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By Michael Samis

The real option valuation method is often presented as an alternative to the conventional discounted cash flow (DCF) approach because it is able to recognize additional project value due to the presence of management flexibility. However, these two valuation methods can be separated on a more fundamental level by their differences in risk discounting. Real option valuation applies the risk-adjustment to the source of uncertainty in the cash flow while the DCF method adjusts for risk at the aggregate level of net cash flow. This seemingly small difference is the reason why the real option method is able to differentiate between projects according to each project?s unique risk characteristics while the conventional DCF approach cannot. This paper provides an overview of the real options and DCF valuation frameworks and discusses the differences in risk discounting that exist between the two methods. Using grade-school mathematics, this paper clearly demonstrates how, with real options, a unique project risk discount can be calculated which is directly linked to the project?s unique risk profile. It also highlights why the DCF method fails in this regard and shows why a call to ?increase the Risk-Adjusted Discount Rate? is an incomplete solution at best. Finally, a heap-leach project and satellite reserve development project are valued with both techniques and the difference in investment conclusions is explained in terms of the risk-discounting concepts discussed here.

May 1, 2003

By S. Ripke

Between 2002 and 2004, the performance of a six million ton per year iron ore beneficiation plant dropped significantly. In a classic case of “who done it,” was it the mine, the concentrator, an ore change, or something else? While average annual final product grade decreased 8% (indicated by an increase in silicate gangue from 2.76% to 2.99%), the weight recovery also decreased by 8% (from 37.92% to 34.79%). This represents a loss of 832,000 tons of iron ore worth about $16 million for the two year period! The concentrator had been optimized to produce a high grade wet concentrate as feed to the dry side of the plant. But, did optimizing an individual unit operation’s grade give the best overall plant performance? In this paper, the investigation and solution to this mystery will be revealed.

Jan 1, 2007

By J C. Carlile

Many low sulphidation epizonal gold and zinc-lead vein deposits within magmatic arcs are situated on basement highs, and post-date both the main volcanic episode and porphyry copper (gold) mineralisation. These features are best explained by emplacement of a flat batholith a few kilometres beneath each mineral district, as recently demonstrated by geophysical data in the Baia Mare district of Romania. The batholith provides heat for the hydrothermal system, and results in extensional faulting both through up-doming of the overlying rocks, and in some arcs through incipient collapse of the thermally weakened crust under regional extensional stress. More water-rich magmas emplaced at greater depths could explain some deep epizonal and mesothermal gold deposits situated outside magmatic arcs.

Jan 1, 1995

By R N. Humphries

The aim of this paper is to question the need to develop bespoke monitoring and assessment methodologies and criteria, thereby ‘reinventing the wheel’, when designing and assessing the success of important natural habitat and ecosystem restoration schemes at mine sites in the UK and Australia. It draws attention to the existence and applicability of the Phase I Habitat, National Vegetation Classification (NVC) and Condition Monitoring methods in the UK and similar approaches used in Australia. These are long accepted established methodologies and have published accounts for describing, assessing and managing natural vegetation communities, habitats and ecosystems. They are often used at the environmental impact stage, but seemingly rarely, if at all, in restoration design and management at mine closure. Their application to mine restoration and closure is illustrated and discussed by reference to a surface coalmine in South Wales, UK.It is concluded that the application of a combination of the Phase I Habitat, NVC and Condition Monitoring methods is highly relevant to the expectations of the Convention on Biological Diversity (CBD) and its implementation in the UK, and probably in Australia too. The methodology and criteria described could be incorporated into the guidance and specified in the mining permits so that there is clarity as to the expectations and requirements for monitoring and assessment for bond release. Their use could be of wider application where there is a requirement to assess the success of restored CBD assets and ecosystems.CITATION:Humphries, R N, 2014. Why reinvent the wheel when there are established methodologies to aid the design and assessment of restored natural ecosystems on mined land?, in Proceedings Life-of-Mine 2014 , pp 675–692 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 16, 2014

