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By J Mercuri, S Dunford, P Rothman, E Bartsch, J Snyder, D Newton, R Maron, D Cirulis

The purpose of a mineral comminution circuit with a ball mill running in closed-loop with a hydrocyclone classification cluster is to feed the downstream process with the target particle size. Maintaining the optimal particle size in the flotation feed can significantly improve plant cash flow. In particular, reducing the amount of coarse material is often a major challenge. Existing instrumentation to provide particle size measurement is considered standard equipment in most modern concentrator plants. However, availability is often very low, mainly owing to high maintenance requirements of the analyser and associated sampling system.CiDRA Minerals Processing has developed two novel and robust technologies that address this challenge by providing high reliability and very low maintenance systems for on-line measurement of coarse material in the overflow of individual hydrocyclones. The first system is non-invasive and measures pebbles and rocks greater than 6 mm. This paper focuses on the second system, which is a ruggedized wetted sensor design with no moving parts and provides a real-time trend of the desired target grind size parameter, such as percentage above 150 micron.Both systems have simple robust designs and measure in the primary overflow stream of the individual hydrocyclone. Individual hydrocyclone measurement enables identification of poor performing hydrocyclones in addition to providing a representative measurement of the whole hydrocyclone cluster. The systems do not require sampling and associated sample transfer piping circuits that are prone to plugging, thus avoiding high maintenance requirements.The wetted sensor will be described in detail along with its implementation in a robust control scheme in a major copper concentrator in North America. Plant data shows very high availability, achieved with very low maintenance, has enabled improved process control, thereby maintaining throughput and ball mill target power while reducing grind size.CITATION:Cirulis, D, Dunford, S, Snyder, J, Bartsch, E, Rothman, P, Maron, R, Newton, D, O’Keefe, C and Mercuri, J, 2015. Process optimisation using real-time tracking of coarse material in individual cyclone overflow streams, in Proceedings MetPlant 2015, pp 93–109 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 7, 2015

By H. Netuka, J. V. Horak, A. W. Khair

"A general review of major problems concerning mathematical modelling of roof bolting problem is given. A mathematical model (MM) of interactive set Bolt - Resin - Rock and its discretization based on the Finite Element Method (FEM) is developed to calculate numerically course of displacement, stress and strain fields in this set. This new MM enables to get also course of the normal and tangential components of contact stress vector, normal displacement and then mutual tangential slip at the bolt - resin and resin - rock interfaces, respectively.Behavior of system on all interfaces is modelled in the MM as a ""unilateral contact"" governed by so called non-classical boundary condition of Signorini's type including Coulomb's law of friction between resin and rock, and ""a given friction"" law between bolt and resin (see Duvaut, Lions (1972) for mathematical formulation).Numerical example and some values of resulting stresses are shown and remarks on necessary and sufficient conditions for solvability of the problem are also given.IntroductionAs is well known roof bolting has become the primary support system in almost all underground coal mines. But the ""theoretical"" design criteria for roof bolt patterns are rather problematic because: "" ... real mechanisms by which the roof bolts reinforce the immediate roof of underground coal mine entry are still relatively unknown"", see Peng (1986).The aim of this contribution is to present brief description of fundamentals of mathematical theory (see Hlavacek et al., 1988) which could be, according to our opinion and knowledge, very helpful for numerical modelling of a such type of problems. For the sake of brevity we restrict ourselves here to just one of the simplest possible problem: analysis of the behavior of interactive set composed by only single full - length - grouted bolt, resin (or cement) and suitable part of domain of a ""immediate"" neighborhood of bolt which should represent physical action of real rock material."

