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By Jürgen F. PH. D. Brune, Alex C. Smith, Michael A. Trevits

Underground coal mine fires in the United States continue to present a significant hazard to the safety and health of mine workers. The leading causes of mine fires include flame cutting and welding operations, frictional heating and ignitions, electrical shorts, mobile equipment malfunctions, and spontaneous combustion The National Institute for Occupational Safety and Health (NIOSH) is conducting an in-depth program of research to address mine fire prevention, early and reliable fire detection and mine fire suppression and control technologies. One segment of the research portfolio is focused on remote methods for addressing coal mine fires. This research is important because remote methods represent the primary means of fighting a mine fire when conditions are too dangerous to fight the fire directly underground. Technologies under investigation include remote methods for installing ventilation control devices (mine fire seals) and remote methods for suppressing the fire using, the injection of inert gas, gas-enhanced foam and jet engine exhaust gases into the fire zone. This paper presents a summary of remote mine firefighting technologies used in the U.S. and the results of completed NIOSH research.

By Leo A. Schrider

A prediction for oil recovery from a pilot waterflood in the Kane oil- field, located in Elk, Forest, and McKean Counties, Pa., was made and compared to actual field performance. Water-injection and production histories, well logs, other field data, and results from laboratory tests of core material were used in this analysis. Performance of the pilot waterflood, initiated in January 1963, was predicted using a modified Craig, Geffen, and Morse calculation technique. Maximum recovery from this low permeable, preferentially oil-wet formation was predicted to be about 22,500 barrels of oil after 300,000 barrels of water had been injected into the pilot waterflood area. After additional field data were collected it became necessary to reevaluate the pilot waterflood area. The gas saturation prior to the waterflood was estimated to have been 20 percent, based on an assumption regarding the required volume of water injected to initiate oil production. In view of the actual field performance, a gas saturation of 13 percent is indicated. When this gas saturation and the method originally proposed by Craig and others are used) the predicted results are more representative. In December 1965, field performance was further analyzed using a hyperbolic-decline curve as presented by Arps. Based upon this evaluation method, the pilot water flood in the Kane sand should produce 37,000 to 42,000 barrels of oil with the injection of 300,000 barrels of water into the pattern. By continuing this secondary-recovery project to a reasonable economic limit, ultimate oil recovery may be as much as 50,000 to 55,000 barrels, or 129 to 142 barrels per acre-foot from 36.5 acres.

Jan 1, 1967

By R Long

The founder of social psychology is sometimes identified as Kurt Lewin. In a 1947 article, Kurt Lewin coined the term ‘group dynamics’. He described this notion as the way that groups and individuals act and react to changing circumstances. Lewin theorised that when a group is established it becomes a unified system with unique dynamics that cannot be understood by evaluating members individually. The discipline of social psychology really emerged out of World War II and tackled questions associated with human judgement and decision-making by the Nazis. For a comprehensive look at the development of social psychology look at Abelson, Frey and Gregg (2004).Social psychology is concerned with the way social arrangements affect human judgement and decision-making. What the author has done is apply the knowledge of this new discipline to an understanding of risk, safety and leadership. This paper will explain some of the developments in social psychology, such as the discovery of the bystander effect, Groupthink, bounded rationality, heuristics, risk homeostasis and the Milgram effect.The social psychology of risk tackles the way decisions are made about risk in their social context. Unless organisations understand that decision-making is socially conditioned, they are unlikely to be able to tackle the complexities of culture change or the development of risk maturity.The paper will offer a new understanding of why people do what they do, how risk makes sense and why a ‘dumb down’ approach to safety is dangerous. A model will also be presented that shows the pathway to risk maturity.CITATION:Long, R, 2016. The social psychology of risk, safety and leadership maturity, in Proceedings Seventh International Conference and Exhibition on Mass Mining (MassMin 2016), pp 31–42 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 9, 2016

