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By Anna H. Connard

SUMMARY The discussion focusses on developments in the debt/equity swap market since the Marte project was negotiated in early 1988. It emphasises carrying forward the recent market trends to anticipate the breadth and scope of debt/equity conversions for mine development in the 1990s. Secondary market prices of LDC paper, conversion values and political influences in the host countries and the use of near debt and commodity-based instruments as components of mine financing in debt/equity deals will be placed in the perspective of recent trends and expectations for the future. THE MARTE PROJECT The Marte mine is a gold porphyry deposit in Chile's high Atacama, for which financing was put together at the beginning of 1988. The Marte project was financed by a combination of common equity and loans. It was unusual that the equity infusions were made under different programs. Some of the international equity was infused with fresh funds via DL 600. Other common foreign equity was provided through the conversion of Chilean bank debt under Chapter XIX. On the loan side,. export credits for the import component of machinery and equipment were sought. Local bank financing was negotiated for the remainder of ' the project's anticipated cost. The debt conversion market in Chile was at its apex in terms of interest, activity and government support when the mine financing was arranged. The price of Chilean paper in the secondary market hovered about 62 to 66 cents per U.S. dollar of face value. Meanwhile, the Chilean government was negotiating conversion redemptions significantly closer to full face value. The government differentiated between debt paper exchanged for corporate investors who had sourced that paper in the secondary market, and debt paper held by bank investors who would incur a transaction loss in the conversion. The use of a combined DL 600lChapter XIX equity financing created different yield calculation bases for the various investors. Chapter XIX prevents remittance of profits before year 5 and capital repatriation before year 11. Investors choosing this vehicle have either for a corporate policy in the target project not to declare dividends until repatriation is allowed, or they have to seek uses for the peso liquidity that would be generated through dividend declarations in the early years. However, DL 600 investors face no such waiting period on dividends, nor do they have restrictions imposed on cashing out of the investment before the 11th year. Therefore, any equity structure with components of both investment mechanisms will have inherent differences in cost basis and future income flows for the various participants. This equity imbalance is defensible if the investment motivations of the parties are analyzed: a mining investor using fresh funds looks for a hurdle return on equity calculated at conservative commodity prices, with as much flexibility to reap upside benefits as possible; a mining investor choosing to invest through a debt conversion mechanism will realize a modest short term gain on the conversion, reducing his effective cost basis, but sacrificing some return because of the waiting period on repatriation of dividends. INVESTMENT OBJECTIVES A bank investor exchanging his own paper for an equity participation in a mining project realizes a conversion loss on the transaction. He seeks a risk adjusted acceptable hurdle rate of return to recoup that loss over time. Motivation for the bank investor to take that loss may be derived partly from a strategy to diversify its existing portfolio by internal policy and externally regulated guidelines. The bank will compare yields on its loan portfolio to that country with anticipated dividend flows discounted back at a risk adjusted rate. It will analyze the project with return objectives of yield enhancement over time and with

Jan 1, 1990

By Stanley J. Gasior

Most bituminous coal mined near Eastern industrial areas requiring high Btu pipeline gas is caking and therefore unsuitable for fixed-bed pressure gasification by present techniques. If the caking property of such coal can be destroyed the resulting fuel can be gasified in a fixed bed at pressure with steam and oxygen as a preliminary step in making a high-Btu gas. To find a practical way to convert strongly caking coals of granular or small lump size to noncaking fuel was the object of this study. In previous work strongly caking coals of 1/8- to 1-1/2-inch size was converted to a noncaking coal char by treatment in a static bed in about 3 hours [1/]and coal of 18-100 Tyler mesh in a fluidized bed in about 5 minutes.[2/] An inert gas such as `steam, nitrogen, carbon dioxide, or a mixture of all three with a small amount of oxygen was used in both studies. In our work a strongly caking bituminous coal from the Pittsburgh seam of 4-8 Tyler mesh size was converted to a-noncaking form in free-fall in about 2 seconds by dropping it through a countercurrent flow of steam containing 4 to 7 percent oxygen at 1,150°-1,200° F and 300 psig. This method should also be applicable to smaller-sized material.

