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By Michael Samis

NOFLEX valuation results ? CF deviations and net CF risk discount factors ??Cash flow deviations indicate average cash flow variability. ??Net cash flow riskdiscount factors (NCFRDFs) indicate the size of the risk adjustment applied to a cash flow. NCFRDFs profile should change with variations in cash flow uncertainty since the risk adjustments applied to the project cash flow reflect investor sensitivity to uncertainty.?DCF and RO will often produce different NCFRDFs for the same project since they use different methods of risk-adjustment.

May 1, 2006

Water is an integral and essential part of mining business. Two issues crucial in the management of this resource, scarcity and excess, are increasing awareness of the importance of water and changing the value perceptions of the industry because they affect both the existence and continuation of the business. Therefore its value should be reflected in the water management that is practised on site. Historically water in mining has been perceived to be of low value so management practices have not been good or well implemented. Political and social transformation in South Africa has been accompanied by the promulgation of new legislation. South African water law is now underpinned by Integrated Water Resource Management (IWRM) principles. It impacts water pricing, provides for water pollution charges, prioritises water users, has specific mining and water related components and requires water licensing as part of the licence to mine. Mining no longer has a priority on water resources and has to compete with other water users to gain access to resources. New institutional arrangements are being put in place to implement the regulations. All this requires a paradigm shift in miningÆs view of water. Generally the sector is still catching up with the new requirements, principles and philosophies. However, the way in which South African mining values water is changing. This is demonstrated in partnerships between the industry and other water users. These partnerships are Integrated Water Resource Management (IWRM) in practice and they achieve sustainable development goals. These partnerships are essential for mining to stay in business, expand operational capacity, reduce impacts, prevent legal action and reduce reputational risks.

Jan 1, 2006

By Robert T. McKnight

"Traditional techniques for valuing resource projects companies have been primarily based on discounted cashflow methods (DCF) or by comparison to similar projects with an apparent market capitalization. Many resource projects are really forms of options to invest rather than a future cashflow stream. Employing the DCF method to value a resource project which is really an option to invest, can dramatically underestimate the real value of the project. The analytical tools required to evaluate options, while more complicated than the usual spreadsheets used for DCF, are becoming more easily available and usable by managers. This paper will discuss the background of options valuation and some of the tools which will make it easier for managers to estimate the value of projects and companies which have significant real option values.ResumeBob McKnight is a graduate of the University of British Columbia in Geological Engineering, supplemented by an MBA from Simon Fraser University. Following several years in the oil patch with Cities Service and Brascan, Bob returned to Vancouver in 1979 to work for Wright Engineers. He subsequently went on to work for Cassiar Mining, Getty Resources and Endeavour Financial before joining Pincock Allen & Holt Ltd. in 1998. His experience ranges from exploration to feasibility studies, financial evaluations of mining and oil & gas projects, due diligence, project finance, valuations and mergers and acquisitions. He has extensive international mining experience pertaining to such countries as Chile, Mexico, Uruguay, Thailand, Indonesia, Angola, Papua New Guinea, Kazakhstan.What are Options?Options have been around for centuries. They were familiar to Roman and Phoenician traders who were shipping cargoes from Mediterranean seaports. In the financial world, options are types of contracts that generally include the right, but not the obligation, to buy or sell a share, currency or commodity. The underlying commodity price or share price changes are assumed to be lognormally distributed. In this context, options are of two general types, ""call"" options and ""put"" options. Call options have the characteristic of having the right to buy a tradable commodity or currency at a predetermined price for a specified period of time. For the owner of call options, they become more valuable as the price of the underlying commodity increases. For the seller of call options, these options become an increasing liability as commodity prices rise, since there is the obligation to sell the commodity at a predetermined (perhaps lower-than-market) price. This characteristic of call options recently became high profile with the sharp rise in gold prices last year. The value of gold call options sold by certain producers increased their associated liabilities to the point where margin calls were made."