By R. T. Jones

The largest known platinum group metal (PGM) deposit in the world is the Bushveld Complex in South Africa, with the Great Dyke in Zimbabwe also being one of the biggest. It is therefore not surprising that the majority (just over 5 million troy ounces or 156 metric tons per annum) of the world's platinum is produced in Southern Africa. Primary smelting of ore concentrates is carried out in that region by five companies, namely Anglo Platinum, Impala Platinum, Lonmin Platinum, Northam Platinum, all of South Africa, and Makwiro Platinum in Zimbabwe. The only other primary smelter of platinum group metals is Stillwater Mining of Montana, USA, although very significant quantities of PGMs are produced as co-products by Norilsk Nickel of Russia. Smaller (but still significant) quantities of PGMs are produced by Falconbridge and Inco of Canada, also as co-products from nickel sulphide smelting. There are many similarities between PGM smelting and nickel sulphide smelting, and the range of technologies in use includes six-in-line rectangular electric furnaces, three-electrode circular AC furnaces, Peirce-Smith converters, and Anglo's ACP (based on Ausmelt technology). PGMs are also recovered from residue materials using DC arc furnace technology.

Jan 1, 2005

By C. Allen, H. Zhang, L. Falk

Shock loss occurs when there is a change in the area of a drift or airflow direction. These shock losses accumulate throughout the ventilation system and will increase the mine resistance as underground development deepens or becomes more complex. Hence, shock losses should be carefully considered when establishing the resistance through a series of branches as they can be a significant contributor to the estimated mine resistance. Using computer software to simulate a ventilation system is common but applying reasonable shock loss factors in the software is not a simple or direct process. Determining shock loss values includes the consideration of historical measurements, application of factors and formulas from literature based on the geometry and complexity of junctions, and the geometry variation at different locations. For example, the shock loss at the bottom of a ventilation raise can consist of a 90° bend and a sudden area change. This paper presents an approach for estimating shock loss factors near raise junctions using computational fluid dynamics (CFD). Current and future work will also be compared with field measurements. Results from this approach are compared with software defaults as well as classical techniques in published literature and standards.

Sep 1, 2024

By H. A. Pearse

NORMALLY, the Britannia ore mixture contains chalcopyrite and pyrite as the chief sulfide minerals, together with minor amounts of gold and silver and a low zinc content. Reduction is accomplished by jaw crushers underground, followed at the concentrating plant by Symons cone crushers, rolls, and ball mills. The standard flotation practice, evolved during several years of experimentation, provided for bulk flotation of the two sulfides, after primary grinding to only approximately 35 mesh, followed by regrinding of the bulk concentrate, with subsequent separation of the chalcopyrite and pyrite to make a marketable concentrate of each mineral. This so-called standard milling practice has previously been described in detail in U. S. Bureau of Mines Information Circular 6619. A modification will he discussed here. In the face of a constantly increasing world surplus of copper and a steadily falling price during 1930 and 1931, it was obviously undesirable to continue unprofitable production of large quantities of this metal. On the other hand, company officials were

Jan 1, 1934

By Kenneth E. Hay

The Bureau of Mines collected coal and coal waste aggregate material from two different mine sites to determine their strength characteristics for use in concrete. The concrete would be placed underground as support walls for ground control in adverse conditions or unique mining applications. A standard mix design was established for a "wet" mix using a water-to-cement (w/c) ratio of 1.0 to facilitate pumping into place. Later, material was collected from four more mine sites and used to make 2-by 2-by 2-ft test blocks with the same w/c ratio. A pull-out cone device and borehole shear tester were used to determine the in situ material strength of the test blocks. These techniques will provide a simple and quick way of determining support wall strength in an underground environment. Test results from the pullout cone de-vice showed a good correlation of 0.98 to test cylinder compressive strengths of the same mix. Results of the borehole shear tester were inconclusive.

Jan 1, 1986

Provide reasonably priced, reliable fire protection for blasthole drills. Approach An automatic fire sensing and suppression system using both dry and gaseous chemicals was developed, and is more shock and vibration resistant than similar industrial fire protection systems. How It Works Temperature sensors mounted in the drill's machinery house, hydraulic room, operator cab, and transformer area detect the heat from a fire, and trigger a sequence of actions. The same fire fighting sequence can be initiated from manual alarm boxes in the cab, hydraulic room, or machinery house. Electrical power to the drill Is immediately cut off, and a horn sounds to warn the drilling crew. After a 40-second, built-in, delay to allow time for drill's ventilating fan to stop, gaseous and dry chemical fire extinguishing agents are piped to and released in various rooms of the drill. The gaseous extinguishing agent (Halon 1301) is released in the machinery house, hydraulic room, and operator cab where dry chemical clean-up from electrical panels and machinery would be difficult and costly. Dry chemical is piped to the transformer room at the rear of the machine. Location of the principal components of the system are shown in the drawing.