Dec 1, 1995

By A. P. Whittlestone, J. D. Johnson, R. J. Pine, M. E. Rogers

standpoint. The effect on efficiency of collisions

Apr 1, 1995

By G. Coombs, L. Meade, J. Welshimer

Industrial Minerals commodity profiles are continued from May's Annual Review issue. Diatomite G. Coombs, Manville Sales Corp. Growth in US diatomite production continued to lag in 1986. The US Bureau of Mines estimated that 580 kt (640,000 st) were produced last year. This is a 1%0 growth over 1985. The cumulative growth from the 1982 low point is 4.4%. Present production, though, is still only 90% of the high tonnage of 1979. The industry will see increased competitive activity with the start-ups of two new mines and production facilities in California and Oregon. US production has come primarily from Lompoc, CA, Bassalt, Clark Station, and Lovelock, NV, and Quincy, WA. New production, probably with capacities of 45 kt/a (50,000 stpy) each, have started near Burney, CA, and Vale, OR. Eagle Picher's new, full-line filter aid and filler plant at Celatom, Vale, OR, was dedicated in August. The plant uses diatomite from the Celatom mining district in Juntura, OR. Grefco's new filter aid and filler plant near Burney, CA, was ready in July. It produced flux calcined products through a single kiln and can handle both bag and bulk shipments. The operations are in Shata County with the plant and mine at the same site. Manville Specialties Group is moving its Filtration and Minerals Division headquarters and research staffs to Lompoc, CA. The move is intended to strengthen response and performance by locating research, marketing, and production close together. Diatomite is processed in three methods: natural, calcined, and flux calcined. The natural is dried to remove water and is particle size classified. Calcined or straight calcined products have been sintered to modify particle size or permeability. Flux calcination, or flux sintering, has a stronger influence on permeability and also benefits color. The unique structure of diatomite is used in a range of particle sizes from fine paint fillers, to coarser filter aids, to granular aggregates. Dimension stone L. Meade, Geomapping Associates Ltd. 1986 was another good year for dimension stone production. The trend toward using marble, granite, limestone, sandstone, and slate has created an increasing demand. According to US Bureau of Mines 1986 estimates, 1.1 Mt (1.2 million st) of dimension stone, with a value of $173 million, was produced by 200 companies. This is an increase from 1985, where 220 companies produced 1 Mt (1.12 million st) valued at $172 million. The increased production volume and decreased unit value is due to the competition from imports. The net import reliance in 1986 was 68% compared to 62% in 1985. The value of imports was $374 million in 1986 versus $295 million the year before. In an effort to maintain their market share, domestic finishers, particularly in the granite industry, continued to upgrade plants and machinery during 1986. In addition, offshore dollars have financed a number of fabricating facilities in North America that will finish imported rough stock. It is hoped that this increased domestic production capability will capitalize on a devalued US dollar. The trend has been for growth in stone usage and market. This trend is continuing with increased public awareness and desire for natural stone in buildings. The area of greatest market growth is expected to be in residential and interior decorative stone usage. Use of sophisticated, automated equipment has made the cost more affordable. Now lobbies, foyers, and specialty rooms are being clad in stone. Dolomite J. Welshimer, National Lime & Stone Co. About three-quarters of dolomite production is used as construction aggregates and 10% to 20% is sold or used as an industrial mineral. Total limestone and dolomite consumed for chemical and metallurgical purposes is about 136 Mt/a (150 million stpy). Sales of industrial dolomitic products were somewhat stronger in 1986 than levels recorded in the early 1980s. Some of the sales' strength, however, can be attributed to reductions in the number of active mining and processing operations. The industry will probably undergo further consolidation by the end of this decade. This will be due primarily to the continued softening in demand by the steel industry. Dolomitic limestone deposits being mined for raw materials for the steel, glass, and refractory in¬dustries are generally 54% calcium carbonate and 45% magnesium carbonate by weight. Impurities composed of silicon, aluminum, iron, sulfur, and phosphorous, represent less than 1%. The heaviest concentration of high purity, surface mineable dolomite in the US is in northwestern Ohio. Crushed and sized dolomitic limestone is a basic raw material for the iron and steel industry. It is also used as feed stone or lime kilns. Soft-burned lime is a popular raw material for BOF steel production. It is also used extensively in insulating glass fiber manufacturing. A related material, hydrated

Jan 6, 1987

By Yi Luo

Multiple-seam mining operations induce surface subsidence basins different from those caused by mining in a single coal seam, and also disturb the mining operations in the other coal seams. A computer program, CISPM-MS (Comprehensive and Integrated Subsidence Prediction Model for Multiple Seam Mining), has been developed to predict the final surface movements and deformations as well as the interactions associated with multi-seam coal mining operations. The program applies a newly developed subsurface subsidence prediction model that is able to consider the geological stratification variations. In predicting surface subsidence, the surface movements and deformations caused by the individual mining operations as well as the interactive effects are all considered. A case study is conducted in this paper for validating the program.

Jan 1, 2012

By M Scoble, E Rubio

The re-engineering of manufacturing production systems has demonstrated the benefits from using production information for optimising processes. This paper explores the techniques and issues in the acquisition and analysis of mine production data for tactical decision making in production control. The use of information and operations management tools is presented in the context of block caving studies, with particular focus on the relationship between secondary breaking and LHD production performance.

