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By John K. Hammes

INTRODUCTION This introductory paper presents a description and definition of what the finance function is and what it specifically means for the mining industry. In its simplest terms, finance is, "management of money matters". As an area within the discipline of business administration it draws heavily on the related fields of economics and accounting, and to a lesser extent on marketing and production. MINING FINANCE DEFINED In preparing to write about what finance means to the mining industry, I asked a number of mining people the question, "What does mining finance mean to you?" Most responded that mining finance was "How a company borrowed money for mine development", and perhaps half those questioned included "raising equity" in the definition. It is not surprising that the mining industry concept of finance is the providing of funds needed for the objectives of the business, for that was once a view shared by authorities in the field of business administration. Further, it is certainly the area where much of the emphasis has been placed in the past ten to fifteen years as the industry struggled with the development of more remote and more refractory or lower-grade orebodies while profitability and internal cash flow were below expectations. No wonder project finance became such a popular topic. Twenty years ago it is probable that the emphasis would have been on mine valuation, for that subject was the area of finance then most often examined in industry publications. Papers concerning the pros and cons of payback, internal rate of return, and discounted cash flow appeared regularly. Let's examine the following situations, each the result of a financial decision: - Funding the exploration program in a developing country was accomplished by buying the next six-months budget needs in local currency. One week later the currency devalued 30 percent. If the purchase had been delayed or the local currency borrowed short term, a substantial saving would have been made in funding the program. - A major mining company borrows heavily to finance both expansion of its primary mining business and its entry into several new industry segments. When markets for all of the commodities it produces turn down for a prolonged period, there is concern over the adequacy of cashflow to cover debt service in addition to other company needs. The company's financial officers, however, had arranged very large committed credit facilities from numerous financial institutions which assured the availability of funds for several years. This enabled the company to implement a strategy to conserve cash, sell assets and survive until conditions improved. Further, short term suppliers of credit also were comfortable with the assurance that longer term credit was there to support them. -A medium size mining company financed several mines independently with limited obligations on the part of the parent company. The company decided to refinance the operations under one agreement. More flexible terms, lower interest cost and a longer tenor financing were achieved in return for assuming the risk as a direct obligor. - The exploration and development group of a large mining company proposes to develop a new mine in a country in which the company does not presently operate. When the investment is rejected they are advised that one reason was that the reinvestment assumption inherent in the discounted

Jan 1, 1985

By Fernando Valdez Nolasco

Dada la crisis minera por la baja de precio de metales en América Latina y principales minas del Perú, se planteó un modelo de gestión que resuelva la situación. Dicho modelo consta de cuatro etapas: la primera está basada en la visión, valores y objetivos estratégicos; la segunda, en el análisis estratégico; la tercera, en la construcción de la estrategia y la última, en el control estratégico. En ese sentido, el presente trabajo señala la implementación, seguimiento y control íntegro de estos procesos como la participación de lás áreas de la empresa y los canales de comunicación, de forma que se logra incrementar las ventas y bajar el cash cost en la empresa minera.

Nov 1, 2016

By Toshiaki Akahoshi

Keywords: Wasted catalyst, Hydrodesulfurization, Ammonium vanadate, Ammonium molyb-date, Hydrometallurgical process. The fundamental reactions have been investigated in order to develop a hydrometallurgical process for recovery of molybdenum and vanadium from wasted catalysts generated in the hy-drotreating desulfurization of heavy oil. The principal steps of the process are a mild oxidation roasting of the waste catalysts at temperature around 500°C, leaching of the target metal components with dilute ammoniacal aqueous leachates, selective precipitation of vanadic acid, and ammonium molybdate precipitation. The selective recovery of vanadium as vanadic acid is successfully performed using ammonium sulfate as a salting-out agent. Recovery of ammonium molybdate is based on large dependence of solubility of ammonium molybdate in ammoniacal solutions upon temperature and ammonium salt concentration. In this process, the solution after recovery of vanadium and molybdenum is recycled to the leaching stage of the roasted materials, and the ammonium salts in the process liquor is in the repeated use. Employment of am-moniacal system makes it possible to operate the roasting at much lower temperature than that for the currently operating process.