Jan 1, 1979

By Julián Andrés Ortiz González

This work presents a series of experiments of Fatigue Crack Growth (FCG), which are intended to provide evidence about the main parameter controlling this phenomenon, whereas still no agreement about this, since the Paris´ theory is based on the principle that FCG is controlled by the ?K and the Elber´s theory says that the driving force is ?Keff. For the development of the experiments, some DC(T) specimens were machined with two different thicknesses: 2 and 30 mm to perform FCG tests in plane stress and plane strain state, respectively. Besides this, all FCG tests were carried out with a constant ?K e Kmax, measuring the strain with a Strain-Gage bonded on the back face of the specimen and seven Strain-Gages located on the crack growth path. The data needed to measure the crack opening load, and the ?Keff, were collected through a program developed in Labview. Finally, the data post-processing was carried out based on the ASTM standards and several articles of recognized authors in this field, in order to compare the two positions with the experimental data, and this way conclude which is the most consistent theory with the observed behavior.

Aug 16, 2017

By Harold J. Bennett

The purpose of this study was to develop methods for the financial evaluation of mineral deposits. This includes the selection of the best alternative mining and processing methods and production rates. This was done by performing a financial evaluation through computer simulation using sensitivity and probabilistic risk analysis. The criterion used to measure the relative advantages of these investment and operating alternatives is the discounted-cash-flow rate of return. Included is a description of the theory and methods used in the probabilistic analysis approach, which is based on the premise that the expression of a range of values in establishing an estimate for a parameter is more realistic than the choice of a single value. Numerous simulations are made using randomly selected values of the input parameters resulting in a frequency distribution of the rates of return and their relative probability of occurrence. The sensitivity analysis method is described and combined with the probabilistic analysis to interrelate mineral reserves, capital investments, operating costs, and production rates. The ability to vary these input parameters on successive runs has permitted the selection of the best alternative mining and processing methods and production rates for a given mineral deposit. For illustrative purposes the evaluation of a mineral deposit was performed using three alternative mining and processing methods at three different quantities of resources and various production rates and prices. The computer program used in this analysis was written in FORTRAN II for maximum compatability and should run without modification on most computers having BK (8,000-word) core memory, a card reader, and printer (120 characters per line).

Jan 1, 1970

This report describes Phase I of the project --Development of a Mechanized Scaler --performed by Battelle, Pacific Northwest Laboratories for the U.S. Bureau of Mines. The objectives of Phase I were to 1) assess the needs of the industry as related to mechanized scaling; 2) conceive, evaluate and select mechanized scaler concepts; and 3) prepare preliminary designs of the selected machine concepts. To assess the scaling needs of the industry, we reviewed both U.S. and foreign literature, evaluated U.S. scaling accident statistics, reviewed existing mechanized scaling equipment, performed a series of mine visits and telephone interviews with mine operators, and assessed the applicability of a loose-rock detection system. The literature review identified over 25 scaler-related articles. However, little of the information could be used directly in the conceptualization and design portions of the project. Three articles did supply information on a number of machines used in Europe, along with statistics describing their effect on mine safety. For example, the French reported a 50% reduction in the total number of scaling-related accidents and a full 80% reduction in the number of lost-time injuries in the Lorraine mining district.

