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By Onur Golbası, Berk Gokce

Investment decisions in the mining industry are complicated by sector-specific uncertainties. This study presents a multi-submodule system dynamics model to capture the dynamic complexities of decision-making across mineral property development stages. The model includes five interconnected subsystems: valuation, production, growth strategy, demand, and finance. Developed through system decomposition, expert input, and literature, the model is tested on a hypothetical copper mine with 850 ktpa capacity and 1% cu grade. Simulated over five years with quarterly steps, it estimates an enterprise value of $78.9 million and a target growth rate of 11.2%. Results highlight the significant effects of operating costs, capital policies, and inflation on free cash flow, and the critical role of mineral reserves in sustaining growth. This model supports strategic investment analysis across different minerals and development phases, offering mining investors a robust tool for optimizing decisions.

Feb 22, 2026

By Fred H. Lightner

Mergers and acquisitions (M&A) within the mining industry are becoming frequent events. Large companies and small companies alike are jumping on the bandwagon of merger mania. The results of these mergers have significant impacts on the employees of the involved companies. Comments, observations, and specific examples of the 'peop1e"aspect of mergers are presented in an attempt to answer the question "will it be business as usual?" My answer is a simple NO. This paper attempts to provide support for my conclusion. The reader should recognize that the comments, observations, and specific examples mentioned in this paper are subjective and reflect the experience and prejudice of the author.

Jan 1, 2001

By Harland E. Cofer

A computer-assisted resources and sedimentological study of the Andersonville, Georgia kaolin-bauxite district was begun in 1975 under a grant from the Office of Mineral Resources of the U.S. Geological Survey (Grant # 14-08-1110-G-173). A preliminary report on the kaolin and bauxite resources of the district has been placed on open file at the U.S.G.S. in Reston, Virginia; the Georgia-Geological Survey in Atlanta, Georgia; and Georgia Southwestern College in Americus, Georgia. In addition to a resources estimate, the objectives include the determination of the mineralogical variation, sedimentological parameters, and paleogeographic patterns of the deposition of the high alumina materials and their associated sediments. In the process of compiling data for the resources estimate, isopach maps were developed that provide information as to the shape, size, and distribution of the kaolin deposits and the kaolinitic sediments that contain them. These or similar maps developed for other districts can be useful exploration tools.

Jan 1, 1977

By Robert P. Moodry

It was attempted to revitalize an old sulfide leach dump by increasing the oxygen content within the dump. Compressed air was introduced into the old dump. This was accomplished by drilling 300 foot angle holes into the dump surface with an Aardvark drill which holes are then cased with 1-1/2 inch perforated PVC pipe. Compressed air is injected through these cased holes during a 10 day rest cycle. The second case consists of bedding perforated polyethylene pipe at the interface between the old dump surface and the next Lift of a new dump. Compressed air is then blown through the bedded perforated pipe on a continuous basis while leach solution is applied.

Jan 1, 1976

By E. M. Frizzell

Development of mobile crusher systems for surface mining, allowing extension of continuous conveyor haulage systems into the pit, is traced from its introduction to the present. Variations in configurations are reviewed, and the compelling reasons for using mobile crusher systems are explored.

