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By C. W. Siyasiya, K. A. Annan, W. E. Stumpf

"SynopsisThe relationship between niobium content and austenite grain growth has been investigated through hot rolling simulation on a Bähr dilatometer. The effect of delay time between passes during rough rolling in Nbmicroalloyed steels with nitrogen contents typical for electric arc furnace (EAF) melting was studied. The results indicate that the grain growth constants n, Q, and A increase with an increase in Nb content. The activation energy for austenite grain growth Q was found to be in the range of 239 to 572 kJ/mol, the exponential constant n ranged from 2.8 to 6.2, and the material and processing condition constant A from 4.24 × 1012 to 4.96 × 1028, for steels with niobium contents ranging from 0.002% Nb to 0.1% Nb. A general constitutive equation for the prediction of austenite grain growth in these Nb-microalloyed steels under rough rolling conditions has been developed. Good agreement between the experimental and the predicted values was achieved with this constitutive equation.IntroductionGrain refinement has been found to increase both the strength and toughness of steels (Gao and Baker, 1998; Sharma, Lakshmanan, and Kirkaldy, 1984; Seok et al., 2014; Maalekian et al., 2012). It is also known that the austenite grain size directly influences the microstructure, and thus the mechanical properties, of the steel (Maalekian et al., 2012; Yue et al., 2010). Effective grain growth control is reported to be achieved through addition of precipitate-forming elements, such as Nb that, slow down the grain boundary migration through pinning and solute drag mechanisms (Yu et al., 2010; Olasolo et al., 2011; Alogab et al., 2007). Much work has been carried out on austenite grain lsize control by the addition of precipitate-forming elements that have a strong affinity for interstitial elements, such as carbon and nitrogen, which form the dispersed pinning particles to inhibit the austenite grain growth (Alogab et al. 2007; Hodgson and Gibbs, 1992; Nanba et al., 2003; Flores and Martinez, 1997; Rollett, Srolovitz and Anderson, 1989). Austenite grain growth can be described using a conventional or a modelling approach. With conventional approaches (e.g. metallography), in-situ monitoring of austenite grain growth at high temperatures is impossible. Modelling the grain growth behaviour based on available data is the ideal option. To quantitatively describe austenite grain growth therefore requires development of a sound mathematical austenite grain growth equation that accounts for the effects of the varying microalloying elements in inhibiting austenite grain growth. Numerous attempts have been made to develop an empirical model based on the general equation developed by Sellars and Whiteman (1979). Many of these models do not account for the direct effects of the microalloying elements such as Nb in austenite grain growth control [Fu et al., 2011; Wang and Wang, 2008; Wang et al., 2006; Shanmugama et al., 2005; Banerjee et al., 2010; Pous-Romeroa et al., 2013). The current work has considered this limitation, taking into account the direct effect of niobium in grain growth control during thermal processing. This is done by incorporating the initial austenite grain size Do and the microalloying element niobium in the development of a constitutive equation for grain growth prediction in Nb-containing microalloyed steels."

Jan 1, 2015

ERRATA-AUTHOR'S REPLY IN SEPTEMBER, 1970, JOURNAL: PAGE 52 I. Left half of the page, 4th paragraph, fifth line from the bottom: for 22 / 5 1/2 %, read 22 / 5 1/2 %. 2. Right half of the page, fifth paragraph from the bottom, third line from the bottom: for N(l - p), read N(1 - p)x. 3. Right half of the page, fourth paragraph from the bottom, second line: for: at time t after time zero, read: at time x after time zero. NOTICE TO ALL STUDENT MEMBERS OF THE SOUTH AFRICAN INSTITUTE OF MINING AND METALLURGY The Institute offers each year for competition among Student Members of the Institute a prize, or prizes, should entries so warrant it, of up to the value of R100 to be awarded to the Student Member or Members who submit the best paper or dissertation on a topic appropriate to the interests of the Institute. In the case of Student Members who are in full time study at a university the dissertation or thesis which they may have to write in part fulfilment of their university curriculum may be accepted provided it is presented in a manner and on a topic suitable for publication in the Journal. The closing date for the receipt of papers shall be 31st December each year.

