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The principal source of funding the working capital requirements of gold miners has traditionally been equity. However in the 1980s, with a substantial increase in activity in the exploration for, and the production of, gold the traditional sources of equity finance became no longer sufficient to meet demand. With the often high cost of raising equity, the need for developing alternative financing structures became critical, especially since the stockmarket crash of 1987 which at least until recently, adversely affected the amount of equity capital available for investment in mining.

Jan 1, 1994

By G B. Arehart

The Midas epithermal system is one of the larger low-sulfidation epithermal vein systems discovered in the western US in recent years, containing in excess of 3 Moz of gold (premining). The deposit is spatially and temporally related to bimodal volcanism in the Northern Nevada Rift; dates on igneous rocks (16 - 14.7 Ma) bracket the age of high grade veins (15.3 Ma). Hydrothermal alteration at Midas is typical of epithermal systems, comprising proximal potassic through distal propylitic assemblages; in contrast to many epithermal systems, Midas has minimal development of wallrock illite/sericite. Mineral assemblages are clearly zoned on the vein structures that acted as focal planes for fluid upflow. Geochemical zoning patterns also show this zoning. Metals were deposited in open-space veins as the result of boiling of hydrothermal fluids; multiple episodes of crustiform mineral deposition are documented in the vein textures. The major vein minerals include quartz, adularia, calcite, selenides and sulfides, with electrum as the primary ore mineral. REE patterns for vein material are similar to patterns for coeval rhyolites, but distinctly different from patterns of the host rocks. Stable isotope data are consistent with meteoric water as the dominant ore fluid. Combined REE and stable isotope data suggest that fluid from which the main ore-bearing stage of the veins was deposited was slightly lower pH than other stages.

Jan 1, 2005

By H M. Ahmed, W S. Dunbar

Construction of cave mining systems requires significant capital expenditure and long-term commitment of human, equipment and material resources before production commences. Risks and uncertainties of these large-scale mining projects are significantly higher than for small-scale projects. This is due to the complexity and interactions of the construction schedule components and the large scale and uniqueness of such projects. One way to successfully manage construction uncertainties that would lead to schedule delays is to include a reasonable cost contingency in the budget estimation. A real options approach based on the least-squares Monte Carlo (LSM) method is used to estimate cost contingency associated with schedule uncertainty in mass mining projects. Cost contingency is estimated as the cost of potential project crashing (acceleration) decisions, which pays for not extending the schedule. While such a significant undertaking is expected to be subject to some delays, these can have an enormous impact on the economic value of such projects. The value of the crashing option was explicitly formalised into the process of valuation, as it is assumed to be a single option being considered in the valuation at every decision point prior to the construction completion date. As a part of the proposed method, a stochastic function for the percentage of remaining scope of work for the remaining duration of the entire project was integrated into a framework of numerical simulations. This ensured that this function can implicitly account for sources of schedule uncertainties for projects represented by multiple and overlapping work packages. The LSM method was applied to a real case scenario in an operating block cave mine, with modified scale and features. The results yielded by the LSM method indicated that significant changes in capital budget allocation stem from variation in a contractor’s risk perception and confidence level of estimated delays.CITATION:Ahmed, H M and Dunbar, W S, 2016. Budget estimation and contingency allocation of block cave construction using least-squares Monte Carlo real options, in Proceedings Seventh International Conference and Exhibition on Mass Mining (MassMin 2016), pp 801–808 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 9, 2016