Jan 1, 1981

By W. A. Thomas

STEAM is, and doubtless always will be, the basic power in the anthracite industry, either directly applied through engines and pumps or electrically. The rapidity with which electric power is being applied to the mining and preparation of anthracite leaves little doubt as to its utility and economy. There is practically no operation, except possibly the drilling of hard rock, that has not been successfully electrified and the matter of drilling is handled economically with electrically driven compressors and the standard compressed-air drills. Conservation and the seemingly ever-increasing cost of production, justify careful consideration of the possible results of the more extensive use of electric power in the industry. It is not planned to discuss, herein, the relative economies of individual applications but to consider the relative economy and flexibility of steam and electric power. The reports available for the year 1920 indicate a production of slightly over 80,000,000 tons of anthracite, of which 8,843,500 tons were used for power and heating purposes; in other words, over 11 per cent. of the production was used at the mines. Some of this was used to generate electric power at the mines, about 160,000,000 kw-hr., while 150,000,000 kw.-hr. was purchased from the public utility companies. One large producer, who is buying some electric power and generating some, used over 13 per cent. of the production for power and heating at the mines. Another producer, where considerable electric power is generated on the properties, is using less than 9 per cent. of the output for power and heating. One of the largest producers has a fuel consumption of over 15 per cent. of the output, besides which considerable power is purchased. A careful study of the field indicates that steam-operated plants use upwards of 13 per cent. of the production for power and heating, while electrically operated plants use about 1 per cent. for heating; so that, for steam-power purposes at least 12 per cent., or 268.8 lb., are used for power out of each ton produced.

Jan 9, 1921

By W. H. Forbes

The prevention of accidents from falls of roof and coal requires a considerable amount of personal judgment , for conditions are different even in adjoining working places in the same mine , and conditions may change from hour to hour even in the same working place as the coal is shot down and loaded . Experience has shown that many men can not or do not exercise enough care to protect themselves from injuries ; moreover , where the foremen have been made directly responsible for the safety of the men under them , accidents from falls of roof and coal have , in many instances , been reduced as much as 50 per cent . There is now no question that careful , constant , and intensive supervision is essential in preventing acci- { dents and more especially accidents of this class . Falls of roof and of coal account for approximately 50 per cent of all coal mine accidents and annually result in the death of approximately 1,000 men and cause lost - time injury to approximately 50,000 men . These and other accidents are recurring with little or no diminution , usually not because of the lack of knowledge of safe and dangerous practices , or of the technique of safety , but largely because of the lukewarm interest of major executives in safety or the failure of mine officials to formulate and to enforce common - sense rules and regulations . When failure is the outcome of a sincere attempt of the managing officials to teach safety to the miner , the fault may usually be attributed to misguided effort . Various solutions for the problem of eliminating accidents from falls of roof or coal have been suggested , some of which are : Standard system of timbering for the specified mining districts ; departure from the room-and - pillar system to a more concentrated system of mining ; more intensive supervision - that is , 1 section foreman for every 25 loaders instead of 1 section foreman for 75 , 80 , or even more loaders the practice in most mining districts . - However , investigations conducted by the writer at numerous mines operated by a number of mining companies in several districts show that employees and officials alike are inclined to work under loose and unsupported roof , relying solely on the " drummy " sound and on their judgment and experience as to whether the roof will stay in place for one hour or for several hours . With but few exceptions , men who had been injured by falls of roof or ccal or were found working under loose and unsupported roof , admitted that they knew of the possibly unsafe condition , but it was their opinion that the roof or coal was not loose enough to fall for some time .

May 1, 1931

By Robert F. Shurtz

This paper discusses and compares methods of statistical analysis of the information relating to the evaluation of an asbestos deposit. From a study of 10-ft. lengths of drill core, the separate effects of visual evaluation errors were determined, as well as the deviations between evaluators and the deviations produced by a slight displacement in the center lines of the check drill holes. The importance of careful statistical analysis of such information is stressed.

Jan 1, 1966

By R. K. Borden

Rio Tinto is committed to proactive mineral waste and acid rock drainage management. Corporate requirements are closely aligned with the GARD Guide principles of early geochemical characterization and prediction followed by selection and implementation of management strategies to prevent or minimize ARD. Each operation is required to design and implement an ARD and Mineral Waste Management Plan. Successful implementation of the plan requires commitment at all levels of the company, from senior management, to geologists, mine planners, environmental staff and equipment operators. Examples of the successful integration of ARD management strategies into mine operations are cited from several mines.

