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By J. W. Thompson

RAILROAD GRANT-MDIERALS. Diatomaceous or infusorial earth when found in such quantity and quality as to render lands containing deposits valuable therefor are mineral lands within the meaning of the mining laws and must be excepted from grants to the Central Pacific Railway Company. Central Pacific Ry. Co., In re, 45 Land Decisions, 223, p. 226. RAILROAD GRANT-CLASSIFICATION, If any evidence of minerals is found upon lands within a railroad grant and the showing is sufficient in the opinion of prudent and qualified persons to warrant further exploration and expenditure, with reasonable prospects of success, then the land can not be classified as nonmineral and is not subject to the grant to a railroad company. But where there is no present indication of minerals nor any geological evidence upon which to base a mineral finding, land should not be classified as mineral, or held for further classification and reserved from the railroad's grant, upon the surmise that future prospects might disclose evidences of minerals. Southern PacUl.c Ry. Co., In re, 45 Land Decisions, 326, p. 329. INDEMNITY SELECTION BY RAILWAY COMPANY, Under section 3 of the act of July 2, 1864 (13 Stat., 365), and the joint resolution of May 31, 1870 (16 Stat., 378), the Northern Pacific Railway Company could take coal and iron land within its primary or grant limits. It could not base an indemnity selection upon the claim that certain land was coal or iron in ;;haracter, as such land was not lost to it as part of the grant. But the company was authorized to select other lands in lieu of those lost because of their mineral character, but the word "mineral" did not include iron or coal, and, accordingly, the railroad company was entitled to take coal lands under its indemnity selection.

Jan 1, 1917

The U.S. Bureau of Mines, Department of Labor, and United States National Committee of the CIE hosted the TC4.10 Mine Lighting Committee Meeting and Second International CIE Mine Lighting conference at the MSHA Academy in Beckley, WV from October 12-16, 1981. This was the first time the meeting and conference had been held in the United States. The TC4.10 Mine Lighting Committee, chaired by Dr. Adam Peretiatkowicz of Poland, was attended by 15 committee members and six guests representing eight countries. Discussion during the meeting covered mine lighting instrumentation, open cast (surface mine) lighting, and lighting sources. The committee also reviewed a draft of proposed lighting terminology and suggested changes to make the definitions more acceptable to representatives of the nations present. The mine-lighting conference featured 20 papers presented by 18 speakers representing six countries. The papers covered all phases of mine lighting, including research, hardware development and application, personnel acceptance, and requirements for system maintenance. The conference attracted 126 attendees and also included displays by eight lighting hardware manufacturers and four mining machine manufacturers. Papers from the conference are being published by the Government Printing office, with copies presented to the conference attendees. Copies will be available to others interested through the NTIS. During the course of the TC4.10 meetings and conference, committee members toured three mining equipment assembly plants, and six of the foreign representatives visited a longwall installation in an underground mine. Planning and administrative services for the meeting and conference were handled by Bituminous Coal Research, Inc., under USBM Contract H0318038.