Jan 1, 2003

By Michael Samis

Conventional project valuation techniques, such as discounted cash flow (DCF) method, are more frequently being criticised for the manner in which they consider the interacting effects of uncertainty and project structure (including management flexibility) on project value. Modern asset pricing (MAP; often called ?real options valuation? when applied to the analysis of flexibility) is a more general valuation framework that corrects many of the shortcomings of common valuation methods. Previous mining applications of MAP have tended to treat the ore deposit as a homogenous entity. While useful for demonstration purposes, this is inadequate for practical application in industry. This paper presents a MAP valuation example that allows for the heterogeneous nature of an ore deposit. It shows that deposit structure may increase the complexity of the mine planner?s decision so that results of a standard DCF analysis, or a simple MAP analysis that ignores the details of deposit structure, are misleading. In the example, a management is considering the development of an adjacent low-grade zone while mining operations in a high-grade zone are ongoing. If the low-grade zone is developed before high-grade reserves are exhausted, the proposed development will include both low-grade zone development and a capacity expansion to handle additional low-grade reserve production. If development of these reserves is delayed until the high-grade reserves are depleted, then the low-grade reserves can be developed without a capacity expansion. A typical DCF analysis would reduce the management?s decision problem to three alternatives: 1) continue mining only in the highgrade reserves, 2) immediately develop the low-grade reserves and expand capacity, and 3) delay low-grade zone development until the high-grade reserves are exhausted. The model presented here allows the management to reconsider the development and capacity expansion decision on a discrete half-year basis. It delineates price regions, for given levels of high-grade zone reserves, in which it is optimal to develop the low-grade zone, defer low-grade zone development and abandon the mine irrevocably. The model presented here extends the ability of mine planners to describe actual project structure while using the MAP valuation framework that is already noted for its capacity to combine project uncertainty and risk insights with a dynamic project description.

May 1, 2001

By Silvio Hernández Aquije

El presente texto señala el descubrimiento del vanadio en el Perú, así como las cualidades de resistencia que imprime este elemento en los aceros. De otro lado, se menciona la clasificación que hizo L.Lunay de los depósitos vanadíferos que tienen un interés económico en la minería.

May 1, 1955

By Silvio Hernández Aquije

El presente texto señala el descubrimento del yacimiento vanadífero de Minasragra a través del reporte de Yeatman-Berry en 1916 y el de Kett-Sproul en 1931. Así también señala los tipos de mineralización como la mineralización primaria y por impregnación.

Jul 1, 1955

By Alan U. Seybolt

UNLIKE its sister elements, columbium (niobium) and tantalum, vanadium has not been available until recently in fabricated form. While Vanadium Corporation of America has offered the metal in fairly pure form for sale for many years in small lots for research purposes, this grade of vanadium has been brittle, probably because of a high oxygen content. Hence, when in 1950 the announcement1 was made that wrought vanadium was available as a commercial material, this represented a large step forward in the metallurgy of vanadium. While vanadium is generally regarded as a rare metal, data on its occurrence in the earth's crust show it to be as abundant as copper, zinc, and lead combined. Vanadium is widely distributed, but it does not seem to occur in massive deposits except in a few localities, principally in Colorado, Utah, and Arizona, where it is found in sandstone formations, and in Mina Ragra, Peru. Only in Colorado or Peru are ores mined solely for the vanadium content. Ores in the United States are principally carnotite and roscoelite; the former is of particular interest because of its uranium content. It is a uranium-potassium vanadate containing approximately 52 pct of UO2 and 18 pct of V2O5. Production in the United States during the war years averaged around 2000 tons a year, but dropped to 636 tons in 1946. In recent years, ferrovanadium has been selling for about $2.80 per pound of contained vanadium. This suggests that the price of the pure metal will never be as low as $2.80 per pound, but it could

Jan 1, 1953

By A. Tikhonov, D. Kipper, V. Korovin, A. Olifirenko, Yu. Shestak

The present paper deals with vanadium and molybdenum sorption from industrial wastes and intermediate processing products using Cybber macroporous strong- and weak-base anionites. Vanadium and molybdenum recovery by Cybber anion-exchange resins as well as desorption processes were studied in static and dynamic modes; their efficiency was demonstrated for that purpose. The results of the work may be used to design technologies for complex processing of both ores and industrial wastes containing vanadium and molybdenum.

