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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

How does an investigation into the breakage characterization of electric arc furnace (EAF) manganese slags contribute to a more responsible usage of resources throughout the life cycle of steel products and reduction of carbon emissions? The main goal of this study is to increase the knowledge on the mechanical response of manganese slag to open the potential of pyrometallurgical residues to become secondary material in industrial applications such as infrastructure construction, fillers, binders and soil stabilization, among others.

Mar 1, 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 F. Raupp-Pereira, G. G. Cunto, J. A. Junkes, D. Hotza, V. P. Della

"The present work investigated the valorization of wastes as alternative raw materials for ceramic industries. Different industrial wastes based on the SiO2-Al2O3-CaO system and classified as non-hazardous were selected: sludge from varvite cutting process, sludge from gneiss breaks processes, sludge from filtration/clarification of potable water and a clay classified also as waste. All as-received residues were characterized by X-ray fluorescence, differential thermal analysis, thermogravimetry and particle size distribution. The applicability of these materials in ceramic formulations was then evaluated. The formulated mixtures were subjected to forming by pressing and extrusion followed by thermal treatment. After optimization of the processing conditions, the properties of the samples sintered at different temperatures were also evaluated. The waste materials studied proved to be alternative raw materials to natural mineral resources for the ceramic industry.IntroductionOne of the most important problems that have accompanied the humanity in recent decades is the environment’s degradation. In the same context, the natural resources exploration and technological development are phenomena which, if aren’t controlled, can cause ecological disequilibrium with unpredictable consequences [1]. It is in this perspective that recycling of various wastes assumes relevant importance.The recycling, understood here as the waste process reuse, is a common practice in the First World countries, where the raw materials have strategic aspects and the disposal techniques of solid wastes have considerable economic costs. In Brazil, the ecological conscience begins to be aroused due to, in the last ten years, the implementation of stricter laws for environmental control, in general, and licensing of waste generating from industrial activities, in special. The terms “residue” or “waste” are normally used to describe what remains of a production process; when an application for this material is not found. When wastes or residues are susceptible to be incorporated as raw materials or energy sources in a new material production, they can be understood as by-products [2].The valorization of industrial wastes is important, due to the need to pollute less and give an ecologically correct destination for wastes. The waste recycling, independent of its kind, presents several advantages in relation to using primary natural resources, such as reduction in the volume of raw materials extraction, lower energy consumption, lower levels of pollutant emissions and improvement of the health and safety of the population. The most visible advantage of recycling is the preservation of natural resources, extending its life and reducing the destruction of landscape and ecosystems [3]."

Jan 1, 2008

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 Carter D

The Chairman of this afternoon's session is Dick Carter. This afternoon is the culmination of this conference. We've looked in the first session at regulation; in the second session at valuation techniques and this session we look at valuation in practice. Dick's involvement in the mineral industry has been wide ranging and distinguished. Dick has worked with BHP since 1960, when he joined BHP Steel as a commercial trainee. Dick holds a B.Comm. from the Newcastle University College of the University of New South Wales and was educated at the Australian Administrative Staff College and Harvard Business School Advanced Management Programme. During the past decade, he has headed the minerals group's Aluminium Divison, Resource Planning and Development, Non-Ferrous Metals and Business Development Organisations. Dick currently serves as Executive Director of BHP Gold Mines Limited and Managing Director of Ok Tedi Mining Limited. His experience covers Australian Manganese Company, Mineral Deposits Limited, Northern Rivers Rutile, Tasmanian Electrometallurgical Company Limited, Mount Newman Joint Venture, Worsley Aluminium and Carnilya Hill Joint Venture Operating Committee. His industry associations include the Executive Board of the Gold Producers Association, the Federal Executive of the Australian Goldmining Industry Council as well as the World Gold Council. Ladies and gentlemen, Dick Carter.

Jan 1, 1989

Having worked as a consultant for most of his 40-year working life, mostly as a mineral property valuer, the author has seen many poor valuations. Most were valuations of exploration tenements where the selection of the rather subjective, but necessary, geological inputs raised the main concerns. Those valuations involving iron ore prospects raise particular problems due to the special characteristics of such deposits. Iron ore is more like an industrial mineral rather than precious or base metals and Reserves are determined not by a traditional cut-off grade but by customer specifications. This is intended to be an overview/keynote paper on the current state of the growing (yet consolidating) Australian Iron Ore industry. It has now moved beyond Western AustraliaÆs æPilbara Big TwoÆ of Rio/BHPB (with the emergence of the irrepressible FMG and Hancock Prospecting) to include the YilgarnÆs æMidwest ManyÆ (including US re-entrant Cleveland Cliffs through Portman) and projects in other States. Ore types have moved from haematite Brockman to martite-goethite Marra Mamba (including the RobeÆs mesas and below water table Yandicoogina CIDs) and magnetite ore types. There are DSOs and secondary process feed. Mineral valuers have to reflect today upon these and many other determinants of value when choosing the most appropriate methodologies to adopt when technically assessing and valuing exploration tenements containing iron ore. Set against a frame work of the JORC Code (2004) and VALMIN Code (2005), the general valuation issues involved in using the cost methods (eg multiple of exploration expenditure), market methods (eg comparable sales, rules-of-thumb and joint venture terms) and income methods (eg synthetic discounted cash flow (DCF)/net present value (NPV) modelling) are discussed. Relevant factors when valuing iron ore properties are discussed, eg ore type, lump/fines ratio, stripping ratio, water table, impurities and grade, particularly the JORC confidence category of the identified mineralisation. Remoteness and access to existing rail infrastructure is a key consideration.