Jan 1, 2005

By P. Greenfield, C. C. Smith, A. M. Taylor

J. E. Harris (Berkeley Nucclear Laboratories, England)—Greenfield et al.11 attribute abrupt changes in slope of their log o/log i curves for heat-treated Mg/0.5 pet Zr alloy (zA) to &apos;atmosphere&apos; locking. It is proposed here that a more reasonable explanation of the apparent strengthening at low rates of strain can be based on precipitation either during the preanneal or during the creep tests. All the tests were carried out above 0.5 Tm where solute atmospheres are likely to be largely evaporated2 and can migrate sufficiently rapidly so as not to impose any &apos;drag&apos; on the moving dislocations. McLean3 has derived an expression for determining the temperature Tc above which, due to the high-migration rate of the atmospheres, Cottrell or Suzuki locking can play no part in determining creep strength. This expression, which holds for an applied shear stress of not greater than 5 X 107 dynes per sq cm is: Tc/Tm= 7/6.8 - log10? where i = secondary creep rate The values for T, corresponding to the maximum and minimum reported creep rates at each temperature have been calculated from the data of Greenfield et al. These are given in Table VII. All the test temperatures were above T,, the margin being greater for the higher temperatures and for the lower strain rates where the breaks in the log s/log ? curves occurred. Dorn and his collaborators14, 17 have studied systematically the effect of solute hardening on the creep properties of an A1/3.2 at. pet Mg alloy. In the temperature range where strain aging occurred in tensile tests, abnormally high-activation energies for secondary creep were obtained but at temperatures above 0.43 Tm, solute alloying did not have any effect on the creep parameters. Moreover, there have been no reports of any strain aging phenomenon during elevated temperature tensile tests with ZA material.18 Instead of the observed strengthening being due to atmosphere locking, it is now proposed that precipitates play an important role in enhancing the creep strength of the material. There are two possibilities—precipitation of zirconium hydride during the high-temperature preanneal and/or precipitation of the hydride or a-zirconium during creep. On the basis of the former the results can be interpreted in terms of a critical stress being necessary to force the dislocations through or over preexisting precipitates. From the latter, if the strengthening is due to pre- cipitation during the test then hardening should be associated with a critical strain rate. At low rates of strain, time is available during the tests for precipitation to occur either directly onto dislocations (thus pinning them) or generally throughout the matrix (which would impede dislocation movements). Examination of the data of Greenfield et al. suggests that both mechanisms may be operative since they observed precipitation during creep and also found that their alloys exhibited high-creep strength in the early stages of the low-stress tests, i.e., before creep-induced precipitation had time to occur. It is not easy to understand why they considered that precipitation of zirconium hydride is unlikely to occur at 600°C while it can take place in tests in air at as low a temperature as 200°C. Precipitation of the hydride during the preanneal cannot be ruled out merely on the basis of metallographic examination. Hydride precipitates in ZA type alloys are very small and can only be accurately resolved in the electron microscope.9 For example, in this laboratory20 hydride platelets with major dimensions <(1/10) µ have been observed by electron transmission through thin film specimens of hy-drogenated ZA material. Complex interactions between dislocations and such particles are illustrated in Fig. 12. Additional evidence for precipitation during pre-annealing is provided by the data presented in Greenfield&apos;s Fig. 1 and Table IT. These show that the creep strength at 200o and 400°C increases with the time of preanneal at 600°C. Such increases cannot be explained on the basis of increases in grain size alone for further improvements in strength were observed when the material was annealed for longer times than that required to stabilize the grains. Although the main discussion is confined to ZA material, similar arguments can be used against the strain aging hypothesis proposed to explain the binary Mg/Mn alloy data. In this case no precipitation is possible during the preanneal, but precipitation-hardening during creep can occur.

