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By L I. Rozman

"There have always been development projects that fall short of expectations. In the last decade, we have seen more than the usual number of mining and oil/gas development projects taking significantly longer to develop and costing materially more than expected. The recent resource-equity market slump proves that investors are now far more cautious about investing new capital in the mineral and petroleum resources sector.What have we learned since 2005? Why have projects missed their targets? Why do investors often feel misled?Valuation of a project and the estimation of value is a more complex process than the evaluation of the merits of project development. The merit of project development can be clear from a prefeasibility evaluation, but this is no reason to skip the rigour of a feasibility study. The valuation of any project that is developed with any added risk should be discounted for this added risk.The development of a project impacts on other stakeholders, and the indirect cost of these impacts can have material implications for the cost structure, time and ultimate valuation of the project for its financial backers. The development of new projects (and thereby supply) can also have an impact on commodity prices, and therefore an impact on returns for financial backers.This paper will provide commentary on the author’s experiences and observations as a project developer and operator for 25 years, before becoming a project financier a decade ago.CITATION:Rozman, L I, 2016. Project evaluation and valuation – an investor’s golden rule, in Proceedings Project Evaluation 2016, pp 31–36 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 8, 2016

By John Griffen

THE distinguishing principle of the Tromp process is the use of a medium in the bath which is not stable, i.e., the solids will settle and the density of the medium increases with depth. A medium of uniform density can most easily be effected by agitation or by means which increase the viscosity of the medium. Either of these works against the sharpness of separation of coal from its impurities. The Tromp process grinds the medium solids to relative coarseness, allows them to settle downward in the bath without hindrance, and introduces horizontal currents of medium at intermediate levels between top and bottom of the bath. This prevents any accumulation of particles denser than the upper layer of the medium from which the clean coal is conveyed away or an accumulation of particles lighter than the bottom layer or medium whence the refuse is removed. In a relatively shallow bath making a two-product separation, the intermediate horizontal currents sweep these intermediate gravity materials away to be discharged with the refuse removed by the conveyor. Such a system provides a number of advantages. The gravity of separation can be changed simply by changing the density of the medium without changing particle size of medium solids or other conditions, as would be necessary with a system requiring uniform or stable density throughout the bath. Some installations in Europe separate at 1.40 sp gr on one shift, producing a superclean coal, and on the next shift reclean refuse from dry cleaning units and effect a separation at 1.80 sp gr. Medium solids may be much coarser in size consist, which reduces the viscosity of the medium and promotes its fluidity and in turn the sharpness of separation. Coarser medium solids with a more rapid settling rate are much more easily recoverable from the dilute medium rinsed from the products. The Tromp process is not limited to the use of medium solids having magnetic properties. Instal-

Jan 1, 1953

By John Griffen

THE distinguishing principle of the Tromp process is the use of a medium in the bath which is not stable, i.e., the solids will settle and the density of the medium increases with depth. A medium of uniform density can most easily be effected by agitation or by means which increase the viscosity of the medium. Either of these works against the sharpness of separation of coal from its impurities. The Tromp process grinds the medium solids to relative coarseness, allows them to settle downward in the bath without hindrance, and introduces horizontal currents of medium at intermediate levels between top and bottom of the bath. This prevents any accumulation of particles denser than the upper layer of the medium from which the clean coal is conveyed away or an accumulation of particles lighter than the bottom layer or medium whence the refuse is removed. In a relatively shallow bath making a two-product separation, the intermediate horizontal currents sweep these intermediate gravity materials away to be discharged with the refuse removed by the conveyor. Such a system provides a number of advantages. The gravity of separation can be changed simply by changing the density of the medium without changing particle size of medium solids or other conditions, as would be necessary with a system requiring uniform or stable density throughout the bath. Some installations in Europe separate at 1.40 sp gr on one shift, producing a superclean coal, and on the next shift reclean refuse from dry cleaning units and effect a separation at 1.80 sp gr. Medium solids may be much coarser in size consist, which reduces the viscosity of the medium and promotes its fluidity and in turn the sharpness of separation. Coarser medium solids with a more rapid settling rate are much more easily recoverable from the dilute medium rinsed from the products. The Tromp process is not limited to the use of medium solids having magnetic properties. Instal-

