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By R Schmitt, Y Ghorbani, I McElroy, N J. Bolin, M Parian

Aitik is a large copper porphyry type deposit located in northern Sweden, currently exploited at an annual rate of approximately 45 Mt. The ore’s exceptionally low head grade of 0.25 per cent Cu and varying degrees of hardness across the entire deposit pose challenges to the two fully autogenous grinding lines, each of which comprises a primary autogenous mill in series with a pebble mill. The variability in ore grindability frequently leads to fluctuations in mill throughput. Within the framework of a geometallurgical approach, the present study investigated the relationships between ore grindability and modal mineralogy. For this purpose, drill core samples from different lithologies were subjected to Boliden AB’s in-house grindability tests. This fully autogenous laboratory-scale test generates a grindability index mainly related to abrasion breakage, which is a significant breakage mechanism within autogenous mills. The test results suggested divergent degrees of grindability within and across the selected rock types. A combination of scanning electron microscopy, X-ray powder diffraction, and X-ray fluorescence analyses was performed for the grinding products and bulk mineral samples. The resulting mineralogical and elemental properties were subsequently correlated to the parameters from the grindability tests. It was shown that the main mineral phases, such as plagioclase, quartz, and micas, correlate well with the grindability indices. Similar correlations were found regarding the sample’s chemical composition, attributable to the main mineral phases. A further inverse correlation was established between the sample’s calculated average Mohs hardness and the grindability indices. Moreover, mineral liberation information provided by scanning electron microscopy was associated with the parameters mentioned earlier. The identified relationships between grindability, modal mineralogy, and element grades may help Boliden develop a predictive throughput model for Aitik based on the mine’s block model.

Aug 24, 2022

By N Clarke, A Barros

Preconcentration of run-of-mine subgrade and marginal ore by screening has the potential to substantially improve the economics of mining, particularly for large, low-grade orebodies, and to reduce environmental impacts. It has recently been the subject of a major research effort by a joint public-private research body, CRCORE. Yet despite this, there appears to have been only one fully commercial installation, at Bougainville Copper Limited in the late 1980s. Two reasons for the limited application are that not all ores have suitable properties and the economics of all pre-concentration processes on low-grade materials are highly sensitive to the precise balance of mass and value recovery and to the pre-concentration process cost, including materials handling. These factors make it imperative to have good test data on the process response of feedstock across the orebody. Collecting that data presents major challenges, which differ for green and brownfields operations. This paper first discusses the approach to preliminary evaluation developed by CRCORE, which relies on testing of coarse rejects or drill chips available from exploration drilling programs. This method is an efficient first step in evaluating an orebody which is deemed geologically to be potentially amenable to screen upgrading, but it does have limitations and must be followed by larger scale work. A suite of methods have been developed by the authors as a result of test work since the 1990s on several projects, supplemented by published data, which aim to provide statistically robust data at lower cost than large scale bulk sampling tests. For greenfields projects, the upgrade response measured on material crushed to -53 mm has been found to correlate closely with ROM ore, with no scale-up required for material with upgrade responses in the range of commercial interest. Large diameter whole drill core, such as PQ, is expected to be suitable for this method. As drilling such core is costly, the aim should be to establish relationships between upgrade performance and proxy measurements such as multi-element chemical or hyperspectral analyses. This approach was successful at the Gramalote gold project in Colombia. The method is not applicable for ores with thick vein material comparable with the crush size, but such material is not suitable for upgrading by screening and would be eliminated by the preliminary testing. For brownfields projects where blasted material can be sampled, the upgrade response can be accurately measured by sampling only the finer fraction of the ore, selecting a top size which represents 30–50 per cent or more of the ROM size distribution. This is likely to be between 50 and 100 mm. The much finer size compared with the full ROM ore greatly reduces the sample mass required to achieve a given intrinsic sampling error and enables sample preparation to be undertaken with large-scale laboratory equipment rather than mobile crushing plant. The accuracy of the method can be improved by measuring the approximate mass of oversize rejected during sampling. Some ores do show a systematic deviation from the assumed model fit which results in this method slightly underestimating the upgrade response, and it would therefore still be recommended to take one or two full bulk samples to confirm results before a final investment decision.