Jan 1, 1983

By Erhard M. Winkler

The rapid decay and disfiguring of stone monuments in urban and desert rural areas has challenged conservators to protect stone surfaces from premature decay. They attempt to halt the natural process of stone decay and possibly to restore the original strength lost mostly by chemical weathering and the loss of binding cement. Ageneral solution is not possible because the physical and chemical characteristics must be considered for different stone types. The failures of stone preservation and restoration are greater in number than the cures. The need for repair of stone decay goes back to evidence of Roman replacement of decaying stone. The presence of excess water in buildings has long been recognized. Moisture tends to enter masonry from air in humid climates, a most important but often underrated factor (Fig. 1) suggesting that sealing should be the answer. Undesirable staining and efflorescence result in accelerated scaling. Today, the great variety of chemicals available to the modem conservator for sealing. consolidating, or hardening stone fall into two very different categories: surface sealers and penetrating stone consolidants, or a combination of both. SEALERS Sealers develop a tight, impervious skin which prevents access of moisture. Surface sealing has saved monuments from decay by eliminating the access of atmospheric humidity. Pressure tends to develop behind the stone surface by moisture escape. Efflorescence, crystal growth action, and freezing can cause considerable spalling (Anderegg, 1949). Flaking results when moisture is trapped behind the sealed surface. Yellowing and blotchiness are also frequently observed. The following sealants are in common use today: linseed oil, paraffin, silicone, urethane, acrylate, and animal blood on stone and adobe. Extensive cracking and yellowing has resulted soon after application. In the past many such treatments have created more problems than cures: 1. Linseed oil and paraffin have been in use for centuries. Embrittlement and yellowing occur rapidly because these are readily attacked by solar ultraviolet radiation. 2. Animal blood as paint has temporarily waterproofed adobe mud and stone masonry. The origin of blood paint has a religious background rooted in the Phoenician and Hebrew cultures. Instant water soluble dried blood can substitute for fresh blood. Winkler (1956) described the history and technique of the use of blood. 3. Silicones have proven very effective and are long lasting. In contrast, acrylates, urethane, and styrene are generally rapidly attacked by UV radiation (Clark et al., 1975). Sealing of Different Rock Types Granitic rocks have a natural porosity traced to 4.5% contraction of quartz, during cooling of the parent magma, compared with only 2% contraction of all other minerals; protection against the hygric forces may require waterproofing of granite in some in- stances. The Egyptian granite obelisk in London is an example. Soon after its relocation from Egypt to London, Cleopatra's Needle was treated, in 1879, with a mixture of Damar resin and wax dissolved in clear petroleum spirit; surface scaling became evident after half a year of exposure to the humid London atmosphere. The treatment of the ancient granite monument from Egypt has denied access of high relative humidity (RH) in London to the trapped salts inherited from the Egyptian desert and has protected the monument from decay (Burgess and Schaffer, 1952). The sister obelisk set up in Central Park, New York City, has fared less favorably because similar treatment was done too late, only after the salts hydrated and hundreds of kilograms of scalings disfigured the obelisk surface (Winkler, 1980). Surface coating of other common stones may be needed. Crystalline marble absorbs moisture from high RH atmospheres: dilation may ensue when curtain panels bow as the moisture starts to expand during daily heating-cooling cycles. A good sealer may prevent the moisture influx provided that no moisture can enter from the inside of the building. Limestones, dolomites and all carbonate rocks are subject to dissolution attack by rainwater, especially in areas where acid rain prevails (Fig. 2). The interaction of sulfates in the atmosphere with the stone can be halted by waterproofing to avoid the formation of soft and more soluble gypsum. The stone surface attack can be diminished if nearly insoluble Ca-sulfite crusts can form, instead of Ca-sulfate. Replacement of fluorite or barium compounds at the stone surface acts as a hardener, rather than a sealant. Sandstones have generally high porosity and rapid water travel can occur along unexpected routes and from any direction. Any surface sealing may do more damage by scaling and bursting than if the stone is left without treatment. Sealing of sandstones is therefore not advised at any time. Testing the efficiency of sealants: Several authors discuss waterproofing materials, silicones, urethanes, acrylates and stearates, as to their water absorption, spreading rates of water on the treated surface, water vapor transmission, resistance to efflorescence, and general appearance (Clark et al., 1975). De Castro (1983) measured the angle of contact of a microdrop (0.004 cm3) on a stone surface as characteristic of the wettability. Laboratory tests and limited field performance are described by Heiman (1981). The crest of a Gothic sandstone arch, which was sealed with silicone,

