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By C. Nangolo

Mineral commodity prices comprise one of the key criteria in the selection of mining stocks. We contend that of the three principal elements of mineral commodity prices, spot price, forward price and long-term price, one has a greater impact on the share valuation processes used by investors. This research paper examines the extent to which each of these elements influences the valuation process. The intention is to provide investors in mining stocks with a greater understanding of how fluctuations of commodity prices over time affect the prices of the mining stocks they hold, or intend to sell or buy. Three mineral commodities, gold, silver, and copper, were used as case studies, since market data on these commodities is readily available in the public domain. Nine market indices covering all three mineral commodities were selected. These are based on clearly defined criteria with the intention of eliminating ambiguity and to test for correlation with the three sets of mineral commodity prices. Nine mining companies, which were not the primary drivers of the relevant indices employed in the study, were used to validate the results obtained from the indices in order to avoid duplication of the same correlation during cross-checking. Each commodity price was adjusted for operating costs. For each market index, an average operating cost was calculated from the companies comprising its basket, while each company?s annual operating costs were used for the stocks of the individual companies examined. The data was collected for the period January 2004 to October 2010. This period was further split up into three sub-periods to account for the Global Financial Crisis (GFC) period that started in mid-2008. We conclude that mining stock prices are correlated with mineral commodity prices, but with spot and forward prices exhibiting stronger correlations than long-term price. This finding should be useful for evaluation purposes. Where cash flow methodologies such as discounted cash flow or earnings per share are used to value ordinary shares and commodity prices are required to estimate future cash flows, the findings suggest that spot prices should be used as opposed to long-term prices. The work reported in this paper is part of a current MSc research study at the University of the Witwatersrand.

Jan 1, 2011

Each year the South African Institute of Mining and Metallurgy offers a prize (or prizes should the entries warrant it) of up to RlOO for the best paper or dissertation on a topic appropriate to the interests of the Institute. The competition is open to all Student Members of the Institute. A Student Member who is in fulltime study at a university may submit the dissertation or thesis he has to write in part fulfilment of his university degree, provided that it is presented in a manner and on a topic suitable for publication in the journal. Entries for 1976 should reach the Institute by 31st December, 1976.

Jan 10, 1976

1. Books on management The following are available from Knowledge Resources, P.O. Box 3954, Randburg 2125. . Competitive advantage of nations, by Professor Michael Porter from Harvard Business School. This book highlights the importance of industries in contributing towards national competitiveness. It is being regarded as one of the 10 best business books published during 1990. . The borderless world, by Kenichi Ohmae, Managing Director of McKinsey in Japan. This deals with business in the new interlinked economy. . Megatrends 2000, by John Naisbitt and Patricia Aburdene. This book outlines the mega/macro trends that will

Jan 1, 1991

By J. N. Van der Merwe, M. Mathey

"The South African squat coal pillar strength formula, developed by researchers from the Chamber of Mines Research Organization in the 1980s, predicts an exponential increase in coal pillar strength once a critical width-to-height ratio of 5 is exceeded. The arguments that have been proposed in favour of this formula are discussed critically in this paper.Field experience with squat pillars in the USA and evidence from published physical, analytical, and numerical model pillar studies corroborate the fact that a squat effect is unlikely to occur in coal pillars at width-to-height ratios less than 10. Furthermore, an exponential increase in peak strength of coal pillars does not exist. An alternative design criterion for squat pillars in South Africa is therefore suggested. IntroductionFive decades of coal pillar research in South Africa have produced a wealth of information on the mechanisms contributing to the strength and failure of in-situ coal pillars and accompanying phenomena. The relevant knowledge was sourced from, and for, a South African coal mining environment that remained largely unchanged in the second half of the 20th century. The depth of mining seldom exceeded 250 m, with mined seam thicknesses averaging 3 m and typical pillar width-to-height ratios (w/h) of 3–4.It is therefore not surprising that comparatively little research has been directed at the prediction of coal pillar performance in deeper deposits, where squat pillars of larger width-to-height ratios will be required to support the overlying strata. However, a thorough understanding of squat pillar performance will be necessary should the remaining deep coal deposits of the country be extracted in future, for instance in the Waterberg or Ermelo coalfields.A squat coal pillar strength formula has already been proposed in South Africa. The origin of this formula will be discussed in some detail in the following sections and its appropriateness will be critically reviewed against a great amount of evidence from relevant squat coal pillar research conducted internationally."

