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By R. Lawrence

Mineral property valuations to be used for Canadian securities regulatory purposes must comply with CIMVal1. The technical basis for a CIMVal report is the same as that required for a technical report that complies with NI 43-1012. NI 43-101 describes the content to be covered in a technical report, while also covering other requirements, one of which is that the report should be based on a property visit. CIMVal is based on five tenets that the valuator must follow: ? Materiality. ? Independence. ? Transparency. ? Competence. ? Reasonableness. Upon its adoption by CIM Council in 2003, it was hoped that the new CIMVal code would be adopted without change by the several Canadian regulators.

Jan 1, 2011

By A. L. Slaughter

A mineral deposit has been discovered and explored sufficiently to establish the presence of ore in ?commercially marketable quantities," This is the point at which exploration ends and development begins, Of course, when the presence of commercially marketable quantities of ore are thought to be present the deposit had to be evaluated before this decision could be reached. If, on the other hand, it was thought that commercially marketable quantities of ore are not present, either more exploration has to be done or the project must be abandoned. It is this decision with which this paper is concerned, more particularly, the influencing factors behind this decision. The final question to be answered is: what profit can my company reasonably expect to make by developing this property and putting it into production? The answer must be expressed as a figure for final profit per ton, money which can be used to pay dividends or to build up cash reserves. Some acquisition cost has probably been paid and the exploration cost incurred at the time of decision, (abandonment or development). In addition to returning these acquisition and exploration costs, the deposit must pay development, mining, milling, capital expense of new plants and equipment, taxes, and various other related costs.

Jan 1, 1958

By J. G. Russell

The valuation of known mineral re-serves entails the economic evaluation of the mining enterprise and the valuation of other assets employed, including mining and processing plant and intangible assets. A case study approach analyzes two reserve situations: ownership of reserves (phosphate rock), and leasing of reserve lands (kaolin). The appraisal of the physical property is outlined, along with the economic analysis of the operation. The discounted net cash flow approach is used to value the enterprise, leading to value of the reserves after correlation with other assets employed.

Jan 1, 1989

By J. H. Heintz

This paper discusses the law as it relates to appraising operational mining properties in the context of a takings claim. Topics include the need for valuation expertise, the differences between de jure and de facto takings, an overview of the law of condemnation, including jurisdictional issues, and defining your strategic options according to the controlling statute. State condemnation law varies by jurisdiction and just compensation can be calculated by comparable sales unit-times-price, before ¬after-valuation, capitalization of income and discounted cash flow methods. Takings under Federal laws are reviewed, as is the necessity of assembling a team including attorneys, valuation experts including a mineral appraiser, a real estate appraiser, economists and geologists.

Jan 1, 2002

By J. H. Hill

The globalization of mineral markets and intense competition in downstream mineral-consuming industries such as transportation, agriculture, and construction are requiring raw materials suppliers to innovate, improve quality, invest in new technology, and control costs. Mineral specifications are becoming more refined, and pressure to improve products is felt from increasing numbers of competing producers, substitute materials, customers, and regulators. As a result, engineered mineral products are becoming more like manufactured ones in terms of cost structure, differentiation, and the importance of market driven, customer specific product development. Engineered mineral products are defined as those where the costs of refining and upgrading outweigh those of conventional mining activities (blasting, crushing, classification, haulage etc.), and where close control of physical and chemical parameters is required for customers' processing and manufacturing applications. This includes industrial minerals such as calcium carbonate, kaolin, mica, specialty oxides, talc, and some metal powders. It excludes most metals and bulk commodity materials such as gypsum, lime, sulfur, and soda ash. Engineered mineral products are utilized in common household goods, and are at the forefront of industrial materials engineering in plastics, ceramics, composites, glazes, coatings, and construction materials. As a group, they introduce interesting questions to the minerals firm. Advanced materials or basic? Diversify or specialize? What are the implications of advanced materials and for mineral markets, and most importantly, where can the producer look for long-term value, volume, and profits?

