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By Eric Low

Raising capital by issuing debt or equity is necessary in almost every corporation. In the field of corporate finance, the raising of capital is a heavily-studied topic. However, some of what is studied on this topic in corporate finance is not applicable in the mining industry. There are also many financing options that were created for the mining industry such as flow-through shares, prepaid forwards, and royalty sales. The cyclical nature of the industry makes the risk-return profile of financings more difficult to estimate than in other industries. Additionally, the methods used to assess firm value are different than other industries, as the values of orebodies are not included on balance sheets. For precious metals companies, which are a hedge against most other securities, there are additional complications with determining investor expectations and cost of equity. This thesis puts forth a decision-making framework to explain mine financing choices from the perspective of mining companies. The approach is threefold. First, all of the major equity and debt financing instruments available to mining companies are presented and analyzed. Each financing method is assessed on a wide range of criteria. Next, these concepts are applied in case studies of four companies: BHP Billiton, Barrick Gold, Teck Resources, and Noront Resources. For each company, the overall choice of financing methods is shown and analyzed. The effect of financing choices on the weighted average cost of capital (WACC) is calculated. The final section deals with case studies of individual mine finance decisions during the past two years.

May 1, 2011

By J. Álvarez, J. Mesías, C. O. Gómez

"Operations routinely run flotation tests in laboratory mechanical cells to determine adjustments to plant operation based on feed flotation response or the effect of new reagents and dosages. The metallurgical results of these tests are certainly affected by changes in bubble size, which simultaneously impact the recoveries of the collection and froth zones. It is known that bubble size depends on the characteristics and operation of the machine in use, particularly on the gas flow rate delivered to the unit and the selected frother type and dosage. Although flotation rate constants have been related to bubble size, bubble surface area flux seems to be a more fitting variable to correlate flotation kinetics and cell performance, as it integrates bubble size and superficial gas velocity effects. However, although some evidence has been provided, a categorical relationship between cell recovery and bubble surface area flux has not been established. Our interest is to demonstrate this relationship to use it as a basis for developing soft sensors to track on-line collection zone recovery in cells. Flotation tests were designed to produce Cu concentrates for a range of bubble surface area flux values, obtained through changes in frother concentration at a constant gas flow rate, and by increasing gas flow rate at the same frother concentration. The tests were run on samples prepared from an ore batch supplied by a local operation, following strict grinding and flotation procedures, with a shallow froth to approximate cell recovery to that in the collection zone. Bubble sizes were determined using the sampling-for-imaging technique developed at McGill. The results unequivocally showed a consistent positive correlation between cell recovery and bubble surface area flux, and significant variations in performance when frother addition and gas flow rate were changed.INTRODUCTIONMineral flotation is a separation process to produce concentrates of valuable minerals by selective attachment of particles to the surface of bubbles. The process is carried out in machines where air is injected through a mineral pulp to form bubbles, and operated to create two zones: a bottom one (collection zone) where bubbles are continuously generated under conditions adequate to form bubble-particle aggregates by collision of the rising bubbles with suspended particles; and a top one (froth zone) where bubbles and bubble-particle aggregates continue to rise while concentrating and forming a froth layer for water and entrained particles to drain back to the collection zone, before overflowing as a concentrate stream. The phenomena occurring in these zones are complex and, in many cases, interactive, as they simultaneously affect stages of the particle separation sequence occurring in both zones. Although there have been significant advances in instrumentation to characterize particle and bubble populations, these have not resulted in knowledge to explain or models to describe phenomena from fundamental principles. Measurements continue to be limited to the development of empirical models for predicting the effect of operating variables on performance."

