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By Juan Mori Arellano

El presente texto describe la evolución de la tecnología con sus limitaciones iniciales en su aplicación, el cambio cultural de una empresa en cuanto a sus necesidades de conocimientos, la globalización de los mercados y el alto nivel competitivo que ha permitido adoptar diferentes esquemas de mantenimiento con el fin de aumentar la eficiencia en equipos de carguío superficial.

Mar 1, 2017

By John F. Kearney

Labrador Iron Mines (?LIM?) Schefferville Projects consist of 20 major DSO deposits lying along a 120 km strike length in both the provinces of Newfoundland and Labrador and in Quebec. The town of Schefferville, Quebec lies close to the middle of this 120 km strike. LIM?s various properties comprise twenty different iron ore deposits which were part of the original Iron Ore Company of Canada (?IOC?) direct shipping Schefferville operations conducted from 1954 to 1982 and formed part of the 250 million tons of historical reserves and resources previously identified by IOC. LIM intends to develop all these resources in five separate stages. The first four stages will see the various deposits treated in three beneficiation plants, to be built adjacent to several of the deposits that comprise the Central, South Central and North Central Zones. The final stage is not yet planned but will likely involve a fourth plant. A Feasibility Study has not been completed on any of these Projects. LIM plans the development and mining of the various deposits in separate Stages. It should be noted that only the James and Redmond deposits have been permitted. All other deposits require environmental assessment and permitting. Only the James and Redmond deposits have been subject to detailed mine design. The Houston deposit has had preliminary mine design carried out. All other deposits will require detailed mine design when further geological data is collected and compiled. Detailed metallurgical testwork has been carried out on blue ore from James, Houston, Redmond and Knob deposits and to a more limited extent on yellow and red ores from these deposits. Only limited review work has been carried out on the high-silica blue ores. All of this work will be needed to be complete to confirm the final process routes. Additionally some metallurgical work will be required to be conducted on each of the other deposits to characterize their metallurgical response and to confirm expected recovery levels. Detailed mine design and metallurgical testwork has been carried out on those deposits that will form the basis of production for the initial years but further exploration, testwork and design is required for all the remaining resources. The first plant at Silver Yards and mine construction at James are now complete and initial production is expected in the spring of 2011. Metallurgical testing of the first stage deposits has established that the ore can be successfully upgraded to marketable standards. Based on the current testwork, a program of plant enhancement on the Silver Yards plant is now planned with the objective to increase both the plant throughput and recovery. Production of direct shipping lump ore and sinter fines is forecast at around 1.5 million tonnes in 2011 and, based on current and historical resources, growing to approximately 5 million tonnes in 2015 and thereafter. Production from the first four stages is expected to continue at about this rate through to about 2028.

May 1, 2011

By Frank Cappuccitti, James A. Finch, Stéphanie Gélinas

"A colorimetric technique, originally developed for methyl iso butyl carbinol (MIBC) based on the Komarowsky reaction, has been extended to a wide range of common mineral flotation frothers. The procedure, which is briefly described, is shown suited to on-site determinations in a campaign at Kennecott Utah Copper Copperton Concentrator (Rio Tinto). Some observations are described, including: frother (MIBC) concentration evolution down a bank, frother distribution between pulp and froth phases, and loss of frother over time due to adsorption on certain minerals. A possible interference with a fuel oil addition was overcome. MIBC in recycle water was also measured.The ability to monitor frother easily will help interpret gas dispersion behaviour and should permit further optimization of flotation cell hydrodynamics and chemistry. The capability to directly measure should help optimize the type, amount and location of frother addition, and to assess frother recycled with reclaim process water.INTRODUCTIONOwing to the lack of analytical methods, the task of determining frother concentration in plant flotation circuits is not routinely performed. Industrial sites seldom outsource analyses that are both costly and inconvenient, due to the necessity of shipping freeze-dried samples to remote testing facilities. A more direct colorimetric method has recently been demonstrated for the laboratory characterization of common industrial frothers (Gélinas and Finch, 2004). The approach, based on the Komarowsky reaction (Penniman et al., 1936; Coles et al., 1942; Duke, 1947), was previously described by Parkhomovski et al. (1976) for methyl iso butyl carbinol (MIBC). The reaction involves the interaction of the OH group of a higher alcohol, concentrated sulphuric acid, and salicylaldehyde, to yield coloured solutions with intensities that can be analyzed by UV-visible spectrophotometry."