Jan 1, 1994

By Mark Rybak

On August, 31, 2006, Tropical Storm Ernesto hit the City of Richmond, Virginia. The Battery Park area was hit particularly hard, as flooding forced an evacuation of the area. A large sinkhole collapsed a sewer line in the Battery Park area, blocking the pipe and causing more serious flooding. This case history describes the fast track design, bidding, and construction of an emergency tunnel to bypass the collapsed sewer. Innovative value engineering, tunneling and shaft sinking methods, and final lining design all contributed to the success of this project. The storm inundated Richmond, Virginia with up to twelve inches of rain in some areas causing widespread flooding and damage. One of the hardest hit areas of Richmond was Battery Park. A major trunk sewer in the Battery Park area collapsed causing local combined sewer and storm-water flooding. The collapsed sewer was an 8'-3" wide by 9'-6" high arch sewer that was constructed in the nineteen twenties and later filled over with municipal solid waste and a soil fill cap to current elevations. A sinkhole was created in the area of collapse approximately sixty feet deep and one hundred feet in diameter causing the existing arch sewer to become blocked. As a result of this blockage contaminated flood waters reached depths in low lying areas in excess of twenty five feet. [ ]

Jan 1, 2008

By R. L. Bullock

For the past 30 years there has been a gradual evolution of mechanical excavating systems in underground hard rock mining applications. This paper traces many of the tests of various tools and methods to break hard rock, up to the present. The tools include impact hammers, boring machines, disc on boom mining machines, disc on revolving wheels and drums, picks and drag bits on revolving hubs, rock splitters, slot cutting systems, and with customized explosives/powder mini-blasting. While the progress has been slow, successes are being achieved in hard rock and more opportunities exist today than ever before.

Jan 1, 1995

By J. F. Strunk Jr., K. M. Maestas, Y. Chai, R. Legrand, R. L. Henry

"Groundwater with elevated sulfate and metals was treated using a sulfate-reducing pilot PRB consisting of a series of six 55-gallon drums filled with ZVI (Fe0), wood chips, brewer’s grain, limestone, and emulsified vegetable oil (EVO). Sulfate was reduced from >3000 to <250 mg/L and Cd, Cu, Mn, Ni, and Zn concentrations declined up to 3 orders of magnitude in 2 months. After 6 months of operation at a 7.5-day retention time, sulfate broke through. The system was then rejuvenated by injecting EVO in each drum and operated for 5 more months at a 9-day retention time. Sulfate-reducing bacteria in the pilot system grew by 3 to 4 orders of magnitude in 2 months. Some cementation of the PRB media was observed in the first 2 drums after processing 25 pore volumes of water, due to preferential upstream precipitation of sulfides; this can be avoided through operational modifications. Resulting permeability losses were estimated at 0.1% to 1% per year. Absorption/desorption was tested at bench scale to evaluate the use of various oil-soaked sorbents as a slow-release source of dissolved carbon. The tests show that oil sorbents can increase the useful life of a PRB between oil refills to over 100 pore volumes. INTRODUCTION High sulfate concentrations, low pH, and dissolved metal exceedances are common characteristics of mining-influenced water (MIW). Above-ground such MIW is commonly treated using biochemical reactors (BCR). In a BCR, water generally flows vertically downward through a layer of biomass, such as wood chips, manure, etc. The dissolved organics resulting from the decay of this material are oxidized first by microbes using oxygen; when oxygen is exhausted, other bacteria can use nitrate, and then sulfate to oxidize organics. Sulfate-reducing bacteria (SRB) reduce sulfate to sulfide, which quickly reacts with metals to form largely insoluble and stable metal sulfides. These reactions can be summarized as follows:"

Jan 1, 2016

By Peter W. Lipman

In the Rocky Mountain region, variations in Tertiary mineralization correlate with changes in tectonic setting and associated igneous activity that can largely be related to tectonics along the west boundary of the American plate. Successive settings include compressional tectonics and associated continental-arc igneous activity; transitional igneous types associated with intra- and back-arc extension; and basaltic or bimodal basalt-rhyolite assemblages associated with Basin and Range extension in- ward of a growing transform boundary between Pacific and American plates.

