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By Emmanuel Henry

Few industries are more challenged by technical, political and market uncertainty than the mineral industry. Technical uncertainty in mining projects concerns the volume and quality of the resource, the processing and metallurgical parameters, the production efficiency, etc. Political uncertainty can take diverse forms and includes possibilities of change in the taxation system, risk of expropriation and risk of social instability or war. Market uncertainty depends on the market structure of the commodity; price and demand volatilities are the most common sources of market uncertainty. Intensive feasibility studies including these uncertainties and risks are required before investing up to billions of dollars in the development of a new mine. Current feasibility studies are often based on a single (or very few) mean geological scenario and simplified price profiles along the life of the project. Yet, strategic decisions, for example, the level of investment in exploration and metallurgical studies, adoption of a flexible, but more costly, mine design and risk-sharing strategies are made at an early stage. Over the last twenty years, Real Option theory has emerged as a unifying framework enabling strategic planning under uncertainty (technical, political and market). Geological and market variances (second order statistics) are pivotal for proper uncertainty quantification. The present study explores the possible benefits of combining modern geostatistical tools and financial techniques for project management. More precisely, the following questions are examined: Is geological uncertainty really an issue? Can we combine geological and price uncertainties in a unifying Real Option framework? A simple example aimed at illustrating the concepts involved is presented.

May 1, 2003

By P. H. Davenport

"The ore-element patterns in regional lake sediment geochemical survey data from four areas of Newfoundland containing granite-related mineralization reveal characteristics which can be used to identify mineralized granitoids. The St. Lawrence Granite with its fluorite deposits, the Ackley Granite with molybdenite mineralization, the Grey River tungsten lodes and the newly discovered Mo- W mineralization at Granite Lake, Central Newfoundland, have all been included in the regional lake sediment geochemical surveys, which now cover about 90,000 km2 of the Island of Newfoundland. The lake sediments over these mineralized granites show diagnostically high values of Mo, F, Pb, Zn and, in three of the four cases, U, together with locally high Ag and Cu values. Furthermore, these ore-metals display a distinctive zoning pattern about the intrusives, which can be related to the classical ore-metal zoning patterns developed about many types of mineralized granitoids.IntroductionGranitoids in Eastern Canada are receiving renewed interest as potential hosts of tin, tungsten, uranium and related mineralization. Although a number of mineral deposits and showings have been known from a few granites (sensu lato) in the region for many years, granites had generally received little attention as potential hosts of metallic mineralization until the recent resurgence in interest in the mineral potential of these rocks. In Newfoundland, where granitoid rocks underlie about 30070 of the land area, petrologic data are available from some granites, particularly those in eastern Newfoundland (Strong et al., 1974; Strong, 1980), but in southern and southwestern Newfoundland the data base is sparse, and indeed in many cases individual plutons are not delineated on the geological maps of the area . Most of the available data on Newfoundland graniotolds have been summarized by Strong (1980), who gives a general assessment of their mineral potential by comparing their physical, mineralogical and petrochemical attributes with mineralized granites elsewhere in the world."

Jan 1, 1982

By Yun-Jie Wei

Seismic areas were in the eastern margin of the Qinghai-Tibet plain, whose structures were complicated, mainly composed of Maowen fault, Yingxiu fault and Pengxian-guanxian fault. The rapid rise of the Qinghai-Tibet plain led the crustal material of the eastern edge to move to the southeast along the faults on a large scale since the late Cenozoic; Minshan block structure and Long Men Mountain tectonic zone represented the strong nappe thrust movement as the east boundary of Chuanqing slip block; the stress was accumulating when squeezed, which to a certain extent resulted in breakdown of the crust, and earthquakes. The shock speed, high-energy accumulation, and the reversed dextrorotation of the earthquake fault characteristics et al. happened, which caused the development of secondary geological disastersts. According to on-site investigation, the typical geological disasters had thrust rock collapse, the instability deposit, the revival of potential debris flow et al. whose genetic model had been analysed.

