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By D Whitworth

The Golden Pig mine has embarked on a diamond drill program design philosophy that increases flexibility of the program by greatly increased drill pattern densities. The use of standard broad pattern diamond drilling at the Golden Pig mine has previously lead to operational inefficiencies and impacted significantly on the costs of the mine. The diamond drill program philosophy and its interaction with mine planning is explained. The case study of the E lode mining as used to internally justify the increased drill densities is detailed.

Jan 1, 2002

In terms of tunnelling the mining industry is generally thought of as the crude cousin of the civil construction industry. Mining has tended to concentrate on speed and flexibility rather than the high standards required in civil tunnelling. Historically this difference has been based on the belief that such high standards were not required by the mining industry, they would slow down the development of the project and as a result increase the costs and extend the time period between start up and a positive cashflow.For civil works the construction of a tunnel is the project, for mining the construction of declines, crosscuts and drives are merely the means of accessing the orebody so that the real work can begin û MINING. Extraction of ore is the core business of most mining companies û it is what pays the bills.Though most mining companies have the equipment, the people, the knowledge and the ability to excavate tunnels, in the past mining companies did not appear to put the same energy into their tunnelling operations as they put into improving their ore extraction operations. In the past decade this appears to have changed, many mining companies now realise how important the correct excavation of a decline is to the success of the overall mining operation. They began to recognise that there were cost benefits to be gained in using the correct development techniques without overly sacrificing the benefits of speed and flexibility.This recognition also coincided with the growth of underground contractors whose predominant work was primary development (declines and ore access crosscuts and drives). The contractors again had the same knowledge, the same people, and similar equipment but their focus was different from that of the mining company û the contractors were focused on the development of the mine, the excavation of declines, crosscuts and drives. These deliverables were the contractorsÆ core business û itÆs what paid the bills.

Jan 1, 1999

Miners and explorers in New Zealand are expected to consult with stakeholders, keep out of core conservation areas, and operate a high standard of environmental management and rehabilitation. These requirements are not difficult to meet, but many of the industry's own actions have brought it to a low level of general public esteem in New Zealand. Reasons for this are discussed, drawing examples from the Maruia Society's experiences with the industry since the mid-1980s. The boundary between core conservation areas and other land is not easily drawn, and the Maruia Society has sought to work with the mining industry to promote legislation for net conservation benefit trade-offs. However this initiative was not successful. Today the industry, unlike most other major industry sectors in New Zealand, has no accord with the country's conservation movement.

Jan 1, 1997

Acclaimed as one of the most remarkable orebodies anywhere on account of its length and richness, the Oroya Shoot occurs on the eastern side of the Kalgoorlie gold mining district close to the contact of a fine-grained with a coarse-grained greenstone, and in association with sediments. In the same stratigraphic position on the synclinal flanks of a large drag fold there are a number of other flat ore pipes, smaller, but almost as rich in tenor. Although differing in control structure they are believed to be related genetically as all show a characteristic development of a bright-green ore known locally as "green leader". Folding and bedding structures have played an important part in formation of the ore shoots.INTRODUCTIONThe Oroya Shoot is the biggest individual bonanza of Kalgoorlie's Golden Mile. It has been stoped almost continuously over a length of 4,300 ft., and about 2,000,000 oz. of gold have been won from it. Naturally pillars are not left in the best sections of such an orebody and the detailed geology of stoped out portions can only be inferred from examination of adjacent workings.No mention is made in the literature of the actual makeup of the orebody although a few structures are shown on some of the old cross sections. A diagrammatic cross section, Fig. 1, adapted from Stillwell (1929) illustrates the form of the Oroya Shoot.Gustafson (1937) drew attention to the role of folding, previously unrecognized, in Kalgoorlie geology, and indicated that the Oroya Shoot is associated with a minor drag fold on the east limb of the Brownhill Syncline, itself part of a larger left hand drag on the Central Anticline. The latter in turn appears to be part of a regional right hand fold system as shown by Campbell (1953).

Jan 1, 1959

Reasons are given for the seemingly excessive public concern with taxation of the mineral industry. Optimality of mineral extraction is a concept that requires careful definition in terms of one or more objectives. Once defined, the impact of taxation upon optimal mineral extraction may be studied; findings from earlier work on this topic are presented for two basically different cases. In conclusion it is observed that the pursuit of optimality requires the availability of highly skilled engineers; in the event of a large-scale mineral development it is this resource that is probably scarcest of all.