Jan 1, 1982

By S. B. Christy

This report on the electrodeposition of gold and silver from cyanide solutions represents work that has occupied my time at intervals during the past 20 years. The investigation has been carried on simultaneously with my duties as professor of mining and metallurgy of the University of California. During shis long investigation I have been assisted in the details of the work by, a number of my former students, acting in turn as assistants. Particular mention in this connection is due W. H. Hilton, who graduated in 1900; C. T. Dozier, 1902; N. C. Stines, 1905; H. N. Herrick, 1907, and L. C. Uren, 1911. It is impossible to publish full details of the many thousands of experiments performed. Effort has been made to present only the essential data. Wherever possible, the results of the experiments have been expressed in diagrammatic form by curves showing the relation between the simultaneous variables of the experiments. It is necessary to show, as nearly as may be, the state of the art. This is difficult because of the meager literature on electrodeposition in the cyanide process; hence resort must be had to the specifications and claims of patents, most of which seem never to have been applied on a working scale. Such information consequently can not be taken at its face value. Expressing the essential ideas evolved in such specifications is no easy task. Clearly, in quoting from patent records it is not ·feasible to enumerate all of the specifications or the claims allowed the inventors. A statement of the chief contributions to the art in the patent cited must suffice. Legal details, of course, must be obtained from the original patent. In the study of patent literature, when one compares the ardent hopes of the inventors with the results realized from their efforts, it becomes clear that in the development of an art no one man contributes everything. Each subsequent inventor stands on the shoulders of the one who has gone before. It is only through the summation of the contributions of many inventors that the art as a whole prospers. On October 19, 1887, a British patent was granted to McArthur and Forrest for the use of dilute cyanide solutions for treating gold and silver ores. The rapid extension of this process, in various forms, all over the world, has almost revolutionized the treatment of ores containing precious metals. It is a remarkable fact, however, that long before this patent was granted there was issued, on February 5, 1867, to J. H. Rae, U. S. patent 61866, for an electrocyanide process. Thus a method of electrodeposition from cyanide solutions used for treating ores was invented 20 years before the McArthur and Forrest patent .was granted, although the process did not come into general use. On May 24, 1889, U. S. patent 403202 was granted to McArthur and Forrest for the use of zinc shavings for removing gold and silver from cyanide solutions. The use of finely divided zinc is still the standard method for recovering 'gold and silver from cyanide solutions. Since this patent was granted, many attempts have been made to replace the precipitation upon the zinc by methods of electrodeposition. It is the purpose of this report to give an outline of some of these methods, as well as to show the relative advantages and disadvantages of the zinc and the electrical methods of recovering gold and silver from cyanide solutions.

Jan 1, 1919

By Henry Kreisinger, F. K. Ovrrz, C. E. Augustine

The Bureau of Mines is conducting investigations to determine how fuels belonging to or for the use of the United States Govern- ment can be utilized with greater efficiency. As a result of these investigations a number of reports have been published, each report treating of one phase of fuel utilization. A list of these publications is given at the end of this bulletin. The efficient utilization of coal depends on the correct design of furnaces and on their proper operation. To attain both of these conditions a knowledge of the fundamental principles of combus- tion is necessary. Therefore, the study of the combustion of coal in industrial furnaces has been made a part of the bureau's fuel in- vestigations. The desirability of investigating the fundamental principles of combustion was suggested by the study of a large number of steam- ing tests made by the fuel-testing division on coals from all of the more important fields in the United States. The results of these tests have been published in Bulletin 325 of the United States Geological Survey and in Bulletin 23 of the Bureau of Mines. As a result of that study a plan to investigate the combustion of coal in a special apparatus in which all conditions could be controlled was presented to the National Advisory Board for Fuels and Struc- tural Materials at its meeting of April 10 and 11, 1906. The plan received the approval of the board, and since the establishment of the experiment station of the Bureau of Mines at Pittsburgh the investigation of the combustion of coal has been carried on intermit- tently. The history of these investigations is given in Technical Paper 63.

Jan 1, 1917

By S. Norman Kesten

The Galena mine is located astride the Polaris fault in the Coeur d'Alene district of northern Idaho. The surface installations are about a mile up Lake Gulch, the mouth of which is about 2.4 km (1 112 miles) west of the old town of Wallace. The mine had its beginnings when the first claims were located in the early boom days of the district in the 1880s and when the first underground ore bodies were opened up in 1917. During the ensuing 14 years, ore was mined from which were recovered 5.4 Mkg (12 million lb) of lead and almost 14.2 Mg (112 million oz) of silver. Workings consisted principally of a vertical shaft from surface to the 800 level and an offset underground shaft to the 1600 level, together with extensive lateral openings. High-grade silver-copper ore was discovered near the Silver Standard fault in the Sunshine mine, a few miles to the west, on the 1700 level in 1930. By 1937, the Sunshine and adjacent mines were producing silver-copper ore on a regular basis. In 1943 additional ore of a similar type was found along the Chester fault, to the east of the principal Sunshine workings. The interest of American Smelting and Refining Co. (renamed ASARCO in 1975) was aroused and the company's geologists determined that the Galena mine, idle since 1931, provided a geological environment in which similar ore might be found. After negotiations were initiated with the owners of the property, Callahan Zinc-Lead Co., the property in question was deeded to Callahan's wholly owned subsidiary, Vulcan Silver-Lead.