Jan 1, 1965

By Robert Klug, Nils Engelke

"In order to extract proportionately small quantities of valuable minerals, mining companies move large amounts of earth. A resulting waste product of this process has traditionally been stored in a semi-liquid phase known as tailings, typically stored in a large pond created by an earthen dam at the low end of a drainage basin. It is generally expected that these dams are stable enough to withstand the pressure of the stored material. Unfortunately, history shows us that this is not always the case. The Baia Mare dam in Romania failed in 2000, causing tragic and prolonged environmental damage to several major European rivers. The Bento Rodrigues dam in Brazil failed on Nov. 5, 2015, and that event resulted in the loss of 16 lives.In hard rock mining, many minerals are imbedded within the ore. As part of the mining process, valuable minerals are extracted from the ore; often, the mineral content is only a fraction of the total ore volume processed. To extract the minerals, the ore is typically crushed and pulverized into very fine particles, then wetted to form slurries. The minerals are extracted from the slurries through a series of flotation and/or sedimentation steps with the aid of water-soluble separation chemicals typically known as reagents. Following the mineral extraction, the resulting residual wetted ore cuttings are labeled as tailings. At the end of the extraction process, the tailings are in a thick semi-fluid sludge state, often with trace elements of the extraction reagents.Historically, these tailings are deposited in giant basins or sludge ponds, where they pose a great threat to the environment while binding large volumes of waste process water.Process water recovery and achievingdry tailingsCurrent generation engineering studies, trials and successful field implementation have shown that an alternate process known as dry stacking is practical. The dry stacking process deposits dewatered tailings into containment areas that are smaller in overall footprint and significantly safer by reducing the transfer of reagents into the tailings storage area. In addition to achieving the dry tailing benefits mentioned, it is possible to recover valuable process water while dewatering the tailings sludge utilizing modern separation technology."

Jan 4, 2018

By R. Miller

Lowering our globe’s emissions is a major effort as we move toward a future net-zero carbon environment requiring significant investment in a new, low-carbon infrastructure, along with key market incentives to change. Industry will play a key part in this transformation, requiring expertise in both energy and emissions. Key elements of the de-carbonization strategy are: energy data, emissions reporting method, governance, de-carbonization project generation and drivers, the MACC, electrification, and the de-carbonization checklist. For a zero carbon future, it will be key for business leaders to understand decarbonization, anticipate technological changes, and implement new business me

Mar 2, 2022

By Gregory Carli

Mining operations rely on high-duty, mobile and semimobile equipment to move rock, process ore, maintain roads and sustain site services. Typical mining fleets combine loading and hauling assets with production, logistics and maintenance equipment, which are all expected to operate at high load factors, over long hours and in harsh environments. The mining industry is under pressure to decarbonize their operations and to transition to lower-emission technologies. While decarbonization options are well understood for stationary process equipment, challenges remain regarding how to decarbonize heavy-duty mobile emission sources. This article presents the methodology and findings of a structured assessment of low- and zero-emission pathways for mobile mining equipment. The approach is data driven and equipment centric, evaluating technology readiness, commercial and technical viability, and the financial implications of alternative powertrains including battery electric, hybrid electric, hydrogen fuel cell/combustion and low-carbon fuels such as renewable diesel and biodiesel. Supporting infrastructure requirements are also reviewed. Baseline attributes such as engine/motor power, duty cycles, energy intensity and typical purchase price are compiled into an equipment matrix, with alternatives matched by output power to ensure performance comparability. Capital expenditure (CAPEX) and operating expenditure (OPEX) are calculated conservatively from public sources, with OPEX combining energy/fuel costs and maintenance rates that reflect powertrain complexity.

May 1, 2026

An examination has been made of the rate and extent of removal of carbon from scrap metal charges when the melt is exposed to atmospheres which are reducing or oxidising with respect to FeO at unit activity. The mechanisms of decarburisation of molten Fe-C-S- P-Mn-Si alloys with H2/CO/H20/C02 gas mixtures with controlled compositions at high or low concentrations of carbon in the melt in the presence and in the absence of sponge iron, in both slag free melts and in the presence of various slag forming additives are discussed. A significant quantity of carbon can be removed from the metal during the melting stage and under optimum conditions, a high percentage of metal recovery and low carbon can be obtained after exposure of melt to the above gas mixture with controlled compositions. The presence of ferrous oxide provided by poorly reduced ore in the charge and the use of controlled atmospheres facilitated the removal of carbon to very low level during the melting period.

