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By Derek du Preez, Andrew Hall, Timothy M. Pelech

Net Present Value (NPV) derived from Discounted Cash Flow (DCF) analysis remains the dominant metric for evaluating mining projects despite its well-documented inability to capture managerial flexibility under uncertainty. DCF assumes that all risks are perfectly priced by financial markets. This is an unlikely assumption for volatile commodity prices, geological variability, or the array of mining technical and operational risks present on all mine sites. Real Options Analysis (ROA) was developed to remedy this limitation by explicitly valuing the ability of managers to defer, expand, scale, switch, or abandon investments as new information emerges, and to capture upside and mitigate downside risks. While ROA is philosophically correct and routinely shows an uplift in project value compared with DCF, its practical application at industrial scale is severely constrained, ROA faces the reality of a combinatorial explosion in complexity of decision trees, Monte Carlo simulations and other models required when multiple interdependent or sequential options exist across numerous mining zones and time periods. The AMC Hill of Value® (HoV) process adopts the same intellectual foundation as ROA, that flexibility has economic value, but operationalizes it through a far more robust and scalable architecture. It is built on parametric relationships, rapid scheduling, and multi-objective evolutionary optimisation. HoV can evaluate millions of compound, interdependent real options in a single optimisation run, delivering resilient, adaptive strategies that preserve managerial flexibility while simultaneously optimising NPV, mine life, risk exposure, and other corporate objectives. This paper demonstrates that HoV is the practical, industrial-scale embodiment of real options thinking in mining: it discovers, ranks, and translates the most valuable real options into strategic mine plans, overcoming the scalability barriers that have prevented widespread adoption of classical ROA.

Feb 22, 2026

By J. W. Powell

Several years prior to 1962, it became obvious that in order to develop ore reserves below the Storke Level, it would be necessary to devise a method to facilitate the ore being lifted three hundred feet to the surface or six hundred feet to the mill. The final plans called for an underground crusher complex with two stages of crushing and a conveyor belt gallery for transport of the ore six hundred feet above, to the third crushing stage. Access into the area was gained in 1962, by sinking Five Shaft approximately one quarter mile southwest of the proposed complex site, and drifting into the area. Collar elevation of Five Shaft is three hundred feet above the 600 Level Crusher Complex. All muck was loaded into ten-ton granby cars, hoisted to the surface and dumped. (See Figure 1 for the relationship between Five Shaft and the Crusher Area) Drifting into the Crusher Area contunued until 1965 at which time the Crusher Room Cutout was started. The Crusher Access Drift (CAD on Figure 2) war driven and mining pm- ceeded according to the description on drawings marked Figure 3a and 3b. After the arch portion of the Cutout was excavated and concreted, removal of the center "pillar" commenced. This muck was removed with an Eimco 123C crawler-mounted front-end loader. (See Figure 4) A total of 576,000 cubic feet of rock was removed from the Crusher Cutout. All sup- port was afforded by grouted roofbolts on a specified pattern, as shown in Figure 3c. Crane support columns were put into place and held by braces welded to roofbolt heads. Sidewalls and endwalls were formed and concreted. (See Figure 5 for the finished product)