Jan 1, 2011

By A. D. Hammond

"INTRODUCTION Vanadium deposits in Arizona are distributed all across the state, from the rim of the Grand Canyon to the Tombstone mining district in the southeast corner of the state (Figure 1). The combined past production of vanadium from Arizona and New Mexico ranks second nationwide, after deposits in the Colorado Plateau In the northeast corner of the state, in the Carrizo Mountains and Monument Valley of Apache and Navajo Counties, vanadium was produced as a by-product of uranium in deposits of the Salt Wash and Shinarump members of the Morrison and Chinle formations, respectively. The production took place between 1943 and 1970. Another source of vanadium in Arizona occurs in vanadate deposits associated with supergene enrichment of base-metal vein and replacement deposits. The most important vanadate mineral is vanadinite, a chloro-vanadate of lead. Presently, there are no primary mines of vanadium in the United States. In 2012, a small production of vanadium pentaoxide (V2O5) was reported as a by-product of uranium at the White Mesa uranium mine in Utah1. This paper describes vanadate deposits in Arizona with emphasis in three districts, namely, the Mammoth, Globe-Miami and Banner districts.VANADIUM EPIGENETIC DEPOSITS: VANADATES Almost all vanadium epigenetic deposits occur as vanadates in oxidized zones of lead, zinc and copper veins and replacement deposits. Vanadinite, descloizite and mottramite are the most common minerals in vanadate deposits. Descloizite is a vanadate of lead, zinc and copper. Wulfenite, a molybdate of lead is also present. These minerals replace supergene base-metal minerals, form crusts on faces of open cavities, or are inter-grown with residual clays in pockets. The vanadium content in vanadate deposits is believed to have been leached from the country rock by ground-water and transported through porous rocks until precipitating as a relatively insoluble vanadium compound or until the solution evaporated. Precipitation was brought about by local concentrations of cations of divalent lead, zinc or copper. Lead is a constituent part of almost all of vanadate deposits and the vanadium pentaoxide (V2O5) content in vanadate minerals seems to have a direct correlation with the content of lead in the hypogene mineral. Vanadate deposits are restricted almost entirely to the oxidized parts of vein or replacement deposits. It is rare that oxidized zones extend past 100 ft from the surface. Vanadate deposits are largely restricted to tropical and temperate zones and regions of dry climate. Arizona and New Mexico have the largest concentration of vanadate deposits in North America."

Jan 1, 2015

By Qing-Yun Huang, Xiao-Yi Zeng, Bing Xie, Hong-Yi Li, Jia-Rong Yan

"In order to utilize vanadium resource in vanadium-titanium magnetite ore efficiently, vanadium distribution ratio between hot metal and slag should be improved during BF process, meanwhile the precipitating of Ti(C,N) in slag must be minimized. Effects of temperature, Ti02 content in the slag and basicity on vanadium distribution between slag and hot metal were investigated by experiment and thermodynamic calculation. The results indicated that high temperature, low Ti02 content and high binary basicity of slag were beneficial to increase the vanadium distribution ratio. The effects of temperature and Ti02 content in slag on vanadium distribution were stronger than that of slag basicity.IntroductionVanadium is an important element that is widely used in industrial fields. Most of vanadium resource is hosted in vanadium bearing titanomagnetite [l]. Vanadium bearing titanomagnetite is thus one of the domainate raw materials to produce the vanadium products. In other words, the comprehensive utilization of vanadium bearing titanomagnetite is beneficial for vanadium resource utilization. Vanadium bearing titanomagnetite sources are abundant in Pan Xi of China [4]."

Jan 1, 2013

By Maria Skyllas-Kazacos

The All-Vanadium Redox Flow Battery that was pioneered and has been developed at the University of New South Wales (UNSW) in Sydney since the mid-1980s is currently regarded as one of the most attractive energy storage systems for large-scale implementation in a wide range of grid-connected and offgrid applications. Several companies are now manufacturing and installing MW-scale VFBs in applications ranging from renewable energy storage, load-levelling, emergency back-up power and power arbitrage. The full-scale uptake of the VRB in commercial energy storage systems however, is heavily dependent on the availability and cost of vanadium used in the VRB electrolyte. Cost is also a function of purity requirements and although there is little scientific evidence on the effect of impurities on the VRB life and performance, VRB developers continue to demand high purity vanadium at considerable cost. This paper will provide a brief overview of the current understanding of electrolyte impurities on VRB performance together with an economic analysis of the impact of vanadium prices on overall VRB capital and levelised costs for a range of applications.

