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By F. T. Cawood

The distinction between real estate ownership and that of interests in the property is fundamental to the appraisal of mineral properties. This distinction affects the nature and understanding of security of tenure and, consequently, the perception of what constitutes fair value. Legal matters are a particular concern because of their influence on security of tenure, ownership definition and use restrictions. The dynamics of the market and the complex interrelationships between the factors of production define value at a specific point in time for the bundle of rights, interests and assets that constitute a mineral property. Because each mineral property is unique, physically immobile and of a wasting nature, its usefulness to its owner and society must be optimized. The US Appraisal Institute (2001) classified the forces that affect land use as the cultural, political and economic attitudes of society. These forces culminate in laws that often dictate the purposes for doing appraisals. Once the legal definition of the asset is understood, valuers can decide on the valuation process that will support the final valuation approach.

Jan 1, 2004

By F. B. Samani, B. Stabel

The 1,000 MW Hydro Power Station Masjed-e-Soleiman (formerly called Godar-e-Landar) in Iran is under construction since 1992. The rock engineering aspects of the major underground structure, i.e. the powerhouse cavern shall be reported on in detail. The geotechnical investigations are described and results given. The results of several geotechnical analyses are presented. The designed and executed rock support is given. A description of the monitoring systems and typical measurement results obtained during and after excavation are presented. The lessons learnt during construction of the Stage-I powerhouse cavern were applied on the extension of the powerhouse cavern, which is to house an additional 1000 MW. Details regarding the unexpected behaviour of the Mudstones are given. Die 1000 MW Wasserkraftanlage Masjed-e-Soleiman (vormals Godar-e-Landar genannt) befindet sich seit 1992 in Bau. Dieser Artikel berichtet im Detail über die felsbaulichen Aspekte der Untertagebauwerke, insb. der Maschinenkaverne. Die geotechnischen Untersuchungen werden beschrieben und deren Ergebnisse wie die Ergebnisse verschiedener Berechnungen werden präsentiert. Die geplante und die ausgeführte Felssicherung wird angegeben. Die eingebauten Überwachungseinrichtungen werden beschrieben und typische Ergebnisse während des Aushubs und danach werden dargestellt. Die Erfahrungen beim Aushub der Kaverne der Stufe I wurden beim Entwurf der Kaverne der Erweiterungsstufe II, die weitere 1000 MW beherbergen wird, berücksichtigt. Details zum unerwarteten Verhalten des Schluff-/Tonsteins werden angegeben. La centrale hydroélectrique de Masjed-e-Soleiman (dénommée anciennement Godar-e-Landar), d’une puissance de 1.000 MW, est en construction depuis 1992. Un rapport détaillé sera présenté sur les aspects relatifs à la construction en enrochements de l’aménagement souterrain principal, à savoir la caverne abritant la salle des machines. Une description des investigations géotechniques réalisées y est fournie ainsi que les résultats correspondants. En outre sont présentés les résultats de plusieurs analyses géotechniques. L’ancrage dans la roche tel que projeté et réalisé est présenté. Une description des systèmes de contrôle ainsi que les résultats de mesures typiques obtenus au cours des travaux d’excavation sont donnés. Les leçons tirées lors de la construction de la Phase 1 de la caverne de la salle des machines furent appliquées à l’extension de la caverne de la salle des machines, qui doit abriter une unité supplémentaire d’une puissance de 1.000 MW. Par ailleurs, des détails sont donnés sur le comportement inattendu des argilites.

Jan 1, 2003

By A. McLean, M. Iwase, K. Wakimoto, K. Katogi, Y. Kikuchi

One of the greatest obstacles to the application of physical chemistry principles to the elucidation of slag-metal reactions is a lack of knowledge of activities of the reacting species. To a large extent, oxygen potential of the slag phase governs iron and steelmaking practice. Without oxygen control by means of appropriate sensors, the behaviour of the other elements cannot be managed. In this paper, measurements of the FeO activity with various types of electrochemical FeO sensors will be described together with examples of their applications for improved strategies toward better practice for ladle metallurgy and sulphur and manganese distributions between slag and metal phases during steelmaking. Measurements of FeO activity have also been made in order to improve dephosphorization reactions. This type of work has led to significant reduction in volume of slag generated within the steelmaking vessel, which in turn has important implications for refractory wear, metal yield, alloy recovery and improved productivity. Finally, an on-line sensor is described that permits the oxygen potential to be determined for both the metal phase and the slag phase during steelmaking in the BOF.