May 1, 2009

Les Mines Inmet ? La Division Troilus exploite une mine d?or à ciel ouvert depuis 1996 et produit un concentré de cuivre. La Division Troilus est localisée à 175 KM au nord de la ville de Chibougamau? au 51 parallèle.

Feb 1, 2008

By H. D. Stolovitch, M. L. Lavallée

"An engineering system used to analyze and improve the performance of industrial grinding circuits has been adapted into a training program. The systematic approach to the design of training was applied in order to:Determine if training was an appropriate and effective tool for the transfer of this new technology;Define the technical content of the program;Establish program specifications based on learner and context characteristics;Design and test prototypes of the instructional modules; and,Establish a strategy for plant implementation and maintenance of the training program.This paper thus describes how a engineering system is transferred to the workplace through the use of designed instruction.INTRODUCTIONTraining can change human performance in a permanent way. It can improve productivity for the overall benefit of an operation. Organizations can therefore use training as a mean to achieve their specific goals. Training is not the solution to every performance problem. However, in many cases, it can be a very effective way to attain desired performance.The benefits of training are often difficult to assess. However, to remain competitive, organizations must introduce new products and innovative technologies. Often, they can do both most effectively through suitable training interventions.In order for the effort and investment of training to provide optimal results, two points of view should be adopted.• An overall view of the system in which training is to be applied.• A systematic approach to the design of training (Stolovitch and Keeps, 1989)."

Jan 1, 1992

By Virginia T. McLemore

The Gallinas Mountains are in northern Lincoln County and southern Torrance County, New Mexico, USA where a series of alkaline igneous bodies, including porphyritic latite, trachyte/syenite, andesite, and rhyolite laccoliths, flows, dikes, and plugs, have intruded Permian sedimentary rocks belonging to the Permian Abo, Yeso, and Glorieta Formations. A small amount of bastnaesite, a REE mineral, was recovered during processing for fluorite from the Gallinas Mountains. Four types of deposits are found in the Gallinas Mountains: epithermal REE-F veins, Cu-REE-F veins, REE-F breccia pipes and iron skarn deposits; all are associated with Tertiary alkaline to alkalic-calcic igneous rocks. Alteration includes brecciation, silicification, chloritization, and fenitization. District zonation is defined by Cu-REE-F (±Pb, Zn, Ag) veins that form center of the district, surrounded by REE-F veins. Carbonatites are inferred at depth by the presence of fenitization, carbonatization of the breccias, presence of REE and similarity of the intrusive rocks and mineralization to areas with known carbonatites.

May 1, 2011

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

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

Jan 1, 2014

By N. Shi, T. G. Joseph

The design of dippers for cable shovels has essentially remained unchanged for the last 100 years. In the past 10 years, shovel manufacturers have started taking another look at dipper design, resulting in changes that have borne models from major manufacturers that address some of the wear conditions and material retention problems that dominate maintenance and operational costs. However, with the exception of added lateral curvatures to the front and corners of the dipper, the geometry is essentially unchanged. This paper looks at the criteria that have resulted in the first new cutting dipper design in a century. The design is based on kinematic considerations, reflected in a revolutionary geometry that matches the range of motions of the shovel, designed to minimize wear, impact loading and power required to dig, thus maximizing productivity for a minimum energy requirement. The shape configuration is such that the weight of the dipper is reduced through wall thickness, enabling a larger capacity dipper to be conceived for the same shovel. Benefits are reflected in reduced operational and maintenance costs and increased productivity.

Jan 1, 2006

By S. Mostaghel, S. Nicol, M. Y. Solar

Once upon a time, the process engineer developing the design criteria for a new saprolite ferronickel smelter had it easy: most ores were around 2.5% Ni, with a Fe/Ni ratio of 4 to 5 and a SiO2/MgO ratio of about 1.6; to use the French word: garnierites. The ferronickel grade selected was the conventional 20 to 25% Ni and the impurity levels could be predicted from well established [C], [Cr] and [Si] vs (FeO) graphs. However the process engineer can no longer depend on statistics to design smelters: Ni grades are decreasing while the goethite contents are increasing; SiO2/MgO ratios vary from 1 to 3; and Al2O3 concentrations are reaching levels that cannot be ignored. Mechanistic models must be developed to select or predict essential parameters such as kiln and furnace reductions, ferronickel grade, slag losses, metal and slag liquidus, operating temperatures, etc. But these models must be simplified so that they can be used on a routine basis; and they must be calibrated against a wide range of commercial operations in order to yield the most realistic predictions possible. The present paper proposes one possible approach, using FactSage as a basic source of thermodynamic data. The predictions thus obtained are compared to actual performance for two well documented operations, as well as to the predictions made with other tools that might be more accessible.