Jan 1, 1983

The cost of power is an important matter to mining companies generally and this thought that the members of the Australasian Institute of Mining Engineers, as well as the engineering and mining professions generally would be interested in any proposal for the reduction of that cost-has led to the presentation of this paper.The writer trusts that the description will be found clear and increase the interest in this exceedingly interesting subject. In the working up of the electrical arrangements touched on in this paper, the author has had the able assistance of hisfriend Mr. F. J. Mars, to whom he offers his hearty thanks. The selection of the best class of power plant for a mine is a very difficult and large problem and it is quite out of place to dogmatise that anyone of the many systems that offer isbetter than another, eg that the all electrical is better than the partly direct steam-driven and partly electrical, or that a gas plant is better than a steam plant.Such a selection is one that calls for very careful and close consideration, in each particular case, of a large number of regulating factors before it is possible to arrive at a proper decision.

Jan 1, 1911

By P Wilson

The Mt. Wright Underground Mine is located near the town of Ravenswood in North Queensland and is operated by Carpentaria Gold – a wholly owned subsidiary of Resolute Mining Limited. The establishment of the world’s first Sub Level Shrinkage (SLS) mine from a tradition Sub Level Open Stoping operation has proven to be a geotechnical challenge which has required tailored solutions to overcome unique issues. This paper will be broken into two distinct sections that will outline: a brief overview of the mining method and how the SLS method was chosen; and how the SLS is managed and key geotechnical learnings. The story of the world’s first SLS originated from the need of a bulk mining method to ensure the viability of Mt. Wright into the future. Traditional bulk mining methods such as; Block or Sublevel Caving were originally ruled out due to the low natural ‘cavability’ of the orebody and the proximity of the orebody to existing major infrastructure (Decline, Ventilation Rises and Egresses). The first section of the paper will outline the key geotechnical information that helped decide the SLS method in addition to how continuous backfill influenced the design. The second section is intended to address issues that the geotechnical engineers encountered since the inception of the SLS. The feature topic of this section is mining induced stress. Like most bulk mining methods, Mt. Wright had success when the production front was running parallel to the stress (production front being ‘shadowed’ from the stress). This was until a design change, forced by a splitting ore body resulted in this shadowing effect becoming harder to achieve. As a result, rehabilitation and production hole re-drilling become a regular occurrence, which teamed with a strict set of access controls made the production cycle longer and harder to complete. CITATION:Wilson, P, 2018. Mt Wright – geotechnical learnings from a sub level shrink, in Proceedings The Fourth Australasian Ground Control in Mining Conference (AusRock), pp 119–132 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 30, 2018

By Drury SA, Williams RD, Nind DC

The Airborne Thematic Mapper is an eleven channel digital scanner which acquires image data in the visible, near infra-red, short wave infra-red and thermal infra-red wave- lengths. A description of the system is presented which includes details of the operating wavelengths and performance parameters of the scanner. Consideration is also given to the aircraft installation requirements. During January 1984 the scanner surveyed the mineral rich areas of Leonora, Laverton and Kalgoorlie in Western Australia. This is a region of intense exploration activity for gold and base metals. Some 30,000 square kilometres were systematically surveyed in a period of ten days. This scanner was flown at 7,000 metres altitude giving a ground pixel size of 17.5 by 17.5 metres. The flight line spacing was 8 kilometres. The overall project took some thirty days from conception to completion. The planning and execution of this operation are described in detail. The resulting magnetic tapes provided 11 channels of digital image data over a 30,000 square kilometre area and a variety of image processing techniques were employed in order to capitalise fully on the results. The imagery provides a powerful tool for the geological mapping of the terrain. The data can also be used to monitor the environmental effects of mining operations.

