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By L A. Martinez Tipe, J McKibben, S Barry

"Metal prices are central to a mineral investment decision and have a profound impact on the financial performance of companies in the mining industry. At its most basic level, metal prices are influenced by the disequilibrium between international metal volume supply and demand. That is, the commodity price is a regulator that equates international metal supply and demand where inventories act as a buffer between the emergence of this disequilibrium and its dissolution through a price change.From this viewpoint, mining companies are required to forecast metal and bulk commodity prices when evaluating minerals projects through discounted cash flow (DCF) analysis. While supply-demand models are instructive, many companies use historical prices, spot prices, futures/forward pricing and consensus opinion (or a combination of all of these) to develop price forecasts.This paper discusses the definition, fundamentals and differences between futures/forward and consensus pricing and the appropriateness of each in a DCF model for mine project economic evaluation.Our results demonstrate that great care is required when using either futures/forward or consensus pricing and that the decision to use one rather than the other requires consideration of other important elements in the DCF model (ie the risk-adjusted discount rate).CITATION:Martinez Tipe, L A, McKibben, J and Barry, S, 2016. Metal prices and the differences between forward and consensus pricing – which one is better for use in a discounted cash flow model?, in Proceedings Project Evaluation 2016, pp 149–158 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 8, 2016

By Y. X. Yang

Bottom ash is a solid waste stream in a Waste-to-Energy (WTE) processing plant during the combustion of the municipal solid waste (MSW). In the Netherlands, bottom ash contains typically about 18% metals originated from the MSW, and current industrial practice could recover about 10% metals through magnetic and eddy current separators. The remaining 8% as the finer particles is difficult to recover through current physical separation technology. Among various alternatives, vitrification is one of the promising options to immobilize the ash and recover the remaining metals. During vitrification a homogeneous glassy slag and a Fe-Cu based alloy were obtained. In the cur-rent study, the metal alloy recovered from the bottom ash originated from a Dutch Waste-to-Energy plant contains about 82 wt% Fe, 12 wt% Cu and 6 wt% other alloying elements and impurities such as C, S, P, Ni etc. The generated alloy does not have direct commercial applications, and separation of copper from iron-based alloy is critical to obtain the market value of both copper and ferrous constituents. To find a suitable processing route of this metal alloy, various alternative approaches have been considered for an efficient removal of copper from the alloy, and the focus in the present study was on the sulphide treatment at elevated temperatures of 1400 ~ 1500oC. The tested sulphide systems include pure FeS, FeS containing sulphide mixture (such as Na2S and Al2S3), pyrite (FeS2) mineral, ZnS containing sludge as an industrial waste. It was found that the carbon saturation of the alloy is proved to be an essential condition for a proper phase separation. The results showed that FeS mixed with Na2S, ZnS containing sludge and pyrite are effective sulphide systems for copper removal with a removal efficiency of 92% by using pyrite and 95% by zinc sludge at a S/Cu ratio of around 7 times of the stoichiometry. The copper content drops from 12 wt% to about 2 wt%. However, it is still difficult to remove copper completely from the alloy in a single step, and a multi-step operation is needed. The present research is expected to contribute both to the utilization of the metal recovered from bottom ash, and to the general recycling of steel scrap where copper removal from the steel scrap is a critical issue.

Jan 1, 2014

By R. Boom, C. F. Balentina, J. H. L. Voncken

During vitrification of bottom ash generated from the combustion of municipal solid waste (MSW), a Fe-Cu based alloy phase with great value was formed. In order to find proper commercial use in metallurgical industry, it is necessary to separate Cu and Fe. The present study focuses on the sulfide treatment at temperatures of 1400 – 1500oC, in particular with FeS containing minerals. Various sulfide compounds such as Na2S, Al2S3 and Ni3S2 were added to promote the copper removal. Pyrite and zinc sludge (containing ZnS) as waste streams were studied with specific interests. The results showed that both zinc sludge and pyrite are effective for copper removal with the highest removal efficiency of 95% by using pyrite. The copper content drops from 12 wt% to about 2 wt%. However, it is still difficult to remove copper completely from the alloy in one step, and a multi-step operation is needed.