Aug 24, 2022

By R Brake

The Enterprise Mine (EM) is located at Mount Isa and is wholly owned by Mount Isa Mines Limited (MIM). This high-grade copper mine extends from about 1000 m below surface to almost 2000 m below surface. A recent $400 million upgrade has taken the operation from a production rate of 1.3 Mtpa to a capacity of 3.5 Mtpa. The effects of high surface ambient temperatures in summer, combined with the depth of the mine and high virgin rock temperatures results in heat stress in the working place that, without intervention, would exceed the levels that human physiology can withstand. It would also result in significant decreases in productivity and high accident rates even where work is possible. Moreover, with a very hot and deep mine, the needs of æegressÆ and entrapment of workers during a mine emergency must be carefully considered. Enterprise Mine has taken a æsystems approachÆ to the issue of working productively, healthily and safely in heat. This involves setting limits of thermal stress for workers, understanding productivity decrements when working in heat, establishing productive and healthy environmental targets, developing engineering solutions to meet these targets, creating a well-educated workforce with respect to working in heat and then developing health protocols to ensure workersÆ health is protected. Refrigeration must be added to the mine to provide acceptable and productive conditions underground. By the time the mine is commissioned in 2000, Enterprise mine will have an installed refrigeration capacity of in excess of 40 MW(R). The ventilation engineering principles proven over many years at the other Isa underground mines are tailored to æfloodingÆ the mine with air to remove the heat, which is the main contaminant. This principle will not work at the Enterprise Mine, for reasons discussed below. With the underlying ventilation principle no longer satisfactory, a complete review of the entire ventilation principles and engineering solutions was required for the Enterprise Mine.

Jan 1, 2000

By C Adams

Reports of delays and cost blowouts in major study and construction projects are becoming increasingly prevalent in the resources industry. This is mainly being attributed to an escalating cost environment associated with the increased number of projects in the development to construction pipeline and a scarcity of competent skilled resources to deliver these projects. However, not all this effect can be directly attributed to the current environment. Historically the mining industry has not performed well in its ability to deliver projects according to the financial and physical parameters forecast in the feasibility study process. To manage the risks associated with delivery of major projects, resource companies need to ensure they use a standardised approach to management of their project development to satisfy project objectives and enable more efficient use of the increasingly limited available resources. Each discrete step in advancing the project from scoping study to operations needs to be integrated, reducing the amount of rework and duplication. This paper is primarily a consolidation of existing ideas on project management systems but also introduces new concepts to solve current issues. It describes the basic components of a typical mining project, the issues that commonly arise, the key attributes, and critical steps required for an effective integrated project management system covering projects from initial scoping studies through to project commissioning and operation. This paper focuses on technical study components of the mine development project with allowance for transitioning to design and construction and operation phases.

Jan 1, 2006

The JORC Code contains a mandatory classification system for Mineral Resource and Ore Reserve estimates for public reporting. The classification is a statement of the Competent PersonÆs confidence in the estimate and an attempt to convey that confidence to the various users of the resource estimate. In general the classification process is either largely subjective, relying on the Competent PersonÆs experience, or relies on statistical measures derived from the estimation process, or is derived from an estimated level of confidence in the outcome. However, the statistical measures may not necessarily relate to the overall confidence in the resource or reserve which must take account of the confidence in the geological inputs to the estimation.In addition to the traditional deterministic interpretation and estimations adopted by geologists, semi-quantitative techniques are now available to improve the estimation of confidence while continuing to involve the Competent PersonÆs experience in the process. Methods for quantifying confidence in mineral resource estimates for advanced projects and operating mines have also been developed.Classification is undertaken primarily as a communication tool between the estimators and the other stakeholders in the process. A brief examination of the stakeholdersÆ requirements is included.