Jan 1, 1993

By Amila Sandaruwan Ratnayake, T. Dilmi. U. Wijewardhana, H. C. S. Subasinghe

The value addition potential of ilmenite was examined using several characterization techniques. Raw ilmenite is composed of 93.65 wt.% of FeOTiO2, 3.55 wt.% of SiO2, 1.22 wt.% of Al2O3, and the remainder being other minor oxides. Ilmenite and powdered carbonized coconut shells were mixed in the weight ratio of 4:1. A separate fraction of the same mixture was added with powdered seashells in the weight ratio of 4:1:0.5. Six fractions of each mixture were distinctly milled from 1 to 6 h in a planetary ball mill. XRD spectra (broadened and diminished reflections of ilmenite) and FTIR observations (Ti―O―Cbonding) of milled samples indicate the possible incorporation of carbon into the ilmenite structure. Any clues of an occurrence of new rutile peaks were not observed in XRD spectra of milled samples. Consequently, the carbothermic reduction has not been initiated during mechanical activation. In this case, samples powdered for 6 h in a mill were isothermally annealed for 2 h under normal airflow at temperatures of 800 °C, 1000 °C, and 1200 °C, respectively. According to the X-ray diffractograms, the annealing temperatures of 1000 °C and 1200 °C exhibited almost similar trends with rutile (R), pseudobrookite (PB) and elemental iron (F), and a very few ilmenite (I) peaks. Consequently, 6 h of milling and 1000 °C annealing were concluded as the optimum conditions for the carbothermic reduction. Moreover, this study indicated seashells as a potential rate raiser for the carbothermic reduction of ilmenite at 800 °C. Therefore, this process is applicable to upgrade ilmenite into a mixture of synthetic rutile and elemental iron.

Mar 29, 2021

By E. Turner

This is the 3rd Paper in a series by this author, the first two being published at the two previous International Conferences. Since the Aachen Conference, Rio Tinto has carried out an extensive benchmarking exercise to see how we are positioned with respect to other leading companies (in our sector and other sectors of major economic importance). We need to be sure that Rio Tinto is at the forefront of best practises in Sustainable Development (SD) and is using the most effective tools and methods. This paper will present key findings from this work. Rio Tinto Minerals, working as representatives of IMA-Europe was a leading contributor to the European Commission DG Enterprise Voluntary Reporting Scheme for SD Indicators in the Non-Energy Extractive Industry. In Rio Tinto Minerals we have been using these SDIs in the management of our business and the paper will report on how they contribute to the management of our business and the paper will report on how they contribute to business value in: deepening customer relationships, eco-efficiency of operations, land use planning and permitting for new and expanding facilities, community relations, policy engagement with government authorities and strengthening the bond between the company and employees. We continue to support the Voluntary SDI Reporting Scheme, considering it to be important in the expanding EU and as a model for other regions globally. For example we have ore suppliers in developing countries and we use these SDIs in assisting them to better their performance, for we have an obligation to use our influence for continuous improvement. The paper will describe this work. Over the last 12 months our company has created a new Industrial Minerals unit called Rio Tinto Minerals which brings together all the borates, talc and salt operations, R&D, marketing, sales and customer care worldwide. The paper will present also the new Sustainability Policy of Rio Tinto Minerals.

Jan 1, 2007

By Juan Camus

To understand why some companies excel in creating value, Jim Collins (2001) and a group of postgraduate business students engaged in a comprehensive, five-year research project. They examined 1,435 U.S. companies for more than 40 years, seeking those that made significant improvements in their financial performance over time. The distinctive pattern sought was: ?Fifteen-year cumulative stock returns at or below the general stock market, punctuated by a transition point, then cumulative returns at least three times the market over the next 15 years. ?The search identified 11 outperforming companies, all in different industries, that were called the ?good to great? companies. To contrast these companies with similar peers within the same industry, the search also selected a group of comparison companies that failed to make the leap from good to great. Collins then set out to examine the transition point. What distinguishing features did the good-to-great companies have that their industry counterparts did not? At the heart of the findings about these outstanding companies is what Collins refers to as the ?hedgehog concept? ? how to find the one big thing that the company must focus on. According to Collins, those who built the good-to-great companies were, to one degree or another, hedgehogs. Those who led the comparison companies tended to be foxes, never gaining the clarifying advantage of a hedgehog concept, being instead scattered, diffused and inconsistent. This insight is complemented by Peter Drucker (2004), an influential management guru, who asserts that the first question an effective executive should ask is: ?what needs to be done?? Asking this question and taking it seriously, he asserts, is crucial for managerial success; and that the answer almost always has more than one urgent task, but the effective leader only concentrates on one task. In this last respect, Drucker emphasizes: ?If they [executives] are among the sizeable minority who work best with a change of pace in the working day, they pick two tasks. I have never encountered an executive who is effective while tackling more than two tasks at a time.?

