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By D. E. Ayres, J. Farstad

"The Midwest uranium deposit is located within the Athabasca Basin near its eastern margin and displays many of the features seen in a number of other similar deposits in this area. The mineralization occurs in the vicinity of a tectonically disrupted portion of the unconformity separating the clastic sedimentary rocks of the Helikian Athabasca Group from Aphebian pelitic meta-sediments which are equivalent to the basal pelitic meta-sediments of the Wollaston Group. The orebody consists of pods of massive pitchblende and sulphur-arsenides within an elongate and tablular envelope of disseminated and fracture controlled mineralization. The massive pods are intimately associated with overbank mudstones of the lowermost Athabasca Group. Both structure and lithology have played major roles in localizing the deposit as follows:1. The basement lithology influenced the mineralogy of the regolith produced on the pre-Athabasca unconformity.2. The style of clastic deposition and the character of the regolith on this unconformity favoured local preservation of mudstones.3. The basement lithology influenced the location of zones of post-Athabasca faulting.4. The proximity of these fault zones to mudstones provided for the coincidence of circulatory channels for fluids bearing uranium, with a good precipitant for the metal.IntroductionA brief summary of the geology of the Midwest uranium deposit was presented by J. Farstad (1979) to the attendees of the Saskatchewan Potash and Athabasca Basin uranium deposits field trip organized by the Canadian Institute of Mining and Metallurgy (May 28 to June 1, 1979). Since that time a substantial amount of data has been collected and studied. This paper is a precis of a report by J. Farstad (1981) which summarizes the geology of the deposit as inferred by visual examination of diamond drill core, augmented by information obtained from detailed examination of selected cores by D.E. Ayres."

Jan 1, 1986

By W. de Klerk, M. B. Thorpe

Golden Star Resources Bogoso operates in Ghana’s Western Region. The gold recovery plant includes; a flotation circuit producing a concentrate for the BIOX® process that oxidizes sulphides before a CIL circuit; and a dedicated CIL circuit. BIOX® uses bacteria, therefore water from the BIOX® and CIL plants remained separated; CN water could not be introduced into the flotation / BIOX® circuit. The operation built a process water inventory with high TDS and installed a process water treatment plant (PWTP). Water was released in compliance the permits but containing some thiocyanate. The PWTP brine was returned to the TSF, further exacerbating the TDS. The operation experienced a drought removing the traditional water sources; the team evaluated the options to maintain production - various water streams were laboratory tested provided options for water use. The paper presents the story (treatment chemistry and process chemistry) of continued operations by treating stored water and PWTP discharge water with peroxide; brine usage within the CIL circuit, which increased gold recovery (laboratory testing) and reduced the TDS. Water flows were further modified to include hydraulic tailings re-mining to a CIL circuits. Details of the recovery, basic chemistry and costs savings are provided.

Jan 1, 2014

By Jim Hazzard

A numerical investigation is presented to examine fluid flow in fractured rock slopes. In mining geomechanics, different numerical modelling approaches are used to estimate fluid pressures in open pit mines. The most common technique is the Equivalent Porous Medium (EPM) approach in which the fractured rock is assumed to behave as a porous continuum. Depending on the geometry and properties of the problem, this may not always be the best approach. The paper presents a parametric study to examine the effect of fracture spacing, fracture and matrix diffusivity and excavation rate on the fluid behaviour in rock slopes. Based on the model results, guidelines are provided as to when EPM models can be used and when different modelling approaches (e.g., discrete fracture flow) may be necessary.

