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By E. O. Magnusson

THE orebodies of the Preston East Dome mine show a considerable variation in size,? shape, dip, and ground condition. They vary from small and large irregular masses being mined by shrinkage, cut-and-fill, and square set-and-fill mining methods to narrow veins being mined by open stoping. Standardization of mining operations has necessarily been difficult. This considerable variation in mining condition prompted the development of a bonus system which would give more equitable bonus payments through-out the mine than those obtained by the usually accepted methods of calculating mine bonus. PRINCIPLES ON WHICH THE SYSTEM IS BASED Under an incentive bonus system, performance (efficiency) and a price per unit of work done are inter-related. It is in the application of this? principle to working conditions .in the Preston East Dome mine that the system to be described differs from the standard methods of calculating mine bonus. It was found that the method of paying a fixed price per unit of work done, under the 'contract' system, gave satisfactory results in development, less satisfactory results in timbering, and results which were not satisfactory in stoping. Under the fixed price system, bonus payments, in timbering and stoping particularly, were very erratic and did not necessarily represent fair payment for the work done. A fixed price in development is satisfactory because the work done, and the conditions under which the work is done, are uniform. The drilling and blasting cycle is completed in one shift, the size of heading is con-trolled, and a minimum number of holes are required in order to obtain a satisfactory break. The performance possible under these conditions has been found to be confined to a fairly narrow range. By performance in development is meant the efficiency of the working crew as expressed in terms of the two variables of feet of advance per round and pounds of ex-plosives consumed per foot of advance. A change in rock formation, how-ever, may alter to a marked degree the performance possible, quite independent of the skill and energy of the working crew. The changes in working conditions that affect development performance from the standpoint of bonus calculation are usually easily apparent and are satisfactorily met by establishing several fixed prices.

Jan 1, 1944

By J. Aydt, W. McCombe, H. McLaughlin, L. Nightingale-Mercer

The McClean Lake mill is located approximately 850 kilometers north of Saskatoon, Saskatchewan, Canada and is operated by Orano Canada Inc. (Orano). The mill was designed to process high grade uranium ores, and in 2014 completed a multiyear expansion to increase its production capacity to 24 Mlbs U3O8 per annum. This expansion included significant changes to the mill’s secondary leach circuit in support of safely processing high grade ore directly from the Cigar Lake mine. In particular, inter-stage pumps were introduced for slurry transfer between the secondary leach tanks, replacing the original pressure feed forward operation. The design and selection process for these pumps was strongly influenced by the uncertainty related to actual radiation dose exposure when processing undiluted high grade ore (up to 30%U), and consequently the desire to maintain minimal occupancy in the vault enclosure containing the secondary leach tanks. These constraints resulted in the decision to install positive displacement pumps above the leach tanks in a suction-lift configuration. Operating experience with this design has shown that the pump capacity is significantly de-rated due to process solution gas-entrainment and pipe scale build-up, particularly in the front end of the secondary leach circuit where reagent dosage is high. Experience processing high grade ore also provided accurate radiation dose data to demonstrate that the level of occupancy in the leaching vault enclosure could be re-evaluated to accommodate alternate pump configurations. This paper reviews the lessons learned and improvements made to safely increase the capacity and reliability of the leach inter-stage pump system.

Jan 1, 2020

By Jonathan Ruiz Lizardo, Met-Chem Canada Inc., Flavio Ccuno, Constante Umipig, Ewald Pengel, José Ruiz

"Cerro de Maimón is located in the Dominican Republic on the island of Hispaniola approximately 75 kilometers northwest of the capital city, Santo Domingo. The processing facility consisted of two separate processing plants for oxide and sulphide ores. The oxide plant processed oxide ore bearing gold and silver ore using cyanide leaching and Merrill Crowe processes, while the sulphide plant produced a copper concentrate using conventional flotation. Cormidom is a commendatory example how mineral processing facilities can co-exist in balance with the environment. In 2014, natural occurring copper oxide contamination with finer grained copper-zinc sulphide mineralisation was expected to dominate the sulphide ore body. In anticipation Cormidom contacted the original plant designer Met-Chem to assist in overcoming this challenge. Test work indicated that increased flotation time and subsequent very fine grinding were required. Met-Chem provided the detailed engineering and Cormidom proceeded with the expansion project internally. Currently Cormidom has processed the sulphide ore successfully by implementing flotation modifications. This paper describes the history of Cormidom, test work on the “new” ore body, modification in process design in the Cu-Zn sulphide flotation circuit, construction and implementation.INTRODUCTIONCorporación Minera Dominicana (CORMIDOM) was a wholly owned subsidiary of GlobeStar Mining Corporation (a Canadian based minerals exploration company) with extensive exploration of base and precious metals in the Dominican Republic. In 2007-2008 CORMIDOM constructed the Cerro de Maimom project. The company was subsequently sold and purchased by Perilya Limited from Australia in 2013. Cerro de Maimón is located in the Dominican Republic on the island of Hispaniola approximately 75 kilometers northwest of the capital city, Santo Domingo. It is near the town of Maimón in Monsenor, Nouel Province (see Figure 1)."