Jan 1, 2000

Sulphide minerals, such as pyrite and sphalerite, are leached by ferric sulphate. This reaction produces ferrous sulphate and other dissolved products. The ferrous sulphate is re-oxidized to ferric sulphate by bacteria. These reactions can be written as: [ ] However, in 1964 Silverman and Ehrlich proposed that this is not the only role that is played by bacteria. These researchers proposed that T. ferrooxidans enhances the rate of oxidation of pyrite above that achieved by chemical reaction with ferric sulphate at the same solution conditions. This enhancement in the rate of dissolution was proposed to occur by direct microbiological action, possibly by the extra cellular secretion of an enzymatic oxidant. Since the Silverman and Ehrlich proposal, different authors have made opposing claims concerning the action of T. ferrooxidanson pyrite. This ?direct mechanism? of bacterial dissolution of pyrite can be given by the following reaction: [ ]

Jan 1, 2000

By William A. Kapp

INTRODUCTION Coal is being mined from beneath residential areas, structures, bodies of water and other surface features in the coalfields to the north, south and west of Sydney. The particular problems faced by mine operators in these areas vary considerably due to differences in the overlying strata, the variation in the depths of cover and also depend on the number of seams being mined. Detailed subsidence work first commenced in the Southern Coalfield in 1965 and is now being carried out over areas of extraction at roost collieries. The analysis of the results of the early investigations and of the work which continues in other areas has shown that there is a consistent relationship between subsidence and mine geometry and has led to a reliable empirical method for the prediction of subsidence. In addition, particular aspects of each of the studies in the Southern Coalfield results in a clearer understanding of strata movements and of the resulting subsidence. The features of a subsidence trough apply generally to all areas but the magnitudes of specific features vary according to the stratigraphy of the particular coalfield. The aim of the subsidence work is to quantify the effects of subsidence for a range of mining geometries and mining conditions to enable the maximum safe recovery of coal from beneath surface features. The importance of local subsidence investigations is becoming more evident to mine operators and to authorities or organisations with surface interests. The subsidence work also provides important information on the stabilities of pillars of coal which remain unmined between panels of extracted coal. These pillars are not extracted either because of poor mining or geological conditions, or because pillar extraction is not part of the particular mining operation. Subsidence studies over these coal pillars clearly establish whether the pillars have remained stable or have failed to support the overlying strata. With subsidence studies continuing over several years, it is possible to assess the stabilities of these pillars on a long term basis. BACKGROUND TO THE STUDY OF SUBSIDENCE Geographical setting Most of the black coal production in Australia comes from the Sydney Basin. The coal seams extend for approximately 350 km along the coast of New South Wales and inland for distances up to 150 km. The City of Sydney is located near the centre of the coastal extent of the Basin where coal has been mined at a depth of 900 m. The Sydney Basin is part of the Main Coal Province of NSW and is divided into several coal- fields. The Southern Coalfield to the south of Sydney contained 15 operating mines and produced 12.7 million tonnes of raw coal during the 12 months to June 1981. The collieries discussed later are shown in Fig. 1. The prominent topographical feature of the area is the Illawarra Escarpment which rises to 400 m above sea level, or 300 m above the coastal strip along the South Pacific Ocean. The escarpment is mainly sand- stone and the weathering of the cliff line has resulted in a covering of talus material at its base. Several collieries are located near the seams which outcrop along the escarpment. The city of Wollongong is located in a scenically attractive area on the coastal plain. The suburbs of Wollongong extend north along the coastline, south to beyond Lake Illawarra and west to the lower slopes of the escarpment. The Illawarra Escarpment forms the eastern boundary of the Woronora Plateau. On a regional scale the surface dips gently to the west and thus forms a watershed for the rivers, most of which flow in a general north westerly direction, sometimes forming steep gorges in the sandstone. These rivers join the Nepean and Hawkesbury River system and flow into the Pacific Ocean north of Sydney. Seven dam have been constructed over the Southern Coalfield (Fig. 1) and with one large dam further to the west, their stored waters provide the needs of the Cities of Sydney and Wollongong and the surrounding districts. A large part of the area affected by mining is the undeveloped bushland of the associated catchment areas. In general no special precautions have been required with respect to subsidence with the exception of the dam structures and stored waters. With the increase in coal mining activities and the expanding residential development south of the City of Campbelltown in the outer Sydney Metropolitan area, subsidence is becoming an increasingly important area of research. Structures which have been affected or considered are townships and extensive residential areas, buildings of historical importance, major tollways, and a high pressure natural gas pipeline. The subsidence effects of mining beneath natural features within national parks is coming under study as mining approaches these areas. Geological setting The coal seams of the Southern Coalfield lie within the Illawarra Coal Measures. They contain high rank coking coal used in the local steel industry and for export. The Bulli Seam is mined extensively through- out the Southern Coalfield with the lower Wongawilli Seam being second in importance with regard to coal production. The top of the Bulli Seam is taken to be the marker horizon between the Permian Coal Measures

