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In mineral asset valuation the use of any valuation method requires the input of competent and independent technical professionals. A resource valuation must be as transparent as possible to allow others to assess the validity of their underlying assumptions. Materiality is a dominant factor in all valuations and a valuer should set out the basis for the subjective decisions made in this regard. Any valuation methodology must comply with the requirements of the law, practice notes and guidelines issued by the various relevant authorities and professional bodies. The valuation methodology chosen to value a mineral asset depends upon the amount of data available on that asset and the reliance that can be placed upon those data. Mineral assets generally fall into one of three broad categories, depending upon their state of development, ie whether they are at the exploration, development or operating stage. Naturally there are transition phases. Hence, there are ""Grass Roots"" Exploration Areas and Advanced Exploration Prospects; Pre-Development Projects and Developing Mines; and Operating Mines. The features of each of these mineral asset status categories are described, mainly in terms of the confidence in the contained identified Resources/ Reserves. The various subjective methodologies available for the valuation of ""Grass Roots"" Exploration Areas and Advanced Exploration Prospects -are specifically reviewed. The pitfalls in adopting a ""recipe"" approach are noted. It is the author's view that the Expected Value Method (based on the probability adjustment of the output of a Discounted Cash Flow/ Net Present Value model) has little application in the valuation of exploration mineral assets, so it is only briefly addressed. The methodologies reviewed are listed below. ò Multiple of Exploration Expenditure Method (expenditure based). ò Joint Venture Terms Method (expenditure based). ò Geoscience Rating Methods (eg Kilburn - area based). ò Comparable Market Value Method (real estate based). ò Rules of Thumb (eg $/Resource or production unit; % of in situ value). Some recent Prospectuses are used to provide examples of their misinterpretation and misapplication.

Jan 1, 1994

Mineral Sands - "An Industry for the Future"The mineral sands industry is matched only by the gold industry in relation to its current buoyancy. The strong demand for the various mineral sands products, creates a positive environment in which to review the technical and commercial factors affecting the future of this industry. This conference is clearly being held in the right place at the right time.My role today is to put forward a few ideas that may help Australia to assert its rightful role as a major downstream player in an industry which it has dominated for 25 years as a raw material supplier.

Jan 1, 1986

By Whitford DJ

A distinct zonation occurs in the nature of submarine volcanic activity associated with westwards propagation of the Woodlark spreading system into continental crust. Olivine tholeiites (Type I MORB) flooring one spreading segment in the Eastern Sector of the Western Woodlark Basin are accompanied by more evolved "ferrobasalts". Basaltic andesites and Mg-poor andesite-dacites occur on axial and flanking seamounts respectively. In the Western Sector, Mg- and K-rich olivine andesites occur in a rift valley and on an axial seamount near the tip of the propMr/8 tig rift. Observed correlations between 6Sr ratios (0.7028-0.7041), REE patterns and K contents imply a complex petro- genesis with the relative importance of mantle heterogeneity and crustal contamination difficult to resolve.

Jan 1, 1987

By Ross R

Although mining is an old industry its management is quite a new science, and its complications are now being recognised as demanding expert knowledge in many branches of technical and professional education. Not the least amongst these isaccountancy, for probably its most important problem is "How to control the expenditure." Unlike most businesses a mining company stands almost entirely in the light of a purchaser in the world's markets, and not as a seller, except say for product so the established and perfected systems of modern industries cannot be adopted for mining purposes. For this reason it has been left for late years to consider the matter seriously, and now a number of well-managed concerns have devised costs systems to suit their own requirements.Very little, however, has been published and even that is disjoined and difficult to make use of. Some of the costs systems in vogue, although elaborate and imposing, are not of very great value for keeping check on wasteful expenditure, or for displaying the commercial effect brought about 'by any particular change in practice, or by an addition or alteration to a portion of existing plant.