Jan 1, 1990

By R. E. Collom

The commercial development of petroleum and natural gas fields has reached its present status within 60 years and is still considered by some operators to be "100 per cent wildcatting." 1 A tendency to drill for gusher production, the production that yields big returns in spite of any mechanical defects in drilling methods, has frequently caused drillers to pass by oil-bearing strata of comparatively small yield and actually to overlook rich oil zones in proved fields; in addition, whole fields have been ruined by water because development methods were never carried beyond a hole-in-the-ground stage.2 Unfortunately, the petroleum industry has no mine dumps or tail. ing piles as at metal mines to yield fortunes through later and bette!' methods of treatment. The wasted oil and gas are gone, as are the time, money, and effort wasted in ill-advised or haphazard drilling. Probably as production costs increase less oil will be wasted, but the need to develop and produce from sands of low yield will become more urgent with the increase in consumption of oil and the decrease in supply. Hundreds of wells are producing steadily as the result of months and perhaps years of careful prospecting and of tests during drilling. The Bureau of Mines has studied the testing and drilling methods used at such wells, and presents in this paper a criticism of these methods and suggestions on future work. The term pr08- pecting here means correct identification and measurement of strata as they are exposed by the drill. The term testing means the determination of the kind and amount of fluid stored within the pores or crevices of any stratum exposed in the hole.

Jan 1, 1922

By Wallace W. Key

Mineral raw materials produced in California, other States, and foreign countries were purchased for consumption in quantities valued at over $60 million at 800 of the 1,200 chemical plants operating in California in 1960, according to questionnaires completed by company officials. These and other data received from mineral consumers, producers, dealers, and Government agencies formed the basis for this the first of a series of reports designed to present the intricate features and relationships controlling mineral raw material supply and demand in California industries. The results of this study indicated certain changes in use patterns of minerals in chemica 1 manufacturing; a shift in requirements from metals to nonmeta ls, from inorganics to organics, from natura 1 to synthet ic materia ls , and from distant to local sources of supply.

Jan 1, 1965

"2016 marks an amazing accomplishment in the mining industry as Hecla Mining Company celebrates its 125th anniversary. Mining Engineering sat down with Hecla chief executive officer Phil Baker to gain insight on this tremendous longevity and to get his view on how the company demonstrated persistence, gained perspective and created position for its future.How did Hecla Mining Co. get its start?In 1891, a group of investors formed Hecla Mining Co. to acquire and trade mining claims. No one envisioned at the time that the Coeur d’Alene Mining District would become known as the “Silver Valley” and produce more than 37.2 kt (1.2 billion oz) of silver. Or that Hecla would become the United States’ largest primary silver producer and the last of the pioneer mining companies from this illustrious mining district.What is the origin of the name “Hecla?”That will forever be a bit of a mystery. Some say it was named for an Icelandic volcano. Or that it was the foresight of James Toner, who staked the original claim, that it would go so deep, fulfilling the medieval folklore definition of the word ‘Hekla’ which is the ‘Gateway to Hell.’ I kind of like that one as the Lucky Friday Mine is almost 3.2 km (2 miles) below the surface. It has operated for more than 70 years and has all the markings of being one of only a handful of mines that will exceed 100 years of operations.Is there a common theme, or thread throughout the 125 years?Yes, Hecla has always had a solid core of high-quality and long-lived assets, positioning the company to survive times of low prices and reap the rewards when cycles turn and higher prices are realized. But it is not just assets. Hecla has extraordinary expertise that gives us the perspective of how to acquire, explore, develop and operate mining assets, particularly underground. Hecla is one of the few companies to acquire assets in the last five to six years and we did not have to write down the value of them, which means we paid a fair price for the asset despite the metals price reductions that followed the purchase. And our culture has given us the persistence to develop mines and complete projects despite lower prices. For almost a decade we have been advancing the #4 Shaft project at the Lucky Friday. We will complete this project this year, positioning the mine to operate for decades. We have elected to spend capital on San Sebastian (Durango, Mexico) and Casa Berardi (La Sarre, Quebec, Canada) to start a new mine and increase production, respectively. And we are spending money on new techniques, new equipment and innovations to our operations. Our insistence is on developing for the future, and our persistence in doing so is in contrast to many companies that are reducing investment and shrinking production"