Sep 26, 2011

By G Smart, D Ward, J Grace

Ridgeway Gold Mine is part of Cadia Valley Operations which is wholly owned and managed by Newcrest Mining Limited. It is an underground sublevel cave (SLC) operation mining approximately 5 Mt per annum. Ore control systems at Ridgeway have been designed to deliver gold and copper metal production through focussing on the ore characteristics that impact on mine and mill performance and ultimately metal delivery. This is achieved using data collection and management systems which allow data to be collected digitally with æat captureÆ validation routines. These data form the basis for forecasting and on-going systems analysis which aim to accurately assess local in situ and drawn ore characteristics. Physical attributes of ore such as draw characteristics, brow conditions, visual grade estimates and draw point sampling are routinely recorded. Ore tracking and accounting systems monitor gold and copper grades, copper mineralogy, host lithology and ore sizing. These factors have material impacts on concentrator throughput and metal recovery. Draw point recovered grades are routinely reconciled back to design data to monitor and assess draw performance. Statistical variance controls are also employed to analyse mine and plant performance and guide actions.

Jan 1, 2003

By P M. Hancock

The West Coast contains one of the world's giant placer gold deposits with production since the 1860s totalling some six million ounces (present day value NZ$ 3.6 billion). The deposits have been worked variously by hand, ground sluicing, hydraulicking and/or elevating, blocking out, deep leading and bucketline dredging. Since the sharp gold price rise of 1979 - 1980 gold production has increased steadily (in spite of the closure of the Kaniere dredge) to some 30 000 ounces (933 kg) in 1984. Production is primarily from some 100 medium scale mining, operations treating 50 - 200 000 m3 of auriferous late Pleistocene fluvial gravels year. In spite of their economic value the deposits remain only poorly investigated and many fundamental questions relating to the origin and formation of the deposits remain unanswered. This paper attempts to describe the geology of the deposits and outline a genetic model for their formation, and then discusses some of the economic aspects and current limitations and opportunities of the growing alluvial gold mining industry of the region.

Jan 1, 1985

By R G. Richards

The Australian glass sand industry produces some 2.8 million tonnes per annum of silica sand, of which about 2.0 million tonnes are exported and the rest is for the domestic market. Approximate production rates for each Australian state are listed. The variety of processing methods used in the currently exploited deposits reflects the size, location, and characteristics of the various deposits and the requirement of the end market/s. The industry uses to a large extent equipment developed for the separation of mineral sands, particularly as it applies to low grade heavy mineral deposits, where low cost, high capacity and metallurgically efficient equipment has proved eminently suitable for the production of the low value glass sands. The requirements of the domestic market, as well as those of the present and potential export markets are discussed covering quality requirements, distribution channels and other factors critical to success.

Jan 1, 1990

By T Day, I G. Robertson, G J. Lyman

"Various approaches are used in the industry for establishing procedures (sample mass estimation and method of subsampling) for sampling and analysis of gold ores. The key factors that determine the accuracy of the results that can be expected for a given set of procedures are widely misunderstood.Recent developments in sampling theory show that the estimation of the accuracy that can be expected for a given gold ore as a function of sample mass is actually a simple matter. For a given sample mass, the accuracy that will be achieved depends only on the grade of the ore and the range of masses of the grains of the gold in the ore. This, of course, demands that a reasonable estimate of the distribution or spread of gold grain masses in the ore be known. But this is something that should be known if the gold is to be efficiently recovered in the processing plant.This paper provides a simple explanation of the real facts about sampling of gold, either in the field or in the plant, and provides results for a number of cases of combinations of fine and coarse gold in an ore. The prerequisites for accurate gold sampling are:correct sampling with no loss of sample or contaminationsample preparation procedures that recognise the impact of the gold grain mass spreadpractical analysis of the sample masses required to provide acceptable accuracy.Issues of corporate governance are also discussed.Citation:Lyman, G J, Robertson, I G and Day, T, 2016. The Simple Facts about Sampling Gold Ores, in Proceedings 13th AusIMM Mill Operators’ Conference 2016, pp 159–172 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Oct 10, 2016

