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By Kathryn L. Neale, Derek L. Mulligan, Robin E. Goad, Norman A. Duke, A. Hamid Mumin, W. John Camier

"Abstract - The NICO and Sue-Dianne deposits are being explored and delineated by Fortune Minerals Limited in the Mazenod Lake District of the Northwest Territories, using an Olympic Dam model. The deposits were discovered in the south part of the Great Bear magmatic zone (GBMZ) within the Proterozoic, Bear Structural Province of the Canadian Shield. They are the only known significant Canadian examples of Proterozoic iron oxide-hosted polymetallic deposits. Worldwide, this class includes such deposits as Olympic Dam and Ernest Henry in Australia, Kiruna-Aitik in Sweden, and Salobo in Brazil. Their considerable size, up to 2 billion tonnes, and polymetallic ore assemblages make them highly attractive targets for exploration. Common characteristics of this class include their Early to Middle Proterozoic cratonic settings with extensional rifting evolving from collisional tectonics. Deposits typically occur along major structural lineaments within the aureoles of a distinctive suite of anorogenic potassium-rich "A-type" granite intrusions. Although hosted by diverse lithologies, deposits of this class are characterized by a number of other diagnostic regional- and deposit-scale features, which may be recognized in reconnaissance- and propertyscale geological and geophysical surveys.The southern GBMZ in Canada has several characteristics (age, tectonic setting, geology and geophysical attributes) similar to those of the Olympic Dam deposit and its other significant global analogues. Airborne and ground geophysical surveys carried out in the GBMZ identified coincident potassium, uranium, magnetic, resistivity, chargeability, and gravity anomalies centered over the NICO deposit. The nearby Sue-Dianne deposit is characterized by coincident uranium, potassium, magnetic, resistivity and chargeability anomalies. Both deposits occur within a regional, northweststriking, arcuate trend of volcanic and sedimentary rocks characterized by significant positive Bouguer-gravity and magnetic responses and are believed to represent a major basement discontinuity. The NICO anomalies are at the intersection of this regional trend with a major transverse fault through Lou Lake. Regional and local geophysical data indicate the presence of significant concentrations of iron oxide within a broad area of intense potassium metasomatism. Geological mapping identified cobalt, gold, bismuth, and copper mineralization in biotite-magnetite-amphibole-sulfiderich ironstone and schist. This mineralization is localized within altered wackes of the Snare Group, which are unconformably overlain by potassium feldspar- (±hematite ±magnetite) altered rhyolite of the Faber Group. The Sue-Dianne deposit is a hematite-magnetite-Fe-silicate-cemented diatreme complex enriched in copper, silver, gold, and uranium within a broad zone of potassium, iron, quartz, and epidote metasomatism. The diatreme is located at the intersection of two major faults at the north end of the basement discontinuity and is hosted in rhyodacite ignimbrite marginal to the Faber Lake rapakivi-granite pluton. At both deposits, diatreme- and maar-facies iron oxide-cemented breccia straddle the regional metasedimentary-volcanic unconformity, suggesting that mineralization formed in a near-surface environment synchronous with the onset of volcanism."

Jan 1, 2000

By J. Oré

An alternative method for dewatering slurry (tailings) is the use of geocontainers (MacTubes). The practical application of this work was carried out in the concentrator plant of the Raura Mining Company, located in the occidental mountain between Huánuco and Lima in Peru?s central highland. For the development of the research, the MATLAB R2012a software MGeST (v. 1.0) was used (Slurry Geocontainer Maccaferri Treatment). MGeST is used for sizing MacTubes, which allows determination of the most important design parameters, such as height (H), filling residual pressure (P1O ), strength of geosynthetic (T), and dehydration height. Compared with GeoCoPS v. 3.0, there is a maximum difference of 3% between the results obtained. The tailing to be treated in the MacTube have a specific weight of 11.62 kN/m3. After several tests it was determined that a MacTube of an apparent opening size of 0.22 mm was required for this specific weight.