Jan 1, 2008

A modified Cuprex Metal Extraction Process (CMEP) leach process was used to extract Cu. Ni and Co from a complex sulphide concentrate. The standard leach was modified to a two-stage countercurrent leach which provided emf control of the copper SX feed and minimized iron dissolution. A flowsheet was developed to recover the base metals and silver from the leach solution and gold and platinum group metals from the leach residue which was predominantly elemental sulphur. Techniques required to maintain an iron balance in the system including pressure oxidation and solvent extraction are described.

Jan 1, 1996

By Norman L. Kotraba

In Electric Arc Furnace (EAF) steelmaking, dust emissions are collected in a baghouse to prevent their escape to the Environment. This fine dust, predominantly iron oxide, also contains oxides of various other metals introduced into the EAF from the scrap charge. For example, mixed or galvanized scrap brings with it zinc, lead, and small quantities of cadmium which preferentially accumulate in the collected off-gas dust. Stainless steel scrap brings chromium into the charge, some of which also makes its way into the baghouse dust as hexavalent chromium-containing oxides. Because many of the contained heavy metal oxides are water-leachable, the U. S. Environmental Protection Agency has listed EAF dust as a hazardous waste which, as of August 8, 1988, cannot be 1andfi11ed without first being treated. Moreover, beginning August 8, 1991, all dusts with zinc concentrations of 15% or greater will be required to undergo high temperature thermal treatment to remove the heavy metals prior to any further disposal. This deadline represents several EPA-granted time extensions to the original requirements; extensions which were granted to allow for further development of process technologies.

Jan 1, 1991

By S. Mostaghel, Fariba Azgomi, Steven Goodman, M. Oliazadeh

"It is known that copper loss to the slag phase can be in the forms of chemical dissolution and mechanical entrainment. The contribution of each mechanism to the total Cu-loss depends on different parameters and may vary significantly. To reduce emissions to the atmosphere and to shorten the converting cycle, most industrial processes are aiming at production of high matte grades. Increased oxygen-to-sulfur potential, required by these processes, results in a highly oxidized slag, which in turn leads to an increased concentration of the chemically dissolved copper in the slag phase. Hence, slag cleaning processes are becoming increasingly important for economic viability of the smelting operations. Hydrometallurgical, pyrometallurgical, and mineral processing routes have been used for copper recovery from slag. The current article reviews a trade-off study evaluating two of the commonly used methods (namely flotation and electric slag cleaning furnace) by comparing the technical pros and cons, operability/maintenance requirements, and capital/operating costs of the operations.INTRODUCTIONLarge volumes of smelter and converter slags are produced by copper smelters around the world. It is estimated that for production of each ton of metal 2.2 tons of slag is produced (Gorai, Jana, & Premchand, 2003). Considering the current pressure on the mining and metals industry for “zero-waste, sustainable and environmentally friendly” extraction of metals, it is absolutely essential for metal producers to improve their efficiencies in order to remain competitive. To meet these objectives, almost all metal producers, from steelmaking plants, ferroalloys, base and precious metals producers, are trying to reduce their metal losses to the slag phase. In particular, copper producers are aiming to produce higher matte grades in their smelting furnaces to reduce the converting time and improve their overall throughput. Copper smelters need to minimize their copper/precious metal losses to the slag phase before final landfilling/use of slag. The current article, therefore, briefly reviews the copper loss to the slag phase, methods of metal recovery from the slag and then presents a trade-off study conducted for a green field flash smelter of the sulfide concentrates. A comparison was made between two of the major process routes for metal recovery from slag, namely slag cleaning furnace and flotation."

Jan 1, 2016

By R. H. Hanewald

The INMETCO process has been modified so as to recover nickel. chromium and Iron from a wide variety of metal containing waste-streams. This now includes the recovery of metals from spent acid solutions such as chromic acid etching I1quids. nJcke1 and chromium plating solutions; stainless and superalloy pickling solutions. etc. In addition. hazardous electric furnace stainless steel and. superalloy baghouse bags can be processed so as to recover the valuable metall1cs. A detailed review of the above new recovery techniques w1ll be discussed as well as the current operating methods used at INMETCO.