Jan 1, 2004

By Gaspard Devos

1. A NEW CONTEXT FOR METAL INDUSTRY Producers and owners of industrial extractive sites are living hard times due to Environmental pressure and liabilities. This is valid whatever the region in the world, it is just a question of time. On one hand, the normative environmental pressure is increasing through more severe regulations and controls on all pollution sources and production materials. [ ] Furthermore, more impurities are extracted and captured, more the volume of the related wastes is increasing. But disposal costs are increasing, disposal areas for wastes are restricted, markets for wastes are limited and technologies for waste treatment are, most of the time, not available. On the other hand, for most of the extractive industries, the costs required to get access to refine primary raw material are killing the profitability of the industry. Definitively, a technological and economical breakthrough is ongoing: extractive industries have to increase their feed from secondary material and to be involved more and more with the recycling business.

Jan 1, 2005

By J. M. Garcia

This paper highlights several management practices from the oil and gas industry to support the proposition that financial performance in the finite, non-renewable resource business relates more to upstream rather than downstream activities. Based on the analysis of nine oil and gas companies, this study supports a previous study involving fourteen mining companies that showed reserves growth is one of the main levers of value creation in mining. Interestingly, this study also finds that the oil and gas industry has been historically more profitable than mining. The reason, it is argued, is that oil and gas companies count on management practices that focus primarily on the upstream segments of the business, compared to the traditional downstream focus of mining. This paper delves into these ideas to conclude that what mining may need to improve its competitive advantage is a new organizational framework. Another conclusion is that the upstream management focus is vital not only for strategy formulation in the resource business, but also for policy formulation in economies based on the export of finite, non-renewable resources.

Jan 1, 2011

By J. C. Ashby

Electric utility response to certain amendments of the Clean Air Act has resulted in a production of several types of alkaline coal combustion byproducts. Alkaline combustion byproducts are gaining increased usage for acid mine drainage mitigation and abatement as research leads to a better understanding of their beneficial applications. Since January of 1997, Mettiki Coal Corporation has been injecting alkaline flue gas desulphurization byproducts from Virginia Electric?s Mt. Storm Unit #3 wet limestone scrubber into abandoned portions of the active Mettiki mine. This paper provides an overview of the key design, transportation, regulatory, and environmental issues faced in the project.

Jan 1, 1999

By C. Hutton

"SynopsisThe last commodities supercycle (2003 to 2011) was characterized by a belief in volume at any cost, where absolute output was deliberately prioritized over productivity considerations. This practice fuelled overoptimistic forecasting and planning, which in turn contributed to the economic crisis that followed. The sudden collapse of commodity prices has resulted in mining companies scrambling to find the right balance between optimizing current operations and preserving sufficient flexibility to grasp future opportunities. The runaway costs of building and operating mines have almost squeezed out profit margins, while lower ore grades are inflating production costs. Mining companies therefore need to look at the business with fresh eyes, and develop strategies to attract equity capital as traditional approaches are simply not working anymore. This is especially so in the context of a dwindling investor base that continues to demand greater returns, despite a significantly lower appetite for risk. This paper revisits the micro-economic concepts and demonstrates how pressure from shareholders to prioritize output contributed to spiralling costs and value destruction. Practical techniques are described to model cost curves to optimize a Mineral Resource endowment and address the need to rightbalance a business and preserve agility.IntroductionHenry Lazenby (2014) for the Mining Weekly writes, ‘Bruised and battered, the global mining industry today is undergoing a sea change. Practices and policies that might have worked wonders in the past are not as relevant today, and new approaches to running profitable mining operations need to be found.’ One significant practice the mining industry had during the last commodities supercycle (2003 to 2011) was chasing volume at any cost; absolute output was deliberately prioritized over productivity considerations (Goldsmith, 2013). Lazenby contends that in the face of falling and volatile commodity prices, many mining majors ‘across all commodity groups are currently grappling with sagging profits and low company valuations. This is often regarded as the result of the were in pursuit of growing their output at all costs in a high commodity price environment.’ Lee Hodgkinson, KPMG’s Canadian mining industry leader and quoted by Lazenby, says that ‘mining companies are now trying to find the right balance between optimizing current operations and preserving their agility to grasp future opportunities. The runaway costs of building and operating mines have almost squeezed out profit margins [whilst] lower grades of ore are inflating production costs. Mining companies need to look at the business with fresh eyes, and develop strategies to attract equity capital as it seems clear that some of the traditional approaches to the mining business are simply not working anymore."