Jun 1, 2016

By O Arafat, R E. McIvor, K M. Bartholomew

It is well known in the industry that good classification system performance is vital to efficient ball mill circuit performance. But what is meant by good classification system performance, and how is it achieved? Unfortunately, the perceived complexity of classification systems, and the day-to-day time demands placed on the practicing metallurgist, all too often put the low-hanging fruit of classification system optimisation in the ‘I’ll do it later’ basket. Additionally, lingering confusion about basics such as the relationship between circulating load ratio and ball mill circuit performance makes the optimisation objective seem nebulous to both plant metallurgist and designer.Some of this confusion can be eliminated by taking a step back from the overwhelming detail of sharpness of separation curves, circulating load ratios, cyclone feed pressures, vortex and apex sizes etc, and focusing on the purpose or function of the classification system – to apply mill power to particles that need further size reduction! The classification system efficiency (CSE) metric captures how well the classification system is performing its function with two quick and easy size distribution analyses.Once CSE is understood and implemented as the optimisation criteria, well-tested methods for improving CSE can be implemented and quickly measured at plant scale to give confidence that the right change was made.This paper will describe CSE and how it is measured in practice. Next, a guide for improving CSE through manipulation of design and operating variables in the classification system will be provided. Examples and case studies will illustrate the gains in ball mill circuit efficiency that can be achieved by maximising CSE.CITATION:Bartholomew, K M, McIvor, R E and Arafat, O, 2018. A guide to maximising ball mill circuit classification system efficiency (CSE), for operators and equipment designers, in Proceedings 14th AusIMM Mill Operators' Conference 2018, pp 553–558 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 29, 2018

By A Mackay

As a result of the explosion in the 512 panel at the Moura No 2 mine in 1994 the role of the ventilation officer (VO) to submit sealing plans (on behalf of the operator/underground mine manager) has become one of the key duties of the VO of an underground coal mine in Australia. The intent of a sealing plan is to document the controls used to manage the build up of flammable concentrations of gases, and for these controls to be reviewed by the industry regulators. These sealing plans have brought a large amount of focus onto the sealing process and served the industry well. The legislation does not define sealing, or when it begins, but throughout the industry typically sealing plans are submitted 30 days prior to the last seal being constructed. This practice appears to have originated from the Moura 512 panel being a standing bord and pillar panel and where the explosive gas mixture could only occur after it was sealed. However, since the Moura disaster the industry has become dominated by goafing style longwall mining. Goafing panels differ from standing bord and pillar panels in that they typically have an unventilated goaf that can potentially contain an explosive mixture from start-up. This was recently highlighted by the explosion and fire on Longwall No 1 Tailgate at the Blakefield South Mine in 2011. The author ponders whether the industry should revisit sealing plans to focus on the core hazard and define that sealing begins when flammable concentrations of gases are created. Although defining when mine sealing begins is the key outcome of this paper, the main point is that VOs and industry regulators need to clearly understand what can occur in the atmosphere of underground coal mines. CITATION:Mackay, A, 2013. A case for change - Defining mine sealing and understanding flammable mixtures during sealing, in Proceedings The Australian Mine Ventilation Conference , pp 307-310 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 1, 2013

