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By N. P. Mabasa, N. Naudé, A. M. Garbers-Craig

An improved methodology is presented for assessing the economic feasibility and effectiveness of recycling MgO-C and Al2O3-MgO-C refractory bricks, which are widely used in the steelmaking industry. Since approximately 28 Mt of refractory bricks are discarded each year, it is logical to recycle them. When furnaces and ladles are relined, the spent refractory bricks become mixed up, and need to be sorted before recycling. This study examined the use of a hand-held X-ray fluorescence analyser (HH-XRF) to distinguish between spent oxide-based and oxide-carbon-based refractory materials, with special emphasis on spent MgO-C (MC) and Al2O3-MgO-C (AMC) bricks. HH-XRF analysis was conducted on 18 oxide-carbon refractory bricks as well as on MgO-chromite and bauxite-based refractories. X-ray diffraction, reflected light optical microscopy, and scanning electron microscopy with energy dispersive spectroscopy were used to characterize the MgO-C and Al2O3-MgO-C bricks to confirm the accuracy of the HH-XRF analyses. This study also underlined the importance of calibrating the HH-XRF analyser for the refractory bricks to be sorted. The HH-XRF was successful in distinguishing between the different oxide-carbon-based refractory bricks both before and after cleaning. This result is important as it proves that HH-XRF provides a method whereby spent MC and AMC bricks can be sorted quickly and reliably.

Jan 26, 2023

By Stephen Meyer, Véronique Falmagne, Antti Pyy

Kittilä Mine is a gold mine located in Northern Finland, owned and operated by Agnico Eagle Finland. The mining operation started in 2008 with open pits which were completed in 2012 and production moved to being entirely underground. The mine consists of four separate orebodies, currently producing 2.0 Mt per annum, and requiring over 19 km of development on a yearly basis. The principal mining method is long hole stoping with delayed backfill. Microseismic monitoring was initially tested in the Suuri orebody, in the mining block between the 625 and 500 Levels. A small monitoring system was installed in 2018, after observations of stress-induced damage to the rock mass and in anticipation of future mining at greater depth. The initial goals were to evaluate if useful data could be recorded and test the signal quality of different sensor types. Prior to 2018, ground control related challenges in the Suuri and Roura mining blocks had been mostly related to sill pillar mining and block movements between weak graphitic schist planes. Seismic monitoring in the Suuri deposit proved successful for following the rock mass response to mining and helped support the rationale for early monitoring in the new, deeper mining block in Rimpi at 900 m depth. Preliminary geotechnical characterization and testing of the rock mass showed areas of silicification in the footwall rocks with potentially continuous structural features. Seismic monitoring of the Rimpi area has confirmed the brittle behavior of the rock mass, with strong seismic responses induced by stress changes following blasting being recorded. In addition to this expected behavior, a large magnitude event associated with significant damage in the footwall drive development 90 m above the stoping was experienced. Initial investigation of the rockburst showed two separate damage locations with over 300 tons of displaced rock. The seismic monitoring system recorded this rockburst as a single seismic event with magnitude significantly larger than previously recorded. Additional analyses indicated a possible thrust fault event, triggering two separate strainbursts. Following this event, the ground support system was upgraded in parts of the footwall drives to improve dynamic capacity. Systematic calculation of the source mechanisms for the small footwall events down to Mw-2.5 has revealed potential planar structures in the footwall. Early implementation of microseismic

Apr 26, 2022

By Bergh. L. C.

On line monitoring and diagnosis systems of process operating performance are becoming an important part of industrial programs, leading to improve process operation and therefore product quality over time. In processes, such as the contact section of a sulphuric acid plant, a large number of input variables, highly correlated, are presented. These characteristics usually pose more difficulties in modelling the process for monitoring and diagnosis purposes. Multivariate statistical projection methods, such as Main Component Analysis, have been proposed to effectively deal with these situations. The application of these ideas to a section of a 2350 MTD sulphuric acid plant, located at the Caletones Smelter, including dry tower, gas blowers, catalytic reactor and S03 absorber processes, is discussed here. A PCA model with eight main components is used for monitoring and diagnosis of more than seventy operating variables. Hottelling's T2 and Q residuals test were used for detecting measurement problems in relevant variables, and for identifying which set of variables were responsible for driving the process outside its normal operating region. Furthermore, considerable information for the correction of the tested operating problems was given by the use of these techniques.