Jan 1, 1962

By S. V. Shiraishi, H. B. Bell

Report of discussion at February, 1971, IMM general meeting (Chairman: M. J. Cahalan, President) of a paper published in Transactions/Section C (Mineral Processing & Extractive Metallurgy), vol. 79, June, 1970, pp. C120-C127, with a contribution by Wright P.A. on the miscibility gap

Dec 1, 1971

By Chu E. Ho

Current methods of determining jet grout column diameters are highly empirical and site specific, and do not take into account the jet hydrodynamics and soil parameters explicitly. A theoretical model which describes the jet excavation mechanism is introduced in this paper, with the aim of providing an improved prediction tool that can be used in jetting design. The model is based on the assumption that the velocity distribution in the cutting jet is equivalent to that of a free jet with boundaries corresponding to the dimensions of the cavity excavated in the ground. The shape of the cavity formed depends on the erosional properties of the soil and jet expansion is limited by the resistance at the jet-soil interface. The model predicts that the limit of jet penetration is reached when the average dynamic pressure at the jet tip becomes equal to the ultimate soil bearing resistance. The reliability of the model, evaluated using results from four case histories of jet grouting field trials, is within ±15%.

Jan 1, 2006

Impala Platinum?s No.16 Shaft mine is currently under construction and is expected to reach full production of 256 500 tons per month by 2014. Mining will start at 1 260 m below surface with a maximum mining depth of 1 535 m where virgin rock temperatures of 56.6°C will be experienced. As a result of depth, high virgin rock temperature and narrow reef mining, an expected total of 31.5 MW[R] of air cooling capacity will be required to achieve acceptable underground conditions. This will be achieved by cooling mine intake air in a single dedicated air cooling installation located on surface. The compact installation includes air cooling spray chamber, refrigeration machines, condenser cooling towers, evaporator and condenser water reticulation as well as all electrical and control systems. Construction and commissioning of the first phase of this air cooling installation has recently been completed on a turn-key contract basis.

Jan 1, 2009

By Elizabeth McIsaac, Wylie Spicer

"In July 2016 the International Seabed Authority (the “ISA”) released a first working draft of its mineral exploitation regulations as well as the standard contract terms for mineral resources in the Area, for which stakeholder input was sought in late 2016. In January of 2017 the ISA released a discussion paper on environmental matters related to these draft regulations. The ISA is now in the process of further developing its draft exploitation regulations and standard contract terms to ensure that seabed mining is carried out in an environmentally sound way for the common benefit of mankind.As the regulator of the “Area”, the ISA can draw lessons from onshore mining regulators and offshore petroleum regulators for their experiences in legislative drafting to smoothly and safely oversee project development, implementation, and closure. However, one of the unique challenges that the ISA faces in regulating private industry is its status as an international organization and not a sovereign nation, which results in a significantly different legal relationship between the regulator and the regulated. The result is that the exploitation contract is the sole legal connection between the mining proponent and the regulator for the exploitation phrase of the project.Accordingly, in the regulatory development process, the ISA must carefully consider which rights and obligations are set out in the exploitation contract versus the regulations. This decision will dictate the flexibility the ISA will have to modernize the conduct required of mining proponents in response to changing best practices in the industry, technological progress, and advances in the understanding of the marine ecosystem. As the first working draft of the exploitation regulations sets out an initial contract period of twenty years, it is crucial for the ISA to carefully consider the rights, obligations, and procedures it agrees to in the exploitation contract, as unilateral amendment will not be possible after contract execution."