Jan 1, 2016

By Walter Durst

On October 16, 1978, the Harnback open cut of Rheinische Braunkohlenwerke, the largest open cut ever planned, was officially put into operation. It will outperform all of the large open cuts known at present, both in its dimensions and in its annual output of overburden and coal. Present plans are to commence coal mining in 1983, although target production will only be achieved in 1995when the annual output will be 50 million tons of coal. Considering an overburden: coal ratio of 6: 1, this will involve the removal of approximately 300 million bank cubic metres of overburden. For overburden removal and coal mining, this open cut will use bucket-wheel excavators exclusively. It is planned to employ eight excavators with a daily output of 240,000 bank cubic metres each (Fig. 1). The transport of the overburden and coal to the dump and the power station, respectively, will be effected by 30Q0-mm-wide conveyors, running at a speed of 6 m/sec. The overburden will be dumped by spreaders having a boom length of 100 m, capable of dumping 240,000 bank cubic metres per day (Fig. 2). Such giants, of course, can only be used for extreme conditions . Their employment indicates that huge quantities of material can be handled economically for long periods. However, the use of bucket-wheel excavators is economic when daily outputs of 5,000 bank cubic metres are involved, in particular if direct backcasting of the overburden is not possible.

Jan 1, 1979

By V. S. Gischig, G. Preisig

Hydraulic stimulation of deep reservoirs is an essential procedure for developing engineered/enhanced geothermal systems (EGS), but also in other Geo-energy contexts. The goal is enhancing permeability to such a degree that fluid flow rates within the reservoir are sufficiently high for an economically productive reservoir. Two fracture stimulation mechanisms are distinguished that may occur concurrently during the hydraulic treatment: 1) During hydro-fracturing (HF) new tensile fractures are propagated from the borehole by means of a fluid pressure overcoming the minimal principle stress d3 plus the tensile strength T0 of intact rock. In case of a pre-existing fracture oriented normal to d 3 , the fracture can be opened by exceeding d 3 only. Fluid injection is performed via small packed intervals for creating a stack of hydraulic fractures. 2) During hydro-shearing (HS), over-pressure induces slip along pre-existing fractures that are favourably oriented in the stress field for reactivation in shear. Such stimulation is usually performed in a large packed interval or in an open borehole. Which mechanism occurs predominantly during stimulation depends on the rock mass structure and in-situ stress field, but also on the orientation of discontinuities intersecting the open-hole section and thus being pressurized. Both mechanisms also differ in how they affect fracture permeability. While permeability gained by HS is mostly irreversible due to rearrangement of asperity contacts accompanied with shear dilation, permeability enhanced during HF reduces nearly reversible after pressurization unless proppant is used to ensure permanent apertures. In this contribution, we critically discuss the pros and cons of both mechanisms regarding efficiency of enhancing permeability and the associated hazard of induced earthquakes based on literature review and numerical modelling. We review literature that reports on how much permeability required for productive EGS reservoirs and how much permanent permeability can be gained by stimulation. We also compile information regarding the degree of seismicity induced during HFor HS-dominated stimulation procedures, together with conceptual studies that reveal characteristics of seismicity associated with the two mechanisms. Many observations and models indicate that HF may have a higher tendency of being aseismic, while felt seismic events are usually associated with HS. Further, we present a hydro-mechanically coupled fracture flow model that investigates, if and to what degree the stimulation strategy can be designed such that one of the two mechanisms is evoked and dominates over the other. It shows that HS may dominate in presence of larger persistent fractures nearly optimallyoriented in the stress field, even if HF is attempted in short packed intervals. The model further demonstrates that stress transfer during HS promotes the development of permeability across an anisotropic layer of the stimulated rock instead of a large volume. Hence, the study sheds light onto the feasibility of creating productive EGS reservoirs in crystalline rock at several kilometres depths.

Jan 1, 2015

By Ellie Condolios

Hydraulic hoisting offers a number ~f attractive features over conventional hoisting methods: small shaft space requirements; great flexibility of layout, including pick-up or delivery of the material at points distant from the mine shaft; low investment and operating costs. However, limited practical experience with this type of hoisting dictates that careful design and, frequently, extensive testing be done by competent engineers before large-scale installations are built. This paper covers the following: basic laws and design criteria for hydraulic hoisting installations; a description of a coal hoisting installation which has been in industrial operation since 1960, with a vertical lift of 600 feet and an annual capacity of 500,000 tons of -3 ~-in. coal; and a tentative appraisal of the process, including cost estimates. THE transportation of solids in water flowing through a pipe-line has, for a number of years, been common practice in dredging, public

