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The valuation of resources companies is open to a huge amount of subjectivity. Not only are valuations subject to fast changing assumptions, such as commodity prices, exchange rates, ore grades, etc., but there is also no common agreement on the methodology to be used. To borrow from Malcolm Fraser, life wasn't meant to be easy for the resource company valuer. I will demonstrate three recent examples of valuations carried out but where the market or actual transactions done show very different results.

Jan 1, 1989

By Enugroho E, Nashution Y, Susanto M

PT Allied Indo Coal is the owner of the Parambahan Open Cut Coal Mine in the Ombilin Basin in West Sumatera with an annual production of in excess of 0.5 million tonnes/year of saleable coal.The parent company Allied Queensland Coal was one of the first foreign companies granted a contract of work. by the Indonesian Government. PT Allied Indo Coal is therefore a contractor to the Indonesian Government and pays a 20 per cent royalty of all coal mined.

Jan 1, 1992

By W F. Bawden, J T. Paynter

This investigation involves laboratory testing and stability analysis of paste fill at the Golden Giant Mine. Site-cast samples are tested in unconfined, confined, and consolidated-undrained triaxial compression. Pore pressures during shear and consolidation characteristics are measured to determine both drained and undrained shear strength parameters and assess the potential for undrained loading. Liquefaction potential is also considered. A limit equilibrium solution is used to obtain factors of safety against failure of the fill during mining of adjacent stopes.

Jan 1, 1998

By Misra A

The development of roadways in underground mines in Autralia is by conventional continuous miner technology. The rate of development achieved using this technology is improved by modifications to this technology using additional equipment such as surge cars or decreasing roof bolting time.Development rates achieved with this technology compare with developing technologies such as high capacity continuous miners, continuous transportation and simultaneous cutting and bolting systems such as the Kemcol Beaver. Pillar dimensions have an effect on the rate of development.'

Jan 1, 1991

By Smit J. G

Following an increase in the number of methane ignitions in South African coal mines a new ventilation system was developed. The "Hydravert" system conceived in late 1979 for use in low seam coal mines, where the bord and pillar method of working is used, has been extensively developed to include applications for mining seams up to 4.5 metres high. A brief history of the development is supplied including some of the pitfalls encountered in the hydraulic equipment design and selection.

Jan 1, 1988

By Chia A. H

This paper presents an overview of the development and operation of the PT Adaro Indonesia coal mining project. This operation is an initial two million tonne per annum mine, located in South Kalimantan, Indonesia.The paper places emphasis on some of the more unique infrastructure development and operational challenges that exist in such a remote location environment.A brief summary is also given of the Indonesian coal industry, its direction and position as a significant coal producing competitor for Australia.

Jan 1, 1992

By Fee BS

This paper describes four new families of collector products which are currently being introduced at the industrial level. A brief summary of the chemical basis behind each product family will be given. This is then followed by a selection of flotation examples which illustrate the more important use characteristics that have been observed to date. It is becoming more apparent with further testing that these four new product families can offer both technical and economic advantages to the industrial flotation process operator.

Jan 1, 1993

Portfolio management tends to separate the functions of Asset Allocation and Stock Selection, so the person responsible for reviewing an expert's report on a company would typically be choosing between companies rather than between a company and cash or bonds. How these choices are made depends on the investment time horizon, philosophy and style. Two styles, momentum investing and value investing are contrasted and the role of valuation methods within the framework of each style is evaluated. Finally, pricing is distinguished from valuation.

Jan 1, 1994

By Tomlinson R. C

There are two main aspects of coal preparation to which the operational Research Executive of the National Coal Board has applied computer models. The first is in the planning of preparation plants and the first part of this paper discusses Simprep, a computer package that was designed to help on these calculations. The other is the development of control schemes to improve quality control, and the second part of the paper deals with the development of simulation techniques for this purpose.

