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This paper explains why the valuation of mining assets is often a very different exercise from the valuation of the shares in the mining company which owns those assets. The fundamental reason for this is that mining assets, and the shares of the company which owns those assets have different risks. In order to properly value mining securities it is essential to: ò ensure all the different risks and other factors which impact on the value of the mining assets and the value of the shares are taken into account; and determine the extent to which the different risks and other factors are addressed in the value of the mining assets and the value of the shares so as to avoid double counting or not counting at all. If the alternative, but far from consensus, view is accepted that the correct valuation methodology to apply to shares in mining companies should be based on option pricing theory then conventional valuation practice of both mining assets and shares in mining companies will need to be fundamentally reassessed.

Jan 1, 1994

Because of the coincidental location of orebodies and population in Australia, the mineral sands industry has been subjected to numerous land use conflicts, resulting in the sterilisation of strategic ore reserves and a severe downturn of activity in the eastern states. All tiers of government of various political persuasions were responsible for the decisions leading to this sterilisation. As such, it became a community response to intense land use pressure along an attractive and popular coastline. The resultant high public exposure of the industry has placed it in the forefront of developments in rehabilitation technology. In eastern Australia, the industry has operated in a wide range of ecosystems, many with conservation values. Rehabilitation ech- niques have been developed to suit these varied conditions, and much of this technology is now widely adopted throughout the mining industry. Land use considerations in Western Australia are somewhat different to those of the eastern states. Nevertheless, the same basic principles of rehabilitation apply with modification to suit local conditions and land use objectives. The development of rehabilitation in both Eastern and Western Australia is reviewed, and the direction of future trends is indicated.

Jan 1, 1986

By R F. Johnston, I D. Sommerville

This paper presents an overview of the researches carried out in our laboratory on the application of plasma in recovery of alloy elements from waste slags and the treatment of lean ores, which are examples of advanced materials processing. After briefly reviewing the early work on the reduction of nickel, chromium, manganese, vanadium and titanium oxides, and a short investigation of the reduction of titanium oxide from the slag resulting from the blast furnace smelting of a titanomagnetite ore, the paper concentrates on the more recent studies on the reduction of an Australian scheelite. In some of these experiments, aluminium was used in addition to carbon as a reductant, in virtually all cases complete reduction was achieved within a relatively few minutes even with carbon alone during plasma processing. It therefore appears that this technique provides a possible processing route to facilitate the recovery of valuable alloying elements from non-traditional sources, or to permit process step elimination.

Jan 1, 2000

The value of water is defined by its marginal utility. Challenges arise where the marginal utility is difficult to estimate. Therefore, when two or more interested parties wish to access water and they cannot use commensurate units for marginal utility; other means of value comparison must be sought. It is asserted here that sustainability principles can be used to guide this valuation if this is supported by a transparent decision framework. This paper proposes that the ICMM sustainable development principles provide appropriate guidance. In addition, a generic framework for decision making is suggested as a complement. Indicators of water management are recognised widely as an integral part of the accountability of minerals companies towards meeting sustainability goals. Less widely recognised are the ways in which sustainability principles can be used to guide decisions on water management which demonstrate growing awareness of its value. This paper illustrates the use of this logic in water issues associated with global sustainability challenges. It then goes on to demonstrate, using examples, that these links exist at all levels of the minerals industry and that indicators of this type are potentially as powerful as those currently being used. The reason for this is that the path from cause to effect is transparent and direct.

Jan 1, 2006

WITH the exception of the deposits of the Milburn Cement Co near Dunedin, Wilson's Portland Cement Co., on the Mahurangi River (a short distance north of Auckland), and those of the New Zealand Portland Cement Co., at Limestone Island, the cement. Tesources of New Zealand remain practically undeveloped. The Milburn Company utilizes a mixture of limestone and mud for the manufacture of cement, while Wilson's and the New Zealand Portland Cement companies both have the advantage of a natural cement stock which requires but small additions of highgrade limestone to give the mixture required. The plant and deposits of the New Zealand Portland Cement Co are located in Whangarei Harbour, some six miles from thetownship of Whangarei. The works and dwelling-houses are situated on Limestone Island, which, with an area of 92 acres, and rising to a height of 212 ft., supplies the bulk of the raw material required. In addition to the island, the company possesses a high-grade limestone area of, roughly, four acres, situated on the mainland, 11 miles to the south. A better location for a cement works could not well have been chosen. On the east side of the island there is a deep channel, which never shows less than 18 ft. of water alongside the company's...