Jan 1, 1970

By José Mujica, Mónica Campos, María Fe Campos

The extraction and processing of metals and other minerals have played an important role in economic, political and social development worldwide, from the early stages of prehistory to the present day (Gosner, 2020). Mining has been a fundamental part of human civilization, providing the raw materials necessary for technological, infrastructure and industrial advances. As society progresses, the importance of mining continues to grow, supporting the development of everything from the smallest electronic devices to the tallest skyscrapers (Escamilla, 2024). The economy of a nation is connected to its extractive industries (Moreira and McMahon, 2014), which have seen dramatic growth in recent years (Pietrobelli et al., 2018). In a context of increasing demand for natural resources, driven by the development of emerging technologies, the expansion of infrastructure and the foundation of engineering achievements for the coming decades (Minerals Education Coalition, 2024), mining should focus efforts on global development, requiring a comprehensive approach to sustainability that addresses the planet’s needs and protects the well-being, primarily, of the communities and environments where mining operations take place (Figari, 2024). In these areas, diversity and inclusion should be promoted, thus fostering equitable and sustainable development. The sustainable development goals (SDGs), also known as the global goals, could serve as a key framework for fostering a strong social management culture in mining. The SDGs were adopted by the United Nations (UN) in 2015 as a universal call to end poverty, protect the planet, and ensure that all people enjoy peace and prosperity by 2030 (United Nations Development Programme, n.d.). Companies have compelling reasons to align their actions with the SDGs, as their long-term success depends on healthy communities. This is a major challenge that requires collaborative efforts (Singh and Rahman, 2021). As Fraser (2021) mentions, achieving more sustainable outcomes may involve mining companies and communities working together collaboratively. This article proposes an innovative approach: Inclusive mining for sustainable development, which aims not only to maximize economic profitability but also to promote social and environmental well-being by integrating the UN’s SDGs, primar)ily focused on diversity and inclusion. This can be achieved through the implementation of a key value-added initiative for mining companies: the creation and operation of a corporate volunteering program aimed at developing and executing inclusive practices to promote gender equality, the inclusion of local communities and indigenous peoples, and accessibility for people with disabilities. This proposal will educate employees and stakeholders about sustainability and promote concrete actions through corporate volunteering to strengthen the mining company’s commitment to community development, improve social relations and advance toward achieving the UN’s SDGs, establishing the company as a global change agent.

Nov 1, 2025

By V. T. McLemore

"Lindgren (1933) defined a belt of alkaline-igneous rocks associated with large quantities of gold and rare earth elements (REE) that extends from Alaska and British Columbia southward into New Mexico, Texas and eastern Mexico. The North American Cordilleran alkaline-igneous belt since has been exploited for numerous types of mineral deposits. In New Mexico, Mid-Tertiary alkaline to calc-alkaline rocks are found with seven types of deposits in these districts: (1) polymetallic epithermal/mesothermal veins, (2) gold-bearing breccias/quartz veins, (3) Cu-Au, Au and Mo porphyry deposits, (4) skarns and carbonate-hosted deposits, (5) iron skarns and replacement bodies (with some gold), (6) gold placers, and (7) Th-REE (with some U, Nb) epithermal veins. Some of New Mexico’s largest gold and REE deposits are found within this belt. Their origin is not well understood, but a compilation of new data (age dates, isotopic and chemical analyses) allows for a better understanding. The diversity of igneous rocks and associated mineral deposits along this belt suggests that this region is characterized by highly fractionated and differentiated; multiple pulses of magmas and involves both upper mantle and lower crustal sources. Once magmas and metal-rich fluids reached shallow levels, local structures and wall rock compositions determined distribution of and final style of intrusions and resulting mineral deposits. INTRODUCTION Lindgren (1933) was one of the first geologists who noted that a belt of alkaline-igneous rocks extends from Alaska and British Columbia southward into New Mexico, Trans-Pecos Texas, and eastern Mexico (Fig. 1) and that these rocks contain relatively large quantities of gold, fluorine, zirconium, rare earth elements (REE), and other elements. Since then, the North American Cordilleran alkaline-igneous belt has been explored and exploited for numerous types of mineral deposits, especially gold. The North American Cordilleran alkaline belt is a north-south belt of alkaline igneous rocks and crustal thickening, roughly coinciding with the Great Plains physiographic margin with the Basin and Range (Rio Grande rift) and Rocky Mountains physiographic provinces (Mutschler et al., 1985, 1991; Bonham, 1988; Thompson, 1991a; Richards, 1995; McLemore, 1996; Jensen and Barton, 2000; Kelley and Luddington, 2002). Deposits within this belt have produced significant amounts of gold in the United States and Canada and include Cripple Creek, Colorado (702 metric tons of gold production), Black Hills, South Dakota (235 metric tons gold production) and Landsky-Zortman, Montana. In New Mexico, the North American Cordilleran alkaline belt extends from the Sangre de Cristo Mountains near Raton, southward to the Cornudas Mountains, in the northern Trans-Pecos alkaline belt (Fig. 2). The alkaline-igneous related mineral deposits in New Mexico have been referred to as Great Plains Margin (GPM) deposits by North and McLemore (1986, 1988) and McLemore (1996, 2001). Alternative classifications by other workers include Au-Ag-Te veins (Cox and Bagby, 1986; Bliss et al., 1992; Kelley et al., 1998), alkalic-gold or alkaline-igneous related gold deposits (Fulp and Woodward, 1991a; Thompson, 1991a, b; Bonham, 1988; Mutschler et al., 1985, 1991; Richards, 1995), porphyry gold deposits, and the North American Cordilleran belt of alkaline igneous rocks (Woolley, 1987; Mutschler et al., 1991)."