Jan 1, 1911

By Brett D

Tailings disposal and water management are one of the most important environmental issues in mining projects. The nature and the method of disposal of the tailings will determine the long term environmental impacts and must be carefully considered at the planning stage so that final abandonment can be economically achieved. If not, long term and on-going treatment and amelioration may be required to achieve environmental standards. Final abandonment requires dam safety surveillance inspection to satisfy engineering stability and hazard requirements as well as environmental issues. Environmental issues include stability, as well as rehabilitation and long term contamination potential.

Jan 1, 1991

By V N. Rudashevsky, N S. Rudashevsky

Characterisation of platinum-group element (PGE) deposits and their process products has many challenges for the process or applied mineralogist. It is now well established that the PGE distribution for such samples is variably divided between submicroscopic concentrations of PGE in sulfides, tellurides and related minerals occurring as discrete platinum-group minerals (PGM), of which there are a large number of species, many with partial replacement between the PGE and between anions. Each PGE deposit type requires a targeted approach but fundamentally, there are two general methodologies in vogue. One way is to make a large number of polished or polished thin sections for detailed scanning electron microscopy (SEM)/optical examination to determine the PGM distribution and their associations and grain sizes. The other is to make concentrates of representative crushed or processed samples, thus having fewer subsamples to examine. Our method of choice is to use hydroseparation (HS) for concentration. HS provides representative concentrates of sizes down to ~10 ¦m, not possible by other techniques. Various microbeam methods have been used for analysis of trace quantities of PGE (EPMA, micro-PIXE, SIMS and LAM-ICPMS). We prefer LAM-ICPMS (laser ablation microprobe û inductively coupled mass spectrometry) because of the relatively large analytical volume sampled, the ability to measure all the PGE, monitor up to 20 elements, together with detection levels in the tens to a few hundreds of ppb. We provide typical results derived in studies of stratiform PGE ores and tailings, and a massive Ni-Cu sulfide ore.

Jan 1, 2008

By West RF, Pooley RH

An underground mine, a treatment plant and supporting facilities have been constructed at Lebong Tandai in Sumatra, Indonesia by PT Lusang Mining. Throughput is initially 50,000 tonnes per annum of ore with an inbuilt capability to expand to 100,000 tonnes per annum. Construction proceeded in parallel with design work on a tightly controlled critical path schedule. The very remote location of the mine, the difficult access and the fact that equipment was imported from many parts of the world presented a challenging project management problem. The transport system, which involves road, river and rail and support facilities on site had to be brought into full operation prior to the arrival of major equipment. Mine development involved the reopening of the old access drives and workings, refurbishing two shafts and the haulage system together with redevelopment of old stoping areas and the opening of new stoping areas. Ore production is now from three main areas using shrink and underhand stoping methods. Ore breaking and drive development is with conventional airleg mounted rockdrills and ANFO explosives. Exploration to locate and develop new reserves to replace ore mined is an ongoing activity.

Jan 1, 1986

By Kasaneva S

The San Cristobal gold district is located 110 km east of the port of Antofagasta, Chile. It contains the San Cristobal gold mine, where Niugini Mining Ltd. commenced a heap leach operation, with initial reserves of 10.1 million tonnes grading 1.34 g/t An, in December, 1990. The San Cristobal district occurs within an upper Cretaceous-lower Tertiary magmatic arc. The main mineralisation occurs within a northwest trending subvertical zone, 1km long and 70-100 m wide, which contains rhyolite porphyry and minor breccia, and is locally termed the "subvolcanic complex". At the San Cristobal mine, most gold mineralisation occurs in subvertical quartz-pyrite veins which were emplaced in dilational sections of an imbricate fault system. The bulk gold resource comprises four ore shoots which formed where the vein system intersects the subvolcanic complex. Gold-bearing quartz-pyrite veins also occur at separate prospects, the Three Sisters and Sol prospects, west and south of the San Cristobal mine. Hydrothermal alteration consists of potassic and propylitic assemblages related to intrusion of the subvolcanic complex. This alteration is overprinted by a phyllic stage which is associated with the emplacement of the quartz-pyrite veins. The oxide zone is 180 m thick, and contains native gold, electrum, limonite, and manganocarbonates. The underlying hypogene zone contains pyrite with minor chalcopyrite, sphalerite, galena, covellite, bornite, chalcocite, and arsenopyrite. Fluid inclusion studies indicate that the deposit formed at approximately 270¦ C, and the mean salinity of the fluid was 4% NaCl equivalent. These observations enable the San Cristobal deposit to be classed as a porphyry-related, mesothermal quartz-vein system of the low sulphidation type.