Jan 1, 2007

By G. Song, S. Yang

"SynopsisThe development of techniques and equipment for single-pass high-seam longwall mining in China is reviewed. Some methods used to obtain the fractured zone height are discussed. The boundary between the caved and fractured zones is generally not clear, but one important difference that distinguishes the two zones is that horizontal compressional forces exist only between blocks of fractured zone. Based on this, a theoretical method is presented to investigate the destabilizing modes of the main roof (by sliding or rotation) and is used to determine if the main roof is in the caved or fractured zone. This method considers the mining height, immediate roof thickness, bulking factor, main roof thickness, main roof strength, main roof periodic weighting interval, and vertical stress in the overlying strata. To verify the method, a representative physical model of Wangzhuang coal mine is developed. The movement of overlying strata and fractured zone height are thus obtained. According to the results, the total collapsed height of the strata reaches about 70 m above the coal floor; the first main roof bending interval is 45 m and periodic bending distance is 10–15 m; the maximum strata subsidence is around 62 mm; and the presence of a three-hinged arch causes the fluctuation of subsidence in the same stratum level. Based on the theoretical and experimental analysis, the middle of the main roof is considered the boundary between caved and fractured zone; the caved and fractured zone heights are about 21 and 49 m respectively.IntroductionThick coal seams (>3.5 m) account for about 44% of the coal rescource/reserves and more than 40% of the total annual production in China (Zhao 2004; Wang 2009). Three mining methods – slice mining, top coal caving, and single-pass high-seam longwall mining – are frequently used in underground thick-seam operations. Compared with slice mining and top coal caving, high-seam single-pass longwall mining significantly simplifies the mining processes, reduces roadway excavation, and improves coal production, productivity, and recovery. The favourable economics, high production, and technical simplicity make high-seam single-pass longwall mining one of the most popular underground mining methods for thick coal seams in China."

Jan 1, 2015

By J. Hoover

"IntroductionThis chapter will discuss the operational and maintenance aspects of a heavy media cyclone circuits as applied to coal processing and using magnetite as the media. It deals with heavy media bath separators in terms of types of media, equipment, circuits, media recovery, maintenance, and product handling. It will detail heavy media cyclone operation and supplement the previously described topics.The heavy media cyclone was first developed in the Netherlands by the Dutch State Mines in 1945. A cyclone plant was not built in North America until 1961. Traditionally, heavy media cyclones have been used to treat size fractions between 1lz in. (12 .6 mm) and 35 mesh (0.5 mm). High maintenance related to heavy media bath separators has recently prompted some plants to crush all raw coal to minus 2 in. for treatment in heavy media cyclones.The heavy media bath separators utilize only the force of gravity to make the separation between heavy and light particles. This requires lengthy retention time which can lower capacity and also is inefficient for finer particles. A heavy media cyclone utilizes centrifugal forces which are 20 to 200 times greater than the force of gravity. This means the separation between coal and the impurities occurs very quickly, therefore a low retention time is required allowing cyclones to have high tonnage capacities. Also these greater forces allow better separation for the finer particle sizes.Heavy media cyclones are now widely used to produce both metallurgical and thermal coal. Work is in progress to reduce magnetite consumption, extend wear life, increase tonnage capacity, improve separation efficiency and automatically control these cyclone circuits."

Jan 1, 1989

By R. Macleod, G. G. Bursey, T. R. C. Aston, J. E. Gale

In 1991 the problems of water inflow at the mine were addressed by a three-phase study. A three-dimensional finite-element computer code, CFEST (Coupled Fluid, Energy and Solute Transport), was used to model the system of groundwater flow around the mine, allowing assessment of the nature of the hydrological regime and of the various recharge mechanisms and sources of inflow. A regional (111 km2) model was used to simulate conditions of low to average mine inflow and provide boundary conditions for the subsequent local (16.8 km2) model. The regional model produced inflows of 0.26 m3/s and the local model 0.25 m3/s. With the use of constant head conditions to simulate a saturated flood plain along the Gays River and on doubling the rate of surface recharge, the local model produced a maximum mine inflow of 0.255 m3/s, in contrast to a measured peak mine inflow of 0.37 m3/s. The discrepancy suggests that during periods of high river level surface water gains access to features with high permeability, such as sinkholes, that may be connected directly or indirectly to the mine workings. Improved simulation of high inflow conditions can probably be achieved by determining the hydraulic conductivity of the river-bed and flood-plain sediments and modelling known sinkholes as discrete units. Possibilities for controlling the amount of inflow to the mine include sealing the flood plain with dykes, checking regularly for new sinkholes, which should be filled and capped, maintaining adequate mine drainage, and monitoring well levels and pressures on a continuous basis.