Jan 1, 1963

By S. Nafisi

Permanent mould casting may be regarded as a near net shape manufacturing process where simple to very complex shaped engineering components are fabricated with high degree of precision in a metallic mould, In this group, High Pressure Die Casting (HPDC), have attracted more attention because of its production rate, where both liquid and semisolid metals (SSM) can be cast with high degree of precision and versatility. The SEED process, Swirled Enthalpy Equilibration Device, the new process for semi solid metals slurry production route, consists of two steps: The initial step involves extracting specified amount of heat from the molten metal to generate liquid-solid slurry, i.e, mushy structure, followed by drainage of remaining liquid to produce a compact free standing feedstock for rheocasting operation. In this paper, microstructural evolution during the process and some initial casting results of automotive components an also reported.

Jan 1, 2005

By C. E. Baltzer

This paper highlights the electric power situation in Canada, and introduces brief explanation of the salient differences between electrical practice in the United States and Canada. The availability of bask energy in the two countries is touched on, also the hydro versus thermal outlook as applying to Canada. De-v2lopment of thermal-electric power is dealt with in some detail, followed by Canada's thermal-electric power requirements, present and future. The fuel requirements for steam-electric generating plant are assessed on the basis of a survey recently made, and the location and size of the major thermal plant operations are given. Fuel contractual obligations on the part ?of suppliers and consumers are mentioned. Finally, an opinion is expressed in regard to the types of f.uel in ?demand on a regional basis with emphasis on the need for coal in the several areas dealt with.

Jan 1, 1958

By P. C. Sui

Numerical investigation and parametric simulations of the coupled electrical conduction and mass diffusion in the GDL of a PEMFC are reported. The coupled transport is solved using a 2D, "under-the-rib" computational domain for the cathode GDL. The current density on the GDL/catalyst layer interface, which constitutes one of the boundary conditions for the GDL domain and reflects the activation overpotential in the catalyst layer and the ohmic loss in the membrane, is solved iteratively using a novel numerical algorithm. A parametric study is performed to investigate the effects on current density distribution of various operating conditions such as oxygen concentration and membrane resistance, and of design factors such as GDL geometry, anisotropic transport properties, and deformation under the land area. The results show that the current density distribution under the land area can be dominated by either electron transport or mass transport, depending on the operating regime.

Jan 1, 2005

By R. F. Robertson

"Adsorption isotherms of hexyl mercaptan vapour on synthetic sphalerite, zinc sulphide and zinc oxide were de-termined with a gravimetric McBain-Baker micro balance incorporated in the B.E.T. apparatus. Isotherms are given for hexyl mercaptan on synthetic sphalerite at 25°C, 0.5°C and 50°C; on zinc sulphide at 25°C and 1.5°C; and on zinc oxide at 25°C. All these isotherms are sigmoidal, with a definite change in slope at or close to the mono-layer. The amount of mercaptan adsorbed below the monolayer increases almost linearly with relative pressure to P/P0 = 0.8.Above this value, the amount adsorbed increases very rapidly with relative pressure. Hysteresis loops appear in the isotherms for all adsorption-desorption cycles. These loops are completely reversible. It is not possible to desorb the mercaptan monolayer from any of the adsorbents, even at elevated temperatures."

Jan 1, 1966

By O. Lashkari

Manipulation of pouring temperature is an efficient way to produce different microstructural features. In order to characterize the microstructure of rheocast billets due to different superheats of 615-695 °C, the parallel plate compression method was employed. Foundry 356 Al-Si alloy with different morphologies of primary a-Al particles were tested at different initial pressures of 4,8, 11,2 KPa, The resulted strain-time graphs were further treated mathematically to calculate viscosity of SSM billets. The interrelationships of viscosity, the microstructure and primary phase flow during compression are discussed, It is shown that the dendritic primary a-Al structure has the highest viscosity number which is almost three orders of magnitude greater than those for globular morphology, The current research have, for the first time, shown the validity and reliability of "parallel plate compression viscometry" method in characterizing microstructural evolution of Rheocast SSM billets.