Jan 1, 1982

By S. Schina

Part of the Imittos Western Peripheral Motorway in Athens is the twin road tunnel in the vicinity of American College, with 20m excavation diameter. In the paper, the environmental and other requirements, the geometry and the geological – geotechnical characteristics of the rock formations in the construction area are given. Information regarding the modeling and analysis methods that are used for the design of the temporary support, the final lining and the wedge and slope stability analysis is described thoroughly. Finally, the results of the analyses are compared with these of measurements and general remarks during the construction of the tunnels.

Jan 1, 2001

By A M. Myrvang, B Nøst, N Q. Trinh, I S. B Bergh

The iron ore producer Rana Gruber AS is situated in northern Norway just below the Arctic Circle, and has been producing hematite and magnetite concentrates for more than 60 years. Since the late 1990s, the major part of the production comes from a sublevel stoping underground operation after many years of open pit mining. Despite moderate mining depth, the operations have experienced considerable rock stress problems due to quite high tectonic, horizontal stresses. To manage the problems, comprehensive rock mechanics investigations have been carried out by SINTEF, a major contract research organisation. This has included in situ rock stress measurements, laboratory investigations and numerical modelling. Based on this and practical experience, satisfactory design of vertical and horizontal pillars was achieved. At depth, the ore width increases from 30–40?m to more than 100?m. This, together with a major planned increase in production, called for a change of the mining method. After thorough investigations and considerations, it was decided to change to sublevel caving, very much like the LKAB system. The development of the new system has been closely followed up by rock mechanics measures, including 3D numerical modelling and comprehensive monitoring of deformations and rock stress changes. To achieve a satisfactory caving of the hanging wall, all vertical and horizontal pillars in the sublevel stoping area had to be removed. This has been a challenging task, and the development of the caving has been slow until recently. However, now the caving develops satisfactorily.CITATION:Bergh, I S B, Trinh, N Q, Myrvang, A M and Nøst, B, 2014. From sublevel stoping to sublevel caving at Rana Gruber, Norway – rock mechanical aspects, in Proceedings AusRock 2014: Third Australasian Ground Control in Mining Conference , pp 323–330 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 5, 2014

By Charles Catlett

(San Francisco Meeting, October, 1911.) WHILE the occurrence of phosphorus in coking-coal has assumed less importance with the development of the open-hearth method of steel-making, it may not be without interest to note the form in which phosphorus exists in one particular coal-seam. In the examination of what is known as the Big seam, which outcrops a few miles west of Columbiana, Ala., my attention was called to the distribution through the coal, in the form of minute veins and particles, of a resinous-looking substance. A small amount of this was selected, and was provisionally identified as evansite (Al6, P2 014. 18 Aq). Subsequently, through the courtesy of Dr. Sharshall Grasty of the Geological Department of the University of Virginia, I was able to secure an additional amount of material, which was purified down to about 0.3 g. This was examined by Prof. John J. Porter of the University of Cincinnati, and gave the following partial analysis

Nov 1, 1911

Using a Mark IV surface force apparatus, adsorption of dodecylamine hydrochloride on mica has been studied at pH 5.7 in the presence and absence of octanol. With amine alone, the repulsive forces between mica surfaces are reduced due to charge neutralization and attractive hydrophobic force; however, the latter is of relatively short-range with its decay length less than 2 nm. In the presence of amine and octanol, the hydrophobic force becomes more significant, its decay length being extended up to 6.5 nm. The increased hydrophobicity in the presence of octanol is attributed to the co-adsorption of the neutral surfactant with dodecylamine, which increases the packing density of hydrocarbons on the mica surface. The increased hydrophobicity due to co-adsorption is reflected in the improved floatability of silica when using octanol as an extender.