Jun 1, 2012

By R. A. McIvor, R. Levac

"The Stobie No. 7 shaft, 14 ft diameter, double- drum skip hoist, was installed at the INCO Limited Frood Stobie Complex in 1942. Figure 1 shows the hoist layout. The hoist was originally equipped with babbitted journal bearings on the main drum shaft and pinion gears. In 1990, the hoist was modernized with a new braking system, two new 2000 hp D.C. drive motors, a thyristor armature supply and a PLC control system. The new drive motors were connected to the drive pinion gears with a gear type flexible coupling. The pinion gear journal bearings were refitted during the refit in 1990 as the existing babbitted bearings showed signs of wear. The pinion gear journal bearings had always run warm and had external cooling applied during the warm summer months. Figure 2 shows the journal bearings on the pinion shaft. The skip hoist main bull gear and two pinion gears were replaced in 1997 because of cracked bull gear spokes. New drive couplings were installed on the pinion gears and the pinion journal bearings were modified to allow some self-aligning properties to try to reduce the heating and wear on the babbitt. The modifications did not significantly reduce the heating problems and a decision was made in the spring of 1998 to convert the bearings to self-aligning, anti-friction-type bearings.The traditional roller bearings used on double helical pinion drive gears in hoist applications has always been double-row spherical roller bearings due to their high load-carrying capacity and misalignment allowances.Unlike single helical gears, double helical arrangements do not exert axial thrust on the pinion gear bearings, therefore, both bearings in the pillow blocks must float easily with any pinion displacement. Drum misalignment, thrust bearing end play and a multitude of other influences causes continuous axial displacement of the pinions when in operation. This constant displacement or “hunting” of the pinion gear to maintain its centre on bull gear often exceeds the axial clearance limits of spherical roller bearings thus resulting in a continuous sliding motion of the bearing outer rings against the housing seats. With time, the housing fit eventually wears, creating an out-of-round condition for bearing housing (maximum allowable cylindricity tolerance is IT4/2). When this happens, the pillow block housings must be replaced or re-machined to specification. Premature bearing wear and overheating will occur if a housing out-of-round condition is encountered."

Jan 1, 2001

Owner?s Team and EPCM ?Teams rolesmay vary to suit the skills available, however the tasksremain the same ?Ensure adequate level of capability in the team ?Large owner?s teams vssmall owner?s teams ?size of owner?s teams can reflect not only the individual level of capability but also the type ofrelationship with the EPCM contractor ?Wholly owned projects vsjoint ventures projects ?Both cases require clear accountabilities and authorities ?Project sponsor should be a senior executive with commercial andtechnical accountability of project outcome ?Project leader should be experienced and have solid leadership capabilities ?Attention should be paid to balancing personality types in an owner?s team

May 1, 2010

By B. Oraee-Mirzamani

One the most important tasks after excavation of tunnels is the implementation and installation of a support system. Tunnel collapse poses a safety hazard and can cause worker injuries. In addition, it may have a severe economic impact because tunnel collapse can stop production and ore transportation. Therefore, an appropriate and well-designed support system is necessary for collapse prevention and to help stabilize the tunnels. In this research, we suggest a support system for the Parvade1 underground coal mine. The study case is a common mining roadway tunnel in the E1 longwall panel in this mine. To design an appropriate support system, we used the finite element method (Phase2 software). The results of this research can be used to design support systems for future tunnels in this mine and any coal mine that has similar conditions.

Aug 1, 2013

By F. Hassani, J. Peck, D. J. Lucifora

The performance of a rotary blasthole drill is heavily dependent on the material being drilled. This material is a microcosm of the in-situ geology that makes up the surface mine in which the rotary blasthole drill is deployed. The performance metrics that are influenced by the in-situ geology are penetration rate (distance drilled per unit time), rotary torque and to a lesser extent rotary speed and vibration. For simulation and testing purposes it is useful to have a validated plant model based upon the application of study. Once validated, a plant model can be used to perform simulation based testing as a supplement and possibly in place of more expensive and logistically complex field testing. Previous studies in the field of rock mechanics have supplied proven models that relate the performance of a rotary blasthole drill to the material being drilled for a given rock type with a given drill bit. In this study, field based experiments were conducted in an active surface mine on a working rotary blasthole drill and the corresponding monitoring while drilling (MWD) data was recorded. Data analysis was then performed on the collected field data. The techniques used successfully fit the collected MWD data to the previously proven rock mechanic models. This paper explores the theory relating rotary blasthole drill performance to the material being drilled, illustrates the required data collection and data analysis techniques, and demonstrates the ability of these techniques and the known rock mechanic models to provide a simulated plant model for the drilling process that can then be validated. This validation is also discussed.