Jan 1, 2015

By Gy. Deák Deák

The ECOMINING platform aims to develop a scientific and technical organization in order to promote within the natural resources industry a framework for environment-friendly exploitation technologies (on Best Available Technologies principle) and also to develop a solid basis for performing Research and Development projects. The ground of this project is the success of the First International Seminar: ECOMIN-ING - Europe in 21st Century1, organized by the Research and Development National Institute for Metals and Radioactive Resources Bucharest in co-operation with ITASCA Consultants GmbH Germany, the University of Petrosani and supported by the National Society of Salt Bucharest & Praid salt mine branch and the Ministry of Economy and Commerce. The platform provides a complex data base, for partners? selection and researchers? team structure. This can provide the scientific results with a high level of confidence for the projects of interest in the field of exploitation of mineral resources and for the participation on national and international project proposals competitions (i.e., target the 7th Framework Programme or any European / national programme, which can provide funds for the ECOMINING platform field of interest). The next step is the affiliation of the ECOMINING platform to the European ones, and to be compatible with them. The ECOMINING platform represents itself a 7th Framework Programme (FP) project idea.

Jan 1, 2007

By Jeff Ardron

Unlike the first predicted deep-sea mining (DSM) boom 35 years, the public response to the re-emergent possibility of DSM is this time round is not entirely optimistic, with serious economic, social, and environmental concerns being voiced. In the intervening years, the troubling notion of the ‘resource curse’ has been popularized, whereby the economies of developing nations rich in natural resources (agriculture, minerals, and fuels), paradoxically appear to fare more poorly than their brethren who have fewer such resources. There have been a variety of explanations and counter-arguments regarding why the resource curse occurs, including how it can be ‘escaped’, and even some disagreement on whether it in fact does occur. Nevertheless, many commentators appear to agree that that the quality of governance is strongly implicated in the socioeconomic success, or failure, of these resource-dependent nations, and could indeed be the deciding factor. Unlike nations with diversified economies, the majority of the income from natural resource economies, in the form of royalties and rents, flows through national government; hence, good governance and fiscal management is of particular concern.

Sep 1, 2014

By M. Fornaro, E. Lovera, I. Sacerdote

"The analysis of the mining laws of the different European States reveals big diversities and, often, remarkable complications. This is due, firstly, to the history and culture of different States and, secondly, to the assets of natural resources. It is therefore difficult to find a common line between the text of the various mining laws, but it can be observed that nearly all the States distinguish the mining resources in two categories: the materials whose importance is considered strategic belong to the first category; in the second category the materials whose importance (above all economic) is mainly local are comprised. The paper, analysing in detail the planning procedures in some important Countries, investigates the possible perspectives of arranging some guide-lines for a correct approach to the sustainable exploitation planning/programming of mineral resources (with particular reference to "quarry" materials, such as aggregates), considering both the environment protection and the production needs."

Jan 1, 2005

By G. K. Wilson

This paper will discuss some of the more important aspects to be considered when selecting pumps for mill discharge, cyclone feed or other severe-duty applications Included will be the selection of the pump based on such factors as particle size, particle distribution, head, flow, temperature and pH Other specifics to be covered: The relationship of impeller speed, head and wear factors as they affect pump performance and wear life; the importance of selecting a pump whose performance curve best suits the application; and how the addition of service factors applied to the actual operating conditions can lead to severe operational problems such as premature wear, pump running out on curve, and exceeding horse power limitations.