Jan 1, 2007

By A. L. Slaughter

A mineral deposit has been discovered and explored sufficiently to establish the presence of ore in ?commercially marketable quantities," This is the point at which exploration ends and development begins, Of course, when the presence of commercially marketable quantities of ore are thought to be present the deposit had to be evaluated before this decision could be reached. If, on the other hand, it was thought that commercially marketable quantities of ore are not present, either more exploration has to be done or the project must be abandoned. It is this decision with which this paper is concerned, more particularly, the influencing factors behind this decision. The final question to be answered is: what profit can my company reasonably expect to make by developing this property and putting it into production? The answer must be expressed as a figure for final profit per ton, money which can be used to pay dividends or to build up cash reserves. Some acquisition cost has probably been paid and the exploration cost incurred at the time of decision, (abandonment or development). In addition to returning these acquisition and exploration costs, the deposit must pay development, mining, milling, capital expense of new plants and equipment, taxes, and various other related costs.

Jan 1, 1958

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

THE COMMITTEE, appointed early in May, met and organized in Washington, May 9, 1923, and were then advised that such data as they required would as far as obtainable be submitted to them in tabulations, and that they could not be allowed to see the individual reports nor know the identity of the operators on whose reports the figures submitted were based, therefore the Committee's valuation is based on data received from your statisticians, and on tonnages estimated by your staff and by the United States Geological Survey. Various methods of valuation for mining properties have been suggested, but all authorities seem to agree in accepting, as the fairest and most practicable and logical, a capitalization of the estimated future earnings, when such estimate can reasonably be made. Hoover and Finlay both emphasize this. The United States Supreme Court says in Cleveland, Cincinnati, Chicago & St. Louis Railway Co., v. Backus, 154 U. S. 439: But the value of the property results from the use to which it is put and varies with the profitableness of that use, present and prospective, actual and anticipated. There is no pecuniary value outside of that which results from such use. The amount and profitable character of such use determines the value. The Committee on Federal Taxation of the American Institute of Mining and Metallurgical Engineers, appointed in 1919, in its report states: A proper value of a mining property is the present value of the prospective net earnings, taking into account probable variations in output and value. Ingalls (" Wealth and Income of the American People," p. 97) says: The fundamental principle of mine valuation is the present worth of an annual dividend accruing during the period of years corresponding with the life of the mine. It is a convention that the estimated period shall not be more than 30 years.

Jan 1, 1924

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

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 George F. Weaton

Mining differs from the ordinary industry in that most industries and enterprises have an indeterminate life, apparently perpetual, and therefore, are not called on to replace the original investment. In mining, however, when the ore bodies are mined out, there is nothing left, The original capital investment must, therefore, be returned to the investor by the time that the profitable life of the mine is ended. When the operating company makes no provisions for perpetuating its life by investing a portion of its earnings in other properties, the usual procedure is to pay the investor, periodically, a dividend sufficiently larger than the risk return on his investment to enable him, if he reinvests this overplus at a safe rate of compound interest, to replace his original capital by the time the mine is exhausted. This overplus constitutes a return of invested capital. In estimating the value of a mining enterprise, the work leading to the final result may be divided into two parts. The first is the examination of the property to determine ore reserves, mining costs and profits, financial requirements and future prospects. Whatever conclusions are reached in this phase of the work depend on the experience, thoroughness and integrity of the examining engineers. The second is the calculations pursuant to the field examination.

Jan 5, 1973

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 Lionel C. Kilburn

"This geological engineering method is based on jour main characteristics of mineral properties, viz; location: inclusion of valuable mineralization; inclusion of geophysical and/or geochemical targets; and inclusion of geological targets. These are subdivided into a total of 19 subcategories, which are used to determine the value of the property.The nineteen subcategories are prioritized and assigned relative value factors from 1.3 to 10. Value of each mineral claim unit is determined by applying the appropriate subcategory factors to a base value of $400per 16.2 hectare unit. Property value is calculated by totalling the values of such individual claim-units.The boundary between ore grade and sub-ore grade must be estimated for each property under valuation, thereby making the method sensitive to mineral commodity prices.A clear and disciplined sequence of decisions based on personal experience forms the basis of this method. The method utilizes all factors normally used to value a mineral property.IntroductionIt is generally accepted in the exploration industry that valuation of exploration properties is a subjective rather than objective process (Roscoe, 1986; Lawrence, 1988; Lawrence, 1989; Woodcock, 1985), and that it is greatly influenced by the experience and qualifications of the person who is doing the valuation. However, the significantly low degree of objectivity in mineral property valuation at this point in time invites effort to achieve a more quantitative engineering basis.Value of a mineral property depends basically upon metal prices, recoverable grades, mining and metallurgical practices, commodity supply and demand , and political-economic conditions, all of which vary with time. Therefore, any valuation is valid for only that point in time when it is made. Mineral deposits can decrease as well as increase in technical value with time."

Jan 1, 1990

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