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By D Weatherley, T Baumgartl, L Huang, Q Shao

The stabilities of rehabilitated landforms are often threatened by the altered surface hydrology, especially the excessive surface run-off, which may cause severe water erosion and associated pollutant transport to surrounding areas. These effects would lead to pollution in waterways and render the failure of newly established vegetation. An accurate quantitative evaluation of run-off problems are consequently essential for the proper rehabilitation designs which can help minimise these harmful consequences. For this purpose, in this study a novel run-off model, RunCA, was developed based on Cellular Automata (CA), integrating fundamental hydraulic principles. In this model, a series of rectangular cells were employed to cover the study area. Run-off production within each cell was simulated by determining the cell state (water surface elevation) that consists of both cell altitude and water depth. The distribution of water flow among cells was determined by applying CA transition rules based on the improved minimisation-of-difference algorithm and the calculated flow travelling time. RunCA was applied to various aspects in mined land rehabilitation planning, including landform designs for both hill-slopes and tailings dams, revegetation strategies and cover constructions. Simulation results showed that surface run-off increased with slope gradient and more run-off was produced on convex and straight slopes than on concave and S-shape slopes. Both mounds and rip lines constructed on the tailings dam surface could help reduce the water discharge. Vegetation planted in rows were more effective than those in columns or patches in controlling run-off. Increased cover thickness had the potential in reducing run-off rates, and the covers with an increasing thickness from top to bottom of the slope tended to be more efficient than those with a constant thickness. All these results have demonstrated the efficacy of RunCA as a simulation tool in assessing the hydrologic behaviours of different rehabilitation designs. Compared to the traditional hydrologic models, most of which were developed for the catchment scale studies, RunCA has the potential advantages in capturing the dynamic and spatially varied run-off behaviours at different spatial and temporal scales.CITATION:Shao, Q,?Baumgartl, T, Huang, L and Weatherley, D, 2014. A cellular automata-based run-off model and its application in mined land rehabilitation designs, in Proceedings Life-of-Mine 2014 , pp 81–96 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 16, 2014

By G Stanway, P Mahoney, C Griebel

The Mining Innovation – State of Play was initiated three years ago by VCI in partnership with the University of Western Australia. The ambition was to create a ‘think tank’ type platform to support industry discussion on how it is performing in terms of innovation at a strategic level, what needs to change in the industry ‘ecosystem’, and how businesses may more effectively develop their strategy and architecture to innovate for competitive advantage.The drivers for this ambition were straightforward. The industry recognises itself as being conservative with respect to innovation and it knows the business and community endowment dividend from getting better at innovation is large; however, much of the material that seeks to provide insight on innovation tends to be drawn from industries that do not have the same high capital, long life cycle and market uncertainty characteristics as that faced by mining. Material that does focus on mining innovation is orientated towards technical innovation, not innovation strategy. There exists a significant knowledge gap, and filling it is valuable to both mining businesses and communities.The 2014 Mining Innovation State of Play report (Stanway, Griebel and Mahoney, 2014), based on a survey of over 230 mining executives, uncovered a range of insights but left several questions unresolved. The people with the best perspective on these questions are CEOs. They can see the business issues with sufficient clarity and have the influence to shape both the industry and its organisations, as seen in Figure 1. Discussing these questions with the view to progressing our collective understanding was the primary reason this interview series was conducted.Unsurprisingly, interviewing 15 CEOs and Chairpersons from different industries and commodities, across the globe resulted in a broad range of views. The discussions were frank and often blunt in assessing the short comings in the industry and suggestions for improvement. This degree of candour is hugely valuable as a basis for improvement. In the end, four key areas emerged as a basis for improvement.CITATION:Stanway, G, Griebel, C and Mahoney, P, 2017. Mining Innovation State of PlayTM – iron ore insights, in Proceedings Iron Ore 2017, pp 439–442 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 24, 2017