Jan 1, 2015

By A. M. Hearn, J. G. Roos

Energy consumption, being a large proportion of the input of the ferroalloy production process, can be measured in terms of the efficiency with which the energy is utilized and the effectiveness with which it is used. The efficiency of the usage of energy revolves around the specific consumption of the energy for the production of the alloy, which encompasses the thermodynamic aspects of the process and is more of a metallurgical function that will not be addressed further in this paper. The effectiveness with which the energy is utilized is determined by the optimisation of the electricity supply from the utility (in this case Eskom). The South African electricity supply industry is on the brink of considerable restructuring, implying changes in ownership, structure and regulation. In other countries, however, restructuring has often seen higher prices. Owing to the diversity of growth prospects in South African markets, Eskom is turning to new market management and generation strategies. In future, Eskom will develop pricing strategies to increase demand from attractive customer segments such as paper & pulp, iron & steel, aluminium, and other metallurgical industries. There will be a broader spectrum of product offerings, including dynamic pricing options and demand-side management incentives. In a future electricity market that will become more dynamic and demanding, it will become increasingly important for electricity consumers to optimise their electricity supply. There are many facets in optimising the electricity supply, which include optimal utilisation of the tariff, integrating energy cost management into the production planning process, implementation of demand-side management actions, modelling, scenario planning (.what-ifs?.), optimisation, maintenance scheduling coordinated with the tariff periods, etc. This paper gives consideration to the status of the development of technology at the manganese alloy works of Samancor at Meyerton, South Africa in order to increase the effectiveness with which energy is utilized.

Jan 1, 2004

By David J. Blackwell

The challenge; to design production facilities and in particular separation equipment which have the ability to deal effectively with the ever changing composition of well fluids, over the life time of the field in which it is operating, ensuring maximum uptime of the asset coupled with consistently effective separation. Design engineers are, however, continually confronted with a dilemma when selecting materials of construction for Oil/Gas separation equipment, since they are generally obliged to select an acceptable material of construction, based on ?predicted? operating conditions, at the lowest acceptable cost. Consequently many designs are somewhat basic and do not take into account the constantly varying dynamics of the well fluids being released into the separator. As oil fields mature, oil companies endeavour to maximize revenue by maintaining oil and gas throughputs. This often results in an associated increase in water and sand volumes and, in order to maintain efficient separation, an increase in operational temperature and pressure; subjecting the equipment to operational conditions for which it was never designed. In reality, therefore, the limitations and constraints placed upon new construction design often result in Maintenance Engineers having to solve the ensuing problems in difficult ?in-field? environments. Should refurbishment or upgrade be required then the status of the platform and that of the vessel during shutdown will dictate how this is achieved. Hotwork on the vessel is generally not preferred due to the requirement for post weld heat treatment and re-classification of the pressure vessel, not to mention the added risk in terms of safety. Unfortunately, until recently, there have been few alternatives to conventional ?hotwork? repair and protection systems, especially since the performance of cold curing polymer based repair and coating systems, for use in oil and gas process equipment, has, until recently, been limited by their resistance to temperature and pressure in immersed conditions. In line with the continued development of high temperature / high pressure oil and gas fields however, recent breakthroughs in polymer technology can now offer both repair and protection solutions which are able to function effectively at temperatures up to 180°C in immersed conditions combined with resistance to the destructive forces of explosive decompression from pressures in excess of 90 bar. This paper will look at recent work that has been undertaken to determine the suitability of modern polymer based repair and protection systems as an alternative to hotwork; thus enabling newly designed and upgraded internals to be cold bonded into position and further protected with temperature resistant coatings, in order to minimize the downtime of the asset and further to protect the vessel internals from the Erosive Corrosive environment.