Jan 1, 2016

By Z. -G. Ren, J. -S. Qian, Y. -G. Yang

The waste slags from chemical and metallurgical plants contain approximately wt 1% water soluble Cr6+. This hexavalent chromium is very harmful to human health, and the treatment of the slags has concerned metallurgists for many years. A sintering method was developed to treat the waste slag. In this process, sinter was made from a mixture of the waste slag containing hexavalent chromium, iron concentrate and coke breezes. During sintering, hexavalent chromium was reduced to trivalent chromium. The latter is known as a non-harmful material and can be used as chromium resource for the production of ferrochromium or chromium-containing cast iron. After sintering the hexavalent chromium in the sinter could be reduced to less than 0.0008%. It was found that the waste slag with fine particles was favourable to the Cr6+ removal. An increase of carbon content in the sintering mixture could increase the rate of Cr6+ removal and the strength of the sinter produced. The rate of Cr6+ removal increased with increasing basicity of the sintering materials with basicity less than B=1.8, above which it decreased with increasing basicity. Blast furnace was found to operate smoothly when using the sinter made from the waste slag containing chromium. However the productivity of sintering machine was slightly low compared to the sintering operation using ordinary raw materials.

Jan 1, 2004

Despite the claims of energy efficiency and the considerable development that has gone into dramatically extending rolls? life and facilitating rolls? change-out, in the six years since the last SAG conference, only a few HPGR operations have entered the realm of mineral processing. Risk barriers to the take-up of new equipment or processes are: a massive increase in materials handling issues as well as in the number of pieces of equipment required, low total circuit potential energy savings, and similar or higher capital costs. An alternative route is to make use of the complementary strengths of the HPGR and SAG in hybrid circuits. Minimising materials handling issues, providing an ideal balanced feed to the AG or SAG mill, and improving controllability through shifting grinding load as the RoM feed changes, are all potential major advantages to this approach. Conceptual circuit layouts, based on real measured ore and equipment data, are presented here to illustrate the potential production upside, the reduction in operating costs and the reduction in the physical and energy footprints.

Jan 1, 2012

By F J. Kelly

A chemical process, based on laboratory investigations, is proposed for the production of high-purity niobium oxide from a pyrochlore-perovsk1te flotation concentrate produced from ore obtained at the Oka, Quebec property of Columbium Mining Products Limited. The method developed included the decomposition and dissolution of the flotation concentrate with hot, concentrated sulphuric acid. The dissolved niobium was purified and concentrated by a solvent extraction step, using methyl isobutyl ketone as the extractant. The niobium was recovered from the extractant with ammonium fluoride solution from which niobium oxide was precipitated with ammonia. Finally, the filtered and washed precipitate was calcined. Ninety-six per cent of the niobium was recovered in a product analysing 99.9 per cent Nzo.. The reagent cost was in the range of $1.00 to $1.25 per pound of niobium recovered. Introduction OVER the past few years, Columbium Mining Products Limited has been engaged in the development of a niobium-bearing mineral deposit in the vicinity of Oka, Quebec. One phase of this program resulted in a flotation process capable of producing concentrates containing up to 50 per cent Nb205? Flotation pilot-plant