Jan 1, 1952

By John Griffen

THE distinguishing principle of the Tromp process is the use of a medium in the bath which is not stable, i.e., the solids will settle and the density of the medium increases with depth. A medium of uniform density can most easily be effected by agitation or by means which increase the viscosity of the medium. Either of these works against the sharpness of separation of coal from its impurities. The Tromp process grinds the medium solids to relative coarseness, allows them to settle downward in the bath without hindrance, and introduces horizontal currents of medium at intermediate levels between top and bottom of the bath. This prevents any accumulation of particles denser than the upper layer of the medium from which the clean coal is conveyed away or an accumulation of particles lighter than the bottom layer or medium whence the refuse is removed. In a relatively shallow bath making a two-product separation, the intermediate horizontal currents sweep these intermediate gravity materials away to be discharged with the refuse removed by the conveyor. Such a system provides a number of advantages. The gravity of separation can be changed simply by changing the density of the medium without changing particle size of medium solids or other conditions, as would be necessary with a system requiring uniform or stable density throughout the bath. Some installations in Europe separate at 1.40 sp gr on one shift, producing a superclean coal, and on the next shift reclean refuse from dry cleaning units and effect a separation at 1.80 sp gr. Medium solids may be much coarser in size consist, which reduces the viscosity of the medium and promotes its fluidity and in turn the sharpness of separation. Coarser medium solids with a more rapid settling rate are much more easily recoverable from the dilute medium rinsed from the products. The Tromp process is not limited to the use of medium solids having magnetic properties. Instal-

Jan 1, 1953

By Robert M. Valentine, Randall L. Lentell

Interpretive geotechnical investigations were performed for the construction of approximately 15,250 m (50,000 ft) of wastewater interceptor tunnels in Austin, Texas. Subsurface materials consist of claystone (or clay shale), siltstone, altered volcanic tuffs, chalk and limestone. Special conditions include multiple crossings of Onion Creek with cover ranging from about 1/2 to 3 m (2 to 10 ft.), and the potential for mixed-face conditions consisting of water-bearing gravels overlying clay shale or siltstone. The methods and results of the geotechnical investigations are discussed and the inferred construction conditions are compared to those encountered during tunneling. A suggested format is presented for interpretive geotechnical reports for underground construction projects.

Jan 1, 1985

By Rajesh Sonkar, Sanjeev Kumar

The deployment of Dragline machines in opencast coal projects involves huge capital expenditure as well as operating costs. The mine operators always endeavor to ensure smooth excavation of material by the Dragline machines while meeting the major objectives of safety, minimal disturbance to environment and optimal operating costs. Optimization of fragmentation through well designed blasts is fundamental in meeting part of the objectives is good fragmentation of rock or mineral proposed to be lifted by the Dragline machine. If the overburden lying over mineral is not properly fragmented, it may result in formation of ‘Toe’ the removal of which is the most arduous task in opencast coal mines. The mine operators always endeavor to achieve best possible results in blasting to ensure smooth operation of the high cost Dragline Machine. However, despite continuous efforts by the blasting engineers involved in bench blasting for the machine, the formation of ‘Toe’ is an ever nagging problem faced in large opencast coal projects eventually reducing the overall operational efficiency of mining.

Jan 1, 2011

By Kesser Z, Vincze T

The Western Mining Corporation mining lease on the Bendigo Goldfield measures 5krri x 18km with more than 20 anticlinal folds parallelling th long north-south boundaries. Numerous closely spaced shafts and extensive underground workings on the reef lines along the folds flooded with groundwater following the progressive abandonment of the field. Preliminary water sampling and assessment demonstrated that a major dewatering programme and acceptable disposal methods were necessary to dewater interconnected old workings in areas of interest prior to any underground work taking place. A field wide geohydolic investigation was undertaken to establish geohydraulic parameters, groundwater recharge rates and water qualities. Data from the field investigation together with estimates of the volume geometry of the submerged workings as obtained from old mine plans, production history, and limited pump testing results were used with an appropriate analytical model to obtain estimates of water discharge rates required to reach various dewatering targets. Water disposal options were limited by relatively high salinities, arsenic levels, contained hydrogen sulphide, and the mine locations within the urban areas surrounding Bendigo. Direct disposal to the surface drainage system could not be considered, treatment to acceptable discharge standards was not economically feasible, and it was necessary to adopt a strategy of collection, containment, and evaporation.

