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The additive property of dispersion variances was found experimentally by D.G. Krige using data from the gold deposits of the Witwatersrand. In this property, called ?Krige?s relationship?, the dispersion of a small unit, v, within the deposit is equal to the sum of the dispersion of v within a bigger unit, V, and the dispersion of these units, V, within the deposit, D. It is known that the variance of the grades decreases as the support increases, the so-called volume-variance relationship. To analyse volume-variance and Krige?s relationship, the methodology herein proposed combines blending piles and geostatistical simulation to simulate the in situ and the pile grade variability. Variability reduction in large piles is based on the volume-variance relationship, i.e. the larger the support, the smaller the variability (assuming perfect mix). Based on a pre-defined mining sequence to select the blocks that will form each pile for each simulated block model, the statistical fluctuation of the grades derived from real piles can be simulated. Using this methodology, one can evaluate within a certain time period the expected grade variability for various pile sizes, and also calculate the Krige?s relationship between the small blocks and the piles of different sizes. A real case study using a large Brazilian iron ore deposit illustrates the methodology and demonstrates the validity of the results.

Jan 1, 2014

By D. Tesh

The mining industry worldwide is facing a tremendous shortage of minerals engineers in all fields of specialization. For instance, in Australia the skills shortage in the mining industry has been identified as one of the top risks facing the mining industry. In Namibia most minerals engineers employed are expatriates, with some being Namibians who studied abroad. The minerals engineering programmes at the Polytechnic of Namibia are still in their infancy. These programmes were designed to meet the mining industry skills needs. Being young has its advantages in that lessons can be learnt from older minerals education institutions that went through similar challenges. However, this does not imply just copying and implementing their approaches, since the context differs and, to ensure sustainability of the minerals education programmes, curricula have to be customized to the local context. This paper reviews the interventions made by the Polytechnic of Namibia in order to ensure the sustainability of its minerals education programmes. The methodology consisted of an extensive literature review, a status quo analysis of the mining and process engineering department, identifying the gaps between the current state and desired state, and mapping the goals and strategic actions required to progress to the desired state. The following factors were identified as major threats to the sustainability of minerals education at the Polytechnic of Namibia: the quality of students, low student enrolment rates, low pass rates in science and mathematics, shortage of academic staff, dwindling government funding, and limited involvement of the mining industry. The major outcomes of this research comprise the detailed strategic actions employed by the Polytechnic of Namibia to address the threats to sustainability of its minerals education programmes.

Jan 1, 2014

By R. Perlman

This paper describes the various new computer-aided techniques being used by economists in the construction of economic models. It discusses the relevance of these techniques to mining industries. In particular, it describes their role in making it possible to obtain better estimates of future price and demand developments on the markets on which metals are sold, and how these estimates can be used to improve forward planning by mining companies.

Jan 1, 2014

By Brian W. Mackenzie

The mineral exploration environment has observable economic characteristics, the assessment of which provides guidelines for exploration planning in the mining company. The long-term survival of the mining company is directly dependent on successful exploration. Exploration planning contributes to successful exploration through the development of exploration strategies. The objective of exploration planning is to select exploration environments which will enable the mining company to realize best possible profit and corporate risk conditions. Thus, the formulation of exploration strategies is based on profit and corporate risk criteria. Strategic considerations include the selection of commodities as exploration targets, geographic concentration of exploration effort, the realization of acceptable survival conditions, and the structuring of an exploration programme to optimize the economic benefits of the exploration investment process.

Jan 1, 2014

By M. Steyn

The coordination compound tetrakis(1,3-diphenyl-1,3-propanediona to)zirconium(IV), [Zr(DBM)4], (DBM = dibenzoyl methane/1,3- diphenyl-1,3-propanedionol) was synthesized and characterized by single-crystal X-ray diffraction. [Zr(DBM)4] crystallizes in the monoclinic space group P21/c (a = 24.769(4) Å, b = 10.216(5) Å, c = 19.314(4) Å, and = 101.541(5)°). The coordination geometry around the zirconium atom, formed by the eight O-donating atoms of the four -diketonates, is found to be a near-perfect square antiprism. Crystal packing is stabilized by C?H... interactions throughout the crystal lattice. This structure is a noteworthy example of the application of ambient condition synthesis of zirconium compounds in N,N'-dimethylformamide (DMF) as reaction and crystallization solvent, highlighting the possibilities of aerobic condition metal purification through chelation.