Jan 1, 1911

By Channon W, Dube M, Makwana M, Kerfoot D. G

In early-1995, the Bindura Nickel Corporation commissioned a pressure leach plant at its Smelter and Refinery complex located in Bindura, Zimbabwe. The novel pressure leach process was developed by Sherritt to treat the nickel-copper sulphide residue produced from the original atmospheric leach circuit. The process extracts essentially all the nickel from the nickel-copper sulphide residue under non-oxidising acid pressure leach conditions, thereby producing an upgraded copper sulphide residue suitable for smelting and refining to electrolytic copper. The commissioning of the pressure leach plant was relatively smooth and design conditions were achieved within six weeks of operation. This paper presents a brief description of the process development and the plant design, followed by highlights of the plant start-up activities and summary of the plant performance.

Jan 1, 1996

In recent years there have been a number of excellent towns built for mining communities in remote parts of Australia. Planning has been thorough, and very large capital expenditures have been made by companies to provide high standards of accommodation, services and amenities. But so often the phrase 'company town' comes to be applied, expressing the frustrations of the residents, working for a single employer who dominates their lives, and of the company, which would prefer not to have to build and operate a town. The much-vaunted early success of some iron ore, bauxite and coal projects has led to a belief that the success of all mining projects is assured. Those holding this belief ignore the vagaries of mineral deposits and of markets, and the need to amortise large high-risk capital expenditures, much of which is spent on social and industrial infrastruc- ture. This expenditure on infrastructure does not have to be

Jan 1, 1975

By O Ostrovski

Iron ore reduction and iron cementation by CH4-H2-Ar gas was investigated in a laboratory isothermal fixed bed reactor. Iron ore was first reduced to metallic iron by hydrogen, then carburised to cementite by methane. Increasing temperature and hydrogen content accelerated the reduction process. Methane had almost no effect on the reduction process. Meanwhile, higher temperatures increased the rate of cementation and also the rate of free carbon deposition. The optimal temperature for cementite formation was found to be 750¦C. At this temperature, reduction of iron ore to cementite by gas containing 55 vol per cent hydrogen, 35 vol per cent methane and 10 vol per cent argon was completed in about 15 minutes. Addition of sulphur into the reducing/carburising gas strongly retarded the process of cementite formation and free carbon deposition. Cementite is an unstable phase which decomposes to iron and carbon. The rate of cementite decomposition increased with temperature up to 600¦C and above 750¦C . In the temperature range from 600¦C to 750¦C the rate of cementite decomposition decreased with temperature. Cementite was the most stable at 750¦C and least stable at 600¦C. The two-interface grain model was used to describe the process of iron ore reduction and the volume reaction model was employed to model the iron cementation process. The simulated results for both reduction and cementation are consistent with the experimental data.

Jan 1, 2000

The high maintenance of load-haul-dumps (LHDs) and front end loaders in hard rock affects mine planning with reduced availability and productivity. Intensive study of maintenance costs and availability of machines related to machine age and life provide the basis for planning from available operational alternatives.Derived programmes and experiences have led to the beginnings of unmanned operation and automation through reduction of manual diesel units and spreading electrification and use of radio. But electrification has obvious layout limitations. This approach to the present has resulted in better utilisation, costs and safety and the computerised monitoring and control provides continuous awareness of machine and work conditions with the promise of future improvements.

Jan 1, 1991

By D J. Clark, S Hewson, T Li

Cadia Hill Pit is a gold copper porphyry deposit hosted in monzonite. The pit slope design is primarily based on structural controls related to faults and shears with largely massive rock masses between the structures. The slope design attempts to achieve an optimum configuration at a bench to overall scale, considering economics and safety implications against the geotechnical and structural conditions. To date the slopes have been mined at interramp angles of up to 60¦ over heights of 120 m. Limited slope and batter failures that have occurred are structurally controlled and occur rapidly. The pit-mining schedule requires concurrent mining of part of the final pit walls and the progressive interim cutbacks. Engineering and operational solutions to hazard reduction and risk management issues have been implemented wherever viable to æengineerÆ out the hazard and mitigate the risks. However, comprehensive management plans and operating procedures have also played a vital role. This paper details the management plan and the operating procedures that have been developed and implemented to mitigate the risks associated with rock falls.