Jan 12, 1993

By C. H. Hopper

DIAMOND drills have played an important part in the development of mines for many years. Recently. they have also entered the production field arid the use of diamond drills m the primary breaking of ores has become a big branch of the industry. The writer has estimated roughly that the total diamond drilling in Canada during 1942 was 5,625,000 feet, of which 2,250,000 feet, or 40 per cent, was for blast-holes. This accounts for 6,750,000 tons of ore broken, using the conservative factor of 3 tons per foot of hole. Many consider that the use of diamond drills for blast-holes is the most important advance in mine practice of the past decade, and the industry owes a great deal to the staff of Noranda Mines, Limited, for the pioneering they have done in the development of long-hole mining methods and for publishing their results. A great many mines have followed Noranda's lead. At the Waite-Amulet, Aldermac, Flin Flon, Canadian Malartic, Hoyle, and Matachewan Consolidated mines, most of the ore is broken by long-hole blasting. While the mines were developing new methods, the diamond-drill industry was developing mechanically-set bits and better machines. Through the effective use o smaller, cheaper diamonds, as well as more efficient setting, bit costs per foot are only one-half what they were ten years ago. Few people realize that a diamond bit is relatively inexpensive. The common EXT coring bit, for example, contains some 200 small diamonds, weighing altogether about 2.70 carats which, at $3.40 per carat, cost $9.20. After use, the equivalent of about 100 of these diamonds may be recovered. Therefore the true cost of the bit is only $7.00, made up of $4.60, the cost of the diamonds lost, $2.00 for setting, and $0.40 tax. The trend in machines has been toward specialization for the different classes of rock in blast-hole work. Light, high-speed machines have been developed for soft ores and higher powered machines for hard ores.

Jan 1, 1943

By S G. Bergdahl

Underground mining in Sweden is today characterized by mechanization and automation, owing to the rising cost of labour. Drilling in drifts and tunnels is still essentially done with jackleg drills, but rigs wh1ch make it possible for one man to operate two or more drills are now frequently used. Large jumbos for longhole drilling, with two drills operated by one man, are used, especially in sub-level caving. A special drill-rig for drilling through overburden and blasting without removing the overburden has been successfully used in canals and also in ports, where blasting is per-formed under water. The increased use of mining methods based upon long blastholes is a result of the development of equipment for drilling long straight holes. The most common mining method in Sweden is sub-level caving. Extensive research, with model tests, has been carried out in order to determine suit-able dimensions of drifts, sub-levels and drilling patterns. The results have been tried in practice and have given increased yield and less waste rock in hoisted ore.

Jan 1, 1963

By P Craig, M Holden, C Zhang, D Foster, J Oh, S Saydam, J Liu, H L. Ramandi, S Akdag

High stress in rock masses can cause significant instability problems such as squeezing deformation in soft rock and rock bursts in hard rock. The support system applied in burst-prone areas in high-stress conditions is required to be able to carry high load and accommodate large deformation of the rock mass without experiencing any serious damage. Yielding support systems are promising to provide support for both squeezing and burst-prone rock mass encountered in mining or tunnelling at depth. They are ideally strong and stiff initially and then ductile after yielding (Potvin and Hadjigeorgiou, 2020). With respect to support design, a ground support system has to create a safe working environment under both static and dynamic loading conditions by providing the functions of reinforcing, retaining, holding and connecting elements (Cai and Kasier, 2018). Rigid rock bolts and cable bolts perform reinforcing and holding functions of a ground support system. In highly fractured ground or with large excavation spans (eg at roadway intersections or in caverns), unstable ground depth can exceed the length of typical rigid rock bolts (ie greater than ~3.0 m). In such cases, flexible cable bolts are needed to tie the reinforced and retained rock mass back to deeper and more stable rock. The flexibility of cable bolts allows anchor lengths greater than the tunnel opening that would otherwise restrict rigid bolts. Cable bolts also offer higher strength to weight ratio, with tensile strengths 2–3 times that of standard rebar bolts. This high strength comes at the cost of lower strain tolerance, typically around 5–7 per cent at break. Despite the lower strain tolerance, cable bolts are often used as dynamic support in demanding burst-prone ground conditions. The lower strain tolerance is compensated by allowing sufficient free length for stretching or incorporating a yielding device. There are a number of dynamic cable bolts available on the market and a number of testing campaigns have been undertaken to quantify the dynamic performance of these cable bolts. This paper reviews the existing range of dynamic cable bolts and discusses the potential areas for improvement and further research.