Jan 1, 2014

By G. Cockburn

Nkomati Nickel JV exploits the ores of the Uitkomst Complex near Machadodorp in the Waterval Boven district in South Africa?s Mpumalanga Province. Due to factors such as the remote location, stellar growth in production, opencast mining methods, and ore characteristics, a number of innovative processing options were selected. Nkomati has undertaken numerous initiatives over the last few years to improve plant running times, metallurgical performance, and operational profitability. Great emphasis has been placed on effectiveness of management control systems. A number of initiatives such as short interval control and time?in-state metrics have been implemented. A focus on improvement on availability and asset utilization of key items of equipment has been particularly effective. While the ores are remarkably similar to the Merensky and UG2 reefs, the relatively high base metal sulphide content and mineralogical characteristics make metallurgical treatment somewhat different to the ores of the Bushveld Complex. The low head grades and flotation kinetics distinguish Nkomati from other base metal operations. Numerous milling and flotation optimization initiatives have resulted in dramatic improvements in throughput, recoveries, and concentrate grades. This paper discusses the metallurgical, operational, and management challenges and the outcomes obtained.

Jan 1, 2014

By C. Knobbs

Contrary to the way it is often portrayed, the average organization or company is far from being a cold, calculating machine. It is actually a highly emotive place where interaction with people is a fundamental part of its ability to perform satisfactorily. The company, through its employers, expects employees, including new graduates, to have the ability to cope adequately with this emotive environment. The graduate is frequently unable to meet this expectation because he/she has not been developed to do so. Technical knowledge is his only asset. This deficiency manifests itself in leadership shortcomings, both intrapersonal and interpersonal. Further analysis reveals a deficiency in three elements of leadership ? self-awareness, oral communication, and an ability to work cooperatively in teams. To address these three elements of leadership, Sasol Coal, a subsidiary of the big petrochemical company in South Africa, sponsored a leadership programme at the University of Pretoria for their final-year bursary students in the faculty of Engineering. This programme, the Sasol Engineering and Leadership Academy (SELA), consisted of a number of interventions designed to address the three areas of self-awareness, oral communication, and cooperative behaviour in teams. These interventions varied from an intrapersonal nature to interpersonal aspects. Psychometric assessments were followed by experiential modules dealing with the three constructs. SELA was evaluated at the end of the year. The results showed a positive shift in the main constructs of self-awareness, communications, and cooperation. This was measured quantitatively and qualitatively. Conclusions were drawn and recommendations for improving the programme were proposed.

Jan 1, 2014

By S. J. Baumgartner

The ferromanganese industry is under pressure to deal with the slag arising from the production of ferromanganese, which is discarded in landfills or slag heaps. This material poses an environmental and health risk to surrounding ecosystems and communities, and disposal costs are increasing. Ferromanganese slag contains an appreciable amount of residual manganese metal, which can be exploited. Previous work has shown that the slag can be leached fully, while rejecting the silica to a residue. The methods that were investigated to recover manganese from the leach solution included hydroxide precipitation to upgrade the leach solution followed by manganese carbonate precipitation to produce a pure manganese carbonate product or a manganese carbonate furnace feed material, which would be recycled to increase manganese recoveries in the production of ferromanganese. In addition, electrowinning of electrolytic manganese dioxide from the leach solution was studied. The methods were compared in terms of selectivity, costs, and product quality. Co-recovery of the leach residue, which is a potential cement additive, is discussed. Among the methods investigated to upgrade the pregnant leach solution, hydroxide precipitation utilizing ammonia to adjust the pH appears to be the most effective in removing major impurities such as iron, aluminium, and silica to less than 1 ppm. The manganese carbonate and impure manganese carbonate furnace feed products met quality specifications. However, although the production of these materials was technically viable, the large amounts of base reagent that were required to raise the pH, and the associated high operating costs, rendered the process uneconomic. An optimization study was therefore carried out with the primary objective to determine the ideal acid amount to be utilized in the waterstarved digestion stage, thereby decreasing acid and base consumption while optimizing the quality of the pregnant leach solution, and producing a leach residue that contained <1% Mn. The outcome was an economically viable process. Additional benefits included an increase in the manganese content of the impure manganese carbonate furnace feed material, and a substantial reduction in the dilution of the pregnant leach solution, thereby maintaining high manganese concentrations that rendered the solution viable for electrowinning of electrolytic manganese dioxide, the production of which yielded a current efficiency of 74%.