Jan 1, 2011

By William S. Brack

The mining industry is very capital intensive. Competition for shareholder investment has never been greater. Among our challenges is the need to meet shareholder expectations (return on investment), and one area of focus lies in our ability to deliver value on our capital investments. Our ability to meet project expectations affects not only the economics associated with the immediate project but also directly influences our ability to finance future projects. Moreover, our ability as individual companies to attract investor capital is influenced by how we have done overall as an industry, and our industry track record has not been that stellar. With safety, scope, cost, schedule, and quality as guiding principles, our project managers today must address high expectations on every project. This paper examines some items that should be on today's project management checklist. PROJECT ENGINEERING Herbert Hoover, himself a mining engineer, said Engineering is a great profession. There is the fascination of watching a figment of the imagination emerge through the aid of science to a plan on paper. Then it moves to realization in stone or metal or energy. Then it brings jobs and homes to men. Then it elevates the standards of living and adds to the comforts of life. That is the engineer's high privilege.

Jan 1, 2004

The OptiPit® software program is developed based on expertise gained at the Colorado School of Mines (CSM) using Mixed Integer Linear Programming (MILP) techniques. This program has been developed to satisfy the need in the mining industry for a multi-time period schedule and cutoff grade optimization tool that handles large scale open pit and underground mining operations involving many dumps, stockpiles, complex processing options and blending requirements. The current software (or earlier development versions) has been beta tested and used on various large scale projects within Placer Dome Inc., Newmont Mining Corporation, and Phelps Dodge Corporation since 2003. Through the use of this software, these companies experienced additional value creation by optimizing mine sequences, cutoff grades, material process flows and stockpiles under complex operational and processing constraints. This paper will present simple case study results to demonstrate the power of OptiPit® when used as a cutoff grade optimization tool. Furthermore, the paper will show, by example, how significant the difference in the Net Present Value (NPV) of a given project can be, depending on whether results are obtained by way of cutoff grade optimization using OptiPit®, or by using traditional breakeven cutoff grade approach.

Jan 1, 2007

By M. A. Vergara, J. A. Botín

"The decline of the “super cycle” has placed an end to a decade of production-focused strategies, with operating cost growing at rates higher than production. Today, the sector is placed on a tough ride and forced to shift focus to cash preservation and efficient cost management. However, most cost management systems in the minerals industry are not conceived as value driving tools but to meet financial accounting and reporting needs. This research draws from a the development of an innovative cost management methodology that applies Activity-Based Bottom-Up cost budgeting and continuous improvement tools to develop a value-driven cost management system for sustainable improvement of operational efficiency and cost reduction. The methodology was successfully tested in the Andina underground mine III Panel sector of Corporation del Cobre (CODELCO), in Chile. INTRODUCTION Cost management is fundamental to profitability of any industrial project. Even more essential in mining, an industry that deals with commodities, which prices are dictated by the market and are beyond the management capacity of the company. The end of the mining “super cycle” and the advent in 2008 of the Global Financial Crisis (GFC), placed an end to a decade of production focused strategies, with operating cost growing at rates higher than production. The sector was placed on a tough ride and forced to shift focus to cash preservation and efficient cost management. Many mining companies have seen themselves into the urgent need of cost management systems capable of achieving sustainable productivity gains and consistent profitability. Cost management is composed of three main processes: estimation, budgeting and control [1]. A number of conventional techniques have been used for cost estimation and budgeting for many years. However, most cost control systems in the minerals industry cannot be referred to as “cost management” since they are conceived to fulfil accounting and reporting needs, rather than to improve operational efficiency [2]. In general, conventional cost budgeting and control systems in mining use a “top-down” methodology, which lacks of necessary details, and fail as a management tool leading to undesirable results [3]."