Aug 1, 2013

By B. Stimpson, K. Kosar, K. Barron

"A number of high wall failures have occurred in some of the Alberta coal strip mines of a type called by the authors ""Multiple block plane shear slope failure "". They cause rapid deterioration of the dragline bench, reduced productivity and maintenance costs.The failures are invariably associated with the presence of almost horizontal (± 5 degrees) bentonitic clay bands in the overburden, often immediately above the coal seam, and regress behind the slope as a series of tension cracks which isolate detached blocks. As many as 17 sets of cracks have been observed, at lateral distances in excess of five times the slope height from the toe.The theory of this mode of failure is presented and a limiting equilibrium computer program which will produce deterministic or probabilistic (Monte Carlo) solutions is briefly described. A case history of one such failure is documented. It is shown that the extent of the regressive failure is exceedingly sensitive to the water table elevation, leading to the conclusion that drainage, if practical, represents the best control strategy. IntroductionA number of high wall slope failures are occurring in some of the coal strip mines in Alberta of a type called by the authors ""Multiple block plane shear slope failure""(I). These failures cause a rapid deterioration of the bench from which the dragline operates, reduced productivity, and necessitate conregresses into the slope as a series of tension cracks and detached blocks. As many as 17 prominent cracks or crack zones have been observed, the last being in excess of five times the slope height distant from the toe.The block between each pair of cracks must be at limiting equilibrium, i.e. the factor of safety equals one. This condition can be used to determine the locations of the cracks which develop in sequence behind the face."

Jan 1, 1986

By Kevan J. R. Ford, Chris A. Fleming, Robert D. Henderson

"Kinross Gold Corporation’s Maricunga mine in Chile presents an ideal opportunity to apply the SART process to a heap leach operation. Given increasing levels of cyanide complexed copper in current pregnant solutions from Maricunga heaps (over 300 ppm Cu), there is a need to reduce these levels and decrease cyanide consumption and cost. Additionally, a means of disposing of this copper is required, preferably as a saleable product. The well published SART process applied to gold-copper cyanide solutions was selected as it allows rapid precipitation of cyanide soluble copper as a relatively pure copper sulphide. The process also allows effective recovery and recycle of cyanide back to the heap leach operation.This paper reviews the SART process chemistry and presents a summary of SART bench-scale and pilot plant testwork completed by Kinross. Key design parameters and engineering aspects of the proposed plant at Maricunga are discussed. SART plant operating costs and net revenue analysis are included and illustrate the compelling economics of installing a SART process plant. INTRODUCTIONMaricunga OperationCompañia Minera Maricunga (CMM), fully owned by Kinross Gold Corporation, operates the Maricunga mine (formerly Refugio) which is located 120 km due east of the city of Copiapó at an elevation of 4,200m above sea level in the Andes mountains of northern Chile. Figure 1 shows a map of the location of the Refugio mine relative to other gold and copper mines in the region."

Jan 1, 2008

By Robert Boyd

The Diamond Markets ? Supply has continuously increased over the past 25 years ? However, global supply is expected to drop by 1 to 2% by 2015 ? Demand Driven Market ?Demand is expected to grow 3% annually through to 2015 ? Supply Squeeze Anticipated (2010 to 2015) ? Consumption is exceeding rate of discovery, mine development and reserve replacement ? These fundamentals are driving increased capacity and production at existing mines in South Africa, Botswana and Russia and new areas such as Canada ? Canada is now the third largest diamond producing country in the world ? These fundamentals are also driving record levels of exploration expenditures throughout the world with particular focus on Africa and Canada

May 1, 2006

By V. I. Lakshmanan

Process Research ORTECH Inc. (PRO), with its in-depth knowledge on cobalt behaviour in nickel matte smelters and its novel mixed chloride hydrometallurgical processing, is developing a hybrid process to enhance cobalt recovery. PRO’s experimental data is compared with plant information on cobalt behaviour in smelters. In final stages of iron rejection in the converters, the thermodynamics of the matte-slag system dictates the undesirable transfer of the cobalt to the final converter slags. This results in much lower cobalt recovery in the product Copper/Nickel matte (<60%) in present copper and nickel smelters. This information is used to transfer cobalt into desired quantity of converter slag. The enriched cobalt slag is subjected to PRO mixed chloride process to recover nickel, and cobalt as high value salts of importance in lithium ion batteries. From a typical converter slag containing 3.5% Ni, 1.5% Co, and 1.0% Cu, PRO leach process extracts 98 % Ni, and 98 % Co, and 99% Cu. Application of this process to enhance cobalt recovery in typical Copper/Nickel smelters is presented. In addition, this will also enhance the Copper and Nickel recovery. Both these aspects are of interest to the Copper, Nickel, and cobalt producers. INTRODUCTION In pyrometallurgical extraction of copper and nickel from sulphide ores cobalt often occurs with copper and nickel. The requirement of cobalt is increasing due to its need in lithium ion cells used in electric vehicles. Therefore its efficient and economical extraction in a form suitable for use in lithium batteries is of great interest at present. In the pyrometallurgical processing of copper and nickel sulphide concentrates the concentrate is smelted to produce a furnace matte, which is then sent for converting to remove the iron to produce iron free (~1% Fe) matte for further processing to copper or nickel matte. The copper/nickel matte is processed for metals recovery by hydrometallurgical or vapo-metallurgical or oxidation – reduction routes to make market products. As shown in Figures 1 and 2 the slags are produced in the smelting step and in the converting steps. The metal losses in smelting are controlled by the oxygen pressure in that step and slag production which is controlled by concentrate grade. The slag produced in the converting step which is carried out at a higher oxygen pressure contains higher level of metals is often returned to the smelting step to increase value metals recovery.