Jan 1, 1993

By Raúl Castro, Marco Vera, Alfonso Ovalle

The underground mining evolution for block cave mines in Chile and worldwide has made important strides in the last decades. Nonetheless, reserves determination in the initial stages of these types of projects—mainly for long-term planning—is not studied in as much detail as it should be, especially regarding the impact on the final value of the enterprise. Today, the first estimation of the size of a block cave mine, typically expressed in tons, tends to determine very large footprints and ore bodies. The resulting large-scale mine is obtained by applying the marginal cut-off grade (COG) to determine reserves. Yet, in many cases, it is possible to obtain an equal or higher benefit, extracting fewer reserves in less time, with a smaller active area, which significantly reduces the project’s uncertainty. To explore scenarios obtained by applying a higher marginal COG in the initial phases of the project, the Hill of Value methodology is used to estimate the net present value (NPV) in relation to the production rate and the COG. However, the application of this methodology considers certain simplifications that generate results which are not completely satisfactory in specific cases. This paper suggests an improvement of this method to obtain more reliable results regarding determination of a COG profile that will optimize the NPVof a block-cave project. The methodology was developed and applied in a massive polymetallic deposit with zinc, lead, and silver mineralization, corresponding to a real block caving project. The methodology provides NPV results that differ by approximately 15% in comparison to the real mine plan, while also being considerably simpler and faster to calculate. In summary, the proposed methodology provides a reasonable and fast procedure to estimate higher than marginal COG that increases the NPV of block cave mine projects.

The centrifugal elevator invented and patented by the writer is designed for the purpose of conveying the tailings of a gold dredge to such a distance that it shall not impede the dredging opperations. Formerly this was usually accomplished by means of a belt of buckets travelling round a ladder set at an angle of about 30 degrees to the horizontal, but this meant heavy wear and tear on the travelling buckets and the tumblers actuating them. The centrifugal elevator throws the tailings through the air to the required height and distance and it is manifest that during their flight from the elevator to the heap there is absolutely no wear and tear, only the attraction of gravity and the resistance of the air has to be overcome. All then there is left to he considered is how to throw the stuff with the minimun of prower and wear on the elevator.The elevator consists of a cam-shaped steel casting with a disc of mild steel plate on either side: These side plates project a few inches beyond the tips of the beaters, in order to prevent odd stones from straying in an undesired direction; they serve also to prevent extra large stones from reaching the beaters, for they slide off the rims into the water.

Jan 1, 1904

By H von Blottnitz, A C. Keith

The influence of the life of a mine extends beyond its immediate vicinity both in geographic and temporal terms. Decisions around mine approvals are generally made based on economics, for the mine owner and immediate environmental and social impacts by governments and communities. The value from life-of-mine planning can also be viewed in a holistic frame across the entire value chain from mine to product user. This research examines the Carmichael Coal Mine in light of the holistic benefits and impacts along its value chain from the mine to relieving the lot of energy poor in India.CITATION:Keith, A C and von Blottnitz, H, 2016. Can Australian coal alleviate energy poverty in India – a case study, in Proceedings Life-of-Mine 2016 Conference , pp 52–56 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jun 28, 2016

By A. B. Cecala

Enclosed cabs have been used for many years to isolate workers on mobile equipment in the mining industry for health and safety reasons. These enclosed cabs create a microenvironment for workers where they can be either more protected or more vulnerable to contaminants. Over the past decade, the National Institute for Occupational Safety and Health (NIOSH) has performed substantial research efforts to improve the air quality inside enclosed cabs of both underground and surface mobile mining equipment. In these efforts, NIOSH has partnered with mining companies, original equipment manufacturers (OEMs), and manufacturers of filtrations and pressurizations systems in a synergistic effort to reduce respirable dust and improve the air quality inside these enclosed cabs. Various field studies over this time have shown an array of results ranging from very minor to very significant reductions (protection factor: 3 ? 89) in respirable dust levels inside these enclosed cabs. In addition to and concurrent to the field work, NIOSH also performed a comprehensive laboratory study to evaluate all the factors involved in cab filtration and pressurization systems and identified those factors that were most significant for an effective system. From this comprehensive research effort, the key components for an effective filtration and pressurization system have been identified in an effort to provide the best air quality, thus minimizing the respirable dust exposure, to equipment operators inside of enclosed cabs of mobile mining equipment.

Feb 27, 2013

By B. Derin, T. Uzunoglu, O. Yücel

In this study, reduction behaviours of Turkish chromite concentrate (48 % Cr2O3, 13.30 % FeO, 18.33 % MgO, 12.37 % Al2O3, 5.76 % SiO2) and nickel oxide by Fe-C alloy in graphite crucible were investigated. In the first stage of experiments, steel scraps were melted in graphite crucibles and were saturated with carbon at 1600 °C and 30 min. In the second stage, mixtures of different amount of chromite concentrate, nickel oxide and flux additives (CaO,SiO2 and CaF2) were charged into the graphite crucible containing the Fe-C alloy and heated to 1600 °C for different reduction times (0-180 min) under argon gas. The highest Cr and Ni con-tents in alloys were found as 11.41 and 14.37 % and the highest Cr and Ni recoveries were found as 88 and94 %, respectively at 180 min.

