Search Documents

By John C. Machisak

Injury data and experience, with related employment statistics, at coal mines in the United States for 1960 are presented in this publication under the following general sections: A General injury experience: Tables 1 to 6: Current data on number of injuries, decree of injury, frequency and severity rates, average severity, and related employment and production data by work location. B Selected injury experience: Tables 7 to 38: Current data on principal agencies of injuries, distribution of injuries by part of body injured, days of disability, extent of hand and machine loading, experience by employment and production groups, and various other operating factors and physical conditions related to the occurrence of injuries at the Nation?s coal mines.

Jan 1, 1962

By T D. H McGrath, W P. Staunton

Benchmarking, comparing an operation or process with the industry standard, is known to be a useful method for identifying plant optimisation opportunities, and in many cases providing the pathway to realise the benefits. The difficulty is generating the database of plant data necessary for a benchmarking exercise. Larger companies can benchmark internally; this option is not available to smaller companies, and the full value can only be realised with a comprehensive “industry wide” approach.The Gold Technology Group at Curtin University through the AMIRA P420 series of projects has undertaken several comprehensive metallurgical industry surveys in the gold industry over the last two decades. Analysis of these surveys has demonstrated areas where many operations can benefit from re-assessment of their operating practices.This paper will review the work undertaken by the Group in this area, in particular the 1999 surveys of gold companies in the Australasian region, and the 2012 international survey of the industry. The challenges of, and opportunities arising from these surveys will be discussed. Some of the highlights from analysis of these databases will be presented as well as noting changes in processing practices observed by the Group over the last 20 years.CITATION:McGrath, T D H and Staunton, W P, 2018. Keeping up with the Joneses – the value of industry surveys and benchmarking, in Proceedings 14th AusIMM Mill Operators' Conference 2018, pp 509–516 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 29, 2018

By G. M. Wali Ullah, Micah Nehring, MEHMET KIZIL, PETER KNIGHTS

In operations that use the sublevel stoping mining method, production scheduling takes into account factors — including ore reserve envelopes, ore grade averages, equipment capacity, feed controls to the mill, and geotechnical restrictions — across the scheduling horizon. Mathematical programming is one of the most effective methods for enhancing the decision-making process in regard to the most viable production schedule in light of a given set of limitations. The majority of research on sublevel stope mining focuses primarily on a single objective of optimization, which is to maximize the net present value (NPV). Environmental, social and governance (ESG) considerations are becoming more prevalent in the mining industry. This includes aspects relating to deforestation, land disturbances, gas emissions, community relations and water usage, among many others. Institutional and other kinds of investors are becoming more interested in the work that resource companies do regarding their ESG obligations. This review article identifies the gap in the existing literature and proposes to simultaneously optimize the production schedule around three objectives. Two of these relate directly to ESG aspects

Jul 1, 2024

By Henri S. Swolfs

INTRODUCTION In this paper we present preliminary results of a research program in site characterization methodology. We are interested in under- standing the response of discontinuous rock to mechanical, hydrologic, and thermal loadings. To carry out such a study we selected a field site with simple geology, uniform distribution of lithologies, and easily verifiable boundary conditions on temperature, fluid flow and stresses. The spatial distribution of fractures at the site was established and tests were conducted to determine the temperature field, hydrology, rock-mass properties, and in situ stresses. As part of the study selected borehole instruments were compared to assess their performance and reliability. SITE GEOLOGY The study area is in the eastern part of South Table Mountain, a mesa near Golden, Colo. The exposed cap rock is a single lava flow of uniform thickness (6-7 m) that rests on the clastic sediments of the Denver Formation (Van Horn, 1976). The surface of the cap rock (N. 75º E., 3º S.) is topographically featureless and slopes south- southeast; drainage is predominantly downdip and punctuated by occasional contact springs. The age of the lava flow is 64-65 m.y., or early Paleocene. Paleo- botanic evidence confirms the upper part of the Denver Formation as Paleocene (Van Horn, 1976). "Rapid-rock" analyses of core samples from the lava flow at three depths (0.2, 3.3, and 5.8 m) suggest a uniform chemical composition throughout with an increase in the Fe2O3/ FeO ratio (1.05 to 1.60) with increasing depth, reflecting the existence of a perched water table in the lava flow, To identify the rock