By Steve Dillingham

A blast site incident has just occurred. Tensions are high, and, as the blaster, you’re in charge of the crisis at hand. Your mind is reeling, your thoughts frantic. The main areas of concern for you at the scene are to deal with immediate problems...aid the injured, take a head count, assess the damage, call emergency response, contact company headquarters, calm the neighbors, update your customer, and respond to the press on site. You feel as if all the bases have been covered...but, then again, have they? One of the biggest mistakes blasters and their companies can make is not including their Insurance carrier in the critical on-site accident procedures and emergency call list. Unfortunately, many companies believe that they are immune to the perils that can often, within a matter of minutes, create chaos that only happens to someone else.

Jan 1, 2002

By Josué G. Reyes B

El presente texto describe el proyecto de tungsteno en Morococha a través de una breve revisión historiográfica, sus características y composición mineralógica del relave, el proceso operativo y flow sheet, la producción, recuperación, efecto del número de malla y la influencia de flotación de la pirita en los concentrados de separación magnética del tungsteno.

Nov 20, 1978

By Hevina S. Dashwood

This paper proposes to build on my previous research (Dashwood 2012), which analyzed how and why the norm of sustainable development became institutionalized in the global collaborative corporate social responsibility (CSR) initiatives of major mining companies. Since the late 1990s, the majority of major global mining companies have employed the norm of sustainable development to frame their individual CSR policies and to inform industry collaboration at the global level through the International Council on Mining and Metals (ICMM). This paper proposal seeks to address lingering questions from that research, by developing an explanation for how the normative frame of sustainable development has translated into specific CSR standards adopted by the mining industry. Preliminary findings suggest that, although the global mining industry has reached broad consensus on the meaning of sustainable development in the context of mining, there remains considerable variation between mining companies in terms of which specific global standards they adopt. As members of the ICMM, major mining companies are required to report according to the Global Reporting Initiative (GRI) indicators relevant to mining, and there has been wide-spread up-take of the ISO 14,001 environmental management system standard. However, other global standards, such as the International Finance Corporation (IFC) Performance Standards and the Extractive Industry Transparency Initiative, have not been uniformly adopted by the mining industry. What explains this variation? The paper employs a three-level institutional framework (rational choice institutionalism, historical institutionalism and the ?new? institutionalism in organization theory) to explain the influences on the adoption of CSR standards in the global mining sector. Existing research confirms that institutional context is an important factor in explaining CSR adoption in the mining sector (Dashwood 2012). Are similar forces at work in explaining the variation in adoption of specific CSR standards? A three-level institutional analysis lends itself to uncovering influences both external to mining companies (such as pressures from stakeholders), as well as internal company dynamics (such as managerial discretion). Furthermore, the framework can incorporate dynamics operating at the global level (such as isomorphism), the national level (such as the regulatory regime) and the local level (such as community needs and environmental challenges). The theoretical significance of this framework is that the influences on CSR adoption are more complex than can be explained in a single approach (such as narrow rational choice/cost benefit explanations). On a practical level, insights into how global standards get interpreted and acted upon by individual companies could lead to the development of more appropriate and effective global standards.