Jan 1, 2016

Report of the independent auditors To the members of The South African Institute of Mining and Metallurgy We have audited the annual financial statements set out on pages 251 to 257. These financial statements are the responsibility of the institute's Council. Our responsibility is to report on these financial statements. We have conducted our audit in accordance with generally accepted auditing standards. These standards require that we plan and perform the audit to obtain reasonable assurance that, in all material respects, fair presentation is achieved in the financial statements. The audit included an evaluation of the appropriateness of the accounting policies, an examination, on a test basis, of evidence that supports the amounts and disclosures included in the financial statements, an assessment of the reasonableness of significant estimates, and a consideration of the appropri¬ateness of the overall financial statement presentation. We consider that our auditing procedures were appropriate in the circumstances to enable us to express our opinion presented here. In our opinion these financial statements fairly present the financial position of the institute at 30th June, 1998, and the results of its operations for the year then ended in conformity with generally accepted accounting practice.

Jan 1, 1985

By C. Dauber

Implementing new technologies in industrial operations entails the challenge of measuring the improvements gained by the applied technology. Nevertheless, it is absolutely essential to assess the technical and economic benefits in objective and comprehensible numbers to create a platform for further management decisions. Underground coal mines are characterized by numerous, quite complex procedures which make it difficult to determine the specific economic benefit of a new machine, technique, or method. In the OPTI-MINE Project funded by the European Union?s RFCS programme, five underground coal mines applied the latest information and communication technologies (ICTs) to improve efficiency, mine safety, occupational health, and environmental im-pacts. An integral part of the project is the assessment of these technologies by using key performance indicators (KPIs). The paper will describe some examples of the selected KPIs and the preliminary findings.

Jan 1, 2014

By F. Enslin

Heavy metals and sulphates in acid mine drainage (AMD) can beadsorbed onto bentonite clay, leaving clean water and a heavy metal loaded clay precipitate as products. Due to the toxicity of heavy metals, the clay could not be disposed of safely in the past. A method was thus required to remove the heavy metal content from the clay. Acid leaching was proposed to liberate the heavy metals from the loaded clay. Sulphuric, nitric and hydrochloric acid were considered as lixiviants. Loaded clay samples were leached over a range of pH values from 1 to 3.5 to identify an optimum leaching condition. From the results it was found that metals can berecovered from loaded bentonite clay by means of acid leaching and the optimum pH for heavy metal liberation was found to be 2.5, with uranium as an exception, being optimally leached at a pH of 3. This allows for the possibility of selective leaching. Furthermore, X-ray diffraction analyses indicated that the clay structure did not deteriorate significantly during acid leaching, suggesting that the bentonite could be reused. The treatment of AMD with bentonite clay, and subsequent acid leaching of the clay, is a sustainable solution, and current outcomes could possibly lead to industrial implementation of the process during water purifying and metal recovery from waste streams. Keywords: Acid mine drainage, bentonite, heavy metals.

Jan 1, 2010

By H. Jang, Y. Kawamura

Unplanned dilution and ore loss directly influence not only the productivity of underground stopes, but also the profitability of the entire mining process. Stope dilution is a result of complex interactions between a number of factors, and cannot be predicted prior to mining. In this study, unplanned dilution and ore loss prediction models were established using multiple linear and nonlinear regression analysis (MLRA and MNRA), as well as an artificial neural network (ANN) method based on 1067 datasets with ten causative factors from three underground longhole stoping mines in Western Australia. Models were established for individual mines, as well as a general model that includes all of the mine data-sets. The correlation coefficient (R) was used to evaluate the methods, and the values for MLRA, MNRA, and ANN compared with the general model were 0.419, 0.438, and 0.719, respectively. Considering that the current unplanned dilution and ore loss prediction for the mines investigated yielded an R of 0.088, the ANN model results are noteworthy. The proposed ANN model can be used directly as a practical tool to predict unplanned dilution and ore loss in mines, which will not only enhance productivity, but will also be beneficial for stope planning and design.