Jan 1, 2014

By Ning Wang, Bing Xie, Hong-Yi Li

"Compared to traditional sodium roasting, calcified roast inhibits chlorine pollution. A vanadium extraction technique based on a calcified roast is especially suitable for vanadium slag with high calcium content. In this report, V205was extracted from vanadium slag by calcified roast followed by acid leaching and hydrolysis precipitation. In optimized conditions, the high silicon low vanadium slag was roasted at 850'C for 2 hours without CaO addition. The roasted materials were leached with 35 % H2SO4 in liquid/solid ratio of 5:1 (mL/g) at 95OC for 4 hours. The extraction of vanadium was as high as 97.66 %. These results are instructive to V2O5 production in industry.IntroductionVanadium slag is produced in converter, sodium salt roasting is the commonly used technique to extract vanadium. In sodium salt roasting, vanadium slag is roasted with sodium salts including sodium chloride and soda as additives, followed by leaching with acidic or basic solution [1]. However, in this process chloride reacts to produce corrosive gases including HC1 andCl2- SO2 and SO3 can also corrode equipment severely and are also an environmental contaminant. The low melting point of sodium salts leads to fusion agglomeration, which blocks vanadium oxidation and thus decreases the extraction rate of vanadium. A large amount of sodium salts consumed as roasting additives increases the production cost. Moreover, sodium salt roasting requires low CaO content in vanadium slag. When the CaO content increases to 1%, V2O5 extraction can amount to 4.7%-9% [2]. For vanadium slag with high CaO content, the sodium salt roasting technique leads to low vanadium extraction rate."

Jan 1, 2012

By B. Nowak

For sources with an iron-to-vanadium ratio of far above 1, it is proposed to leach in acid and to oxidize under autoclave conditions. During this oxidation process, it is experimentally shown that divalent iron contained in this solution will be oxidized to trivalent iron, whereas free acid contained will be consumed by this reaction. In case no acid is present or already fully consumed, a solid consisting of ferric compounds and an iron-vanadium-co-precipitate will form that can be filtered from the solution. If choosing the right reaction conditions, this filter cake has an iron-to-vanadium ratio of close to 1, whereas the liquid remainder is almost vanadium free. This precipitate, identified as FeVO4, 1.1 H2O, can be processed by conventional technologies such as caustic leaching, or probably salt roasting or reduction with aluminum, yielding common marketable products.

By Y. F. Guo

Among the different valences of vanadium, V (?) is insoluble in acid, V (?) and V (?) is in-soluble in water but soluble in acid. Vanadium mainly exists as V (?) in vanadium titanium-rich material obtained by reduction -milling-separation from vanadiferous titanomagnetite. Therefore, the vanadium titanium-rich material can not be used to extract vanadium by acid directly. In this paper, the vanadium leaching was studied by oxidation roasting and acid leaching. Through oxidation roasting, vanadium is transformed from the insoluble V (?) into V (?) or V (?) in order to improve the leaching of vanadium. The results show that vanadium leaching increases significantly by oxidation roasting-acid leaching. Leaching of vanadium is up to 70.18% under the optimized conditions of roasting temperature of 950 ?, roasting time of 40 min, sulfuric acid concentration of 40%, leaching time of 4h, leaching temperature of 95 ? and liquid to solid ratio of 4 : 1.

Jan 1, 2014

By Porter W. Shimer

(New York Meeting, February, 1912.) IT does not seem to be generally known that some American pig-irons contain notable amounts of vanadium, and while the present investigation is far from covering the whole range of irons, it is hoped that, at least, it may serve to call attention to the importance of looking for this element. The majority of the pig-irons investigated were made in the Lehigh Valley and neighboring furnaces, using more or less New Jersey magnetite in their mixtures. Many of these ores, and probably all of them, contain a little vanadium as well as titanium; the ore from one of the largest of these mines contains 0.05 per cent. of vanadium and 0.60 per cent. of titanium. Dr. Thomas M. Drown was the first to detect the presence. of vanadium in the incrustations 1 occurring on certain pig-irons, and he also found this element in a number of magnetites, but the methods for its accurate determination had not, at that time, been well worked out. In a general way, it may be said that the Lehigh Valley pig-irons contain from 0.02 to 0.05 per cent. of vanadium and from 0.10 to 0.20 per cent. of titanium. These elements follow the silicon; that is, the furnace-conditions which produce a high-silicon, low-sulphur iron will cause the maximum reduction of vanadium and titanium, and the lower grades of iron, with low silicon and high sulphur, have a lower content of these elements. The following analyses of irons made from the same mixture, but under varying furnace-conditions, show this very well Vanadium. Silicon. Sulphur. Per Cent. Per Cent. Per Cent. NO. 1 X, . . . 0.042 3.46 0.022 No. 2 plain, . . 0.038 2.26 0.041 Mottled, . . . 0.0'29 0.52 0.106 1 Robertson and Firmstone, Note Concerning Certain Incrustations on Pig Iron,Trans., xii., 641 (1883-84).

