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By D. Ling, Santos. R. M., T. Van Gerven, M. Guo

The valorization of alkaline waste materials from thermal processes utilizing intensified mineral carbonation routes is investigated. The principal advantages of this approach are the chemical stability and storage safety of mineral carbonates, the opportunities for process integration presented by the technology, and the potential for conversion of low-value materials into useful products. Treatment and disposal of steel slags are a costly burden on steel plants. Sustainable solutions for Argon Oxygen Decarbonisation (AOD) and Continuous Casting (CC) stainless steel slags and Basic Oxygen Furnace (BOF) steel slag are desired. An integrated on-site mineral carbonation approach is envisaged as a favourable solution.

Jan 1, 2011

By NILAMADHABA SAHU, Gajanan U. Kapure, Pankaj Kumar, Sunil Kumar Tripathy

Chromite ore processing tailings and low-grade manganese ores are typically considered waste due to their limited or negligible utility, leading to environmental and storage concerns. Researchers globally have explored various methods to utilize or upgrade these wastes, particularly because dumping chromite ore has been linked to severe health issues through Cr(VI) leaching. Individually, these ores lack economic value, and there has not been research on simultaneously reducing both low-grade ores. In this study, the focus lies on smelting these ores together, aiming to create a precursor alloy for 200 series stainless steel scrap. Initial research indicated the potential for scrap formation, validated through lab experiments with varying coke rate, basicity, and holding time. The investigation discovered that smelting this combination could yield a metal product comprising 59% Fe, 24.93% Cr, 7.56% Mn, 0.62% Ni, and 0.93% Si. The optimum basicity was found to be 0.6 with 80% recovery. Notably, this process eliminates intermediate steps in 200 series stainless steel production, potentially reducing overall CO2 emissions. This proposed method represents a cleaner, sustainable approach to repurpose these two waste ores, projecting a net profit of USD 330 per ton.

Jan 10, 2024

By Laura Suarez, Jörgen Kajberg, Pär Jonsén

In recent years, slag, a residue from pyrometallurgical processes, has become more attractive in circular economy frameworks to increase the efficient use of resources throughout the life cycle of steel products and help in the reduction of carbon emissions. Its applicability is strongly dependent on the particle size, and therefore, the optimization of breaking processes should be approached by increasing the knowledge of the dynamics of slag to promote fracture. Increasing the knowledge on themechanical response ofmanganese slag opens up the potential for the development of cost-effective numerical models, e.g., constitutive models based on inverse engineering calibration frameworks or digital twins. In this study, rate-dependent tests of manganese slag have been performed using a split Hopkinson pressure bar device for testing its dynamic mechanical response. In order to obtain information about the crack initiation and fracture process, 2D ultra-high speed imaging was implemented with a sampling frequency of 663,200 fps for diametrically loaded specimens. Full-field deformation measurements using digital image correlation (DIC) techniques showed a staggered fracture process where failure points on mechanical response curves vary due to the internal events happening in the material. Localized frictional occurrences and inertial effects acting inside the pre-cracked matrix have a strong effect on the global mechanical response, and therefore, a great variability of strengths was obtained.

Nov 3, 2023

By Ki Joo Sim, Sung Beom An, Joonho Lee, Minsoo Shin

Valorization of the electrical arc furnace oxidizing slag by coke was carried out by the reduction of iron oxide in the slag. Since the reduction of iron oxide by solid carbon is an endothermic reaction, supply of heat energy is required. In addition, slag has a low thermal conductivity; traditional fuel injection is not suitable for this reaction. Microwave can be used to supply heat energy to the system. Commercial oxidizing slag was reduced by coke under the microwave irradiation (1.7 kW, 2.45 GHz). The maximum recovery ratio of iron was 87%. In addition, slag composition modification was attempted to use the remaining slag for a mixture in cement clinker. Free-CaO in the slag was successfully suppressed, and the use of the remaining slag as a potential mixture was confirmed.