Jan 1, 2015

By C. Siyasiya

One of the problems that is occasionally encountered during the continuous casting of DIN 1.4003 stainless steel (hereafter referred to as 1.4003) is the side bulging effect, a problem that is generally prevalent in ferritic stainless steels. This occurs because the unconstrained narrow sides of the solidification shell are not able to withstand the ferrostatic pressure once the strand has emerged from the mould. Coupled with side bulging, there is strand width variation at high temperatures, i.e. when the steel is in the ferrite-austenite dual phase region. Both of these dimensional changes to the slab profile create some processing problems in subsequent hot rolling operations when unacceptable width variations are encountered. The strength of the solidification shell and its ability to withstand the ferrostatic pressure during continuous casting is dependent on its thickness and phase composition when exiting from the mould up to a few metres downstream. From the study of the high temperature metallurgical behaviour of this steel, it was observed that a thicker solidification shell when exiting from the mould and a higher austenite volume fraction in the steel would be favourable for the reduction of the side bulging effect during continuous casting. It was also found that as long as the d-ferrite to austenite phase ratio keeps fluctuating due to variations in chemical composition and process control in the dual phase region from cast to cast, the strand width variation problem would probably persist. The remedy to this effect lies in more strict chemical composition and process control during continuous casting of this steel. The hot ductility experiments revealed that 1.4003 exhibits good hot ductility in the strand straightening temperature range with a minimum of 75 per cent reduction in area and this was attributed to the high volume fraction of ferrite (0.2 to 0.4) in the steel. This would provide a remedy to side bulging by increasing the secondary cooling rate of the strand in order to form a thicker solidification shell without necessarily risking transverse cracking and other surface defects during unbending. Keywords: side wall bulging, resistance bending moment, applied bending moment, ferrostatic pressure.

Jan 1, 2005

By J. Martinovic

The large proportion of gangue minerals present in platinum bearing ores in South Africa provides challenges to the flotation and downstream processes. In order to take effective measures to reduce their recovery in flotation, an understanding of the mechanisms and factors influencing their behaviour is needed. Typical gangue minerals are pyroxene, feldspar, quartz, chromite and talc. Of these, talc is a naturally hydrophobic mineral and although it is present in relatively small quantities, it has a disproportionate effect as it has a strong froth stabilizing effect, increasing the recovery of other gangue minerals by entrainment. Talc recovery is effectively reduced with the addition of polymeric depressants. Although the other gangue minerals are assumed to be hydrophilic and their recovery by entrainment is expected to follow the water recovery, there is some evidence that they may be activated by the typical reagent suites used. Reagents such as copper sulphate, added as an activator, and collectors are used to selectively induce hydrophobicity on the sulphides. It has been shown that some of these gangue minerals can be activated. This research work investigates whether inadvertent copper activation is mineral specific and evaluates the mechanisms and factors affecting the reversal of activation with the addition of the depressants using electrokinetic measurements, adsorption and microflotation tests. Results are presented that show that the selected minerals do respond differently and that the reversal of activation is dependent on mineral type, depressant type, dosage and ionic strength of the electrolyte.

Jan 1, 2005

By M. N. Mathabathe, A. S. Bolokang, C. W. Siyasiya, R. J. Mostert, G. Govender

The b-solidifying g-TiAl intermetallic alloys of nominal composition Ti-48Al (binary alloy), Ti-48Al-2Nb (ternary alloy), Ti-48Al-2Nb-0.7Cr (quaternary alloy), and Ti-48Al-2Nb-0.7Cr-0.3Si (quinary alloy) (in at.%) were developed. The materials produced were tensile tested at room temperature. The as-cast microstructures and fracture surfaces of the tensile tested specimens were examined using conventional metallographic methods. Microstructural examination indicated that the alloys were comprised of lamellar structures (a2+g) embedded in columnar dendritic cores in the as-cast condition. However, the quinary alloy contained a Ti5Si3 second phase. The alloys exhibited no detectable ductility during tensile deformation, indicating the brittleness of all the materials. The fracture surfaces revealed that the alloys failed by translamellar fracture with correspondingly few cleavage facets.

Apr 1, 2021

By F. R. Camisani-Calzolari

Surface defects on continuously cast slabs require treatment by grinding. This extra phase in the process causes lower throughput of final product and extra energy costs. The elimination of slab treatment after casting implies that slabs can be direct rolled or hot charged, resulting in higher throughput and lower energy costs. To increase the number of slabs that can be direct rolled or hot charged, defects have to be predicted before a slab has completed the casting process. Transversal and longitudinal cracking, casting powder entrapment and other inclusions, bleeders, deep and uneven oscillation marks, stop marks and depressions are the defects thatare considered for prediction. A structure with two models is proposed. The first model describes the effect of mould level, water inlet temperature and casting speed (MV?manipulated variables) on 38 thermocouple temperatures (IV?intermediate variable). Casting speed is a manipulated variable while mould level and water inlet temperature are treated as measured disturbances. This model is known as the MV to IV model, and is used to control the occurrence of defects. The second model describes the effect of the thermocouple temperatures on the defects at different positions and locations on the slabs (OV?output variables). This model is known as the IV to OV model and is the predictor of defects. The models are determined using time-series methods in the form of auto regression with exogenous input using data of approximately 500 slabs cast over a period of 6 months. The models are validated using plant data from 44 slabs gathered three years later, with good results. As an example, published results give a sensitivity and specificity of 61.5 per cent and 75 per cent respectively for longitudinal cracks on validation data, while the presented method gives 63.6 per cent and 93.5 percent, respectively. The IV to OV model is used in an inversion to determine the optimal thermocouple temperatures for each slab width. Keywords: Continuous casting, model, defect, prediction, direct rolling, hot charging, goodness-of-fit, correlation, time-series, soft sensor, ARX.