Jan 1, 1977

The placer gold industry has experienced a roller-coaster history incorporating four major boom eras. The first, 'hand-methods' boom arose in the mid-19th Century from application of an old idea in new places around the globe. The subsequent hydraulic mining, bucket dredging, and 'hydraulic excavator-portable plant' booms each arose from application of new ideas in old places around the globe, ie in places where gold had been found during earlier booms. The new ideas that heralded the second, third and fourth booms were all significant advances in excavation technology. These enabled the industry to target the known deposits that were too deep, too wet, too small, or too low-grade for recovery by earlier boom methods. Relatively few new deposits or new deposit styles arose from the 'history book' exploration approach, so the number of known deposits to which each of the boom methods were applicable was limited. Consequently, the first three booms were each followed by significant periods of industry decline, and the fourth boom is currently waning inNew Zealand. Further decline is not inevitable and can be avoided by changing to a knowledge-based exploration approach similar to that adopted by the hard rock gold industry in the 1970s. Such an approach could easily herald the next placer gold boom.   Most of the relatively coarse, easily won alluvial gold in proximal and medial reaches of the active placer systems is gone. However, a substantial alluvial gold resource remains in the distal reaches of active systems, and in ancient placers formed onshore and on the continental shelf during previous sedimentary cycles. The resource in these deposits probably exceeds the total New Zealand placer production to date. Successful development of these placers requires application of robust geologic models for the formation and distribution of the placers through time, and advanced exploration technology that has not been used before in New Zealand. Nevertheless, the knowledge and technology required to explore and mine these deposits is available now. Many of these deposits contain a large proportion of problematic gold types that are difficult to recover with the commonly used gravity technology without sustaining significant losses. Despite advances in recovery technology in last few years, too much emphasis is placed on the incorrect assumption that gold size is the primary control on recovery efficiency. Other gold particle parameters, especially particle shape, exert a much greater control on whether gold will be saved or lost to the tails, and must be considered in the design of recovery technology and configuration of recovery circuits.

Jan 1, 2003

By E Lounejeva, J A Halpin, A Chappaz, D D. Gregory, S Wu, T Lyons, P J. Sack, R R. Large, S W. Bull

"An EXTENDED ABSTRACT is available for download. A full-length paper was not prepared for this presentation. Newly published models suggest that some orogenic and Carlin-style gold deposits formed by the remobilisation of trace elements during interaction with hydrothermal or metamorphic fluids from early sedimentary pyrite that was enriched in Au, As and Te. The released trace elements are transported by the fluids to favourable trap sites where they are deposited. Therefore, early enrichment of Au, As and Te in source rocks (particularly in pyritic black shale) can be crucial to the formation of orogenic and Carlin-style gold deposits.The most important cause of the enrichment of gold and other trace elements in the sedimentary basins has been examined in this study to determine which basins are the most prospective for the development of orogenic gold deposits. An important influence for Au and other associated trace element accumulation in sedimentary pyrite is the temporal variation of trace element content in the oceans, as revealed by a database of over 1400 analyses of pyrite from black shale through geologic time. It is inferred that sediments coeval with those where sedimentary pyrite is enriched in Au and associated trace elements are more likely to be source rocks of orogenic and Carlin-style gold deposits.Factor analysis of the trace element content of pyrite through geologic time was conducted to investigate the multivariate relationships amongst trace elements and how these chemical factors explain the uptake of trace elements. One important factor includes Te, Au, Pb and Bi content. The incorporation of these large cations into pyrite is enhanced by As3+ substituting for Fe in pyrite lattice. The As3+ ion occurs in relatively oxidised environments and, thus, it is expected that shales deposited in non-euxinic waters are better source rocks for orogenic gold deposits.The examination of both the time in which the sediments were deposited and the redox conditions of the basin, and the ocean more broadly, can be used as a guide to approximate the extent of a basin’s fertility. To illustrate the use of this exploration tool, examples from the unmineralised Jet Rock Formation (UK) and the mineralised Castlemaine Group (Bendigo, Australia) are presented in this paper.CITATION:Gregory, D D, Large, R R, Halpin, J A, Lounejeva, E, Wu, S, Bull, S W, Sack, P J, Lyons, T and Chappaz, A, 2015. Accumulation of trace elements into black shale – how to identify a viable source rock for orogenic and Carlin-style gold deposits , in Proceedings PACRIM 2015 Congress, pp 59–64 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 18, 2015

By J M. Parr, P M. Herzig, J B. Gemmell, S D. Scott

PACMANUS is an actively-forming seafloor analogue of volcanic-hosted massive sulfide orebodies, situated on the crest of an andesite-dacite-rhyodacite ridge overlying rifted older arc crust in a back-arc basin. Hydrothermal deposits range from Mn-oxide crusts to Cu-Zn-rich massive sulfide mounds and chimneys containing significant Au and Ag. Preliminary data suggest a substantial magmatic component to fluids and metal sources, and we speculate that PACMANUS is the cap to a complete hydrothermal system including subvolcanic and intrusive-related mineralisation.