Jan 1, 2014

By J. R. Goode

"Coarse ore sorting is here defined as the physical separation of a mixture of coarse (+3/8 inch) ore particles into two or more separate groups of total value greater than that of the unsorted ore. An ore will probably be sortable if the geology of the orebody and the mining practices employed meet conditions outlined in this paper.The paper points out how sorting can substantially reduce tonnage variable operating costs because sorting can double the mill head grade of amenable ores by rejecting waste rock from the mine output. The effect of sorting on ore reserves is outlined. It is also suggested that sorting is a low cost alternative to conventional expansion.The mode of operation of the Ore Sorters Kadel 13 Photometric and MK VI A Radiometric sorters is detailed. The report concludes with detailed descriptions of the photometric sorting plant operated by the Doornfontein Gold Mining Company is South Africa and the Radiometric Sorting Plant presently under construction at the Schwartzwalder mine of Cotter Corporation in Colorado."

Jan 1, 1975

By David M. R. Stone

Underground mining in the gold industry is gaining popularity in Nevada, and with it the use of cemented rockfill is becoming mainstream. Even with today?s high metal prices, however, mining companies are very sensitive to the margins they realize, and are constantly looking for ways to reduce costs or improve efficiencies. Given that the backfill is one of the largest cost centers in underground mining, mines are constantly under pressure to reduce backfill costs. This paper will present an overview of the factors that impact cemented rockfill quality in Nevada mines based on the authors many years of consulting experience. Cemented rockfill quality can be linked directly to binder consumption, hence programs aimed at improving quality generally result in lower binder costs, better performance in the fill (hence less dilution), and improved safety. The paper will conclude with the key elements of a comprehensive program of backfill quality assessments and backfill QA programs. Comparative laboratory and minesite data from a number of operating and proposed mines will be presented.

May 1, 2007

By A. M. Krzanowski, T. S. Golosinski

"This paper presents results of a study undertaken to determinethe feasibility of mining plains overburdens with bucket wheel excavators. Based on extensive geotechnical testing of overburdens under study, the relations between material geotechnical properties and its cuttability were defined. The properties with the highest correlations to the cuttability werethen used to develop the material diggability classification. This classification may be used for identification of overburdens and coals mineable by bucket wheel excavators.IntroductionLow cost of mining and high productivity can be achieved when mining unconsolidated soils and soft rocks with bucket wheel excavators. As a result this mining equipment will likely be introduced into plains coal mines. At present there are plans to use a bucketwheel excavator (BWE) in at least one mine by the end of this decade. Unfortunately, the performance of a BWE deteriorates rapidly with the increasing strength of mined material. To avoid costly misapplication, material diggability must be defined in advance of an application (i.e. the force required at the cutting edges of BWE buckets must be quantified). Correct definition of material diggability permits reliable selection of a BWE, or may indicate unsuitability of this equipment for a particular application.The reported studyu i was undertaken to investigate the diggability of typical prairie overburdens and thus provide a guidance for likely future applications of bucketwheel equipment. Investigations concentrated on the parts of overburden most likely to create problems for a BWE mining. These are defined in Table 1. At present, thin layers of the two investigated materials (samples K and L) are mined by a BWE in an oil sand mine, after being loosened by blasting."