Nov 29, 2022

By H. Karabulut, S. Gündüz, K. Karacif, M. A. Erden

The corrosion properties of iron-based composite materials containing graphite and silicon carbide (SiC) reinforcement were investigated. The effects of silicon carbide reinforcement were investigated by adding 0.5% graphite and 1%, 2%, and 4% SiC. A powder metallurgy method was used to produce the composite samples. Iron, graphite, and silicon carbide powders were blended for one hour with a threeaxis mixer and then unidirectionally pressed under a pressure of 750 MPa. After pressing, the composite materials were sintered at 1100°C for one hour. The corrosion properties and microstructure, density, and hardness properties of the composite materials that can affect the corrosion properties were also investigated. It was determined that the pore ratio and hardness of the composite material increased, and corrosion resistance decreased, with increasing silicon carbide content.

Jun 2, 2022

By W. R. Cowan

The availability of mineral aggregates for construction purposes is rapidly declining through inadequate resource planning. restrictive zoning and legislation , and competing land uses. The Geological Branch of the Ontario Ministry of Natural Resources has undertaken to provide aggregate inventory reports for all townships designated under The Pits and Quarries Control Act, 1971, and eventually for all towns hips in heavily populated areas. The reports contain maps and recommendations for extractive zoning by municipalities; of necessity only the largest deposits are given priority recommendations. It is intended that these reports should improve the resource planning in areas underlain by large aggregate deposits. The inventory is only possible because a concentrated effort has been made to map the Quaternary geology of populated areas over the last ten years. Future needs require that we develop methods to determine the extent of poorly defined and buried aggregates and that we look for natural alternatives.

Jan 1, 1978

By Alex Rown

"THE SYDNEY COAL FIELD has long been afflicted by high costs and low productivities. However, a distinct possibility now exists that improvements can be made in costs, productivities and revenues. If these hopes materialize, the Sydney coal field will once again be regarded as a valuable asset in our national inventory of energy and metallurgical coals. The economic possibilities for the Sydney collieries depend on performance at the pits and in the market place. Because this audience is already well informed about colliery planning, I would like to start with an assessment of the modern coal market insofar as it may relate to the Sydney field. Since 1950 we have seen a vast growth in the population and industrial empires of the western world which has resulted in an enormous and escalating demand for energy. If the energy supply pattern of the first 50 years of this century had been followed, this would have led to an immense demand for coal."

Jan 1, 1972

By G. P. Hand

The purpose of this paper is to bring to your attention the various kinds of high performance graphites available today, their characteristics and possible applications. These materials are products of a proprietary high temperature technology developed by Superior Graphite Company. We feel we have only begun to tap the potential of this technology and the utilization of the resulting products. During the course of the paper, we shall investigate high purity, high performance graphites made from raw materials such as mined natural graphites, synthetic graphites and petroleum derivatives. We shall define their characteristics and resulting benefits to current applications, along with applications currently under development. It is our desire to stimulate speculation and development of current high performance graphites and their applications as well as ideas for new high performance products and applications. First, a little background about the process. The technology was developed through a concentrated R&D effort which culminated in 1976 in the construction of a unique furnace capable of continuously processing tonnage quantities of granular carbons at temperatures in excess of 2,500 degrees C. This process is capable of refining various carbonaceous raw materials, including natural graphites, to levels of purity and consistency that were previously unattainable in commercial quantities. Carbon contents in excess of 99.9% are currently being produced on a continuous flow-through basis. Since beginning operation in 1977, this plant, located in Hopkinsville, KY, has been expanded in stages to its present capacity of producing over 45,000 tons of purified graphites and graphitic carbons per year. In addition to the purification process, the technology used allows the introduction of selected elements into the carbon/graphite structure to provide additional benefits. Elements of interest include boron, silicon, copper, iron and rare earths. The characteristics of and applications for some of these products will be discussed later.