Jan 1, 2014

By K. Osburn

South Deep Gold Mine, owned by Gold Fields Ltd., is situated near Westonaria in the Gauteng Province of South Africa and mines the conglomerate bands of the Upper Elsburg reefs (Mondeor Conglomerate Formation) of the Witwatersrand Supergroup and the Ventersdorp Contact Reef (VCR) of the Ventersdorp Supergroup. The stoping and underground developments are mechanized. The Upper Elsburg reefs are mined by a variety of mining methods, including mechanized drift and fill, modified drift and bench, longhole stoping, and low-profile mining. Optimal mine design and scheduling for deep-level mechanized mining are complex, and success is highly dependent on detailed, robust, and accurate geological and geostatistical models. Geological structures significantly influence the sedimentological characteristics, distribution, and preservation of the Upper Elsburg reefs and VCR. Accordingly, particular emphasis is placed on the generation of a mine-scale structural model that accommodates the relationships between the older north-trending fault systems (West Rand and Panvlakte faults) and younger east-trending dextral wrench faults. Results from underground mapping, borehole intersections, and highresolution three-dimensional seismic data have been integrated to produce coherent three-dimensional geological models. The Upper Elsburg reefs suboutcrop against the VCR and comprise an easterly diverging clastic wedge, thickening from the suboutcrop position, to approximately 130 m at the mine?s eastern boundary. The Upper Elsburg reefs are characterized by conglomerate and quartzite bands forming multiple, stacked, upward-fining unconformity-bounded couplets. Palaeocurrent directions are dominantly from west-northwest to east-southeast, indicating that the more proximal deposits are preserved close to the suboutcrop, with distal facies to the east. Sedimentological modelling is applied to individual stratigraphic units and caters for facies definition. This is achieved through channel width (CW) kriging and fitting of type sections to borehole and mapping data. Homogenous geological geozones for each stratigraphic unit are thus defined within individual structural blocks on the basis of those sedimentological parameters that have been found to have a positive spatial correlation to gold concentration. These geozones then serve as constraints to the evaluation of the orebody. This contribution presents a summary of the modelling processes that are currently applied in the development of high-confidence, timeously produced geological models that are essential input for mineral resource estimation and mechanized mine planning and scheduling.

Jan 1, 2014

"Chairman: Mr. K. F. LaneRapporteur: Mr C. T. ShawPapers:Design of crushing plant flow sheets by simulation by T. GurunThe impact of transportation networks upon the potential supply of base and precious metals from Sonora, Mexico by P. de V. Harris and D. E. EurestyProfitability sensitivity analysis of a mining venture by C. A. Beasley and E. P. PfleiderTechnological innovation and its potential effect on the opening of new gold mines in South Africa by N. C. JoughinMr Turgay Gurun, in presenting his paper, indicated that this simulator was no purely theoretical exercise, but that the model had been used in the design of crushing plants of capacities ranging from 3 000 tons per day to 66 000 tons per day, and that recently the design of a plant of capacity of 99 000 tons per day had been studied.The crushing plant simulator was an independent portion of a much more comprehensive simulator for the design of a. complete recovery plant. It would be possible to use each section of this simulator on its own, and simulators would be designed to cover flotation concentrates, cash flow analyses of the entire project, and so on.Each simulator would be backed by a comprehensive data bank. For example, the crushing plant simulator was backed by such a data bank which included the performance and cost data from five manufacturers for an average of 30 items of process and materials handling equipment each. This meant that data preparation involved generally less work than would be required for a manual calculation. On average, data preparation for one run took 30 minutes and three minutes of computer time on an IBM 360/40 completed the run. The model could be valuable as a design tool in that it allowed the designers an opportunity to make a thorough examination of many alternative designs. It was also of value to plant operators as it could be used to predict the consequences of operating decisions.This paper generated much interest and there were numerous questions and contributions, so many, in fact, that the discussion had to be cut short.It was pointed out by Mr K. F. Lane that crushing plants represented a very large capital investment. A plant designed for 40 000 tons per day at 98 per cent efficiency might well in practice be run at 50 000 tons per day at, say, 83 per cent efficiency. He asked how, therefore, their design could be investigated without building economic criteria into the model? The author conceded that this was a tender point. He would have liked to have given facilities for more variability of the metallurgical information. He pointed out, however, that while there was no overdesign for conservatism built into his system, some overdesign was inevitable as the performance characteristics given by the manufacturers were generally conservative. Also, in his system, if lower recovery was allowed for, the system would nut through more tonnage."