Jan 1, 1995

Optimisation of an open-pittable orebody raises many questions relating to the operation, corporate objectives and orebody characteristics. Often the `black box' is expected to provide instant answers to many complex questions. The aim of this paper is to pose some commonly asked questions that arise during an optimisation study, and to try to provide some answers. The questions are aimed at typical objectives that affect the project and are of primary concern with the decisions that affect its course during the various development stages.

Jan 1, 1997

By Lewis RW, Wilson GI

An ore reserve estimation is only as meaningful as the quality of the data used. All required information needs to be collected in a careful and systematic manner, and be rigorously checked and verified before estimation commences. In addition to geological, assay and location data, a large variety of other information is required for the estimation process. This includes mining, metallurgical and environmental parameters. Though outside their usual area of responsibility, geologists should be involved in the selection and collection of this additional Information.

Jan 1, 1987

By Burchell S, McGregor K

The process of design, measurement and review is essential if blasting is to continuously improve to meet the increasing productivity goals of most mining operations. To achieve continual improvements, many operators are turning to contractors to provide the necessary technology. Under this arrangement, the contractor becomes the supplier of a service rather than products and assumes some of the risks associated with blasting by guaranteeing the end result. If contractors are to obtain significant productivity improvements they must continuously improve every aspect of their business.

Jan 1, 1994

Petroleum exploration and development is vitally important for the future well being of Australia. The Australian petroleum exploration/development industry is alive but not so well. A combination of.:factors point to the industry requiring a much more mature effort in both short and longer-term planning to ensure greater success and effectiveness for petroleum discoveries and development. While many petroleum exploration companies are competently run, there are far too many which will be lucky to survive, even though their exploration areas are highly Prospective.

Jan 1, 1983

By Stewart Gillies AD

Resource rent taxes are taxes which only become effective at such a time as a pre-determined rate of return has been achieved by an operation. Resource Rent Taxes have from time to time been considered for implementation in both Australia and New Zealand. The offshore petroleum industry in Australia is already subject to RRT as is the Roxby Downs (Olympic Dam) Mine in South Australia. Both the mining and petroleum taxation regimes in Papua New Guinea include a resource rent tax component called Additional Profits Tax.

Jan 1, 1995

A mineral exploration manager's prime function is to provide a frame- work within which new mine production can be achieved. As part of this framework, the manager should know his employerb future requirements, and should direct exploration towards those particular mineral commodities which indicate satisfactory growth in consumption and price. Selection of these commodities can be assisted by studies of world reserves, and long term trends in price and consumption. Exploration planning is most efficient with an assured and reasonably uniform supply of funds.

Jan 1, 1980

This paper gives the background to the development of solvent extraction processes for the recovery of metals from aqueous solutions. Its growing importance in Australia for the recovery of both uranium and copper is dis- cussed, as well as the developments in mixer-settler design as applied to recent plants. The economic significance of solvent extraction as an alterna- tive to cementation is discussed and important features of each process are highlighted by comparison of costs for each process in a hypothetical situa- Tion.

Jan 1, 1971

By Fyodorov A. N, Sorokin M. L, Komkov A. A

The Vanyukov Process is a bath smelting technology, that has been investigated for over 25 years and since 1977 has been in use on an industrial scale. Results of trials that have been carried out at the various pilot facilities over the past 15 years are considered in this paper. Both the main process aspects, design of the pilot furnaces and metal distributions are presented for consideration. Experience of the smelting of copper, copper-nickel, copper-zinc, nickel, lead, and pyrite concentrates is analysed.

Jan 1, 1992