Jan 1, 2014

By R. L. Machunda, A. M. Rugaika, D. D. Mdachi

Sedimentary and igneous rocks are the two primary sources of phosphate that are mined and beneficiated to fertilizer. During the beneficiation process, phosphate is lost into the tailings. We investigated phosphate concentrations in tailings dumps at Minjingu mine, Tanzania using energy-dispersive X-ray fluorescence spectrometry to quantify the chemical compositions. The phosphate content in the tailings varied from 12.91% phosphorus pentoxide (P2O5) in Tailings 2 to 19.61% in Tailings Dump 1. The naturally occurring phosphate concentration in rocks ranges from 3% to 35%, and phosphate tailings from various locations with P2O5 concentrations as low as 6.46-12.65% have been beneficiated to commercial fertilizer. Our investigation revealed that phosphate concentrations in Minjingu tailings may be sufficient to be recovered for commercial applications. Suitable recovery methods are discussed, and we recommend that beneficiation should be performed to minimize the loss of phosphate into tailings. Further research is needed to identify the optimal beneficiation methodology.

Aug 8, 2024

By Joseph Hamuyuni, Fiseha Tesfaye, Daniel Lindberg

E-waste management through traditional methods such as disposing in landfills, burning in incinerators or exporting abroad for disposal are no longer options due to the strict environmental regulations. Fortunately, the presence of valuable metals in the e-waste and increasing demand for the metals as well as complexities of the currently available primary raw materials make recycling an attractive and viable option both environmentally and economically. Moreover, it is efficient in terms of resource management by closing the loop of metals. Consequently, urban mining such as the recovery of precious metals from e-waste streams through sustainable recycling processes have emerged. The sustainable recycling practices address the scarcity of primary resources and reduce consumption of energy for metals production while managing environmental issues related to hazardous materials from the e-waste streams. In this paper, valuable metals recoveries from e-waste streams through pyrometallurgical and hydrometallurgical processes are critically reviewed. And, innovative ideas for different steps of the thermochemical processes in the valuable metals and energy recovery from the e-waste streams are discussed.

Mar 1, 2017

By R. Lawrence

Mineral property valuations to be used for Canadian securities regulatory purposes must comply with CIMVal1. The technical basis for a CIMVal report is the same as that required for a technical report that complies with NI 43-1012. NI 43-101 describes the content to be covered in a technical report, while also covering other requirements, one of which is that the report should be based on a property visit. CIMVal is based on five tenets that the valuator must follow: ? Materiality. ? Independence. ? Transparency. ? Competence. ? Reasonableness. Upon its adoption by CIM Council in 2003, it was hoped that the new CIMVal code would be adopted without change by the several Canadian regulators.

Jan 1, 2011

By Lawrence Devon Smith, Keith Spence, William Roscoe

"In March 2003 the CIM Council adopted and approved the document “Standards and Guidelines for Valuation of Mineral Properties” as developed by the Special Committee of the Canadian Institute of Mining, Metallurgy and Petroleum on Valuation of Mineral Properties (CIMVal). The document is referred to as the CIMVal Standards and Guidelines. The document evolved from a specific recommendation by The Mining Standards Task Force (MSTF) of the Toronto Stock Exchange and the Ontario Securities Commission in its Final Report (January 1999) that the CIM form a committee of valuation practitioners to review and advise on approaches to valuation of Mineral Properties. The CIMVal Standards and Guidelines are organized into two parts: •,Standards which are general rules in the Valuation of Mineral Properties. The use of the Standards is mandatory if the Valuation Report is stated to follow CIMVal (although not mandatory in the sense of having regulatory authority). Definitions are given at the beginning of the Standards. •,Guidelines which elaborate on the Standards and, while not mandatory, provide guidance and best practices which are highly recommended to be followed in the Valuation of Mineral Properties.CIMVal specifies requirements for the Qualified Valuator who has the responsibility for choosing the appropriate approaches and methods for the valuation of mineral properties. With regard to the specifics of the application and practice of valuation approaches and methods, CIMVal directs the Qualified Valuator to the large body of published papers, published valuations, presentations and court judgments to guide his or her choice. This is also the approach taken by VALMIN (Australia) and SAMVAL (South Africa). To facilitate the dissemination of industry practice, the CIMVal Committee organized a “Valuation Day” at the CIM Annual General Meeting in Toronto (Mining Millennium 2000), on March 8, 2000. Industry experts presented papers on valuation of Mineral Properties which were subsequently published in a proceedings volume and individually ad technical papers in the CIM Bulletin. The Management and Economics Society of CIM has continued to identify and publish papers on valuation in the CIM Bulletin and Magazine. The present document gathers in one place the CIMVal Standards and Guidelines, the papers from the 2000 Valuation Day, and a number of subsequent papers that illustrate industry practice for the valuation of mineral properties."