Jan 1, 1986

By G M. Mudd

Mine tailings represent one of the two largest sources of mine waste from the minerals industries (the other being waste rock). Given the problems of declining ore grades and growing production, tailings generation is increasing exponentially across the global mining industry. Common practice is for mines to build large containment dams to store tailings during operations, which are then rehabilitated following mine closure. At some sites, however, the controversial practices of riverine or marine dumping of tailings is still practiced. As recent tailings dam failures have shown, there are legitimate questions being raised about the long-term viability of leaving tailings above ground due to the risks of collapse and failure. At present, it is rare for mines to emplace tailings back into former mine voids following mine closure, most commonly into a former open pit mine void (although a fraction of the tailings may be used for underground mine backfill, this is minor in scale). The approach of in-pit tailings has numerous advantages, such as inherent physical stability, low to negligible acid and metalliferous drainage (AMD) risks, as well as allowing more productive use of formerly mined land. In tropical areas where surface repositories are prone to leakage with potential for AMD and widespread dispersal of radionuclides (in the case of uranium mining), in-pit management provides particularly strong advantages – thorough hydrogeological studies are required, however, to address residual groundwater contamination risks and to establish sound, long-term environmental monitoring regimes for groundwater quality and subsidence issues. This paper presents a study of in-pit tailings management and compares it with surface repositories established in a tropical climate. The comparisons lead to the conclusion that, at least under tropical conditions, in-pit tailings management should be considered as world’s best practice – especially for radioactive uranium tailings.

Aug 8, 2011

Whether you are an employee, contractor or consultant working in the mineral industry, there are pressures to deliver the best possible performance. Technical professionals are usually driven by an internal desire to perform to a high standard because of personal pride in their profession, but there are an increasing number of external requirements to demonstrate that the actions taken were based upon reasonable grounds and that the work conformed to current best practice. People expect these best practice procedures to be followed and governments are now requiring those tendering for contracts to be registered in some way and to be participants in quality assurance schemes. One is not immune to these pressures just because you are working in a less legislatively sophisticated developing country in the circum-Pacific rim (pacrim) region.   Among the external pressures are the general ethical requirements of the professional body to which the person usually belongs, e.g. The Australasian Institute of Mining and Metallurgy (AusIMM), which are further elaborated upon in various Codes and Guidelines on specific matters, e.g. JORC (ore reserves reports) and VALMIN (assessment and valuation reports). These are outlined and discussed. Also, AusIMM's Chartered Practicing Status (CPS) Proposal is outlined in the context of other Pacrim countries approach to registering of technical professionals, which is a way of ensuring that minimum standards of qualifications, experience, competence and repute are demonstrable to ones employer (or client), peers and the wider community, including government.   Today, in the external working scene, there are many laws (particularly those applicable to the corporate and environmental spheres), with which contractors/consultants and even employees must fully comply, or else face criminal sanctions involving huge fines and imprisonment. These, too, are outlined and discussed. One must be able to mount a due diligence defence to avoid or mitigate these consequences.   Personal liability in the context of the day-to-day performance of one's duties has thus become a major concern to the technical professional and the ways in which it can be ameliorated, or insured against, are described. However, for some mineral industry practitioners, the problem is exacerbated because. of their general ignorance of the extent of their personal liability exposure. This paper intends to address this ignorance and to heighten general awareness of personal liability issues, as well as proposing some simple ways to limit this liability.

Jan 1, 1995

The cost of power is an important matter to mining companies generally and this thought that the members of the Australasian Institute of Engineers, as well as the engineering and mining professions generally would be interested in any proposal for the reduction of that cost has led to the presentation of this paper.The writer trusts that the description will be found clear and increase the interest in this interesting subject. In the up of the electrical arrangements touched on in this paper, the author has had the able assistance of his friend Mr. Mars, to whom he offers his hearty thanks. The selection of the best class of power plant for a mine is a very difficult and large problem and it is quite out of place to dogmatise that anyone of the many systems that offer is better than another, eg that the all electrical is better than the partly direct steam-driven and partly electrical, or that a gas plant is better than a steam plant. Such a selection is one that calls for very careful and close consideration, in each particular case, of a large number of before it is possible to arrive at a proper decision.