An evaluation was made of the wear and performance characteristics of liter bars, and the cost-life effectiveness of backing materials for rotary-mil liners. In a large run-of-mine mil in which the liter bars were mounted on grid liners of austenitic manganese steel (AMS), the liners had an average life that was five to six times that of equivalent unprotected liners. For a single mil, this is equivalent to annual savings in the cost of materials of up to R320 000, and to a downtime of 100 hours. Of the five materials tested in a large pebble mil grinding quartzitic ore, AMS grids and 'white iron' blocks performed best on a cost-life basis, with possibly improved performance from a real white cast iron. (The 'white iron' was shown by microstructural analysis to contain flake raphite and pearlite, being in reality a grey cast iron.) The high-chromium white iron had by far the longest predicted life, with mild steel a surprising second. Rubber was shown to last well in this type of mil. The wear rates of liners change during their lifetimes. The protective effect of liter bars was clearly illustrated by the reduction of over 40 per cent in the wear rates of the liners when the lifter bars were renewed to a height of 80 mm from a fully worn height of 35 mm.

Jan 1, 1991

By O. Leuangthong, M. Nowak

"The impact of high-grade data on resource estimation has been a longstanding topic of interest in the mining industry. Concerns related to possible over-estimation of resources in such cases have led many investigators to develop possible solutions to limit the influence of highgrade data. It is interesting to note that the risk associated with including high-grade data in estimation appears to be one of the most broadly appreciated concepts understood by the general public, and not only professionals in the resource modelling sector. Many consider grade capping or cutting as the primary approach to dealing with high-grade data; however, other methods and potentially better solutions have been proposed for different stages throughout the resource modelling workflow.This paper reviews the various methods that geomodellers have used to mitigate the impact of high-grade data on resource estimation. In particular, the methods are organized into three categories depending on the stage of the estimation workflow when they may be invoked: (1) domain determination; (2) grade capping; and (3) estimation methods and implementation. It will be emphasized in this paper that any treatment of high-grade data should not lead to undue lowering of the estimated grades, and that limiting the influence of high grades by grade capping should be considered as a last resort. A much better approach is related to domain design or invoking a proper estimation methodology. An example data-set from a gold deposit in Ontario, Canada is used to illustrate the impact of controlling high-grade data in each phase of a study. We note that the case study is by no means comprehensive; it is used to illustrate the place of each method and the manner in which it is possible to mitigate the impact of high-grade data at various stages in resource estimation."

Jan 1, 2015

By K. N. Karparov

The classical limit equilibrium methods are suspected to be ineffective in predicting the potential for highwall failure in many instances in coal mines around the world. Slope engineers have for many years recognized a block thrust failure mechanism for slope failures, but little work had been done before 2000 to explain the actual mechanisms which must be responsible for the failure. The main reason for this is that limit equilibrium methods implicitly assume rigid blocks, and the resulting force equations must be satisfied everywhere simultaneously for them to have any meaning. This paper will show that the material involved in the slope failure is not rigid; indeed it undergoes considerable permanent deformation during failure. This observation allows the authors to treat the block boundaries independently, because they need not maintain a constant spatial relationship with one another, as is assumed in other methods. To enable analysis of this type the authors assume that the weight of the blocks is evenly distributed. This is reasonable, because the slope material is not strong enough to be self-supporting without some sort of constraint, or strong enough to be able to apply point loads to the surrounding material. The purpose of this paper is to extend the practical application of the analytical method developed from mechanism studies to provide an objective assessment of the risk of slope failure, and therefore guidelines for more stable slope designs. This work is based on studies carried out on two failures in an open pit coal mine in South Africa, and provides a methodology to assess the potential for failure more objectively than is possible with currently accepted methods, while at the same time remaining sufficiently simple to allow a ?back of the cigarette box? assessment by geotechnical engineers on site.