Jan 1, 2016

By Colin Irwin, Adrian Naranjo-Castillo, Christopher Petta, Eric Zarobila

The Shoreline Consolidation Sewer is a CSO control project in Cleveland, Ohio that requires the installation of 5,000 feet of 72-inch inside diameter pipe using microtunneling methods. After award, the contractor submitted a value engineering proposal to eliminate two deep shafts and install the tunnel in two drives instead of four. In an example of successful collaboration, owner, contractor, and engineer worked together during the initial construction stages to modify the design and update the contract documents. This paper examines the importance of exible requirements in contract documents and a collaborative environment between all parties to successfully deliver a project.

Jun 23, 2024

By Fernando A. Concha

There is confusion in naming the several models developed in Mineral Processing. We often hear of empirical, first principle, mechanistic and phenomenological models. The objective of this paper is to clarify and distinguish between these models, based on a philosophical and linguistic analysis. A state of the art review for mathematical modeling in Mineral Processing is also made.

Jan 1, 1995

By A. Noble

"Linear circuit analysis (LCA) is a fundamental tool that may be used to evaluate, design and improve the performance of mineral separation. The traditional LCA methodology provides a comparative evaluation of circuit designs purely from the unit interconnections. The quantitative approach uses the analytical circuit solution to evaluate the slope of the circuit’s partition curve at the midpoint. Since the partition slope is often associated with a separation’s general selectivity, this numeric value is used to compare and rank alternative configurations. Unfortunately, the partition curve slope only reflects the separation potential of middling material. By itself, this value does not account for the relatively high unit dollar value of pure material or the gains and losses in mass yield associated with alternative circuit configurations. Realizing the value in the LCA methodology, but respecting the limitations of the partition slope valuation, the authors have derived two new performance indicators that quantitatively address pure particle misplacement (the Partition Moment of Inertia) and circuit mass yield (the Yield Score). Together, these parameters provide a better indication of separation economics in typical mineral and coal separation systems. Since the two parameters provide independent information on circuit selectivity and circuit yield, a Pareto efficiency, multi-objective function selection approach is proposed for preliminary circuit selection.IntroductionOver the past 30 years, numerous scientific and industrial studies have proposed various mineral processing circuit design methodologies that attempt to optimize the allocation of separation resources within the processing plant. Over this period, the methodologies have undergone various transitions, including the increased inclusion of process models and computationally intensive algorithms, as well as a general shift from a purely technical solution (Lauder and McKee, 1986) to partially economic solutions (Abu-Ali and Sabour, 2003; Cisternas et al., 2014). Today, circuit design is largely driven by flowsheet simulation; however, no consistent design methodology is used across the industry.One intriguing approach for circuit evaluation is linear circuit analysis (Meloy, 1983a). This method evaluates the separation potential of the circuit solely considering the unit configuration and stream interconnections. No preliminary data other than the basic circuit configuration is required to use the approach."

Jan 1, 2015

By A. D. Hammond

"INTRODUCTION Vanadium deposits in Arizona are distributed all across the state, from the rim of the Grand Canyon to the Tombstone mining district in the southeast corner of the state (Figure 1). The combined past production of vanadium from Arizona and New Mexico ranks second nationwide, after deposits in the Colorado Plateau In the northeast corner of the state, in the Carrizo Mountains and Monument Valley of Apache and Navajo Counties, vanadium was produced as a by-product of uranium in deposits of the Salt Wash and Shinarump members of the Morrison and Chinle formations, respectively. The production took place between 1943 and 1970. Another source of vanadium in Arizona occurs in vanadate deposits associated with supergene enrichment of base-metal vein and replacement deposits. The most important vanadate mineral is vanadinite, a chloro-vanadate of lead. Presently, there are no primary mines of vanadium in the United States. In 2012, a small production of vanadium pentaoxide (V2O5) was reported as a by-product of uranium at the White Mesa uranium mine in Utah1. This paper describes vanadate deposits in Arizona with emphasis in three districts, namely, the Mammoth, Globe-Miami and Banner districts.VANADIUM EPIGENETIC DEPOSITS: VANADATES Almost all vanadium epigenetic deposits occur as vanadates in oxidized zones of lead, zinc and copper veins and replacement deposits. Vanadinite, descloizite and mottramite are the most common minerals in vanadate deposits. Descloizite is a vanadate of lead, zinc and copper. Wulfenite, a molybdate of lead is also present. These minerals replace supergene base-metal minerals, form crusts on faces of open cavities, or are inter-grown with residual clays in pockets. The vanadium content in vanadate deposits is believed to have been leached from the country rock by ground-water and transported through porous rocks until precipitating as a relatively insoluble vanadium compound or until the solution evaporated. Precipitation was brought about by local concentrations of cations of divalent lead, zinc or copper. Lead is a constituent part of almost all of vanadate deposits and the vanadium pentaoxide (V2O5) content in vanadate minerals seems to have a direct correlation with the content of lead in the hypogene mineral. Vanadate deposits are restricted almost entirely to the oxidized parts of vein or replacement deposits. It is rare that oxidized zones extend past 100 ft from the surface. Vanadate deposits are largely restricted to tropical and temperate zones and regions of dry climate. Arizona and New Mexico have the largest concentration of vanadate deposits in North America."

