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By Charles T. Malcomson

In the United States, improvements in methods of combustion have made possible the use of the smaller sizes of anthracite. This coal is now being reclaimed from the culm banks accumulated by the miners in the more prodigal years. To-day the freshly mined "slush" is segrega,ted and stored against the time when, through briquetting or some other means, it may be utilized as a commercial fuel. For many years Europe has achieved enviable results in the conservation of her small coal by briquetting. This profitable industry, first placed on a commercial basis in France in 1842, has grown to such magnitude that the production during 1913 exceeded 36,000,000 short tons. Briquets produced in Great Britain are used principally for steam purposes and the greater part of the output is either exported or taken by the Admiralty. On the Continent the briquets are sold in all branches of the coal trade. The French railways consume from 16 to 40 per cent. of their fuel in briquet form, and in Germany the lignite briquets (of which 20,000,000 tons were produced in 1913) are as familiar and interesting to the American traveler as the huge porcelain stoves in which they are burned. It is not strange, therefore, that aggressive and far-sighted promoters heralded this means of converting our ubiquitous coal waste into revenue. To the superficial student the briquetting process seemed so simple as to make success easy. It is for this reason principally that the path of the industry in America has been strewn with failures. The rash enthusiast had either not worked out the mechanical problems involved or had failed to grasp the local conditions under which the briquets must be made and sold. It may be confidently stated, however, that in spite of the many vicissitudes through which it has passed, coal briquetting is now an accomplished economic success in this country, and as a profitable adjunct to the coal industry it has come to stay. Several valuable contributions relating to coal briquetting are found in the Transactions. Charles Dorrance, Jr., has sketched briefly the history of the anthracite briquetting plants from the time of Loiseau's pioneer plant down to that of the Lehigh Coal & Navigation Co. at Lans-ford. Since then this phase of the industry has remained practically at

Jan 1, 1915

By J. N. Hilton, D. Moffett, E. Barnes

"A recent pilot-plant program carried out at Rio Algom's Quirke uranium mine at Elliot Lake, Ontario is described. The goal of the research was the production of tailings basin effluents which were low in total radium-226. The process tested involved precipitation of radium with barium chloride and sedimentation in plastic-lined settling ponds. Adjustment of the tailings basin overflow from its normal value of pH 9.5 by addition of sulphuric acid to about pH 7.5 was found to give approximately a five-fold improvement in total radium-226 removal. A five-month demonstration test resulted in an effluent with a mean total radium-226 activity of44 pCi/L after 2.5 days settling time and 29 pCi/L after 5 days. The results from the demonstration program are used to propose a schedule of achievable total radium-226 activities where precipitation and sedimentation are employed. The maximum suggested values for 5 days nominal settling time are: 30 pCi/L in an annual mean, 45 pCi/L in a monthly mean. 60pCiIL in a weekly mean and 80 pCi/L in any single grab sample.IntroductionRadium-226 has been removed from effluents at the Elliot Lake uranium mines since the introduction of the first barium chloride treatment system in 1965. Current practice, which has changed little over the years, consists of radium-barium sulphate precipitation by the addition of a low do se of barium chloride to the clear overflow from the tailings basin(l·2l. Provision is made for the precipitate to settle in large natural or constructed ponds and lagoons. The residence time in these ponds, which depends on the site, ranges from 3 to 35 days, with varying degrees of efficiency being achieved."