Jan 1, 2005

By A. Warczok

The mechanisms and kinetics of copper oxidation and reduction have been investigated in small scale thermal gravimetric experiments as well as in laboratory pilot scale, packed bed reactors. With blister copper flowing gravitationally down through a packed bed of ceramic particles, counter-current to low oxygen containing combustion gases, the rate of oxidation was found to be very high due to the large surface area created. Similarly, reduction by flowing copper through a packed bed of charcoal lead to rapid de-oxidation. Based on these laboratory measurements, fundamental rate data have been obtained. Modeling of industrial sized packed bed reactors using the laboratory results, opened up the possibilities of developing a new, very intensive, continuous process for copper fire refining. The developed mathematical model together with a computer process simulator, allowed for the design of the industrial-pilot installation to be built and tested at the ENAMI Paipote smelter in Chile.

Jan 1, 2007

By J. K. Gowans

The Research and Design group of the Project Development Division (PDD) of Placer Dome Inc. includes metallurgical, electrical, civil and mechanical engineers. They provide metallurgical research and conceptual flowsheet development, feasibility concepts for the processing and ancillary facilities, and manage the detailed design of the facilities once approval has been given to a mining project. This paper describes how this group works, within the Project Development Division, to help develop feasibility studies with the Evaluations Group, manage detailed design, and provide support for the Construction Group. The paper briefly reviews the history and growth of the group and describes how it is evolving. The role of outside engineering firms and how they are incorporated into the division’s objectives are also discussed. The paper highlights the differences between Placer Dome’s Project Development Division and other mining groups, and why this approach fits the way Placer Dome does business.

Jan 1, 1998

By K Komori

Naoshima Smelter and Refinery has treated shredder residue and incinerator fly ash in Japan since 2003. As a highlight, a new incinerating and melting furnace, as well as fly ash washing treatment plant were newly constructed for pre-treatment of shredder residue and fly ash respectively, and the pre-treated materials are ultimately treated in the existing Mitsubishi continuous copper smelting and converting process line. Since wastes such as shredder residue tend to vary in size and in shape, and contain some chlorine, the installation of a new pre-treatment line was required. The combination of the new pre-treatment line with the existing Mitsubishi Continuous Copper Process line has created a highly efficient and environmentally friendly system for recovering and recycling of valuable metals that previously used to be sent to a landfill. This paper reviews the approach that Naoshima took to establish its current recycling business strategy.

Jan 1, 2007

By G Anders

The effectiveness of two types of powder used in long-wall slashing was compared. The evaluation of the results can serve as a good example of how the application of statistical methods to underground test data can help to minimize the number of tests to be carried out. The conclusions are stated concisely, including a definite assessment of the reliability of the tests. Introduction AN assignment at the Algom Nordic mine called for a performance comparison between 70 per cent Cilgel B and 75 per cent Dygel in longwall stope slashing, particularly taking into account, in both cases, the build-up of bootlegs as dependent on hole deviation. Stopes were usually 8 to 10 ft. high and inclined at about 17 degrees. Starting from a raise, they were widened by consecutive longwall slashes to 60 ft., and, al-lowing for drift pillars, were approximately 300 ft. in length along the incline.

Jan 1, 1964

By Philippe Henry

HYDROMETAL is using suitable technology to reintroduce lost metal units into the industrial cycle, thereby saving resources and energy while keeping the environment cleaner. Hydrometal is treating on average 60000 t per year of complex materials through a unique hydrometallurgical recycling concept. Zn, Cu, Sn, and Pb are the most important in volume, but in the last 15 years, Hydrometal has also developed a few specific recycling treatments for the minor metals including Ge, In, Co, etc. In 2010, Hydrometal commenced the recycling of RE (Rare Earths) from wastes generated by the RE refining industry in Europe and has decided to initiate new recycling projects for the RE recovery from the magnet or glass industries. Two case studies of recycling of materials in our integrated hydrometallurgical facility (Hydrométal) in Belgium are discussed: recycling of cerium from polishing sludges; and recycling of Ni- Co from cement produced in the zinc industry.