Jan 1, 2005

By H. Fayed

Two-phase (water and air) flow in a self aerated WEMCO flotation machine has been investigated using computational fluid dynamics (CFD). A 0.8 m3 model is considered. The flow is modeled by Euler-Euler approach, and transport equations are solved using a commercial software ANSYS-CFX5 [1]. Because of the lack of circumferential periodicity in this machine, the entire machine is modeled and unsteady simulations are conducted in the whole volume of the bulb. Uniform bubble diameter is specified, and the effects of bubble diameter are determined by conducting simulations for three diameters of 0.5, 0.7, and 1.0 mm. The unsteady air flow rate through the machine is predicted as an outcome of the simulations. Air volume fraction contours and velocity field in different parts of the machine are presented and discussed.

Jan 1, 2012

By T. Field, N. D. Nxumalo

Since the discovery of gold on the Witwatersrand in 1886, mining has been at the centre of South Africa’s development. Although mining continues to contribute significantly to the country’s economy, it is a temporary land-use activity, and mine closure is inevitable. This paper reviews mine closure planning at Tshikondeni coal mine, which commenced in 2014 with the initiation of mine closure. The review presents the mine closure processes undertaken at the Tshikondeni coal mine as regulated by South Africa’s principal mining legislation, the Mineral and Petroleum Resources Development Act 28 of 2002, and other relevant regulatory frameworks. To compile this review: (1) A desktop study was conducted; (2) empirical data was collected through one-on-one interviews with research participants at Tshikondeni coal mine; and 3) physical observations were made of the rehabilitation at various mine operations within the Tshikondeni coal mine complex. Research participants consisted of mine officials from different departments, i.e., human resources, and environmental, social, and business strategy, who were directly involved with the Tshikondeni coal mine closure. A questionnaire with semi-structured questions was developed. It was utilised to acquire a better understanding of mine closure planning at Tshikondeni coal mine and identify mine closure processes that aim to achieve post-mining land uses and align with Tshikondeni coal mine’s post-closure strategy, namely the Tshikondeni Legacy Project, with a post-closure strategy that has the potential to transition a mining economy to an eco-tourism economy that can preserve livelihoods and selfreliant communities.

Dec 15, 2025

By Hutchinson IN

In order for the Australian underground coal mining industry to achieve the high productivity rates demanded of it without compromising its good safety record, improved geotechnical monitoring systems are required. One of the main problem areas affecting underground coal mining is the deterioration of previously stable roadways.CSIRO Division of Geomechanics has been working on a NERDDC funded project to develop an instrument to monitor coal mine roof deformation. The instrument which has been developed, Roof Alert, is a self contained, battery powered, intrinsically safe device. It can monitor the magnitude and rate of deformation and give multiple, variable visual alarm signals where preset levels ate exceeded.

Jan 1, 1991

By Guillermo Turner-Saad

"Best practice in the economic evaluation of mining projects and operations is based on the integration of geological, mining, metallurgical, environmental, marketing, economic and corporate information and strategies. Fundamentally, the economic evaluation takes into account mining, blending, stockpiling, processing, smelting, refining and marketing ore resources with grades estimated by geostatistical methodologies.Nevertheless, a realistic economic evaluation consists of a concurrent and integrated optimization process that maximizes the concentrates or products of liberated and selected ore minerals from mineral deposits. The optimum solution is obtained through a trade-off among mining, blending, stockpiling and processing ore reserves with distinct mineralogy and texture characteristics. The concurrent optimization determines both the practical mining sequence of ore reserves and the dynamic and robust mineral processing flowsheet design over the expected life of mining projects and operations.A combined risk-adverse and concurrent optimization process takes into account the spatial uncertainty of the mineralogy and texture characteristics of ore reserves. Additionally, a variety of mineral processing linear, non-linear, additive and non-additive parameters modeled spatially. The spatial uncertainty of these ore reserves characteristics and parameters has a direct impact in the expected mining sequence, mineral processing flowsheet design, concentrates or products quantity and quality, and economic value of mining projects and operations.Geometallurgical domain constrained stochastic geostatistical methodologies and multivariate mathematical models are applied for spatial uncertainty modeling of ore reserves characteristics and parameters. These mathematical models correlate the mineral processing liberation and selectivity responses of the mineralogy and textures within each geometallurgical domain. These models, in turn, are defined based on results of mineral processing and environmental testwork of unbiased and representative samples chosen for their variability. These samples are selected within mutually exclusive spatial geometallurgical uncertainty domains with similar mineralogical and textural characteristics in mineral deposits.Geometallurgical domains are defined by applying and combining multivariate statistical analysis and implicit modeling methodologies. These involve determining and constraining mineral processing liberation and selectivity properties explicitly contained in the extensive and integrated exploration drillhole database."