Jan 1, 1981

By Thomas O. Ziebold, Robert E. Ogilvie

Experimental analysis of diffusion samples covering the entire Cu-Ag-Au system at 725°C has been carried out. Experimental coefficients are computed at twenty-eight points in the lermary system. It is found that the direct coefficienl for copper is nearly independent of the silver, content for 1ow-silver alloys and that the cross coefficient for silver correlates with the ther-nzodynatnic properlies. This lalter observalion leads to the conclusion that the mobililies of copper and gold are nearly equal. Thermodynarmic actiuilies for Cu-Ag-Au were computed from binary data and adjusted to be consistent with neasured tie lines across the two-phase region which extends into the ternary diagram at 725°C. Application of these therknodynarnic calculaliorls to the dijftcsion data terifies the Onsager reciprocal relations to the extent that experimental uncertainlies will allow. It is jound that diffusion neav the critical point of the 1200-phase field in the isothermal section at 725°C causes the composition gradients for copper and silver to approach infinity while the direct and cross coeficients become equal. From the standpoint of experimental Procedures, it has been shown that microanalysis of ternary samples may be carried out using a simple expression for the conversion of X-ray zntensily to composilion. The accuracy of' this method has been demonstrated by the analysis of standard alloys and by the reproducibility of composition determinations using differed X-ray lines. DIFFUSION in a ternary alloy system is basically and significantly different from diffusion in binary alloys. When only two elements are present there is just one independent composition variable, and the diffusion profile of composition vs distance across a sample must change monotonically through all solid solutions bracketed by the terminal alloys. If two-phase regions are stable for compositions between the terminal values, these must appear as planar interfaces in the diffused sample, with the composition profile exhibiting sharp discontinuities. Adding a third element may alter this picture completely. Because of the additional degree of freedom in the composition, we may see composition profiles which do not change monotonically through solid-solution ranges, and stable, nonplanar phase interfaces. Even though two-phase regions may lie between the terminal compositions of a diffusion sample on the constitution diagram, they will not necessarily appear in the diffusion profiles. In binary diffusion only one coefficient is needed to describe the interdiffusion process. From Fick's law this coefficient relates the diffusive flux of one component to its own composition gradient. In ternary diffusion we must allow for cross interaction between the two independent species. By a linear extension of Fick's law we introduce "cross" or "off-diagonal" diffusion coefficients which relate the flux of one component to the composition gradient of the other independent constituent. Thus, we require four interdiffusion coefficients to describe the transport process in a ternary system. In its most general form,1,2 the rate equation for mass transport by isothermal diffusion in a system of s components states that the diffusive flux of component i, Ji, is a linear summation of all driving forces, Xk, each force being multiplied by an appropriate compliance coefficient:

Jan 1, 1968

By V. F. Parry

The author wishes to acknowledge the advice and criticism of A. C. Fieldner, chief, Coal Division, Bureau of Mines, United States Department of the Interior; the assistance of Durbin Van Law, consulting industrial engineer, Denver & Rio Grande Western Railroad, Denver, Colo., who furnished valuable information on trends of coal production in Utah by making available his unpublished report "Utah Coal Industry"; and the aid of J.C. Beltz, associate research chemist, Bureau of Mines, Washington, D. C., who reviewed and checked the data, and of W. S. Landers, assistant chemical engineer, Bureau of Mines, Golden, who assisted in the preparation of many of the statistical data, in this report.

Jan 1, 1942

By R. Ricketts, D. G. Vanderveer, F. Kirby

"A program of mapping, sampling and testing to determine the potential of the aggregate resources throughout Newfoundland and Labrador was commenced in 1978. A 6-km-wide corridor parallel to all transportation routes was selected as the study area.The study consisted of a preliminary surficial interpretation followed by field mapping and sampling. Granular resources were sampled at a 500-m interval and non-granular materials were sampled at a 1.5- to 2-km interval. Data were gathered on landforms and stratigraphy as well as a field description of the sample and deposit types. Particle-size and lithologic analyses of the samples were also conducted.The locations of samples and deposits were mapped on 1:50,000 topographic base maps and summarized for publication at a 1:250,000 scale. Surficial geology maps were produced at a 1:50,000 scale. A computer program is being developed for the search and retrieval of field data.The first phase of the Inventory of Aggregate Resources program is nearing completion and to date has collected information on approximately 9,500 samples throughout Newfoundland and Labrador. This data will be used to provide f or the effective management of these vital non-renewable aggregate resources.The mineral aggregate industry in Newfoundland and Labrador is very competitive, but undercapitalized when compared to other provinces. The demand for aggregates is forecasted to increase to in excess of23 million tons per annum by the year 2002.In terms of over-all mineral production, the extraction of sand, gravel and stone has a significant impact when compared to other minerals in terms of value and tonnage produced.IntroductionThe province of Newfoundland has approximately 18,000 km of coastline. A large proportion of the population lives in coastal communities where, traditionally, beaches have been a major source of construction materials. Beaches have, therefore, often been subjected to overutilization, resulting in erosion of back beach areas or adjacent headlands."