Jan 1, 2015

By Réjean Lévesque

SIDBEC-NORMINES a été incorporée en 1976. Depuis la fin de 1977, ses activités comprennent outre la concentration au lac Jeannine, près de Gagnon, du minerai de fer extrait du gisement du lac Fire, I'exploitation d'un atelier d 'enrichissement secondaire et une usine de bouletage à Port Cartier. L 'objectif principal de SIDBEC-NORMINES est de produire six millions de tonnes de boulettes d'oxyde de fer par année, dont trois millions auront une faible teneur en silice afin de répondre aux exigences de la réduction directe. Les installations de SIDBEC-NORMINES sont adjacentes aux installations portuaires de la Compagnie Minière Québec Cartier, à l'est de la ville de Port-Cartier. L 'ensemble est conçu pour produire les deux types de boulettes avec deux circuits d'agglomération installes en parallèle. La production de concentré enrichi (68% Fe et plus) est obtenue dans une usine d'enrichissement utilisant le precédé de séparation magnétique hum ide ahaute intensite (separateurs Jones). À l'usine de bouletage proprement dite, on effectue Ie broyage du concentré et sa mise en boulettes sur disques; l'in duration des deux types de boulettes est obtenue sur deux chaînes d'agglomération Dravo dont chacune a une capacité annuelle nominale de trois millions de tonnes.

Jan 1, 1979

By J. E. Nesset

"This paper discusses the importance of considering residence time distribution (RTD) in the design of flotation and mixing circuits and in the analysis of operating problems. The experiences and successes of Brunswick Mining in this area are covered and include: the development of a practical RTD measurement technique using pulp conductivity, baffle installation to improve the RTD of existing process equipment, and the method in which RTD considerations have been used to design the newest flotation and conditioning operations. IntroductionThe use of residence time distributions (RTDs) in the design and analysis of unit operations is well understood by the chemical engineering profession in while mineral processing engineers have tended to rely on empirical and rule-of-thumb factors. For example, in scale up from laboratory and pilot test results to full size flotation plant design, empirical rule s are often used to establish residence time and number of cells in the bank. Coleman suggests a factor of at least 2, and up to 5 for gold ores, be applied to laboratory determined flotation times. This is further illustrated in Table I, taken from Denver equipment.The number of cells in series to achieve the required retention time while minimizing short-circuiting has generated a variety of conclusions (Table 2). Obviously there is less than complete agreement on the subject. Young notes that a clear difference of opinion has emerged and cites as extremes, (i) the publications of Outokumpum showing unimpaired recovery for its largest machines (38 m3) compared to equivalent retention times for numerous smaller machines, and (ii) the experiences of Eastern European countries where the practice is to install banks of 30 unit s or more, operating in series, often with unit retention times of only a fraction of a minute.The empirical factors used by engineers presumably account for other than tested feed conditions, inefficiencies in large continuous machines, inevitable day-to-day circuit disruptions, gradual equipment deterioration and any other safety factor the engineer feels compelled to incorporate. An understanding of RTD concepts and techniques should help the practicing mineral engineer to develop more soundly based factors. This paper relates the experiences of Brunswick Mining in using RTD techniques in the unit operations of flotation and mixing."