Jan 1, 1988

By L. D. Haig

"The Texada Mill is a unique iron operation producing High Grade sinter iron concentrate and a by-product copper, gold, silver concentrate. The plant is complex and extremely flexible to handle the many varieties of ore. Two iron concentrates are made and blended. A coarse iron concentrate from primary grinding and a fine concentrate after rougher flotation to remove all the sulphides.All the tailings from iron processing are collected, dewatered, reground and floated for additional copper recovery.The entire milling operation has been carried out in all sea water for seven years and mixtures of sea, fresh, and reclaimed water for ten years prior to that.A very stable float results from the use of sea water at the natural pH8. Reagent Consumption is lower and Metallic Corrosion of mill liners and grinding media is actually less than local fresh water or mixtures of fresh and sea water.Marine growth in pipe lines can be periodically removed by violently bubbling high pressure air up through the water filled mains.Location:Texada Mines is located on tide water on the west side of Texada Island 100 miles northwest of Vancouver, B. C.The Island is served by a 30 car ferry, tug and barge and a scheduled air service from Vancouver to a company maintained air strip near the mine.The climate is moderate with about 30 inches of rain during the winter and relatively dry summers."

Jan 1, 1974

By Kirtley F. Mather

FROM almost every point of view, petroleum was "strategic mineral number one" during the World War that ended in 1945. Even the spectacular advent of the atomic bomb in the final days of the conflict did not displace it from its position of prime importance, although within a few years uranium will almost certainly be the "number one" material in the minds of military strategists, if it is not even now in that position. But both as fuel and as raw material for chemical industries, petroleum will hold the center of the stage for many years to come. Hardly any other substance illustrates so fully the manner in which science and technology may be combined to achieve the utmost success in contributing to human efficiency and comfort. Fundamental to any understanding of the problems implied by my topic

Jan 1, 1948

The thermal field of a frozen rockmass surrounding an airway is often disturbed due to thermal interaction with mine ventilation air. Outside air entering an underground mine changes the parameters of the physical state of the surrounding medium. The variations in air temperature result in stress redistributions around a tunnel or mine working. This paper examines the influence of fluctuations in air temperature on stress distribution around an airway, and approaches are suggested to minimize the impact of temperature- stress on the stability of mine openings in far northern mines.

Jan 1, 1991

By S D. Dessureault

In one of North AmericaÆs largest mines, which contains more than six active coal-producing faces, mine controllers must meet the complex challenge of adhering to the mine plan while also ensuring customer quality. Fleet management systems (FMS) provide many different avenues to control production flows, from the faces to the various pit crushers. Nonetheless, mine controllers must balance a variety of factors such as unplanned downs, differing customer demands, their own daily key performance indicators (KPIs) related to equipment utilisation, among others. Deviating from the short-term mine plan is the most common means of balancing the other factors, since adherence to the plan is traditionally only measured during the weekly variance meeting with engineering staff. However, such deviation may be one of the most costly responses, as long-term scheduling issues may arise such as multi-face dead-heading or insufficient stripping. This paper focuses on the development of a system for real-time adherence to mine plan within a control room environment. This system is part of a larger blending-focused, multi-million dollar project with elements of a centralised remote control room, developed at the University of ArizonaÆs Mining Information Systems and Operations Management (MISOM) Mine Control Center (MC2). The mine plan (MPL) component of the overall blending system integrates both historical and real-time FMS data with mine plan requirements directly sourced from original systems (no additional input required). The measures, displayed largely as graphs, have tools to help controllers manage the production to facilitate adherence to the plan. Some measures are designed to motivate crews to perform by inciting competition between crews, softened through a study of the controller culture. The MPL component was deployed at the mine, and the before and after deployment adherence was measured. This paper discusses the technical development of the new tool, its deployment, and an ethnography (study of culture) to understand controller motivation.