Jan 1, 1965

By Charles "Chick" Rodgers, Anthony Sarion

"With declining feed grade and increased production targets, it became necessary to upgrade Key Lake's eight stage counter current decantation (CCD) circuit. Following laboratory trials, mill operations recognized that dilution of the feed slurry and buffering of the feed density variations would improve thickener throughput. Plant testing resulted in the installation of Outokumpu's Supaflo ""Floe-Miser"" system. The circuit's flowsheet, instrumentation and control strategy were also upgraded along with the thickener feedwell modifications. The paper will also discuss these modifications and the implementation of the current control strategy.IntroductionCameco Corporation's Key Lake operation is the largest single uranium producer in the world. Current production is fourteen million pounds of uranium oxide (U 308) per year. It is owned 2/3 by Cameco and 1/3 by Uranerz Exploration and Mining with Cameco as the operator.The mine is 570 kilometres north of Saskatoon on the southern edge of the Athabasca basin. Access to the mine is by an all-weather road and a private airstrip.Process DescriptionThe Key Lake milling process consists of five individual plants: crushing and grinding; leaching and counter current decantation (CCD); solvent extraction; yellowcake precipitation and ammonium sulphate crystallization; and bulk neutralization (Figure 1 -Simplified Mill Flowsheet). A detailed mill flowsheet can be found in the appendix."

Jan 1, 1998

By S P. Giambra

The 50,000-ton-per-day Concentrator and Crushing Plant, complete with its related water supply, tailings disposal and concentrate handling systems, was started up in a five-month period, with the entire plant obtaining its design capacity six months after the first mill became operational. Individual mill lines, with their spiral circuits, achieved design capacities within a week after the first treatment of ore through each mill. Construction and start-up proceeded together in many areas of the plant, and considerable organization and cooperation between the Owner, the Engineer and the Contractors permitted a smooth transition from construction to operation. PLANT DESCRIPTION THE Carol Lake Plant of the Iron Ore Company of Canada l1as been well described in various technical magazines. The purpose of this paper is to present a brief outline of the start-up of the con-centration complex. This start-up was accomplished in a period of five months, with the plant producing one million tons of concentrate and achieving its design-rated tonnage less than six months after the first ore was treated.

Jan 1, 1963

By H. Ranjbar

The Darrehzar porphyry Cu deposit is situated in the Urumieh-Dokhtar magmatic suite of Central Iran. The REE and trace element data suggest that the deposit lies within a continental margin setting. Phyllic and propylitic alteration are pervasive in the area but potassic and argillicalteration are not readily recognized on the surface. This is possibly the result of super gene weathering of the surface rocks or because of an intense phyllic overprint. Poor soil development and abundant outcrop make the area suitable for a case study of lithogeochemical exploration technique for Cu deposits. A total of 262 rock samples was collected over the area and analyzed for 15 elements. The geochemical data cor-relate with the mineralogical composition of the rocks with the phyllic zone being marked by high-er concentrations of Si, Al, K, and by a high sericitization index while Ca, Mg, Sr, total Fe and Mn are more abundant in the propylitic zone. The lithogeochemical study indicates a metal zonation from a Cu + Mo-rich core to a Zn + Pb ± Ag-rich outer zone. Principal component analysis is useful for separating element associations, which in turn reflect the alteration halos. Principal components 1 and 2 depict alteration zoning, where-as 3 shows an association of Cu and Mo, that roughly defines the mineralized area.

Jan 1, 1997

By T. Xue

429 As part of Inco's S02 abatement project for its Sudbury operations, a weak acid treatment plant (W ATP) was commissioned at the Copper Cliff smelter in August of 2004 to treat the weak acid streams generated by the flash furnaces, the MK reactor and the fluidized bed roaster (FBR) gas cleaning plants. The W ATP process was developed by Inco Technical Services Limited (ITSL) by means of laboratory and mini-pilot plant programs. In the W ATP process, the feed solution containing arsenic, sulphur dioxide, iron and other impurities is treated by oxidation and neutralization to form a stable precipitate for disposal in Inco's tailings impoundment area. During the commissioning of the WATP, a team of operations, maintenance, engineering, project and R&D personnel was formed, and the designed capacity was achieved in less than a month. Since then, the W A TP has been operating smoothly and the impurities, specifically arsenic, in the Copper Cliff smelting process have been effectively removed.