Jan 1, 2014

By M. Mirnezami, J. A. Finch, M. S. Hashemi A.

This study examined the effects of pH and sulphate concentration on the surface charge and stability of alumina and pyrite dispersions. The relationship between these properties was investigated using measurements of electrophoretic mobility and settling velocity. The maximum aggregation for both minerals was observed near the iso-electric point (iep) where the force of repulsion is at a minimum. Aggregation decreased at pH values away from the iep, where an increased surface charge causes electrostatic repulsion between particles. Zeta potential data revealed that sulphate ions were adsorbed only on positively charged surfaces for both minerals. Adsorption of sulphates on the alumina surface increased aggregation by reducing the surface charge from >+25 mV to close to zero. These results indicate an electrostatic bonding of sulphate ions to alumina surface. Preliminary results on the interaction of pyrite and sulphate ions indicate a similar response.

Jan 1, 2004

By Shuan-cheng Gu

Roof bed separation often occurred due to the deformation incoordination of surrounding rock following the excavation of mine roadway. Bed separation has effect on the bolts, and the estimation of the influence will directly affect the safety of support systems. In this paper, the hyperbolic function model to analyze the load transfer mechanism on the bolts was simplified as the exponential function form for easy calculation. An elastic-plastic analysis model of the bolt loading occurred by the bed separation was established. And the development low that the bed separation affected to the bolt loading was discussed. According to the parameters analysis of different separation values and locations, the influence law of the bolt loading caused by roof bed separation was summarized. Finally, the effects of bed separation were considered for the bolting design, it was able to provide a reference to the anchorage design of stratified rock.

Aug 1, 2013

By J. Schmidt

Cold drawing of copper wire rod is usually combined with an in-line annealing process to adjust the ductile microstructure of the wire again. One important key factor for successful annealing is the quality of the copper itself. Rod producers can check the recrystallization behaviour of the rod by different methods: chemical analysis, Spiral Elongation Test (SEN) as well as the Rapid Elongation Test (AR) are some examples of common testing methods. The comparison of the results of these methods does not always show sufficient correlations. The paper introduces firstly the SEN and AR-Tests and their different approaches to the mentioned task. The second step is to compare some results of the SEN-Test with the results of the AR-Test and identify causes of deviations. Thirdly, the effect of pre-annealing is discussed, which is especially common for wire rod with diameters of more than 8 mm.

Jan 1, 2007

By M. Huang

Electrodeless conductivity was employed to investigate the feasibility of continuous on-line monitoring of the free acidity of sulphate and/or chloride solutions of Cu and other base metals from various hydrometallurgical processes. These solutions were measured with both commercial and experimental electrodeless conductivity sensors from 15 to 250°C. It was confirmed that hydrogen ion has the greatest impact on conductivity by carrying the bulk of the current because it is the most mobile ion. In combination with a solution speciation analysis the conductivity sensor can be calibrated to account for the contribution of Cu electrolytes as well other dissolved salts allowing fast and accurate on-line measurement of free acid. The sensor was tested at both lab and pilot scale with very good performance. The average difference between the measured and the titrated acid concentration was less than 5%, which is excellent for industrial applications.

Jan 1, 2007

By O. -J. Siljan

"Refractory materials are an integral part of aluminium production. One special feature of aluminium making is the prominent role of sodium in all parts of the production process. This presence of sodium inflicts stresses on the refractory materials through reactions and may cause severe damages to the refractory linings. The present paper address possible reactions between sodium and refractories in anode bake furnaces, electrolytic pots and casting furnaces. The discussions presented in the paper points to the importance of selecting materials with excellent alkali resistance in all parts of the aluminium making process, although alkali resistance is not the sole parameter to determine refractory life-time. ""Acid"", i.e. silica-rich alumino-silicate refractories are shown to be the best materials for aluminium electrolysis cell potlinings, whereas high- alumina refractories based on minerals like andalusite seems to be the preferred choice for anode bake furnaces as well as cast house furnaces."

Jan 1, 2004