Jan 1, 1912

By A Hocking, S Henderson

Commonwealth of Australia (2016) defines rehabilitation as comprising “the design and construction of landforms as well as the establishment of sustainable ecosystems or alternative vegetation, depending upon the desired post-operational land use”. For open cut coal mines in Queensland and New South Wales, the question of how to apply this intent to pits at mine closure is repeated for hundreds of individual pits. In EISs, closure plans and public discussion, assorted treatments are proposed to rehabilitate pits. While some aspects of final voids have been intensively studied, there is little guidance on how to choose a final void treatment option that delivers the optimal outcome against rehabilitation goals. For example, in the Bowen Basin and Hunter Valley commonly proposed rehabilitation actions include reducing the angles of pit walls; however, with few voids successfully rehabilitated to date there is limited understanding of what different wall slopes will achieve.CITATION:Henderson, S and Hocking, A, 2018. A decision framework for comparison of coal void rehabilitation options, in Proceedings Life-of-Mine 2018, pp 127–130 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 25, 2018

By R N. Humphries, R J. K Thompson

Large-scale coal mining in South Wales dates back to the late 18th and early 19th centuries with the birth of ironmaking on an industrial scale. This rapidly gave rise to new and large communities with immigration from far and wide across the United Kingdom (UK). These new communities were largely dependent on coal mining and served as the main form of employment and social cohesion until the industry’s demise in the 1990s. With wholesale mine closure and the concomitant loss of employment, the extensive environmental degradation and chronic mine-related illness left a deep scar on the psyche on many still living in the South Wales mining communities. This coupled with memories of strife in the 1980s has resulted in ongoing hostility toward the surface coal mining of the remaining accessible coal reserves in the proximity of these communities.The purpose of this paper is to set out the historical basis of the concerns of these legacy mining communities in South Wales and explain how they are being positively addressed by both the recently evolved planning and regulation system and by today’s surface mining industry. Reference is made to experience gained from two recent applications for surface coal mining adjacent to former mining communities. Ways are suggested in the approval process that surface mining can work in more harmony with the local communities through working partnerships between the mining company, the authorities and regulators and the affected communities. It is concluded that partnership is key to creating a more responsive mine-operating culture and a means to securing approval for future surface coal-mining prospects in South Wales, and probably elsewhere too.CITATION:Humphries, R N and Thompson, R J K, 2014. Surface mining and legacy mining communities in South Wales, UK, in Proceedings Life-of-Mine 2014 , pp 399–412 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 16, 2014

By B C Tanda, E A. Oraby, J J. Eksteen

"Base metal and precious metal deposits are well known for their significant geometallurgical variation throughout the volume of the proven resource. At the metallurgical level, the plant normally processes an upper oxidised layer, a transition zone and a sulfide zone, often leading to different processing techniques for the different zones. A novel processing approach is presented whereby alkaline leaching with glycine is used to leach base and precious metals, using a copper-gold ore deposit as a case study. Glycine is a cheap, non-toxic, non-volatile, highly water-soluble crystalline solid produced industrially in bulk quantities. As a chelating ligand it forms a number of stable glycinate complexes with Ni, Co, Cu, platinum group metals (PGMs), Au, Ag, Zn, Pb, Hg and Cd, with broad stability regions over an extended temperature-pH-Eh range, allowing dissolution of these metals in the neutral and alkaline regions (pH 7–13). It has been shown that this lixiviant system can leach the metals from their oxide, oxy-halide, basic sulfate, carbonate, native and various sulfide forms, including refractory sulfides such as chalcopyrite. Extraction of the metals from their soluble glycinates is easily achieved using a range of solvent extraction and precipitation processes, and the glycine remains stable in aqueous solution for recycle and reuse. Minerals bearing metals in Groups 1 to 8 of the periodic table are normally unaltered. This technology therefore provides a highly selective leaching environment for the extraction of numerous scarce metals of economic interest, with minimal interaction with gangue minerals, whilst using environmentally benign reagents. Problematic leach residues such as jarosites, elemental sulfur and silica gels are averted through this processing approach. This technology allows hydrometallurgical processing that is much less domain-sensitive in the geometallurgical sense, and utilises essentially the same key reagents for the whole deposit.CITATION:Eksteen, J J, Oraby, E A and Tanda, B C, 2016. Developing Robust Hydrometallurgical Processes to Recover Metals from Deposits with Large Geometallurgical Variation, in Proceedings The Third AusIMM International Geometallurgy Conference (GeoMet) 2016, pp 15–20 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Jun 15, 2016