Jan 1, 1990

By Takefumi Takuma, Ali Fayad, Shigeru Kambe

"This paper discusses the unique design and construction circumstances of the cantilevered dual sheet pile walls and the Accordion Sheet Pile Wall for the repair and upgrade of the East Garden Grove-Wintersburg Channel in Huntington Beach, California that was concluded in 2014. It also describes the 2008 Emergency Sheet Pile Project for the same channel. Both projects utilized the Press-in Piling Method for its low noise and almost no vibration advantages.BackgroundThe East Garden Grove-Wintersburg Channel is part of the Orange County Flood Control District (OCFCD) and is operated and maintained by OC (Orange County) Public Works (see Figure 1 for its location). The channel, referred to as OCFCD facility # C05 (C05), had suffered significant toe undercutting and slope erosion of its levee due to a series of storms. These began after the facility was constructed in the 1960’s and culminated in 2005. Consequently, the levee was deemed significantly deficient and was eventually declared as a local emergency in 2007. C05 was an incised channel and its levee was constructed primarily from native materials. Operation and Maintenance (O&M) personnel notified the design staff at OC Public Works to be aware of major consequences associated with the dilapidation problem in the most downstream reach of the channel in the vicinity of the Bolsa Chica Wetlands Restoration Project. In 2007, the Orange County Board of Supervisors declared a local emergency to fix the levees with sheet piles to be driven by the Press-in Piling Method, hydraulic pushing piles into ground by holding onto previously installed piles. The project that ensued represented the first in-tandem use on the West Coast of the United States of the Press-in pile driver with its GRB System (Press-in pile driver, a support crane and pile transporter travel on top of already-driven sheet piles). This is further discussed in this paper in the sections titled “Press-in Piling Method” and “GRB System”, respectively. The project repaired approximately 3,800 feet of erosion on the north levee of C05 with 45-foot long cantilevered sheet piles. The sheet piles design constraints are discussed in this paper in the section titled “C05 2008 Emergency Sheet Pile Project (Phase 1)”. Between 2012 and 2014, another mile’s worth of levee reach was improved with the Soil-Mix-Sandwich (SMS) Method. This concept consisted of deep soil cement mix (DSCM) columns sandwiched within the dual rows of sheet piles. Additional details on the SMS, its DSCM construction, and its hybrid geo-structure design concepts are well beyond the scope of this discussion, which is primarily focused on sheet piles. Instead, the interested reader is referred to two papers on the SMS and its DSCM metrics (Fayad, 2015; and Arora, et al., 2015). These were presented and published in the Proceedings of the Deep Foundations Institute (DFI) 2015 Conference on Deep Mixing. Hence, in the section of this paper titled “C05 SMS Dual Sheet Piles Project (Phase 2)” only the sheet pile design constraints of the SMS are covered. Finally, in the area where the project traversed the Alquist-Priolo zone of the Newport-Inglewood tectonic fault, an expandable and deflectable sheet pile wall was used to isolate the flood channel from the Bolsa Chica wetlands. Its details are addressed in the section titled “C05 Accordion Sheet Pile Wall (Phase 2)” of this paper."

Jan 1, 2017

By H. W. Kilau

The Bureau of Mines evaluated synthetic fluorspars as substitutes for natural fluorspar in basic oxygen steelmaking using a high-temperature rotational viscometer and a quarter-ton basic oxygen furnace (BOF). Consider-able variation in stability and BOF slag fluidizing properties were found when using the initial synthetic products, but improved synthesis methods produced synthetic fluorspars that were generally comparable to natural fluorspar in laboratory testing. Trials in the furnace showed the synthetic products to be operationally the equivalent of natural fluorspar. Higher sulfur and phosphorus contents in some of the synthetic materials did not adversely affect the steel chemistry. Analyses of wet scrubber samples showed evidence that the pelletized synthetic fluorspars experienced greater physical and chemical disintegration than did natural fluorspar. It was also found that operation of a BOF without fluorspar is possible when making low-carbon steels because iron oxide is intrinsically generated as the slag fluidizer.