Jan 1, 1982

By R Beaulieu, D Burlingame, C Hanks

The Ekati Diamond MineÖ is CanadaÆs first diamond mine and is located 300 kilometres northeast of Yellowknife in the Northwest Territories. The development of the mine supports sustainable development through the integration of environmental, economic and social considerations with the broad aim of minimising environmental impacts while maximising opportunities and benefits to northern residents and northern businesses. The environmental assessment and regulatory processes for the Ekati Diamond MineÖ were the most extensive seen in the NWT to that date; in Canada only uranium mines receive more attention. In addition to the regulatory requirements, an Environmental Agreement was negotiated with the Governments of Canada and the Northwest Territories to address environmental concerns not covered by existing legislation and regulation. Under the agreement an Independent Environmental Monitoring Agency was set up to oversee the regulatory process and implementation of the Environmental Agreement. Environmental stewardship is implemented through an Operational Environmental Management Plan, part of which includes effects monitoring programs for wildlife and aquatics where available traditional ecological and scientific knowledge are integrated to broaden our understanding of the tundra environment. A Socio-economic Agreement was concluded with the Government of the Northwest Territories to maximise employment and business benefits to the north. Voluntary and confidential Impact Benefits Agreements (IBAs) were also negotiated with four Aboriginal groups who use the area where the mine is located. The intention of the IBAs is to foster development initiatives and a partnership thereby helping to insure that benefits from the project flowed to the Aboriginal groups despite a lack of settled land claims in the region. All these were completed before commercial production in October 1998. Employment targets of 62 per cent residents of the Northwest Territories and 31 per cent Northern Aboriginal have consistently been met thereby ensuring benefits flow to residents of the Northwest Territories. In 2000, $316 million was spent to support operations at the Ekati Diamond MineÖ. Of this, 82.2 per cent of total spending and 26.6 per cent total northern spending was northern and northern Aboriginal businesses, respectively. The environmental and socio-economic monitoring results are reported annually to the responsible government agencies and potentially affected Aboriginal groups. To date, there have not been any significant adverse environmental effects documented and socio-economic targets have been met.

Jan 1, 2002

By Edward C. Jeffrey

The use of coke in metallurgy, to any important degree, dates from the middle of the 18th century. Its utilization came most opportunely for European civilization. The forests of Europe, except in the most remote and inaccessible regions, had been largely fed, in the form of charcoal, into the smelting furnaces. For a hundred years—the middle of the 17th to the middle of the 18th century—there .was a stationary condition of population corresponding to the exhaustion of European forests. This situation, which was particularly evident in Great Britain, was due to the fact that the forests had been depleted and the practical utilization of coke had not begun. The coking industry is essential for our metallurgical industries, which in turn are basal to healthy economic progress. But coke is of great importance, not only on its own account, but for its byproducts, which enter fundamentally into all the arts of peace and war. The dyestuff industry and the manufacture of explosives are intimately connected with one another, as was shown by the recent war. The subject of coking coal, therefore, is well worthy the serious attention both of practical industry and the scientific investigator. The most valuable coking coals, from the metallurgical standpoint, are derived from the coals of highest ranks. Coals, for example, that have a carbon ratio of from 70 to 80 per cent. yield the most valuable coke for the blast furnace. The difficulty of investigating these coals, however, is great, for they are rather friable and delicate and possess a high carbon content, which makes them difficult to manipulate. They present, on account of their high carbon content, a considerable degree of opacity when examined, in thin sections, under the microscope. The tenderness of structure and blackness of such high-grade coking coals as those of Connellsville and the Pocahontas region make them extremely difficult to investigate. Two of my colleagues, who are taking part in this discussion, will describe the valuable results that have been reached by studying coal by the methods of the mineralogist. Doctor White and Doctor Thiessen have studied the structure of coal as determined from thin sections that