Jan 1, 2011

By G. A. Reinhardt, H. J. Cutler

ThE Youngstown Sheet & Tube Co. has produced a large tonnage of 0.35 to 0.45 carbon forging steel, the acceptance of which was based on the physical properties of test specimens obtained by forging the original 5 3/4-in. (14.5 cm.) square bloom to a 3/4-in. (1.9 cm.) round. Annealed and tempered specimens were required. The test bars were annealed by heating from 900" to 950' C. and cooling slowly in mica. The test bars were tempered by heating to 825' to 875" C., quenching in water, and drawing to 515" to 535" C. Immediately after heat treatment, the test pieces were machined to a diameter of 0.534 in. (1.38 cm.) and tested. Very good physical properties were obtained and no difficulty was experienced in meeting the specifications called for. UlTimate Strength.. Elongation, Lb. pER Sq. In. PEE Cent.. in 4 In. Not LeEs Than Annealed specimens.............. 78,230 to 92,450. 18 Tempered...................... 120,000 to 149,350 9 After experience on this material, production of slightly higher carbon forging steel was started. The method of testing this material required that test blooms be either normalized or annealed. The normalizing consisted in heating to 850" to 900" C. and cooling in still air; the annealing, in heating to 850" to 900" C. and cooling in the furnace or in mica. From the treated bloom, the test pieces were taken either by core drilling or by sawing from points midway between the edges and the intersection of the diagonals. The cores or blocks were turned to a standard 2-in. test piece with a diameter of 0.564 in. and tested without further treatment. The physical requirements of the test pieces were: yield point, pounds per square inch minimum, 44,800; ultimate strength, pounds per square inch, 89,600 to 112,000; elongation, per cent. in 2 in. not less than 17. Difficulty was encountered as soon as work on this material was started. Many precautions and refinements were instituted but it was found very difficult to secure the required elongation.

Jan 1, 1920

By L Dyer, G. J. Wilkie, P. Walters, B Tadesse, L. Keeney

Grade Engineering® is a term trademarked by the Cooperative Research Centre for Optimising Resource Extraction (CRC ORE) and includes five key levers for upgrading ores and rejecting waste prior to expensive downstream comminution and mineral processing. These five levers include natural deportment, induced deportment, bulk sorting, particle sorting and gravity separation. Over the past ten years, CRC ORE has progressed a range of technologies that exploit these levers from laboratory proof of concept through to large scale demonstration and validation. This paper details the work carried out by CRC ORE and Curtin University for assessing the amenability of an ore for its natural deportment and particle sorting attributes in an Integrated Screening and Particle Sorting (ISPS) Grade Engineering® process. ISPS is seen as a preferred method for Grade Engineering® as compared to individually operated unit operations as the benefits of each can be complementary. Furthermore, it is suggested that integrating the two levers has two important impacts: 1. Firstly, there is a risk that isolated particle sorting test results will be misinterpreted as being representative of the full sample without considering the mass balance impact of high-grade material that might have been lost in the fines fraction. This fine fraction will not be detected through the particle sorter. 2. Secondly, and potentially of more valuable impact, is that the opportunity may exist to upgrade the feed first through determining if there is a concentration of high grade to the fine (or coarse) fraction which can be separated through screening. Undertaking screening in the preparation stage of the particle sorting process will enable analysis and separation of the fine or coarse fractions of a rock mass. The result of this study provides the mining industry with an independent framework for undertaking an Order of Magnitude (ISPS) Grade Engineering® assessment on a range of constituent ore types. Keywords: Grade engineering, particle sorting, grade by size fractionation