Jan 1, 1981

By A D. Campbell, G R. Power

The objective of the draw strategy in a caving mine is to maximise economic return by minimising waste dilution3 and maximising ore recovery4. The draw strategy must also include suitable controls for air blast and mud rush hazards and is highly constrained until continuous cave propagation has been achieved. This paper details a three-year project at the Ernest Henry Mine (EHM), which used cave flow simulation software to develop a draw strategy that increased the mine value by 32 per cent.Dilution and ore loss can be significant in sublevel cave (SLC) operations and result in poor recovery and considerable economic losses. To minimise dilution and ore loss, cellular automata software was used to simulate cave flow over the mine life. The optimisation project required mining footprints for various cut-off grades to be developed. Draw strategies for each mine footprint were then generated using a range of shut-off grades. Economic assessment of each scenario was then conducted to determine the mine footprint and corresponding draw strategy that generated the highest NPV (net present value). The iterative simulation process was improved by developing automated software functions in the flow modelling software to reduce time taken to generate and assess life-of-mine (LOM) draw strategy scenarios.In addition to improving the NPV of the mine, the optimisation project also enabled a decrease in the mine cut-off grade which increased the ore reserve and extended the mine life. Overall, an iterative process of mine planning, cave simulation, economic evaluation and geotechnical analysis was used to significantly increase the economic return of the SLC whilst ensuring caving risks were controlled to an acceptable level.CITATION:Campbell, A D and Power, G R, 2016. Increasing net present value by a third at an operating sublevel cave mine using draw strategy optimisation, in Proceedings Seventh International Conference and Exhibition on Mass Mining (MassMin 2016), pp 167–174 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 9, 2016

By H. Evans, L. A. Hunt

In the pellet-producing industry it is sometimes claimed that "The pellets are made in the concentrator," or that "The key to good pellets is in the balling operation." However, one claim is generally agreed on: If you can put in, on, and through the indurating furnace a good green ball of Proper size and adequate strength to withstand the handling, load, dehydration, and thermal shock until it is properly heat-hardened, you will have the pellet product you desire-that is, a "competent" green ball. The strength requirements that enable a competent green ball to withstand the environment of the indurating furnace are usually less restrictive than those for transporting the green ball from its source of production to the furnace. Experience has shown that different types of material may have different balling characteristics which may impose limitations on the quality of the green ball that can easily be produced under normal conditions. Therefore, if a specific material will produce a green ball that meets the physical requirements for competency in the furnace, but not for handling or transportation, various practices must be instituted to overcome this deficiency. In other words, if a normal handling system is too rigorous for the green balls that can be produced under standard conditions, then "handling with care" should be tried.

Jan 5, 1967

By Paul Guliov

Industrial clays, including a variety of bentonites and kaolinbased clays in southern Saskatchewan are hosted by Late Cretaceous and Early Tertiary sediments. Ofparticular significance are the deposits of swelling bentonite in the Cretaceous Bearpaw Formation and the kaolinitic clays of the Cretaceous Whitemud and Paleocene Ravenscrag Formations. Swelling bentonite is currently produced in the Wilcox-Truax area by Canadian Clay Products Inc. and yields at least seven different commercial products for a variety of applications. Kaolinitic plastic clays, including ball clay, stoneware and earthenware clay, as well as kaolin in southern Saskatchewan, have a long history of development and use. Products include common and face brick, refractory bricks and other shapes, chinaware, pottery, sewer pipe, chimney flue linings and tiles. Currently clay production is for out-of-province brick manufacturing and for pottery. Recent research and improved technology combined with expansion in certain areas of the global clay industry generally hold promise for a resurgence of a clay-based industry in Saskatchewan. Products of particular promise include: clay tiles; kaolin fillers and extenders; and aluminum as well as related by-products from kaolinitic clays based on the carbochlorination process.