The Rio Tinto Iron Ore group currently estimates grade attributes for mineral resources using ordinary kriging (OK). OK produces a smoothed globally unbiased estimate, but does not capture local variability, which can have significant impact on mine planning and scheduling. The dimensions and the multivariate nature of iron ore deposits make point simulations of whole deposits impractical. With a direct block simulation method the size and speed limitations of point simulations can potentially be overcome, resulting in a viable method for capturing local variability and for providing risk measures into the mine plan and schedules. Some iron ore deposits are highly folded (post mineralisation) and require preprocessing using an unfolding algorithm to properly define the continuity parameters and directions of anisotropy before simulation can proceed. Block co-simulation proceeds in unfolded space and since mine planning require a block-model with regular block-sizes; a regular block-model is unfolded first. This paper discusses a block co-simulation approach that can be used to simulate the irregular blocks resulting from the unfolding process. A section of an iron ore deposit is used for testing the block co-simulation algorithm and the simulation results are compared against the Isatis direct block simulation method. Available blasthole data is also used to validate the behaviour of the block co-simulation algorithm.

Sep 26, 2011

By J K. Claflin, S R. La Brooy, A M. Claflin

Rotary kilns have been in service in the gold industry to regenerate carbon for 65 years. At the time oxide ores with gold head grades of 8 to 10 g/t were being treated. Carbon could be regenerated adequately at 650°C and solution losses were less than 1%. Forty years ago, research indicated that heavily fouled carbon from flotation circuits had to be held at 750 to 850°C for ten to twenty minutes for full reactivation (Avraamides and La Brooy, 1987), gold head grades were typically 5 g/t and solution losses typically 0.02 ppm – still less than 1%. In 2017 it was determined (Claflin et al., 2017) that a residence time of less than 1 minute at 750°C can be adequate to reactivate carbon fouled with organics sufficiently to achieve 0.005 ppm solution losses in a flotation tailings leach plant.With the potential for discovery head grades to drop below 0.6 g/t, solution losses of 0.02 ppm represent over 3% loss. Tight operation of the whole carbon circuit is required to keep gold solution losses below 1% going forward.There are alternatives to a rotary carbon kiln, e.g. vertical kilns of which the Minfurn, Rintoul and Combustion Air kilns are examples. The alternative kilns can be heated using electrical heating elements, induction, and microwave. These kilns can operate successfully under the right conditions, however, they are almost exclusively for small carbon throughputs and are not suitable for the large carbon advance rates that are required to process low head grade ore deposits. Large throughput carbon kilns are are almost exclusively fossil fuel fired rotary kilns and the subject of this paper. In the view of the principal author, a fossil fuel fired vertical carbon kiln is preferred to a rotary kiln, however, it is not currently used in the industry.Thermal regeneration of activated carbon has a major impact on gold recovery in the carbon circuit. The carbon kiln and associated equipment constitute 3 to 5% of the capital cost for an oxide processing plant and up to 10% of the capital cost if flotation tails are leached. Despite the capital cost and impact on recovery, the carbon kiln is often poorly selected, operated and maintained.Six years ago Ausenco embarked on the Carbon Kiln Initiative to reduce solution gold losses. This body of knowledge has been published in a series of papers culminating in this paper on how to:1. Select a kiln appropriate for the flowsheet;2. Maintain the kiln to achieve design operation; and3. Operate the kiln to minimise costs and maximise reactivation.CITATION:Claflin, J K, La Brooy, S R and Claflin, A M, 2018. Carbon kiln selection, operation and maintenance, in Proceedings 14th AusIMM Mill Operators' Conference 2018, pp 251–274 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 29, 2018

