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By Dan Nilsson

INTRODUCTION A company must have an objective, and that usually is to earn money. In some countries an objective can also be to reduce unemployment in an area or to develop nonindustrialized areas. Government-owned companies can also have as an objective that of serving the com¬munity. This discussion is limited to the consideration of normal companies wanting to earn money. Such an objective, however, has to be defined in more detail. It is not satisfactory only to maximize the total annual profit from, for example, a mining project. In comparison with most other branches, the mining in¬dustry is very capital intensive. When starting a new project, the mining company must invest a lot of money in mines, ore treatment plants, etc. It is normally many years before any income is received from the ore. Fig. 14 illustrates the payments for a new mining proj¬ect with an expected lifetime of 10 years. Whether this project is a profitable one depends on a lot of things. If the company has a shortage of money, it can be impossible to finance the project. Even if the company has enough money, the management may think that perhaps the project may not return the money fast enough. Such limitations will not be discussed here. Suppose that the company has internal funds from its own operation or can borrow them. Since the mining company must invest the money in advance, it is not satisfactory only to add all of the costs during the mine's lifetime and compare them with the total income during the lifetime. The company must include the time value of the capital. In this appendix, the basic investment theory neces¬sary to judge the profitability and costs of mining proj¬ects will be discussed. INVESTMENT THEORY Time Value of Money If a private person has a dollar and puts it into a bank, he or she will receive interest. If the interest rate is r%, the value after one year will be $(1 + r), after 2 years $(I + r)2 , etc. The interest rate represents the time value of money. If the same person wants to have $1 in the bank af¬ter one year, he or she has to put $(1 + r)-1 in the bank today. If the person wants $1 after 2 years, it is neces¬sary to put $(1 + r)-2 into the bank today, etc. So one dollar today is worth more than one dollar tomorrow. It is, of course, not correct to compare money at differ¬ent times since each dollar has a different value. It is necessary to transform all payments to the same point in time. That is called the calculation of the capital value of a cash flow, and to do this an interest rate is used. In the same way, the cash flow from a project like that shown in Fig. 14 can be translated to any other point in time. Most common is to translate all payments to the beginning of the mining period. That capital value is often called the present capital value. Interest Rate What interest rate will the company use? A com¬pany, just like an individual, has the basic alternatives of keeping its money in the bank and receiving interest, or borrowing money from a bank and paying an interest rate. The interest rate represents the time value of money for the company. If the company has a shortage of money, or many good potential investment projects, it has to use a higher interest rate than if it has a lot of money available. Most companies also increase their interest rate as a hedge against the risk involved by using money for uncertain investments, because of taxes, etc. Capital Value When the interest rate has been decided, it is possi¬ble to estimate the capital value of a project. Here the discussion will be limited to the estimation of present capital values. Suppose that one wants to know the present capital value of $1 (Fig. 15), which will be received after n years. To transform it n years back in time, one must multiply it by the factor (1 + r)-, where r is the inter¬est rate the company uses. Table 1 gives these factors for different years and interest rates. Example: At the end of year 5 a mining company has to invest $50 million in a new mine. What is the present capital value at the end of year 0? The company uses an interest rate of 15%a.

Jan 1, 1982

By P Simpson, P Bundo

The Eureka Mine is situated in the Guruve district of Zimbabwe, some 150 km north of Harare. The mine was first worked in 1895 and until recently was operated as a typical Zimbabwean "smallworking" with a single owner­operator and small labour force mining at up to 50m depth and processing 50 tonnes per day of ore via grind, gravity recovery and CIP. The gravity circuit comprised a Knelson 12" Centre discharge Concentrator from which a significant but variable portion of production was recovered. In 1996 exploration was commenced by Delta Gold Zimbabwe (Pvt) Ltd (DGZ), a wholly owned subsidiary of Delta Gold NL of Australia, with the aim of testing mineralisation and establishing a large-scale open pit operation. A feasibility study was completed in April 1998. Construction began in August 1998 and first gold was poured in June 1999. The mine is designed to produce 65 000 oz/annum of gold from 1.5 million tonnes of opencast ore grading 2 git Au.