By G N. Phillips

No new goldfields have been found in the Witwatersrand Basin for over 60 years, and one consequence of this is a long-term decline in gold production. Exploration throughout this period has been based on the placer model that infers alluvial transport of gold grains and then sedimentary sorting in the basin; however, there is no viable source for so much alluvial gold and no single sedimentary setting that hosts the gold.An alternative genetic model can now provide a quantified explanation for the source of the gold, and it does not rely on alluvial gold processes. The hydrothermal model can easily explain the source of the Witwatersrand gold as being derived from the background gold at parts per billion (ppb) level throughout the Kaapvaal craton of South Africa. This gold is involved in metamorphic processes, available for solution in metamorphic fluids, and hence may be transported whilst dissolved in fluid into the Witwatersrand Basin. The hydrothermal model warrants consideration as it can explain the source of gold, the large alteration halo in the goldfields, the mineralogy, and especially the gold-carbon association.Working on the premise that if one model (placer) is not giving the desired results (discovery of new goldfields), then it may be prudent to consider alternatives. Application of a hydrothermal model to guide exploration would place importance on large and small early structures in and around the Witwatersrand Basin; it would also emphasise the geochemical nature of potential host rocks (especially C and Fe) rather than their sedimentary origin.CITATION:Phillips, G N, 2013. Origin of Witwatersrand Gold - a viable source region and source process for gold, in Proceedings World Gold 2013 , pp 175-180 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 26, 2013

This paper examines the complex interplay of deposit characteristics, mining plans, tailings disposal techniques and rehabilitation requirements on planning for mineral sands operations. All component parts of this mining cycle are interdependent and cannot be evaluated in isolation when optimising a mineral sands operation. This is most evident when projects are large-scale or involve resources that contain complexities such as high slimes content, consolidated hard band materials, acid forming materials and radioactive materials. Projects located in environmentally sensitive areas add further to the need for more stringent planning. This paper describes the analysis techniques adopted by Hatch to evaluate mining and tailings placement options for a dredging and floating concentrator system. The principles and methods used in the analysis are applicable to any mining system involving the complexities listed above. The focus of this paper is on the reconstitution of mined material as tailings and the impact of this process on mining schedules and tailings construction and placement options.

Jan 1, 2001

By M Barker, H Li

The total number of tailings accidents has reduced from over 50/decade in the 1960s-1980s to less than 30/decade in the 2000s to 2010s. However, the rate of significant tailings dam failures has not been reduced. The significant tailings dam failures the mining industry experienced in the recent history include: Merriespruit, South Africa, 1994; Los Frails, Spain, 1998; Kolontár, Hungry, 2010; Mount Polley, Canada, 2014; and Samarco, Brazil, 2015. The conventional Factor of Safety approach itself may not be enough to further reduce the rate of significant tailings failures due to its limitations such as uncertainty. For example, the same factor of safety could have a vast range of annual probability of failure for different tailings dams, and insufficient consideration of failure consequence. This paper presents a risk based approach for design with the objective being to minimise tailings dam failures, especially those significant tailings failures with high consequence and low probability. This approach includes risk based design and risk management using bowtie tools. In the risk based design, quantitative analysis will be used to estimate the annual probability of failure and the tolerable failure criteria is linked to the consequence category. Bowtie analyses will be used to understand hazards and risks and identify and select independent controls that are effective in preventing and mitigating catastrophic failures. In this paper, examples of risk based design and bowtie analyses are presented and discussed. CITATION:Li, H and Barker, M, 2018. Risk-based approach for minimising tailings dam failures, in Proceedings Mine Waste and Tailings Stewardship Conference 2018, pp 397–414 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 23, 2018