Jan 1, 1996

By D. J. Carpenter

Safe and successful mine closure represents a fundamental work element that needs to accommodate the geochemical conditions existing at the completion of the mining and ore processing effort. Given the interests in limiting costs and time associated with mine closure efforts enhanced prior understanding of the geochemical conditions likely to exist upon exhaustion of the economic reserves can provide important benefits. The purpose of this paper is to document the benefits associated with geochemical modeling and understanding how the ore formation process may impact mine closure efforts, using one ore deposit type as an example. Specifically, this paper will emphasize the geochemical processes leading to the formation of sandstone-hosted uranium roll-type deposits and how the resultant concentrations and distributions of ore and gangue phases need to be incorporated into understanding the geochemical conditions projected to exist at the end of mineral recovery efforts. The paper will describe the evolution of geochemical conditions leading to ore body formation and the geochemical effects induced by open pit mining and how these may be used to understand both the geochemical controls and constraints on residual mine water. In addition, a discussion will be provided on how these conditions may be simulated by solution equilibria and kinetic modeling to develop optimum approaches to achieve applicable closure standards. This paper will also discuss specific augmentations to existing industry standard solution equilibria and kinetic models and associated thermodynamic databases to maximize the predictive accuracy of the geochemical modeling results. The benefits of understanding the electrochemically reactive behavior of uranium and associated gangue phases and incorporating this behavior into mine closure efforts will be presented. The culmination of the benefits of the geochemical modeling will ultimately be the development of a sustainable approach to uranium mine closure that is based upon an engineered environment designed to return the ore body to stable geochemical conditions.

Feb 27, 2013

By R. L. Nielsen

The thematic mapper (TM) aboard Landsat II records image data at seven wavelength intervals or bands. Three record the visible region; three record reflected IR energy. A false color image combining bands 7, 4 and 2 rendered as red, green and blue respectively provides maximum discrimination of rock types in arid regions. Structural analyses and interpretation defines regional structures, large volcano-tectonic features intrusive complexes, all which localize mineralization. Special digital processing using the ratio: Band 3 / Band 1 can identify limonites and other iron minerals. The ratio: Band 5/ Band 7 identifies clays and alunite. These ratio images show features and patterns of hydrothermal mineral systems: ?patterns of sulfide and alteration zoning in large porphyry systems, and zones of strong silica, quartz-alunite-illite, and pyrite-sericite in epithermal centers. Thus, digitally processed Landsat TM images are a cost effective and rapid means to recognize altered areas and define targets for large mineralized systems.

Jan 1, 1995

By Jr. Raleigh

In a cooperative agreement between the U.S. Bureau of Mines and the U.S. Department of Energy, laboratory column-flotation tests were conducted to evaluate fluorosurfactants as selective fine coal flotation collectors. A Middle Kittaning seam coal responded to flotation with both anionic and nonionic fluorosurfactants. These fluorosurfactants were no more selective than MIBC alone. However, for increasing coal yields, nonionic fluorosurfactant systems did not increase total sulfur and ash contents as sharply as MIBC systems. Flotation selectivity also improved slightly when a combined anionic fluorosurfactant-MIBC system was used in acidic pulps (pH < 3.6). While the fluorosurfactants examined will not likely have direct application in current coal flotation practice, other fluorosurfactant systems could eventually prove beneficial for floating fine coals.

Jan 1, 1990

By K. A. Natarajan

The relative significance of corrosive and erosive wear in magnetic taconite grinding is examined. The influence of different types of aeration, namely, nitrogen, air and oxygen on ball war was established for mild steel and high carbon low alloy steel balls. Ball wear data from dry and wet grinding tests are compared with those obtained in the presence of an organic solvent that does not promote electrochemical corrosion. &apos;Marked ball grinding, tests along with electrochemical measurements involving ball material and magnetite electrodes indicate that contribution from oxygen towards wear (corrosive wear) is relatively small and abrasive wear appears to be significant. Rheological properties of the slurry-appear to have an important bearing on the abrasive wear of grinding balls.