Jan 1, 1988

By D. Gagnon, B. Dubreuil, J. -M. Lalancette, D. Lemieux

"The pilot scale extraction of gold with a brine of sodium chloride and bromide at 30 ºC, in an atmosphere of halogens at atmospheric pressure, leads to gold chloride with 95% gold recovery. The use of dilute hypohalites (1 – 3%) instead of free halogens, which is strong enough to oxidize hypobromite into bromine, simplifies the recycling of halogens by electrolysis. With the recycling of water and brine, the regeneration of hypohalites and with a barren solid that is inert and stable. The Nichromet Extraction technology is a green process where the protection of the environment does not preclude profitability.INTRODUCTIONThe use of chlorides for the extraction of gold predates the discovery of chlorine by Scheele in 1774. In the Plattner chlorination process (Christy, 1888) sodium chloride and copper salt were used to promote gold recovery by amalgamation with variable results. The introduction of the cyanide technology in 1889 has led to a general use of this method for gold recovery. In the last decades, a return to chlorine in extractive processes has been noted (Ferron, Fleming, O’Kane and Dreisinger, 2002), mostly because of environmental pressure for non-cyanide technologies.This paper describes a closed circuit proprietary approach (Lalancette, 2009) developed and piloted by Nichromet Extraction Inc. for the extraction of precious metals with recycled mixed halogens; chlorine and bromine from hypohalites. DESCRIPTION OF THE PROCESSThe attack of gold by halogens can vary significantly. The rate of reaction is substantially higher with bromine (Br2) than with chlorine (Cl2), by a factor of more than five, although the oxidation potential of Cl2 is higher than Br2, as shown in Equation 1a and Equation 1b (Latimer, 1952)."

Jan 1, 2012

By C. S. Touchard, F. Bourgeois, L. Cassayre, Julcour-Lebigue C.

Developing a hydrometallurgical process that can overcome the refractory nature of chalcopyrite (CuFeS2) to leaching still eludes the minerals industry, despite major research efforts spanning decades. The several leaching experiments of this ore in sulfuric acid tend toward the same conclusion that the precipitation of elemental sulfur or iron containing species are the main dissolution inhibitors. Describing both the electrolyte composition and the various solid phases in equilibrium for the Fe-H2SO4-H2O system is essential to overcome this issue and to find an operating window. According to the thermodynamic models and to the thermodynamic data, we demonstrate, in this study, the need to use the Specific ion Interactive Theory (SIT) model to describe complex electrolytic systems through a limited number of parameters. Hence, the binary interactions for our case study have to be defined and estimated. This work develops a methodology to determine these parameters of the SIT model up to 90°C and an acid concentration of 1 mol/kg from published data for H2SO4-H2O and Fe(II)-H2SO4-H2O sub-systems or from new experimental data for the Fe(III)-H2SO4-H2O one. This method will eventually be applied to copper systems to lead to a thermodynamic description of the complete CuFeS2-H2SO4-H2O system. INTRODUCTION A leaching process consists in the dissolution of a solid phase into an aqueous medium in order to extract compounds of interest. It is a key step in the hydrometallurgical processes used in the primary production and recycling of metal components. One of the main leaching issues is the formation of passivating layers on the surface of solid particles, whose consequence is a partial or total hindrance of the dissolution. The leaching of chalcopyrite (CuFeS2) in sulfuric acid is a prime example. No industrial solution for the atmospheric pressure leaching of this ore has been developed to date because of passivation phenomena caused by the formation of elemental sulfur or iron-containing precipitates on the surface of the particles (Li, Kawashima, Li, Chandra, & Gerson, 2013). In the 1970s, the Pourbaix diagrams established for the Cu-Fe-S-H2O system at 25°C for low concentrated solutions (Garrels & Christ, 1965; Peters, 1976) agreed that copper and iron are fully dissolved at high potential and in acidic medium (pH < 4). However, they neglected the many stable solid phases that can form in these conditions. In addition, the Pourbaix diagrams of chalcopyrite in water, calculated with two recent databases (FactPS and Thermoddem 2017) associated to FactSage and PhreeqC softwares respectively, show large discrepancies at 75°C (Figure 1). Indeed, at high potential, FactSage predicts the formation of goethite FeOOH at a pH value of 1, while PhreeqC predicts the formation of jarosite (H3O)[Fe3(SO4)2(OH)6] for pH greater than 2.5.