Jan 1, 2000

By K. Chief

American Indian lands contain a vast amount of renewable and non-renewable resources that have consequently been mined (Smith and Frehner). Therefore, it is understandable that tribes are concerned about environmental impacts from mining and their ability to minimize and mitigate these impacts. This has created a need to better understand mining and its environmental impacts. The University of Arizona Superfund Research Program Mining educational modules developed educational modules for tribal colleges focusing on environmental impacts of mining, remediation of mining wastes, and sociocultural impacts of mining. Educational modules are independently packaged units of study designed to enhance the learning process and can be modified and adapted to different learning scenarios and objectives. In addition to providing specialized knowledge, the modules feature hands-on activities, incorporation of technology, student involvement, discussion, and exchange of ideas. Modules will aim incorporate traditional ecological knowledge and approaches that promote effective science learning for native students. Modules are designed to augment existing associates of science programs (e.g. biology, chemistry) currently offered at tribal colleges and can be modified for use in K-12 education and for non-tribal audiences.

Feb 23, 2014

By J. R. Dyni

Colorado nahcolite deposits, estimated at 29 billion metric tons, formed in an asp metric permanent-lake basin whose waters were rich in algae and sulfate-reducing bacteria. Nahcolite (NaHCOg) occurs in oil shale of the Green River Formation (Eocene) as aggregates (62 percent), disseminated crystals (24 percent), and impure beds (14 percent). Because much of the nahcolite is nonbedded, it will be mined with oil shale and can be concentrated to marketable grade by crushing and screening Impurities in nahcolite are kerogen, quartz, pyrite, and carbonate minerals. A promising new market for nahcolite is in the process of removal of sulfur dioxide from industrial stack gases. When heated, nahcolite reacts with sulfur dioxide to form sodium sulfate. Differences in thermally induced microporosity may explain why nahcolite is more reactive than trona, a possible competitor with nahcolite for SO2 removal. Limited production of nahcolite at one or possibly two localities is expected in the next several years, but large-scale production is probably at least 10 years away.

Jan 1, 1980

By S. D. Thompson

An AIME transaction by P.L. Allsman (1960), "Analysis of Explosive Action in Breaking Rock," contains many useful concepts applicable to blast design. Of special interest was the derivation of a heave blasting burden formula, which is important in establishing the maximum burden. Unfortunately, its derivation contains a fundamental error and then a compensating one. This formula was: [ ] The derivation used the impulse-momentum principle, with a 0.3 m thick (1 ft thick) radius of rock mass being acted on by an explosive impulse. However, the rock weight was not converted to mass by dividing by the gravitational constant. This mistake can be verified by checking the units in the formula, which resolve into m%-sec instead of meters. Adding the gravitational constant corrects this: [ ] If the minimum velocity is now taken as 0.3 m/sec (1 ft per sec), as was recommended, excessively large burdens result. Any appropriate rock velocity should be capable of throwing the rock mass a minimum distance so that the swell needed for breakage can occur. Unless the burden is extremely small and the bench height is very high, it is unlikely that a velocity of only 0.3 m/sec (1 ft per sec) will be sufficient. A review of the literature indicates that average rock velocities observed by camera studies typically range from 15 to 30 m/sec (50 to 100 ft per sec) (duPont deNemours and Co., 1977; Tansey, 1979). On this basis, a minimum rock velocity of about 15 m/sec (49 ft per sec) would be expected and not 0.3 m/sec (1 ft per sec). When a velocity of 15 m/sec (49 ft per sec) is inserted into the corrected formula, the results approximate those of the original formula with a velocity of 0.3 m/sec (1 ft per sec). The errors were approximately self-compensating [ ] References Allsman, P.L., 1960, "Analysis of Explosive Action in Breaking Rock," Transactions, AIME, Vol. 217, pp. 475-476. E. I. duPont deNemours and Co., 1977, Blasters' Handbook, 175th Anniversary Edition, Dupont, Wilmington, DE, pp. 233. Tansey, D.O., 1979, "The DuPont Sequential Blasting System," CIM Bulletin, Vol. 72, July, p. 80. Thompson, S.D., 1981, "Critical Review and Revision of Surface Blasting Practice," MS thesis, West Virginia University, pp. 308-316.