Jan 1, 1983

By Yves Boissonnas, Marco Bettelini

"INTRODUCTION AND OBJECTIVES The operational safety of long and very long rail tunnels represents a key issue in all development stages, including design, construction, commissioning and operation. The spectrum of potential threats is very broad and challenging. These issues can only be mastered by means of a proper combination of a number of safety measures at various levels. This paper focuses on the specific safety issues and the extremely challenging conditions characterizing very long and deep tunnels. They include a significantly increased risk during operation that the incident train cannot exit the tunnel by its own means, long self-rescue and rescue distances, the presence of a number of trains, possibly mixed traffic as well as significant thermal issues. Amberg Engineering is strongly involved in the design and construction of most long and very long rail tunnels in Europe, including in particular the Gotthard Base Tunnel (GBT), Lyon-Turin Base Tunnel (LTF) and the Brenner Base Tunnel (BBT). The combined experience arising from these tunnels forms an invaluable body of expertise, which is summarized in this paper. The focus is on shared issues with practical relevant examples and project-specific solutions. Special attention will be devoted to the 57 km long Gotthard Base Tunnel, which will be operational by mid-2016 and will be the longest infrastructure tunnel worldwide. VERY LONG TUNNELS IN EUROPE Overview From the point of view of safety, tunnels in excess of about 20 km exhibit a significantly increased risk that incident trains could stop within the tunnel. This is related to the European Technical Specifications for Interoperability (TSI) on rolling stock, to be discussed in the chapter on rescue stations. This paper will specifically focus on the following longest tunnels in construction or operation, listed in Table 1."

Jan 1, 2016

By W. D. Monaghan, G. L. Mowrey, C. W. Ganoe

In addition to developing various types of coal-interface detection systems, the US Bureau of Mines is actively involved in developing a coal rib-thickness monitoring system for high wall mining applications. One particular system that shows promise uses a ground-penetrating radar system to detect the coal-air boundaries of coal ribs. Based on preliminary laboratory and field tests, results indicate that this method can be applied successfully in highwall mines to maintain a constant rib thickness. The coal seam should be relatively clean in the vicinity of the antenna (e.g., have minimal partings or dirt bands) for best results.

Jan 1, 1996

By Gerhard Lang

"Slurry Microtunneling is a well-established technology building on over 20 years of experience in successful tunnel installations under all kinds of soil conditions across the U.S. and Canada. Recent microtunnel installations prove that initial hesitation, e.g. curved drives, is fading and long-distance pipe jacking projects as well as lake outfalls are being considered. One of the younger technologies is Direct Pipe®, which combines the benefits of HDD and Slurry Microtunneling. It fits exactly into the area where HDD is not feasible or too risky to apply. The paper points out the benefits of the Direct Pipe® technology for owners, engineers and contractors and discusses the latest developments of Slurry Microtunneling for long-distance, curved drives and sea/lake outfalls with wet recovery of the equipment such as on the ‘Keswick Outfall Project’ in Ontario. The first Direct Pipe® installation in the US was executed in August 2010. Since then, another 22 crossings have been carried out amongst a total of more than 60 Direct Pipe® crossings worldwide. INTRODUCTION Pipelines installed underground are indispensable for supplying the growing world population with water, oil, gas and electricity, for removing wastewater and for providing functioning telephone and communications networks. During recent years the limits of trenchless applications have been permanently shifted, leading to higher and more stringent project requirements and consequently new technologies, either as further development of existing methods, or through the development of new methods by incorporating elements of proven technologies. MICROTUNNELING TRENDS IN NORTH AMERICA Slurry Microtunneling has a wider geological application range in comparison to EPB and hard rock Microtunneling. The Slurry MTBM can be equipped with specific cutting wheels to cope with different soil conditions. The most flexible and most often employed type is the mixed soil cutting wheel, which contains a mixture of disc cutters as well as scrapers for varying soil conditions from cohesive soils (clay, silts) to highly permeable soils including sands, gravels and cobbles and even hard ground formations such as rock and boulders. A detailed geotechnical report provides the appropriate data to configure the MTBM and its features to the ground conditions expected. Mixshield or hydroshield (AVN/AVND) MTBMs in particular, can be safely operated with little overburden (~ 3-5 x machine diameter) and minimum risk of frac-out or settlement on the surface. This is especially beneficial in urban areas with sensitive buildings or for river crossings with protected fish habitats."