Jan 1, 2019

By J. Edwin Van Buskirk

For a country that is as important a gold producer as Canada, the return to the gold standard of the major commercial countries of the world during the past five years is of particular significance. To the Canadian gold mining industry, the advantages of the gold standard are a matter of more than theoretical importance. According to economic theory, prices are determined by the relation between the demand for, and the supply of, money. The demand consists of the offering of goods for money; the more goods offered, the greater the demand. The supply consists of the total money available for the purchase of goods. The total supply of goods to be exchanged through the instrumentality of money remaining the same, an increase in the supply of money will, according to this theory, raise prices; conversely, a decrease in the supply of money will lower prices. Let us imagine that everyone in the world suddenly had twice as much money, and that the sum total of all goods remained the same. Is it not obvious that we would pay just double the price for these goods? In Canada today, most people have approximately 50 per cent grea.ter income than in 1913, and the average price for all articles sold in Canada is 50 per cent above those in 1913.

Jan 1, 1928

By K. Spence

"The notion of “value” has always been a subjective and contentious issue. Indeed, value is in the eye of the beholder. There are as varied methods and practices for valuing property, as there are industries in which they are applied. For example, there is replacement value, insurance value, salvage value, appraised value, book value, and fair market value, to name a few, although in the mining industry, valuations usually refer to fair market value.In the Canadian mining industry, at present, there are no comprehensive regulations or guidelines that specify which approaches or methods are appropriate for use in the valuation of mineral projects. In January 1999, The Mining Standards Task Force of the Toronto Stock Exchange and the Ontario Securities Commission recommended that the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) establish a committee to review and advise on approaches and methodologies for the valuation of mineral properties. Among the approaches to be considered are included the following: the discounted cash flow approach, the cost approach, the option pricing approach and the market comparables approach. In addition, methodologies differ depending on whether the project is at the exploration stage or the producing stage.The CIM Special Committee on the Valuation of Mineral Properties (CIMVal) expects that its final report will form the basis for a Canadian code or standard for the valuation of mineral properties."

Jan 1, 2002

By Michael B. Cortie

Mesoporous gold sponge has the unique property of being both metallic and highly resistant to oxidation. It has potential application in catalysis, in bio-sensors, in optical coatings, in analytical chemistry and, as we show here, as the basis for a new kind of ultra-capacitor. Due to the cost of gold, the most probable niche for a gold-based ultra-capacitor would be in the high-power/high-energy regime, a region where gold would compete with devices based on RuO2. A high internal resistance limits the power that can be usefully drawn from existing carbon-based ultra-capacitors, and that this problem can potentially be overcome by gold-based devices. A simple proof-of-concept ultra-capacitor based on mesoporous gold is described and its behaviour during charge and discharge cycles examined. In this work a step change in the input or output voltage of the device was used as the controlling parameter. There was also a residual faradaic current resulting from traces of undissolved aluminium left over from the AuAl2 precursor used to make the sponge, and some charge storage due to polarization of the solution. Deconvolution of these three effects was not entirely accomplished, but an ostensible capacitance of about 7 to 14 mF/g Au was demonstrated. Further improvement from these early results seems likely.