Jan 1, 2006

By M. A. Vos

"Cretaceous sands and clays underlie an area of approximately 5,000 km2 in Northern Ontario, southwest of James Bay. The deltaic deposits occur as a wedge of continental sediments to the north of an east-trending fault scarp referred to as the Precambrian Escarpment. They rest on older sedimentary formations of the Moose River Basin (Jurassic, Devonian) and are covered by glacial tills and marine sediments of the Quaternary period. Outcrops are restricted to occasional exposure in the deeply incised riverbeds.In 1975 and 1978, drill programs sponsored by the Ontario Government provided new information on the extent and quality of the deposits. Fourteen holes at approximately 12-km intervals were drilled to a maximum depth of 189 m by reversed- circulation chip drill methods. Some core was obtained as well. Analytical results show that the thickness of Cretaceous deposits exceeds 100m in several instances. Abundant kaolinitic clay and quartz sand of glass-grade quality, both unique materials in Ontario, are available in an area where hydroelectricity and lignite resources combine to enhance the energy outlook.IntroductionThe presence of refractory clay in deeply incised riverbeds in Northern Ontario was known to geologists travelling the rivers as early as 1875. Robert Bell (1877) reports outcrops of clay and lignite on Coal Brook, a tributary of the Missinaibi River. E.B. Borron in 1880 collected a sample of clay from the bed of the Missinaibi River which H.H. Croft of the University of Toronto considered to be ""nearly if not quite, equal to the Cornish clay used in the manufacture of English porcelain"" (Keele, 1920, p. 42). The Cretaceous age of the clay, sand and lignite deposits was determined with the help of plant remains collected by Keele. He referred to the deposits as the Mattagami series, which later became the Mattagami Formation."

Jan 1, 1982

By M. Imamura

Sumitomo Metal Mining Co., Ltd. has developed a novel hydrometallurgical process for producing not only copper metal but also iron metal from copper concentrates. Because copper concentrates generally contains the same amount of iron as copper, cost-effective rejection of the iron is a key issue for the development of the process. Conventional hydrometallurgical processes produce a large volume of goethite or hematite for disposal and the residues are not environmentally friendly. In the novel Sumitomo hydrometallurgical process, copper is leached effectively from chalcopyrite concentrates using chlorine gas, followed by purification through solvent extraction and electrowinning for copper and iron recovery. This process has many advantages such as the minimization of the volume of solid waste by the recovery of metallic iron and the production of high purity copper. Iron metal with a purity of more than 98% can be recovered from the purified raffinate. This paper presents the results of the batch and continuous tests of the process flowsheet.

Jan 1, 2006

By S. Pauly, U. Kühn, J. Eckert, I. Kaban, G. Wiehl, F. Silze

In the present work, the effect of Ga on the wetting behavior of the Cu-rich braze filler CuGa10 (wt.%) on the steel 304L was investigated. For this, the macroscopic and microscopic effects governing the wetting of pure Ga, pure Cu and CuGa10 alloy (wt.%) on the austenitic steel were analyzed and compared. Contact angle and surface tension measurements were carried out by means of the sessile drop technique and, in addition, the phase formation at the interface was determined. Pure liquid Ga spreads on 304L, which supposedly is related to the formation of intermetallic Fe-Ga phases growing into the liquid Ga. Depending on the annealing time, FeGa3 and Fe14.5Ga12 were identified. In contrast, CuGa10 as well as pure Cu show secondary wetting on the steel surface. Especially, liquid Cu prefers to spread laterally and vertically along the grain boundaries of the steel substrate. In spite of rather similar mechanisms, CuGa10 wets 304L steel at lower rate than pure Cu above the liquidus temperature.

Jan 1, 2014

By Christopher Riley

A relatively unexplored lead zinc deposit lies about 12 miles northwest of Revelstoke, B.C., in the highly metamorphosed Monashee Group of rocks of the Shuswap Terrane, Precambrian in age. Host rocks are of sedimentary origin and consist of gneisses, schists, marbles and quartzites with intermediary types. The marbles and quartzites provide good horizon markers. Using these it is possible to interpret the controlling structure which is a syncline overturned to the north, dipping south at about 45°, and plunging east at about 12°. The syncline is truncated at about halfway of its length on a peak on the west side of which a partial cross section together with superimposed minor folds may be seen. The quartzites and the two marble beds may be traced over much of the structure. There are two lodes, above the marble and below the quartzite, which converge eastward and which are the exposed edges of the same host bed -an impure limestone.