By A Lechner, T Baumgartl, S Arnold, P Audet

When revegetation is a part of a rehabilitation strategy at mine sites in arid and semi-arid environments, its success can be strongly affected by the availability of water prior or during the time of seed dormancy, germination and early growth of seedlings. The semi-arid and arid environments of northern Australia are characterised by highly variable and erratic rainfall and hence the actual weather conditions at and around the time of germination and seedling emergence play a critical role in determining the success of plant establishment and the type of plant community that may develop.Using available climate data, an analysis has been undertaken and a set of indices has been developed which describe the suitability of the climatic conditions for rehabilitation. In total, eight sites from Queensland and one site from New South Wales, Australia have been analysed. It could be determined that regular rainfall and relatively short periods of water-deficit are key characteristics of climate suitability. A comparison of the locations studied allowed the separation into suitable and susceptible locations in terms of the availability of water, amount of rain and duration of drought between rain events.In our experience, specific estimates of climate suitability are rarely incorporated into the design of mined land rehabilitation programs. We consider that the regional intensity, seasonality and extremity of climate represent an overarching component of landscape complexity, which in turn will influence the development of post-disturbance ecosystems in these regions. This paper presents the outcome of climate analyses paired with the development of suitability indices. A conceptual framework is presented explaining the suitability matrix and its incorporation as a prognosis tool to achieve greater certainty for success in rehabilitation development.CITATION:Baumgartl, T, Arnold, S, Audet, P and Lechner, A, 2014. Development of climate-based suitability indices for the improvement of success in rehabilitation, in Proceedings Life-of-Mine 2014 , pp 483–490 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 16, 2014

By A Bennett, S Arndt

Minerals and Metals Group Pty Ltd (Golden Grove Mine) commissioned a comprehensive study of the life of mine using advanced 3D stress modelling. Essential input into the modelling was the proposed mining sequence, itself the culmination of years of planning and geotechnical experience gained in comparing actual performance to predictions. The modelling approach addressed the whole of mine at a scale of 5 km. There were however several magnitudes of scale to address, from the scale of laboratory testing (0.05 m), to drive size (5 m), extraction size (50 m) and stope size (500 m). Scaling was therefore an integral part of the procedure. The constitutive rock properties in terms of peak and post-peak behaviour varied with the scale. At the laboratory scale, the constitutive relationships for all the main rock units were determined in 3D as well as recovering the in situ stress using the rock memory technique, deformation rate analysis (DRA), whereas at the larger scale the properties were varied to match observations.The modelling, using non-linear analysis to account for rock mass yield and peak-residual strength, demonstrated that if the planned extraction sequence and stope geometry had been pursued there was a high probability of large volumes of excess shear stress being released. However, it was not possible to identify whether the excess shear stress (ESS) will release as one large event or many smaller events. The mining approach was to modify the extraction sequence/stope geometry to manage the hazard. This is where the economic advantage can be realised.Alternatively or in combination with further modelling, the volume identified with the predicted high ESS or energy release could be intensively explored for structures having adverse orientation to the stress change and with sufficient areal extent to release the ESS. The microseismic data can be interrogated for the likelihood of a large event to support the hypothesis of a singular release versus multiple releases of smaller events. If the initial planned extraction sequence had to proceed as designed, changes to dimensioned stopes would be recommended for risk mitigation. Mine planning could as an option, modify the sequence and the extraction could then be remodelled.CITATION:Bennett, A, Arndt, S and Dight, P M, 2014. The economic advantages of detailed geotechnical assessments for extraction sequencing, in Proceedings 12th AusIMM Underground Operators’ Conference 2014 , pp 243–250 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Mar 24, 2014

Mining is both a high risk and a long term business. This is dramatically illustrated by the fact that, on average, the explorer will expend over $30 million in a ten year period for each significant economic discovery. The time required to complete the exploration process is one of the most substantial commitments made by any mining company. For example the time lag between the implementation of an exploration programme and an economic discovery is variously estimated to take two to ten years. The ore definition phase following discovery currently takes between two and five years while subsequent mine development may take one to two years in easy situations and up to 8 in difficult environments. In most countries the critical path through the early stages is determined largely by technical considerations but in almost all countries the path through the later phases is dictated by the plethora of permits, licences and community involvement steps.