Jan 1, 2014

By A. S. Macfarlane

This paper describes how knowledge of the orebody morphology and ore morphology can be used to optimize the planning, mining, and metallurgical output from an open pit copper mining operation, such as to significantly increase the stability of the whole value chain process, and increase the reliability and value of the process outputs. In the case under consideration, the orebody contains both copper and cobalt. This in itself provides a challenge, in that the two metals do not occur in consistent ratios across the orebody as a whole. Furthermore, mineralogical differences within the orebody have a significant impact on plant performance in terms of throughput rates, acid consumption, and recoveries. In order to stabilize and optimize the plant performance, it is necessary to firstly have a complete understanding of the geometallurgical factors that affect performance, and then to have a sound knowledge of how these are distributed within the orebody. These models then inform the mine planning strategy that optimizes cash flow and NPV, and also allow the development of a stockpiling strategy that not only stabilizes the plant, but also allows variations in the plant feed according to ore type and grade in volatile price scenarios. Integral to the realization of these opportunities is the establishment of an appropriate measuring, control, and reconciliation system, customized to the optimization objectives. The paper describes how all of these factors and strategies can be integrated to produce optimal value from the orebody through to final dispatched product. It also shows the significant value that can be released through such an approach.

Jan 1, 2014

A localized nonlinear recoverable resource estimate technique has been applied using typical feasibility or new mining drilling data configurations drawn from a massive database from a mined-out area on a hydrothermal gold deposit. The results were then compared with the corresponding 8 m x 5 m grid grade-control data in order to determine the efficiency of the approach and the validity of the recoverable resource estimates for mine planning and financial forecasts.

Jan 1, 2014

By V. Yahorava

Ion exchange is considered to be an effective technology for the removal of various impurities from cobalt advance electrolytes. With the correct choice of resin, ion exchange can consistently remove the required impurities to the levels for the production of high-grade cobalt metal. Although ion exchange was in the past used primarily for nickel removal, more recently it has been also considered for the removal of copper, zinc, and cadmium. Generally, granular ion exchange products are used, but Mintek is currently evaluating ion exchange fibres for a number of applications, including the removal of copper from cobalt advance electrolytes. Fibrous ion exchangers have major advantages compared to granular resins in that they have significantly higher reaction rates, and wash water volumes could be limited. Granular and fibrous ion exchangers were evaluated and compared for the removal of copper from cobalt advance electrolyte. A synthetic electrolyte containing 50 g/L cobalt and 50 mg/L copper was used for the test work. Equilibrium isotherms, mini-column tests, and split elution tests were done. The results were used to size a full-scale operation to treat 100 m3/h of electrolyte. The potential cobalt losses or recycle requirements were estimated, and data to calculate indicative operating costs for each adsorbent was generated. This information was used for a techno-economic comparison of granular and fibrous ion exchange systems for the removal of copper from cobalt advance electrolyte.

Jan 1, 2014

At the exploration stage for new mining projects or for medium- and long-term areas of existing mines (typical of South African gold mines), drilling data is on a relatively large grid. This grid is normally larger than the selective mining units (SMUs). Direct estimates for the SMUs and also of much larger block units will then be smoothed due to the information effect and the high error variance. Any capital-intensive project decisions made on the basis of any of the smoothed estimates will tend to misrepresent the economic value of the project or operation, i.e. the average grade of blocks above cut-off will be underestimated and the tonnage overestimated for cut-off grades below the mean grade of the orebody. This paper presents a direct approach technique for deriving recoverable resources, referred to as localized direct conditioning (LDC), designed to correct smoothing effects and also to provide support corrections.