Jan 1, 2006

By Grant Loveday, Vincent Dieudonné, Andrew Jonkers

Bateman Minerals & Metals supplies the APIC Technologies which include the under-bed air-pulsed APIC jig and related technologies such as the JigScan controller and advanced mathematical models of the jig process. Bateman have developed a methodology for predicting process performance for jigs from simplified testing and modelling, based on batch equipment matched to industrial designs. Batch tests conducted on laboratory scale air-pulsed jigs can process small batches of material, such as those obtained from drill core samples. The novelty comes from using an advanced jig process model, ASTRAD, to link the results of batch and continuous jigs. The batch jig presented as a novelty in this paper has been designed to be hydraulically equivalent to the full-scale APIC Jig, allowing the generation of equivalent pulse shapes and using JigScan controller. Lump and fine ferrous ore material have been separated in this unit and any feed >1mm can be tested and extracted. The global test procedure and further modelling focus on the stratification of material, with emphasis on key aspects such as pulse shape, feed characteristics and residence time. The splitting of rejects from concentrates is itself more difficult to reproduce in batch jigging, however the ASTRAD model includes a separation imperfection module, and the APIC Technologies have extraction systems adapted to each type of material. Air pulsed batch jigs are available in several locations and are relocatable. They have been used to treat samples from Australia, South Africa and India as part of studies into ore processing using jigs. Each test layer is available for various physical testing procedures (density and chemical analyses). Test-work is performed on a case by case basis, and analysed using an advanced model ?now available over the internet. Some fundamentals of air-pulsed jigging are recapped along with some of the features of APIC jigs. The process of designing a ?hydraulically equivalent? batch jig test is then described. Some results from jigging tests are presented plus the results of the ASTRAD advanced jig model, which was first developed at the JKMRC with ferrous ores and coal and is now being supported and further developed and utilised by Bateman.

Jan 1, 2006

A Seismic Hazard Scale (SHS) has been developed to provide a practical seismic hazard assessment tool applicable to mine site personnel. It has been applied to seismic data sets from numerous Western Australian mines. The SHS is applicable when quantifying seismic hazard on a mine wide scale, on a mining block scale, and on a local cluster-by-cluster scale. Spatial mapping of variations in seismic hazard is a particularly powerful application of the scale. The SHS is sensitive to temporal increases in seismic hazard. It has also been shown that the SHS can be applied to estimate seismic hazard when seismic monitoring data are not available. The SHS is a simple derivation of the Gutenberg-Richter relation. There are assumptions and limitations to the SHS that need to be considered when applying it to mine seismicity data.

Jan 1, 2004

Various reagents are added to flotation pulps to manipulate the chemical environment in order to create favourable conditions for the separation of the desired mineral from the unwanted gangue. Interactions occur between these reagents and between the other chemical parameters existing in the flotation pulp which complicate the elucidation of the behaviour of the respective reagents. This paper discusses the roles of the main classes of reagents added viz. collectors, frothers, depressants and activators, as well as the interactions between frothers and collectors. A case study reporting synergistic interactions between thiol collectors in the flotation of pyrite at pH = 4 is included. The use of Potassium n-butyl xanthate (PNBX) and a dithiocarbamate type collector (DTC) were tested both as pure collectors and as components in a collector mixture. In the batch flotation tests sulphur recovery and grade, water recovery, rate of recovery and image analysis of the surface froth were used to evaluate the effect of the mixture on the overall flotation performance. Bubble loading tests showed that the use of the mixture improved the efficiency of the particle collection process by bubbles. Thermochemical measurements of the adsorption of the collectors onto the mineral, indicated the formation of different surface products by the two collectors.