Jan 1, 1982

The Musselwhite mine, located in northwestern Ontario, Canada, has been an underground narrow-vein gold producer since the spring of 1997. As an exploration project at the feasibility stage, much effort was undertaken to generate a geostatistical resource model that would integrate the orebodyÆs geological features, as well as the controls on mineralisation. Today as an operating mine producing over 200 000 ounces of gold per year, reconciliation studies of the tonnes and grades treated at the mill, with the feasibility model, for longer time periods, and with the grade control models, for shorter time periods, show results that are in good agreement. It was clearly demonstrated with the reconciliation to production, that the key to good reconciliation remains in the proper selection and application of the geological resource estimation method. The application of a grade interpolation technique capable of capturing threedimensionally pertinent geological features, as well as accounting for spatial grade continuity, proved to be successful in the predictability of tonnage and grade at the Musselwhite mine. Along with good mine practices, this approach, which was carried through to the operation, has produced excellent reconciliation results. The ongoing reconciliation studies at Musselwhite allow for a constant revision of the grade estimation strategy. In return, this optimisation process adds value by raising the accuracy level of production expectations. As this is an evolving practice at the mine site, further implementation developments are recommended to integrate these reconciliation procedures on a more regular basis.

Jan 1, 2002

By S Dunham

A cross-discipline approach combining geology, metallurgy and mine planning, geometallurgy is seen as the next logical advance in improving the design and operation of mining businesses. This rapidly evolving field is focused on realising the value that has often been lost in the chasms between the aforementioned technical silos. When successful, the geometallurgical approach promises the ability to tailor mining and mineral processing development and operational options more closely to the characteristics of the resource with resulting lower costs (both capital and operating), improved recoveries and fewer project failures.As with any technological (or managerial) change, there will be side effects from the success of the geometallurgical approach that will impact areas beyond obvious linkages between geology and processing. Some of these effects have the potential to be beneficial to the resource industry and society in general. Beyond the basic geometallurgical promise of closer alignment between processing design/strategy and the multivariate 3D spatial characteristics of the mineralisation, this paper discusses the broader implications and ramifications of the emergent geometallurgical approach: enhancing exploration and discovery; improving project development success; achieving sustainability in an industry working with non-renewable resources; in a world of increasingly hard won license to operate, improving the management of potentially harmful by-products and waste materials (with knock on effects for proactive management of closure issues); smarter approaches to energy management and thus optimisation of projects with respect to carbon footprint; and potential to re-value assets and thus realise a strategic advantage in the area of acquisitions, divestments, mergers and take overs. The authors strongly believe that companies that actively engage with the above issues (and ensure that technical efforts in the area of geometallurgy are not isolated from the larger value chain activities of the firm) will be able to exploit the opportunities that consequentially arise. These early adopters will gain first mover advantages. Firms taking the broad view of geometallurgy will have an opportunity to maximise stakeholder value and win greater success than their less insightful competitors.

Sep 5, 2011

At Copper Refineries Pty. Ltd., Townsville, two reverberatory furnaces of 420 tonnes capacity are used to melt 210000 tonnes/year of copper for subsequent anode casting. When the refinery commenced production in1959, these furnaces were of 300 tonnes capacity. The original furnaces featured a silica brick hearth, magnesite and chrome magnesite side 'walls, and a sprung silica brick roof, but were unsatisfactory because of thelow refractory life and high costs. With continuous expansion in production and the incentive to increase furnace life and capacity the design of these furnaces has changed greatly since that time.The present furnaces feature all basic brick, a flat suspended basic brick roof, very extensive use of watercooled copper sections, and are of substantially increased (420 tonnes) capacity. Particular attention has been concentrated on high wear areas such as the taphole, side walls, and charging door jambs. Each furnace in its 24 h cycle, is charged, the copper melted, impurities skimmed off, metal "poled" prior to casting, and cast.The service condition during each of these operations is important in considering furnace refractory life.The improvements in operating practices and furnace 'construction which enabled the capacity of the furnaces to be increased are discussed. The life between major repairs to side walls has increased from 90 charges to300 charges.The scope for future improvement is considered and areas for development are suggested.