Jan 1, 1995

By M Wilkes, C-Q Liu

Microbial oxidation of refractory sulphide ores (particularly gold and copper ores) are well-established techniques that are increasingly employed because of their low capital and operating costs and environmental benefits. CSIRO has established a multidivisional project, the æBioMineral Processing InitiativeÆ, with the goal of generating new and improved high temperature micro-organisms for biological oxidation of these refractory ores. The project is currently focused on the discovery/generation of novel hyperthermophiles for the bioleaching of copper from chalcopyrite. As part of this project we are investigating the practicalities of genetic modification of iron/sulphur oxidising micro-organisms. The molecular biology of iron/sulphur oxidising acidophiles is still in its infancy. This work is aimed at improving our knowledge of vectors, promoters, selectable markers, gene transfer and expression in these organisms. The Acidithiobacillus ferrooxidans genome is currently available and genomics is proceeding at a rate where in the next few years we can expect at least one or two relevant microbial genomes to be sequenced each year. New genes that impart useful characteristics to iron/sulphur oxidising acidophiles will be available from published genomes and the study of newly isolated hyperthermophiles. We need to be in a position to clone and express those genes. This paper will describe the isolation, transfer and expression of thiocyanate hydrolase genes in Escherichia coli and At. ferrooxidans. Most common antibiotics are not effective against iron/sulphur oxidising acidophiles. Also, the use of antibiotics or their resistance markers outside of a laboratory setting would not be appropriate. Resistance to thiocyanate should be a useful selectable marker, without implications for human or animal health. Additionally, thiocyanate resistant iron/sulphur oxidising acidophiles might have application in gold bio-oxidation plants in arid areas where reuse of contaminated tailings water is desirable. The cloning of thiocyanate genes in broad host range plasmids under the control of E. coli and At. ferrooxidans promoters and the expression and phenotypic effects in both species will be described.

Jan 1, 2002

During the past five years there has been a transformation in the operating costs which apply to narrow vein mining. Mechanised methods including sublevel uphole retreat and narrow vein cut and fill are now proven. Other methods, such as vein mining by horizontal drilling from a raise platform are currently being tried in Australia.The important factors which affect the cost and appropriateness of each method include: ore continuity, the planarity of the wall contacts, relative hardness of ore and wall rocks and the dip bf the deposit.Drawing on current operating costs from a number of mines and on recent feasibility studies, a methodology for estimating the costs of narrow vein mining is presented. These costs are then placed in their economic context with regard to ore grade and mining rate.

Jan 1, 1993

This paper discusses why Argyle Diamonds adopted thickened tailings disposal in 1985 and how the system was developed over the next seven years. A wide ranging review of the thickened tailings disposal system and the tailings deposit it was producing was carried out during 1992 and 1993. The results of that review led to the abandonment of thickened tailings disposal at Argyle because of serious concerns about the stability of the resultant tailings deposit. The exposure to the risk of liquefaction and an assessment of the consequences if this happened to the thickened tailings deposit are shown. The criteria for selecting the new tailings disposal strategy are then described. The final section of the paper discusses the management strategies that have been put in place. These are designed to: ò reduce the risk posed by the thickened tailings deposit to an acceptable level; ò safely store tailings to the end of mine life; ò produce a land form that can be decommissioned to the satisfaction of Government regulatory bodies.