Jan 1, 1984

By E. A. Gulbransen, W. S. Wysong, K. Andrew

INTRODUCTION THE reaction of carbon in solid solution in a metal with the surface oxide film on many metals may be inferred from thermodynamic calculations for high vacua and high temperature conditions. Holm1 has recently shown that oxide films may be removed from ferrous materials by heating in a vacuum at high temperatures and that carbon is the essential element in the reaction. Considerable work has been described in the literature on the decarburization reaction. Several general references may be noted.2,3,4 However, the nature of the mechanism involved in the decarburization is not well understood. Our interest in this reaction resulted from many attempts to degas and to reduce by pure and dry hydrogen the surface oxides 0n strips of various types of chrome-nickel alloys. Some of the early experiments on the behavior of 13 pct chrome-iron in vacua of the order of 5 X 106 mm and at a temperature of 600°C have been reported.5 These experiments showed a slow reaction with the residual oxygen or water vapor in the system and no reaction with hydrogen. This is in accord with thermodynamic data which would lead to the prediction that it is extremely difficult to maintain a hydrogen atmosphere at 600°C pure enough to reduce Cr203 formed on the surface. The crystal structure of the superficial oxide film formed on 13 pct chrome iron and Nichrome V has been investigated in the thin film range by Gulbransen, Phelps and Hickman,6 and shown to be Cr203. It was surprising to us to note that when a specimen of Nichrome V containing approximately 80 pct nickel and 20 pct chromium was heated to 850°C in a high vacuum, the specimen' lost weight. The rate of weight loss was very temperature sensitive. A study of this reaction in vacua and in a hydrogen atmosphere is the subject of this communication. TYPE REACTIONS Let us consider the various reactions which may occur when a metal is heated in vacua, in a hydrogen atmosphere, or in an oxygen atmosphere. The number and kind of reactions will depend upon the chemical nature, of the metal, its alloying constituents and the location of the alloying constituents. The metals used in this study are chrome-nickel alloys of the heater type. They consist essentially of chromium, nickel and iron, small amounts of carbon, silicon and manganese and traces of zirconium, calcium, aluminum and magnesium. The trace elements are added to improve the lifetime and other characteristics of the alloy when used as a heater. Seven of the more important reactions with which we are going to be concerned here are as follows: [I. Metal • (gas) ;--* metal + gas - degassing of the metal 2. xM(s) + y ½ 02(g) tom- M.0„ (s) – oxidation]

Jan 1, 1948

By Bingguo Liu, PENG LIU, Haigang Dong, Jinhui Peng, Libo Zhang

Parameters of technique to decarburize from spent petrochemical catalysts via microwave oxidation roasting were investigated. Decarburization process was performed on a microwave heating system. The results showed that the decarburization percentage of spent petrochemical catalysts was significantly affected by roasting temperature and sample thickness in the range studied. The decarburization percentage was 99.5% in microwave fields under the optimized conditions, roasting temperature 600 °C, roasting time 40 min and sample thickness 2 cm respectively. The residuum after microwave decarburization was characterized by field emission scanning electron microscopy (FE-SEM) which showed that the deposit carbon had been removed effectively.

Mar 1, 2017

By Neil B. Prenn

Drill-hole contamination has been a problem for many years. Contamination of rotary drilling has been well documented. More recently contamination in wet reverse circulation drilling has been noted by Echo Bay and others at the 1991 AIME annual meeting. Mine Development Associates (MDA) has worked on a number of projects at which contamination of drill-hole samples has occurred. Properties are commonly acquired with drilling accomplished by other companies and at times the only records of the drilling program are the drill-hole logs and assays themselves. Identification of contaminated zones is sometimes difficult to determine. Most geologists and engineers in the industry are aware of the magnitude of the problem, as contamination is a relatively common problem with wet reverse circulation drilling. MDA has developed a computer program to help determine if contamination has occurred when using reverse circulation drilling, based on cumulative distribution curves and by a process we call decay analysis. Most deposits are not homogeneous throughout the deposit, but exhibit a characteristic drop-off or decay of assay values around higher-grade drill-hole intercepts. Using graphs of this characteristic decay and cumulative frequency distribution, we can use the program to help determine contamination in several ways. This paper will discuss the use of decay analysis at three gold deposits where contamination is known to have occurred. In one of the deposits decay analysis was used, successfully to determine if contamination had occurred, while in the other two the decay analysis was used to verify our decay analysis procedure.