Jan 3, 1985

By Dong-mei Zhang, Feng Zhang, Hong-Wei Huang, Qiang Huang, Bin Ye

"1. INTRODUCTION Nowadays, many cities around the world have constructed metro tunnels to alleviate transportation pressure from rapid urbanization. In soft soil areas, metro tunnels are usually constructed by shield-tunneling method due to its high efficiency and little disturbance to environment. However, the tunnels may show significant post-construction settlement after several years of operation. Take Shanghai Metro line 2 for example, the maximum longitudinal settlement reached 160mm after ten years of operation, shown in Figure 1. When analyzing varying factors that contribute to the long-term settlement of tunnels, the effect of cyclic loading from train vibration is rarely taken into consideration for most researches only focus on the influence of leakage problems in the tunnel while neglecting train vibration induced leakage and resulting settlement. It’s true that metro tunnels from shield-tunneling method are prone to have leakage problems due to the special structural configuration. Furthermore, trains move hundreds of times inside the tunnel every day, which inevitably will cause accumulation and dissipation of excess pore pressure. When the excess pore pressure dissipates, tunnel settlement induced by train vibration occurs(Deng F H, 2007). Although researchers (Zheng et al., 2005; Wongsaroj et al., 2007; Mair, 2008; Shin et al., 2012; Zhang et al., 2012, 2015) conducted extensive numerical analysis on the relationship between tunnel settlement and relative permeability of tunnel to surrounding soil by treating tunnels as permeable media, their attention was only paid to the tunnel settlement from reduction of hydrostatic pressure in the ground, rather than from the dissipation of excess pore pressure generated by train vibration. Therefore, the influence of train vibration on the long-term settlements of metro tunnels is still not clear."

Jan 1, 2016

By I. J. Wu

China’s land area, comparable in size to United States or Canada, contains diverse geological environments and mineral resource potential. The diversity in geological environments is such that the potential for developing many world-class mineral deposits in China is good. However, China’s mining sector was not open to foreign investment until the1990s. The long-term prospect for Chinese resource development is attractive because of China’s enormous population and cumulative demand for minerals. Approximately 33 foreign mineral companies, including 11 major internationals, are to various degrees active in China. Chinese mining laws and regulations pertaining to joint ventures with foreign companies are, from the international investment prospective, evolving slowly, but positively. This positive trend is continuing under the current government reform process, which is moving China towards a freer market economy. Although improving the enforcement of relevant laws and regulations is an ongoing process, the environment for mineral investment and joint ventures is increasingly more accommodating to foreign companies.

Jan 1, 2000

By Richard P. Graff

Author?s note: Diversity in practice exists in the application of Generally Accepted Accounting Principles (GAAP) for purchase price allocations with respect to the recognition of Value Beyond Proven and Probable Reserves or VBPP, as defined by the Emerging Issues Task Force (EITF) in EITF 04-3: ?Mining Assets: Impairment and Business Combinations?. This diversity appears to arise from differing interpretations of what constitutes sufficient information to value components of VBPP in business combinations. Concerned with this diversity in practice, respected members of the mining community formed a working group which prepared an issues paper that discussed this diversity and provided recommendations for recognition and valuation of VBPP in business combinations. The working group then submitted this paper to the EITF, requesting further guidance be issued on the concept of VBPP. In conjunction with the submission to the EITF, the working group also provided this paper to the United States Securities and Exchange Commission (SEC) for review and comment. The EITF discussed this issue at its May, 2008 agenda committee meeting. However, it declined to add this topic to the EITF agenda for further consideration. Absent additional guidance on VBPP from the EITF, the working group submitted a proposed definition of VBPP to the U.S. Securities and Exchange Commission for its consideration. The following article, which is consistent with the issues paper that was submitted to the EITF and the SEC, discusses the components of and valuation techniques for VBPP. The correspondence with the U.S. Securities and Exchange Commission, which includes the proposed definition of VBPP by the working group, is attached as Appendix 1 to this article.

Jan 1, 2008

By P. Pal Roy, Ajit Raj Ostwal, M. M. Singh

Field investigations have revealed that sawdust can be used as an efficient additive to ANFO for carrying out production blasts in limestone mines. Sawdust can be used at a reasonably reduced cost without sacrificing fragmentation, muck profile and wall control. Such additives lower the detonation pressure of ANFO by acting as low-grade fuel that reacts or burns more slowly in the presence of ammonium nitrate than does fuel oil. On detonation, it eventually forms near-ideal oxygen balance that helps in liberating maximum energy to break the surrounding rock. It also forms a low-density stable mixture that helps in reducing loading density (kg/m) of explosive in the blasthole. Experiments performed at the Hirmi Limestone mine, M/s L&T, and at the Lambasta Limestone mine, M/s Jaypee Rewa Cements, showed the novel acceptance of the technique in a highly competitive market where cost reduction has been a major area of thrust.