Jan 1, 1961

By V. Falmagne

The mining sequence at Noranda?s Bell-Allard mine calls for two mining fronts retreating toward a central pillar known as the Retreat Zone between pyramids A and C. It is clear from numerical modelling and rock mass characterization that the induced stress level in the pillar will exceed the rock mass capacity. A mining plan was developed including the re-dimensioning of stopes in the Retreat Zone, additional ground support and instrumentation in order to ensure the safety of the workforce and to maximize ore recovery while minimizing production delays. The mining strategy consists in allowing the rock mass to fracture and fail progressively while maintaining control of the existing openings with the appropriate support. A systematic analysis of rockbursting and caving hazards was conducted for all accesses and stopes in order to plan ground support and instrumentation needs.

Apr 1, 2004

By Louise H. Michaud

Albian Sands Energy is scheduled to begin production at its oilsands operations in the fall of 2002. Start-up includes the selection and implementation of over 75 IT systems or computer applications. These include engineering applications, systems required to control mining activities, maintenance, the processing plant and utilities, and also systems required to run the company, such as human resources, finances and inventory/warehousing. This paper outlines the processes used for the selection, implementation and integration of these systems in order to optimize the use of information and to meet the technical, business and IT requirements of the company. The first step in Albian?s approach to identifying system requirements is the development of a Business Activity Model, outlining all tasks involved in running the operations. The computer applications required to accomplish each task are then identified by having the IT team work closely with each technical and business unit. Historically, at some companies, the selection of systems has been lead by the IT team or by consultants, with little input from the technical or business units. Typically, this results in products that don?t meet the company?s expectations. To ensure a more positive outcome, Albian believes that it is imperative that the company?s technical and business people are closely involved in the selection process. Integration of the IT systems is also key, including linking all applications through a Data Warehouse and EDMS. Over 120 required integrations have been identified. This ensures the storage of all data in only one location, data security, and easy data and document retrieval for all requirements throughout the company.

May 1, 2002

By L. Beiza, L. Velásquez-Yévenes

Chalcopyrite is by far the most abundant copper sulphide on Earth, but it has proved to be problematic in its processing by leaching, mainly related to its refractory nature, slow kinetic rates of dissolution and the formation of an inhibiting product layer on its surface during leaching. This study is focussed on the electrochemistry of chalcopyrite dissolution in acidic chloride system, which has recently gained attention as a feasible alternative to conventional sulphate media for chalcopyrite leaching. It is well understood that chalcopyrite dissolution from mineral grains depends strongly on the solution redox potential at the mineral surface as well as the composition of the product layer that may form on its surface. The chloride ions in solution support the Cu(II)/Cu(I) couple as the primary oxidant, as they can form complexes with the cuprous ions formed, increasing the dissolution rate. Additionally, these ions increase the potential range where chalcopyrite can be oxidized. The chemical reaction that occurs on the surface of chalcopyrite in chloride solutions in the presence of cupric ions will be characterized and the coulometry of the reaction will be reported to understand what is happening on the surface of chalcopyrite. Electrochemical experiments have been carried out to investigate the behaviour of mixed potential by open circuit potential (OCP) measurement for 30 minutes using sulphuric acid at pH 1 under nitrogen at 25⁰ C. The effect of chloride was analysed at 0, 20, 50 and 100 g/L and cupric ions from 0 to 50 g/L. The potentials obtained were then used to carry out chronoamperometry tests for a period of 30 minutes in absence of cupric ions. The mixed potential did not show a significant difference with an increase in cupric concentrations in the absence of chloride. Increased mixed potentials and current densities were observed at higher chloride and cupric concentrations. Chronoamperometry tests at those potentials were used to construct a voltammogram trace which has the same trend as a normal cyclic voltammogram but with much lower current densities. INTRODUCTION As a result of the depletion of copper oxides, the leaching of copper sulphide minerals has become the focus of many studies. Chalcopyrite, (CuFeS2) which is the most abundant of copper minerals, has proved to be challenging to process via hydrometallurgy, mainly related to its refractory nature, slow kinetic rates of dissolution and the formation of an inhibiting product layer on its surface, during leaching.