Jan 1, 1998

By A. Amiel

Tarkwa Gold Mine is owned by Gold Fields Ghana, IAMGOLD and the Government of the Republic of Ghana in a 71%, 19% and 10% ratio. The mine is operated by Gold Fields Ghana. This large, low-grade, open pit, gold mining operation is located in Tarkwa, in the Western Region of Ghana, approximately 320 kilometres by road, west of Accra, the capital of Ghana, West Africa. In the Financial year ended June 2007, the operation mined a total of 108 million tons of which 22 million tons was ore. The mined ore is processed through three gyratory crushers supplying two heap leach pads (north and south) and a carbon-in-leach (CIL) plant. Before the 6 Sigma project commenced, the current fragmentation was resulting in sub-optimal feed size to these crushers. It was decided to use 6 Sigma methodology to improve the fragmentation. A defect was defined as a fragmentation analysis indicating less than 95% passing 750 mm. The objective was to improve fragmentation in order to achieve a constant throughput to the north heap leach crusher of 1500 t/h, a 5% increase in pit loading efficiency and a 50% decrease in rock breaker hours, equipment damage costs and in-pit sheeting costs respectively. However, this was not to be achieved at the expense of grade control as Tarkwa is exploiting a low grade, high volume deposit and therefore ore dilution must be kept to a minimum. This paper is intended to take the reader through the various 6 Sigma phases of the project (define?measure?analyse ?improve?control), which have resulted in a 10% reduction in loading times, of which half has been attributed to improved fragmentation, as well as a substantial increase in blasted stocks. The focus has been on both drilling and blasting parameters as both processes had to be taken into account. These parameters are technical but personnel factors were also identified and dealt with as they arose. In order to measure the impact of any change in the process parameters on the fragmentation size distribution, cameras have been acquired. One has been installed looking into the bowl of the north crusher and the other one was dedicated to field observation, of individual blasts. Both are used for ongoing fragmentation analysis. At Tarkwa, mining efficiency is strongly dependent on good fragmentation as well as the presence of unblasted ?toes? on the pit floors. Crusher throughput depends on an acceptable ore fragment size. Compliance with plan for actual hole depths was temporarily monitored by manual hole dipping, but this is now being replaced with a fully automated drill data management system developed by Sandvik and Modular Mining. The Six Sigma methodologies, using control charts based on data collected in the field, allowed the mine to improve methods for the control of blasted material. It also enforced the implementation of a quality control programme encompassing the entire drill and blast process.

Jan 1, 2008

By R. E. Wilmot

The problem of corrosion of reinforcement in concrete structures is internationally recognised and represents the single biggest expenditure in the preservation of steel reinforced concrete structures. While the corrosion protection of the reinforcing steel is no substitute for design and the placement of good quality concrete, it does provide for a viable and economical extension of structural integrity and service life in the day-to-day and practical environment in which concrete structures are constructed. The mechanism of corrosion attack and consequent deterioration of reinforced concrete structures is well understood and documented. New structures can be designed and built to withstand corrosion. However, due to short-term economical restraints, many new reinforced concrete structures continue to suffer as a result of corrosion damage, which results from the corrosion of the steel reinforcing. This paper explores the economic and practical benefits offered by the application of hot dip galvanizing as a viable means of protecting reinforcing steel concrete structures. The paper also discusses technical misconceptions that exist with respect to the application and performance provided by the use of hot dip galvanized reinforcing steel.

Jan 1, 2006

By A. H. Swart

Unplanned stope panel collapses occur on most near-surface and shallow mines in South Africa. Although these incidents often occur during blasting, they pose a major threat to the safety of underground workers and the economic extraction of orebodies. Most stope panel collapses occur due to excessive panel lengths (resulting in excessive stope spans) that are not designed according to a systematic design procedure or methodology. Instead, panel lengths are often dictated by the equipment in use and by previous experience under similar conditions. Hence, a rock engineering design methodology for the design of stable stope panels between pillars is of vital importance for optimum safety and production in shallow mining operations. Using the proposed design methodology described in this paper, rock mechanics practitioners and mine planners should be able to identify and quantify the critical factors influencing the stability of stope panels. The critical factors should then be used as input to the design of stable stope panels that will provide the necessary safe environment for underground personnel working in stopes. The proposed design methodology is an iterative process, which includes aspects such as rock mass characterization, estimation of rock mass properties, identification of potential failure modes, consideration of appropriate stability analyses and other elements of the rock engineering design process. This process continues after implementation. During monitoring, new data should be included in the database and the design process repeated on a regular basis. Design approaches included in the proposed design methodology include empirical methods such as different rock mass classification methods, analytical methods such as elastic and Voussoir beam analyses, kinematic analyses, probabilistic analyses, and numerical analyses. Keywords: stability, stope panels, design methodology, hardrock mines, shallow mining operations

Jan 1, 2005

By Willem Le Roux

1.1 Section 47(1) of the Mine Health and Safety Act, 29 of 1996 (?the MHSA?) establishes a Mine Health and Safety Inspectorate which is administered by the Chief Inspector of Mines. The Mine Health and Safety Inspectorate is part of the Department of Mineral Resources. The Chief Inspector is appointed by the Minister of Mineral Resources (see section 48(1) of the MHSA). 1.2 The Chief Inspector must, amongst other things, ensure that the provisions of the MHSA are complied with and enforced, and that all the duties imposed upon the Chief Inspector and the other Inspectors of Mines in terms of the MHSA and any other law are performed. The Chief Inspector of Mines must appoint Principal Inspectors of Mines and Inspectors of Mines to assist him/her to discharge his/her duties (see section 49(1)(a) and (c) of the MHSA).