By Mahyera A, Sakashita B, Ahmed U, Abou-Sayed AS

Gas in U.S. coals is primarily composed of 90 to 99 percent methane and up to 10 per- cent carbon dioxide. In composition and heat- ing value, this coal-bed gas is similar to natural gas and can be introduced directly into commercial pipelines after standard condition- ing. The high permeability cleat system in the virgin coal can be exploited in order to drain the coal gas well in advance of mining. Two premining drainage methods have been extensive- ly evaluated in the U.S.; they are 1) horizon- tal boreholes collared from within the mine, and 2) vertical drilling from the surface with fracturing. Limited-size fracture treatments are advocated in order to prevent potential roof damage and the need for added support. An engineering approach to predicting gas flow for different drainage techniques near mining locations is presented. Results can be used in design, i.e. pipeline, compressor. Coal gas drainage from a horizontal borehole and a treated (contained fracture) vertical well for a 6 foot seam have been evaluated. Based on these results, it was concluded that selection of gas drainage techniques will depend primar

Jan 1, 1982

The Archaeozoic Willyama Complex at Broken Hill has suffered several periods of deformation and metamorphism. New structural and petrological information together with that available from the literature gives a picture of the metamorphic evolution of the Barrier Ranges. Several epochs of metamorphism are recognized, and potassium-argon dating of minerals has been applied with limited success to the resolution of these epochs.INTRODUCTIONAdvancements in the mineral industry at Broken Hill over the past eighty years have been accompanied by a continual striving towards increased understanding of both the geological history of the Barrier Ranges and the environment of the Broken Hill ore deposits. However, although many detailed studies of selected localities and particular-aspects of Broken Hill geology have been carried out recently, the regional geology of the Barrier Ranges as a whole has received little attention from a petrological viewpoint since the pioneer investigations of Mawson (1912) and Browne (1922). There still remains a great need for regional surveys combining field studies of the habits, structures and outcrop relationships of the various rock types with laboratory investigations of their chemistry, mineralogy and microscopic ,fabrics. Recording observations arising from three brief visits to the Broken Hill area during 1959 and 1963 may stimulate further surveys.During one of these visits, the generosity of the Zinc Corporation Limited in providing field transport and geological guidance enabled the writer to collect material and study field relationships and appearance of the various rock types at numerous localities covering most of the Willyama outcrop. A complete study has not been conducted...

Jan 1, 1963

Lower Miocene Maryville Coal Measures at Waitewhena Coalfield, in the Taranaki coal region, include seams of sub-bituminous coal up to 4 m thick. During coalfield exploration Fletcher Challenge Ltd drilled ten cored holes, all of which encountered at least one seam. Coal quality is variable. Ash ranges from six to 12 per cent and sulphur from 0.5 to three per cent. A basal seam, overlying the Lower Mokau Sandstone, appears to extend throughout the area under investigation. A rider seam, of variable thickness, closely overlies the main seam in most drillholes. The rider converges with the main seam to the north and vertical trends in coal properties suggest that the seams are united in some locations. A less extensive seam sometimes occurs at the top of the coal measures beneath the Upper Mokau Sandstone. The lithostratigraphy of the intervening coal measures is complex, and coexistence of fluviodeltaic, lagoonal/lacustrine, and marine depositional environments is provisionally inferred. Lateral variations in coal properties (clastic derived ash, volatile matter, inertinite, hydrogen), thickness of the sedimentary parting between the basal seam and rider, texture of the coal measure sediments, and distribution of the upper seam all indicate persistence of a relatively low lying northeast-trending zone which may have been structurally controlled. Available data indicate that coal measure accumulation was terminated by marine transgression from north to south.