Jan 1, 1977

Dr. Willett. I will start by answering one or two general points which have been posed. The first point is a question of liability of a seam to spontaneous combustion. Some seams are very liable to spontaneous combustion. Some seams are not liable at all except in most abnormal circumstances, and some seams have a liability somewhere between these two extremes. Dr. J. S. Haldane made the comment some 50 years or so ago that if you try hard enough you can make any coal seam in the world fire spontaneously. Many heatings have in fact occurred because the coal has been allowed to be ground up into a fine state and there has been air leakage through it for many years. This has resulted in spontaneous combustion which would not have occurred in some seams unless conditions had been very abnormal indeed. One comment I heard while listening to the discussions of one team was the importance of encouraging morale and the team seemed to go to the extent of suggesting that this was more important than the actual technical action taken. Though I agree that everything possible should be done to encourage morale, it must be in conjunction with the correct technical method of dealing with the Emergency.

Jan 1, 1973

By M Wortley, O Gu, D La Rosa, J McMaster

Metso Minerals Cisa have developed VisiofrothÖ û a system which calculates parameters of the froth surface using vision from remote cameras mounted about individual flotation cells. The parameters calculated from this system can be utilised within process control strategies to achieve stabilisation or optimisation of the flotation process. As part of a JKMRC AMIRA P9 field campaign, froth vision was collected from various cells operated at different air rates and froth depths within Rio TintoÆs Northparkes copper roughing and scavenging circuit. At the same time, samples were collected to determine the cell metallurgical performance at each operating condition. These froth images have been processed using the VisiofrothÖ system with froth velocity, bubble size, froth collapse rate and various froth colour parameters calculated. These parameters have been compared to the measured concentrate flow and concentrate grade produced at each condition. This analysis shows that the concentrate tonnage flow is strongly correlated with froth velocity whereas the concentrate grade is best correlated using froth velocity in combination with a bubble stability parameter which affects the bubble size distribution on the top surface of the froth. This paper summarises the results from this analysis as well as an overview of the VisiofrothÖ system and the parameters that are measured by the software.

Jan 1, 2007

By L Soares, W T. Hennies, F Fujimur

Barra Bonita reservoir, located in the Sao Paulo State, Brazil, has been mainly used for local navigation and electricity generation to supply a prosper region in the country. Sand mining activities in that area have an important social and economic meaning for the local community. In this reservoir there are several sand mines that produce around 45 000 m3 of sand a month. These deposits were rich in material used as concrete aggregate in the civil construction. However, nowadays a significant increase in the demand of gravel can be observed, representing a serious productive problem. This material hasnÆt been well accepted by the market and, through the years, it was disposed at open sky in piles as waste deposits. This deposits have caused environmental problems like visual impact, reduction of free spaces outside and inside the mine, source of material to erosion and sedimentation processes in lower areas, flooding as a result of the filling up process in the drainage system, among others. For a lack of an appropriate technological characterisation, this material have been mainly used to pavement internal and external areas in the mine, with lower cost associated. With the purpose of evaluate the usefulness of this material in the conventional concrete, there were conducted several tests in the disposed residue including petrographical, physical, and chemical characterisation. The petrographical analysis and the preliminary results of the study showed that the material reacts with the alkalis that are present in the conventional cement (CP-II-E-32). In order to make the application technical and economically possible a research was developed seeking forms to correct this characteristic by adding special cements with high pozzolana content. The results of the technological, physical and chemical characterisation of the products indicated the technical viability of the use of that material. The study also allowed projecting environmental improvements resulting in the elimination of the waste piles.