Jan 1, 1984

By Jérôme Girard, Shiu Kam, Sue Longo

"Historically, tailings management in a northern climate has involved the deposition of tailings into the Tailings Management Area (TMA) as conventional slurry. This type of system is obviously viable but presents challenges that are difficult to manage as circumstances change over the life of mine. These issues can include:? Increases in mill throughput, and? Life of the TMA for the life of mine.This case study will present how thickened, high-density, non-segregating tailings are used as an alternative to conventional slurry disposal to achieve greater storage capacity and enhanced environmental performance for a gold tailings facility in a northern climate. This paper will focus on how this change in deposition strategy accommodated the increased throughput of the mill and the increased life of mine. Specifically, the paper will discuss the addition and integration of new processes to the exiting mill system to accommodate the tailings management issues. It will highlight the challenges from laboratory testing to pre-feasibility to the engineered design of the thickened tailings system implemented at Musselwhite Mine.BACKGROUNDGoldcorp Canada’s Musselwhite Mine, in Northwestern Ontario (120 km north of Pickle Lake), is an underground gold mining operation that began production in 1997. The current mill throughput is about 4000 tpd (1.4 Mtpa). Gold extraction is based on a CIP process with cyanide destruction.The existing tailings management area (TMA) is located about 2 km southwest of the mill complex. The TMA is contained by high ground to the north and to the west and flanged by a moraine ridge along the south side. A number of dams have been constructed along this ridge. The dams were first built in 1996 and subsequently raised in 2000 and again in 2005. Excess tailings pond water is discharged to a polishing pond then released to the environment via a wetland.The TMA was originally designed to contain 13.7 Mt of tailings under a ponded surface for closure. The water cover was to inhibit adverse long-term environmental effects because the tailings contain pyrrhotite and other sulphide-bearing minerals that are potentially acid generating. The design was modified during Stage 3 Construction in 2005 to expand the storage capacity to 17.3 Mt (Golder, 2005). As of end of 2009, over 16 Mt of tailings had been deposited in the TMA. The slurried tailings were historically deposited at 50% solids."

Jan 1, 2011

By R. W. Huber

While conducting an investigation on electrolytic reduction of magnesium oxide in 1943, it became necessary to obtain accurate data on the conductivity and density of various mixtures of fused chlorides. AZ the required information was not available in the technical literature, or there were inconsistencies in the data from several investigators, an independent study was made at the Bureau of. Mines laboratory at Salt Lake City on the conductivity and density of the molten chlorides MgCl2, CaCl2, BaCl2, KCl, and NaCl and the binary mixtures of MgCl2 with the other four chlorides. Studies were also made on the binary system KCl-CaCl2 and on certain portions of several ternary systems. Measurements covered a temperature range from the melting point to 1,000° C. The results of this study were reported in an intra-Bureau report prepared early in 1944. Since then the Bureau of Mines has received several requests for data on fused chlorides; the results of the previous study, therefore, are being published to make the data available.

Jan 1, 1952

By Flavelle IV

A survey is made of changes in the technical status of a number of western world copper extraction and refining operations over the past 20 years. Specific developments in pyro- and hydro-metallurgy and refining practices are identified together with factors in the changing environment of the industry which has influenced their adoption. Nickel extraction and refining is similarly discussed.The replacement of traditional technology by more attractive alternatives has occurred in a considerable number of operations. The develop-ment and status of new continuous smelting processes, advances in hydrometallurgy and refining innovations which emerged during the 1960s and early 1970s is discussed. The varying experience in commercial acceptance of these new technologies is noted.Finally some possible future directions are canvassed for both operators and the research and development institutions.

Jan 1, 1985

By K. R. Miller

In recent years, surface mine equipment operators in the Campbell County region of the Wyoming Powder River Basin have found new ways to solve old problems. This paper will examine overburden stripping equipment and techniques by focusing on evolving applications for draglines, shovels, and dozers.