(Published by courtesy of the Great Boulder Pty. Gold Mines, Limited)1. INTRODUCTIONThe faults described in the following paper are of a somewhat unusual character, and have presented a serious problem both in the development and mining of many ore-bodies on the Eastern side of the Boulder Belt. They are mentioned only briefly in the literature of the field, but were observed by, both Stillwell (1)t and Gustafson (2), and have been studied by other geologists and operators in various parts of the "Belt." Their effect on the lodes of Hamilton Section, Great Boulder Mine, was described by King (3) in 1937, and, during recent years, they have been encountered in most of the Great Boulder workings extending east of the Boulder Dyke.Although this paper is based mainly on a study of faulting and development problems on the Great Boulder mine, the general conclusions reached may be applicable to the solution of similar faulting problems in other mines throughout the field.In order to arrive at a clear understanding of the somewhat complicated relationships which the east-dipping faults bear to the lode systems it will be necessary to give a brief outline of the salient geological and structural features of the "Belt" before proceeding to describe the faults themselves.2. GENERAL GEOLOGYThe most recent descriptions of the geology of Kalgoorlie are those by Stillwell (1) and Gustafson (2) and the reader is referred to these as representing the basis of current knowledge of the geology of the field.The Boulder Belt is comprised of a central core of altered quartz dolerite which is flanked on either side by fine grained greenstones and lavas, usually referred to as the calc schists. Down the centre of the quartz dolerite mass there is an infolded bed of slate (2, p. 105) which has been intruded in lit par lit fashion by albite porphyry; the composite body of slate and porphyry so formed is known as the "Boulder Dyke." Numerous smaller porphyry dykes intrude both the quartz dolerite and the calc schist; these vary in composition and range from chloritised hornblende porphyrites to albite porphyries.The whole of the rock assemblage has been subjected tG a considerable amount of folding, faulting, shearing and fracturing, the greater part of which took place before the formation of the lodes.

Jan 1, 1941

By B Vernon, M Whiteley, T Robinson

The Western Australian gold industry has approximately 100 operating plahts, mainly CIP/CIL. The nature of the State's rapidly expanding gold industry gave rise to concerns over management of the  cyanide hazard, in that most plants are remote from major population centres, have a workforce with a high tum over and use highly saline process water. Approximately 4500 workers in the industry have the potential to be exposed to cyanide in the course of their normal work.   This paper outlines the risk management strategy developed by Government and industry to monitor atmospheric HCN gas in the work environment and the role of continuing education and training along with regular site inspections by Department of Mines Inspectors.

Jan 1, 1990

Conventional hand drawn isopach maps of the cover of the Bulli Seam are too eomplex for use in the delineation of large domains of similar cover. Isopach maps prepared from trend surfaces fitted to the cover data are much simpler in form and so provide a convenient method of delineating broad domains of similar cover.

Jan 1, 1968

By Rao P. K, Sahoo P. K

The main constituents of ferromanganese slags are silicates of Mn, Ca and AI. Factors affecting the recovery of manganese from a low manganese content ferromanganese slag (about 16 per cent MnO) during acid leaching were studied. These included time, temperature, agitation, sulphuric acid addition, solid:liquid ratio and particle size. Agitation rates greater than 300 rev/min. leaching periods greater than 30 min and temperatures above ambient were found to have no effect on Mn recovery. Dissolution of Mn was found to be highly dependent on the amount of acid added.About 90 per cent of the Mn was recovered when 5·5 times the stoichiometric amount of acid was used. About 28 per cent of the Mn was recovered when the stoichiometric quantity of acid (with respect to Mn alone) was used. However, the recovery increased to about 75 per cent when the total stoichiometric requirement of acid with respect to Ca, Al, Mg and Fe as well as Mn was used for leaching. The extent of Mn dissolution also depended on the particle size of the slag. The percentage of Mn recovery (using 5·5 times the stoichiometric amount of acid) increased from about 60 per cent to about 92 per cent when particle size decreased from -36 +52 to -150 +200 mesh (B.S.S.). When the results of this study were compared with those in a previous study involv,ing the leaching of a high manganese content slag (containing about 40 per cent MnO) results were similar except that there was a gr-eater consumption of acid in the present case (i.e. low manganese content slag).

Jan 1, 1979

A detailed study of the capital investment and production cost for copper electrowinning plants shows that significant savings in both can be achieved by increasing the current density. From the economic analysis it is determined that the optimum current density which will result in lowest capital investment and lowest operating cost is between 60 A/sq. ft. and 70 A/sq. ft., or at least three times as high as the Conventionally employed current density. The specific investment, expressed as $/ton-year, is found to be a function of both the current density and plant capacity and has a minimum value at the optimum current density. Empirical equations are developed for the purpose of estimating the capital investment and operating cost for plants of any production capacity operating at any current density.