Jan 1, 2009

By L. Rojas Mendoza, F. J. Hrach, A. Gupta, K. P. Flynn

ST Equipment & Technology (STET)’s tribo-electrostatic belt separator technology allows for the beneficiation of fine mineral powders by means of an entirely water-free technology with high throughput and low energy consumption. The STET separator is suited for separation of very fine (<1 μm) to moderately coarse (500 μm) particles, in contrast to other electrostatic processes that are typically limited to particles >75 μm in size. STET has performed exploratory studies with several iron ores including tailings and experimental results to date have demonstrated that low-grade iron fines can be upgraded by means of STET tribo-electrostatic separator to commercial grades (58-65%Fe). Experimental results together with high-level economic evaluations indicate that scavenging processes involving low drying costs, DSO operations and tailings beneficiation offer a commercially viable processing method to recover fine iron that would otherwise be lost by traditional processing. Dry electrostatic processing of iron ore presents a clean, low-energy opportunity for iron producers to reduce costs and wet tailings generation associated with traditional gravimetric, flotation and wet magnetic separation circuits. Moreover, STET technology allows for mining waste utilisation and resource recovery from iron ore fines and tailings, therefore offering processors a novel method to recover fines that would otherwise be difficult to process to sellable grades with existing technologies. Keywords: Iron fines, industrial minerals, dry separation, calcium carbonate, talc, barite, quartz, tribo-electrostatic charging, belt separator, fly ash

Jan 1, 2020

By M. R. L. Blackwell

Over the period 1964 to 1969 Conzinc Riotinto of Australia undertook and completed an evaluation of a large low-grade copper orebody on Bougainville Island in the Territory of Papua and New Guinea. From the outset it was clear that the geographic, climatic and topographic characteristics of the area would necessitate a heavy capital outlay on production and support facilities. Both the physical problems and the magnitude of the investment amplified the need for a thorough and rigorous evaluation of the various strategies for exploiting the orebody. In view of the number of independent and inter-related variables and the flow of new data, a computer-based evaluation process extended the scope and depth of the analysis considerably. The system used permitted an iterative assessment and re-assessment of the various strategies with the results becoming increasingly refined with time. This process encompassed the modelling of the orebody, the simulation of alternative operating strategies and the determination of the financial profitability of the project,

Jan 1, 2014

By J. Morkel

During research on mainly the weathering of kimberlite, it became evident that its mineralogical composition is an important factor in the complex process of physical and chemical disintegration. The mineralogy of tuffisitic kimberlite breccias from two localities, the Cullinan and Venetia mines, is compared with special reference to the occurrence of associated clay minerals. The clay mineral composition influences the engineering properties of these rock types. It is illustrated how the presence of swelling clay components can be confirmed by ethylene glycol treatment and chlorite minerals by heat treatment using X-ray diffraction. Smectites are present in both tuffisitic kimberlites, dominant at Venetia while chlorite is more frequent at Cullinan. More tuffisitic kimberlite breccias samples from venetia were also characterized. It was found that kimberlite disintegration is correlated with the presence and abundance of smectite.

Jan 1, 2006

By G. O. Rading, B. O. Odera, M. J. Papo, R. Couperthwaite

"Platinum-based alloys are being developed with microstructures similar to nickel-based superalloys for potential high-temperature applications in aggressive environments. Since the chemistries of nickel and platinum are similar, Pt-based alloys can be made with gamma prime ~Pt3Al precipitates in a gamma (Pt) matrix. Currently, the Pt-Al-Cr-Ru system is one of the bases for developing Pt-based alloys, where Al allows the formation of thePt3Al precipitate and also gives protection from the alumina scale formed, Cr provides oxidation resistance and stabilization for the L12~Pt3Al phase, and Ru provides solid solution strengthening in the (Pt) matrix. Four Pt-Al-Cr-Ru-V and two Pt-Al-Cr-Ru-V-Nb alloys were made, with compositions based on a quaternary alloy, ~Pt82:Al12:Cr4:Ru2, which hadpreviously been identified as having optimum properties. Four of the as-cast alloys had the targeted two-phase structure of ~Pt3Al and (Pt), and two were single-phase ~Pt3Al. Vanadium partitioned more to (Pt) than to~Pt3Al. There was an improvement in hardness compared to the quaternary alloys. The best addition of V was ~15 at.%; higher additions resulted in brittle intermetallic phases of the Pt-V system. The effect of Nbcould not be ascertained because of its high losses."