Jan 1, 1998

By Gerald T. Homce, James C. Cawley

This paper updates an earlier report by the authors that studied electrical injuries from 1992 to 1998. The previous information is expanded and supplemented with fatal and nonfatal injury rates and trends through 2002. Injury numbers and rates were used to compare and trend electrical injury experience for various groups and categories. This information allowed identification of at-risk groups that could most benefit from effective electrical safety interventions. The data presented in this paper are derived from the U.S. Labor Department’s Bureau of Labor Statistics’ Census of Fatal Occupational Injuries (CFOI), Survey of Occupational Illnesses and Injuries (SOII) and Current Population Survey (CPS). Between 1992 and 2002, 3,378 workers died from on-the-job electrical injuries. Electricity remained the sixth leading cause of injury-related occupational death. From 1999 through 2002, 4.7% of all occupational deaths were caused by electricity, down from 5.2% in the 1992 to 1998 time period. The cause of death was listed as electrocution in 99.1% of fatal cases. Contact with overhead power lines was involved in 42% of all on-the-job electrical deaths. The construction industry accounted for 47% of all electrical deaths between 1992 and 2002, but showed overall improvement from 1995 through 2002 by reducing its electrical fatality rate from 2.2 to 1.5 per 100,000 workers. An additional 46,598 workers were nonfatally injured by electricity. Contact with electric current of machine, tool, appliance, or light fixture and contact with wiring, transformers, or other electrical components accounted for 36% and 34% of nonfatal electrical injuries, respectively. Contact with underground, buried power lines was involved with 1% of fatal injuries and 2% of nonfatal injuries. NIOSH research aimed at evaluating commercially available overhead power line proximity warning alarms is described. This research is expected to be the initial step for eventual development of a performance standard for such systems.

By V. Jiricny

There is a growing need to process galvanized steel scrap from automobiles, etc., in order to remove the zinc coating that otherwise causes problems in remelting of the scrap in electric arc furnaces. One approach that has moved to the pilot plant stage is that of Metal Recovery Technologies, Inc., of East Chicago (MRI). That company leaches the zinc fiom the scrap with a sodium hydroxide solution. The leached and washed scrap can then be returned to the steel industry. What is left is a sodium hydroxidelzincate solution which must be processed to recover the zinc and the NaOH. Presently, this is done by MRI using electrodeposition on planar electrodes at moderate current density and the resulting zinc is in the form of fine powder which is hard to process into, say, zinc for galvanizing. MRI has supported an investigation of a novel electrode, the spouted bed electrode (SBE), for zinc electrodeposition. In laboratory cells, zinc particles with low porosity have been grown up to 3mm in size. Microanalysis of the deposited zinc showed low level of impurities. DC energy consumption values were usually in the range of 2-2.5 kWg which is well below the energy consumption of the existing cells (and of present-day cells for electrowinning from acid sulfate electrolytes). These results were achieved at current densities (few thousand A/m2) that are much higher than possible with conventional electrodes. Discussion is provided of the scale-up of the cell to a commercial scale.

Jan 1, 1998

By Steve Kral

Despite low commodity prices and mining industry cutbacks throughout the world, Peru remains one of the industry’s bright spots. The country’s remarkable economic turnaround during the 1990s remains a model for other developing nations to follow. And the Peruvian government has not forgotten the industry that was instrumental in that turnaround. True, the country has not been spared the effects of the mining industry’s retrenchment that has occurred in other parts of the world. However, foreign mining companies remain committed to doing business in Peru. And the government remains committed to attracting foreign investment and maintaining a strong mining industry. This commitment was evident in September 1999during the 24th Convention of the Institutos de Ingenieros de Minas del Peru in Arequipa, Peru. More than 3,000 mining industry professionals from around the world attended the convention. And Extemin, the accompanying exhibit, featured more than 450 companies, many from the United States, Canada, Australia, South Africa and other countries.

Jan 1, 2000

By A. J. Kraemer

This report is one of a series dealing with oil-shale-operations in foreign countries visited and studied by Bureau of Mines oil-shale technologists within the past 4 years. Many oil-shale deposits have been discovered in Brazil and studied with various degrees of thoroughness. In this report the major emphasis is upon the oil-shale concessions of Companhia Nacional de Oleos Mineraes, in the River Valley of the State of Sao Paulo, because this oil-shale deposit is one of the most promising in Brazil for large-scale utilization for the manufacture of liquid fuels and other products of oil-shale processing, and because the opportunity was afforded to examine the concession area and to study mining, retorting, and. refining operations on these shales. Results of detailed analyses at the Oil Shale Research and Development Laboratories of the United States Bureau of Mines, Laramie, Wyo., are reported, Analyses and other date dealing with other oil-shale deposits in Brazil have been compiled from many sources. As many data have been reported as could be correlated to indicate the range of variation of the several types of shale end similar material. The oil-shale deposits in Brazil differ widely in size, richness of the shale, and of the oil. Some deposits are situate& more favorably for exploitation than others.