Jan 1, 1972

By Hoskings R

Conceptual studies of the run of mine stockpiling and reclaiming requirements at Thiess Bros Pty Ltd South Blackwater coal mine commenced in 1975.Final selection of equipment was made in 1978 and the equipment was commissioncd in June 1979. Equipment selection was made after extensive investigation and visits to existing facilities throughout the world.The equipment selected is described and compared with the alternatives. Foundations were designed to minimise clean up effort and to ensure stabilily of equipment under design wind loading without storm bays. Programmable logic control enables the stacking and reclaiming facility to provide a blended feed to the coal preparation plant.

Jan 1, 1981

The Beckman Air Comparison Pycnometer is as accurate as the specific gravity bottle for the determination of the volume of fine powders, or particles, up to 50 c.c. in volume. The determination using the air comparison pycnometer is performed in a much shorter time.A graph of density versus iron content for samples from four different iron ore deposits shows that iron contents can be obtained to within 4 per cent iron. Field geologists should be able to obtain quick and relatively accurate iron contents of ore samples using the air comparison pycnometer at these deposits.INTRODUCTIONA Beckman Model 930 Air Comparison Pycnometer was purchased to decrease the time required for the determination of the volume of stones and powders. The liquid displacement method was used previously and the time required per determination varied from a few minutes for stones to half an hour, or more for fine powders. With the air comparison pycnometer, the determination takes approximately 2 min and can be quickly checked for accuracy by a further determination. The total time for weighing, determining, and checking the volume is no more than 5 min.DESCRIPTION AND PRINCIPLE OF OPERATION OF PYCNOMETERDescriptionThe air comparison pycnometer measures the volume of materials, in c.c., by determining the amount of air displaced.A diagram of the main components is given in Fig. l.Cylinders A and B are equal in volume and each has a piston which is moved by turning a handwheel attached to a geared shaft. The measuring piston shaft is geared to a 5...

Jan 1, 1963

This evening I would like to speak about men for the mineral industry.It is trite to say that the mining industry is expanding rapidly and that technically trained men are in short supply. How short is difficult to assess and impossible to quantify.The industry has been traditionally managed by technically trained men experienced in the ways of their fellow men. Let us start with the assumption that men with this training and experience are essential to management of mining and metallurgical enterprises.I suggest that we do this as it avoids argument with those who are beginning to suggest that such men are not so important as they used to be; who are suggesting that the latest sophisticated business management schools can produce managers who can straight out of school join the upper echelons of an organization and successfully manage it by the use of modern systems and techniques without the need to rub shoulders with men of all callings and get their hands dirty in the process.This kind of thinking brings to mind the modern cargo ship which is equipped with all the latest gadgets of science. It can find its way from Sydney to Auckland with no one in the engine room and the man on the bridge spending most of his time writing to his wife or reading the latest novel.How often do we read of this ship being tied up in Sydney because the crew sympathizes with the cook who has been slighted by some uncomplimentary remark about his toheroa soup? Here is a pieceof sophisticated machinery stopped through no technical fault, but held up by the whim of man. The understanding of man by man can spell the success or failure of any endeavour. A single man can leadan organization to the pinnacles of success, or doom it to utter failure in spite of modern systems and techniques.So let us start from the point that people matter.Through the years our Institute has been fortunate in having many members who have felt strongly...