Aug 1, 2013

By Gabka T., R. E. Gregorczyk

Work to improve employees' behavior in Głogów Copper Smelter began in 2009. It has been noted that over 90% of accidents at work are attributable to human reasons. At that time, a series of external workshops was contracted based on exercises conducted by a psychologist trainer with supervisors. Having trained about 300 employees, an observation of employee behavior at workstations was started as part of the control of risk reduction measures. As a result of the above actions, the number of accidents was reduced by half between 2009 and 2017. Currently, internal workshops for communication improvement for behavioral auditors are conducted by the employees of the Smelter. Named: "I observe, react and communicate" and aimed at further mastering the elements of the safety culture in Głogów Copper Smelter. INTRODUCTION KGHM Polska Miedz is an integrated mining and smelting copper producer based in Poland and operates on the international metal market. KGHM, with annual production of over 500 thousand tonnes of copper, holds a middle position in the world ranking of copper producers. At the same time, in Europe it is the largest producer of copper from its own ore deposits, possessing its own integrated production structure, from underground mining operations to final, top-quality product. It is also worth mentioning that KGHM Polska Miedź is one of the largest Polish exporters and, apart from copper, is a significant primary silver producer in the world. The mission of our company, consistent with its strategy, is to produce copper and silver in a safe mode for workers and the environment, with reduced environmental impact. Therefore, "Głogów" Copper Smelter operations are continuously focused on the creation of safe working conditions, and minimizing the negative effects on the environment. The company meets the requirements of an Integrated Management System comprised of the following: Quality Management System ISO 9001:2008 Environment Management System ISO 14001:2004 OHS Management System according to the requirements of BS OHSAS 18001:2007 Being a proud socially responsible company, we are aware that part of an efficient OHS system is to recognize, monitor, prevent, educate and motivate, thus continuously improve working conditions for 2500 employees of Głogów Copper Smelter &Refinery. We clearly communicate that a low accident rate is beneficial for both, staff and the company, and is of utmost importance as a part of our health policy.

Jan 1, 2019

By E. B. Nelson, B. W. Gandrud, B. M. Bird

"The Lewisburg No. 2 mine of the Sloss-Sheffield Steel & Iron Company is located in Jefferson County, Alabama, about 7 miles due north of Birmingham. At this point the coal from the Mary Lee seam when coked in by-product ovens yields an excellent quality of metallurgical coke suitable for use in the iron blast furnace; it is also an excellent steam coal. In mining, all three benches are worked. Coarse impurities are largely gobbed by the miners underground.In addition to giving the data obtained from screen-sizing and float-and-sink tests of a representative sample of the raw coal, this report presents the results of slotted-screen tests to show the proportions of flaky particles in selected sizes, and the results of tests to show how much coal is liberated from impurities by crushing the coarsest sizes. These data have been obtained in connection with an extensive study of coal-washing now being conducted by the U. S. Bureau of Mines and the University of Alabama, with U. cooperation of the different operators of Alabama. As the work progresses other reports will follow containing furtner data on the washability both of the Mary Lee seam and of other seams in Alabama and giving the results obtained in preparing these coals by various methods.Although a great amount of investigative work on the preparation of the Mary Lee scam was previously carried on by the various coal companies of the district, comparatively little of this information has been published. In governmental publications three references have been found. Forbes5 gives a number of sections with proximate and ultimate analyses of face samples taken in the mines. Gandrud and Britton'' show sections of this seam at Flat Creek and New Castle; they also give the specific gravity and ash contents of the partings of coal and impurities. In their paper Yancey and Fraser7 include washability studies and washing data from the Sayreton mine of the Republic Iron & Steel Co."

Jun 1, 1930

By Fred E. Fiedler

A demonstration project investigated the feasibility and effectiveness of two management interventions, Management Training and Organization Development, for improving productivity and safety in metal/non-metal mines. The management training intervention was conducted at Texasgulf Company's trona mine, using three nearby trona mines as controls. The Organization Development intervention took place in Hecla Mining Company's Lucky Friday mine, using the highly similar Star Mine as control. The two management interventions seemed about equally effective in reducing accidents and injuries, as well as MSHA citations, and the management intervention at the Texasgulf mine also appeared to have led to substantial improvement in mine productivity.

Jan 1, 1983

By Mohammed Sakr

This paper presents the results of a full-scale axial compression and tension (uplift) testing program executed on large-capacity helical piles installed in very stiff to very hard clay till soils (i.e. cohesive soils). A total of ten tests including six axial compression tests and four tension (uplift) tests were carried out. The results of the axial compressive and tensile pile load tests and field monitoring of helical piles with either a single helix or double helix are presented in this paper. Helical piles are traditionally used to support light to medium loads (i.e. loads up to 500 kN or 56 tons). However the results of the present study confirmed that helical piles can support significantly higher axial compressive loads up to 2450 kN or 275 tons, which is about 5 times traditional design loads. The study also demonstrated the high tensile capacities of helical piles which was as high as 85% of their compressive capacity. Hence helical piles can provide a viable design option for foundations supporting relatively heavy loads.