By Gary N. Weinrich

Large surface mining projects in sparsely populated regions of the West have the potential to create disruptions in an area's social and economic character with potential effects on man that can far outweigh the physical and ecological effects on man's environment. The data and analyses involved in addressing the socioeconomic issues are additional to those traditionally associated with surface coal mining, such as those concerning land reclamation and water quality. Appropriate socioeconomic studies in conjunction with mine-planning can identify the potential problem areas in order that project measures can be taken to maximize the beneficial impacts and minimize the adverse effects of surface coal mining. The information required to conduct such socioeconomic analyses, available data sources, and the applicable analyses are described. Overall impacts of some proposed Western surface mines are summarized and potential mitigating steps discussed.

Jan 1, 1975

By A. Policard

The question, of the pathogenesis of pneumokoniosis is very important not only from the social and economic points of view but also from the purely biological. The study of the pathogenesis of the disease leads to fascinating problems of cytology and cytochemistry. Two problems present themselves for examination from an analytical and critical point of view: 1. The first reactions of the alveolar walls to inhaled dusts. 2. The precise nature of the action of mineral dusts.

Jan 1, 1947

By James J. Scott

In 1910 the United States Bureau of Mines was created. It was the outgrowth of a social problem stemming from the fact that 25,000 men were killed in coal mining accidents for the period 1900-1910. Something had to be done and congress responded to the people's demands by creation of this new regulatory agency. At that time mine operators felt the new agency was too strict but nonetheless new rules were developed and enforced and results were obtained by the industry which reduced fatal accidents to less than 250 per year by 1970.*Social reaction by the general public brought about legislation which created the Federal Coal Mine Health and Safety Act of 1969 This legislation was a direct reaction to the Farmington Disaster. Operators and miners alike said "we cannot operate under this law. It is too strict, requirements are unrealistic, production will suffer, .there will not be any improvement in health and safety, etc." Consider the facts: 1. Health and safety have improved. The 1972 frequency and severity rate was the best ever for the bituminous coal mining industry, Figure 1. 2 .Production per manshift has dropped in underground coal mines. For example, in West Virginia from near 16 tons/m.s. in 1967 to nearly 11 tons/m.s. in 1971-72. However, not all of this loss can be attributable to the Act, but certainly some is. (2) The betterment of the safety of coal mining was a prime motivation behind the coal law and from that standpoint the law has been partially successful, but the loss in productivity has been a real burden to the mine operator. Everyone should recognize that the law says little in regard to production--it only relates to health and safety. Production is management's responsibility.

Jan 1, 1973

By Paul A. Rittenhouse

Its a pleasure to be with you this afternoon and to talk briefly on one of my favorite subjects -- the U.S. sulphur industry. As our Chairman mentioned, I have been associated with the sulphur industry either directly or indirectly for the last twenty years, both on the production side and as a consumer. Sulphur, while unseen and relatively unknown to most people, is like margarine ... that ubiquitous spread ... that is yellow and nearly omnipresent in the industrial world. It is because sulphur, in some form, is required in nearly all aspects of our economy that makes its study so interesting to me as a researcher. An analysis of the sulphur outlook requires examination of such industries as fertilizer, paints and pigments, copper and zinc, uranium, petroleum, chemicals, pulp and paper and textiles - just to name a few. Of course, because its use is so widespread and ever-changing it is difficult to develop and maintain a good understanding of the sulphur industry. It is also a problem to cover the industry in a short discussion and to project its really dynamic nature. Hut, if you will bear with me, I will attempt the task. First of all, let me say that sulphur today is a world commodity and to a large extent moves freely in world trade; nearly a third of the world's sulphur or something over 15 million tons in 1974 entered international trade. However, today our interest is in the current changing sulphur picture in the U.S., with particular emphasis on the western part of the country.