Jan 1, 1970

The Stawell Goldfield, the westernmost of the main Victorian fields, has produced over a million and a quarter ounces of gold from one and three-quarter million tons of ore. The lodes are quartz reefs and sulphide bodies occurring in sediments of lower Ordovician or upper Cambrian age. The lodes are confined to a relatively narrow suite of weak rocks lying between stronger ones above and below and there is a definite relationship between fold structure, pitch and strength of folding and ore.LOCATION HISTORY AND PAST PRODUCTIONThe town of Stawell, situated 150 miles north-westerly from Melbourne on the main railway and road to Adelaide, is the most westerly of the main gold areas of Victoria. Alluvial gold was found at Pleasant Creek (now Stawell West) in 1853 and the usual "rush" followed. Numerous alluvial leads, some surface, others buried under up to 100 ft. of Tertiary sediments were worked. The alluvial gold was soon exhausted, but in 1857 gold-bearing reefs were found on the slopes of a prominent ridge on the northern edgeof the present town. Early reef mining was by small working parties mining to shallow depths only and treating their ore at public crushing plants. Some of the early returns were very high grade. The next stage was the amalgamation of claims and the formation of companies, with their own treatment plants. This stage continued till the last mine closed in 1921. These companies had, by present standards, small holdings and far too many shafts were sunk, resulting in less efficient prospecting and operation.Since 1921 there have been one or two small scale attempts to revive mining but without success. Of recent years Gold...

Jan 1, 1960

Atlas Copco Construction and Mining Australia identified a number of issues in regard to the skill levels, labour turnover and productivity of our service technicians. In 1994 we were experiencing a labour turnover rate of 42 per cent per annum amongst our technicians. Exit interviews were held with each individual and one of the major areas of dissatisfaction was the degree of product training provided on our equipment, compared to what is required to be competent across the range of our products. These tradespersons were prepared to accept the reduced remuneration that an OEM offers, for the benefit of comprehensive, professional training that, in theory, could be provided. The truth is that we were achieving approximately 40 per cent of our target for training hours because of the demands of field service, pre-deliveries, etc. So, the summary was the same as the industry was experiencing at that time because of skilled labour shortages, production demands, etc people were employed and thrown in at the deep end. A recipe for failure that will be successful every time.

Jan 1, 1998

By Mills R, Shannon W. T, Finch J

As an extension to investigations into methods of upgrading the Iitania content of ilmenite concentrate from beach sands using 100 g/day, a small pilot plant treating 23 kg/ day of ilmenite was used.In the pilot plant the iron oxide in the ilmenite was reduced to iron at 1200°C using carbon (coal/char) without melting the material, using a tunnel kiln heating cycle, the charges contained in saggars, The iron was then separated from the titania fraction by ball milling, wet magnetic separation, and screening. The resulting magnetic product was high in iron (about 80 per cent Fe) and the non-magnetic product high intitania (about 70 per cent TiO2).From this trial sufficient data were obtained to enable the preparation of a flow sheet for a plant producing 62,300 tonnes/year total products, and an estimate of costs to be made. This has shown that for an estimatedcapital expenditure of nearly $6,000,000 and annual production costs of about $4,000,000, the cost per tonne of high titania product (76 per cent TiO2) would be nearly $70.

Jan 1, 1977

The concept of a magnetic hydro-cyclone is undeveloped, possibly because studies by Bragard (1965) and the Royal School of Mines in London (Robinson, 1965) were not encouraging. Its role for the concentration of ironsands is attractive in that the classifying effect within a hydrocyclone may be comparable to the classifying effect in the gravity concentration of ironsands, and thus two steps may be achieved in one. Furthermore it should be a very simple and cheap process. The idea has been explored intermittently since 1976 but more energetically since the offering of a magnetic hydro-cyclone thickener by Boxmag Rapid (1983). This paper summarises the development and test work which are detailed elsewhere (Fricker, 1984).

Jan 1, 1984

THERE are certain facts that the mining industry in Australia is faced with at the present moment which may be accepted as axioms. The industry is at a low ebb, as evidenced by statistics. Metals form the basis of all modern industries, and are necessaryfor the welfare of Australia. Mining is a wasting asset. Every ton of ore extracted is one ton less which c.annot be made good, and it should be our duty to get as much profit froin that ore as possible, otherwise there is a permanent loss to the country.The metal market cannot be controlled by Australia; it is more or less an international matter. Australia has not been thoroughly prospected. There are no mines being developed that are likely to replace those which are being depleted.Our mining engineers are as capable as those in other parts of the world, and have made good where they have been given a chance. There is no one cause for the present depression; there are several, more or less, interwoven. Of course, the war has had an adverse effect, but that has only dislocated things temporarily; it upset our markets, influenced the price of metals, and affected the labour market and cost of stores. Labour troubles made their appearance before the wave of unrest swept over the world. The cause of labour discontent must be investigated, and if possible removed. As each industry has .its·own problems, miners must inquire into their special problems, as there is no sovereign remedy that will suit all cases.It is obvious that we cannot mine ore if we do not know where it is; therefore, the first thing is to discover workable deposits.