Jan 1, 1987

By Carl Bertrand, Patrice Nadeau, Claude Bazin

"Rio Tinto Fer et Titane processes the ore extracted from the Lac Tio orebody to concentrate the hemo-ilmenite (FeO.TiO2-Fe2O3) mineral that is subsequently smelted to produce pig iron and titanium oxide slag. The ore is crushed, heat treated (roasted) and concentrated using dry magnetic separators. This paper describes a model to predict the magnetic susceptibility of the roasted ore and its behaviour in the magnetic separation plant. The model uses a classification of the ore as a function of the size and magnetic susceptibility of the particles. A subsequent division into mineral species allows the simulation of the magnetic separation process. The model is used to assess various operating options when process disturbances occur.INTRODUCTIONOre processing operations consist of ore size reduction followed by the recovery of valuable species in a concentrate that is subsequently sold for its minerals or metal content. The concentration processes are based on the physical and/or chemical properties of the minerals contained in the ore. Flotation is typically used to recover minerals of base metals such as copper, zinc, lead or nickel. Iron ore and other dense minerals are typically concentrated by gravity separation processes. Magnetic separation uses the magnetic properties of the minerals to concentrate magnetite and other minerals, to clean coal concentrate and to recycle ferrosilicon for dense separation processes (Brophy, 1985).Magnetic separators can be divided into low and high intensity separators and high gradient magnetic separators (Gillet, 2008). Most of the low gradient magnetic separators are built as rotary drums that are operated in wet or dry conditions. Dry magnetic drum separators are used by Rio Tinto Fer et Titane in Sorel-Tracy, Canada to concentrate hemo-ilmenite from the ore extracted at the Lac Tio Lake mine near Havre St-Pierre, Canada. The analysis of production data suggests that process improvement could be achieved by identifying key variables for the control of the magnetic separation circuit and/or by modification to the circuit flowsheet. The use of a process model was considered to be an effective approach to conduct a preliminary analysis of the circuit with a view toward process optimization. However, the literature contains few detailed studies dealing with the modelling of magnetic separation processes."

Jan 1, 2011

By A. C. Wilson

"In 1991, local prospector C. “Mickey” Clement recovered at least three alluvial diamonds from the Michipicoten River. Two of these stones were sent to the Department of Mineralogy, Royal Ontario Museum, where they were identified as industrial-grade diamonds with weights of 1.05 and 1.13 carats. Both stones were described as frosted and graphiteinclusion riddled.In 1995, prospector Sandor Surmacz and geologist Marcelle Hauseux discovered diamonds in bedrock approximately 20 km north of the Michipicoten River. An 18.1 kg bulk sample of a xenolith-rich lamprophyre, taken from an outcrop at the side of the Trans Canada Highway north of Wawa, yielded 1 macro diamond and 5 micro diamonds. All but one was gem quality (Sage, 2000).Since then, more than 36 occurrences of diamonds in bedrock have been reported in an area approximately 30 km2 in size, centred 20 km north of the town of Wawa. The occurrences are hosted within a sequence of unusual, Archean-aged, heterolithic breccias previously considered to have no economic significance. Ten kimberlite occurrences also have been confirmed in the Michipicoten greenstone belt in the last five years. Two of these kimberlites are diamondiferous.To date, expenditures on property acquisition and diamond exploration in the Wawa are estimated at CDN$120 M.This paper summarizes the geological observations made on these occurrences and describes the relationship between the occurrences and the regional geology."

Jan 1, 2004

By D. E. Pickett, J. A. Roland Faucher

"INTRODUCTIONMineral processing is undergoing growth and change at a rapid rate. The modern flotation process was discovered only in the mid-twenties, and uranium leaching in the mid-fifties. The growth of individual unit equipment size is also a recent development and is perhaps most dramatically illustrated by the increase in size and connected horsepower in grinding mills. It is also apparent in much of the equipment used in mining operations.These technical and mechanical developments have influenced the design of plants but not to the expected degree.Many metallurgists believed until recently that grinding an ore in the absence of steel results in a loEs of selectivity in the flotation. However results reported by Thornton (1), Fahlstrom (2), Canmet (3 & 4) have shown on the contrary better selectivity and improved recovery at a lower operating cost. According to the Aitik (2) plant results, the net difference in cost plus tailing value in favour of the two-stage autogeneous grinding circuit is in the order of 40 cents per ton of ore milled. Even a greater difference was indicated by the results obtained by Canmet on a sample supplied by Mattagami Lake Mines Ltd.Yet how many plants are taking advantage of these findings and how many plants are being converted. How much more improvement of the results would have been obtained if these tests had incorporated optimization of classification efficiency? By nature the mining industry and the mineral processors are conservative, and tend to emphasize the possible penalties for an unsuccessful innovation out of proportion to the potential rewards even for a significant improvement."