Jan 1, 1925

By Thomas M. Barczak

A critical safety component for all underground mining is intrinsic and standing support systems. Specifically, tabular hardrock mining exploits a wide variety of deposits that require various methodologies to safely mine the ore material. Several new support systems have been developed in recent years for hard rock applications which have been modified or applied in a variety of ground control applications. These include prestressing devices, improved cribs, and free standing supports. Various standing support and prop-type systems have been designed for hard rock applications with seismic loading conditions to accept prestressing. The prestressing, using water-filled cells, creates an active load upon installation and is considered essential to maintain support during and after the blasting of the mine faces. Heavy seismic activity is also present in these mines and the prestressing units can provide some energy absorption capability to help preserve the integrity of the support. This paper presents an overview of these innovations in support technology.

May 1, 2007

By David I. Verrelli, Boris Albijanic

"Froth flotation is an exceedingly complex physicochemical process. The convenience of distilling much of the complexity of the bubble-particle interactions into a single parameter has led to the continuing popularity of the classical ‘induction time’ to quantify the threshold for bubble-particle attachment to occur. Despite this popularity and the simplicity of the concept, there is no single universal method of evaluating the induction period. In this paper, we begin with a critical review of the available techniques for estimating the induction period. These are: back-calculation from experimental (micro) flotation tests; pushing a particle toward a stationary bubble (or vice versa) using an atomic force microscope (AFM); pushing a bubble toward a stationary bed of particles in the ‘Induction Timer’; pushing a bubble toward a stationary solid surface using the ‘integrated thin film drainage apparatus’ (ITFDA); and dropping particles onto a submerged stationary bubble using the ‘Milli-Timer’ device. Each one of these methods has advantages and disadvantages, and the best choice depends on the application. In the experimental section, we present quantitative comparison of the induction periods estimated using two different techniques, namely the Induction Timer and the Milli-Timer. The same particles were tested in each device, under the same conditions. It was found that by tuning the operation of the particle pick-up device, similar estimates of induction period could be obtained to the estimates made by direct observation with the Milli-Timer. In the former device a bubble is driven toward a particle bed at a controlled rate, whereas in the latter a particle’s motion is governed by the hydrodynamics. The potential to match these presents an intriguing prospect for better understanding the bubble-particle interaction, and the possibility to ‘calibrate’ the simpler Induction Timer against direct observations."

Jan 1, 2014

By l. Bokányi

The Tóth adsorption isotherm-model was derived and has been widely used for the inhomogeneous solid surfaces. The three-parameter isotherm incorporates the effect of the interaction between the adsorbed substances as well. All classic isotherms can be clearly derived from this one. Bio sorption is the sequestering of dissolved components, i.e. metals from aqueous environment by living or dead biomass. The mechanism of the bio sorption is rather complex and predominantly refers to the affinity of the chemical functional groups: acetoamido groups of chitin, structural polysaccharides, amino and phosphate groups in nucleic acids, amino, amido sulfhydryl and carboxyl groups in proteins, hydroxyls in polysaccharides, sulphates, etc. towards the soluted substances, i.e. heavy metal ions. The physisorption, as well as the micro precipitation also play a role in the bio sorption mechanism. The description of such a complex process can be done by a model reflecting this complexity. According to our experimental results obtained using algae and immobilised algae for the sorption of heavy metal cations, the most appropriate model for such a description is the Tóth-isotherm, the parameters of which can be interpreted. Flotation process is also a very complex one, the overall result of which depends on the partial results of many micro processes and parameters. The particle interaction which very often takes place in the flotation systems makes the phenomenon even more complex. The flotation kinetic model with particle interaction was already introduced by author in 1994 and further developed in 2000. In this paper based on the experimental results obtained with metallic particles in case of recycling flotation the applicability of the Tóth-equation as an alternative flotation kinetic model for the systems with particle interaction is proved. The applicability of Tóth-model in mineral processing demonstrates again its universal character and the great talent of the late József Tóth, great Hungarian chemist. Keywords : Toth isotherm, biosorption, Langmuir, Freundlich

Sep 1, 2012

By T. B. Szwilski

ISO 14000 series are voluntary international standards that address environmental management system standards, environmental auditing, environmental labeling, environmental performance evaluation, and life-cycle assessment. An environmental management system (EMS) is a facet of an organization's structure that addresses the immediate and long-term impact of a company's products, services, and processes on the environment. Many companies in the United States are taking a cautious wait-and-see approach before embracing ISO 14000. A few mining companies are reviewing the standards and using them as guidelines. The paper outlines the status, possible benefits to the mining industry, and options available to a company wanting to become involved in the ISO 14000 standards.