Jan 1, 2011

By Antonio Karzulovic, Ricardo Sepulveda, Manuel Schellman

Mantoverde Division of Empresa Minera Mantos Blancos S.A., Anglo American Chile, developed an open pit mine to exploit copper oxide ore. Mantoverde mine is located in the Province of Chañaral, Northern Chile, about 1,020 Km far from Santiago. Currently, the East wall of the mine is reaching the condition of final pit. To evaluate the possibility of a pit optimization on this wall a geotechnical study was performed, including slope stability analyses by limit equilibrium and numerical methods. As a result of this geotechnical evaluation, it was decided to allow a probability of failure of 12% for instabilities affecting up to 600,000 tonnes, and use steeper slopes on the East Wall of the mine. This paper describes this geotechnical evaluation and how the results of the stability analyses were used to define a flexible slope design, which allows modification if the observed slope behaviour deviated from the expected one.

Jan 1, 2006

By A. Fredriksson, R. Christiansson, I. Staub

A theoretical model based on DFN models and 2D DEM numerical modelling has been developed for evaluating the rock mass mechanical properties. The description of the methodology is non-site related and can be applied in any site for this type of characterisation. The methodology was developed in the frame of the Site Investigation programmes for a Deep Repository for spent fuel in Sweden, and validated on sets of data coming from the Äspö Hard Rock Laboratory. Un modèle théorique base sur des modèles probabilistiques de réseaux de fractures et sur un modèle numérique DEM 2D a été développé dans le but de déterminer les propriétés mécaniques de la masse rocheuse. La méthodologie développée peut être appliquée à tout type de site pour ce genre de caractérisation. Le modèle a été élaboré dans le cadre des programmes de recherche d’un site d’enfouissement des déchets nucléaires en Suède, et validé par une application au laboratoire de recherche souterrain à Äspö. Ausgehend von DFN-Modellen und 2D DEM numerischen Modellierungen wurde ein theoretisches Modell für die Auswertung von mechanischen Eigenschaften von Fels entwickelt. Die Methodikbeschreibung ist nicht standortspecifisch sondern kan überall für diesen Typ von Standordkarakteriserung angewendet werden. Die Methodik wurde in Schweden im Rahmen der Standortuntersuchungsprogramme für die Endlagerung von verbrauchten Brennelementen entwickelt und ist mit Hilfe von Daten des Äspö Hard Rock Laboratory validiert worden

Jan 1, 2003

By M. Olper

The change in regulations and the strong attention to the environment have suggested some changes in the traditional processes for the recycling of lead acid batteries. Engitec Technologies, marketing the Integrated CX® System, is continuously updating and improving its technology to fulfil the technical, economical and ecological requirements coming from the market and from the environmental authorities. In this paper Engitec Technologies will present the latest technical innovations introduced in the Integrated CX® System.

Jan 1, 2008

By V. S. S. Yadavalli, J. Hager, R. Webber-Youngman

"This article investigates the complex problem of a budgeting process for a large mining operation. Strict adherence to budget infers that financial results align with goals. In reality, the budget is not a predetermined entity but emerges as the sum of the enterprise’s operational plans. These are highly interdependent, being influenced by unforeseeable events and operational decision-making.Limitations of stochastic simulations, normally applied in the project environment but not in budgeting, are examined and a model enabling their application is proposed. A better understanding of budget failure in large mines emerges, showing that the budget should be viewed as a probability distribution rather than a single deterministic value.The strength of the model application lies with the combining of stochastic simulation, probability theory, financial budgeting, and practical scheduling to predict budget achievement, reflected as a probability distribution. The principal finding is the interpretation of the risk associated with, and constraints pertaining to, the budget.The model utilizes a four-dimensional (space and time) schedule, linking key drivers through activity-based costing to the budget. It offers a highly expressive account of deduction regarding fund application for budget achievement, emphasizing that ’it is better to be approximately right than precisely wrong’."

Jan 1, 2015