Jan 1, 1979

By Bern Klein, Malcolm Scoble, Justin Widdifield, Andrew Bamber

"It has been suggested that the pre-concentration of ore underground can bring positive economic and environmental benefits to underground mining, particularly at extreme depth. The integration of mineral processing systems for coarse waste rejection and disposal into the underground mining environment has a substantial impact on the economics and operation of the mine. A case study for the integration of underground pre-concentration at Falconbridge’s Thayer Lindsley and Fraser Copper operations in Sudbury, Ontario is discussed, with particular focus on ore evaluation, system design, integration, and impacts on the operation. Conclusions as to the overall feasibility and potential impacts of underground pre-concentration are presented.INTRODUCTIONObjectivesA scoping investigation has been conducted for Falconbridge Ltd on the Fraser Copper Zone and Thayer Lindsley mines in order to develop a better understanding of the operations, and to do a preliminary evaluation of the potential for pre-concentration of the ore underground. The objective was to develop a conceptual design and evaluation of a pre-concentration system for each site. The results are to be used as the basis for a more detailed future study.Underground Pre-ConcentrationThe pre-concentration of ore to reduce the quantity and improve the quality of material transported to the processing plant is not a new concept and has been in practise at several mines including the American Zinc Company in Mascot Tennessee (Munro et al, 1982), the Sullivan Mine in British Columbia and presently at Xstrata’s Mt Isa lead-zinc mine in Australia, as well as at several PGM mines operating in the South African Bushveld. For each of these mines, a high degree of waste rejection was achieved at a coarse particle size with good metallurgical recoveries. The benefits arising from the surface pre-concentration of ore are well documented in the literature (McCullough et al, 1999; Miller et al, 1978; Munro et al, 1982; Schena et al, 1990; Sivamohan & Forssberg, 1991)."

Jan 1, 2006

By T. Banerjee, D. Felsher, G. Leavoy

"Lake Shore Gold is engaged in commercial gold production at both the Timmins West and Bell Creek mines, located in Timmins, Ontario. Run of mine ore is processed at the Bell Creek mill which consists of a conventional gold mill flow sheet involving crushing, grinding, gravity concentration and carbon-in-leach (CIL) for gold recovery. Since 2009, the operating capacity of the mill has been upgraded from 2000 tpd tonnes per day (tpd) to over 3,000 tpd. The most recent expansion involved the installation of a low aspect ratio SAG mill to replace the secondary crusher. Without operational data on the low aspect mill, combined with a site team that was new to SAG milling, there were many challenges in achieving the target throughput from the circuit. Through the implementation of AwaRE advanced controllers, running in closed loop with PRC fragmentation cameras as well as embedded PARC modules within the Allen Bradley PLC, the site was able to rapidly develop a best operating practise and has been successful in creating a stable and consistent operational environment. The process, lessons learned and eventual solution will be reviewed in this paper.INTRODUCTIONLake Shore Gold is engaged in commercial gold production at both the Timmins West and Bell Creek mines, located in Timmins, Ontario. Run of mine ore is processed at the Bell Creek mill which consists of a conventional gold mill flow sheet involving crushing, grinding, gravity concentration and carbon-in-leach (CIL) for gold recovery. Since 2009, the operating capacity of the mill has been upgraded from 2,000 tpd tonnes per day (tpd) to 3,150 tpd. The most recent expansion involved the installation of a low aspect ratio SAG mill to replace the secondary crusher. This endeavor was split into two phases: the expansion of the back-end (Phase 1) and the front-end (Phase 2) of the mill. Phase 1 of the expansion was completed at the end of 2012 and involved enhancements and capacity addition to the leaching and adsorption circuits, which increased the mill’s capacity to 2,500 tpd. Phase 2 of the expansion commenced at the end of July 2013 and involved the expansion of the crushing and grinding circuits. The expanded front-end of the mill now has a capacity of 5,500 tpd, and processes ore from both Bell Creek and Timmins West mines. The updated flow-sheet, as shown in Figure 1, illustrates the replacement of the two-stage crushing and ball milling circuit with a single stage crusher and a low aspect ratio SAG mill."