Jan 1, 1950

From its early beginnings, shortly after the Witwatersrand gold rush of 1886, Randfontein Estates was planned as a heavyweight operation. The venture was capitalized by J .B. Robinson to the tune of £2 million at time when syndicates were loath to invest £50000 in ventures in and around the new metropolis, Johannesburg, which had sprung up midway along the Witwatersrand. But by then Robinson was a colossus among his contemporaries. Operating as a loner as he had done on the Kimberley diamond fields, where he created his own individual fortune and commanded the sort of respect which, early in his career, led to his election as Mayor of Kimberley. When news of a third gold discovery in the Transvaal (the first two had been in the Pilgrim's Rest and Barberton areas) reached Kimberley, Robinson's pioneering spirit was further stired and he hastened to the new goldfield to stake his claims before his business adversaries- Rhodes, John X. Meriman, Hans Sauer, and Caldecot-could entrench themselves. Once the new Witwatersrand goldfields had been proclaimed, claimpegging started in earnest. But the question was: where to start? Diamond men al, not one of the financiers had any knowledge of the geology of the gold-bearing formations.

Jan 1, 1989

By C R. Fountain, R J. Sinclair

The zinc industry is dominated by the electrolytic zinc (EZ) process. The EZ process has a low tolerance for impurities, resulting in tight concentrate specifications. Many mining companies sacrifice zinc recovery in order to meet smelter specifications. Some have ore-bodies that cannot be economically developed because too much metal has to be sacrificed, or it is just not possible to meet the specification. The BUKA Zinc Process (BZP) has been developed as a method of producing high-quality zinc from a wide range of concentrates. It can have lower capital and operating costs than the conventional zinc and lead production routes. Advantages accrue from increases in metal recovery during concentrating, smelting and refining; the elimination of most of the capital and operating costs associated with lead smelting; reduced transport costs; lower zinc refining costs; reduced refinery residue disposal costs; and reduced future environmental liabilities. This paper describes results of testwork that has been undertaken to demonstrate the viability of the BZP on both test rig and laboratory-bench scale.

Jan 1, 1998

By Dever C. Ashmead

Anthracite was first mined in the Wyoming Valley and sold as an article of commerce in 1808. As some preparation has always been necessary to make it ready to burn, the preparation of anthracite must date back over a hundred years. Two vital factors have determined to a large extent the degree and the method of anthracite preparation. These are, first, the character of the beds worked and the methods by which they are mined and, second, the equipment used and practices followed in the burning of the coal. It is not the intention here to go deeply into these phases of preparation as a paper of no mean length could be prepared on the history of either. Rather, the intention here is to point out the main considerations and to show the influence they have exerted on the preparation of anthracitc. Mining Methods and Their Relation to Preparation In the beginning of the nineteenth century, the coal beds were virgin with the possible exception of some outcroppings that had been worked, to a slight extent, by the Indians. It is known that the American aborigines had a, knowledge of the use of this fuel, because when the Wyoming Valley was purchased from them, in 1754, they mentioned the fact that, by selling the land, they would lose their coal. Real mining of anthracite began about 1808 when Judge Jesse Fell, of Wilkes-Barre, discovered that the "common stone coal of the valley" could be burned in an open grate. For some years thereafter mining was conducted near the surface. The working p1aces were driven narrow; only the best of the coal was selected and the remainder was left in the ground. Only the lumps could be used, as no market existed for other sizes. As time passed, however, it became necessary either to go farther into the ground or to widen the working places. When these places were widened, falls of roof were apt to occur, making it necessary

Jan 1, 1922

By K. Fountain

In Novemeber of last year I visited a mica mine in Hunan Province, China. For nine months , we had been trying to sell Chinese mica to a customer in Belgium. Talking to the customer was like negotitating with a stone wall. The buyer refused to communicate any -thing other than his steadfast refusal to consider Chinese mica. He would not advise us what he wanted, what specifications or grades. He would give no indication if our price at market, or reasonable, or totally out to lunch. He would not even accept samples. It took no genius to guess that the mica buyer had at some time in the past bought a shipment of Chinese mica and had received a disaster. I invited the mica mine in Hunan in order to see for myself what could be done - without massive investment in equipment and instruments - to upgrade the quality of the mica for export. We had seen this type of customer reaction before. One disgruntled customer who had pur¬chased pigment grade barites direct from China ranted and raved about unreliable and inconsistent quality. It did no good to explain to him that China is a big country, with hundreds of mines scattered throughout many areas, each producing a different product. Our further explanation that Chinese export organizations also varied in degree and efficiency of customer service fell on deaf ears. Samples had no effect on his perception. Eventually we showed him photoraphs of two mountains of pigment grade barites. One lot was our sales of pigment barites to a major European minerals processor. Our Chinese barites stood proudly white and beautiful next to a hill of other material which now appeared at best mediocre and dull by comparison, and which the buyer had decided to reject after he received our Chinese barites. Finally the customer was sufficiently impressed to look seriously at our guaranteed specification and the outturn analysis performed by our other customer.