Jan 1, 1919

By T Leach, B Fulton, R Stewart

Gold mineralisation at Porgera is inferred to have been derived from a deep differentiated magmatic source which is capped by a series of (now tilted) inward dipping sills and stocks, which comprise the Porgera Intrusive Complex. An arc normal transfer structure provides a conduit, at tile intersection with an arc parallel structure, into which basic magma derived from tile deep melting of mantle material has been emplaced. Two phases of mineralisation display an association with late stage feldspar porphyry intrusives. Stage I carbonate-base metal-style gold mineralisation occurs as early quartz-sericite, then massive sulphide and late zoned Mn-Fe-Mg-Ca carbonate vein/breccias. Magmatic fluids derived from the deep magma source, are interpreted to have migrated along me margin of a feeder stock to the sills, and south to Waruwari. Stage II epithermal Au-Ag quartz-style gold mineralisation occurs as early fluidised breccias and carbonate veining, followed by zoned quartz-roscoelite-carbonate-gold vein/breccias, and late carbonate and/or sulphate open space infill. Magmatic fluids are interpreted to have utilised the same plumbing system as the late stage feldspar porphyry intrusive, and then migrated into the Roamane Fault which was dilated by; dextral rotation on elements of the transfer structure, normal faulting, and refraction around the competent footwall hornblende diorite. Bonanza gold is localised in a jog in the Roamane Fault, hangingwall splits and at intersections with cross structures. Bulk low grade Stage I gold has been deposited by the mixing of magmatic fluids with cool gas condensate waters, whereas high grade Stage II gold mineralisation resulted from the rapid quenching of mineralised magmatic fluids by oxygenated groundwaters.

Jan 1, 1995

The addition of cement to underground backfill at The Zinc Corporation, Limited and New Broken Hill Consolidated Limited, Broken Hill commenced in 1967. A deterioration in metallurgical performance at each concentrator occurred as a result, with increased loss of lead and zinc to residues. Investigations to determine the reasons for this problem and methods to counteract it have been undertaken. This paper outlines the effects of cement on lead-zinc beneficiation at Broken Hill and presents an interim report on attempts to overcome the metallurgical deterioration.

Jan 1, 1971

A process was developed, on a laboratory scale, for the removal of iron oxides from Weipa pisolitic bauxite. The technique involves the chemical reduction ofthe iron oxides by carbon, followed by selective removal of the iron species by acid leaching or chlorination.To remove more than 90 per cent of the iron it is necessary to reduce the iron oxides substantially to iron metal by heating the bauxite, pre-calcined at 650-800°C, with reactive carbon at 1040-1100°C. Reduction proceeds via the intermediate formation of hercynite (FeO.Al2O3) and difficulties have been encountered in reducing hercynite formed under less favourable reduction conditions.Following reduction, efficient selective removal of iron species is readily effected by acid leaching using dilute hydrochloric acid at 100°C, or chlorination at 500-750°C using Cl2, Cl2/N2, or Cl2/N2/CO mixtures.After removal of unreacted carbon, the final products contain 0·5-1.0 per cent Fe203 and 87-92 per cent Al203.

Jan 1, 1971

By P J. Bangerter, J Pan

Optimising for Net Present Value (NPV) with a strategic optimiser such as COMET, Prober-E, Blaser or Minemax has hitherto lacked a dynamic method for analysing the so-called third-order outcomes (such as Carbon emissions) of optimisation within life-of-mine planning. Optimisation, per se, has natural effects on carbon emissions in a life-of-mine plan. Contemporary strategic planning employs a mathematical optimiser to make sense of non-linear data (ie a block model) and produces a best-NPV optimised mining schedule, within a set of constraints. The very act of optimisation influences emissions, and in a dynamic way.

Aug 2, 2023