Jan 1, 2015

By M. Salimov, J. Sattarvand

The conventional visualisation method of remote equipment is through the installation of one or more cameras on the machine, and sending a live feed to the operator’s flat display. However, the performance of the teleoperation can be enhanced using better visualisation through virtual reality (VR). This paper presents the process of the design and manufacturing of a robotic platform that will be used in the next phase of the project for a VR-assisted teleoperated excavator. The robot consists of a loading boom and arm arrangement installed on the undercarriage of a CAT300-9D. All hydraulic cylinders are replaced with electric actuators, and crawling motors are substituted by electric motors. The pieces of the boom and the arm, as well as the bucket were designed in Autodesk Inventor, and manufactured from aluminium sheets using a desktop and CNC machine. Parts are joined by pins and welding as needed. An Arduino-based control system is developed for the robot, and motor controllers are used to convert the power commands from the microcontroller to the high-amperage actuators. The control system is capable of communicating with a wireless Play Station controller to operate remotely. The manufactured robotic excavator is planned to be utilised in multiple autonomy research projects.

Sep 1, 2021

By S. Kitamura

In recent years, the amount of ferritic stainless steel production has increased. However, the rust formation by the salt spray test was pointed out in the past. At the centre of the circular rust zone, pitting corrosion where water-soluble nonmetallic inclusions were embedded was observed. These inclusions originated from the suspended refining slag and consisted of multi-phase oxides and sulphides. By the experiments and thermodynamic consideration of the water-solubility, not only CaO or CaS, but also lime rich calcium-aluminates or calcium-silicates have shown large water-solubility. The composition of oxide phase in the inclusions was almost the same among the samples from molten steel, slab, or cold rolled sheet. On the contrary, CaS was clearly observed around the oxide in the sample of cold rolled sheet, although it was not found in the molten steel or slab samples. The enrichment of sulphur occurred from the desulphurization reaction of the suspended slag particles in the molten steel and also occurred from the diffusion of sulphur to the oxide inclusions during the heating of the slab. The optimization of refining slag composition has lead to produce the ferritic stainless steel without rust formation. Keywords: stainless steel, rust, calcium aluminates, calcium sulphides, water-solubility, refining slag, composition control of inclusions.

By S. Krishnannair

Singular Spectrum Analysis (SSA) is an effective data-adaptive multimodal tool for monitoring chemical processes. However, monitoring multiscale signals using principal component analysis obtained from the multilevel decomposition of process signals using basic SSA assume the upper control limits of monitoring charts (" ) to have a Gaussian distribution. This assumption deteriorates the performance of basic SSA when applied to the monitoring of nonlinear processes. To address the issue in this paper, the kernel density estimation (KDE) was used to estimate upper control limits of monitoring charts for basic SSA based nonlinear process monitoring techniques. The monitoring performance of the resulting basic SSA-KDE approach was then compared with a basic SSA approach of which upper control limits of the monitoring charts were determined based on a Gaussian distribution. Application on nonlinear dynamic simulated process and base metal flotation plant chemical processes showed that the SSA-KDE approach provided better overall performance than the SSA approach with Gaussian assumption-based upper control limits for its monitoring charts. Keywords: Fault detection, singular value decomposition, singular spectrum analysis, kernel density estimation

Jan 1, 2020

By M. G. Spengler

Mr More O&apos;Ferrall must be complimented on a paper that will be a useful reference for the re-working of previously abandoned workings. His paper so closely mirrors experiences at East Rand Proprietary Mines, Limited, that it could well have been based on occurrences in that mine. Corrosion The Scientific Society of Mechanical Engineers is organizing the 115th event of the European Federation for Corrosion in Budapest, from 18th to 22nd October 1982.