Jan 1, 1992

By R. W. Brigstocke

History The birth of the mining industry of Canada took place about 1670. According to Salone (Salone E., La Colonisation de la Nouvelle France, page 205) the first discovery of ore in the country was made by an iron-master, Monsieur de la Potardiere, near Trois Rivieres, Quebec. Under French rule some prospecting was done; but at this time no one seemed to consider the working of mines practicable. It was not until the time that Begon became Intendant, when the Marquis of Vaudreuil was Governor, that mining was attempted. Begon was a patron of industrial arts and did his best to promote home manufactures. The mining industry was developed under his regime and discoveries of copper and lead ores were made in 1730. About this time the St. Maurice Forges were erected to treat bog-iron ore, and they were in operation for many years. Prior to 1747, iron pans to the value of £21,000 were manufactured, together with bar-iron and plough-shares. About 1769, that is, ten years after the conquest by Wolfe, stoves and other articles, and, later, potash kettles, appeared. What is still more interesting to us-or was, at least, to General Wolfe-is that cannon balls made at the St. Maurice Forges delayed his operations. A map dated 1744, a copy of which appears in the report of the Ontario Bureau of Mines for 1913 (Vol. XIX), indicates the extensiveness of the wanderings of the French and also shows the location of the lead mine on the east shore of Lake Timiskaming. Bog-iron ore was turned into metal, with charcoal for fuel, at Norman-dale, Norfolk county, Ontario, in 1813, and at Clementsport, Nova Scotia, in 1825. In a volume published in 1672, reference is made to the occurrence of coal on the Atlantic seaboard, and in 1677 Monsieur Duchesneau, the Intendant, levied a royalty of twenty sous per ton on all coal taken from Cape Breton.

Jan 1, 1932

By T. R. A. Davey

A simple model for metal solution behaviour may be derived, on the basis of dilute solution solubilities (where? log concentration of solute varies linearly with reciprocal temperature) and not-so-dilute region solubilities (where the log of the alpha-function at saturation frequently varies linearly with reciprocal temperature) and assuming activity to vary according to the quadratic formalism in between. Matte binary systems usually exhibit regular .solution behaviour when the constituent species are chosen appropriately. In many recent papers, metal solubilities in .slags are expressed as the sum of several different and supposedly independant molecular species (e.g. oxides, sulfides, chlorides), Such a view is untenable because of the now proven ionic nature of slags. Some possible reasons for the great effect of sulfur on copper solubilities in slags are discussed.

Jan 1, 1985

By W. W. Adams

Two important facts stand out as features of the metal- and nonmetal-mining4 industry of the United States in 1941 as compared with 1940: First, the number of employees and man-days of employment increased; second, accident-frequency rates, both fatal and nonfatal, decreased. Reports from mining companies to the Bureau of Mines covering underground, open-pit, and surface operations for 1941 re¬vealed the largest number of men employed since 1926 and the largest number of man-days worked since 1929. The combined fatal and non¬fatal accident-frequency rate for 1941, calculated on a basis of one mil¬lion man-hours of exposure to hazard, was (except for 1931 and 1932) the lowest since 1911, the earliest year for which figures are available. During this 31-year period, only 1938 and 1939 showed lower fatality rates, and only 1931 and 1932 had lower nonfatal-injury rates. Operating companies reported that 9,620 mines were active during all or some part of the year. These employed 125,290 men, an increase of more than 4 percent over 1940. The total volume of work performed at all mines, measured in terms of man-shifts, increased to nearly 32 million, a gain of 10 percent; man-hours of employment rose to almost 254 million, an increase of 10 percent over the 231 million man-hours worked in the previous year. The year's operations resulted in an average work-year of 255 days per man, an increase of 13 days per employee over the average working time in 1940. Although the 8-hour day prevails generally at most mines, the industry as a whole averaged 7.94 hours per shift, as in 1940.

Jan 1, 1944

By W. W. Adams

The first full year of the second World War for the United States presented a picture of the metal-and nonmetal-mining 4 industry which, without proper analysis and explanation, would convey a distorted view of achievements during 1942, especially because employment at gold and silver (lode and placer) mines-the largest group-declined to such an extent that the over-all totals for the country were reduced even though increases were made at mines producing copper, lead-zinc, iron, miscellaneous metals, and non-metals. A complete panorama of the metal-and nonmetal-mining industry, exclusive of coal mining, reveals a decrease in the number of men employed, the man-hours of employment, and the accident-frequency rates. Were the gold and silver (lode and placer) mines to be considered as a separate category; it would be seen that the number of men employed at all the other groups of mines increased appreciably over 1941. These other increases must be considered important, since these mines produced the vital war minerals that made valuable contributions to the military successes of the United States and its Allies during the year. A separate analysis of each of the various groups of mines may be found elsewhere in this bulletin. For the purpose of maintaining continuity in this series of bulletins, however, the discussion in this introduction will be confined to the entire metal-and nonmetal-mining industry (excluding coal mining, for which a separate bulletin, No. 462, has been published).