Jan 1, 1992

By M. Maldonado

This work details the application of a decentralized control strategy to a pilot flotation column working with a two-phase system (water-air). The process is represented by a multivariable system composed of three inputs and three outputs. The selected control variables are the froth depth, the air hold-up and the bias rate, whereas the corresponding manipulated variables are the set-points of the local flow controllers of tailings, air and wash water. All controlled variables are estimated using electrical conductivity based techniques. In particular, the results of a new method for estimating the bias rate, based on the measurement of the volumetric fraction of wash water under the interface, is presented. This method reduces the coupling problem associated to the bias estimation as a difference between feed and tailing water rates. Moreover, the nominal system transfer matrix can be represented by an upper triangular matrix, in such a way that the closed-loop system stability reduces to the stability of the independent control loops. The experimental results show that the closed-loop system performance, particularly that of the bias rate loop, is strongly dependent on the air flow rate, reaching in some cases the saturation point of the controller.

Jan 1, 2007

By Xuemei Zheng, Aiyuan Ma, Guojiang Li, Tingfang Xie, Jinhui Peng, Libo Zhang

A new microwave roasting technology for the removal of Cl from zinc oxide dust is proposed in this paper. The effect of important parameters, such as roasting temperature, holding time and stirring speed, were investigated and the process conditions were optimized using response surface methodology (RSM). The experimental results show that zinc oxide dust dechlorination rate can reach more than 95.66% and meet the requirements of wet smelting electrolysis when controlling the stirring speed of 60 r/min,roasting temperature of 650 °C, holding time of 30 min. In addition, the effect of roasting temperature and holding time on removal ef ficiency of Cl was most signi ficant. As a result, the Cl content was decreased without the risk of pollution. This makes it as a good choice for a more ecological treatment of zinc secondary resources.

Mar 1, 2018

By Charles Vaught, Michael J. Brnich, Henry P. Cole, John V. Haley, William J. Wiehagen

Forty-eight workers who bad escaped large underground coal-mine fires were interviewed using an open-ended protocol. This information, and the actual experiences of one eight-person mine-section crew who escaped from a Fire, were used to construct an 18-frame (page) table-top simulation exercise, which was then field tested with 134 miners. The exercise is a research toot that measures miners' proficiency in the information-gathering and decision-making skills related to escaping from a mine fire. It also helps miners to learn and practice these cognitive skills. The exercise was found to be valid and reliable. All miners reported that the exercise was authentic and would help them to remember important information. The exercise total score, and all but two item scores, significantly discriminated among miners with different levels of training. The two items that did not discriminate dealt with whether or not to abandon a helpless fellow miner. When the exercise total score data were pooled, only 13.6% of the miners achieved a desirable score of 90% mastery or greater. The simulation is important because it teaches and assesses critical judgment and derision-making skills that are rarely addressed in miner training. Index Terms- Coal mining, critical skills, decision making, emergency escape and evacuation, escape from fire judgment training, mining, safety training, simulation training, under-ground mine fires.