Jan 1, 2003

By Denys B. Smith

Electric logs and cuttings records from Zechstein 3 and 4 strata in boreholes in the British Sector of have been interpreted in the light of numerous cored boreholes through this sequence in north-east England. This interpretation shows that potash salts in the two cycles are thickest and most consistent in a belt 20 to 40 km wide parallel with and a few kilometres from the present basin margin, and are here generally similar in grade to those known onshore. The potash ores in both cycles are mainly of sylvinite in onshore areas, the layered Upper the Southern North Sea Potash of the fourth cycle being rather less variable but generally of appreciably lower average grade than the Boulby Potash of the third cycle. Potash salts in both cycles are highly variable in thickness and grade in basin centre areas where they have been grossly affected by diapirism of the thick second cycle salts.

Jan 1, 1978

By Eugene R. Palowitch

From the late 1880s to the present, the Appalachian region continues to be a dominant supplier of premium-quality coals. The region contains an estimated 93.4 Gt (102.7 billion st) of demonstrated reserves in Alabama, eastern Kentucky, Maryland, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia. Therefore, Appalachia will remain a source of quality coals for the metallurgical, export and utility markets. Figure 1 shows the annual production of coal in Appalachia and nationally from 1970 through 1993 (Energy Information Administration, 1994). During that 23-year period, annual domestic coal production almost doubled. Coal production from Appalachia increased at an average annual rate of only 0.7%. Coal production remained essentially constant at about 409 Mt/a (450 million stpy). Thus, Appalachia's market share decreased from 69.8% in 1970 to 47.2% in 1993 - a drop of almost one-third (Energy Information Administration, 1994).

Jan 1, 1995

By W. F. Hahnert, P. A. S. Ralston

In off-line training of a rule-based controller, the significant measure of successful training is the quality of control provided by the generated rule set. In an adaptive or on-line control environment, performance is also measured by the ability to accurately maintain a satisfactory rule set, but within constraints on speed and/or resource availability. Very small population genetic algorithms, or microGAs, have been proposed as a means of capitalizing on the hill climbing characteristics of faster local optimization techniques while requiring less memory and retaining much of the robustness of traditional, larger population genetic search. A traditional genetic algorithm and a similar microGA are developed and applied to two control problems. The performance of these algorithms is analyzed with respect to (1) the quality of the rules learned, (2) the rate at which learning occurs, and (3) the memory resources required during learning.

Jan 1, 1993

By H. Melama

The primary grinding stage in the Vuonos concentrator comprises a rod mill in open circuit and a semi-autogeneous mill in closed, circuit with a hydrocyclone classifier. The instrumentation of the grinding circuit is displayed in Fig. 1. All the measurements have computer interfaces and all the control circuits have been implemented by the process control computer. The crushed ore feed to the rod mill is measured by a belt-weigher and controlled by a belt-feeder. The pulp density in the rod mill is stabilized by proportioning the waterfeed at the mill inlet to the crushed ore feed. The slurry level in the pump sump is measured by a pressure transducer and it is controlled by charging the speed of the direct-current drive pump.

Jan 1, 1984

By David Humphreys

Assumptions about future commodity prices need to be made with close regard to the purposes for which they are being used. Prices generated for financial planning or trading purposes are unlikely to be suitable for the longer run purposes of project evaluation and reserve estimation. In this latter context, price assumptions need to be realistic, stable and rooted in a rigorous fundamental analysis of long run industry drivers. Amongst the factors to be considered in such analysis are price history, production costs and structural dynamics. It is also important that prices adopted are consistent with other information being used by a company in its decision-making.

Jan 1, 2003

By W. Randall, Robert M. Leary

Twin 1250 m (4100 ft.) long highway tunnels through Cumberland Mountain near Middlesboro, Kentucky are planned to be completed in the early 1990's. The tunnels will be excavated in sandstones, limestones, and shales, dipping at 35 to 50 degrees and striking nearly perpendicular to the tunnel alignment. In 1985-86 a pilot tunnel was excavated as a crown drift along the alignment of the southbound tunnel. The benefits of the pilot tunnel in reducing uncertainties for main tunnel construction are discussed. The cost-benefits of the pilot tunnel are examined in view of estimated main tunnel costs.