Jan 1, 1945

By W. W. Adams

Increased employment and a lower accident-frequency rate were the outstanding features of the metal- and nonmetal-mining4 industries of the United States in 1939 compared with 1933, according to reports furnished by individual mining companies to the Bureau of Vines, United States Department of the Interior. Except for 1937, the reports for 1939 showed gains both in number of employees and number of mar -hours worked over all years since 1929. The accident-frequency rate per million man-hours of exposure to mining hazards was lower than in any year since 1925. Reports for 1939 revealed a total of 111,909 men employed in and about mines, an increase of inure than 8 percent over 1931 The total volume of labor performed at all mires was slightly more than 299 million plan-hours, an increase of mare than 10 percent over 1938. As these gains suggest, the average employee had a longer period of work in 1939, the increase amounting to r workdays per employee.

Jan 1, 1941

By W. W. Adams

The year 1937 was signalized by increased employment in the metal-and nonmetal-mining 4 industry of the United States. Measured by the number of men working, there was a 17-percent gain in employment compared with 1936. In total number of man-hours worked at all mines, the gain was slightly over 18 percent. Hazards connected with mining resulted in more accidents to the workers than in 1936, but the increase in number of accidents caused only a slight rise in the accident rate because of the much larger increase in the number of man-hours worked. In fact, the fatality rate per million man-hours of exposure was lower in 1937 than in 1936, but the rate for nonfatal injuries increased slightly.

Jan 1, 1940

By William W. Adams

A new record in accident prevention was made by the metal-mining a industry of the United States in 1938, as signalized by a lower fatality rate than in any previous year. The rate was less than half as high as in 1911, the earliest year for which figures are available. A good safety record was also established in the prevention of nonfatal injuries, as the injury rate was lower than in any other years except 1931 to 1935, a 5-year period notable for its unusually low injury rates. Employment was more limited in 1938 than in 1937, both in number of men employed and total number of man-hours worked. The number of workdays per man also was smaller than in 1937. Operating companies reported that 7,233 mines were active in 1938 or some part of the year and that the total number of men employed was 103,027. This figure represents the summation of the average number of men employed as reported by the companies, the average for each mine being that for the period during which the mine was active. The number of employees at all mines in 1938 was 15,402 less than in 1937. Reports covering all mines indicated a total of 188 million man-hours worked during the year, or 21 percent less than the nearly 240 million man-hours worked in 1937. In the performance of this work accidents occurred that resulted in the death of 156 employees and the injury of 1.2,722, each injured employee being disabled for more than the remainder of the clay on which he was hurt.. The fatality rate for 1938 was 0.83 per million man-hours worked, which was 9 percent more favorable than the rate of 0.91 for 1937. Nonfatal injuries occurred at the rate of 67.61 per million man-hours worked, an improvement of 10 percent compared with the injury rate of 75.37 for 1937.

Jan 1, 1941

By Marvin J. Udy

THREE GENERAL REASONS exist for applying metallic coatings to steel: to improve its appearance, to resist corrosion, and to resist wear and abrasion. Coating steel with other metals to improve the appearance and to resist corrosion is an old practice; coating for resistance to wear is one of the newer development's' that has become of importance with the development of chromium plating. Coating for improvement in appearance is practically confined to electroplating. Metals like copper, nickel, silver, chromium, cadmium, zinc and tin, because of their pleasing color, are used for this purpose. But these metals are never quite corrosion-proof, except cadmium and zinc, when applied directly to steel. Improvement in color or appearance must be permanent and therefore corrosion-resistant and tarnish-proof. For this reason, with the exception of cadmium, zinc and tin, the above metals are used in combination to obtain appearance and resistance to corrosion. Resistance to tarnish is dependent on the property of the particular metal. Chromium, being nontarnishable, has made it possible to obtain combination coatings of copper, nickel and chromium, copper and chromium, or nickel and chromium, which improve the appearance and also resist corrosion and tarnish. Such coatings find a wide field in decorative work particularly the copper-nickel-chromium combinations, and when properly applied are very satisfactory.