Jan 1, 2003

How the Australasian and Canadian Codes (VALMIN and CIMVal) approach mineral property valuation is described. Brief comment is also made on the International Valuation Standards CommitteeÆs interest in a global valuation standard for Mineral (Extractive) Industries and the South African SAMREC initiatives to adopt a VALMIN-like Code. The conventional tripartite classification of valuation approaches into those that are Market-based, Income-based and Cost-based is outlined. It is best practice to use as many of these approaches as possible (and as many methods as reasonable in the particular circumstances), given the quantity and quality of the data available on the Mineral Asset (which depends upon the state of development of the mineral property). The use of specific methods must satisfy the basic considerations of logic and reasonableness and the purpose of the valuation. The competence, judgement and repute of the valuer are critical factors, since all valuations are time and circumstance specific. What constitutes æMarket ValueÆ in the different jurisdictions is discussed and definitions are given. Challenges facing the globalisation of a VALMIN-type Code for the international Minerals Industry are the influence of real estate valuers and the US jurisdictional idiosyncrasies. This is mainly due to a fixation on real property rights with a preference for using real estate-like comparative sales techniques (Market Approach) to the exclusion of Income-based approaches; a regulatory reluctance in the US to accept that Resources have considerable value; and the International Accounting Standards BoardÆs preference for Historical, rather than Current Value, accounting.

Jan 1, 2002

By AIME AIME

A COMMITTEE, representing a number of the larger oil companies in California, met in San Francisco on Nov. 12, 1919, for the purpose of discussing the depletion deductions to be allowed in computing the Federal income taxes under the Internal Revenue Act of 1918. It was the general sense of the committee that a system based on sound engineering principles should be formulated for estimating the value of oil properties, so that better and more uniform results might be obtained by the various companies in filing their returns with the' Bureau of Internal Revenue. A subcommittee, consisting of five petroleum engineers, was thereupon appointed to collect information and draft a report. The committee consisted of G. C. Gester, Carl H. Beal, J. H. G. Wolf, E. G. Gaylord, and E. D. Nolan; this report is the work of that subcommittee.