Jan 1, 2003

By D. F. Malan, P. M. Couto

We propose a layout design for the UG2 Reef where weak geological alteration layers are present. The collapse of the Everest platinum mine in South Africa indicated that these layers substantially weaken the pillars. The popular Hedley and Grant pillar strength formula cannot be used where these alteration layers are present. Underground investigations at Everest mine and numerical modelling of the layout were conducted using the TEXAN code and a limit equilibrium model. Simulations of a collapsed area and an intact area allowed for a preliminary calibration of the model. This was subsequently used to explore modified layouts for these ground conditions. An alternative is to compartmentalize the blocks of ore using barrier pillars. The numerical modelling predicted that the barrier pillars appear to remain stable even in the case of large-scale collapses, provided their width exceeds 25 m. Main access routes into the mine can be protected by a double row of pillars at least 15 m wide to provide a safe travelling way. As a cautionary note, these conclusions are based on the model calibration and this needs to be refined in future. Calibration of the limit equilibrium model remains a challenge owing to the large number of parameters involved.

May 3, 2023

By H. Rosen

The pump is the heart of most industrial and mining plants, providing the energy to separate valuable minerals from process feed. The actual effect of the pump, both in terms of production costs and overall process efficiency, is often assumed or misunderstood by engineers due to insufficient pump performance data. Pump performance can be understood and corrected, where required, through continuous performance monitoring, leading to dramatic improvements in both pump life cycle costs and system efficiencies. The performance of every pumping application is subject to variation and the main contributing factors are as follows: ?Unavoidable deviations from pump supplier curves ?Pump wear ?Pump curve derating factors for slurry pumping ?System curve variation ?Deviation from basic principles of centrifugal pump operation. These are discussed in detail through case studies and the author?s personal experiences. This paper shows ways to minimize the effect of these variations, thereby reducing performance loss and preventing damage to the pump. The paper discusses the benefits of efficient pump operation, the requirements of pump performance monitoring, and its practical application to pump operation in the slurry and water environments. The cost of remedial actions is explored and compared against the savings in both power and plant reliability, resulting in a reduced life cycle cost of the pump.

Jan 1, 2010

By E. Keskinkilic

In this study, sulfide-type inclusion morphologies of a Ca-treated hot-rolled wheel steel, Grade-X, were investigated. The specimens taken from the hot-rolled products of Grade-X heats were studied. The size and distribution of elongated sulfide inclusions were examined for the heats of different S levels. Elongated sulfide inclusions were either not observed or rarely encountered when ladle analysis S content was below 50 ppm. The size and relative abundance of sulfide inclusions were reported to increase markedly when the S composition was greater than or equal to 70 ppm and the Ca/S ratio was less than 0.50. The effect of Ti addition (0.010?0.020% Ti) on sulfide-type inclusion morphologies was then investigated for heats having a sulfur content higher than 50 ppm. Addition of Ti was found to have a partial effect on decreasing the size of sulfide-type inclusions under real steelmaking conditions. Keywords Sulfide inclusions, Ca-treatment, titanium.

Jan 1, 2011

By S. Ndlovu

To investigate the influence of orientation of crystal lattice on the bacterial leaching of pyrite crystals, single crystals of 100, 111 and110 plane orientations were used for the study. Experiments were carried out in the presence of a Thiobacillus ferrooxidans culture. The different corrosion patterns observed on the surfaces of the bioleached samples suggests a variation in cell-surface interaction from one crystal plane to the other. The surface corrosion patterns generally reflected the influence of the symmetrical arrangement of the atomic planes in the lattice on which they formed. The results indicate that the surface properties of mineral sulphides may control the evolution of corrosion patterns and consequently the initial oxidation process in acid bacterial leaching.