Jan 1, 2019

By Mustafa Kumral

Monte ? Carlo simulation is often used to assess the risks associated with uncertain variables in mining operations. The success of Monte-Carlo simulations depends upon reproducing the dependencies among variables to some extent. However, some variables may exhibit different dependency patterns. In these cases, classical techniques for dependency quantification cannot capture dependencies. As an alternative, the copulas allow modeling nonlinear dependencies. Furthermore, any choice of marginal distributions can be used. Especially, for the data, which is sensitive to extreme case such as financial crisis, the copulas arise as a means to reproduce the correlations among variables. In this paper, the copulas are introduced to mining practitioners using Monte-Carlo simulations for risk assessment. Then, a case study is given to show the superiority of the copulas over classical techniques using ModelRisk Software. In conclusion, it was observed that the copulas enhance the quality of Monte-Carlo simulations by capturing variable dependencies.

Aug 1, 2013

By R. Wang

"Under high stress conditions, rock bursts, borehole breakouts, and spalling events are common phenomena that occur around underground openings. In general, together these three phenomena represent brittle failures of an intact rock mass; however, individually they reflect different failure modes under high stresses. After analyzing and comparing the stress-to-strength criteria for rock bursts, borehole breakouts, and spalling events, proposed by previous researchers, it is found that these brittle failure phenomena share common stress-to-strength prerequisite. The stress-to-strength preconditions for brittle failures can be defined by the ratio of the maximum tangential stress around an underground opening to the uniaxial compressive strength (UCS) (s?max/sci) or by the ratio of the maximum far-field principal stress to the UCS (s1/sci). Both these indicators can be used to reflect the same stress preconditions. For s?max/sci, a ratio of 0.4±0.1 represents the critical stress requirement for brittle fracture. However, for s1/sci, a ratio of 0.15±0.05 should be considered as the critical stress requirement. Numerous engineering case studies and analysis of rock mechanics based on the Hoek-Brown criterion also verify these two stress-to-strength preconditions. Here, these two indicators are presented with an error range because complex rock mass quality ratings, lithology, and geotechnical conditions have profound impacts on the stress-to-strength preconditions for brittle failures. INTRODUCTIONHigh stresses are one of the most important factors that must be considered when undertaking underground rock mass projects (Kaiser et al., 1998). Wang et al. (2009) reviewed current progress in the evaluation of high stresses and their corresponding criteria. However, after clarifying the definition of high stress, civil engineers need to understand the deformation and failure behaviors of rock mass around an opening under high stresses. Under high stress conditions, the deformation of rock masses around an opening can be categorized into two groups, i.e., severe brittle failures (or rock bursts) and compressional plastic deformation of the surrounding rock mass, as indicated in Figure 1."