Jan 1, 2015

By A. D. Hammond

"The drop in iron ore prices has claimed an unwitting casualty in vanadium. Vanadium is dominantly produced as a coproduct of steel production. The recent shutdown at EVRAZ’s Mapochs steel-vanadium operations in South Africa has cut off 10 percent of the world’s vanadium output. In February 2015, Australia’s Atlantic Ltd. suspended operations at its Windimurra iron-vanadium complex after a fire caused severe damage at the plant. Since then, challenging market conditions has resulted in the permanent closure of this operation.This decoupling of vanadium production from integrated iron ore producers presents an opportunity for vanadium exploration companies to target single-product deposits. This trend is manifested in the increasing number of pure-play vanadium ventures around the world.The mine production of vanadium is dominated by three countries — China, South Africa and Russia, which collectively produce 96 percent of the world’s vanadium. While the use of vanadium as an alloy in the steel industry remains the largest application for this metal, growth in demand is expected to come from the renewable energy industry in the form of batteries for energy storage.This article summarizes the current state of vanadium exploration, briefly describes the vanadium market and lists sources of future demand for the metal.Trend in vanadium explorationThe most active participants in the current vanadium exploration are pure-play vanadium ventures in Brazil, South Africa and Australia. These ventures are targeting deposits with higher vanadium grades than those typically mined in titaniferous magnetite operated by integrated steel-vanadium producers.The 10 percent shortfall in vanadium production resulting from the shutdown at EVRAZ’s Mapochs is expected to be partially compensated by Largo Resources’ Maracás Menchen vanadium operation located in the state of Bahia in Brazil. It commenced operation in August 2014 and is expected to produce between 7.6 and 8.6 kt (8,421 and 9,523 st) of V2O5 in 2016 at a target production cost of $3.71/lb (Largo Resources, 2016). This is the first primary vanadium operation to be placed in production in the Western Hemisphere in more than 35 years."

Jul 1, 2016

By A. D. Hammond

Vanadium is a transition metal, ductile and silver-gray. It is harder than most metals and steels and it has a good resistance to corrosion. It is stable against alkalis and sulfuric and hydrochloric acids. Vanadium is oxidized in air at about 660° C (1,220° F), although an oxide layer forms even at room temperature. The chemistry of vanadium is noteworthy for the accessibility of the four adjacent oxidation states, 2-5. In aqueous solution, the colors are lilac V2+, green V3+, blue VO2+ and, at high pH, yellow VO42-. Considered to be as abundant as zinc, metallic vanadium is not found in nature, but it is known to exist in about 65 different minerals. Economically significant examples include patronite (VS4), vanadinite (Pb5(VO4)3Cl), associated to the uranium mineral carnotite (K2(UO2)2(VO4)2?3H2O) and in a vanadium mica called roscoelite K(V3+,Al,Mg)[(Si,Al)4O10] (OH)2. Other important vanadium ore oxides are montroseite (V,Fe)O(OH) and corvusite (Na,Ca,K)V8O2.4H2O. Much of the world?s vanadium mine production comes from magnetite-hosted deposits and, to a lesser extent, sedimentary-hosted sandstone.

