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By Dwane K. Johnson

INTRODUCTION The small mining company faces the dilemma of how to finance the development of its properties because it doesn't have the financial resources to pay for the development costs from its own funds and doesn't have the financial strength which will enable it to borrow the money needed for development. However, with a little imagination and the right set of circumstances, a financing can be arranged for the small mining company. This paper is an attempt to describe the fundamental steps on how such financing can be obtained --in other words--what is required to provide ad- equate capital at a low cost for developing and bringing a mining property into production. Innovative financing follows from this. The basic keys for building and maintaining a successful mining company are "the four M's": Management, Market, Mine, and Money. The writer believes their order of importance is as presented and each is a building block required in order to obtain the type of financing that best suits the borrower and lender. MANAGEMENT Management must be experienced, highly organized, realistic, able to take advantage of opportunities and fulfill promises. Mine financing requires a variety of skills and concentration on the part of management. Management should have a thorough understanding derived from experience in geology, construction, mining and metallurgy and environment, marketing, and financial matters. Management must realistically visualize what will be produced at what cost and truly evaluate the risks associated so the proper security can be correctly designed. Since risk cannot be eliminated, the objective of management is to identify the risk which will be present in a given venture and assess the level of that risk which will be acceptable to the firm. Generally the risk which is present is subject to little or no modification. After management identifies and measures the acceptable risk the firm will proceed in a way that it will be least exposed. Management must determine its long-term objectives and strategies within the context of a constantly changing world. This question must be addressed before examining the sorts of risk which affect the development and operation of a specific property. The compilation and interpretation of "hard data" by competent people is good to a point but the experience and instinct of seasoned individuals are the important factors in management choosing a long-term direction for the corporation. The attitude towards risk greatly affects the goals of the corporation. Major risks in a mining project can be placed in four categories: 1. Market - Price, demand, substitution. 2. Costs - Capital, operating, financial. 3. Regulation. 4. Taxation. The feasibility study for a project is the fundamental tool used in the management of risk. Management should employ an experienced team with an established and well-understood set of ground rules for the preparation and assembly of a feasibility study. The necessary degree of realism is built into all levels of the study and if the project is technically feasible, the company's hurdle rate is then used to discount the base-case project cash flow in order to determine its financial viability. Understanding the geological significance of the mineral deposit is critical. There should be strong interplay among the pure regional geologist, the detailed mine geologist, the mining engineer, and the metallurgical engineer. The collaboration among these different disciplines will yield a feasibility study that is more reliable. The essence of this work must be appreciated and understood by the executives planning the financing. It is vital that they thoroughly understand the risks and make the proper risk assessments to cope with our rapidly changing market environment. Projecting future revenue values is paramount and is subject to much estimation. One way to mitigate fluctuations and the risk of falling prices is by selling production for future delivery. MARKET Since mining is a worldwide industry it is mandatory that bankers be aware of what is occurring in the marketplace, both foreign and domestic. The marketing of the production is a very important facet when considering financing for the small

Jan 1, 1987

By Daniel K. Dysinger

Capital resource budgeting is the way managers of publicly held companies fulfill their fiduciary responsibility to maximize the wealth of stockholders. Managers maximize shareholder wealth by allocating investment capital to the most productive of competing alternative projects. Managers do this in a manner that maximizes the net present value of the firm's future cash flow. The techniques of cash flow analysis are the primary tools available for selecting a corporate portfolio of projects that meets or exceeds the rate of return expected by shareholders. The reliability of cash flow analysis hinges on the ability of managers to forecast the future values of individual components of cash flow. The accuracy and reliabil¬ity of forecasting determine the soundness of capital investment decisions and, ultimately, determine the value of the firm.