Jan 1, 2003

By D C. Curry, M F. Young

Many flotation operations need to improve liberation to increase recovery, yet often plant operators are concerned that finer grinding will produce æslimesÆ with low flotation recovery. Yet simple circuits can be designed to give good liberation and excellent fines recovery. The economics of fine grinding has changed fundamentally with new stirred milling processes like the IsaMill. This has also transformed flotation design due to the clean surfaces produced in the inert grinding environment and the narrow size distribution produced by the IsaMill. Past poor experiences with æovergrindingÆ in flotation circuits was often due to the wide size distribution and the degradation of mineral surfaces produced by conventional devices using steel media, like ball mills and tower mills. The correct practice is to design both grinding and flotation together to suit the liberation characteristics of the ore. This may result in several stages of grinding and flotation, recovering mineral as soon as it is liberated, then applying further grinding energy only to those particles that still need liberation. Flotation then occurs in relatively narrow size bands and with minerals with similar liberation characteristics. Though the circuit may look more complex on paper, in reality it is far simpler to operate since each section performs predicably. Circuit design also needs to address materials handling. Finer particles affect froth handling and dewatering, but can still be easily handled by standard products with careful attention to design of launders, pumps and pumpboxes, and de-aeration before thickening and filtering. Excellent examples of designing circuits to include ultrafine grinding include Mt Isa and McArthur River (MRM). In the last decade these operations have produced over ten million tonnes of concentrate with an average grain size below 10 ¦m and above 80 per cent recovery. At Mt Isa, zinc recovery was increased by ten per cent by applying fine grinding to existing poorly liberated streams. In fact, grinding finer in the IsaMill actually improved the recovery of fine particles by ten per cent, and maximum particle flotation recovery occurs for 10 ¦m particles. A more recent example is the flotation of Platinum Group Metals (PGMs). The use of conventional ball or tower milling to improve liberation is severely limited by the impact of commonly associated chromite on classification, and degradation of flotation performance by the steel grinding environment. The ability of open circuit IsaMills to deliver a narrowly sized ultrafine product with clean mineral surfaces is transforming the design of platinum flotation circuits. The science and practice of fine-grained flotation is now thoroughly proven. The availability of the 2.6 MW IsaMill has made ultra fine grinding a practical tool for flotation plant design. It is expected to become a standard choice for future applications of both fine-grained ores and for minerals with difficult flotation characteristics.

Jan 1, 2005

By M Scoble, E Rubio

The re-engineering of manufacturing production systems has demonstrated the benefits from using production information for optimising processes. This paper explores the techniques and issues in the acquisition and analysis of mine production data for tactical decision making in production control. The use of information and operations management tools is presented in the context of block caving studies, with particular focus on the relationship between secondary breaking and LHD production performance.

Jan 1, 2000

Present roof bolting practices in the collieries of Australian Iron and Steel Pty. Ltd. are outlined. Roof support has been improved since introducing roof bolts and it is hoped to increase the reliability of the bolts still further.Expansion-shell, and split and wedge roof bolts five to eight feet long are placed by "Atlas Falcon" and "Fletcher" roof bolters. Both anchorage and tightening have presented some problems.Good panel supervision is required if systematic roof bolting is to be properly co-ordinated with coal production without unnecessary delay to either. Successful roof bolting can only be the product of conscientious men and supervisors who are all convinced of its value. A rigid operational code should be established early and maintained.INTRODUCTIONRoof bolting is a method of support which is permanent and reduces or eliminates the need for other support; The method was pioneered in America and was first experimentally investigated in Australian collieries at Elrington in 1949 (McKensey, 1953). Pneumatic installation methods were employed. Subsequently, a method of using standard hand-held electric coal drills was developed at John Darling Colliery (Horseman, 1954). Pneumatic roof bolting equipment was first operated in the collieries of Australian Ironand Steel Pty. Ltd (A.I. &. S.) in 1951. Since then various hydraulically operated mobile machines have been installed in Australian collieries and these, together with improved pneumatic equipment, form the two present basic methods of placing ,roof bolts. Roof bolt anchorage is achieved by either split and wedge or expansion-shell bolts.The two broad types of roof bolting are 1. consolidation of strata, and 2. suspension support.