Jan 1, 1981

By P. Altounyan

Techniques used to safely control the roof in UK coal mines for some 10 years have been applied to a South African coal mine. This new approach known in the UK as advanced rockbolting technology, is based on applying four fundamental principles: ?Understanding the roof failure mechanisms ?Using an effective roof support system ?Designing this support using measurement ?Monitoring the performance of the system. The paper summarizes the approach in detail and describes how it is being applied by Anglo Coal, giving results obtained to date. Investigations at a number of South African coal mines, including stress measurements at two Anglo Coal mines, have confirmed that the mode of roof failure (lateral shearing due to horizontal stress) is the same as in other coalfields worldwide, and aspects of current world best practice, including the use of advanced technology rockbolting, are therefore relevant in South Africa. The stress measurements indicated a high level of stress field anisotropy and further investigation of stress conditions in South African coal mines is recommended. The most effective bolting system to resist shear failure is one with high bond strength and stiffness. Short encapsulation pull testing of existing South African systems confirmed that they have low bond strength and stiffness. An improved rockbolt system with the required performance, and features allowing rapid installation and installation quality and performance audit, has been developed and is currently under full-scale trial. Design by measurement and routine monitoring procedures including the use of a rotary telltale device are also under trial. It is anticipated that South African coal mines will be able to obtain significant safety and productivity benefits from the application of this technology.

Jan 1, 2001

By F. Sawyerr

A bubble population balance model is proposed for the prediction of Sauter mean bubble diameters in mechanical flotation cells. In the model, the flotation cell is treated as two separate, statistically homogeneous zones?the impeller zone, and the bulk tank zone. Balance functions for the rates of bubble breakage, coalescence, recirculation and inlet-outlet events are proposed based on classical chemical engineering research in two- and three-phase fluid mixing systems. An initial simulation of the population balance model shows trends in bubble size distributions comparable to measured distributions in industrial mechanical flotation cells.

Jan 1, 1998

By A. Krause

Shovel-truck systems for loading and hauling material in open pit mines are now routinely analysed using simulation models or off-the-shelf simulation software packages, which can be very expensive for once-off or occasional use. The simulation models invariably produce different estimations of fleet sizes due to their differing estimations of cycle time. No single model or package can accurately estimate the required fleet size because the fleet operating parameters are characteristically random and dynamic. In order to improve confidence in sizing the fleet for a mining project, at least two estimation models should be used. This paper demonstrates that the Machine Repair Model can be modified and used as a model for estimating truck fleet size in an open pit shovel-truck system. The modified Machine Repair Model is first applied to a virtual open pit mine case study. The results compare favourably to output from other estimation models using the same input parameters for the virtual mine. The modified Machine Repair Model is further applied to an existing open pit coal operation, the Kwagga Section of Optimum Colliery as a case study. Again the results confirm those obtained from the virtual mine case study. It is concluded that the Machine Repair Model can be an affordable model compared to off-the-shelf generic software because it is easily modelled in Microsoft Excel, a software platform that most mines already use. This paper reports part of the work of a MSc research study submitted to the University of Witwatersrand, Johannesburg, South Africa. Keywords: simulation, bunching, probability distributions, cycle time, queuing, matching, shovel-truck, OEM.

Jan 1, 2007

By Xiang-nan Zhu, Hao Zhang, Lin Li, Jun Qiu, Yue-xian Yu, Chun-chen Nie, Xian-jun Lyua