Jan 1, 1997

By N. Sloan Dworian, Alyssa Smith, Ian Kellogg

Many studies have utilized magnetic susceptibility data to fingerprint porphyry copper centers; however, usage of magnetic susceptibility data to identify trends in a Climaxtype molybdenum porphyry deposit is limited. To better understand potential petrophysical signatures in a Climaxtype Mo porphyry deposit, magnetic susceptibility data was gathered at regular intervals from core holes across the Climax Mine, targeting major lithologies and styles of alteration. Preliminary analysis suggests that there are quantifiable patterns which may correspond with the mineralizing intrusions. This data can complement current mapping and exploration techniques to identify Climax-type molybdenum porphyry centers and likewise further the exploration potential for this deposit type.

Feb 22, 2026

By J. J. Fallon

The subject is "Mergers, Acquisitions and Divestitures in Industrial Minerals, but my remarks could also be applied to new product development, resource development and other new business development activities. At the kernel of the subject is due diligence in major decision-making, that is, where major money amounts and a large corporate commitment are at stake. The "due diligence" means how carefully we do our homework before making the decision. The homework or feasibility study addresses different parts of the decision. In the industrial minerals business the study seeks to uncover the pros and cons in: o The mineral reserves, quantity, quality, mineability, access, etc. o The environmental impact of mining, processing and transporting. o The economics of operations. o Financial aspects o Legal aspects o Many other aspects o And -oh yes! the marketing aspects.

Jan 1, 1990

By Song Jiang, Xianzhi Tan, Minjie Lian

"The ground water heat pump system lades underground hot water which can be heated or cooled by heat exchanger in water source heat pump air conditioner. This system replaces the model of heating of air-conditioning by refrigerator and boiler. In this paper, the formation conditions of hot water energy in Shan Dong are analyzed in order to achieve the purpose of energy conservation and emissions reduction by taking full advantage of water resources such as water pouring and return water of beatification during the productive process of underground metal mine. In order to analyze the issue better, the paper points out some ways and methods for geothermal water often used in underground metal mine. This paper also presents the advantages of the technology of water source heat pump that is applied into underground metal mine. Here is a case study of comprehensive utilization of water source in a certain underground metal mine in Ji Ning. This mine, according to its own actual situation, designs heat pump heat exchange system which is used for indoor heating of buildings and bath for staff. It turns out that the system can save 23% water per year, cut down 3.303 million KW electric energy, and reduce 4160t emission of carbon dioxide. It is concluded that the technology of water source heat pump has broad application prospects in underground metal mine. Therefore, the results show that it is an ideal way to change the present structure of cooling and heating source in metal mine.Introduction In recent years, overuse of fossil fuels has posed a grave threat onto the environment, which makes renewable energy a more important status in energy structure. Development and utilization of renewable energy has become an important direction. Water source heat pump technology is to use solar energy stored in water as cold/heat source to convert energy. Currently, this technology has been widely used in some advanced countries. However, due to facers of implementation technology and component costs, there is still a gap in water source heat pump technology between China and these advanced countries. According to (Blum et al 2011) that after in-depth study, water source heat pump technology has developed rapidly in China recently, and the gap is gradually reduced. Groundwater source heat pump system as a kind of high efficiency, energy-saving and environmentally friendly technology in recent years, more and more get the people's attention. At the same time, its practical application has also been rapid development. Based on (Ni et al 2015) that According to the relevant departments of the prediction, the technology will become the 21st century the most efficient heating and cooling technology."

Jan 1, 2017

By G. V. R. Landman

In order to obtain a better understanding of the explosion risk at the coal face, anomalies in the ignition sensitivity for different modes of ignition of hybrid mixtures of dust, methane and air were studied. Results indicated that the explosible behaviour of the working environment is highly dependent upon the ignition source and the fuel composition. For example, depending on the ignition source, the same hybrid mixture can be inert or extremely explosible. In conclusion, it is stressed how the explosion risk can be expressed in terms of a safety factor which takes into account the influence of both the fuel and the ignition source.

