural and environmental impacts of our activities - at an international and a local level. This concept isnÆt new - but for large companies such as BHP, where we operate in more than 20 countries with diverse cultures, languages and religions - it requires enormous energy and dedication. It is complex. It is difficult. But I believe it is absolutely fundamental to our future.

Jan 1, 2000