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The Joint' Venture Method is a procedure for assessing the value of exploration properties, particularly those for which resources have yet to be delineated. It aims to convert the terms of an actual or synthetic joint venture into the equivalence of an arms- lengths cash transaction between a willing seller and a willing buyer. This paper sets out one approach to achieving that conversion. It discusses both simple and complex cases and gives some examples from both public and private documents. It also includes some case studies in which the Joint Venture Method of valuation can be compared with values derived for the same project using other methodologies including actual cash deals. The Method has failings in both mathematics and logic. However because it does reflect or simulate an arms-length deal which takes into account past exploration effort and expenditure and an assessment of prospectivity at a particular point in time, it is felt that it can provide a reasonable approximation of trade value or asset value of a prospect, particularly if used in conjunction with other methods.

Jan 1, 1994

The major heavy industrial consumers of limestone are the cement, lime'and steel ind- ustries. Each of these requires large quantities of cheap raw material. Other ind- ustries such as glass and chemical manufactur- ing are significant consumers and agricultur- al and constructional activities provide additional demand which is usually more local in its occurrence. Limestone is widely dis- tributed throughout Australia but location in relation to major markets, and transport con- siderations render most deposits of no economic value. Among deposits which are sufficiently close to the major metropolitan markets many must be rejected as being unsuitable on grounds of quality, inadequate size for major.develop- ment, or other reasons such as environmental considerations. The major producing locations are sit- uated in a variety of geological environments. Most have limited reserves and require partic- ular attention to quality control. Planned extraction programmes based on detailed geo- logical investigations enable not only satis- factory grade control but also permit, by the adoption of appropriate quarry procedures, the use of sub-grade material, thus optimis- ing utilisation of the available reserves.

Jan 1, 1976

Feasibility studies in the development of mining projects are fundamental to most investment decisions. It is important that the issues addressed and the degree of detail involved in feasibility studies are consistent with the investment decisions to be taken. Emphasis should be placed on a thorough analysis of critical project parameters prior to detailed investigations being undertaken into other activities which are not relevant to the decisions at hand. Therefore, the issues to be decided upon should be influenced significantly by the stage of development of the project and by the reliability of technical and financial information used in the study. Some of the more critical parameters of feasibility studies are commodity prices, inflation rates and discount rates. Advice is given on the selection of these inputs and also on their application in the feasibility study as the project progresses through its various development stages. The feasibility study should involve not only a formal evaluation of project economics but also an analysis of all project related risks and a comparative analysis of projects competing in

Jan 1, 1983

By S Blackburn, T Veasey

The physical and mechanical properties of rock can be measured by a variety of standard tests, and studies have shown that there should be a fundamental connection between breakage in comminution and rock æstrengthÆ. The current study aims to develop the ring-loaded strength test, used as an industry standard for the characterisation of brittle ceramics, for determination of comminution behaviour from exploration borehole core samples. The test procedure is simple, reproducible and can yield 250 separate measurements from a one metre length of drill core. The effects of material grain size and fabric on the degree of scatter of results have been investigated with respect to the ring-loaded strength test. This study has also compared the ring loaded strength to the chevron bend test used to determine the Mode I fracture toughness. A wide range of rock materials have been studied and with further work it is conceivable that an operational work index could be obtained directly from exploration drill cores tested via the ring-loaded disc test.

Jan 1, 2000

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

Compared with modern longwall coal mining systems, automation has not been developed very far in the underground metal minin industry. One of the main reasons for this is that present har rock mining systems do not produce ore with a controlled degre of fragmentation. The often poor fragmentation from the stopescauses large extra costs and precludes material which 1-ends itself to automationThe paper investigates the possibility c technology for automatic loading and trapconveyor belt to a shaft dump pocket. With this concept, it will be necessary to control the maximum fragment size by careful blasting design. The degree of fragmentation will have to be finer than is common to-day. The study shows that the belt conveyor mining con-cept with controlled fragmentation may be economically competitive with conventional cyclic loading and transport, even for an annual production as low as 0.5 mill. tonnes.. Fragmentation design and cost calculations have been based on a combination of the Kuznetsov relationship between blasting parameters and mean frag-ment size, and the Rosin-Rammler formula for fragment size distribution.