Jan 1, 1994

By F. Calizaya

This study summarizes the ventilation requirements for the highly mechanized PT. Freeport Indonesia's underground mine operation in Irian Jaya, Indonesia. The deep ore zone (DOZ) is a coppergold deposit that is being developed underneath the current intermediate ore zone (IOZ) mine. One of the company's current plans is to prepare this mine for a steady ore flow of 25 kt/d (27,500 stpd) by 2003. This study includes the estimation of airflow requirements for various mining activities, the design of major intakes and returns, the determination of airway resistances and specifications of fan duties. It also includes the results of air pressure/quantity measurements in existing airways and the standards stated by the current Indonesian mining law.

Jan 1, 2000

By A. B. Cecala

An evaluation was recently performed on a district recirculation system at a trona mine in Granger, Wyoming. A 1.52m (5 ft) diameter, 37.3kw (50 hp) vane axial fan was installed in a crosscut between the intake and return airways and recirculated approximately 31.4 m'/sec (66,578 ft'/min) of air back into the intake. This amounted to a recirculation factor of approximately 20 pct of the return air. This air was part of the primary ventilation to three different continuous miner sections at operating distances of between 6l0m (2,000 ft) and 1,829m (6,000 ft) from the recirculation fan. The mine environment was constantly monitored for respirable dust, methane, and carbon monoxide in the operating sections and in the main intake and return entries. In addition, air samples were taken with and without the recirculation system during the evaluation and analyzed using gas chromatography. The results of this study showed only small increases in dust, while all other mine contaminants remained at such low levels that it was impossible to determine any relative changes from the recirculation system. Because of this, a brief SF. tracer gas analysis study was subsequently performed to more precisely determine an increase in a mine contaminant with the recirculation system.

Jan 1, 1991

By B. A. Barnum

The Chino mine is an open pit copper mine located in southwestern New Mexico, at an elevation of 1890 m (6200 feet) above sea level, approximately 117 km (70 miles) north of the Mexican border. It is owned by Chino Mines Co., a Phelps Dodge Corporation-Mitsubishi Minerals partnership, and is operated by Phelps Dodge Corporation. As part of an effort to maximize production and minimize costs, a computerized truck dispatching system was approved for purchase and installation at the Chino mine in March. 1984. Modular Mining Systems, Inc. was commissioned to install their system, trade named DISPATCH. The system installation was completed and operation began in July, 1985. Installation and operation of the system has presented some interesting challenges and problems, which have been overcome, resulting in increased productivity for the haulage truck and shovel fleets.

Jan 1, 1987

By Simón Díaz-Quezada, HUMBERTO ESTAY

The heap leaching process has been widely used for recovering different metals since its first application at the end of the 1960s. In Chile, copper production via heap leaching has accounted for between 30 and 40% of annual copper production over the past 10 years. This level of production has been achieved through and supported by the use of a mathematical relation, known as the leaching ratio (LR) or irrigation ratio (IR), which relates operational parameters with metal extraction in a heap leaching operation. This ratio has been used to develop leaching column tests, to scale up results from the laboratory to industrial operations, to design new heap leaching plants, and in metallurgical control and production estimation. In spite of the widespread industrial use of this relation, few scientific studies mention it. This is due to its simplicity and basic theoretical foundations. This disparity between industrial practice and scientific research could lead to operational decisions which lack substantial theoretical support, and to scientific studies which have limited industrial impact. Against this background, several questions arise about the use of the LR: What are the constraints on the use of the LR? Are there practical advantages with respect to reported kinetic models? What is the main reason that industry prefers the use of the LR over kinetic models, which enjoy greater theoretical support? In order to guide its future use, this paper describes the leaching ratio and its current uses and limitations, through a literature review and case studies.

May 2, 2020

By R. P. Plasket, G. M. Dunn

The cobalt plant was successfully commissioned in mid-1983. It is located within the company's nickel - copper re finery situated in Springs, South Africa. Plant design, which began in 1981, made provision for the corrosive process environment, stringent environmental standards, and the latest noise abatement requirements. In addition, the process flowsheet for the primary recovery of the cobalt byproduct and the purging of six impurity metals (nickel, iron, copper, manganese, lead, and arsenic) was designed with simplicity as a primary objective. High purity cobalt powder has been produced since commissioning.