Dec 1, 2013

By A. D. Hammond

Vanadium is a transition metal, ductile, silver-gray metal. It is harder than most metals and steels and it has a good resistance to corrosion, it is stable against alkalis, sulfuric and hydrochloric acids. Vanadium is oxidized in air about 660 °C, although an oxide layer forms even at room temperature. The chemistry of vanadium is noteworthy for the accessibility of the four adjacent oxidation states 2-5. In aqueous solution the colors are lilac V2+, green V3+, blue VO2+ and, at high pH, yellow VO42-. Considered to be as abundant as zinc, metallic vanadium is not found in nature, but it is known to exist in about 65 different minerals. Economically significant examples include patronite (VS4), vanadinite (Pb5(VO4)3Cl), associated to the uranium mineral carnotite (K2(UO2)2(VO4)2?3H2O) and in a vanadium mica called, roscoelite K(V3+,Al,Mg)[(Si,Al)4O10](OH)2. Other important vanadium ore oxides are montroseite (V,Fe)O(OH) and corvusite (Na,Ca,K)V8O2.4H2O. Much of the world's vanadium mine production comes from magnetite-hosted deposit and to a lesser extent, in sedimentary-hosted sandstone. Vanadium is also present in bauxite and in fossil fuel deposits such as crude oil, coal, oil shale and tar sands. In crude oil, concentrations up to 1,200 ppm have been reported. A significant vanadium production comes from the processing of petroleum residues, fly ash and recycling spent catalysts. In 2011, metallurgical applications accounted for 93% of the use of vanadium. Here, an alloy called ferrovanadium is utilized to strengthen steel to be used as rebar in the construction industry, in the manufacturing of axles, crankshafts, gears and chassis in the automotive and transportation industries and in the manufacturing of high-speed tools. In the aerospace industry, vanadium is utilized as a titanium alloy in the manufacturing of airframes and jet engines. The reason for the wide use of vanadium as alloy is its high strength-to-weight ratio, the highest of any engineered material on earth. The major non-metallurgical use of vanadium is in the production of catalysts for the chemical industry. The most commercially important compound is vanadium pentoxide (V2O5), which is used as catalyst in the production of sulfuric acid.

Feb 23, 2014

By A. D. Hammond

"INTRODUCTION The recent drop in iron ore prices has claimed an unwitting casualty in vanadium. Vanadium is dominantly produced as a co-product of steel production. The recent shutdown at EVRAZ’s Mapochs steel-vanadium operations in South Africa has cut-off 10% of the world’s vanadium output. Earlier in February, 2015, Australia’s Atlantic Ltd. suspended operations at its Windimurra iron-vanadium complex after a fire caused severe damage at the plant. Since then, challenging market conditions has resulted in the permanent closure of this operation. This decoupling of vanadium production from integrated iron ore producers presents an opportunity for vanadium exploration companies to target single-product deposits. This trend is manifested in the increasing number of pure-play vanadium ventures around the world.The mine production of vanadium is dominated by three countries namely, China, South Africa and Russia, which collectively produce 98% of the world’s vanadium. While the use of vanadium as an alloy in the steel industry remains by far the largest application for this metal, growth in demand is expected to come from the renewable energy industry in the form of batteries for energy storage. This paper summarizes the current state of vanadium exploration, briefly describes the vanadium market and lists sources of future demand for the metal. TREND IN VANADIUM EXPLORATION The most active participants in the current vanadium exploration are pure-play vanadium ventures in Brazil, South Africa and Australia. These ventures are targeting deposits with higher vanadium grade than those typically mined in titaniferous magnetite operated by integrated steel-vanadium producers. The 10% shortfall in vanadium production resulting from the shutdown at EVRAZ’s Mapochs is expected to be partially compensated by Largo Resources’ Maracás Menchen vanadium operation located in the State of Bahia in Brazil, which commenced operation in August 2014 and is expected to reach design capacity of 11,400 tonnes of vanadium pentaoxide (V2O5) by the end of 2015. The estimated production1 for 2015 is 6,500 tonnes of V2O5 at a target production cost of $3.60/lb. This is the first vanadium operation to be placed in production in the Western Hemisphere in over 35 years."

Jan 1, 2016

In September 2003, a test was conducted to see if a115-mm- (4.5-in.-) diam Mocap Vari-Stem blasthole plug could improve the pattern of explosives using different top stemming material. The test took place at the J.S. Faulkroad and Sonsstone quarry in McCalisterville, PA. The test consisted of a production stone blast. Half of the holes were stemmed with standard crushed stone. Two-thirds of the remaining half were stemmed with Vari-Stem plugs and crushed stone. And the remaining one-third of the second 50 percent was stemmed with Vari-Stem plugs and only drill cuttings.

Jan 1, 2004