Jan 1, 1985

By S Holmes

Solid Energy New Zealand operates the Stockton Opencast Coal Mine, a unique deposit consisting of high quality hard coking and thermal coals. Stockton's uniqueness includes high variability of the shipment specifications, strict quality constraints, minimal stockpiling capacity in the coal transport chain and the variability of coal quality both vertically within the seam and laterally across the deposit. The process of resource proving and modelling results in a high level of understanding of the deposit to allow detailed planning to be undertaken. The use of computer aided mine planning tools is an important component of the mine planning at Stockton. Detailed planning is implemented in the field through selective mining practices and monitoring to minimise dilution and maximise recovery of the coal resource. The quality variability in the coal, the æjust in timeÆ approach of the coal transport chain and markedly varying quality specifications from shipment to shipment requires a large coal inventory and the mine to be driven by quality constraints rather than material movement capacities.

Jan 1, 2003

By A Benedictus, A Butcher, J Wikstr÷m, B Lindblom, E Rutqvist

LKAB is a mining company situated in northern Scandinavia, manufacturing blast furnace- and direct-reduction pellets and sinter fines. Pellet development at LKAB comprises testing at laboratory and pilot scale. The LKAB Experimental Blast Furnace (EBF) is a unique test facility and an important tool in terms of product development and process research. For a better understanding of pellet behaviour in the blast furnace process, LKAB has started to use automated mineralogy for the characterisation and quantification of its iron ore products and pellets. A mineralogical evaluation of iron ore olivine pellets, taken from a test campaign in the EBF, has been performed. The studied materials were samples from excavated pellet layers through the entire EBF at different positions. A large number of iron ore pellets was analysed using a combination of automated mineralogy, using QEMSCAN«, and chemical analysis. Important information about the performance of pellets in the blast furnace process, such as a quantitative description of mineral and iron oxide alterations at different temperatures, Fe-reduction and alkali deposition, was obtained.

Jan 1, 2008

By S Pollak, A Amon

This paper describes the current and finished design work which has been performed for shallow rock station caverns for New York CityÆs first new subway construction in 60 years. A new robust, sophisticated, design procedure has been developed for two up to 30 m wide caverns, with overburden of less then 12 m, and rock cover to span ratios (C/S) in the order of 0.25. The design is based on empirical input parameters like the Q-value, rock mass rating (RMR) values, rock mass class after Cording (1984), cover to span ratios, which have been validated by the use of structural computer models as well as two- and three-dimensional numerical discontinuum models. The design approach is a staged approach using first principles, empirical models and non-linear FEM and DEM models. In addition, the paper describes the factors and circumstances why shallow caverns have been selected instead of cut-and-cover structures and why all the underground station structures have been developed as drained structures.

Jan 1, 2008

By M B. McKevitt, W J. Shaw

The main task of grade control on a daily basis is to define the material that should be mined to a destination under various categories. This can be determined by grade, lithology, quality and blending criteria. In the case of multi-element deposits or deposits with various blending or other processing criteria the optimum selection of ore block boundaries can be quite complex. In every case the balance between ore loss and dilution must be considered when designing the ore block boundaries and this becomes a risk-based decision when using the conditional simulation model. The use of such systems allows grade control to meet specific targets, such as budget tonnages and grades and blended product specifications. Two case studies are presented: the Prominent Hill copper/gold mine and the Rapu Rapu zinc/copper mine. Mining is based on a rational grade control strategy involving a number of factors, including strong geological control, advanced geostatistical approaches, such as conditional simulation, and optimisation of the ore blocking to meet production requirements. This provides an objective, transparent and repeatable grade control strategy.

Jan 1, 2009

By Johns D. R

The producers of mineral sands on the East Coast of Australia might be regarded as having a simple task of selling Rutile and Zircon. Such is not the case. Differing quality and grain size requirements plus the dramatic increase in the percentage of mineral sold in a processed form have meant a large increase in the number of different end products handled. The resulting sales control problems are compounded by the need to be able to deliver against a large number of separate contracts which may relate to spot or long term sales in small quantities or in bulk shipments. Methods of helping management control this situation have been devised and incorporated into a suite of computer programs. Experience with the approach has been very satisfactory. The effect of changes to shipping schedules, commitment to new or changed orders, or proposed changes to production can be evaluated as and when necessary with little bother. Confidence in decisions taken is high since the process of data collection has been designed to involve