Jan 1, 1987

By John W. Trammell

The White Pine Mine is situated in Ontonagon County, approximately six miles south of Lake Superior, in the Upper Peninsula of Michigan (Figs. 1 and 2). The ore body mined by White Pine Copper Company occurs in the lower - most 20 to 25 feet of the Nonesuch formation, a series of middle - to upper Keweenawan shales, siltstones, and sandstones. This paper elaborates on the solution of problems in ore grade control and mine planning arising from the presence of an essentially barren sandstone stratum within the ore body.

Jan 1, 1964

By S. C. O?Brien

This paper develops the procedure for simulating the special locked-cycle Work Index laboratory test using the kinetic parameters obtained by conducting standard size-mass balance (SMB) grinding tests and presents the results for three materials - quartz, a taconite iron ore and a bituminous coal. It was found that the WI could be determined by simulation; however, if a material breaks abnormally, a full description of its abnormal breakage is necessary. It was also found that the sensitivity of the WI test procedure to the sieving process and the estimating of the 80% passing size of the sieve undersize is sufficient to question the practice of quoting a WI to two or more decimal places. Finally, if a material grinds abnormally in the Work Index mill, then the WI test should not be conducted.

Jan 1, 1987

By Malte J. M. Gurgel, Axel Preusse

Recent three-dimensional surveying techniques have opened up new opportunities for the registration and monitoring of underground cavities. There are essentially two main methods available: Laser scanning, which is used both above surface and increasingly underground, and photogrammetry, which is also experiencing a renaissance with techniques like structure from motion through the algorithm-based orientation of high-resolution images. Both methods provide the capability to reconstruct reality by various 3-D products like points clouds and meshed models. However, they differ significantly in the steps of registration and calculation as well as in the resulting evaluation options.

By L. E. Murr

Solution flow in leach dumps and heaps or in columns of representative rock has been the subject of only limited studies. This is a regime involving unsaturated flow in semiconsolidated rock with a wide size distribution. Even the concepts of continuous flow systems are fairly recent, and have evolved from the search for better methods of operating industrial chemical reactors. (1-3) Waste rock consolidation and permeability play a key role in solution flow characteristics. Harris (4) suggested that bulk density variations in a leach dump could alter the particle-to-particle contact, and that large particle aggregates could act like single, large particles . In the limiting case where the bulk density approaches that of the undisturbed, consolidated rock, the entire waste unit would behave as a single particle. Roman (5) treated the phenomenon of bulk density and its effect on consolidation in terms of lixiviant flow paths or solution channeling in leach dumps. Like Harris, he assumed that no solution moved through particles or particle aggregates associated with zones of high bulk density. Solution flow paths are thus effectively separated by particle regimes, creating solution channels in the waste body. While some attempts have been made to describe solution flow in leach dumps and related systems by utilizing computer model approaches and laboratory- scale simulations (5,6), there have been no direct, large-scale observations of solution movement in channels or of the actual channel sizes and distributions within a waste body. This paper describes a series of experiments involving large-scale, controlled waste leaching tests, conducted over a period of several years, and aimed at providing some direct observation of the changes in waste consolidation and permeability, the size and distribution of solution channels, the movement of such channels with continued solution application, and other features relating to solution flow during the leaching of low-grade waste. These results are then combined with mineralogical information to explain observed leach behavior.

Jan 1, 1981

By John Dodd

Advances in the technology of abrasion resistant irons and steels, which could help in combating abrasion and wear in mining operations, are reviewed. Nodular irons alloyed with nickel or copper and molybdenum, with acicular, bainitic or bainitic-martensicic microstructures are described. These alloy irons combine excellent castability and relatively easy machinabilitv with good resistance to wear. Recent progress in the development of high chromium molybdenum alloy irons is outlined, by which high temperature heat treatment of massive castings can be eliminated, alloy costs can be reduced and cracking problems avoided. Data is also given on the erosion-corrosion resistance of these irons. Trends in the development of improved cast steels are outlined. Factors influencing the toughness and abrasion resistance of manganese steels are considered. The 6% Mn 1% Mo manganese steels are shown to have a useful combination of toughness and abrasion resistance. Composite castings are seen as a means of com- bating abrasion in applications involving severe impact. A brief appraisal is given of recently developed martensitic wrought steels with improved weldability.