Jan 1, 2003

In the mining and minerals industry, development, introduction and construction of new plant designs, to meet sustainability objectives, face a series of major hurdles. Typical are the long investment cycle times, the designer does not normally control the spending (the owner does), and the industry is inherently technologically conservative or risk adverse while accepting the often more significant geological, market and political risks.æSustainable Plant DesignÆ is an approach to plant and facility design that drives the necessary culture change and acceptance by minimising technical risk and maximising potential returns. The approach forces consideration of sustainability objectives and risks early in the project, where cost saving and efficiency improving opportunities can be maximised.In Hatch, we are using three proven tools under the ærisk managementÆ umbrella to drive sustainable development principles into our projects:Sustainable Plant Design, FutureWatchTM Reviews, and Clean Plant DesignTM . These proactive practical, not theoretical, techniques for driving change from within and reducing whole of life cycle costs will be discussed and illustrated with case studies.

Jan 1, 2004

By D S. Stewart, K W. Keskimaki

In 1999, the Henderson Mine commissioned the Henderson 2000 project - a new truck haulage level, a new underground crusher and a 24 kilometre conveyor system to replace a 23-year old rail haulage system. Henderson has been able to continuously improve in almost all aspects of its rubber-tired mining. The rail haulage system represented one of the last barriers to continuous improvement to the overall plant performance. Many of the lessons learned in other areas of the mine were utilised to design the truck level. This paper chronicles the benchmarking, equipment selection and design of the level. Areas covered will include haulage trucks, level layout, ore chute design, traffic control, road design and crusher layout.

Jan 1, 2000

BHP Billiton Mitsubishi Alliance, or BMA, is AustraliaÆs largest coal miner and exporter, and is currently responsible for around a quarter of AustraliaÆs total annual coal exports. BMA and its predecessors have been part of the Queensland mining scene for around 40 years, developing world-class mines, a port, overseas markets, and an international reputation for quality and reliability. From its production base in QueenslandÆs Bowen Basin, BMA produces a broad suite of coals which are supplied to 73 customers in 24 countries. BMA was formed in June 2001 as a partnership between BHP Billiton and Mitsubishi Development Pty Ltd, under which the two companies share equal ownership and management of eight Central Queensland coal mines û Goonyella Riverside, Broadmeadow, Peak Downs, Saraji, Norwich Park, Gregory, Crinum and Blackwater û and the Hay Point coal export terminal near Mackay. This case study focuses on Peak Downs Mine, which was the second largest open cut mining operation to be developed in the northern Bowen Basin for the original CQCA Joint Venture. The first coal was mined in April 1972 and today, Peak Downs has a production capacity of over nine million tonnes of coking coal per annum. The mine is located 30 km south of Moranbah and 195 km south west of the Hay Point port facilities. Coal is mined by open cut mining methods using six draglines and two truck/shovel stripping fleets for overburden removal. Coal seams are mined using excavators and front-end loaders and 210 tonne capacity coal haulers.

Jan 1, 2007

By M Ruhrberg, J Grassmann, C Bauer

Within the context of acid mine drainage (AMD) associated with mining activities worldwide there has been a tremendous research effort to determine the extent of AMD and assess the influencing factors controlling this process. However, the majority of the current approaches focus on local and regional scale case studies and do not provide a global scale picture of AMD potentials. This study attempts to develop a method aiming at a global environmental impact assessment related to AMD. To confine the complex topic this study concentrates on acidic emissions from heaps in consequence of copper mining processes. In order to pursue this approach two factors are of significant advantage: a comprehensive environmental data base of more then 600 copper sites worldwide and a method which has been developed and proven to be successful in assessing environmental impacts related to land use. Current and future research efforts focus on using this background knowledge to enable both a comparison between sites and a categorisation of sites according to emission estimates.

Jan 1, 2003

By Cowie WJ, Utting BS

The alluvial gold industry of New Zealand is based on the placer deposits in Otago and on the West Coast. Production from these since discovery in the 1850's has been an estimated 480 tonnes (15 million ounces) of gold. Annual output has expanded continuously since 1980 and is expected to be over 2 tonne of gold for 1989.Following a historical review, the characteristics of typical operations, which use hydraulic excavators and mobile trommel units are discussed. Descriptions are then given of alluvial activities in Otago and on the West Coast.

Jan 1, 1990

At some time in the mining life of an open cut coal deposit, consideration is usually given to determine the point at which underground mining becomes an economic proposition or even necessary. This can occur anywhere from the pre-feasibility project stage to decades after commencement of mining. Options which can be considered include the extension of the life of the open cut by use of larger equipment, the utilisation of highwall mining techniques and the introduction of low capital start-up or full underground development. The primary focus is always the minimisation of the total unit cost (including capital )of clean product. The transition point at which an undergound mining operation becomes more economic than an open cut operation is not a simple evaluation and depends on many factors, particularly on the nature of the deposit itself. The main general determining factors of the transition point are related to the three factors of mining resource, the mining method that can be used and mining cost issues. Mining resource issues include geography, geotechnics, strip ratio, geology and the size of the deposit. Mining method issues include highwall mining, extending the life of an open cut, the environment, available roof support technology, product yields and the availability of appropriate workforces. The mining cost factors discussed include capital and operating costs and the impact of productivity and management. All these factors impact to a varying extent on the transition point.