Jan 1, 2016

By Takayuki Sakai, Takefumi Takuma, Lee Roesner

"70-foot deep rectangular-shaped bulkheads were built with sheet piles as launching and receiving shafts for a pipe jacking operation for new underground waterlines in a densely populated section of Los Angeles, California. The Press-in Piling Method was specified to drive 95-foot long sheets (a record for the method) to form the bulkheads for the Los Angeles Department of Water and Power’s LA-29 (DWP) Connection Modification and Pipe Jacking. The piling was chosen because of its very low noise and practically vibration-free nature since the site is surrounded by houses, an apartment complex, and existing water lines. The out front areas of the bulkheads were grouted to let the TBM go through without major ground water leaks. Hydrophilic foam grout was also injected in addition to welding steel scab plates on the inside to seal them to achieve sufficient watertightness behind a few split interlocks. BACKGROUND This project was located in the Crescent Heights area of Los Angeles which is a few miles south of Beverly Hills. The project represents the completion of the last phase of the Stone Hollywood Trunk Line. This was an 8-mile long water trunk line that averaged 60 inches in diameter and was built to improve the reliability of the DWP’s major water system. This section of the project involved driving 2 deep shafts to allow for the installation of a 350-foot-long 72-inch steel casing using microtunneling construction. See Figure 1 for the shaft locations and the tunnel alignment. The challenge for the project was that this water line would have to pass beneath the Hollyhills buried box drain (15 feet high by 20 feet wide). Further complicating the construction was the soils beneath the drain. The DWP chose to drive the tunnel at a depth of approximately 65 feet to ensure that the ground conditions were uniform and suitable for the microtunneling equipment. There were two previous attempts to construct this work which failed because of poor ground conditions and very high water levels. This third attempt was critical because the DWP could not afford to have another failure due to the fallout with the residents being impacted by the project."

Jan 1, 2016

By Michael Brittan

For several years, Independence Mining Co. (IMC) has routinely used oxygen fluid-bed roasting to pre-oxidize refractory gold ores ahead of conventional carbon-in-leach (CIL) processing. Oxygen serves jointly as the fluidizing medium and the combustion gas. This technology has proven to be reliable, environmentally sound and cost-effective. IMC is a subsidiary of the Minorco group. The company operates the Jerritt Canyon (a joint venture with FMC Gold) and Big Springs gold mines in the Independence mountain range north of Elko, NV. Ore bodies in the range contain characteristic refractory ore. It requires pre-oxidation ahead of conventional CIL processing. This article describes the technology developed specifically to treat these difficult ores.

Jan 1, 1995

By H. B. Miller

By its nature, underground metal mining is unlike any other business in the industrial sector. Operations are continuously exposed to economic risk as a normal consequence of mining due to uncertainties associated with the? deposit, excavation, and ever changing political, regulatory, and market conditions. Out pacing advances in productivity and technology, these conditions have contributed to the steady decline of underground hardrock mining in the United States. This paper investigates the trends and major factors believed to be responsible for this decline. Special consideration is given to changes in direct operating costs, labor productivity, and production capacity.

Jan 1, 1995

By Simon J. McDonald

In late 2007 Neptune Minerals Plc. commissioned Genesis - a leading consultancy and engineering company affiliated to the Technip group - to undertake a Seafloor Mining Conceptual Study for mining of Seafloor Massive Sulphides (?SMS?) in Neptune?s New Zealand licenses. A key deliverable of the study was information to de-risk the perception of SMS mining for investors the minerals, and that deep-sea mining of SMS material is technically feasible, commercially viable and can safely be managed as a sustainable marine resource industry. The aim of the study, completed in April 2008, was to evaluate alternative existing marine technologies for seafloor mining, ore lifting, dewatering and surface offtake, considering the following parameters: ? Efficiency; ? Reliability; ? Safety; ? Environmental impact; and ? Cost

Jan 1, 2008

By D. F. Boyd

On April 10, 1958 a new 7500 long ton/day iron ore beneficiation plant went on stream producing an average of 3000 long-tons of high quality concentrate a day. Plant operates on two, 12-hour shifts is six days per week, The new mill end crust ink plant were built adjacent to the company&apos;s open pit dining operate on at Bomi Hills, Liberia. The mall is essentially a gravity concentrator employing crushing, and grinding to liberate the mineral values, followed by concentration in Humphreys spirals. The cleaner spiral tailings are re-ground and tabled to recover additional iron values. Ire addition to. this mills the company operates a crushing and screening plant for the high grade direct shipping ores

Jan 1, 1962