Jan 1, 2012

There is a saying, ?If it moves, it vibrates.? This is especially true in our modern industrial environments, where workers use powered tools, machinery, vehicles, and heavy equipment. How workers are affected by these elements of the industrial working environment is a concern of health professionals, govern­ments, and scientists around the world. How to adequately assess the effects of human vibration exposure is an equally important issue. The human body comprises a dynamic structure that is living, intelligent, and complex. Consequently, it is not unreasonable to consider that exposing the body to an array of vibration environments would result in outcomes that are not necessarily simple or easily predictable. Sensations caused by vibration may include nausea, annoyance, discomfort or pain, and exhilaration or pleasure. Many factors contribute to the effects of vibration on humans, including the characteristics of the motion and the exposed indi­vidual, the activities of the exposed individual, and various elements of the environment. There have been attempts to summarize the effects of occupational vibration exposures by simply recommending the avoidance of certain frequencies of vibration or by providing a graphical method, i.e., a single curve displaying all human responses to all frequencies. However, such efforts have not withstood the scrutiny of scientific research and analysis. Thus, attendees and participants at this professional gathering now have the rare opportunity to benefit from the technological advances and new scientific research to enhance their understanding of human responses to vibration that suggest more than a simplistic approach. In the tradition of the First American Conference on Human Vibration (1st ACHV) held in Morgantown, WV, June 2006, the 2nd ACHV provides a forum for scientists, engineers, medical doctors, industrial hygienists, and educators to learn and advance research and education in the specialized area of human body vibration. The conference was organized by the Mechanical and Industrial Engineering Department, University of Illinois at Chicago, with support from the National Institute for Occupational Safety and Health (NIOSH), Pittsburgh Research Laboratory. As with the first conference, the 2nd ACHV provides the unique opportunity to learn about the current activities of peers and colleagues and to exchange information on topics of interest such as human response, human modeling, experimental design, sensors, new technologies, and epidemiological studies of human responses to hand-transmitted and whole-body vibration. The conference organizers hope that the publication of these conference proceedings continues to foster new research and technological advances to reduce health hazards associated with occupational vibration exposures.

Jun 1, 2009

By C. G. Cheriton

The Bathurst mining district is located near the town of Bathurst on the north shore of the province of New Brunswick in eastern Canada. This region is the northeasterly extension of the Appalachian mountain system. The area is heavily forested and covered with a fairly uniform layer of glacial gravels and boulder clay. The relief is low, increasing to a few hundred feet in the north west and several hundred feet in the extreme southwest. Thus, rock outcrops are scarce and occur mostly along streams and ridges. These factors made conventional prospecting difficult and resulted in the district becoming an excellent place for the application of regional geological studies, air photo techniques, airborne and gound geophysical methods and soil sampling. Late in 1952, The Brunswick Mining and Smelting Company discovered a very large base metal sulphide body presently known as their No. 6 orebody. Early in 1953, another and even larger sulphide body was discovered and is known as the No. 12 ore body. Mining exploration was very active thoughout 1953 and in 1954, The American Metal Company discovered the orebodies which have been developed into The Heath Steele 'Mines. The location of these deposits is shown on figure one. In the latter part of 1954, The Anaconda Company became interested in the district and decided to make a geological study of this new and promising base rrietal area. The following paper presents the story of the application of modern geological and geophysical techniques, leading to the discovery of a large sul-nhidp liodv. The Bathurst district is generally underlain by the Tetagouche group of Middle Ordovician rocks.