Jan 1, 1987

By O. W. Shimer, D. C. Helms, C. E. Brown

The early history and progress of anthracite stripping, from the first known operation at Summit Hill in 1821 through 1917, was covered in 1917 in a paper by J. B. Warriner,1 then chief engineer, now president of the Lehigh Navigation Coal Co., and stripping methods between 1917 and 1931 were the subject of a paper in 1931 by H. H. Otto,2 of the Hudson Coal Company. . The present paper is confined to methods used today on pitching beds in the western middle and southern anthracite fields. The anthracite industry, not unlike other large industries, had been affected for more than a decade by the adverse economic conditions of the country. High development and operating costs and the competition of other fuels caused some collieries to be closed temporarily, while others were permanently abandoned. In order to obtain a larger tonnage at a lower development cost, a larger stripping program was put into effect by many companies. In 1932, stripping operations accounted for 3½ million tons, or 7 per cent of the total anthracite production of the year, and in the next 10 years this increased until more than double that amount, or over 14 per cent of the total production, was from stripping operations. These figures represent the total production of the entire anthracite region; unfortunately, the figures have not been separated from the different fields. There are some operations in the southern and middle western fields where the tonnage obtained from stripping amounts to more than 30 per cent of the total colliery production. Stripping operations on pitching beds present difficult problems. Owing to the various geological formations, a different situation is encountered in nearly every stripping pit; and because of the proximity of an overlying bed, it is very often necessary to load the entire overburden into trucks and haul it out of the pit to the dump area, although back filling and casting is done whenever possible. Beds in the areas described in this paper pitch from 20" to 90 and some are on the invert in many sharp folds and faults. Planning The more successful strippings have had adequate engineering analysis. Some work is being done without much preliminary planning, but many strippings would have failed completely if close supervision by the engineering department had not been . maintained. Locations of stripping areas are determined as follows: I. By constructing cross sections over the areas and drilling sufficient diamond-drill or well drill holes to study the strata and to determine the location, thickness

Jan 1, 1944

By William P. Blake

IN southern Arizona and in Mexico the word caliche is in general use to denote a calcareous formation of considerable thickness and volume found a few inches, or a few feet, beneath the surface-soil, upon the broad, dry, gravelly plains and mesas. In western South America the same name is applied to the beds of crude soda-niter (Chili saltpeter). While these deposits of South America and of Arizona are totally different in composition, and have nothing in common, except that both occur in layers in the strata near the surface, it is probable that an explanation of the origin of the calcareous beds may equally apply to the accumulation of sodaniter and other deposits of easily soluble minerals. But the name, taken from the Latin, Calx, is more appropriate to the calcareous beds than to those of niter. Caliche has a wide distribution in the arid regions of Arizona and Mexico. It is usually hidden from view by a slight covering of soil; but it is easily found by digging, and is often revealed by a flow of water during heavy rains. It is practically a continuous sheet, from three to fifteen feet thick, of earthy limestone or travertine, through which the smaller plant-roots find their way with difficulty. The presence of this comparatively impervious layer of cemented earth may account for the absence of trees, or of the larger shrubs, over wide areas. The shrubs which gain a foothold are those whose roots do not extend far downwards, and which do not require much water, such as Larrea Mexicana and the [Cactaceoe]. If trees are planted, it is necessary to break up the caliche by blasting, or at least to crack the upper layers. The top of the caliche is more dense and solid than the lower portions. The surface of this top crust, or layer, is comparatively smooth, though undulating, while the lower portions, under the crust, are irregular, cavern-

Jan 1, 1902

By David Hoadley, Kenneth R. Maser, Ashok B. Boghani, James E. Billar, D. Randolph Berry, Mackenzie Burnett, Robert H. Trent