Jan 1, 2007

By Stephen van Duin

As productivity in coal extraction demands increase in underground coal mines, the industry is faced with finding new ways to support production without jeopardising safety. In modern mines the capacity and scale of longwall coal extraction has steadily increased to a point that support processes are failing to keep pace. In particular, roadway development is continually placed on the critical path of activities which maintain mine production, so any inefficiency in this area is quickly exposed. Original equipment manufacturers are under immense pressure to modify their machines to be more interconnected with each other, with machine communication and logistical sharing of space becoming a known requirement. This paper looks at the changing trends in mining practice, analysing available technology as well as currently emerging research into hard automation and discusses the need to integrate machinery and processes in order to see increases in productivity and safety.

Aug 1, 2013

By Koichi Kobayashi

Performance-based approach to design of structures including foundations was adopted after enforcement of the revised Building Standard Law in Japan in 2000. The use of piled-raft foundation is favorable for medium-rise buildings in soft ground because of its good performance. In the design of the piled-raft foundation (Architectural Institute of JAPAN2002), vertical load is usually carried by the raft foundation, while the pile is primarily meant to control settlement of the structure. Shaft friction is expected to be larger in a nodular pile(Karkee, et.al., 1998) since it has larger surface area than a straight pile, and such piles are frequently used in piled-raft foundations. Since few structures with piled-raft foundation exist currently, the settlement characteristics of piled-raft foundation have not been fully clarified. To design piled-raft foundations with better confidence, the mechanism of vertical bearing capacity and the spatial distribution of settlement should be clarified, for which the actual behavior of the building-foundation system needs to be evaluated. This paper presents observations of settlement of a building with a piled-raft foundation at a soft ground site. The building is a steel structure covering an area an 766 m2, and consists of two-storey office block and one-storey warehouse block. The filled ground of about 5-m thickness at the ground surface is underlain by approximately 4-m thick alluvial sand layer below which lies about a 17-m thick alluvial clay layer with SPT N-value less than 2. The piles used in the piled-raft foundation are 12-m long nodular piles with nodal diameter of 500 mm (pile shaft diameter is 400 mm). The bored pre-cast piling method (Karkee, et.al., 1998) was used to install the piles. To evaluate the foundation settlement, the method of analysis of three-dimensional frame system, utilized widely in Japan, was adopted in combination with the foundation system. Basic assumptions were: (i) total ground settlement is evaluated as the sum of immediate settlement and consolidation settlement, (ii) immediate settlement is evaluated from the Mindlin?s solution in which strain dependency of shear modulus of soil is considered, (iii) settlement in clayey layers is evaluated by the one-dimensional consolidation theory, and (iv) shear spring between soil and pile shaft is represented by a hyperbolic function. The applicability of the method of analysis was verified by comparison with results of field monitoring of building settlement.

Jan 1, 2006

South Africa remains the largest global producer of gold, accounting for 11.3 per cent of total world mine production, which amounted to 2520.2 t in 2005. The benefits and disadvantages associated with hedging practices in general, and among South African gold producers is examined. The wide variety and unique nature of risks faced by the mining industries provide a strong case for hedging. Only the principles of hedging, such as selling ounces of gold in the ground at a pre-agreed price for delivery at a future date as a cost-effective mechanism for price risk management, is discussed. Progressive and cumulative increases in the volume of forward sales in the major producing countries are considered by many to be the cause of the declining gold price over the past decade. In spite of negative publicity, forward selling continued as an industry-wide practice until recently (2002) when the global hedge book contracted by 352 t; contraction amounted to 158.6 t in first quarter of 2006. The objectives and benefits of hedging include continuity and stability of cash flows, stability in price achieved, reduction of frictional costs, and creating an effective management tool. The importance of a defined hedging strategy in reducing uncertainty about the hedging objectives is essential to a successful hedging policy. Historical patterns in hedging revenues at an industry level indicate five distinct periods during which the fortunes of hedgers have fluctuated. Finally, since 2001 the rising gold price and reduced price volatility through the consolidation in the global price means that the need to stabilize revenue flows is less urgent. This has meant that hedging is becoming progressively less important for the mining industry at large.

Jan 1, 2007