Jan 1, 2013

By R. K. Singhal

In an underground coal mining environment, a frictional ignition may be defined as the ignition of an explosive air/ methane/coal dust mixture by mining machinery. As the use of power loading equipment has become more widespread, frictional ignition incidents have increased. There have been many fatalities and injuries from this cause including the death of eleven miners in Sydney coalfield of Nova Scotia, Canada in 1979. This paper reports on the findings of a preliminary study carried out under the auspices of the Coal Research Laboratories, Department of Energy, Mines and Resources Canada. The objective of this study has been to identify a Longwall face cutting system that is inherently safer than the conventional shearer loaders used in Nova Scotia.

Jan 1, 1985

By William Gleason

At 6,898 ft below surface, the historic No. 9 shaft at Resolution Copper near Superior, AZ is now the second deepest single lift mine shaft in the United States and connects to the deepest single lift mine shaft in the U.S., Resolution Copper’s No. 10 Shaft (6,989 feet). The shafts serve as ventilation and access for future underground development of what could one day become one of the most significant copper mines in the United States. It is from the base of No. 9 and No. 10 shafts that hundreds of employees of Resolution Copper, a joint venture of Rio Tinto and BHP, hope will soon be given the go ahead to begin driving lateral tunnels to reach a copper deposit that is estimated to contain 28 Mt or 40 billion pounds of copper. Copper was recently added to the U.S. Geological Survey’s (UGGS) critical minerals list, in large part because of increasing demand. A study by S&P Global Energy & Market Intelligence “Copper in the age of AI: Challenges of electrification” released on Jan. 8, 2025, “identifies a transformative trajectory for copper demand, projecting a surge from 28 Mt (31 million st) in 2025 to 42 Mt (46.3 million st) by 2040 – a 50 percent increase that underscores the metal's pivotal role in multiple technological and economic domains.” The surge in demand is driven in large part by the global energy transition, electrification of vehicles, growth of artificial intelligence and data centers, and most recently robotics. Meanwhile, geopolitical tensions have increased the focus on the need for the United States to secure more of its own mineral supply chain. S&P Global’s report is one of many warnings that while copper demand has accelerated rapidly, future supply is being held back. Resolution Copper stands out as one example of a known mineral deposit remaining locked in the United States’ complex and lengthy permitting slog.

Feb 1, 2026

Mining has traditionally been seen as a relatively risky business. Exploration is expensive and the failure rate is high, while start-up costs commonly run to many hundreds of million dollars. To justify the risk and expense, the returns from successful projects must also be high. Accurate estimation of mineral resources and reserves is fundamental to the processes of optimising returns and managing risk in mining developments. Systematic development from initial exploration through a series of development stages enables expenditure and risk to be balanced. As a consequence, large scale modern mine are more akin to manufacturing businesses. This paper examines the life history of a mineral reserve estimate from the perspective of a large mining company against a background of modern estimation and reporting requirements. It will also touch on what constitutes, in the author&apos;s opinion, `best&apos; practice in reserve estimation, and how this concept can be spread more widely. [Abstract to be re-written and reduced to 100 words]

Jan 1, 2003

By Paul H. Johnson

A new system for leaching many types of ores has recently been developed on a commercial basis by J and J Research and Development, Inc. of Hanover, New Mexico. This revolutionary new leaching system consists principally of three new leaching reactors; viz, (1) a large, air-agitates, column-like reactor for leaching crushed ores that is constructed in an underground environment and has the inherent ability to do a very efficient job of leaching, (2) a vat-like, air-agitated vessel for leaching an rinsing finely ground ores and , (3) an air-agitated copper precipitation column that is built underground and utilizes an inexpensive dense or heavy scrap iron as a copper precipitant. Each of these new reactors have been used in a large leaching plant near Hanover, New Mexico.