Sep 26, 2011

By S. Esfahani, M. Barati, K. Danaei

"Substituting Portland cement with slag cement is one of the most economically attractive uses of slags. For this application, high cooling rates are required to form an amorphous structure. However, this is counteracted by the need to use small coolant flowrate to allow recovery of slag thermal energy as high quality heat to the coolant fluid. Therefore, a relationship between cooling rate of slag and its structure is essential to recover the heat effectively while making an amorphous slag.A modified Single Hot Thermocouple Technique (SHTT) was employed to investigate the crystallization behavior of slags by plotting their TTT (Time-Temperature, Transformation) diagrams. Seven different slag compositions containing CaO, SiO2, Al2O3, MgO were prepared at varying basicity (CaO/SiO2 =0.5-1.4).The results indicate that with increasing basicity, the TTT curves of glassy to crystalline transformation shift to the left which means higher crystallization tendency. This agrees with the fact that with the increase of basicity, the Si-O bonds are weakened, which in turn facilitates the re-ordering and crystallization of the silicate structure."

Jan 1, 2014

By Z. B. Pan

The innovative point of this new technology can be described that under normal pressure and 70°C, using a new combined activating and oxidizing agent, the minerals bearing arsenic and organic carbon are oxidized effectively. This technology can be applied in commercial scale. The high carbon and arsenic bearing gold ore is taken from Gansu, where hundreds of tons gold deposit. The ore has 0.51% of arsenic and 1.75% of carbon (1.07% of organic carbon). The gold occurs mainly in native with particle size 0.02~0.6 mm and a few are enwrapped by pyrite and arsenopyrite. The traditional cyanide leaching process gains a very low gold leaching rate with only 5%. Through systemic experimental study, the technological flowsheet of flotation process for concentrating gold, then pre-treating the gold concentrate followed by cyanide leaching the gold concentrate are used. With 4.92 g/t gold of head sample, the gold concentrate with 46.52g/t gold grade and 96.53% gold recovery is gained by flotation process. Followed by pre-treatment for 6 hours, the gold concentrate is leached with cyanide after filtration and washing. The total gold leaching rate is up to 95.44%.

Jan 1, 2014

By Charles Maier

IT has long been supposed that when crystalline materials are com-minuted the energy used in the production of increasingly smaller grain sizes is not entirely dissipated as heat but that a certain portion is "stored" as a part of the internal energy of the material. This portion usually has been called the "surface energy" of the particles. The practical interest of the Bureau of Mines in this subject in connection with the energy requirements of crushing processes has led to the author's attempt to measure the "stored" energy in finely divided calcite by heat-of-solution methods1. The experiments on calcite showed that "storage" of energy could not be proved for this material, because fine grinding caused a lack of chem-ical homogeneity evidenced by loss of carbon dioxide and subsequent adsorption of water on the surfaces of the calcite particles. When thermochemical correction was made for composition changes the cor-rected heat of solution was less for fine material than for coarse. Con-tinuation of the experimental work into the problem of comparing work and heat in the deformation of metallic crystals, where the calorimetric difficulties were less, showed, however, that in the case of copper and aluminum a real discrepancy between work and heat could be shown. similar results had previously been obtained by Farren and Taylor2 and Hort3 and more or less simultaneously with the author's work by

Jan 1, 1936

By L. S. Bicalho, W. J. Rodrigues, P. M. A. Rollo, P. R. G. Brandão, W. C. da Silva

Quadrilátero Ferrífero is an important mineral province located in Minas Gerais state, responsible for a substantial amount of iron production in Brazil. Among the concentration methods for iron ore practised by the mining companies in this region, the most important is the reverse cationic flotation. Dolomite iron formations, with the presence of hematite, quartz and dolomite, occur in several areas of mining and, with the deepening of the deposits, this type of ore, with low iron content and more complex mineralogy occurs frequently. Carbonaceous minerals, mainly dolomite, present a technological challenge for the concentration of iron ore by flotation. In the present study, the concentration of iron ore with 6% of dolomite content was evaluated. Bench flotation trials indicated that conventional iron ore flotation is not selective to float dolomite, thus compromising the iron content in the final concentrate. Alternative flotation routes were evaluated, and a selective condition was reached to float both quartz and dolomite using the combination of the cationic collector Flotigam 16424 with an anionic collector Flotinor 16551. It was demonstrated that the flotation of dolomite was improved with the combined use of both collectors in the cleaner stage, and by a previous quartz flotation in the rougher stage. Zeta potential analysis indicated specific adsorption as the adsorption mechanism between Flotinor 16551 and dolomite, confirming the high selectivity observed in the bench flotation tests. Keywords: Flotation, iron ore, dolomite