Jan 1, 1975

By Karoly (Charles) Kocsis, August Greth, Jon Fox

"It is the duty of the mine operator to ensure the mine environment is healthy and safe for the mine workers. For deep and hot underground mines, this requires maintaining adequate working temperatures by means of mitigating the heat load generated by strata, auto-compression, mining equipment, explosives, ground water and human metabolism. The heat load is best reduced by minimizing the amount of heat transferred to the mine air from these sources and through the use of efficient ventilation with effective cooling systems. The heat emitted by mining equipment and vehicles contributes a significant proportion to the combined heat load of an underground mine. This is especially a problem for diesel equipment due to the fact that besides heat, a large amount of water vapor is produced, which increases the humidity in the production workings. Diesel engines have proven advantageous in recent history due to their high power output and reliability. However, as mines continue to become more mechanized and deeper the climatic problems introduced by elevated heat generation will continue to rise. With that, the issue of heat generated by diesel equipment must be addressed.The economic alternative for diesel engine equipment fleets in underground mines is the electric engine. Technological advances in battery technology, increased mechanical output and improved reliability have made the electric engine significantly more competitive in comparison to diesel engines. Because electric engines do not utilize internal combustion, the heat produced by them is significantly less than the diesel engines. Battery-powered mining equipment likewise eliminate diesel particulate matter (DPM) produced by diesel engines. Utilizing battery electric equipment in underground mines provides many advantages, such as: (a) reduced heat load, (b) healthier and safer environment for the mine workers and (c) reduced mine operating costs due to lower ventilation requirements"

Jan 8, 2018

?It is not the strongest of the species that survives, nor the most intelligent. It is the one that is most adaptable to change.? Charles Darwin. Canada?s mining and exploration companies have evolved over the past century from essentially a pick-and-shovel industry to a high-tech industrial sector. This evolution has occurred in fits and starts, and has been driven by the shifting environment of economic, technical and social opportunities and pressures in Canada. As labour costs have gone up, and labour availability has gone down, the industry has evolved more efficient processes. As mineral prices have increased or fallen, the industry has evolved either by expanding or shrinking production, or by changing processes to adapt to the newly prevailing conditions. As stringent environmental protection legislation has been implemented, the industry has adapted accordingly, and has substantially changed its mindset to incorporate sustainability into its way of doing business. These changes have occurred over a number of decades, and have usually occurred as the industry?s reluctant response to pressures it couldn?t evade. This model mirrors the classical paradigm of natural selection where evolution is driven by pressures external to the organism (or organization) ? change occurs to the degree necessary for survival and prosperity, but generally no further. In recent years a new paradigm has started to come into play in Canadian mining and exploration. Rather than only a reactive response to the external economic, social and technical factors, groups within the mining community are becoming proactive in developing strategies for future adaptive change. Instead of each against the other, they are developing more sophisticated paradigms where they can both compete against (such as in marketing) and cooperate with (such as for tech development) their fellow organizations. Most importantly, they are seeing individual and national advantage in a collaborative Canadian approach to address the advantages of overseas competitors who often have lower labour costs, lesser environmental standards, or more accessible markets and transportation. This has translated into large-scale mining community support for the Canada Mining Innovation Council, and its programs in exploration, mining, processing, HR development, energy and environmental stewardship. This new paradigm is adaptive to the current environment but is substantially different from the older way of doing business in two major ways ? it is based on a collaborative approach to competitive advantage, and it is highly proactive rather than reactive. All the programs have their priorities determined principally by the mining and exploration companies, whose first obligation is to determine the long-term research priorities of the industry as a whole, rather than for their individual companies. Only after industry consensus on priorities does the research community become engaged in the implementation of specific projects to address those identified priorities. A goal of the program is to effectively create a virtual mining research laboratory, by engaging all the major research centres in the country. This approach is being actively adopted by much of the Canadian mining community, and argues well for the adaptability and long-term survival of mining in Canada.

Aug 1, 2013

Discussion of the papers with a written contribution and authors' written replies.