By B Maybee, L Fava, D Millar

In the context of a case study for an underground gold mine, the value generated by a schedule optimisation tool (SOT) is assessed. SOT is a software tool for underground mine planning that maximises the net present value (NPV) of a development and production schedule. A baseline study measures the NPV of a schedule generated by SOT from a sequence prepared by the site mine planners. Operational resource constraints and precedence constraints are adhered to by the schedule and NPV is evaluated with a financial model including revenues, costs and discount rate, as specified by the mine planner.The case study has several facets in addition to the baselining component. Scenarios were conducted that examined the degree of constraint on operational resources, the projected gold price and unit costs. Life-of-mine schedules subject to optimisation using SOT allowed for equitable comparisons.Haulage was identified as a dominant constraint for the mine. It was one of six operational resources that were used to constrain the optimisation of the mine schedule, with alternative levels for some of these constraints being identified so that their effects on the NPV could be studied. Alternative price projections for gold and different cost projections were identified and their effects on the optimised schedule examined. Price and cost scenarios that brought additional economic material into the schedule at various times in the mine life were considered in comparison to a scenario that assumed no additional economic material would become available.This case study illustrated that the use of a schedule optimisation tool to optimise mine schedules provides mine planners with an ability to perform a wide variety of analyses in a relatively short period of time. Such tools thereby support strategic decision-making that can add significant value to an orebody.The case study demonstrates that by fixing the set of development and production activities to be carried out before optimising the life-of-mine schedule, the mine planners can inadvertently set up a situation where the NPV would be progressively eroded in the last several years of the mine life. This clearly illustrates the need for schedule optimisation to be integrated with life-of-mine planning.CITATION:Fava, L, Maybee, B and Millar, D, 2012. Decision support for an underground gold mining operation - A case study using the schedule optimisation tool, in Proceedings Project Evaluation 2012 , pp 41-48 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 24, 2012

By Bartłomiej Bursa, Paweł Stefanek, Paweł Stefaniak, Sergii Anufriiev, Wioletta Koperska, Maria Stachowiak

The article presents the main functionality of the DSS class system for monitoring and stability assessment of tailings storage facilities. The presented demonstrator was deployed on the example of the Żelazny Most reservoir - the largest active facility of this type in Europe and the second one in the world. Considered a high-risk structure, it demands a system capable of online analysis of big data from various sources using machine learning, 3D modeling, or GIS mapping with the functions of interactive time-spatial analysis. In this paper, we present a complex calculation module with an integrated user interface.

Jun 25, 2023

By Meyer Klein

Decision theory is the formal theory of the logic of decisions in view of the decision maker's objectives, preferences, I beliefs, and available information, It usually deals with weighty economic problems involving irrevocable (or costly to reverse) decisions. Capital investment planning problems constitute an instance par excellence for application of the decision theory concepts. Decision theory as it is presently conceived has evolved in recent years. At first it concentrated on decisions in the face of total lack of information and on games with intelligent adversaries. The results of these efforts proved theoretically interesting, but practically of little applicability. In the last few years, stress has shifted to the introduction of subjective probabilities and preferences, and the results have been eminently successful in applications both in government and with- in business firms in the resolution of complex problems.

Jan 1, 1970

By Frederik P. Agterberg

Mineral exploration consists of the acquisition of data and their interpretation to ascertain the presence or absence of uncertain events. In general, the amount of uncertainty decreases during exploration when targets become increasingly well defined. Decisions on further exploration and whether or not mining should be commenced are based on new information using both objective facts and subjective reasoning. Computers play an important role during all stages of exploration. Three recent books (References 1-3) on decision-making in exploration and mineral-resources evaluation provide additional background supplementing the papers in this volume and articles in scientific journals or other conference proceedings (e.g., References 4 and 5) dealing with the subject. Other new developments to be considered are that microcomputers are becoming increasingly important in the earth sciences (Reference 6), and so are applications of artificial intelligence (Reference 7). Microcomputer- based technology allows rapid communication between field parties and main office. Expert systems are becoming increasingly sophisticated aids for mineral exploration an can now contain objective rules based on statistical theory (Reference 8).

Jan 1, 1989

By Alessandro Navarra, Joël P. T. Kapusta

"The converting cost modeling software introduced by Ng et al. in 2005 [1] has been extended to consider the reprocessing of reverts and copper scrap. The original model evaluated the operational costs of a Peirce-Smith converter; algebraic relationships had been implemented with arrays (to represent matrices, vectors and scalar ratios). The new software brings flexibility to the underlying thermochemical balances, by using linked-lists instead of arrays. It is now possible to consider the blending of several feeds, including reverts and scrap.The software computes the length of the converting cycle from the Fe and S content of the charge together with the blowing rate; the times required for other operations (charging, skimming and idle time) are also accounted for. The costs of consumables such as flux, fuel, oxygen or compressed air are all evaluated. Downtime, labor, and materials for converter lining repairs are also considered. The software is easily extended to examine the costs of alternative operating strategies or injection technologies such as sonic single pipe injection and sonic shrouded injection. The potential cost benefits of alternative operating procedures and technologies are discussed through example calculations."