1, Introduction This report is submitted in fulfillment of the requirements of USBM Contract No. J0255017, "Development of Emergency Escape Systems Guidelines for Underground Metal and Nonmetal Mines" Under this contract the history of past mine fires was studied. Representative metal and nonmetal mines were surveyed and escapeways, refuge chambers, life support, and emergency hoist requirements were studied to determine the problems in complying with the proposed regulatory standards and their enforcement by MESA Mine Inspectors. In addition, a computer program was written to evaluate mine evacuation performance. The completed program is included in the appendix. 1. 1 Historical Review of Metal and Nonmetal Mine Fires Early records of mine fires are poorly documented because there was no statutory provision for reporting fires to the Bureau of Mines. The survey of representative mines during the course of this contract indicated that many small fires still go unreported even though they are now required to report all fires A recent report survey approximately 80 disasters in metal and nonmetal mines, (6 ) Table I is a summary of some of these fires. Historically most metal and nonmetal mine fires have been caused by electrical problems. Spontaneous combustion and the use of welding equipment are the other major causes of mine fires(14) Although not documented, many mine personnel agree that 30 percent to 40 percent of underground metal and nonmetal mine fires have their origin from cigarettes and other smoking related materials. The number of fires related to spontaneous combustion is decreasing and equipment fires are on the increase. The reduction of spontaneous combustion fires can be attributed to the use of sandfill in more mines and the increase in equipment fires to the increased use of LHD equipment.

Jan 1, 1976

By Canada Ernst & Whinney

INTRODUCTION The principal objective of this chapter is to provide guidance in understanding and making effective use of published financial statements of mining companies. Although financial statements only represent a gathering together of information relevant to an enterprise's financial position and results of operations, they increasingly reflect the complexities of the modern day business environment. In the mining industry, a wide variety of accounting practices have evolved to deal with the unique aspects of the business in the absence of authoritative accounting pronouncements from standard-setting bodies. Given such complexities and divergent practices, financial statements of mining companies are not easily understood and cannot be used effectively as a tool in decision-making without a basic knowledge of fundamental accounting concepts, generally accepted accounting principles and their application in the mining industry. As such, this chapter is not restricted to a discussion of the accounting for the unique aspects of the mining industry. These aspects are dealt with at length but the text also includes a discussion of general accounting concepts and practices which have wide application in the mining industry. Frequent references are made in the text to international practices and to specific rules and requirements of individual countries. In this respect, the scope is restricted to four major mining environments, Canada, the UK, the US and Australia, all of which have made significant contributions to the development of generally accepted accounting principles. Acknowledgements This chapter was prepared under the direction of Ian Murray of Ernst & Whinney in Toronto, Canada. Contributions were received from Graham Butt, Mark O'Sullivan and Dominic Robinson, all from Ernst & Whinney in Toronto and Bill Duvall and Tom Schoenbaechler from Ernst & Whinney in Louisville, Kentucky, US. The authors would also like to acknowledge the assistance received from David Ferguson, Don MacLean, David Taylor and Susan Zoutman from Ernst & Whinney, Toronto, from the UK and Australian practices of Ernst & Whinney and from Ernst & Whinney International. FINANCIAL STATEMENTS - ELEMENTS AND CONCEPTS Financial statements were originally a stewardship report to owners to satisfy them that management had given a proper account of the resources with which it had been entrusted. Today, the number of users of financial statements has expanded to include the following groups: - shareholders, present and prospective; - lenders, present and prospective; - financial analysts; - regulatory authorities; - taxing authorities; - labour unions and employees; and - creditors and customers. The expectations of these user groups differ. For example, investors and lenders require information that will indicate the adequacy of their security and the profitability of the enterprise; taxing authorities will be concerned with the concept of income; labour unions and employees will focus on the profitability of the enterprise. Ground Rules for Preparing Financial Statements Responsibility for Financial Statements Financial statements are the representations of management. This may strike the reader as a rather obvious statement. It is important to remember, however, the role of judgment in accounting. Notwithstanding the promulgation of accounting standards in the developed countries, considerable flexibility remains in the selection of accounting practices and methods and in their presentation. Arguably, there is more flexibility in the mining industry as few countries have developed standards to deal with its unique aspects. Accordingly, financial statements are as much a product of management's perspective and philosophy as they are a compliance document.

Jan 1, 1985