Jan 1, 1947

By Dorothy Walters

As an increase in the number of producers alters fact ors affecting supply, long-term prospects in traditional markets for many minerals weaken. At the same time, conflicts between national and international objectives undermine existing competitive elements in mineral markets and Canadian costs escalate. Such changes may dramatically alter the environment in which the mining industry operates.

Jan 1, 1979

By F. L. Pirkle, W. C. Bagby

The International Mineral Valuation (IMVAL) Committee, founded in 2012, develops strategies for conducting mineral valuations. These strategies have been developed into a mineral asset valuation template called the International Mineral Property Valuation Standards Template and is part of IMVAL's work to establish consistent international standards for mineral property valuation and reporting. This template is a living document that is updated from time to time and is based on three core values or pillars (Fundamental Principles): Competence, Materiality, and Transparency. Objectivity, Independence, and Reasonableness may be applied as required by national codes or standards. The Template harmonizes international standards for valuation of mineral assets as real property and represents a consensus of current good practices. It is not a stand-alone reporting code and does not supersede existing national reporting standards. The Template deals with mineral-property valuation as distinct from mineral-project evaluation. INTRODUCTION In his 1989 book, “The New Realities”, Peter F. Drucker, Clark Professor of Social Science at Claremont Graduate School, California, stated: “Information is data endowed with relevance and purpose. Converting data into information thus requires knowledge. And knowledge, by definition, is specialized.” (p. 209) The discipline of mineral valuation is knowledge-based and requires a mineral valuer to collect, analyze, and interpret data that are material to a mineral valuation assignment. In so doing, the valuer turns the data into information (data come first, followed by information as determined by the mineral valuer) for use by the client (from whom the valuer obtained the mineral valuation assignment) and other intended users. The valuer uses his or her experience and education (each valuer’s knowledge base) supported by a foundation built upon competency, materiality, and transparency, the three pillars of mineral valuation (“minerals valuation”, “mineral-property valuation”). The International Mineral Valuation Standards Template (“IMVAL Template”, IMVAL”, “Template”), third edition dated May 2018, defines mineral valuation as: “The estimation of the Value of a Mineral Property in money or monetary equivalent. The word ‘valuation’ can be used to refer to the estimated value (the Valuation conclusion) or to refer to the preparation of the estimated Value (the act of valuing).” (p. 14) Furthermore, the IMVAL Template clearly separates valuation from evaluation: “The Template deals with Valuation, which is distinct from Evaluation. The distinction inherent in these defined terms is that Valuation addresses the estimation of value of a Mineral Property, whereas Evaluation addresses the broader assessment of a Mineral Property for an investment decision.” (p. 2)

Jan 1, 2019

By O C. Aitken

Mining project developers are committed to taking on all the challenges and obligations of financial risk management. It is interesting that our current models of project finance have not changed markedly in principle for some 700 years, yet the rules which prepare the way for effective project assessment and subsequent loan management still do not seem to be well understood by project or corporate developers. Probability and gravity fill the opposing trays of the golden balance of financial risk. Understanding the relationship between these opposing, but intimately related elements is critically important for successful risk management. It is important to move beyond the qualitative approach and use quantitative methodologies to measure the financial impact of the occurrence of each major risk. We live in a world where the only constant is change and thus it is not surprising that a bankerÆs life is still governed by assessing, measuring and pricing risk. Banks are attracted to funding well managed companies with strong cash flow projects. But we are more risk averse compared with the credit appetites of late last century. This attitudinal shift has resulted in tougher term sheets for the early 21st century, encompassing more conditions, warranties, undertakings and stronger cash sweep provisions. Banks require well balanced portfolios to achieve an acceptable spread of risk, thus there is a more restricted market for small company lending than that available to large multi-project corporate entities with less concentrated risk profiles. Because of this focus, junior company debt finance remains comparatively expensive and especially so for more challenging geographical and political environments.

Jan 1, 2004