Jan 1, 1987

A key driver to the success of a tunnelling project (the project) is the management of hydrogeological risk. The hydrogeological risk, if not managed, may cause significant impacts on the overall performance of the project. Impacts may include groundwater quality impairment due to contaminant transport and acid drainage from disturbed geology to groundwater, and groundwater lowering. The groundwater lowering and quality impairment may cause tunnel failure, with consequences such as injury to humans, as well as reduced property and environmental values, potentially costing millions of dollars to sponsors of the project. Depending on the nature of the contaminants and level of hydraulic connection of bedrock fracture along the length of tunnel, the contaminant transport may reduce structural strength of the tunnel due to corrosive action of contaminants such as acid drainage. The groundwater lowering can lead to varying degrees of ground settlement, posing threat of tunnel collapse. The management of hydrogeological risk includes:detection of potential pathways for contaminants into and around the tunnel,identification of factors responsible for the lowering of groundwater, and development of strategic measures to control groundwater lowering and contaminant transport. The paper presents an in-house hydrogeological risk management model named Vedanta-THRM (tunnel hydrogeological risk management). The model uses Risk Management Standard AS/NZS 4360:2004 (Standards Australia, 2004), Pressure State Response framework developed by Organisation of Economic Cooperation and Development, and Interaction Matrices. The Vedanta-THRM identifies important characteristics, processes and events of potential hydrogeological risk and develops control measures for managing hydrogeological risk throughout the life cycle of the project. The Vedanta-THRM was applied for a project in the early stages of planning and found to be useful in assessing, evaluating and reducing the hydrogeological risk in a managed approach that potentially increased the performance of the project. The application results also provided management options for use by project sponsors and insurance industry, which included tunnel risk financing options and options for equity investors to choose among various returns under different tunnel credit ratings.

Jan 1, 2008

The structure and tectonic setting has had a strong influence on gold mineralisation at the Porgera gold deposit. Here, the structural controls on the mineralisation at Porgera are discussed and placed in a regional tectonic context. The Porgera gold deposit is related to the emplacement of the Porgera Intrusive Complex. Prior to intrusive emplacement at Porgera,Papua New Guinea was affected by a major fold and thrust episode which occurred in response to arc-continent collision in the Late Miocene. After crustal shortening the region experienced a relaxation of compression which is expressed in the deformation accompanying mineralisation at Porgera. The first stage of mineralisation (stage I) is hosted by extension fractures, and is spatially associated with exposed intrusive stocks. A later episode of mineralisation (stage II) is hosted by the faults and fractures of the Roamane Fault Zone, which was active as a dip-slip normal fault during stage II mineralisation. Therefore a change in the tectonic environment from shortening to extensional tectonics can be seen at Porgera before and during mineralisation. Rapid fault-slip during stage II mineralisation may have aided high-grade gold mineralisation by subjecting hydrothermal fluids to changes in pressure, temperature, fluid-fluid and fluid-rock interaction. Uplift to form the highlands of Papua New Guinea occurred after mineralisation and was largely complete by 4.0 Ma.