Jan 1, 1973

By Matthias Neuenschwander, Andreas Theiler, Patrick Steinle, John Singer, Martin Vogel, Diego Martini, Ömer Ündül, Markus Weh

"Quartz Dust is a major health hazard in underground works, wherever the ground contains quartz and depending on the chosen method of excavation. A research project initiated by the Swiss Tunnelling Society and realized by the Swiss Federal Institut of Technology, Zurich, established a correlation between the potential of quartz dust generation during excavation and well known geotechnical characteristics – the Cerchar Abrasivity Index CAI and the Uniaxial Compressive Strength UCS - of ten typical Swiss rocks. The results are at the center of a new guideline by the Swiss Society of Engineers and Architects on the requirements for early project stages regarding ventilation and logistics in function of the quartz dust related risk of the expected ground type of the project. The approach presented could be applied worldwide, contributing to more effective health protection as well as to better cost stability in underground works. CONTEXT Respirable quartz dust (aerodynamic diameter of particles < 10 micron) is universally recognized as a major workplace health hazard. Chronic bronchitis, silicosis and lung cancer can be caused by excessive exposure to quartz dust, as has been proved by many medical studies. Therefore, the legislations of many nations specify a maximum workplace concentration (Maximale Arbeitsplatzkonzentration MAK, Occupational Exposure Level OEL). In Switzerland, for example, the Threshold Limit Value TLV for respirable Quartz or Crystalline Silica imposed by the Federal Committee on Exposure Levels (Grenzwertkommission) is 0.15mg/m3 air. Some nations refrain from establishing a OEL because of the carcinogenic nature of quartz."

Jan 1, 2016

By J. E. Lema

America&apos;s bulk commodity transportation systems have taken on a new look in the 1970&apos;s and 1980&apos;s. Railroad systems, barge lines providing inland and intra- coastal waterway transportation, and Great Lakes carriers have undergone substantial changes through mergers and acquisitions, consolidations of ownership and control, and construction of modern intermodal transportation facilities linking railroads and water carriers. The new look has generated some concerns and opportunities with regard to producers and shippers of bulk commodities which are characterized by the necessity of moving large quantities of heavy materials long distances. Clearly such transportation requirements call for efficient railroad and water carrier services. Shippers of commodities like coal, grain, .chemicals, minerals, ores, forest products, petroleum products, and heavy manufactured goods find reductions in transportation competition lead to concerns that rates charged by carriers will not be sufficiently constrained by market forces. At the same time, new policies on contracting for railroad services can lead to greater efficiencies, a rewarding opportunity for carriers which should be shared with shippers and consumers of bulk commodities. Then, of course, there&apos;s a related problem that in the absence of effective competition, the benefits of increased carrier efficiency will not be passed on, in part, to shippers and consumers, causing losses in markets for producers.

Jan 1, 1986

By D. Van Orden, Y. Kamiya, R. Lee, E. Ilgren

Crocidolite is a well-known causative agent for mesothelioma. However, studies have shown that the pathogenicity of the fiber from different mines varies considerably and it has been postulated the parameter that appears most likely to account for this variation is fiber width although this has never been formally confirmed. To date, crocidolite appears to be the only asbestos mineral for which an epidemiological study comparing the risk of mesothelioma in a population exposed to ‘thin’ fibers with another exposed to ‘thick’ fibers of the same species may be carried out. Finnish anthophyllite, South African amosite, and African Transvaal crocidolite can also be classified as thick fibers, and there is a paucity of mesotheliomas in populations exposed to them compared to those exposed to thin Cape crocidolite. No thin occurrences of these minerals are known. Our previous study looked at crocidolite from several sources. The present study considers the amphibole anthophyllite found in many places in the world. This mineral, regardless of source, does not show the same variation in fiber width found with crocidolite from different areas. All anthophyllite fibers that have been mined may be classified as thick and populations exposed show very low levels of mesothelioma. We suggest the most likely explanation is related to the fiber width distribution and a concomitant reduction in the ‘Stanton fiber size’ fraction.