Jan 1, 2001

By Franklin J. Stermole

The current financial state of the mineral industry, in general, is bad. Economic prospects for improvements in the near future are uncertain. What will improve mineral investment economics so the mining industry can return to a more normal (in terms of past experience) production level? Basically, mineral commodity prices must rise. They must rise to economically justify reopening closed mines and for management to seriously consider expansion or development of existing and new mines. With the worldwide economy depressed for more than a year now (longer for most segments of the mineral industry), supply/demand relationships for mineral commodities are such that prices are depressed-except for precious metals. In investment analysis of the economic potential of existing or new investments in any industry, product price generally is one of the key parameters having great impact on the economic viability of projects. Petroleum and synfuels industry development contracted last year for the same product price reasons that have brought mineral industry development to a standstill. Much of the new mine development activity now underway or in the serious planning stages around the world involves precious metals ore body development simply because precious metal prices are high enough now or are projected to be high enough in future production years to give overall satisfactory project economics. It will take significant improvement in nonprecious metal mineral commodity prices in 1983 to develop significant new mine investment interest except in very high grade ore body special situations. Mineral Investment Decision Making Before progressing further with the discussion of mineral investment considerations for the coming year, it should be emphasized that mineral investment decision making-like all industry or individual investment decision making does not relate just to economic considerations. Investment decision making should and generally does involve three analyses: • Economic analysis • Financial analysis • Intangible analysis Economic analysis evaluates the relative economic merits of investment situations from a profitability viewpoint based on discounted cash flow analysis of projected investment revenues and costs. Financial analysis, on the other hand, refers to where and how the funds for proposed investments will be obtained. Regardless of the project's economic potential, if you can't finance it, the project will not be done. Intangible analysis considers factors affecting investments but which cannot be quantified easily in economic terms. Typical intangible factors are legal considerations, public opinion, goodwill, environmental and ecological impacts, and regulatory or political considerations, to name a few. New mine development investment decision making in the US has been impacted heavily by intangible considerations in the past decade and will probably continue to be impacted by them in 1983. There is a common tendency in literature and management practice to interchange the terms economic analysis and financial analysis. This often leads to confusion about the rationale for investment decisions. For example, in the past year a majority of companies in all types of industries cut back budgets for new projects. Often this was done not because new project economics were unsatisfactory, but because cash flow from existing operations was reduced compared to previous years due to the recession, and debt service requirements were high from existing loans so new borrowing was undesirable. For financial reasons, in other words, many projects were shelved last year. That included some precious metal mining projects and many petroleum projects. Many other projects were shelved for economic reasons (sometimes combined with financial reasons in the case of marginal economic projects). New mine development for copper, lead, zinc, molybdenum, iron ore, and synthetic fuels are a few examples. Economic Uncertainty and Financial Considerations Mineral project analysis has always involved a lot of uncertainty with respect to determining ore grades, tonnage of producible reserves, operating and capital cost projects, and mineral commodity prices estimates. The wide swings in mineral commodity prices in recent years and the almost impossible task of projecting future prices with any degree of confidence or accuracy concerns mineral project investment decision makers. In developing a new copper or silver mine, it is not today's price of copper or silver that is relevant to economic analysis of the mine, but what the price will be during the producing years. There is no way to avoid projecting the escalation (or de-escalation) effects on revenues and costs. To analyze a project in terms of today's dollar revenues and costs implicitly assumes that escalation will not change today's project costs and revenues; or that, if they do change, the project economics will be unaffected by the changes. This often is not the best or even a realistic assumption. The inherent uncertainty associated with historical mineral price swings is exacerbated in 1983 by the uncertainty of when

Jan 2, 1983

By Melinda J. Hummel, Zachary T. Smith, Nathaniel Witter, Nina F. Carney

The revitalization of Pittsburgh’s historic Strip District has led to the redevelopment of existing properties and the development of new properties. At one time, the Strip was home to wholesale market products. Now, the historical warehouse buildings are being converted to multi-use residential and commercial properties. One such property, 1600 Smallman Street, consisted of 1 to 6-story connected buildings that housed night clubs, retail shops, and office space. The lower story portion of the building, on the southwest side of the property, was torn down to make room for a new 5-story- parking garage with street level retail space. The remaining 6-story-building, on the northeast, was gutted to be renovated into high-end condominiums, keeping the exterior historical building facade.