Jan 1, 1996

Botanical exploration has identified many plant species that naturally accumulate very high concentrations of elements, particularly heavy metals. The enormous potential applications of some of these species to remove metals from soil (phytoextraction) are slowly being realised. The discovery of hyperaccumulation has resulted in considerable research into applications for removing contaminants (phytoremediation) or more importantly, in the context of this discussion, for commercially æfarmingÆ metals (phytomining) from metal-bearing soils. Currently published phytoextraction models estimate Ni yields using Berkheya coddii (a South African nickelophyte) are approximately $US 750 ha-1, excluding the cost of processing. Research indicates that B. coddii will also accumulate significant amounts of Co, resulting in a considerable increase in the value of the crop. Modification of the substrate by acidification, fertilisation and/or chelation indicate fruitful avenues for improving this yield by increasing the extractability of the target element, elevating biomass production rates and/or rendering other contained heavy metals extractable. Plant uptake of more insoluble elements, such as Au, may be induced in many plant species using chemical compounds. These chelates applied to the soil, form soluble complexes with poorly soluble metals forcing them into the soil solution. Plants may then accumulate these metal complexes through transpiration. Research has achieved foliar Au concentrations of 78 mg kg-1 in Iberis intermedia, 56 mg kg-1 in Brassica juncea and 9 mg kg-1 in B. coddii (on a dry weight basis). Therefore in theory B. coddii could phytomine a soil containing modest concentrations of Ni, Co and Au to yield 116 kg Ni, 36 kg Co and over 6 oz Au ha-1 at a current value of $US 4000. Root crops have also shown promise in chelate assisted Au accumulation (eg 6.8 mg kg-1 in Beta vulgaris and 118.5 mg kg-1 in Raphanus sativus). Phytoextraction, in its varied applications, is rapidly coming of age as a technology having considerable potential for application in environmental science and the minerals industry. Phytotechnology employs unique plant biochemical behaviours in the rhizosphere, driven by the sunÆs energy, to seek out and concentrate low levels of heavy metals at very low cost.

Jan 1, 2002

By Hindmarsh G

The colliery is owned by the BHP Collieries Proprietary Ltd., the principal shareholders being the Broken Hill Pty. Company Ltd. and Hebburn Limited.It is situated due west of Newcastle and 6 south-east of Cessnock, N.S.W., and is conneeted by 36 miles of railway to the port of Neweastle. Of this mileage, 3 miles are owned by the Company, 3 by Hebburn Limited, 9 by the South Maitland Railways Ltd., and 21miles by the Government Railways.The seam worked is known as the Main Greta Seam of the Greta Coal Measures and is on the southern slope of the Lochinvar anticline.At the shaft, the seam is 1190 ft. below the surface, and the section of the coal measures is:-Upper or Main Seam, . 24 ft. 0 in.Conglomerate and shale 70 ft. 0 in.'Middle Seam 8 in.Conglomerate 25 ft. 0 in,Bottom Seam 1 ft. 2 in.These lie between two marine measures, and are the lower coal series of the permo-carboniferous period.Only the upper seam is workable in this area, the lower seams being too thin for eompetitive working. The section of the workable seam at the shafts is as shown on Fig. 1.Unfortunately, only the lower 12 ft. 5 in. of the seam is saleable.

Jan 1, 1935

The basic purpose of blast design is to produce rock in a size range which is within the requirements of the materials handling system. Once this is achieved, one would like to find the fragmentation which minimises total production costs. The former objective requires that fragmentation be assessed by some means, possibly as simple as counting the number of oversize rocks. To determine the 'optimum' fragmentation, however, accurate knowledge of the complete fragmentation distribution is required. The use of muckpile surface images to determine blast fragmentation is the only feasible technique when one does not want to disturb the production cycle; however, a number of problems exist with the use of images amongst which are determining size from a two-dimensional particle shape, estimating the fines which are missing due to image resolution, the size of a 'representative' sample, errors due to the distortion of particle images, etc This paper briefly describes methods of determining rock size from images and expands on the various errors which exist in assessing fragmentation by photographs. Methods to minimise and account for the errors are given, when possible.