It is usually the case that the short-term plannerÆs role is occupied by the younger site mining engineer. ThatÆs because mine scheduling is generally seen as a mundane and thankless task. But, short-term planners play an extremely important role in maximising the value of the mining resource, generally the companyÆs biggest asset. A look at any mining operation today will expose the competing drivers behind the operational and strategic plans. Operations are too often faced with pushing short-term constraints. It is the responsibility of the short-term engineer to answer the question of æWhere to next?Æ. In answering this question the young mining engineer is in an environment overflowing with urgency and constraints. Hasty decisions made at this time may have significant adverse consequences to the long-term value of the resource. Long-term strategy must address a broad and expanding number of issues that are generally overlooked by the short-term planner. It takes a holistic, rather than the prescriptive approach of short-term planning to determine the best strategic direction for the operation. To better understand the consequences of decisions made at the operational level short-term planners need better vision of the whole business. The key to improving the mining business is a planning process that integrates the short-term planners role with the overall mining strategy. Future developments in the mine planning process will focus on bridging this ædisconnectÆ between the operational objectives and the long-term goals. Improvements will come from the tools which planning engineerÆs use, and the planning methodology surrounding them. There will be significant hardware improvements to improve the speed with which a short-term planner can evaluate plausible options. Software that maximises the use of the improved hardware will be developed. Complimenting these technological improvements, conceptual methodologies of mine planning will improve to allow strategic planning to be brought within the focus of the short-term planning engineer. In todayÆs mining industry the young mining engineer is embarking on a career where business processes are paramount. This paper discusses the ædisconnectÆ that occurs today between the operational planning and long-term strategy and how this is driving developments in mine planning today.

Jan 1, 2003

By P Ridley

EnergyAustralia’s Sydney Central Business District (CBD) cable tunnel network will form a loop 6.2 km in length. The 3.2 km long, 3.5 m, diameter city east cable tunnel (CECT) currently in design, will complete the loop in 2014. This paper discusses the ventilation design of the CECT, considering operation for four functions:1. normal (unmanned),2. access (manned),3. purge, and4. emergency fire modes.The dominant design criterion which determines the required ventilation capacity for CECT is the specification of an upper air temperature limits of 35°C (dry bulb) and 24°C (wet bulb) for manned access, during all ambient weather conditions and cable heating loads. Simplistic static heat transfer analyses do not yield a sufficiently accurate calculation of tunnel air temperature and humidity to provide a safe and yet economical design. The primary refinement in the analysis discussed in this paper is associated with modelling of the system’s dynamic behaviour.Our means of analysis is through a thermo-fluid-dynamic simulation of the interactions between the diurnally and seasonally varying loads (cable heat generation, ambient air conditions and groundwater inflow), tunnel airflow and the resulting tunnel air temperature and humidity. These simulations are validated using experimental data from the existing city south and city west cable tunnels.Fire life safety scenarios are also analysed and discussed in association with the ventilation design. Ventilation strategies are developed for dealing with such emergency fire situations.The understanding and insight provided by the work offers the ability to optimise ventilation plant provisions in future cable tunnels, particularly long and high energy density tunnels.

Mar 8, 2011

In October 2005 Phelps Dodge mining, a US based company, visited several Australian mining companies and mine sites to ascertain the current applications of risk management methods in the organisation. The results of this review, documented by the author, indicated a ælayeredÆ approach from high level site or major hazard analysis through to face level, æstop and lookÆ, methods. The approaches of several companies were summarised in one simple layered model. This model is helpful to other sites and companies to identify potential improvements but also offers an image of best practice that may assist with the governance of OH&S by both company boards and community regulators. The issue is particularly relevant as we discuss national consistency in mining regulation. This paper examines the layered model, the company and site approaches that helped define the model, as well as the suggested implications of the layered model to governance.