Jan 1, 1997

By M. S. Badollet

Introduction The manufacture of some asbestos products involves the use of asbestos in combination with water, cement and granular fillers. This type of production is often called the wet or semi-wet process and requires the use of either pressure or vacuum to eliminate the excess water in the fibrous blend so that the product may develop the proper strength during the curing stage. Asbestos - cement products available today are numerous and are a valuable contribution to the building industry. Their production in quantity depends upon the type of equipment employed, the speed at which it can be operated, and the factors involving the? blending of asbestos, cement, water, and fillers. Assuming that all mechanical troubles at a plant have been eliminated or are under control it is still advisable to study the basic properties of the raw materials used in the asbestos-cement products. The type of cement used is an important factor, but usually the manufacturer of the cement is willing to work with the asbestos development engineer and recommend the proper type to be used for the product. The source of the water should not be overlooked as a general factor involved in the production cycle. Waters containing a high percentage of contamination such as silts, humus, or soluble salts may adversely affect the setting of the cement or cause a slowing down of the production rate in the factory. Asbestos in combination with cement is an ideal material fo1 building products. It is inorganic, will not deteriorate, and can be handled by mechanical equipment with a minimum reduction of fibre length. The many physical properties peculiar to asbestos fibres should be well understood by the manufacturer. They may be briefly enumerated as follows: fibre strength, fibre composition, sliminess, length, harshness, softness, and filterability or porosity. This last named property is important and it is the purpose of this paper to present some basic studies on filtration as applied to production problems.

Jan 1, 1949

By Deniz Akbay

The strength of rocks and soil is a crucial design parameter in engineering projects, and it can be determined through various test methods such as uniaxial compressive strength, tensile strength, and shear strength. The point load index test is a popular indirect test method for predicting the uniaxial compressive strength of rocks. However, the reliability of the point load index’s estimation of uniaxial compressive strength of rocks is questioned due to the wide range of coefficients that are used to predict uniaxial compressive strength of rocks using point load index values. Factors such as the shape and type of rock specimen, practitioner, and test apparatus used can affect the accuracy of the point load index test. This study investigated the effect of four different specimen shapes used in point load index test (diametral, axial, block, and irregular lump tests) in predicting the uniaxial compressive strength. The rock samples were tested using four test procedures which are called diametral, axial, block, and irregular lump tests. The results showed that the irregular lump test was the most accurate in predicting uniaxial compressive strength, with the highest correlation coefficients and lowest mean absolute percentage errors. The point load index test can be used as a reliable predictor of uniaxial compressive strength of rocks when the irregular lump test is preferred.

Oct 18, 2023

This paper describes the economic study of longwall versus bord and pillar mining using all continuous miners for a colliery located at the South Coast district of New South Wales, Australia. In this district longwall mining appears to be a better economic proposition than bord and pillar. The internal rate of return on investment is found to remain approximately constant for each method irrespective of life. The economic importance of percentage extraction of coal is shown to be small for high values of minimum rates of return, becoming more significant as the minimum rate of return decreases.