Jan 1, 2020

By C. Richard Tinsley

Like most minerals, coal is inherently a demand-limited commodity. The very sedimentary nature of its occurrence implies greater availability potential than demand. But this situation is overridden by economics among fuels, between coals, and within coal blends. Such considerations make coal forecasting a very hazardous profession indeed. THERMAL COAL If one thought that the lead times involved with a mining project were very long, one has obviously not been exposed to the planning process in the electric generation business - a process seriously confounded by shifts in load growth, environmental pressures, capital intensity, security of fuel sourcing, inter-fuel economics, and so on. But as a general rule, the near-term forecasts for thermal coal can reliably be based on a bottom-up, plant-by-plant analysis. Cement plant conversions can also be reasonably estimated next in order of reliability, although they have a much wider spectrum of coal qualities and fuel sources to choose from with a notably higher tolerance for sulfur and ash. Finally, industrial demand can be assembled from the estimates for conversions by pulp/paper plants, chemical plants, etc. The industrial sector is harder to estimate, since it may involve small boilers or dual-fired units. Assessing demand in the Pacific Rim is relatively a straightforward process in the near term because the major importing countries are all located on the Asian continent with either negligible or very minor (yet stable) indigenous coal production, (itself often operated on a subsidized basis). Furthermore, all imports are seaborne. These major importers are Japan, Korea, Taiwan, and Hong Kong with Thailand, Singapore, and Malaysia up-and-coming consumers. The suppliers to this market all have substantial reserves to back up decades of exports to these countries. Australia, the US, Canada, South Africa, China, and the USSR dominate the supply side. The second oil-shock of 1979/1980 has convinced the importers that reliance on oil can be expensive and eminently interruptible. Thus, they are determined to diversify away from oil' to nuclear and coal for generating electricity and for coal for other purposes where possible. This trend is seen to continue even in the face of the oil glut worldwide and oil-price reductions in early 1982. But the importers are also convinced that reliance on one coal source and, in particular, one infrastructure route for the coal chain from mine to consumer can be equally expensive and interruptible. Strikes in the US and Australia; excessive demurrage at certain ports; relegation of coal to a lower priority on multiple-use railroads in the USSR and China; and concern over escalation on high-infrastructure or high-freight coal chains are among the risks worrying the importers. As a consequence, Pacific Rim thermal coal purchases are being allocated among supplier nations, between ports, and within each country. An example of Japan's shift away from Australia and toward the US and Canada is shown in the estimates in Table 1. But the confidence of the import estimates deteriorates sharply beyond the plant conversion timetables and construction schedules in the near term. If part of the second generation of coal-fired power plants can handle lower-energy coals, the field of suppliers could widen to accept sizeable tonnages from Alaska, Wyoming, Alberta, or New Zealand resources. These supply sources generally have some infrastructure or freight advantage to compensate for their lower quality and to compete on a delivered energy-unit basis. These also offer diversification in sourcing. And the possibility of coal liquefaction in Japan further widens the sourcing network. A great number of Pacific Rim coal forecasts have been generated, especially for Japanese thermal-coal imports which are expected to grow strongly in the 1980's. Since the Japanese themselves have not yet settled their energy policy, the exact numbers are hard to call. Nevertheless, at 50 million tonnes of imports in 1990, Japan would consume 50-60% of the total Asian thermal coal imports as shown on Tables 2 and 6. The next most important consumers are the "island" nations of Korea, Taiwan, and Hong Kong (see Tables 3-5). All three are embarking on power plant developments usually with captive unloading facilities, capable of accepting more than 100,000-dwt vessels. Korea, with no-indigenous bituminous coal, is not especially enamoured with US coals, which are deemed too heavily loaded by freight and infrastructure costs -- up to 70% of the delivered price. Thermal coal contracts are presently split to Australia (70%) and to Canada (30%). Korea Electric Power Co. is already considering second-generation boilers capable of burning lower-quality coals than the present standard. Korea does burn domestic anthracite.