Jan 1, 2006

By B Reid

"Since the commencement of mining operations at the Cowal Gold Operations (CGO) in 2005, reverse circulation (RC) drilling has been the preferred method for grade control (GC) sample collection. This method was selected because it allowed:for multibench drilling (20 m hole depths for two benches of mining) to aid mine planning increased data density for comparison against the wide spaced ore reserve model angled drill holes to intersect perpendicular to the strike and dip of the shallow dipping mineralisation ability to take two metre sample intervals to enhance the understanding of the mineralisation’s short-scale variability and provide the ability to flitch mine.From June 2008 to December 2013, RC GC was performed using a UDR rotary cone splitter. The field duplicate data over the period displayed strong precision, with a correlation coefficient of 0.94 and an average relative per cent difference (RPD) of 21 per cent for gold. Up to 66.1 per cent of field duplicate data greater than 0.1 g/t fell within ±20 per cent RPD. This is within limits of industry best practice. The Mine to Mill reconciliations over the same period showed the estimated GC grade was 7.7 per cent lower than the calculated head grade (CHG).In December 2013, the Progradex sampling system (PGX) was introduced at CGO due to its advertised ability to capture 100 per cent of the drill cuttings for the complete sample interval, inclusive of fines. Analysis of field duplicate data indicates that since the introduction of the PGX, the sample precision has drifted. From January 2014 to February 2016, the correlation coefficient was 0.92 and up to 51.2 per cent of field duplicate data, greater than 0.1 g/t fell within the ±20 per cent RPD. Over the same 26 month period, the Mine to Mill reconciliation improved to one per cent lower than the CHG. Granulometric analysis of the RC samples collected from the PGX indicated the fines material(<212 µm) averaged up to 22 per cent of the samples mass and following assay determination, the fines material represented a weighted average of 31 per cent of the total gold content within the sample.This paper highlights the:importance of the complete capture of all drill cuttings during an RC drill programinfluence of fines material on the sample quality and accuracyimpact sampling of the fines material has on the Mine to Mill reconciliation performancechallenges experienced in commissioning a PGX system.Citation:Reid, B, 2016. A Fine Looking Sample - the Importance of Fines in Grade Control Sampling to Mine to Mill Reconciliation, in Proceedings Ninth AusIMM Open Pit Operators' Conference 2016, pp 28–38 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Nov 15, 2016

By S Novak

A world-class example of sustainable development in practice, the Local Resource Development Initiative (LRDI) grew from agreements between the Ambatovy nickel mine developers and the Government of Madagascar. A program of training and community development, the LRDI aims to maximise local benefits by optimising the integration of local resources during the construction period of the mine. By local resources, we mean the local labour force as well as local goods and services. Begun in 2007, the foundation of the LRDI is to integrate local resources into the mining project and where gaps are identified, design and implement training, mentoring and other programs to fill those gaps. The principal accomplishments are: the establishment of training centres that trained over 4000 people in little over one year, 96 per cent of whom hired to work at the mine; a support program for local micro, small and medium enterprises that has led to the award of 65 contracts for goods and services with training and mentoring of over 100 local businesses; and a number of special projects that have, among other results, strengthened local agricultural development and created employment for young people. The LRDI provides unique insights into key indicators and lessons learned to strengthen the social and economic sustainability of mining projects in developing countries. The paper will discuss these in terms, among others, of: the importance to project success of upstream planning to address socio-economic issues; the role of civil society and other local partners to strengthen and expand sustainability outcomes, and to spur governments to demand that major projects promote economic and social sustainability; and the integration of mine sustainability with sustained regional social and economic development.

Jan 1, 2009

By A Chandra, P Guj

Only a few complex real options can be valued using closed-form equations, such as the Black and Scholes formula, because these algorithms are restrictive and prevent the construction of practical project evaluation models. Although a binomial lattice method paired with the ærisk-neutral probabilityÆ provides an easier and flexible modelling of exploration and mining projects, it has limitations when projects are complex, long-lived and influenced by the interplay of various market and private uncertainties. In order to overcome these limitations, modern decision tree software using dynamic programming capability can be used for real option valuations. This is a powerful computational tool in which the impact of various sources of uncertainties can be differentiated, so that the optimal decision path can be explicitly displayed visually. There has been significant academic controversy surrounding whether different real option (RO) valuation methods would lead to different real option values (ROV). This paper, using a realistic copper mining example, demonstrates that as long as the same degree of subjectivity and consistency are used in different real option valuation methods, they yield the same result. This conclusion is valid irrespective of whether the cash flow volatility generated by various sources of uncertainties is handled in an aggregated or in an explicit and differentiated manner. This paper compares two choices for an investor either to æbuy now and developÆ a project or to enter into a ætwo-year option to purchaseÆ after the proponents have developed it. It also shows how significantly different net after-tax operating cash flows may be generated by these different choices on the same underlying asset represented by the project. This is due to the difference in the amount and timing of the relevant capital investments affecting the depreciation and amortisation charges and as a consequence, the income tax paid. CITATION:Guj, P and Chandra, A, 2012. Real option valuation of mineral exploration/mining projects using decision trees - Differentiating market risk from private risk, in Proceedings Project Evaluation 2012 , pp 177-188 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 24, 2012