Jan 1, 2014

"Chairman: Mr W. S. GALLAGHERRapporteur: Professor A. M. STARFIELDPapers:Long-term mine production scheduling by G. C. S. BurneAn application of linear programming to investment analysis by A. ErlandssonOptimizing medium-term operational plans for a group of copper mines by M. Splaine, D. C. Atkinson, W. Davison and L. SmithThe simulation of underground stoping and transport operations in gold mining by F. H. Touwen and N. C. JoughinProduction planning is a subject that lies at the interface between the computing centre and mine management. Discus¬sion during this session was thus largely concerned, directly or indirectly, with communication between computing and mining personnel, and as such was relevant to the symposium as a whole.Mr A. Weiss set the tone of this discussion by referring to `user-orientated systems&apos;. He congratulated Mr Burne in this regard, pointing out that his long-term production scheduling program, as a computer system, was similar in approach to the manual system it replaced, and was therefore easily understood by planning engineers. He asked whether the schedule engineer had his &apos;hands on&apos; the system, to which Mr Burne replied that the engineer did in fact spend several days running alternative schemes through the computer. Mr Weiss commented on the advantage of having terminals on site for this sort of engineer-computer interaction. He also commented on the flexibility of Mr Burne&apos;s approach to scheduling and how preferable this was to a one-step optimization package. This was brought home by a question from Mr H. D. Small: Mr Burne&apos;s program sometimes found it necessary to temporarily halt an advancing face, and he asked whether the logic of the program could be altered to avoid this (e.g. by suitably slowing down the rate of face advance). Mr Burne replied that it was in fact easier for the planning engineer to sort this problem out manually. The way in which the computer results were presented made it particularly simple for the production engineer to see how to avoid or remedy a stopped face.On the technical side, both Mr Weiss and Mr H. M. Wells questioned Mr Burne on the handling of grade control by his program. From answers by Mr Burne and his colleague Mr K. H. Thomson it emerged that a spot-check on grade every now and then was all that was necessary at Mufulira, and that the idea of actual grade control was more a question of short-term than of long-term planning."

Jan 1, 2014

By J. M. Ortiz

This paper shows the usefulness of geostatistical conditional simulation combined with the quantification of sampling errors obtained from the analyses of fundamental errors ? validated from duplicate data ? to assess the relevance of the quality and quantity of the information, for short-term mine planning purposes. Traditional blast-hole drilling equipment has been designed for efficient drilling, but not for obtaining high-quality samples. Furthermore, blast-hole sampling interferes with production, and thus usually produces poor-quality results. These results are the basis of short-term plans, where the grades of selective mining units are estimated and used for distinguishing between ore and waste. Under these conditions, misclassification (ore blocks sent to the waste dump and waste blocks processed at the plant) is inevitable, leading to significant hidden losses that can amount to millions of dollars per annum. Reverse circulation drilling with the latest automated sampling technology improves significantly the quality of the information used for short-term planning, and thus reduces misclassification, improving the financial returns of the operation. In this paper, we present the general methodology for assessing the effect of poor blast-hole sampling, as compared to advanced reverse circulation drilling grids at several spacings, in order to arrive at the most appropriate grid for short-term planning. This plan can be prepared well in advance using several additional variables that are usually not available when the plan is based on blast-hole samples. Furthermore, blending options can be analysed in order to optimize plant recovery, minimize the use of sulphuric acid, etc. Three case studies are presented, namely a typical porphyry copper deposit, an exotic oxide copper deposit, and a complex gold deposit, where mineralization is controlled by structures and lithology. This paper shows that in all cases, advanced reverse circulation drilling grids provide good-quality information that, coupled with the use of geostatistics for short-term mine planning, significantly improve the financial returns of the operation.