Jan 1, 1982

By M. Kaitz

A continuing discussion in both the petroleum engineering and economic literature is directed to the difficulties encountered in the use of discounted cash flow rate of return (DCF) as a measure of investment worth. Although useful in most Instances, DCF has been criticized because it is time-consuming in its trial-and-error solution, theoretically invalid, not adaptable to cash flow streams yielding multiple return solutions and not entirely reliable in selecting between mutually exclusive investments. The theoretical invalidity of DCF stems from the reinvestment assumption implicit in the calculation that earnings are reinvested at the DCF rate. The emerging consensus of the economic literature is that the net present value or the present worth of the net cash flow stream (discounting at the average opportunity or cost of capital rate) is more correct and reliable. Other criteria proposed have been ratios of net present value divided by initial investment or by present value of all investments in a project. All of these criteria are simple to determine and explicitly assume a reinvestment rate for [he income generated by a project. This paper develops and discusses a theoretically valid profitability criterion which is simple to compute and retains the appeal of a percent return on investment. It is called "percentage gain on investment" or PGI. It measures the gain an investment is expected to realize over like capital invested in the average opportunity and explicitly considers reinvestment potential. Why add another Concept to the large array of investment criteria now available, any one of which, or perhaps a combination of several, appears to embrace the form's (or individuals) objectives? The answer is that not one of the existing criteria provides both a readily comprehensible and theoretically valid measure of risk coverage that has general application. The proposed PGI does fulfill these requirements. INTRODUCTION An ancient expression warns that "one must yield to the times" — there are better ways of doing things. A review of the petroleum engineering and economic literature on one topic alone, measurement of investment worth, certainly is witness to this truth. In use for a number of years, the DCF has recently received attention, directed mainly to its theoretical invalidity. Several alternatives to DCF have been proposed to provide a valid, simply determined criterion to describe investment worth and to overcome the criticisms previously mentioned. This paper introduces another method called percentage gain on investment (PGI) and is proposed as but one of several yardsticks that should be used in making investment decisions. MEASURES OF INVESTMENT WORTH This paper will consider only those criteria which give weight to the time pattern of future earnings. These criteria are usually compared with an average opportunity rate or cost of capital of the firm to judge the relative worth of the investment. For purposes of demonstration, a 9 percent average opportunity rate will be used throughout this paper. Implicit in the DCF calculation is the assumption that earnings are reinvested at the DCF rate. Some argue, though, that there is no reinvestment assumption,' that the DCF rate is simply that maximum rate of interest one can pay on the investment over the life of the project and break even. The determination of DCF is accomplished by discounting the net cash flow stream at that rate (DCF) which will yield zero. The question is: why should reinvestment potential be explicitly considered in calculating return on investment or other criteria measuring economic worth? Perhaps the answer lies in consistent or equal treatment of future cash flow. It appears entirely illogical to give different present worth value to $1 received, say, 10 years from now, which is the circumstance resulting in comparing projects with different DCF returns. In fact, $1 received in 10 years has the same value regardless of which project generated the income. DCF return thus favors investment projects which are expected to provide early income as compared to those providing long-term income. Not surprisingly, the controversy on reinvestment assumption is an old one. Hoskold' discussed this same problem in 1877. He considered the future income from mineral properties as an annuity or a series of fixed future payments. (As will be demonstrated, his equation can be modified for variable income.) Prior to Hoskold, the value or what one could pay for the mine, was determined with the use of standard, single-interest tables. Here is what Hoskold said with regard to these tables. "This table, and others of its kind, to be found in most works on annuities, is constructed correctly according to

By M Edwards

The paper outlines the successful application of some of the on-belt technologies available from Scantech International Pty Ltd and how these have provided benefits in a number of mining and mineral processing operations. Effective process control requires real time analysis so quality can be fed back to the previous process and fed forward to a subsequent process. A range of on-belt analysers that allows for full stream, continuous, non-contact analysis of conveyed materials is available to achieve this. Real time results can provide timely information for effective process control. Benefits of on-belt analysis systems become more evident once the true variability of material quality and moisture content in conveyed flows is measured. To obtain economies of scale in mineral processing operations large material flows are achieved using conveyors. The cost and effort to sample representatively increases as conveyor flows increase. One sample may represent a few tonnes or up to 10 000 tonnes of material. The turnaround time between sampling and availability of sample analysis data does not allow real time process control. Tonnage flow rate, moisture content and elemental or mineralogical composition are required to perform effective process control of most conveyed streams. Tonnages can be effectively measured using belt weighers. The analyses derived from small samples supplied by conveyor-based sampling systems contain high variability. On-belt, continuous analysers see all the material and, through short term compositing of analyses, supply less variable results. Real time analysis helps operators develop a better understanding of material variability. Analysers can be effectively utilised to improve the consistency of product quality through bulk sorting and blending control. Many existing users of the technologies have gained competitive advantages through their ability to supply a more consistent quality product to the market.

Jan 1, 2008