Oct 1, 2003

By R. S. Douglas

Introduction The mine at Copper Mountain of the Granby Consolidated Mining, Smelting and Power Company was one of the pioneers in the use of blast-hole diamond drilling for ore breakage. This method of mining has now been brought to a high degree of perfection. The system in use has?been described in a previously published paper which has become an important part of the literature o the blast-hole drilling method. At the time of the establishment of the system at Copper Mountain, standardized loading and drilling procedures were set up. These procedures were based partly on the results of experiment and partly upon the judgment of men experienced in breaking rock in the mine. The success of the method has been proof of their adequacy. With the progress of scoping in the mine, the diamond drill method of breaking was applied to other ore blocks where different conditions obtained. It was found necessary to make adjustments in the standard procedures to get the best results under the new conditions. The following paper attempts to express, in terms of mathematics, the relations of the variable factors. Until recently, estimations of drilling required were based upon the tonnage to be broken and the proposed rate of explosive loading. A revised method of estimating is outlined below which is direct and which involves no unrelated variable factors.

Jan 1, 1947

By Catherine T. Ziten

Introduction ?Environmental assessments required for permitting ?Focus on ammonia produced through mine construction & blasting ?Water quality guidelines: federal, provincial, IGO ?Reported values are typically estimates from other projects ?Predictive modelling of ammonia aimed to assist planning

May 1, 2009

By Audrey Wagenaar

Introduction ?? Rising public pressures are being placed on companies worldwide to protect the environment and the health and safety of their workers and local communities. ?? International bodies and shareholders want to make sure developments and companies can meet internationally acceptable standards for EHS. In 2005, Golder Associates was asked by the IFC to conduct a comprehensive review and update for their Environmental Health & Safety Guidelines including the mining sector.

May 1, 2008

By M. Matthias

A study, part of a doctoral dissertation (Matthias, 1991), was conducted during 1987 and 1988 to establish the means by which professionals assess and maintain their competence during the various stages of their careers. The study elicited responses from fifty-nine subjects representing engineering, pharmacy and medicine (twenty subjects from engineering, nineteen from pharmacy and twenty from medicine) on their perception and assessment of continuing competence. The findings revealed a wide variation of how professionals perceived their continuing competence and the means they adopted to keep current. The implications of the study are significant for adult education practice and theory building. The author strongly believes that now, more than ever, engineers must take ownership of their careers and professional development activities. While management and supervision have a key role to play, it is the engineer, who is ultimately responsible for the scope, planning and implementation of her/ his professional development needs. An example from one high technology company will illustrate these points.

Jan 1, 1999

By Javier Linares García

At then end of this year will be 10 years of producing concentrate for Antamina. This is a summary of what occurred over the last decade to increase production and tonnage above the design tonnage of 70,000 tonnes per day, up to an average of 100,018 tonnes per day in 2010, an increase in production of 42.9%. Equipment currently in use is the originally installed equipment, signifying a meaningful increase in capacity without capital. In this paper, the different phases of improvements and the realization of their impacts in chronological order will be outlined. Figure 1 below shows the average daily tonnage processed each year (tonnage throughput each year/calendar days), as well as the percentage increase over the tonnage of design.

Jan 1, 2012

"This paper reviews the chemistry involved in the recovery of gold from cyanide solution with anion-exchange resins, and also discusses the most critical aspects of the engineering of an effective resin-in-pulp (RIP) process. As far as the chemistry is concerned, the conclusions reached by a great many researchers, as well as the performance of the only operating RIP plant in the Western World, at the Golden Jubilee Mine in South Africa, support the view that the process is technically viable and, in many cases, could prove to be more attractive economically than alternative processes such as zinc cementation and carbon-in-pulp (CIP). On the engineering side, there is still a need for further development before larger scale ( > 50,000 tpm) RIP plants can be designed, built and operated with confidence. However, the experiences gained during nearly 3 years of operation of the Golden Jublee RIP plant indicate that the process can be engineered with confidence for smaller operations ( < 50,000 tpm), and this will probably be the scope of application of the first-generation RIP plants. INTRODUCTIONThe use of anion-exchange resins in gold processing has, for a number of years, been proposed as an alternative to more conventional processes such as zinc cementation and carbon adsorption, and detailed research programs that have been carried out at a number of laboratories have demonstrated the technical viability of the process. (Burstall et al, 1953, Davison et al., 1960, Tataru, 1973, Laskorin et al. 1978, Hosking, 1984, Riveros and Cooper, 1987 and Palmer et al., 1988)The main incentive for this work was the fact that resins have several characteristics that are quite different from carbon, which make them potentially more attractive substrates for the recovery of gold. The following are examples: -"