Jan 1, 2014

By W. P. Nel

The introduction of the Higher Education Qualifications Framework (HEQF) and the updated Higher Education Qualifications Sub-Framework (HEQSF) has caused many South African university departments to rethink their programme qualification mixes (PQMs). In addition to the requirements stated in the HEQSF, a number of other factors have to be taken into consideration by a university department. These factors include, for example, the standards generated by the Engineering Standards Generating Body (ESGB) and subsequently approved by the Engineering Council of SA (ECSA) and the need to prepare students for various categories of professional registration with ECSA. This means that a university department has to choose the correct mix of Learning Programmes (LPs) from the HEQSF menu (which consists of 13 types of LPs). Preparing students for ECSA registration is aligned with the mission of universities, which is to teach and undertake research. However, research and the LPs associated with research go beyond the requirements for current ECSA registration. Assuming that universities offering engineering LPs would elect to prepare students for both ECSA registration and teach them to produce research outputs, which is mostly done at Master and Doctorate levels (NQF Levels 9 and 10), then it follows that academics are more interested in NQF Level 5 to 10 pathways (abbreviated as ?L5-10?) rather than the shorter pathways required towards professional registration. (For example, ECSA requires an NQF L5-L7 pathway for registration as a candidate professional technologist. This specific pathway may consist, for example, of two LPs, namely the 360-credit Diploma and the Advanced Diploma.) A L5-L10 pathway is a combination of LPs that will prepare the learner with a NSC (or equivalent qualification at level 4) to Doctoral level (level 10). Universities may choose at least four major pathways from the HEQSF menu in order to educate and develop students from NQF Level 5 to 10. However, various pathways towards registration in the category of candidate with ECSA are also embedded into these four NQF L5-L10 pathways, where each consist of a unique combination of LPs. Each of these pathways has an opportunity cost, and economic reality means that smaller departments may have to choose between the four pathways. Of all the many factors involved in PQM decision-making, the focus of this paper is on the HEQSF requirements, ECSA standards, and ECSA registration and how these, together with the various qualifications and educational LPs provided for by the HEQSF may impact on the PQM decision taken by engineering departments and schools at South African universities. The proposed four NQF L5-L10 ?pathway tool? for PQM decision-making may be useful for pointing out the advantages, disadvantages, and applications of the various pathways and combinations of pathways. Rather than deciding from a menu of thirteen qualifications and associated LPs, this article proposes that decision-making be undertaken on the basis of a menu of four main articulated ?NQF L5-L10? pathways (which also include one or more of the ECSA?s pathways for professional registration). The proposed ?NQF L5-L10 pathway? tool is an attempt to move one step closer to the aim of achieving a structured decision-making approach for designing a PQM at departmental level.

Jan 1, 2014

By C. J. Lenz

The results of prospecting operations involving geological data and a large number of geochemical determinations of the metal content of soil samples are plotted and evaluated by computer. Anomalous areas are identified in each type of environment by selecting probability or population boundary values from frequency distributions. The anomalies are plotted to permit correlation with geographical or geological features. Ranking of prospecting targets is made using geographic pattern, geology, absolute value and metal ratios. Three short case histories are presented.

Jan 1, 2014

By W. J. Whiten

"Models of cone crushers and vibrating screens are described. These models have been constructed from actual plant data using a systematic model-building technique. Included in this technique is regression analysis using multi-dimensional spline functions.The models have been used to simulate complete crushing plants and hence to design and evaluate a control system for crushing plants."

Jan 1, 2014

"Chairman: Mr R. A. PLUMBRIDGE Rapporteur: Dr D. M. HAWKINSPapers:The relevance of computer methods to the economics of the mineral industry by R: A. PerlmanDynamic control of a mining enterprise by R. G. CoyleAn economic model of the mineral sands industry by G. P. A. HoweMr M. Splaine, in opening the discussion on Mr Perlman&apos;s paper, asked whether the model, as fitted by data up to 1963, predicted the rise in the price of copper in 1967, and whether the model could be used to capitalize on short-term price fluctuations.Answering the second question first, Mr Perlman said that the horizon used is six months to one year. In the very short term the activities of speculators obscured the effect of the fundamental econometric variables. This effect, however, was removed if one moved to a longer term, say, quarterly. In 1963 the model had predicted a price rise in 1964 and 1965 and a drop in price in 1966. The rise in 1967 had been caused by a strike, and imponderables such as large strikes were difficult to include in the model since they were unpredictable. Model simulation can be used to show the effect of strikes on price and the effect of small strikes is small.Mr B. R. van Rooyen said that because models are both calibrated and tested on historical data a bias was introduced which gave rise to an overoptimistic estimate of the accuracy of the forecasts. To this Mr Perlman replied that there seemed to be no alternative to the use of historical data for calibrating and testing models, and thus little hope of avoiding the bias. A second point made by Mr. van Rooyen was that manage¬ment tended to be suspicious of complex models and that frequently more heuristic models were sufficiently accurate and preferable for investment decisions. He added that if management were not involved in the model building the econometrician might easily go astray, Mr Perlman replied that symbiosis between data analysts and users of the model was essential and that the experience of the practitioner must be reflected in the model.Mr M. R. Fuller-Good remarked that a clear understanding of future price trends was essential for effective capital planning, and asked, first, how one went from the compiled data on supply and demand to the determination of their effect on price, record, whether necessary data, for example, capacities, could be obtained timeously, and, third, when strikes restricted supply, whether stockpiling by consumers induced large price fluctuations."

Jan 1, 2014