Jan 1, 1920

Discussion * of the paper of H. M. Chance, presented at the butte meeting, august, 1913, and printed in bulletin No. 79, July, 1913, pp. 1315 to 1341. George H. Ashley,+ Washington, d. C.:-Mr. Chance's long practical experience in reporting on coal lands admirably fits him for a discussion of the value of such lands. On behalf of the government geologists, I wish to express my appreciation of Mr. Chance's friendly, constructive criticism of the government method of valuing coal land in the first part of his paper and, at the same time, to reply to some queries he makes. All admit that coal has no " intrinsic "-monetary value, in the sense that a pound of coal of certain chemical and physical characters is worth " intrinsically " so many cents or fractions of a cent. The term has, however, been found very useful as including those natural factors of coal value, among which are its position and location in the earth, that affect its sale price in contrast with the other cost elements involved in the labor and capital necessary in mining, preparing, transporting, and selling the coal (extrinsic factors). Mr. Chance, while recognizing the " dual origin of value," does not offer any better terms. The survey agrees with Mr. Chance in his definition of coal conservation, that it means the fuller utilization of the heat contents of the coal, and the more complete recovery of the coal from the ground. Coal land withdrawals have not been made to keep such lands off the market, but to prevent their acquisition as non-coal lands before they could be classified so as to be disposed of under the proper law. Nor has the pricing of the more valuable coal lands above the minimum been to raise money for the reclamation fund, to which the money goes, but primarily to discourage the alienation, for holding or speculation, of coal lands not intended or needed for development, and, secondarily, to secure to the people the ?unearned increment," which they are certain in any case to be charged.

Jan 11, 1913

By A. M. Nordale

Let us first trace a line, mentally, across Alaska and Yukon, starting at a point in the west slightly south of the delta of the Yukon river and from there continuing eastward, loosely following the 63rd parallel of latitude until we have passed beyond the eastern border of Yukon. We will make two pronounced digressions southward to include the greater parts of the Iditarod and Tanana River valleys. That visualized line roughly defines the southern boundary of permafrost. North of it lies a vast region, fully three-fourths of the area of the two territories, which includes Seward peninsula, the great Yukon River basin, and the tractless wastes of the Arctic. During some frigorific cycle in the distant geological past, the ground there was frozen to a depth of many hundreds of feet. How deep the frost actually penetrated is not known, but it has been found to exceed three hundred feet in many places. Nature afterwards provided a perfect insulating cover in the form of heavy moss and dense grass, which has protected the ground from the heat of the sun's rays during the intervening ages. This frozen condition has always been accepted as something indigenous to the North and little thought was given to -it until recently, when the United States Government and, I believe, the Canadian Government, began extensive studies of it, particularly in respect to its effect and bearing on the development of the great oilfields of the Arctic. Within this large region and but a short distance south of the Arctic circle are the three principal producing placer gold fields in the sub-arctic, whose hubs centre at Nome and Fairbanks in Alaska and at Dawson in Yukon Territory. The geological structure and history of the gold-bearing deposits of Dawson and Fairbanks are very similar and probably closely related. They are typical placer deposits produced by stream action during periods of erosion and inundation and subsequently covered with a thick layer of fine, powdery silt mixed with decayed vegetation which, locally, is termed 'muck'. The depth of muck varies from less than 10 to more than 250 feet, with the greater depth near the lateral edges of the valleys. The gravel underlying it is medium in size, well rounded, and composed mostly of quartz and schist. The proportion of sand or fines is approximately 40 per cent. No large boulders and little clay are found, for those districts, as well as that of Nome, have not been subjected to glaciation. The most common bed-rock found is either decomposed or hard schist, but infrequently it is slate, quartz, diorite, or a porphyry. The vertical concentration of the gold is invariably on bed-rock and in the lower few feet of gravel which overlie it. The horizontal concentration or paystreak is roughly parallel to the trend of the valley but does not ordinarily coincide with the course of the present stream. The width of the paystreak usually expands from a few feet at the head of a creek to several hundred feet near its mouth.

Jan 1, 1947

By Hrayr Agnerian

The fair market value of an exploration property is determined by its potential to host a mineral deposit. This potential is gauged by the results of previous exploration, exploration stage, meaningful past expenditures and remaining targets that are not yet tested. Values of exploration properties can be viewed as distinct points in a three-dimensional space defined by orthogonal axes, namely: Exploration Stage (x-axis); Cumulative Expenditures (y-axis); and Property Value (z-axis). In general, these values are estimated by applying activity factors on previous exploration expenditures, e.g. an activity factor of 100% for an active property with good potential and a factor of 50% for an active property but past expenditures have not upgraded the property. At certain periods, a market factor may also be applied to reflect the activity of mineral property acquisitions. For properties that do not exhibit any exploration potential, only nominal values are applied.