Jan 1, 1991

By A. Drouin, D. Lemieux, C. Chouinard

"A gold bearing pyrite concentrate was treated at the demonstration scale (15 t/d) for the extraction of gold using a cyanide-free process. The pyrite was depressed in the flotation circuit in order to promote the flotation of copper and to achieve a sufficient copper grade to meet the copper smelter criteria. However, the recoveries of copper were 80% and only about 50% for the gold was found in the copper concentrate. The balance of the gold (50%) and copper (20%) contained in the pyrite concentrate as a reject from an overall flotation circuit. The gold grade in the pyrite concentrate is 5.40 g Au/t and copper about 0.77%. About 170 tons of pyrite concentrate were processed in the DST demonstration plant. The concentrate was first oxidized using a fluid bed to produce a calcine. Copper was then extracted as copper sulphate using diluted sulphuric acid. The residual solid was submitted to the DST chlorination process for gold extraction. Thereafter, the gold was recovered from the pregnant brine by precipitation over silica using DST proprietary process. The maximum gold recovery by chlorination was 90%. The average gold recovery by cyanidation of these calcines was 71%.IntroductionDundee Sustainable Technologies (“DST”) has developed a chlorination process as an alternative to the conventional cyanidation process for the extraction of precious metals from ores or concentrates. The technology offers viable and efficient gold recoveries and the ability to handle refractory ores and contaminated material (As, Hg, etc..). The process was successfully demonstrated on hundreds of samples provided by various mines, exploration and development projects and has evolved from laboratory experiment to demonstration at an industrial scale.DST’s chlorination process operates in a closed loop circuit, which implies that no liquid effluents are generated. The chemistry and process design allows precious metal deposits containing base metals to be treated viably. The tailings from the process are inert and non-toxic, sulphide depleted and thus non-acid generating. The efficiency of the process has demonstrated excellent gold recoveries within a fraction of the time needed for cyanidation to obtain similar results. The company completed in 2015 the construction of the first industrial demonstration plant operating with the DST technology. The plant has a capacity of 15 tons per day of mineral concentrate, and the ability to extract gold and silver utilizing DST chlorination technology.DST has tested its chlorination technology at demonstration scale on the refractory pyrite concentrate containing 5.40 g Au/t and 0.8 %copper. This auriferous pyrite concentrate, was by-product of copper concentrate respecting the copper smelter norms, is produced in a country where cyanide is prohibited and refractory to cyanidation. The pyrite concentrate was initially processed successfully (gold recoveries: > 90%) by the DST technology at laboratory (2011: 20 kg) and pilot (2014: 5 tons) scales to extract gold. About 170 tons of this pyrite concentrate were processed in the DST demonstration plant located in Thetford Mines."

Jan 1, 2017

By A. L. Mular, R. P. Edwards

"The operation of flotation circuits is often regarded as a combination of art and science. Expert systems offer a method by which the art may be captured and supervisory control of flotation circuits fully realized. Operating knowledge, the art, can be consistently employed to enhance regulatory control through the judicious application of an expert system. Using an expert system, a supervisory control routine was developed, and successfully implemented, in the copper flotation circuit at Brenda Mines Ltd.The expert system ran in conjunction with regulatory PI controllers on a personal computer. The expert system received assays via an on-stream analyzer and adjusted regulatory loop setpoints as required in real-time. From its commissioning in November 1989, to the end of the mine's operation in June, 1990, the ES was enthusiastically embraced by the operators and attained operating levels superior to those achievable manually.INTRODUCTIONExpert system (ES) software springs from research into artificial intelligence and is currently making significant inroads into business and industry. Proponents of ES's make many attractive claims; they are a means of capturing the knowledge of experts and they can be programmed by non-programmers. To date, most uses of this software in the process industry are in off-line applications, meaning that the applications are not tied directly to operating (on-line) environments. Moreover, in on-line environments, they are typically employed as advisors and only suggest changes. Human operators are required to close-the-loop to the process. Yet, ES's should be applicable to operating environments and, if the claims of the proponents are valid, should also be better than existing tools. As an intelligent controller an ES must use the knowledge of experienced operators, apply it directly to a process and do this without the intervention of human operators. On-line applications have been successfully employed in the closed loop control of SAG circuits (Herbst et al., 1989) and flotation circuits (Hales, 1989). Harris and Kosick (1988) detail an implementation for flotation control at the Polaris Mine."