Jan 1, 1976

By Johnston R. F

The factors which influence the reduction of chromite are investigated with special reference to Coobina chromite. This was compared with a South African chromite ore. The reduction characteristics are outlined and the reduction kinetics studied Temperature has the most significant effect, followed by particle size, silica addition and type of coal.Electron microprobe analysis of the products indicates that iron in the chromite is first reduced at temperatures above 1100°C, followed by chromium at around 1200°C. At temperatures greater than 1200°C metallic iron and chromium are formed simultaneously and subsequently give an iron-chromium-carbon alloy. It was observed that the metallic carbide contains a small amount of silicon. The decomposition of the chromite spinel was observed to pass through the FeO.Cr2O3, MgO.Cr2O3 and MgO.AI2O3 forms before slag formation. It is concluded that Coobina chromite is suitable for the production of ferrochrome if direct prereduction followed by intensive bath smelting is used.

Jan 1, 1994

By Hermann J. A

Over the last few years enormous dapooits of high-grade bauxite have been discovered in Australia, ;_ d an alum .nium smelting industry based on them is rapidly being developed,, This industry requires large amounts of carbon, as about 60 pounds of carbon anodes are consumed for every 100 pounds of aiumin.'.'-n produced. Tie anodes are usually made by mixing finely ground petroleum coke with coal tar or petroleum pitch, forming the mix into shapes under pressure, and baking them at around ?.200¦C0 Petroleum coke is ussd uecause its high density gives good strength and conductav_ty to the finished electrode, and its purity ensures that contamination. of the alumin- ium by extraneous i,iorganic material from tho carbon is low,

Jan 1, 1969

By C Gypton

This paper gives some insights into what to look for when reviewing feasibility studies. The review by a third party is an important element of the risk management process and may be the last remaining opportunity to uncover errors, or identify and reduce project risks on paper before they are converted to financial disappointments, steel and concrete monuments to process failures or cost overruns. The mining industry has had a spotty record in the area of estimating initial capital costs and operational performance, even though the standard of feasibility studies is generally acknowledged to have improved in the last decades. Third party reviews rarely have the luxury of enough time and unlimited funds, so where should the reviewers focus their efforts to be most effective? Assuming that the project already apparently meets investment criteria, the authors suggest where and how to look among fundamental project parameters for signs that serious flaws exist that have the potential to become project killers. We also give advice on how to review cost estimates without becoming lost in the details. The paper is supported with numerous actual examples.

Jan 1, 2003

By Maiman R

One method of forecasting prices of metals is based on analysis of historic relationships between prices, inventories and consumption. The first, but generally overlooked step in this analysis should be to remove from the inventory and consumption figures the effects of seasonal variations. The next step is to construct diagrams which show prices plotted against ratios of inventories to consumption. These diagrams indicate that, when inventories are high, prices show little response to changes in inventories. Below a critical level of inventories, however, the psychology of the market changes and small changes in inventories lead to large moves in prices. The critical level of inventories is termed the "pinch-point"; the diagram which shows prices in relation to ratios of inventories and consumption may be called a "pinch-point diagram".

Jan 1, 1990

The present geology of the northwest quadrant of the Circum-Pacific is the product of the interact-ions between plates or paleo-plates which have oc-curred since the earliest part of the earth's hist-ory. Almost every possible geologic structures are observable there; stable continents, collision belts, and subduction arcs as well as extensional basins. This suggests that almost all the possible tectonic processes occurred through geologic time and the present overall structure of the Quadrant is no more than a time section of the long lasting tectonic history which the region experienced.

Jan 1, 1990

By Kurihara K, Tanimoto C

Construction and mining sites are often subject to unexpected flooding and extensive delays may occur in locating and installing emergency pumps. This particularly applies to sites located in remote areas. A simple and effective pump, called an air-lift pump, can be built from the equipment available at the working site. The basic req- uirements are a compressed air supply, air hose and conventional water pipes. The air-lift pump is comparatively in- efficient but approximately 35 per cent of the available compressed air power at the site can be applied to pumping. Suprisingly high liquid discharge rates may be obtained in suitable applications. The theoretical and practical consider- ations of the air-lift pump are evaluated and a suggested procedure for the emergency design and construction is outlined. INTRODUCTION. Sudden inundations of water into mine and development excavations require the immediate removal of the water if extensive and often irrepairable damage is to be avoided. Pumps installed in shafts or tunnels may become un- servicable due to being totally submerged during the flooding. The emphasis is on rapid

Jan 1, 1976