Waste printed circuit boards (WPCBs) are excellent metal resources. Mineralogical characteristics of different components in WPCBs were analysed in this study. Organic-enriched particles, fibreglass-enriched particles, associated particles and metal-enriched particles were obtained by density gradient method. Subsequently, the elemental composition, morphology, dissociation characteristics, functional group composition and phase composition of different components were analysed by X-ray fluorescence spectrometer (XRF), scanning electron microscopy and energy dispersive spectrometer (SEM+EDS), infrared spectroscopy (FT-IR) and X-ray diffraction (XRD). Elemental analysis results show that Cu is mainly contained in metal-enriched particles. SEM+EDS analysis results demonstrate that ideal dissociation can be achieved when the WPCBs are broken to -1 mm. Organic matter particles are enriched with carbon and oxygen elements, while fibreglass particles and associated particles mainly contain Al and Si elements, verified by XRD analysis. FT-IR results show that hydrophilic and hydrophobic groups exist widely in all components, caused by widespread organic matter. This study reveals the important properties of different components in WPCBs, which is of great significance for the subsequent separation process. Key words: Waste printed circuit boards, mineralogical analysis, elemental composition, dissociation; phase analysis, functional group composition

Jan 1, 2020

By A. Della Rocca, P. Jonker, B. Henning

Successful prediction of the collection efficiency of cyclone separators is a necessary step in cyclone design and verification. Aside from standard empirical relations, CFD modelling is widely adopted to supplement the design of cyclone units in relation to the desired separation performance. Nevertheless, effective adoption of numerical modelling is sometimes prevented by large modelling errors, especially for small size particles which are more subject to turbulence effects than larger particle classes. In the past, this motivated the adoption of more refined turbulence modelling approaches, such as large-eddy simulations. These approaches provide greater insight into time dependent behaviour, while leading to larger computational cost with respect to more standard approaches. In this paper, an effective Eulerian-Lagrangian Reynolds-averaged Navier-Stokes (RANS) approach is investigated, which is able to predict the complete separation efficiency curve with satisfactory accuracy, without requiring prohibitively long computational times. An assessment of the proposed approach is carried out against experimental data from large laboratory scale cyclones, in the form of mean and fluctuating velocity profiles from LDA measurements (Hoekstra, 2000), as well as with respect to the experimental separation curve (Zhao, 2005). The final application to a full-scale industrial cyclone unit is then carried out with the aim of tuning the cyclone design to the separation efficiency curve as required by downstream processes. Keywords: Cyclones, separation, CFD, RANS, RSM, Lagrangian