Jan 1, 2015

By B. C. Tripathy, S. K. Padhy, R. K. Paramguru, Pinak Patnaik

"Cobalt is regarded as technology enabling metal among the less abundant metals found in the earth crust. Electrodeposition of the metal from aqueous sulphate solutions is the preferred technology for its commercial production. Certain additives are added in the electrolytic bath during electrodeposition for the production of uniform, smooth and bright deposits of cobalt metal with higher current efficiencies and lower energy consumptions. A detailed investigation has been carried out to determine the effect of additive Sodium octyl sulphate (SOS) on the electrodeposition of cobalt. The results indicated that the additive apart from increasing the current efficiency enhanced the quality of cobalt electrodeposits. A maximum current efficiency of 98.4% was achieved at 10 mg/L SOS. The presence of SOS in the electrolytic bath did not result in any noticeable change in the crystal orientation of the cobalt electrodeposits except at higher concentrations (50 g/L) of the additive. Scanning electron micrographs indicate that smooth, compact and uniform deposits of cobalt were obtained at 10 mg/L of the additive beyond which there is detoriation in the quality of deposits. Polarisation of the cathode was seen in the presence of SOS. The effect of SOS on the electro kinetic parameters: Tafel slope (b), transfer coefficient (a) and exchange current density (I0) has also been investigated.INTRODUCTIONCobalt is recognised to be a strategic metal among the various base metals, owing to its numerous applications in various industries. Cobalt as a metal finds its use in the preparation of rechargeable batteries, as an alloying component in the manufacture of space craft and jet engines, as a drying agent for paint varnishes, ground coats for porcelain enamels and in the manufacture of the catalysts for the petroleum and chemical industries (Davis, 2000). Although there is a huge demand of the metal the supply of the metal is limited due to its scarcity in the earth crust. The metal comprises of only 0.02% of the earth’s crust for which the metal is recovered from various ores of nickel and copper as a byproduct (Hawkins, 1998). The present day techniques for cobalt production includes mostly hydrometallurgical methods which are preferred over the earlier used pryometallurgcial methods carried out for the metal production. Almost 70% of the world’s cobalt produced currently is from hydrometallurgical techniques in which electrodeposition of the metal from aqueous solutions is the final step for metal production (Verney, 1988). The most preferred route for electrodeposition of cobalt metal involves a sulphate medium (Das and Subbaiah, 1984; Lenthall and Bryson, 1997; Sharma et al., 2005)."

Jan 1, 2016

There are many inherent risks in creating a mine plan for a new ore zone in an underground mine; one of such risks is the redistribution of stresses that could be a cause of instability. Using numerical modelling tools, it is possible to model the planned stope extraction sequence and evaluate the influence of mining induced stresses on the stability of remnant pillars, and use this information to remedy potential setbacks. This paper demonstrates this approach through a case study of the short-term mine plan of the Lapa mine of Agnico Eagle Mines Ltd., an underground gold mining operation near Val d?Or. Three-dimensional boundary element modelling is used to compute the stresses induced by the stope extraction sequence as planned with a longitudinal retreat mining method. The proposed methodology can be generalized to other mines that require an understanding of the stress concentrations at the pre-feasibility stage of mine design.

May 1, 2009

By P. Tarassoff

Extractive metallurgy is concerned with the winning of metals from their ores and concentrates. It is therefore not unexpected that extractive metallurgy in Canada has always been closely linked with mining. The discovery and exploitation of new orebodies has provided the impetus for the building of many of our smelters and refineries - past and present - and for the development of new metal extraction processes. The purpose of this paper is to provide a brief overview of those early metallurgical developments, and to highlight the continuing expansion and diversification of the Canadian metallurgical industry.

Jan 1, 1999

By B. J. Keating

"AT PRESENT, it is not certain that any of the sulphide de in the Province of Nova Scotia attain the lower grade limit of 60 per cent sulphides over the minimum area of 1,000 square feet suggested as cut-off specifications for inclusion in this Symposium. However, several of them do include massive sections of substantial size and others represent concentrations of sulphide material that are well above average. It is felt, therefore, that a tentative classification of the deposits and presentation of their geological settings are justified and may help round out the genetic aspects of this study. Accordingly, data considered to be the most pertinent are assembled here in the event that some may fit into larger-scale patterns of mineralization that may take shape as a result of this investigation.The three principal massive sulphide deposits in Nova Scotia are the Stirling, the Smithfield, and the Walton. The locations of these are shown on the accompanying key-map (Figure 1).Three other deposits, the locations of which are also indicated on the map, are the Meat Cove, Rocky Brook, and Gays River de¬posits. Although these fall far short of the minimum dimensions and grade specifications referred to above they are singled out because they have received more than passing attention and are illustrative of the mineralization types to which they belong."