Jan 1, 2015

By Frank van der Meer, Jorge Portocarrero, Alexandra Gruendken

"The number of High Pressure Grinding Rolls (“HPGRs”, also called Roller Press) installations instead of tertiary crushers is rapidly increasing. The technology has been largely accepted in the minerals industry and benefits, such as superior energy efficiency and a lower overall operating cost compared to alternative technologies, have been demonstrated at a number of operations throughout the world.This paper focuses on coarse hard ore operations and reviews the successful installation of the first Roller Press installed instead of a tertiary crusher at the Los Colorados Plant of CMH (Chile) in 1998. It details the experience obtained over the past ten years of operation from commissioning to the present day. It highlights examples of further developments made in the design to improve machine maintainability and availability as well as wear life of the grinding surfaces.A second focus lies on procedures to derive from small scale testing material properties such as wear life, flake formation and strength and their application to industrial size machines to optimize circuit design, especially when Roller Presses are used in closed circuit with screening.INTRODUCTIONRoller Presses (also known as HPGR, High Pressure Grinding Rolls) are considered today state of the art for the preparation of pellet feed. They are also gaining wide acceptance in coarse ore operations. One of the first successful operations in which a roller press was used to replace a conventional tertiary and quaternary crusher is the Los Colorados plant of CMH in Chile.When the Roller Press at Los Colorados was commissioned in 1988, there were 169 Humboldt Wedag roller presses in operation throughout the world. Of these, 14 were installed in the minerals industry. However, these were installed mainly for grinding pellet feed to increase the Blaine value. Up to that time, only three KHD roller presses had been applied for crushing coarse ore in specialized circuits. Moreover, the installation at Los Colorados was the first Roller Press ever to replace a conventional tertiary and quaternary crusher in a hard ore application."

Jan 1, 2009

By R. E. Jones

"INTRODUCTIONCominco Limited, one of the free world's largest producers of lead and zinc having majority ownership in Pine Point Mines Ltd., operates a mining and concentrating complex on the south shore of Great Slave Lake in the Northwest Territories. The mine was developed in 1963-64 and commenced operation late in 1964 with the direct shipping of high grade ore. The concentrator started production in November 1965 at a design throughput rate of 5,000 T.P.D.In 1968, the Company acquired the mining rights to a large ore body located to the east of the Pine Point claims and subsequently an expansion program at the concentrator raised the throughput rate to 8,000 T.P.D. The expansion included a third grinding circuit and additional flotation capacity. The flotation capacity took the form of a completely separate circuit from the existing flotation plant. In 1972, the zinc flotation circuits were modified to include two additional stages of cleaning. This change concluded the ""Pre-Consolidation Flotation"" circuit at Pine Point.In considering these modernization programs of the flotation section of the concentrator, the philosophy was to utilize the largest available machine having proven and modern technological changes. With the advent of the large capacity machines available in the late 1970's, it was considered a suitable time to revamp the entire flotation circuit at Pine Point in 1979. The Circuit Consolidation Project was developed to meet this requirement."

Jan 1, 1982

By Robert Boyd

The Diamond Markets ? Supply has continuously increased over the past 25 years ? However, global supply is expected to drop by 1 to 2% by 2015 ? Demand Driven Market ?Demand is expected to grow 3% annually through to 2015 ? Supply Squeeze Anticipated (2010 to 2015) ? Consumption is exceeding rate of discovery, mine development and reserve replacement ? These fundamentals are driving increased capacity and production at existing mines in South Africa, Botswana and Russia and new areas such as Canada ? Canada is now the third largest diamond producing country in the world ? These fundamentals are also driving record levels of exploration expenditures throughout the world with particular focus on Africa and Canada

May 1, 2006