Jan 1, 1980

By F. E. Lathe

RECENT events have emphasized with renewed force the well known fact that war greatly intensifies the demand for certain metals, particularly for iron, copper, and zinc. Any increase in the use of iron and steel, whether in war or peace, is also accompanied by increased consumption of those metals which find their chief application as ferro-alloys, such as nickel, chromium, manganese, molybdenum, tungsten, and vanadium. Further, since high temperatures are essential for the production of all these metals, activity in the metal industry is inevitably accompanied by an insistent demand for refractories. For example, in North American practice the consumption of magnesitic hearth refractories is frequently expressed in pounds per ton of steel. This quantity (not including straight dolomite) ranges on individual plants from about 7 to 12 pounds. When the industry is operating at approximately full capacity, the ratio of refractory to steel tends to increase, since the tonnage of steel produced is recognized as of paramount importance, and this leads to the harder driving of furnaces and less regard for the effect on refractories. It should also be observed that the cost of refractories per ton of metal produced is always so low, in comparison with other items, that it may even increase while the cost of metal per ton is being reduced through more continuous operation and the use of higher temperatures. As one prominent Canadian copper metallurgist has tersely expressed it, he is "not in business to save refractories but to smelt ore". The effect of war demands and of general industrial activity upon the production of basic and neutral refractories is clearly shown in Figure 1, which gives the value of chrome ore and magnesitic-dolomite produced in Canada during the period 1907 to 1937. Tonnages have not been shown, as these are not available for the full period; such figures as have been published from time to time are not strictly comparable, since both raw rock and finished products have on occasion been included. The preliminary figures for 1938, which are now available, have been prepared by the Dominion Bureau of Statistics on a different basis from those immediately preceding, and have therefore not been shown.

Jan 1, 1940

By Byron Bird

WHILE Mr. Fahrenwald has been working on the fundamentals of ore-dressing, in Idaho, the Northwest Experiment Station of the U. S. Bureau of Mines, in cooperation with the University of Washington, has been studying the corresponding fundamentals for the closely-allied subject of coal-washing. In this work many of the principles outlined in Mr. Fahrenwald's paper have been touched on, one important exception being that phase of his studies where conditions were approximated between those existing on a table and those existing in a hindered-settling classifier. During the past three years this work has been given over almost exclusively to a study of coal-tabling to devise better methods of cleaning fine sizes of coal, particularly the coals of the Northwest, which are very difficult to wash. One important result of this study thus far has been the development of a satisfactory hindered-settling coal classifier, now in use in several commercial plants. Recently table stratifica-tion has been the subject for study. This latter phase of the work with coal,. as well as the earlier portion dealing with hindered-settling classification, has in a measure paralleled Mr. Fahrenwald's work with ore. Without going into details about the results of the coal experiments, I shall merely say that, from a quali-tative standpoint, they are, in general, concordant with Mr. Fahrenwald's, but that from a quantitative stand-point the results, particularly those with, table strati-fication, are somewhat different. These differences may disappear as the work progresses-Mr. Fahrenwald is further ahead with his experiments than we are at the Northwest Station-but if not, the disparity would not be surprising, and indeed would be what one might reasonably expect when investigators work on two very dissimilar materials and use different apparatus and methods of study. However, this- mention of our coal-washing experiments is made only in passing. A principle of general application that may be estab-lished from Mr. Fahrenwald's paper is that different types of stratification should be used in successive' gravity-concentration processes to. obtain best results.

Jan 3, 1927

By C. A. Silva

Ladle change-over, during continuous casting of steel, initiates transient flow in the tundish which influences the inclusion content and degree of mixing between two consecutive batches of steel. The mixing behavior in the tundish during this period is determined by the casting rate and the ratios of: inflow to outflow during the refilling period; and, the low liquid level relative to the nominal level in the tundish during the transiency. A 3:10 scale water-model of a typical one strand slab caster was operated in conjunction with a tracer technique to characterize the velocity fields for several combinations of these parameters. Steady operation, a limiting case of the transiency, provided a basis for comparison. High-order moments -- skewness and kurtosis -- of the residence time density function have been utilized as signature elements associated with a particular residence-time distribution for the system. A simple mathematical model incorporating the above parameters as well as a characteristic Peclet Number was successful in simulating the features of the transient period.