Jan 1, 1987

By S. Rideout

As Assistant Director for Program Support for the Office of Surface Mining Reclamation and Enforcement (OSM), a bureau of the U.S. Department of the Interior, I am responsible for the regulatory and abandoned mine land programs under the Surface Mining Control and Reclamation Act of 1977, which governs the environmental impacts of coal mining. My perspective is influenced by my current position and my previous positions in government and private industry. Sustainability is a cooperative effort of many parties and can only be achieved if each assumes their responsibilities for making it happen. I will highlight some of my thoughts on the role of government in achieving sustainability in the mining arena.

Jan 1, 2007

By Alex Harrison, Steve Kasper

Various countries around the world have testing and manufacturing standards in place for steel cord belting. These standards are very comprehensive in what they allow the end user to specify, however, their practical significance in terms of belt life is more difficult to quantify. Such testing standards will be briefly reviewed in this paper in relation to the implication for end user expectancy. Since there is no US standard of manufacture, the end user is left with writing their own specifications. In addition, such standards do not address the effect on belt life of manufacturing faults, such as cord plane buckles, or lateral cord movement. Some new technology used to test steel cord belting will be described as an aid to both manufacturer and end user. Specific end user related issues addressed on this paper are: Tracking and belt quality Cord plane irregularities and performance Cord size and belt life Cord fatigue and testing

Jan 1, 1993

By Raymond J. P. Brouzes

INTRODUCTION [A Decade After the 1972 Stockholm Conference] The UN-sponsored Stockholm Environmental Conference held just over 10 years ago was the first successful attempt to achieve global recognition of environmental issues. Indicative of the lack of concrete involvement in environmental protection to that time was the fact that only 15 nations had a department or ministry responsible for environmental affairs compared to today's 143. Many governments were uncertain of what were the most serious or pressing problems in their country. There was obviously a need to both identify those issues and to determine how to manage them once identified. At the same time, the public at large was becoming more critically aware that environmental protection had been neglected by government and often ignored by industry. It soon became evident that large amounts of money would have to be spent to redress some of the more evident problems. However, many developing nations were reluctant to slow down the much-needed industrial growth by imposing costly environmental controls on industry. In fact, some waived environmental control altogether as an incentive to attract industry. In some sectors, it was often stated that industrial development and environmental protection were mutually exclusive activities. The need of an awareness, commitment and dedication by all sectors of society to protect their environment was just beginning to develop, replacing the rather simplistic view that all environmental problems were caused by greedy industry.

Jan 1, 1984

By Raymond T. Moore

The Federal Coal Mine Health and Safety Act of 1969 (FCMHSA) begins with this statement: "Congress declares that the first priority and concern of all in the coal mining industry must be the health and safety of its most precious resource -- the miner; . . ." At the Federal level this responsibility is shared by the Department of the Interior and the Department of HEW. The health research and standard setting activities under the Act are largely the responsibility of the Department of HEW, and with the exception of Title 4, Black Lung Benefits, have been delegated to our Institute, which I will refer to henceforth as NIOSH. In addition, we bear certain joint responsibilities with the Department of the Interior. These include dust sampling and respirator approval. To complete the picture, the Department of Labor has recently assumed Black Lung Benefit respon¬sibilities from the Social Security Administration under Title 4 of the Act.

Jan 1, 1974

By Ugo Preti, Gianfranco Ferrara, Mark C. Williams, Thomas P. Meloy

Theoretical and experimental lockedness profile curves are the same when the model assumptions are met. They appear different because of the way the data is presented. Continuous theoretical lockedness profile curves present all the data, including the wings of the curves giving them the deep U-shaped configuration. Experimental lockedness profile curves, because of the measurement methods, are discretized, obscuring the wings. If the continuous theoretical curves are discretized, they are similar to the experimental curves. When a float sink test is used to measure an interval of locked particles, the integrated averaging of the separation process obscures the wings of the continuous theoretical curve. To disclose the wings with experimental data, narrow density or measurement intervals must be used.

Jan 1, 1992