Jan 1, 1932

By Batric Pesic

Reactions of metallic iron were studied in several different aqueous solution systems: water, medium salt solution used for the growth of T ferrooxidans, ferric iron solution and solution containing T ferrooxidans. Each system was studied under abiotic and biotic conditions in the presence of T ferrooxidans and as a function of pH, particle size of iron powder, temperature, ferrous and ferric iron concentrations. It was found that metallic iron reacts with water differently than does with ferric iron in water. Surprisingly, T ferrooxidans were non-functional in the dissolution of metallic iron. Also, the reactions of metallic iron with pure water were indistinguishable from the reactions with water containing medium salts for bacterial growth. The reactions with ferric iron were also independent of medium culture compounds. The mechanisms of metallic iron reactions with ferric ions are different from the mechanisms of metallic iron reactions with water.

Jan 1, 2001

By T. B. Colman

Paper presented at the MEP '89 conference held in Madrid, 13-15 November 1989. Britain has sustained an important metalliferous mining industry over many centuries. Recently, new geological concepts and exploration techniques have indicated that there is considerable potential for the discovery of a variety of deposit styles, often in previously neglected areas. The recent discoveries at Aberfeldy (Ba-Zn-Pb), Gairloch (Cu-Zn) and Cononish (Au-Ag)in Scotland and Curraghinalt (Au-Ag) and Lack (Au-Ag-Pb) in Northern Ireland are illustrations of this potential. Some of the prospective areas for future exploration are described and an indication is given of the legislative framework within which mineral exploration and development are carried out

Jan 1, 1991

By J. S. DeLury

Introduction The problems of metallogenesis are largely related to those concerning the origin of igneous rocks, which, in turn, are involved with the question of crustal mechanics. Many ore-bodies are genetically related to associated intrusive and there is an equally close association apparent between igneous intrusion and crustal deformation. The problem of ore-deposition is concerned, therefore, with the fundamental problems of geology. For a long time speculations regarding crustal movements rested largely on the contraction theory and its associated conceptions. Vertical movements were considered to be all important and horizontal movements secondary to them. Magmas were pictured as rising more or less vertically in the crust and were believed to form in vertically disposed magma-chambers or reservoirs. The principle of magmatic differentiation seemed to offer the best explanation of the origin and association of diverse rock types and it seemed also to require the existence of quiescent magma-chambers for the admittedly slow process of differentiation. Accumulating evidence of the importance of horizontal movement in the crust, has, along with other considerations, discredited the contraction hypothesis and many of the inferences that go with it. The same evidence may require some change in the prevailing conception of the origin of the various types of igneous rock and of the mechanics of intrusion. Geologists are now at sea concerning some of the vital and fundamental problems of the crust, and the field is open for speculation. The writer is developing a hypothesis which seems to permit an explanation and? a correlation of earth structures and phenomena. If it rests on a firm foundation, the hypothesis, because it is fundamental, is certain to have a profound bearing on the problems of economic geology. It is for this reason that an outline of the hypothesis is offered at this time. Only a few of its economic bearings are foreseen at this time and these will be indicated.