Jan 1, 1961

By Charles L. Parsons

Early in 1912, from information received by the Bureau of Mines, it became evident that quantities of valuable radium-bearing ore from Colorado were being exported for manufacture in foreign countries and that at least part of the manufactured product was being returned to this country and sold at a price entirely incommensurate with that received by the miner and the prospector. Consequently, in line with its efforts to increase efficiency in the mining and treatment of mineral resources, the Bureau of Mines undertook an investigation of conditions. Results of this preliminary investigation were published, in the summer of 1913, as Bulletin 70,a which gave an outline of the radium deposits of the West, the conditions of mining, the wastes involved, and the status of the production of radium from its ores. At about this time newspapers and medical journals were publishing statements regarding the value of radium in cancer therapy. These reports, although many of them were exaggerated, brought out clearly the remarkable virtue of the gamma rays for the treatment of cancer and other malignant growths. In view of the fact that the largest known supplies of radium ore in the world are in the States of Colorado and Utah and on the public lands of the United States, it was deemed highly important for the Bureau of Mines to study the production of radium in detail. Such study, it was hoped, would enable the prospector and miner to obtain a fairer price for the ores and would furnish information necessary in case Congress appropriated funds to develop methods for extracting radium from ore on the public lands under Government supervision, to be supplied at cost to the hospitals of the Army, Navy, and Public Health Service.

Jan 1, 1915

Data recently released indicate substantial improvement in mineral industry performance for 1984. Business plans to increase plant and equipment spending in 1984 by 14.8 percent, according to a recent survey conducted by the Commerce Department's Bureau of Economic Analysis (table 1). In contrast, capital spending by all industries declined 4.8 percent in 1983 and 2.3 percent in 1982. The latest estimate of planned expenditures for 1984 is $2.2 billion higher than the comparable estimate based on the survey conducted in late January and February 1984.1/ [ ] Of particular significance to the U.S. mineral industries are the 15.5-percent increase in capital spending planned by manufacturing in 1984 and the planned 18.6-percent increase in spending by durable goods manufacturing, where the largest increases are planned in the transportation equipment (26.4 percent) and electrical machinery sectors (23.5 percent). Capital expenditures in manufacturing declined in both 1982 and 1983.

Jan 1, 1984

By J Harris, P Kirsch, D Cliff, M Spinks, S Goater, D Sprott

Fires are a common and recurrent unwanted event in the operation of open pit mines. In most cases, the causes of events such as fires are already æknownÆ but are either overlooked or not fully addressed in planning. Ongoing rapid growth of the global mining industry is creating a scarcity of skilled personnel, and high turnover within operations. This contributes to loss of corporate memory in risk management activities. RISKGATE« is an online risk management system designed to support and assist in the analysis of priority unwanted events in Australian coal mining operations. Funded by the Australian Coal Association Research Program (ACARP), RISKGATE« is a knowledge management program that delivers best-practice controls for unwanted events and assists operations in staying abreast of emergent risks and threats. RISKGATE« content has been primarily developed from an association of industry experts, and enriched with input from additional academic and technological resources. In mining operations, RISKGATE« provides a continuum of knowledge and best practice for risk identification, assessment and management. RISKGATE« will assist companies in improving safety performance, operational efficiency, operating practice and training. Here we present the RISKGATE« prototype as developed in 2011 for Fires, with a case study presented for the initiating event Fires on Mobile Plant.CITATION:Harris, J, Sprott, D, Spinks, M, Cliff, D, Goater, S and Kirsch, P, 2012. RISKGATE« - A case study in application to fires on mobile plant, in Proceedings Eighth Open Pit OperatorsÆ Conference , pp 49-54 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 18, 2012

By Artur Frederico Fonseca da Cruz, Jael Moutinho dos Santos

The problem of iron ore sticking and premature wear on screening rolls on balling systems is recurrent. The importance of the "screening" function of the roller classifier is fundamental, since in perfect conservation state and operation it is possible to ensure the performance improvement of the most expensive phase in the pelletizing production chain, the thermal processing. The present works target is the identification of possible causes of iron ore adhesion in classifier rollers and develop a methodology to evaluate and quantify the iron ore sticking mechanism on the classifier surface. For this purpose, iron ore and additives were collected at four different pelletizing plants in terms of iron ore origins and process flows, three different rollers were chosen for testing around the adhesive energy at the iron ore mixture/rolls surface interface. As results, it was possible to construct methodologies to evaluate the aggregability, it was observed the importance of "specific moisture" definition and knowledge on the adhesive energy increase, besides presenting the better performance of rolls with tungsten carbide coating than other evaluated.