Jan 1, 1977

It's a great pleasure to be here today, for a whole series of reasons. First of all, when I first went to Perth back in 1972, I shortly afterwards began auditing and one of the people to pick on me when I audited the West Australian Newspaper at that time was Patrick O'Connor's father. One way to win a person across when you're auditing and getting picked on is by showing an interest in their children, so I did that and employed Patrick in our firm. In those days, conflicts of interest didn't occur. When I started Normandy, Patrick was one of the first people I went to get to work with me. He very unwisely chose to leave at one stage and you can see he's done extremely well by not staying with us. So it's lovely to have you here today, Patrick. The difference between Patrick and me, now, is that he's kept his hair, and if you're tall enough you can see I haven't.

Jan 1, 1997

By K-S Kim, C-Y Kim, D-G Kim

In tunnel construction or other underground construction, a detailed knowledge of the rock mass ahead of the face is essential for both safety and efficiency of work. Many tunnel collapses have been reported to occur because of lack of appropriate information, such as the geological conditions ahead of the tunnel face. One of the methods which can identify rock mass conditions is the application of drill monitoring data obtained from blasting drill holes, which can detect abrupt and unexpected changes in ground conditions, geological structure and the mechanical and physical properties of rock mass. This paper presents a new approach to how drill performance parameters can be used for prediction of geological conditions ahead of tunnel face. The predictions are based on monitoring the drill parameters of instantaneous advance speed, torque and tool pressure. In order to assess conditions ahead of tunnel face, tunnel seismic profiling (TSP) and a horizontal boring investigation were undertaken and the obtained data compared to the drilling data. The predicted results using drilling performance parameters correlated well with geological conditions ahead of tunnel face.

Jan 1, 2008

By Fairhurst RM

High pressure abrasive water jets have been shown capable of cutting a wide range of materials including steel, stone, rock and concrete. Acceptable performance can be achieved using relatively low pressures and expendable abrasives. The cutting head can be made small and abrasive feed systems have been developed that allow reliable pumping of slurries over long distances to supply such cutting heads. These features make abrasive water jets ideally suited to automated control in remote areas.Another major advantage of abrasive entraining water jet cutting heads is that they may be operated safely in potentially explosive environments due to their cold cutting ability. Therefore there are many possible applications for such equipment in mining.This paper gives an introduction to the abrasive water jet process and includes results of trials carried out at BHRA on a range of hard materials. Work is also described which investigated the operational safety of abrasive water jets in explosive environ-ments. In a special environmental chamber, cuts were made on steel and sandstone with atmospheres of methane/air and hydrogen/air, without caypsing ignition.

Jan 1, 1985

By Rowena C. Duckworth

The Ocean Drilling Program (ODP) is the largest international geoscience project in the world, and the state-of-the-art drill ship, the JOIDES Resolution, is permanently at sea. Each year there are six scientific cruises (legs) which each last approximately two months. These legs are designed by geoscientists from the nineteen countries that subscribe to ODP. Australia and Canada presently share ODP membership under the banner of the AUSCAN Consortium. The benefits of Australia's involvement in ODP include internationalisation of Australian geoscience, advanced graduate training, and unique scientific investigations of the ocean floors in the Australasian region. In addition, visits to Australian ports by the ODP drill ship, the JOIDES Resolution, contribute up to $2 million per visit to the local economy. Amongst the many other aspects of ten years of scientific drilling, ODP has significantly contributed to our understanding of hydrothermal processes on the seafloor. To date, three hydrothermal sites have been drilled to date by the ODP, Snakepit (MAR), Middle Valley (Juan de Fuca Ridge) and TAG (MAR). Two more hydrothermal sites are scheduled for 1996.