Jan 1, 1997

By R Lastra

Applied mineralogy involves conducting investigations on ores, minerals and materials to solve problems encountered in mining, metallurgy, processing, industrial minerals, environment, health and other fields. The investigations are performed to determine the mineral behaviours during processing by using every mineral and ore characterisation technique and appropriate instruments. As the field is young, new techniques and instruments are still being developed. This paper attempts to convey the scope of the field by:describing the capabilities of the respective research instruments for determining mineral characteristics, summarising investigations of gold as an example of applied mineralogy studies of precious metals, andpresenting a case history where applied mineralogists worked closely with mineral processing engineers on a base metal ore and mill products to help the engineers optimise their processes for maximum recoveries.

Jan 1, 2008

At moderate depths this question is of relatively small importance, but at depths over 2,000 feet it becomes a matter of some consequence. The rate of increase of temperature with the depth varies in different localities, but as a rough average we may take it to be about 1° Fahr. for every 50 feet of depth. The variation of temperature of the earth's surface from summer to winter penetrates to a comparatively shallow depth. At 50 feet the variation becomes practically insensible, and the temperature of the strata will be about the mean temperature at the given locality, from 60° to 75° F. in this country or the comfort of men working in the mines it is desirable to maintain a temperature of about 70° F. in the workings, or approximately the temperature of the strata near the surface.In order to obtain some idea of the magnitude of the undertaking involved in cooling a mine, I have examined the effect of placing in a long drive an apparatus by means of which we can abstract heat at a uniform rate from the drive, keeping, thetemperature nearly the same at all points of the drive at any given time.The lowering of temperature 70 F. at any distance feet from the centre of the drive (treated as a cylinder of the same sectional area as the actual drive), after an interval of time days from the commencement of the operation is given by the formula...

Jan 1, 1907

By Choulaj D

Mining and petroleum continue to be the two most vita components of our nation's development, says Sir Julius Char in the Australian Journal of Mining (Nov-Dec 1996). In fact the} account for 71.6% of export earnings, and 21.2% of Gros; Domestic Product in Papua New Guinea. The Misima and Porger, Mines, along with the Kutubu oil project, have essentially rescues PNG's economic viability since the loss of income from Panguna Though the industry cannot create employment in the manner o. intensive industries such as agriculture, it does provid( opportunities to local communities in terms of jobs, financia compensation, and infrastructure. Many ventures take many years and enormous capital investment to set up. There are three phases: exploration, feasibility, an( operations. The operations phase sees a massive development o infrastructure, or the actual `building' of the mine. For mining companies to commit to such lengthy time frames and high level: of investment, without returns, requires confidence and a degree of commitment from government on a number of levels - legislative stability, monitoring social development, and the provision o social infrastructure.

Jan 1, 1997

The investigation of Noapara glass sand deposit in Sylhet district of Bangladesh is performed to beneficiate the sand for the manufacture of colourless glass. For the ease and efficient removal of the colour bearing impurities, the physical and mineralogical investigations of the sand deposits is carried out first. The sand is then treated with the standard beneficiation procedures to reduce the impurity level to an acceptable level. It is found that the Noapara glass sands are of medium grained and moderately sorted. They contain 0.15 - 0.30 per cent Fe2O3 and 0.001 -0.008 per cent Cr2O3 as major colour bearing impurities. The heavy mineral fractions containing most of the impurities can be grouped into five types of associations:stable or ubiquitous minerals (tourmaline, zircon, rutile); metamorphic species (staurolite, kyanite); amphibole minerals (hornblende, tremolite); the micas (muscovite, biotite); and discrete minerals (magnetite, ilmenite, etc). It is also seen that, the use of mechanical separation process in combination with water washing, attrition, and magnetic separation can remove a maximum of only 70 per cent of total Fe2O3 present in the deposits. This is insufficient to produce the specified grade of sand to manufacture colourless glass. Among the various chemical treatment processes used, sodium dithionite method is found to be the most effective, although the discrete minerals are not removed. Using the specific reagent group during froth flotation, the iron and chromium contents are reduced to 0.03 and 0.001 per cent respectively which are very near to the specified colourless glass composition.

Jan 1, 2000