Oct 1, 2019

By M I. Pownceby, S P. Suthers, V Nunna, G J. Sparrow

Global demand for iron and steel has increased substantially over the past 20 years and there has been a greater focus on developing suitable processing options to treat low-grade hematite-goethite ores containing higher levels of silica and alumina impurities. The processing applicable to reduce the impurity levels in these lower-grade iron ores depends on their mineralogy and a thorough understanding of the process dynamics associated with the separation technology. Different separation technologies used to remove silica and alumina from low-grade iron ores were reviewed. The major concentration methods that may be applied to upgrade lower-grade lump iron ores include magnetic separation, wet and dry heavy media separation, and air-pulsed jigging. The technologies applicable to beneficiating iron ore fines include wet and dry gravity and magnetic separation, flotation, and roasting followed by magnetic separation. It is necessary to investigate the application of separation technologies on a case-by-case basis to select economically viable beneficiation strategies suitable for the particular low-grade iron ore. A commercial flow sheet is expected to involve the implementation of several separation technologies.

Nov 8, 2021

By José de Camargo

Em janeiro de 2016 a Russula foi contratada pela Dojran Steel (Sidenor) para a reformulação de sua planta de Nikolic / Macedônia. O fornecimento incluiu um novo laminador de barras e perfis com capacidade para atingir 350.000 toneladas por ano, composto de equipamento mecânico, sistema de automação, bem como todo o suporte técnico necessário para a Dojran Steel expandir sua antiga gama de produtos e melhorar sua qualidade de produto acabado. Ao final da reformulação, executada em várias fases, o novo laminador adquiriu capacidade para produzir toda gama de produtos desejada: - Redondos de 8 a 40 mm, - Barras chatas de 16 x 4 a 140 x 20mm, - Quadrados de 8 a 40 mm, - Cantoneiras de abas iguais de 20 x 20 x 2,5 a 120 x 120 x 12mm,- Cantoneiras de abas desiguais de 30 x 20 x 3 a 120 x 80 x 10,- Perfil U (UPN) com altura de 30 a 140 mm,- Perfil I (IPE) de 80 a 120 mm e - Perfil T de 20 a 50 mm.

Oct 30, 2017

By Murali Gadde

Among different types of ground control problems associated with underground coal mining, those related to in situ stresses are the most common ones affecting the safety and economy of a mining operation. As a result, this has been the focus of many ground control research works done in the last three decades. This paper summarizes a recent work done on in situ stress related ground control issues of underground coal mine development workings. The approach used in this study was three¬-dimensional finite element modeling by an implicit code, ABAQUS/Standard. In the models, roof stability evaluations were made using Hoek-Brown rock mass failure criterion. Influence of the in situ maximum horizontal stress angle on the stability of both entry and intersection was examined to help determine the best development layout orientation. Also, the effect of in situ stress ratios on the stability of development openings was studied. To make the work more general, both 'low' and 'high' in situ stress fields were considered In general, the modeling results indicated that entries oriented in the direction of maximum horizontal stress were in the best condition while those oriented at 90° had the least stability. For intersections, the maximum and the minimum stability were seen at 0°/90° and 45°, respectively. However, under some combinations of input conditions, the best or the worst conditions were noticed at same other orientations as well. Based on these findings, layout design charts were prepared for both entries and intersections. It was also found that the change in ground conditions with change in layout orientation was more significant for 'low' in situ stress fields than for the higher ones. Change in the average safety factor with change in the ratio of in situ maximum horizontal to vertical stress resembled a lognormal distribution curve. However, the effect of the ratio of in situ maximum to minimum horizontal stress lacked such a clear trend for different input combinations considered.

Jan 1, 2004