Jan 1, 2019

By G. S. Hume

THE Plains of east-central Alberta herein described embrace an area from Viking east to the Saskatchewan boundary and from North Saskatchewan river south to Coronation and Monitor (Figure 1). By far the greater part of this area is deeply drift-covered, and .outcrops of bedrock are relatively few and often widely separated. Within the area there are large morainal hills and others of considerable extent that superficially have all the characters of morainal hills but contain a core of bedrock. These latter, then, were hills when the ice sheet traversed the country and only have been modified by glacial agencies. In many places on them, the drift is but a thin veneer, as is certainly the case in part of the Neutral hills (Figure 2) northeast of Coronation and north of Monitor. In other cases, however, as in the Blackfoot hills, southwest of Lloydminster, the drift is sufficiently thick to conceal practically all the bedrock and in many places no information is available as to whether a bedrock core, representing a pre-glacial hill, is present. There is no question, however, that the larger river valleys, as for example those of the North Saskatchewan and Battle rivers, are in part at least pre-glacial. Proof of this can be demonstrated in many places, because obviously the valleys must have been present in pre-glacial times to allow glacial deposits to have accumulated in them. It is also known that inter-glacial deposits occur. At one locality in Battle River valley, in sec. 30, tp. 45, range 2, west of the 4th mer., the following section occurs( l ): 15 feet of boulder clay with granite and other boulders. 56 feet of stratified sands, clays, and gravels containing pebbles of Precambrian rocks and fresh-water shells. From this it is apparent that the 56 feet of stratified sands, clays, and gravels must have derived their Precambrian pebbles from a previous glaciation of which the overlying boulder clay represents another ice advance in this area. Thus, although the river valleys contain glacial and interglacial deposits, they have not been filled by them to such an extent that the drainage has been diverted, and in many places, especially in the case of Battle river and some smaller streams, the size of the valley is altogether out of proportion to the size of the stream it now contains.

Jan 1, 1937

By Newell G. Alford

COAL companies are definitely becoming conscious of the need for better organization. Mechanized mining and the intricate preparation of coal have brought with them the demand for better trained and more highly skilled mining personnel. Refinement in coal mine management is increasing the demand for young graduate engineers to start in the lower grades of the reorganization and prepare themselves to meet rapidly increasing coal mining responsibilities. The interest is wide in scope and extends from self-helps, extension work, and management study at the mines to stimulation of interest in coal mining amongst undergraduate mining students, leading to their permanent employment after graduation. Data by the United States Bureau of Mines show the total annual value of coal production (bituminous and anthracite in the U.S.) through the past 22 years as being more than 38 per cent of the combined value of all ocher mineral industry products. Natural-gas production has gained rapidly on coal since 1916; petroleum exceeded coal beginning with 1934 (see Figure 1). For this 22-year period, the Committee on Student Interest in Coal Mining, in the A.I.M.E., made a survey of the mining schools in Canada and the United States to show the approximate absorption of young graduate mining engineers by the coal industry. In 1938, 232 mining engineers were graduated as compared with 42 in 1918 (a war year) and 180 in 1923. From 1923 to 1929 the graduates declined to another low of 90, but from there on there was a rapid annual increase in the graduating output, reaching a total of 232 in 1938 and continuing upward to a maximum of over 325 graduating this present month.

Jan 1, 1940

By Gordon Sparks, Lyle Kajner

"An often over-looked component in the assessed value of a mining property is the value derived from the ability of the operator to limit financial losses during adverse economic times (i.e. low market price, high energy prices, etc.) by suspending operations. Overlooking the value of this type of operating flexibility when conducting mine investment analysis may negatively bias the risk profile for the investment by over estimating the investment's downside potential, thereby effectively undervaluing the investment. This paper illustrates the nature of the value of operating flexibility and discusses how it may be explicitly quantified within the context of conducting stochastic mine investment analysis. IntroductionMining properties are evaluated using an array of techniques ranging from simplistic non-discounted payback calculation s to sophisticated, discounted-stochastic simulation. Stochastic simulation analysis is perhaps the most robust mine investment analysis technique as it not only provides an estimate of the expected value of the property, but also quantifies the associated risks (for examples of stochastic mine investment analysis, see: Billingsley and Yaychuk, 1986; Gentry and O'Neil, 1984; Munro, 1977; or Harris, 1970).The quantification of risk is important as it provides the necessary yardstick required to allocate the corporation's resources efficiently. Resources are said to be allocated efficiently when the corporation's expected long-term financial reward is maximized while at the same time minimizing its risk (see Hertz, 1968; or Markowitz, 1952 for in depth discussions on efficiency as it relates to investment policy). The efficient allocation of resources should be the objective of any rational corporation. Therefore, rational corporations should employ stochastic evaluation techniques when screening their investments."

Jan 1, 1992