Jan 1, 2020

Your Council has pleasure in submitting its report for the year ended 30th June, 1969. COUNCIL The following served as Office Bearers during the year under review: Messrs. R. C. J. Goode (President), J. K. E. Douglas and V. C. Robinson (Vice-Presidents), P. Lambooy (Immediate Past President) and D. G. Maxwell (Honorary Treasurer). Members of Council: Messrs R. J. Adamson, M. Barcza, F. P. Bath, Or J. M. Bereza, Or W. Bleloch, Messrs H. Britten, H. E. Cross, A. R. C. Fowler, A. E. Gilfillan, G. W. Holl, Prof D. D. Howat, Or J. P. Hugo, Messrs C. J. Irving, D. M. Jamieson, J. G. Kirchner, Prof J. de V. Lambrechts, Mr C. E. Mavrocordatos, Or J. T. McIntyre, Mr J. A. Nixon, Prof R. P. Plewman, Messrs J. F. Reid, H. Simon, C. G. Sowry, W. T. Stobart and P. W. J. van Rensburg. Ten Council meetings were held during the year with an average attendance of eighteen. FINANCE The annual accounts, which are attached to this report, show an excess of expenditure over income of R2,124, compared with an excess of income over expenditure of R4,218 last year. There are a number of reasons for this substantial change. There was a loss on realization of investments compared with a substantial surplus in recent years. The publication of the Journal once again resulted in a large loss in spite of a generous subvention of R2,000 from the Department of Cultural Affairs and other assistance amounting to R750. The revenue from sales of publications was down considerably. This is a figure which fluctuates considerably from year to year. The secretarial fee was considerably higher than previously. Due to pressure of work it was necessary for the Secretary to relinquish his duties with the Institute of Land Surveyors and, therefore, for this Institute to assume the additional staff costs involved. Finally there was unusual expenditure on the 75th Anniversary celebrations. There was a pleasing increase in revenue from subscriptions, due to the steadily increasing membership, but this was quite inadequate to cover the substantial increases in expenditure and losses in revenue mentioned above. The changes that have been effected in the arrangements for the publication of the Journal have been mentioned elsewhere in this report. It is expected that these will bring about substantial financial benefits in the long term. The MacArthur Forrest Memorial Fund shows an excess of income over expenditure of Rl00 and the total fund was therefore increased by this amount to R4,206. The balance sheet indicates that the market value of quoted shares and debentures increased during the year from R8,755 to R13,059, while the Accumulated Funds now amount to R22,567 as against R24,691 last year. MEMBERSHIP Fifty-six Members, fifty-five Associate Members, thirteen Graduates, twenty-two Affiliates and twenty- nine Students were elected during the year. Twelve Members were admitted to Life Membership; seven Associate Members were transferred to the grade of Member; four Graduates and two Students were transferred to the grade of Associate Member; five Students were transferred to the grade of Graduate; three Affiliates were transferred to the grade of Member; five Affiliates were transferred to the grade of Associate Member. Three Members, seven Associate Members, two Graduates, two Affiliates and six Students were removed from the Membership Roll in terms of By-Law 7.7.1. Your Council records with deep regret the death during the year of the following members: E. F. J. Bulman (Member), E. F. Chapin (Member), R. A. H. Flugge-de-Smidt (Hon. Life Member), T. S. Haldane (Member), J. M. Massie (Associate Member), S. W. Page (Student), S. R. Rabson (Member), M. Ramsay (Member), F. Wartenweiler (Hon. Life Member). A comparative statement of the membership as at 30th June, 1969, and the end of the previous year is shown in the following tabulation: 30th June 30th June 1968 1968 Honorary Life Members 12 10 Honorary Members 6 6 Life Members 176 189 Members 488 514 Associate Members 409 448 Graduates 60 68 Affiliates153 155 Students152 162 1,456 1,552 PAPERS AND JOURNAL The Institute is changing the format of the Journal from the present size to the standard international A4 size with effect from August, 1969. In making this change it will conform to more general practice today in regard to publications and this should effect certain economies and facilitate selling of advertising space. It has been arranged that in future the publication of the Journal, including advertisement sales, will be handled by Kelvin Publications (Pty.) Ltd. who are already doing this work satisfactorily for the Mechanical and Electrical Engineering Institutes. In making these changes the opportunity was taken of redesigning the outer cover of the Journal to incorporate the new coat of arms. The Presidential Address by Mr R. C. J. Goode and twelve papers which were published in the Journal during the year are listed below: August, 1968: Presidential Address: "The Institute-In retrospect and prospect." September, 1968: "Rotary mill liner practice in the South African gold mining industry," by J. H. French and O. E. Lissner.

By E. V. Lilford

Valuators of mineral properties are faced with a range of valuation methodologies, the most important of which are grouped under the headings of the market approach, the cost approach and the income approach. The way in which value is defined and the detail of the different valuation methodologies is examined here. This paper aims at documenting the variety of valuation procedures and applying each method to a variety of gold projects and comparing the outcomes. Any decision to apply a valuation technique will depend principally on the stage to which the project has been developed. The valuation approach to a greenfield project will be substantially different from that applied to a well-drilled, extensively explored mineral property. Furthermore, a valuation exercise may produce different outcomes for the same gold project depending on which method is applied. In order to investigate the variability in valuation methods and to explore the outcomes of different approaches, a series of five gold projects was analysed. The projects differ in regard to levels of capital application, infrastructural setting, depth below surface, in situ grade, and the stage of development, and were valued using the different methods. The most critical aspect of any valuation is the capacity of the valuer to identify the salient issues and ensure that they are incorporated into the valuation. The danger of simply applying ?black box? solutions to valuation problems without a full understanding of the parameters and the areas of uncertainty is emphasized. The importance of the valuator?s experience, insights into best practice and the ability to recognize and submit to the requirements of compliance within the minerals industry is among the most important characteristics of a valuer.

Jan 1, 2005