Jan 1, 1960

By T. G. Hawkins, T. M. Naciuk

"The Katie Cu-Au deposit is situated in southeastern British Columbia, 425 km east of Vancouver. The deposit is a member of the alkaline group of porphyry Cu-Au deposits associated with potassically and propylitically altered andesitic volcanic rocks.The Katie porphyry system occurs in mafic to intermediate alkaline volcanic rocks of the Lower Jurassic Elise Formation of the Ross/and Group. Host metavolcanic rocks include andesitic to basaltic flows, flow breccia, massive fine tuff and crystal tuff Gabbroic intrusions alternate with the volcanic rocks in drill core. The lack of chilled margins and shear contacts, as well as their similar composition to the volcanic rocks, suggest that the gabbro was synvolcanic.Alteration exhibits a zonal pattern spatially related to zoned porphyry-style mineralization. Propylitic alteration is common and assemblages consist of epidote, chlorite, sericite and calcite. Potassic alteration zones are accompanied by elevated copper-gold grades and are composed of K-feldspar, plagioclase, quartz, biotite and chlorite. Narrow drillhole intervals of secondary magnetite, generally less than 2 m across, occur above the potassic alteration zones. A thick oxidized cap lies above the mineralized zones, although only local supergene enrichment has been identified. The lack of supergene enrichment is perhaps due to intense near-surface fracturing and leaching from a high energy groundwater environment.Sulphide mineralization consists mainly of pyrite within the propylitic halo, and pyrite and chalcopyrite with trace pyrrhotite, sphalerite, tetrahedrite, bornite and molybdenite within the potassic alteration core. Malachite, azurite and traces of chalcocite occur within the oxidized cap.Discovery and exploration techniques have included airborne geophysics, regional stream sediment sampling, prospecting, geological mapping, ground geophysical surveys, soil sampling surveys, and diamond drilling. Two primary targets of porphyry copper-gold mineralization have been identified by exploration. The Main zone strikes northwest, has an apparent true thickness ranging from 70 m to 135 m, and is a minimum of 500 m in length. The 17 zone strikes northwest, has an apparent true thickness of 90 m, and is a minimum of 300 m in length. The two zones are defined by grades that generally exceed 0.2% Cu and 0.25 g/t Au. Both zones are open along strike and to depth."

Jan 1, 1995

By Júlio C. Lúcio

Consider the case of a mining company with N investment opportunities in projects of different commodities. The problem is: since the company has limitation of capital, equipments, technical staffs, etc, what is the best portfolio of production projects in order to maximize expectations from shareholders? In the no-longer past, the traditional method for the selection of portfolio of projects was the rank-an-cut method. But, this does not properly account for the risk to which the company is exposed. The Markowitz?s Mean-Variance is an advance because the risk of the NPV can be estimated at the level of the company or even division of the corporation. The final product of the Markowitz?s model is the efficient frontier, in which, the manager can clearly understand the maximum return from existing assets and the associated risk level - but this model does not recommend which one is the best portfolio. In this paper we present a model to select the best portfolio considering not only economic indicators, but also requirements of production, constraint in investments, etc. We show that if investors are diversified, managers should select projects with highest return, regardless of risk. However, in practice, if bonuses of managers are tied to their performance, the choice for portfolio with lower return and risk can happen. Numerical application considering typical portfolio of large mining company is used as example.

May 1, 2009

By A. Dahi Taleghani, A. Shojaei

Continuum damage mechanics (CDM) of rocks is studied together with their elastic and plastic behaviors to develop simulation tools for hydraulic fracturing jobs in naturally fractured formations. The model is constituted based upon pressure sensitive inelastic deformation of porous rocks and their damage mechanisms in the cases of drained and undrained conditions. The CDM model is formulated within Fracture mechanics framework. The performance of the developed elastoplastic and CDM models are compared with the available test data of a specific shale play. The hydraulic fractures growth in the reservoir scale is then simulated; in which the effect of fluid viscosity, natural fractures characteristics and differential stresses on induced fracture network is studied. The simulation results are compared with the available solutions in the literature. The developed CDM model outperforms the traditional fracture mechanics approaches by removing stress singularities at the fracture tips and simulation of progressive fractures without any essential need for remeshing.

Jan 1, 2015