Jan 1, 1995

By Ricketts N. J, Smith G. D J

A hydrometallurgical process was developed for recovery of copper from copper-lead matte formed as an intermediate product at the BHAS lead smelter at Port Pirie. A plant utilizing this process was commissioned in 1984. The leach step involves oxidation of the copper-lead matte in an oxygenated acidic chloride-sulphate leachant. The results of laboratory scale testwork from which the chemistry of leaching was deduced, are presented in this paper. The rate of recovery of copper to solution from copper-lead matte depends largely_on the availability of oxygen to the sulphide surface. The optimum leach temperature is approximately 85¦C. Free acid must be supplied according to the stoichiometry of the leach reaction: Cu1.91 S + PbS + 2.91 H2SO4 + 1.455 02 = 1.91 Cu2+ + 1.91 SOj- + PbSO4(s) + 2.91 H2O + S¦ The grind size of the matte is of minor significance. Chloride concentration in leachant should be at or above a minimum of 10.0 g/l. Chloride acts to complex cuprous ions formed during leaching.

Jan 1, 1987

By Waladan M, Elliot B, Rankin W. J

A survey was undertaken on the Kalgoorlie Nickel Smelter in which samples of slag and matte were taken along the length of the integrated flash smelting furnace and analysed to determine the variation of nickel and iron concentration. At the same time the oxygen potential of the slag and matte was measured using disposable tip solid-state oxygen probes. The results show that the oxygen potential of the slag is higher than that of the matte and that both decrease from the reaction shaft end to the slag tap hole end of the furnace. The slag and matte are not at equilibrium except towards the tap hole end. Reduction of nickel and magnetite from the slag occurs before the slag enters the slag-cleaning appendage by reaction with iron in the matte. Thermodynamic modelling and laboratory experiments showed that the equilibrium nickel and magnetite contents of the slag in the absence of a carbonaceous reducing agent are about 0.4 per cent and 7.5 per cent, respectively. A carbonaceous reductant is required to obtain a lower nickel content in the slag.

Jan 1, 1991

By Richards JR, Herbert HK

A basic question in preparing this review was how to define sulphur mineral occurrences as being associated with the Pacific Rim. This question will be reconsidered later. The isotope composition of sulphur- containing minerals may be considered in terms of two primary sources - 1. deep- seated sulphur, devoid of crustal contam- ination with a 634S value near 00/0o and 2. oceanic sulphate which fluctuated in value between +10 and +300/00 over geological time (Claypool et al., 1980). However, minerals have seldom been directly derived from these primary sources as even evaporites have been dissolved and reprecipitated. The marine source is differentiated biochemically and isotopically in recent sediments where sulphide from bacterial sulphate reduction may be significantly depleted in 31S. The question of chemical interaction of ascend- ing magma with upper crustal rocks has become one of degree rather than whether or not it occurs. Mineral deposition is considered increasingly in terms of mixing of fluids and their chemical reactions with rocks rather than direct precipitation from magmas or hydrothermal fluids derived from them.

Jan 1, 1987

The establishment of vegetation onto open cut mine spoil is dependant on the nature of the soil and rock strata of the overburden. Experience has shown that in the Bowen Basin of Central Queensland the nature of the minespoil changes considerably as subsequent and deeper mining strips intercept changing rock strata. The different mixes of strata at the surface of reshaped spoilpiles can produce variable response in the sown vegetation cover. It is usual that land features of mine sites are known in detail and are depicted on mine or locality maps. Subsurface strata and lithology descriptions are available and are used for planning of open cut mining operations. Surface and subsurface data can also be used to estimate the intrinsic nature of overburden through the use of fence diagrams. Lithology at points along a mined strip can be obtained and used to describe overburden. Indications are that correlations exist between salinity of overburden components and the response of vegetation. The developed procedure thus becomes a useful tool for the prediction of revegetation Practices.

Jan 1, 1987

By Szymanski J

In the first part of this paper, the principal sources of dilution during underground evaluation and mining are discussed, then definitions of ore dilution currently in use are analysed. These definitions vary depending on the authors. Ten different analytical expressions of dilution percentage currently exist. It is demonstrated, with the help of a numerical example for a given mining condition, that dilution percentage results vary considerably and that they depend on the definition used. This situation makes it difficult to compare different results regarding the dilution problem, often because some of the terms used are contradictory. A new ore dilution evaluation methodology is proposed, replacing the ten different analytical expressions by only two: the planned dilution factor related to the stoping selectivity, done at the mine planning level, and the additional dilution factor related to the efficiency of the dilution control measures during stoping operations. The conclusion shows that the use of this methodology would be a definitive asset in planning, in stoping operations follow-up, and in future costs comparison studies between mining operations.

Jan 1, 1995