Jan 1, 2020

By G. A. Gamble

Fans used to ventilate subway, passenger rail and vehicular tunnels are similar to the fans used to ventilate underground mines. However, tunnel ventilation fan systems are typically designed to meet NFPA 130 or 502 standards, while mine ventilation fan systems must comply with the appropriate federal mine safety regulations. As a result, fan operation requirements and performance criteria, as well as typical fan and duct configurations differ significantly for tunnel and mine ventilation applications. Variations in environmental conditions in tunnels as compared to mines also result in differences in fan performance and material specifications. The need to enclose tunnel fans within building structures creates space restrictions impacting fan size selection that are not commonly encountered in mine fan installations, resulting in different approaches to selecting fans for the two types of tunnels. This paper discusses the various similarities and differences in design considerations for tunnel and mine ventilation fans.

Jan 1, 2009

By G. H. Khoe

Neutralisation of acid uranium mill tailings with lime or other alkaline materials is usually practised to reduce the dissolved concentration of heavy metals and radio nuclides. Computer modelling of this process was carried out using the geochemical equilibrium code MINTEQA2. Computed dissolved metal and sulfate concentrations were compared with laboratory-based experimental data. It was found necessary to include the modelling of adsorption of trace metals (such as uranium and lead) by the precipitated ferric hydroxide in order to obtain acceptable concentrations in the neutralised liquors. There were limitations of the modelling exercise due to important aspects which were not addressed or properly accounted for such as chemical reaction kinetics and the effect of high ionic strength. These are discussed in the paper.

Jan 1, 1991

Consents Required for Overseas Persons Overseas Investment Regulations 1974 Foreign investment proposals must be reviewed by the Overseas Investment Commission to ensure that these are in accord with national interests. Consent must be obtained from the Commission for: 1. New investment proposals which include: a. An overseas person acquiring 25 per cent or more of any class of share in a company. b. A New Zealand company issuing shares to an overseas person where this will result in that person owning 25 per cent or more of the company. c. An overseas person acquiring business assets for consideration in excess of $100 000. d. An overseas person commencing business in New Zealand. 2. Borrowing in New Zealand: An overseas person must obtain consent to raise funds in excess of $300 000 in New Zealand. 3. Borrowing Overseas: New Zealand incorporated companies must obtain consent to borrow overseas. Current policy is borrowing will be approved where the loan is for a specified fixed term of one year or more.

Jan 1, 1982

By K. G. Markkola

The Minera Candelaria concentrator was commissioned in August 1994, and in October 1997 it doubled its grinding capacity. The concentrator was designed to treat 56,000 metric tonnes of copper ore with a primary crusher, two grinding circuits, pebble crushing, and flotation. The grinding circuit includes two 11.2 m (36 ft) diameter by 4.6 m (15 ft) long semi-autogenous (SAG) mills, each fitted with a 12 MW motor. Throughout the history of Candelaria, different strategies have been developed to maximize the plant's operational time, strategies that include increasing the life of the SAG mill liners and reducing the time involved in changing these elements. This work describes the improvements made in the design of the liners, the change planning, and a new strategy to change the liners with the purpose of increasing their use and throughput.

Jan 1, 2007

In November, 1967, a four strand curved mould continuous casting machine coupled with a 50 ton basic oxygen furnace began producing billets for the rod mill and new merchant mill at the Newcastle Steelworks. To date over 500,000 tons of carbon and alloy steels have been cast at the rate of 20,000 tons per month, the major part for the wire industry. Many alterations have been made to the plant to simplify the process, improve quality and increase production. Casting parameters have been developed for each different type of steel. The quality of the final product has been influenced most by casting temperature, secondary cooling and casting speed. All these factors have been controlled and good results are reproduced. More exacting requirements of liquid steel quality have brought about the use of higher lime/silica ratio slags during steelmaking to control phosphorus revers- ions and standard ladle additions of manganese suicide and ferro aluminium for more effective deoxidation.

Jan 1, 1972