Jan 1, 2017

By J. A. L. Campbell

The Galatia Mine is a dual-seam underground coal mine located in Saline County, IL. In 1984, it became the first coal mine to be permitted by the Illinois Department of Mines and Minerals to operate diesel equipment underground. And it is one of the larger underground coal mines in the nation to use diesel equipment. From the beginning, Kerr-McGee determined that diesel equipment offered the best approach to the safe and productive development and operation of the Galatia Mine. The flexibility of this equipment and its ability to promptly respond to changing conditions and mining locations made its use desirable for building this large dual-seam coal mine. The mine had a planned nominal annual capacity of 3.6 Mt/a (4 million stpy) and would employ more than 500 people. Galatia&apos;s current reserves are estimated at 231 Mt (255 million st) of recoverable coal from two seams of high-quality, high-volatile bituminous coal. The Harrisburg No. 5 seam is shipped primarily as a low-sulfur steam coal or as a metallurgical blend stock. It is also used in the pulverized coal injection (PCI) process for steel making. The Herrin No. 6 seam is a medium-sulfur coal. Annual production is shown in Fig. 1. A good indicator of a mine&apos;s success is employee productivity improvement. For many reasons - the proper use of diesel equipment, the introduction of longwalls and increased employee ex¬perience - Galatia employees have achieved a steady growth in annual productivity (Fig. 1) while maintaining an exceptional safety record.

Jan 1, 1993

By M. C. Bleiweiss

Various light sources were evaluated for use in a fiber optic lighting system for mining machines. It was determined that a metal halide arc lamp was best because of its resistance to damage from shock and vibration and the high luminance of the arc. Measurements were made of the percent transmission of the ½ inch thick glass window and the fiber bundles, the total lumen output of the diffuser assembly with a known input and of the average surface luminance of the diffuser assembly. These data were then used to calculate the theoretical output of the system given an estimated input from the source. A prototype 55 watt, single-ended metal halide source was then developed. In order to provide greater efficacy and higher throughput through the fiber optic cables, a variation of the lamp with thallium iodide added to the fill was developed. The lamp was modified and a ballast was developed to allow it to hot restrike.

Jan 1, 1986

By Stanley Griff, William Herrera, William O. Seals

"The Navy initiated liquid propellant research in the early 1940's. The first promising Navy liquid propellant, Otto Fuel II, was developd in the early 1950 as a potential torpedo fuel. Later, the Navy developed a HAN based liquid propellant designated NOS-365, a hydroxylammonium nitrate, isopropylammonium nitrate and water formulation. A large gas volume generated by this propellant produced a large wake behind the torpedo. As one can readily understand, this negated the useof the propellant for this application. Recognizing the large gas volume as a desirable propulsion system for guns, the Navy embarked upon a gun propellant proqam. Utilizing a bulk loaded gun sysytem, the program failed when the gun was destroyed by the propellant detonating."

Jan 1, 1990

By A. G. Kim

Increasing transportation costs, clean air regulations and the decreasing availability of landfill space are factors in the increased interest in the utilization of low cost disposal sites for coal combustion residues (CCR). Inactive surface and underground coal mines can satisfy the conditions for stable CCR disposal sites, and subsurface CCR injection can be beneficial in reducing the amount of acid mine drainage (AMD) often produced at such sites. The material is expected to add alkalinity to the subsurface environment and to decrease the permeability and porosity of the buried spoil. Both mechanisms can reduce the amount of acid normally generated at a mine site. The Bureau of Mines is cooperating with an independent coal company in a test of subsurface injection of a mixture of fly ash, from conventional power plants or from fluidized bed combustion (FBC) , with AMD sludge into a reclaimed surface mine. Changes in water quality parameters and the concentration of heavy metals in water samples from wells and seeps are being used to assess the effect of CCR injection. The preliminary results discussed here indicate that improvement in subsurface water quality was related to fly ash injection and that components of the fly ash were stable in the acid environment.

Jan 1, 1994

By Marcia L. Harris

The National Institute for Occupational Safety and Health (NIOSH), as part of its continuing research program for evaluating coal dust explosion hazards, has investigated several areas in which current practices may need to be updated in order to adequately protect mines against coal dust propagated explosions. In the United States, current rock dusting requirements remained largely unchanged since 1969. US Title 30 Code of Federal Regulations Section 75.403 is based on a coal dust particle size survey performed in the 1920s and later was supplemented by full-scale testing of the rock dust ability to inert a coal dust explosion. NIOSH recently conducted a comprehensive survey of US underground coal mines to determine the range of coal particle sizes found in dust samples collected from the mine entries. Due to advancements in technology and modern coal mining techniques, the current coal dust particles in intake airways are significantly finer than those found in the mines in the 1920s. According to past full-scale dust explosion test results, the current rock dusting practices used in today?s mines to inert a coal dust explosion may not be adequate. Other closely related issues such as rock dust testing methods and sampling procedures are discussed.