Jan 1, 2012

By Manuel R. Lastra

Critical to successful dump and heap leaching for gold, silver, copper and uranium are factors such as permeability, solution delivery to the ore, and solution recovery. This paper deals with possible techniques for successful accomplishment of these three factors. New developments as well as older techniques are discussed, together with rationale for use of some techniques in reference to others. The authors hope to present a checklist so that the ideal application to individual mine situations can be achieved. This involves a discussion of the merits of each different method and the situations for most logical application. It is hoped that such discussion will broaden the geographic areas where dump and heap leaching can be applied to include greater winter cold and tropical regions of large amounts of rainfall.

Jan 1, 1984

By Douglas W. Barr

Water is a necessary part of our environment. It is a biological necessity, but more than that, it is a necessary part of our life style. Those of us who live in the north woods expect water to be part of the scene. There are few natives of this region who would be content to eliminate the streams, the lakes, the marshes, or our forests. Throughout the world, water has been so much a part of man&apos;s environment and man&apos;s adaptation to life has been so closely tied to water that our way of life and ways of accomplishing our work include water as an essential tool. The production of taconite is an example of our dependence on water. Other methods could have been developed to process taconite ore but the process methods chosen utilize water. Water is used for grinding and separation and for trans- porting the ore from one part of the process to another and for dust control. A typical large plant producing 10 million tons of taconite pellets per year will have on the order of 130,000 gallons per minute (8.202 m 3/51 of water in circulation in the plant. About 120,000 gal. per min. (7.571 m 31s) will pass to tailing thickeners where 110,000 gal. per min. (6.940 m 31s) is separated from tailing and returned to the process. About 15,000 gal. per min. (.9464 m 31s) goes with thickened tailing to tailing basin. My point is that there are great volumes of water in motion in a taconite plant,

Jan 1, 1980

By Ray Nivens, Umit Turunc, Caroline Sui, Nick Morrison, Douglas Steiner

"In most copper mines and concentrators, mill water is continuously recovered and reused, with fresh water added to make up for losses. When mixed, these water chemistries can lead to severe scaling, especially in pipes, tanks and pumps on the mill water supply side, reducing flows and causing significant production losses.At KGHM Robinson Nevada Mining Company, increases in the fresh water addition ratios resulted in severe scaling problems and premature pump failures thereby jeopardizing plant production. What initially appeared to be a few isolated scaling events eventually unfolded into a recurring pattern of water supply-related production losses with increasing severity. Through completion of detailed root cause analysis, chemistry modeling, laboratory work, in-plant testing and system engineering, the mechanisms of scaling were identified and addressed.Advancements in fresh water addition practices and antiscalant application methods resulted in a stepwise reduction of the mill water scaling. Cost savings and production benefits were significant to the plant’s financial metrics.IntroductionThe production of mineral and metal concentrates using the flotation process requires large quantities of water. Flotation is utilized as the primary means for beneficiation with sulfide ores. Mined ores are crushed and ground into a slurry of 20-55% solids. For each ton of ore, 400-900 gallons of water1 are needed to supply the grinding mill. Additional water is needed in the flotation circuit as well. With many modern mills operating at2 11,000-165,000 tons/day, water supply volumes can be upwards of 3,000 gpm to 100,000 gpm of flow.For plants operating at or above capacity, disruptions and restrictions in water supply flow can have a direct impact on the production and recovery of the metal. Water supply flow can be limited for a wide variety of reasons but of interest are those limitations that are due to mineral scaling. Mineral scaling is the selective point precipitation of inorganic species above saturation concentrations. Precipitated species form flow-restricting deposits in the mill water system (tanks, pumps, pipe and valves), that will eventually impact water supply to the concentrator."

Jan 1, 2017