Jan 1, 1995

Early in 1940 the development and sampling programmes in hand on the North and British Sections of North Broken Hill Limited were such as to necessitate the drilling of a large number of drill holes ranging up to about thirty feet in length. On the British Section, one purpose was to test the existence, width, and value of narrow lodes believed, for geological reasons, to occur in the walls of the existing workings. Another object was to definitely disprove the existence of payable shoots of ore in certain largerhodonite and quartz-garnet ("garnet sandstone") pillars which had been formerly left as unpayable.On the North Section, the main purpose of the short holes was to delineate the ore-body boundaries by drilling laterally from drives in ore, and thus enable level layout to be planned in advance of sill stoping. It was also desired to test the walls of stopes in those portions of the mine where the economic limit of mining is not rendered obvious by a clear-cut wall, but should be determined by assay. In these latter cases it was hoped to eliminate "prospecting by stoping," a procedure by which any doubts as to the existence of further good ore behind the low-grade walls were settled by continuing to stope laterally until all chance of such an occurrence was removed.LONG HOLE ROCK DRILLINGFollowing an investigation of recorded instances of similar practice elsewhere it was decided to use the rock drill for a series of trial sample holes. A 3-in. drifter was used. This was selected from those in use underground, and was given a special overhaul; had a new machine been purchased, a 4-in. type would probably have been obtained as being more suited to the work. The rods were H in. hollow round steel with a type "1" Jackrod thread. Couplings were of chrome steel, and were H in. in diameter, and 2 in. long. Jackbits (type "1" thread) in sizes from 2 in. to 4 in., with 1-in. gauge changes, gave a range of nine bit sizes. They were resharpened by hot milling, and were not milled to a definite gauge size.After sharpening, bits were sent underground without sorting into sizes, the drillers selecting the next bit with callipers. In view of the small scale of operations, it was not considered worth while to adopt special measures, such as the cold grinding of bits, which might have given a better product. Later, however, new bits were used exclusively, the idea being to accumulate enough blunt Jackbits to warrant a thorough treatment of the sharpening...

Jan 1, 1941

In the early stages of opening up a mine, when there is some uncertainty as to its future career, necessitating caution in laying out works of a permanent character, the want is often felt of an assay furnace, easily built and easy of transportation, should the" mine " prove to be " no mine." Again, cases occur in which parties buy the right to treat comparatively small heaps of tailings, and then shift their plant to other localities. Under these circumstances it is necessary to restrict the plant to the barest necessaries, to suit, so to speak, the nomadic character of the work.An assay furnace that is really portable, easily transported, erected, taken down, of little weight, always ready for action on short notice, is indeed in these cases a desideratum which has long been wished for. The gasoline furnaces introduced intothe Australian market some time since practically fulfil these conditions; but they have the fatal drawback of being dependent on a constant supply of the liquid fuel, gasoline, which is seldom, if ever, obtainable locally in' any wayback mining township...

Jan 1, 1904

By G J. A Dewar

The Australian Corporations Law generally requires Independent Expert Reports to be presented in support of capital raising or in defence of mergers and takeovers. The introduction of the VALMIN Code in 1995 (and its recent revision issued as the VALMIN Code, 1998) made Assessment and Valuation Reports in these circumstances much more comprehensible than before because of its key requirements for transparency and materiality. By forcing the Independent Valuer to provide an explanation of the reasoning behind the estimation of a particular resource asset, VALMIN allows the reader to clearly see any error or illogicality in the valuation methodology used and to seriously question or even reject the resulting value. Even though many elements of resource asset valuation practice are undeniably subjective, there must be some basis of objective rationality to it. Independent resource asset Valuers are the essential link between mineral explorers/miners on the one hand and brokers/analysts/fund managers/investors on the other. The minerals and financial industries both expect them to not use inappropriate or invalid valuation methods and illogical steps within these methods. This paper examines some of the less sensible ways in which some of the main techniques that Valuers commonly use to assess the fair market value of mineral properties have been applied in recent instances. The authors hope to discourage the adoption or perpetration of the æWhat-number-did-you-have-in-mind?' approach. It is MINVALÆs view that as many methods as possible should be used in any resource asset valuation. If any of the resulting estimates are in approximate agreement (particularly if they were derived using the less subjective of the available methods), ie if they cluster, they are probably more persuasive as being the Preferred Value of the asset than outlier values within the Valuation Range.

Jan 1, 1999

One of the important directions of further increase of quality and efficiency of control of mining companies and branches is the creation of the operation and development monitoring systems of such facilities. The main purpose of these systems is to provide managers with reliable and timely information on the current state and typical tendencies of operation of the facilities under control. However until the present time no scientific and methodical ground for system monitoring of the mining companies and branches has been created. Therefore, the authors of the report have aimed to assess the current situation with regard to the researches in this field and to do analysis of the most important aspects and ways of solution of the issue under consideration.

Dec 6, 2010