Jan 1, 2009

By T. Watanabe, T. Fujiwara, S-Wan Song, Y. Nakagawa, R. Teranishi, M. Yoshimura

"We have tried a new method to fabricate cobalt oxide films onto porous films directly by an electrodeposition method at low temperature. The porous substrate films (membrane-filters and paper) were placed between a LiOH solution and a CoSO4 solution and treated under electricalcurrents of ~1 mA/cm2 using carbon cathode and anode. Effects of temperatures, flow rates and electrical currents have been investigated. As a result, we found that the LiCoO2 films and Co3O4 films were successfully fabricated on paper and/or porous PTFE filters at 120 °C, while CoOOH films were deposited at 80 °C. Furthermore, LiCoO2 films did not cover whole the substrates, but was fabricated just over the anode. The chemical reactions of electrodeposition were also considered from these results.IntroductionRecent agreements on global environment require rapid progress of low energy and low waste processings for the fabrication of thin films that succeed to the mass production with the high consumption of the fossil fuels (such as physical vapor deposition°, chemical vapor deposition2), dip coating with firing3) etc.). The total energy consumption in aqueous systems should be the lowest among all these processing routes, because a much lager excess of energy is necessary to create melts, vapor, gas, or plasma than to form an aqueous solution at the same temperature4)The ""Soft Solution-Process"" (SSP) was one of the best concepts to realize the low energy and low waste fabrication of inorganic materials. 5) Generally speaking, SSP gives similar results to any other processing using fluids (such as vapor, gas plasma) and/or beam/vacuum processing. However, the total energy consumption of all these possessing routes should be the lowest in aqueous systems, because a much larger excess of energy is necessary to create melts, vapor, gas or plasma than to form an aqueous solution at the same temperature (Fig. 1). This idea can be easily demonstrated, using the simple example of BaTiO3. The energy diagram for the formation of BaTiO3 from various precursors is shown in reference 4. The driving forces (AG) for representative synthesis reaction of (1), (2), (3), (4) and(5) are 38, 727, 3685, 17 and —14kcal/mol, respectively at room temperature. 6' 7"

Jan 1, 2000

By Serge Vézina

Environmental issues have evolved considerably over the last two decades. The main contributing factors, to name a few, have been the changing values of our modern societies, the globalization of trade and its linkage to environment, evolution and accessibility of information/communication technologies, better educated populations, climate change, long range transport of toxics and the increasing influence of NGOs and multistakeholders. As well, environmental management of mining operations had to be realigned in order to meet these new realities and to respond to more elaborated regulations oriented towards sustainability. Environmental Management Systems (EMSs) have emerged and have been introduced to meet not only the assurance of conformance to regulations but also to prevent pollution and to apply the continuous improvement of mining processes. EMS models have been developed and certification to international standards (e.g. ISO-14 001) is a common practice. Globalization has imposed challenges and additional requirements to environmental management. Developing a mine in emerging countries implies dealing with international agencies, local communities and a variety of government infrastructures to obtain a ?licence to operate?. This paper presents the structure of our EMS and how we have adapted its implementation to our operations in South America.

May 1, 2003

By H. B. Salisbury

As a part of a research program designed to help minimize national requirements for new mineral commodities by maximizing recovery of metals from domestic secondary resources, the Bureau of Mines investigated the development of economic methods for recovering copper and associated metals from complex electronic scrap. Three types were selected for research: (1) multiple-pin plugs and connectors, (2) obsolete aircraft radio assemblies, and (3) the magnetic fraction of shredded electronic scrap furnished by the Bureau&apos;s Avondale Research Center. The plugs and connectors, after incineration to remove plastic components and melting, yielded a brittle ingot, as did the internal portion of the radio assemblies. The brittle ingots were ground to minus 35-mesh for processing, and the magnetic material was used in the as-received condition. A process using pretreated or raw scrap as a copper precipitant in various concentrations of acidulated copper sulfate solution was developed as a means of effecting an initial separation and upgrading in the form of high-grade cement copper containing all or most of the precious metals.