Jan 1, 1996

This paper examines the issues involved in the technical audit and valuation of exploration prospects. Certain methodologies are more appropriate to use depending upon whether the mineral property valuation is of an exploration area, a project under development, or an operating mine. Valuation approaches that are reviewed include the Multiple of Exploration Expenditure, Joint Venture Terms, Rules of Thumb, and particularly the Kilburn Rating Method. The DCF/NPV Financial Simulation Method, even modified by the use of Expected Values, is not considered appropriate for valuing exploration prospects. The choice of the most appropriate methodology and its successful application depends primarily upon the amount of reliable input data available and, more importantly, the experience and judgement of the valuer. It must be remembered that all valuations are time and circumstance specific and will be generally subject to revision as more data becomes available.

Jan 1, 1993

By J. G. Russell

The valuation of known mineral re-serves entails the economic evaluation of the mining enterprise and the valuation of other assets employed, including mining and processing plant and intangible assets. A case study approach analyzes two reserve situations: ownership of reserves (phosphate rock), and leasing of reserve lands (kaolin). The appraisal of the physical property is outlined, along with the economic analysis of the operation. The discounted net cash flow approach is used to value the enterprise, leading to value of the reserves after correlation with other assets employed.

Jan 1, 1989

By W. E. Roscoe

"Mineral exploration properties are those on which an economically viable mineral deposit has not yet been discovered. Such properties are bought, sold, optioned and joint ventured on the basis of their perceived potential for the existence and discovery of a viable mineral deposit. The intrinsic value of an exploration property is therefore based on the exploration potential. One measure of the exploration potential is the amount that can be justified to spend on exploration for a viable deposit.The appraised value method uses a cost approach to value exploration properties. It is based on the premise that an exploration property is worth the meaningful past exploration expenditures plus warranted future costs to test remaining exploration potential. Results of past exploration work are analyzed in order to retain only those past expenditures that are productive in terms of identifying remaining potential. Warranted future costs comprise a reasonable exploration budget to test that potential."

Jan 1, 2002

By William E. Roscoe

"Mineral exploration properties are those on which an economically viable mineral deposit has not yet been discovered. Such properties are bought, sold, optioned and joint ventured on the basis of their perceived potential for the existence and discovery of a viable mineral deposit. The intrinsic value of an exploration property is therefore based on the exploration potential. One measure of the exploration potential is the amount that can be justified to spend on exploration for a viable deposit.The appraised value method uses a cost approach to value exploration properties. It is based on the premise that an exploration property is worth the meaningful past exploration expenditures plus warranted future costs to test remaining exploration potential. Results of past exploration work are analyzed in order to retain only those past expenditures that are productive in terms of identifying remaining potential. Warranted future costs comprise a reasonable exploration budget to test that potential.INTRODUCTIONThe purpose of this paper is to describe a cost approach to the valuation of mineral exploration properties and to provide some valuation examples. The particular cost approach described is the Appraised Value Method, which is best applied to mineral properties at the exploration stage.At present there are no comprehensive regulations or guidelines in Canada which specify what approaches and methods to use for the valuation of mineral properties. In this paper, the Appraised Value Method described is one method that the writer considers to be accepted industry practice for mineral properties at the exploration stage.Mineral properties are valued for a number of reasons, including mergers and acquisitions, non arm's length transactions, pricing of initial public offering of stock, support for property agreements, litigation, expropriation, and insurance claims."