Jan 1, 1993

By Dan Nilsson

INTRODUCTION A company must have an objective, and that usually is to earn money. In some countries an objective can also be to reduce unemployment in an area or to develop nonindustrialized areas. Government-owned companies can also have as an objective that of serving the com¬munity. This discussion is limited to the consideration of normal companies wanting to earn money. Such an objective, however, has to be defined in more detail. It is not satisfactory only to maximize the total annual profit from, for example, a mining project. In comparison with most other branches, the mining in¬dustry is very capital intensive. When starting a new project, the mining company must invest a lot of money in mines, ore treatment plants, etc. It is normally many years before any income is received from the ore. Fig. 14 illustrates the payments for a new mining proj¬ect with an expected lifetime of 10 years. Whether this project is a profitable one depends on a lot of things. If the company has a shortage of money, it can be impossible to finance the project. Even if the company has enough money, the management may think that perhaps the project may not return the money fast enough. Such limitations will not be discussed here. Suppose that the company has internal funds from its own operation or can borrow them. Since the mining company must invest the money in advance, it is not satisfactory only to add all of the costs during the mine's lifetime and compare them with the total income during the lifetime. The company must include the time value of the capital. In this appendix, the basic investment theory neces¬sary to judge the profitability and costs of mining proj¬ects will be discussed. INVESTMENT THEORY Time Value of Money If a private person has a dollar and puts it into a bank, he or she will receive interest. If the interest rate is r%, the value after one year will be $(1 + r), after 2 years $(I + r)2 , etc. The interest rate represents the time value of money. If the same person wants to have $1 in the bank af¬ter one year, he or she has to put $(1 + r)-1 in the bank today. If the person wants $1 after 2 years, it is neces¬sary to put $(1 + r)-2 into the bank today, etc. So one dollar today is worth more than one dollar tomorrow. It is, of course, not correct to compare money at differ¬ent times since each dollar has a different value. It is necessary to transform all payments to the same point in time. That is called the calculation of the capital value of a cash flow, and to do this an interest rate is used. In the same way, the cash flow from a project like that shown in Fig. 14 can be translated to any other point in time. Most common is to translate all payments to the beginning of the mining period. That capital value is often called the present capital value. Interest Rate What interest rate will the company use? A com¬pany, just like an individual, has the basic alternatives of keeping its money in the bank and receiving interest, or borrowing money from a bank and paying an interest rate. The interest rate represents the time value of money for the company. If the company has a shortage of money, or many good potential investment projects, it has to use a higher interest rate than if it has a lot of money available. Most companies also increase their interest rate as a hedge against the risk involved by using money for uncertain investments, because of taxes, etc. Capital Value When the interest rate has been decided, it is possi¬ble to estimate the capital value of a project. Here the discussion will be limited to the estimation of present capital values. Suppose that one wants to know the present capital value of $1 (Fig. 15), which will be received after n years. To transform it n years back in time, one must multiply it by the factor (1 + r)-, where r is the inter¬est rate the company uses. Table 1 gives these factors for different years and interest rates. Example: At the end of year 5 a mining company has to invest $50 million in a new mine. What is the present capital value at the end of year 0? The company uses an interest rate of 15%a.

Jan 1, 1982

By G. Davis

Mineral properties and mineral firms often trade at a market value that is significantly greater than the value indicated by discounted cash flow (DCF) techniques. A possible explanation is that DCF analysis does not consider the value derived from managerial flexibility. Presumably, then, at least some of the difference between DCF value and market value is due to managerial flexibility. This paper surveys the recent attempts to empirically quantify the value of managerial flexibility using option pricing theory. The results indicate that managerial flexibility, at least as measured by the option pricing methodology, falls well short of explaining the gap between DCF value and market value.

Jan 1, 1995

By DIONISSIOS T. HRISTOPULOS, JUAN DIAZ, Kray Luxbacher, Steven Schafrik, Zach Agioutantis

Explosions in underground mining due to methane gas have been the leading cause of incidents and fatalities in the mining industry. The main objective of this research is to develop a forecasting methodology for methane gas emissions based on time series analysis. Methane time series data were retrieved from atmospheric monitoring systems (AMS) of three underground coal mines in the United States. The AMS data were preprocessed and statistically evaluated to explore the potential autocorrelation of methane gas. It was concluded that the autoregressive integrated moving average (ARIMA) time series model used in the one-step-ahead forecasting mode provides accurate estimates that match the increase or decrease of the methane gas emission data.

Feb 1, 2023