Jan 1, 1991

By P. C. Holloway, A. Tshilombo, T. Xue, M. J. Collins, R. Lopetinsky, I. Mihaylov, I. M. Masters

The Voisey’s Bay deposit contains a trace amount of cadmium, which reports to solution during pressure leaching of the nickel concentrate at Vale’s Long Harbour Hydrometallurgy Plant, and must be removed to produce high quality nickel cathode. In 2006, Vale approached Sherritt Technologies to collaborate on the development of a process for removing cadmium to low levels (<1 mg/L) in the nickel raffinate. Following successful bench scale and pilot plant testing at Sherritt’s laboratories, the cadmium removal process was then moved through engineering and construction, culminating in the successful commissioning and startup of a cadmium removal circuit at the Long Harbour Hydrometallurgy Plant in 2017. This paper presents the results of this collaboration and the challenges that were encountered through each stage of development, as well as current results from operation of the commercial cadmium removal circuit. INTRODUCTION Vale’s Long Harbour Processing Plant, with a nameplate capacity of 50,000 t/y nickel, began operation in 2014. In addition to electrolytic nickel rounds, the plant also produces electrolytic cobalt rounds and copper cathode. The Long Harbour Processing Plant uses a unique hydrometallurgical process developed by Vale Base Metals Technology Centre, as shown in Figure 1, to treat a nickel sulphide concentrate produced at the Voisey’s Bay mine and mill located in northern Labrador (VBN concentrate) (Stevens et al., 2009).

Jan 1, 2019

By Louis J. Cabri

"Mineralogical evaluation of ores containing platinum-group elements (PGE) is fraught with difficulties because of the low grades (often 1-3 g/t PGE), dispersal of PGE (usually as finegrained platinum-group minerals [PGM]), as well as occurring in solid solution in some base metal sulphides (BMS) such as pentlandite and pyrrhotite. Mineral processors not only need to know how the PGE are distributed, that is, their mineralogical distribution, but the grain sizes of the PGM, and especially the associated minerals.After obtaining a representative ground sample, common approaches include studying a large number of polished or polished thin sections, concentration of the PGM and sulphides by different gravity methods (e.g., heavy liquids, elutriation, micro-panning) and study of the produced concentrates. Unfortunately, these methods often do not produce concentrations that are sufficiently representative of a particular ore. The newly developed patented technology of hydroseparation (Rudashevsky et al., 2002) is especially effective at making concentrations of PGM over a wide range of concentrations (down to <300 ppb Pt+Pd+Au) and size fractions, including <45µm (down to a few micrometres in size), a size range not possible by other techniques. This water-based environmentally friendly laboratory technique provides a large amount of data from samples, which can range from 5 to 1000g, giving confidence to extrapolation of results to bench-scale and larger test work, especially when combined with quantitative image analysis to determine modal percent of major minerals and mineral liberation data, needed to predict the minimum (K80) and optimum (K40) grinds. INTRODUCTIONThe invention of the electron microprobe in the early 1960’s and scanning electron microscopes (SEM) with energy dispersive spectrometers (EDS) in the 1970’s presented mineralogists with powerful tools permitting them to obtain chemical and surface area data on minute amounts of minerals in situ, in a non-destructive manner. An area of process mineralogy that has very much benefited from this new technology was the characterization and understanding of PGM species, resulting in rapid growth of newly characterized species (Figure 1). Recognition of the first PGM may be ascribed to the Spanish explorer Ulloa in 1748, who described native platinum from South America. The second PGM (laurite, RuS2) was only recognised in 1866 by Wöhler in placer samples from Borneo (now Kalimantan) and the third (sperrylite, PtAs2) by Wells in 1889 from the Sudbury Ni-Cu sulphide deposits. The discovery of the important Pt-Pd deposits in the Bushveld Igneous Complex led to the characterization of the important Pt-Pd sulphides (cooperite, PtS2 in 1928 and braggite, (Pt,Pd)S2 in 1932). By the early 1960’s, only about 20 PGM were recognised, and many later proved to be poorly or incompletely characterized. Thus, the introduction of electron probe microanalysis (EPMA) led to a 50% increase of known PGM, as shown in a 1972 review on PGM (Cabri, 1972). At the time of the next review in 1981 (Cabri, 1981) the number of known PGM had grown to 75 and as of 2002, it had increased to 109 (Cabri, 2002). However, it is the author’s experience that less than about 25 PGM may be considered to be “common”, i.e., found in many different deposit types, as shown in Table 1, but usually only some of these occur in any one particular deposit."

Jan 1, 2004

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