Jan 1, 1961

By S Dorrington, J Olsen, N Kinkaid

Several studies have been conducted on the economic analysis of mining near-Earth asteroids for resources for use in Earth orbit. While these studies use detailed economic figures of merit, they often use many invalid assumptions in the trajectory design. Factors such as the energy and propellant requirements are estimated with analytic methods, however, the stay-time at the asteroid and the spacing of repeated launch opportunities are not taken into account. The work outlined in this paper attempts to combine detailed trajectory design methods with newly defined economic figures of merit to improve the economic assessment of asteroid mining missions. The study focuses on asteroid 2014 EK24, a near-Earth asteroid with very Earth-similar orbital properties.CITATION:Dorrington, S, Kinkaid, N and Olsen, J, 2015. Trajectory design and economic analysis of asteroid mining missions to asteroid 2014 EK24, in Proceedings Third International Future Mining Conference, pp 281–288 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 4, 2015

A broker relies heavily on mineral valuations and independent experts' reports to provide the fundamental information, both technical and commercial, which provides the basis of estimating the sharemarket value of securities and underlying assets. It is important to appreciate the significant variance that can occur between the market value and other types of valuation at a particular point in time. In general, most experts' reports and valuations seek to provide estimates of technical/fundamental or ""fair"" value which correspond to the Corporations Law and accounting standards requirements. They do not usually attempt to estimate (stock) market values and it is usually and quite correctly the broker's task to estimate market values on the basis of a technical appraisal and consideration of all other commercial, market and financial influences. Therefore ideally, an independent experts' report or information memorandum will include material relating to commercial and management aspects of a company as well as detailed technical reviews and fundamental valuations. Wherever sensible cash flow projections can be made, cash flow-derived valuations, usually based on discounted cash flow (DCF) calculations, remain the preferred valuation methodology. Brokers in general would not argue with this preference. However, there is a paucity of examples of valuations where alternative methods are applied as a check on the reasonableness of a DCF-based estimate.

Jan 1, 1994

By J Morton

The Resource Management Act 1991 represented an innovative and unique piece of planning and environmental legislation when it was introduced. Since the Act was passed into law in 1991 it has been subject to nine amendments, many of which were of the ætinkerÆ variety. These amendments recognise that the Act has not been as successful in providing the æone-stop shopÆ for resource users that the Act was hoped to be. The latest and most significant attempt at changing the Act was the Resource Management Amendment Act 2003. The amendments made by the Amendment Act have proved to be largely unsuccessful in achieving any significant changes to the way resources are managed in New Zealand, and have failed to address many of the concerns which drove the original Resource Management Amendment Bill in 1999. The recent decision to discontinue further investment in Project Aqua has once again placed the Act in the spotlight as a significant hand-brake on major projects. This particular event has led to yet another review to be undertaken this year. The review will focus on five key areas:   1.   achieving the right balance of national and local interests; 2.   improving the design and process for local policy formulation; 3.   improving the consent decision making process; 4.   allocation of natural resources (water, air and geothermal); and 5.   supporting measures for building capacity and promoting best practice and implementation at the local authority level.  It is important for the business community and the mining industry in particular to seize the opportunity that this review provides to make sure that any amendments undertaken as a result of the review achieve the aims listed above. The review needs to be considered in light of the current regime for the management of natural resources in New Zealand. In addition to the Resource Management Act 1991, the Crown Minerals Act 1991 and the Building Act 1991, which form the core resource statutes in New Zealand, there have been other developments affecting the regime. Special legislation over and above the Resource Management Act 1991 has been enacted to protect the Hauraki Gulf and special legislation is currently being considered to protect the Waitakere Ranges in Auckland. In the Hauraki District mining is prohibited in some areas and a plan change mechanism is specified as the appropriate tool to use in the event a mineral resource is to be developed in those areas. The current review is a further opportunity to remedy the inadequacies of the Act.

Jan 1, 2004