Jan 1, 1981

By J. D. Miller

The effects of operating variables on water transport to the over- flow, classification of hydrophilic particles and the recovery of copper and molybdenum from a low-grade porphyry ore are presented. Recoveries of copper and molybdenum exceeding 90 percent at a grade of 8 percent Cu and 0.2 percent Mo were realized for minus 100 mesh (1 49 µm) material at retention times of less than 500 milliseconds. The rapid rate of flotation and the effective separation of fine particles for an air sparged hydrocyclone appear to be due to directed interaction of particles in a high force field with numerous freshly formed small bubbles. This interaction occurs in the swirl flow developed by the system and is analyzed in terms of collision and induction time phenomena.

Jan 1, 1982

By Olivier Martin

In busy and historic cities, traditional open box metro stations are becoming outrageously difficult, unacceptable for the citizen and uneconomical. Hybrid stations provide an interesting alternative. In-house experience of Gautrain (South Africa), West bay (Qatar), Cairo line 3A (Egypt), and Melbourne (Australia) all aim to reduce disturbance to the city and its inhabitants during construction. Constructed in rock or in deep soil under water table, they take advantages of the latest construction techniques from cement grouting to freezing, and from traditional excavation of cavern to large tunnels constructed by sophisticated tunnel boring machines (TBM). Today, they form the ultimate construction challenge.

Jun 13, 2021

"Metallurgical process development in greenfield projects must define the comminution flowsheet and establish the equipment sizes that are required to deliver the project design criteria. These are critical steps that heavily influence the financial performance of the project, requiring a detailed understanding of the ore properties of the project resources and the best practice methods to size comminution machines. This paper reviews current practices for determining the ore characteristics relevant to comminution circuit design. Particular attention is given to the design of sampling and testing programs, and the methods commonly applied to size crushers and mills for conventional size reduction applications in mineral processing. IntroductionMetallurgical process development in greenfield projects requires the selection of a comminution flow sheet and must establish the equipment sizes required to deliver the project design criteria. This necessitates a detailed understanding of the ore properties that define the project resource. For brownfield projects the same objectives may apply for plant expansions, or the project objective may be simply to define the capacity and operating cost of an existing facility for a new ore source. The process development phase in either instance will typically comprise the following key activities:• Geometallurgical classification and sampling of the ore deposit or deposits.• Determination of comminution energy requirements.• Benchmarking similar projects.• Identification of flow sheet options.• Equipment selection and sizing.This paper is concerned specifically with process development testing and will as such focus on the first two activities on the list: sampling and testing of the deposit. The discussion will focus on testwork programs to support the design of comminution circuits commonly in use in mineral processing today, specifically crusher, tumbling mill and stirred mill technologies.It is important that any testwork program is designed giving consideration to the types of flow sheets that are viable for the project, and the data that will need to be generated to support the final equipment sizing. Designing a testwork program to only provide information about one particular type of flow sheet will not allow sufficient information to be generated for a rigorous trade-off analysis of options, and may therefore preclude financial optimization of the project. Testing programs should be designed to collect sufficient data to ensure that any backtracking at a later stage to fill in missing information is minimal."

Jan 1, 2016

By L. J. Tucker

The magnetite orebody at Pea Ridge strikes NE-SH and dips at about 800 to the SE. The ore is high grade magnetite with a strike length of over 600-m and a maximum width of over 180-m on some of the levels. The shape and the mineral content of the iron orebody have been fairly consistent so far. The iron ore and surrounding basement rocks are Precambrian in age. These rocks are usually very competent, about 400-m of sediments lie over the ore.

Jan 1, 1991