Jan 1, 2004

By H. Saroglou

Anisotropy is a characteristic of intact foliated metamorphic rocks (slates, gneisses, phyllites, schists). Testing was used to establish the anisotropic behaviour of selected gneissic rocks. The effect of anisotropy on various mechanical properties (strength, deformation) and dynamic properties (wave velocity) was examined. The rock samples were also tested at successively higher confining pressures in order to evaluate the effect of anisotropic behaviour at high overburden pressures.

Jan 1, 2004

Physical testing of rock support for rockbursting conditions has been carried out for over 40 years. A review of this testing shows that it has been mostly component?based, rather than actually testing support systems. Further, it is concluded that none of the testing is truly representative of rockburst loading in a similitude sense. Similitude conditions are not achievable, mainly because the real conditions in a rockburst event, such as seismic source location and magnitude, wave frequencies, amplitudes, and interactions, are not all known. Because such information is not available, and because the results of all testing carried out to date have not been able to define, for support design purposes, the capacity of support systems, ongoing physical testing of rockburst support systems is essential. It is essential that the test should simulate, or actually take place in, a supported rock excavation. A rock support system is a combination of individual support components that work together to retain and contain the rock. In doing this, the components are subjected to loading by the rock and to interactive loading between one component and another. It is necessary to prove the capacity of such rockburst support systems by subjecting them to severe loading, as in direct blasting. The direct blasting approach, pioneered more than 40 years ago, probably still provides the greatest validity as a significant test of rockburst support capabilities, even though it does not simulate a rockburst. Direct blast testing of rockburst support systems in a surface environment, such as in a quarry or on exposed rock cutting surfaces, could represent a practical development of the approach, facilitating the execution and monitoring of tests.

Jan 1, 2012

By M. Gous

Namakwa Sands is a heavy minerals mining and beneficiation business in the Anglo Base Metals Division, and operates along the West Coast of South Africa. The business encompasses mining, mineral concentration, separation, and smelting operations. The smelting process comprises the carbonaceous reduction of ilmenite to produce titania slag with a TiO2 content of 86%, and iron with a carbon content of 2.5%. The Namakwa Sands smelter, situated near the Saldanha Bay harbour, commenced smelting operations in 1994, when a 25 MW DC-arc furnace was commissioned. The smelting operations were expanded in 1999, with the commissioning of a second 35 MW DC-arc furnace. Despite the fact that ilmenite smelting poses a technical challenge in terms of the high temperatures required, the physical characteristics of the slag, the constraints placed on the feedstock, and the tight product specifications, Namakwa Sands has continually increased slag production since 1995. High furnace feed-on utilization and furnace stability, complemented by continuous improvement drives, will be thevehicle to drive performance in the short-term, with longer-term performance enhancements due to strategic process development. Keywords: Pyrometallurgy, Namakwa Sands, ilmenite, DC-arc furnace, titania slag, pig iron

Jan 1, 2006

Notices COMPETITION FOR STUDENT MEMBERS OF THE SOUTH AFRICAN INSTITUTE OF MINING AND METALLURGY Each year the Institute offers a prize (or prizes should the entries warrant it) of up to RlOO for the best paper or dissertation on a topic appropriate to the interests of the Institute. The competition is open to all Student Members of the Institute. APPLICATION AND PRACTICAL OPERATION OF HYDROCYCLONES Dr H. F. Trawinski of Amberger Kaolinwerke, Hirschau, West Germany, gave a very interesting lecture on this subject to an audience of over one hundred, composed largely of members of the Institute, on 15th August, 1973, at the University of the Witwatersrand. ROTARY INTERNATIONAL Applications are invited before 15th March, 1974, for the following awards of The Rotary Foundation: Post-graduate Fellowships Under-graduate Scholarships Awards for Technical Training Awards for Teachers of the Handicapped. NIM REPORTS Report No. 1509 The instrumentation developed for electrochemical studies of the le(Whing of uranium dioxide. Report No. 1550 A fundamental study of the dissolution in (Wid solutions of uranium minerals from South African ores. Report No. 1552 The preparation and analysis of minerals for use as reference material.Progress report No. 2. Report No. 1556 The spectral analysis of solutions.2. The analysis of leach liquors, concentrates, slags, and residues. Report No. 1559 A cost assessment of the production of elemental sulphur by chlorination roasting. Report No. 1562 Application of a flotation model to an industrial plant

Jan 11, 1973