Aug 1, 1912

By B. Rohrmann

The paper deals briefly with the history of vanadium, and its uses, price movement, and world resources. It then describes the titanomagnetite ore of the Bushveld Complex, and the production of vanadium from this ore at Highveld Steel & Vanadium Corporation Limited, giving details of the various processes used, including the roast-leach, rotary-kiln, electric-smelting, shaking-ladle, and basic-oxygen-furnace operations. The paper concludes with a very brief account of the treatment of Highveld slags in Europe for the production of vanadium pentoxlde and ferrovanadium.

Jan 1, 1985

By A. M. Sage

This paper reviews the metallurgical functions of vanadium in high-strength Iow-alloy steels, and discusses the ways in which vanadium is used in various types of steel supplied as reinforcing bars, plates, sections, and strip. Potential developments to meet new engineering requirements are discussed briefly.

Jan 1, 1984

By Kish. L.

"The results of a chemical and mineralogical study of eighteen opaque-oxide occurrences are discussed and the detailed chemical, metallurgical and mining feasibility study of a vanadium-rich magnetite deposit is summarized. A plot of the mol-percentages in the system FeO- Fe2O 3-TiO2 indicates that the deposits fall into two distinct groups: some contain hematite with ilmenite, and some others have magnetite with ilmenite (titaniferous magnetites). The plot also suggests that the two types of deposits were crystallized from liquids of different compositions. Each group has its distinct structural features. Vanadium is present in all of the studied specimens, however concentrations of economic importance have so far been found only in the titaniferous magnetite deposits. The vanadium content of the oxide concentrations of the Dore Lake Complex is the largest among the studied occurrences. Analyses of the concentrates of the drill-core sections show a compositional variation across the orebody; a continuous increase in the tenor of Ti02 and a decrease in the vanadium content upward in the layered sequence is found. Concentration tests on several tons of samples indicate that about 80 per cent of the vanadium is recovered in the magnetite concentrate."

Jan 1, 1972

By T. T. Perles

This paper will review the state of the global vanadium industry and outline the implications for the market in the coming years. Global vanadium resources and reserves will be defined. Current production of vanadium will be quantified and examined in terms of production by country, sources of raw materials for production and cost implications of the production processes. Current consumption of vanadium by country and by application will be reviewed. Vanadium supply/demand balance in recent years and the resulting impact on global inventory levels will be discussed. Projections for changes in global production, consumption and resulting inventory changes for the vanadium market in the coming years will be made.

Jan 1, 2014

By H. C. Gunning

SOME small vanadium-bearing deposits on the west coast of British Columbia about 100 miles north of Vancouver are of interest for several reasons. They are of a type that is, so far as we know, unique. They are difficult to identify as being vanadiferous so that, unless they are described, other similar deposits could easily pass unrecognized. Furthermore, although none of them has as yet been proven to be of commercial proportions, no good reason is apparent why larger, and therefore valuable, deposits should not occur under similar geological conditions. The original discovery on Quadra island was made in 1932 and has been recorded by H. V. Ellsworth and H. C. Gunning (l). Since 1932, prospecting in the area has revealed other similar deposits, one about a mile south of the original and another some ten miles to the east, near Menzies bay on Vancouver island. The Quadra Island showings are a mile and a half north of the head of Gowland harbour, a small inlet that is easily reached by gas boat from Campbell river, about four miles to the southeast on Vancouver island. The deposits were examined by the writers in the spring of 1943 in connection with field work sponsored by the Department of Geology, University of British Columbia. We are indebted to Mr. G. A. Dirom and Mr. Lothrop, of Vancouver, for helpful data on the Menzies Bay deposits, and to Dr. V. Dolmage for making a brief trip to Gowland harbour and discussing the deposits.

Jan 1, 1944