Jan 1, 2003

By R. D. Lawrence

"Comparable transaction analysis is the best known of the market approaches to valuation of exploration-stage mineral properties. The analysis of option and farm-in agreements can also provide useful guidance to valuators. While such approaches can be distorted by incomplete analysis, market-based methods are capable of providing consistent, credible results when carried out carefully with due consideration paid to all factors which buyers and sellers consider when dealing in the real market. IntroductionMineral properties without defined resources present one of the most challenging tasks to the mineral valuator. This paper will concentrate on market-based approaches to valuation of such properties. Other authors at MM2000 presented papers on cost and income approaches. Sorentino (2000) also provides a useful overview with some provacative commentary on methods.Market based-approaches are based on the principle of substitution and include such techniques as: comparable transaction analysis (sometimes referred to as sales comparison analysis); farm-in commitment (or option agreement) analysis; rules-of-thumb; and comparable market value analysis.Are there any valuation standards available to assist the valuator? In Canada there are none that apply to the valuation of mineral assets or securities. This problem is being addressed, at least in part, by the CIMVal Committee of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)1. Further, the recently established Canadian Association of Mineral Valuators will be giving consideration to the adoption of valuation standards."

Jan 1, 2002

By Ross D. Lawrence

"Comparable transaction analysis is the best known of the market approaches to valuation of exploration-stage mineral properties. The analysis of option and farm-in agreements can also provide useful guidance to valuators. While such approaches can be distorted by incomplete analysis, market-based methods are capable of providing consistent, credible results when carried out carefully with due consideration paid to all factors which buyers and sellers consider when dealing in the real market.RÉSUMÉRoss D. Lawrence graduated from the University of Toronto with a B.A.Sc. (Applied Geology-1956) and an M.Comm. (Mining Finance-1959). As a student and following graduation, he worked across Canada on a variety of mineral exploration projects.In 1962, he was one of the founders of Watts, Griffis and McOuat, and has practiced as consulting engineer since then. For the past 20 years, Mr. Lawrence has headed up the WGM valuation practice, responsible for a group of professionals which has carried out scores of valuations of mineral properties and mining companies. He is a Certified Minerals Appraiser of the AIMA and an active participant in professional affairs.INTRODUCTIONMineral properties without defined resources present one of the most challenging tasks to the mineral valuator. You will hear from others at this conference about the use of cost and income approaches to the problem of valuing exploration properties. This paper will concentrate on market-based approaches. Market based-approaches are based on the principle of substitution and include such techniques as:??Comparable transaction analysis (sometimes referred to as sales comparison analysis).??Farm-in commitment analysis??Rules of thumbAre there any valuation standards available to assist the valuator? In Canada there are none that apply to the valuation of mineral assets or securities. This problem is being addressed, at least in part, by the CIMVal committee of the Canadian Institute of Mining, Metallurgy & Petroleum (CIM)1. Further, the recently established Canadian Association of Mineral Valuators will be giving consideration to the adoption of valuation standards."

Jan 1, 2003

By William E. Roscoe

"Valuation methods are well established for mineral properties with production or imminent production, and include discounted cash flow and comparable transactions. Valuation methods for non-producing mineral properties, however, are more subjective. Non-producing mineral properties include those at various stages of exploration, properties at the prefeasibility or feasibility stage, properties with currently uneconomic mineral resources, and past-producers. Different valuation methods may be appropriate for different types of mineral properties.Income approach methods such as discounted cash flow and option pricing are generally not applicable to properties at the exploration stage. The market approach is generally appropriate to all types of mineral properties, although it is difficult to find good comparables because of the unique nature of mineral properties and the small number of transactions. Cost approach methods, such as appraised value and geoscience factor, are commonly used for exploration stage properties.Canadian standards and guidelines for valuation of mineral properties are in the process of being finalized by a Special Committee of the Canadian Institute of Mining, Metallurgy and Petroleum (CIMVal Committee). The CIMVal Standards are intended to be consistent with National Instrument 43-101, which sets regulatory standards of disclosure for mineral projects, and with International Valuation Standards. The intent of the CIMVal Standards and Guidelines is that mineral property valuation be carried out by appropriately qualified individuals and that all relevant information be disclosed."

Jan 1, 2003