Jan 1, 1981

By G. A. Davidson, P. G. Williams

"New developments in centrifugal slurry pump technology are discussed in relation to their importance for improving pump operation and reliability.Experimental data obtained by measuring the velocity of liquid flows in a slurry pump casing using Laser Doppler Velocimetry are presented. This demonstrates the importance of selecting pumps with the proper hydraulic design to provide optimum efficiency, maximum part life and minimum operating cost.The paper also discusses the use of new wear resistant materials, such as ceramic/metal composites, which can significantly improve the life of parts exposed to abrasive media. The results of laboratory attrition tests are presented. IntroductionCentrifugal slurry pumps are of primary importance for the hydro transport of abrasive and corrosive media in the mineral processing industry. As for all process equipment, slurry pumps must be carefully selected and operated to provide optimal performance. To achieve this, it is necessary to select equipment which will provide efficient and reliable operation for the specific service conditions and incorporates the best materials available to obtain maximum parts life.Abrasive wear of liquid end components is the most important aspect that distinguishes the design and application of slurry pumps from other types of pumps. It is therefore necessary to have a fundamental understanding of the mechanical interaction between pump components and the media being handled, as this will impact significantly on hydraulic design, mechanical reliability and selection of wear resistant materials. Recent advances in computational approaches&apos;» have greatly improved the prediction of wear rates in pump casings by facilitating the solution of complex equations which describe the wear mechanisms mathematically. In conjunction with this, new experimental techniques allow researchers to measure flow fields in pump casings using non-invasive devices such as Laser Doppler velocimeters."

Jan 1, 1992

By Marcelo B. Mourão

An experimental investigation was carried out to -study the rates of reduction of pellets containing iron oxides by carbon dissolved in liquid iron, at temperatures ranging from 1720 K to 1973 K. Several different pellet types were employed; the materials used in the pellet&apos;s manufacture were pure hematite, two kinds of commercial iron ores, and mixtures hematite/silica and hematite/lime: Reaction times were determined employing the constant volume pressure increase technique (CVPI). It has been observed that the reaction rate increases as the temperature and the pellet&apos;s specific surface area increases. The reaction rate is also affected by the oxide type: pellets made from commercial ores or from mixtures hematite/silica or hematite/lime show reaction rates lower than those made from pure hematite.

Jan 1, 1996

By C. T. Sheeran

The Bureau of Mines investigated a microprocessor-based real-time control and monitoring system for uranium mining applications. The system is capable of controlling and monitoring up to 768 stations within 3 km of the central processor on a common four-wire cable. It can be used in conjunction with detectors to continuously monitor and display radiation working levels at points throughout the mine. Surface alarms are sounded for critical situations such as rapid radiation buildup, loss of power to monitors or fans, and changes in air door position. Permanent records of all changes are automatically printed out with their time of occurrence. Printouts can also be obtained for shift reports or trend logs. The system can be used to remotely control fan startup and shut-down, and also can alert miners of underground conditions by blowing horns or turning on lights. Battery backup keeps the system operative for up to 4 h in case of a mine power outage. A special software feature permits automatic, time-delayed, sequential restart of fans.

Jan 1, 1984

By Walter Ensinger

Working safely means working cost-effectively. Every "dangerous occurrence" and - even more so - every industrial accident causes disruptions in the planned course of construction. Besides moral and legal obligations, economic aspects are therefore also factors motivating increased efforts towards optimal prevention: improvements in work safety and protection of health are wise investments! Ever since its earliest days, the European Federation of Foundation Contractors (EFFC) has made this subject one of its key objectives and therefore set up a Safety + Environmental Working Group, in which experts from the member organisations exchange national experience and develop proposals for "best practices". The paper presents current developments and results from the work of the S+E WG with particular reference to the project "Ideas for Safety Improvement".

Jan 1, 2006