Jan 1, 2009

By S H. Begg

There is strong evidence that many major oil and gas (O&G) projects are plagued by large cost and schedule overruns, or significant underperformance in productivity. Similar evidence exists for large mining projects. This paper claims that uncertainty is the underlying reason why projects fail to deliver the metrics used to justify their investment, or to deliver the economic value possible if alternative decisions had been made.Most technical and economic analyses are performed to reduce uncertainty to help make decisions. Decision-making is about ranking alternatives and choosing the best; rarely are precise predictions required, if this is even possible. Better uncertainty assessment is one of the keys to better decisions, thus better business outcomes. To get better decisions it is suggested that the focus or reward/penalty incentives be shifted away from the quality of outcomes to the quality of decisions. High-quality decisions are those that are generated from the skilled use of the tools, methodologies and processes from the discipline of decision analysis.Uncertainty is quantified by probability, which is a degree of belief in the truth/falsity of some proposition about a quantity relevant to a decision, such as volume of in-place resource, future price or action of a competitor. The probability a person ascribes to a proposition depends upon their information set; hence probability is subjective – it is not an inherent attribute of the quantity of interest or the physical system.The above simple observations have profound implications for modelling approaches, how they deal with uncertainty, the use of data to help assess uncertainty and the reliability of information provided by subject-matter experts. The limited circumstances under which frequency data (from spatial or temporal variables) can be used to assign probabilities is also reviewed.People, in general, are subject to a range of biases and cognitive errors. Research with O&G subject-matter experts shows that their expertise offers little or no protection from making errors in probability assessments and other judgements.CITATION:Begg, S H, 2016. Decisions, decisions – uncertainty, variability, modelling and psychology, in Proceedings Seventh International Conference and Exhibition on Mass Mining (MassMin 2016), pp 9–18 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 9, 2016

By K J. Ward, C N. Hatton, J Scalia IV, C A. Bareither, D L. Spencer

The mining industry is experiencing change in the governance of tailings facilities (TFs). Guidance and regulations across many jurisdictions contribute to this amorphous change. The Canadian Dam Association, Mining Association of Canada, Australian National Committee on Large Dams, and the Global Industry Standard on Tailings Management, produced by the International Council on Mining and Metals, are establishing guidelines for more rigorous industry governance. Evolving guidance regarding TFs is developing concurrently with a shortage of experienced tailings engineers, which adversely affects the resource base available to support new governance. This paper presents an updated semi-quantitative estimate of the impending resource shortage of qualified tailings professionals. Updates are provided herein for the estimated number of TFs worldwide, which included available data on active and inactive TFs, as well as the estimated labor resources required to service these facilities. The tailings labor shortage is discussed in the context of academic and professional training currently available to increase the quantity of trained personnel. This paper represents a discrete moment in time as contributions to the available information and inventories accessed continue to improve, but as of today are incomplete. However, the data and information included provide insight into the resource deficiencies currently within our profession, training and education opportunities to address those resource deficiencies, and a snapshot of a recent professional training course offered on mine tailings.

Jul 1, 2021

Declining from surface provides access, haulageway, ventilation and provision for ser- vices for stoping and development. Three boom jumbos and 3.8 m3 capacity diesel loaders are used in decline development, the majority of which is driven at a gradient of 1 in 9. Primary ventilation is drawn from the mine through raisebored airways and high pressure contra rotating fans provide secondary ventil- ation. To meet schedules a special decline crew was formed on similar lines to a mining con- tractor. The basis of payment for the mining party was changed and the net effect was to accelerate development. Ground conditions demand constant support and this is achieved with chemical anchor rock bolts, multistrand grouted bolts and shotcrete. Major local shear zones are encountered and when they are to be driven through, a combina- tion of the above methods, involving a spiling technique, is used.

Jan 1, 1977