Jan 1, 1932

By R. Scheepers

"Abstract -Mineral deposits and prospects of the Pan African Saldanian orogenic belt in the south­ western Cape Province South Africa, are reviewed. Despite the entire absence of operating base or precious metal mines in the area, this study has established at !east four metal associations that offer enticing exploration potential .The poly-phase deformed, low-grade metamorphosed volcano-sedimentary Malmesbury Group constitutes a complex, poorly understood supracrustal sequence that has been loosely subdivided into the Tygerberg, Swartland and Boland tectono-stratigraphic terranes by northwesterly trending fault zones. Syn- and post-tectonic granitoids of the Cape Granite Suite selectively intruded these terranes. Early S-types preferred the Tygerberg terrane whereas the later I-types dominate the remaining areas. Anorogenic A-type granites, however, occur in all three domains. Known metallization is directly or indirectly related to the intrusives, yet syngenetic deposits are conspicuously absent from the supracrustals. Four metal associations have been identified.•,Cassiterite-wolfrarnite (± Au, Cu, Mo, Fe-sultides) in quartz and quartz/aplite veins hosted by tourmalinized and locally greissenized S-type granite. Similar exo-granitic veins occur in proximal metamorphites.•,Juxtaposed disseminated, stockwork, breccia and vein style Cu-Mo-Fe-(Au)-sultide mineralization hosted by matie to intermediate intrusives of high K calc-alkaline, 1-type affinity.•,Cu-Mo-Au-sultides hosted by hydraulic breccia pipes, stocks and veins occurring in anorogenic A-type alkali feldspar granites and amphibole quartz syenites.•,Scheelite with minor Cu-Mo-sulfides and Au-associated with endo- and exo-skarns spatially related to I-type monzogranite, granite and alkali feldspar granite .The first three associations occur along the Yzerfontein-Helderberg-Zone, a 180 km lineament in the Tygerberg terrane, a zone exploited by syn-, late- and post-tectonic intrusives and their related mineralization. The fourth association is typical of the Boland terrane. The spatial and temporal relationships between the various metal associations is interpreted as the result of sequential intrusion of relative early high level S-type, followed by intermediate level I-type and finally anorogenic A-type granitoids during the evolution of a contracting continental margin arc and its inner arc. This plate tectonic setting suggests subduction in an easterly direction underneath the Kalahari craton. The spatial configuration of the various terranes at the present erosional levels is the result of rifting and significant differential vertical displacement following cessation of subduction, a terminal tectonic event possibly synchronous with intrusion of the A-type granitoids.Near surface preserved roof zones and cupolas of both S- and I-type granitoids in the Tygerberg and Boland terranes, respectively, render these areas extremely prospective for Sn, W, Mo and Au mineralization. The presence of intermediate to mafic volcanics, a diversity of calcareous lithotypes and favorable plate tectonic setting of the Malmesbury Group suggest potential for the thus far elusive VMS, MVT and Sedex base metal and minor precious metal deposits."

Jan 1, 1994

"Bay d'Espoir is in the approximate center of the south coast of Newfoundland. The geology of the area can most conveniently be considered in terms of three units: (1) an Ordovician or older polydeformed terrain termed the Little Passage Gneisses; (2) a Lower-Middle Ordovician volcano-sedimentary sequence assigned to the Baie d'Espoir Group; and (3) granitoid intrusive rocks of mid-Paleozoic age. Mineralizing events accompanied the formation of the latter two units.The Baie d'Espoir Group comprises a dominantly sedimentary sequence of pre-Middle Ordovician shelf and distal turbidite sediments deposited on the eastern margin of Iapetus. A significant volcanic component is, however, present in the Isle Galet Formation, consisting of up to 30% felsic volcanic rocks interbedded with sedimentary and epiclastic rocks. The Isle Galet Formation hosts several disseminated to thinly bedded Pb-Zn-Ag occurrences associated with altered felsic tuff and graphitic shale. They occasionally grade laterally into pyrite iron formation and appear to have been deposited in a very distal volcanic environment. The Isle Galet Formation is a time equivalent of the mineralized pre-Caradocian island-arc sequences of central Newfoundland, but differs from them both in style of volcanism and in the nature of the associated mineral deposits. It is, however, comparable in many respects to mineralized volcanic sequences in the La Poile Bay area of southwestern Newfoundland.Mineralization associated with granitoid rocks in Bay d'Espoir is best developed around the southeast margin of the North Bay Granite, where two-mica leucogranite forms a marginal phase. Numerous minor base metal showings occupy quartz, quartz-carbonate and barite veins in the adjacent sedimentary rocks. Collectively, the showings exhibit a well-developed, zonal pattern around the granite margin; molybdenite (±py, cpy) predominates near the contact, giving way outward to galena (±sph, py, asp, cpy) and eventually to stibnite (±asp, py) at the periphery. Mineralization associated with granites in similar settings elsewhere in southern Newfoundland includes tungsten in the Grey River and Granite Lake areas and molybdenite in the Rencontre Lake area."

Jan 1, 1982