Jan 1, 2010

By Will Jansen

When Enron rocked the United States with its Titanic-sized financial accounting scandal, miners and metallurgists were probably too busy on the mine sites in remote locations to wonder about its ripple effect. But then Enron sank, Arthur Andersen tanked and the list of scandals, costing billions of dollars, continued to ripple. Followed by the Public Company Accounting Reform and Investor Protection Act of 2002 (Sarbanes-Oxley), the recent credit crunch and weak economy, the currents from Enron?s collapse eventually washed right into the mine and the mill. These events placed intense scrutiny on metals production accounting processes as traditional semi-qualitative metal accounting practices provided insufficient credibility and transparency. ?There is growing intolerance of organizations that are unsure about the location of thousands of tonnes of ore, which will typically lose 10 to 15% of their notional value on the way to the concentrator,? Rob Morrison wrote in the opening chapter to An Introduction to Metal Accounting and Balancing. ?If the measurement and forecasts also contain qualitative (fudge) factors, a very real suspicion might emerge about just how much metal might disappear (by theft or misplacement) before detection becomes likely.? Metallurgical accounting, put simply, is the tracking and reporting of the quantity and quality (tonnage and grade, usually) of materials entering or leaving each stage from source to product for a specified accounting period. Lacking an accounting standard, metals accounting in precious metal operations has been performed in an ad-hoc, informal manner, leading to numerous errors and unidentified potentially significant inefficiencies and financial losses. As a result, mining companies are beginning to examine the quality of their metals accounting systems since they form the basis of mining company?s financial accounts and reports. As part of an effort to create that accounting standard in the mineral industry, University of Queensland?s Julius Kruttschnitt Mineral Research Centre published the textbook An Introduction to Metal Accounting and Balancing in 2009. While development of a textbook and standard are significant steps forward, the challenge in the precious metals industry is in the application of some of these suggested practices. Though improving process transparency and precious metals accounting reporting accuracy is a key driver for change from the financial side, perhaps even more important is the potential benefit to operational performance that comes with better measurement, accounting and reconciliation systems. Loss of precious metals, processing of waste and inefficient mining and processing systems are all problems that are faced in an operation on a daily basis that can help be resolved through improvements in metal accounting and reconciliation. The financial consequences of such operational inefficiencies and bad decisions based on poor information are arguably greater than consequences of fraudulent accounting. Large discrepancies between mine and mill measurement systems that measure the quantity and quality of valuable material currently exist. Some of these are expected because of statistical variation, but inherent random measurement variation is sometimes an insufficient explanation. Though the mill can usually make much better production estimates through their measurement systems (that is, less variation), this knowledge rarely benefits the mine. 3 Moreover, even if the mine does a reasonably good job of estimating expected production at the grade control level (in situ), issues such as blast movement, poor mining practice and inefficient ore/waste classification make for a disconnect between the in situ estimates of the mine and the estimates from the concentrator. This inhibits effective evaluation of the reserve and grade control models using concentrator estimates. Linking the two ends, mining and concentration, is a neglected area sorely in need of an overhaul. Hence the need for improved mine to mill reconciliation ? the area of comparing, balancing and adjusting production estimates between mine and mill for consistency in reporting.

Jan 1, 2009

By Donald Leroux, Asim Tuzun, Simon Gariépy, Luc Lachance, Hayley Halsall-Whitney

"The importance of coherent material balance results has long been recognized by mining and metallurgical companies. Although this is still true nowadays, various stakeholders are increasingly concerned about the origin and the accuracy of the reported numbers. The last decade has shown that most metallurgical accounting concerns can be addressed by making two important changes to plant performance monitoring practices. First, introducing data redundancy into the metal balance procedure allows the estimation of measurement errors. Second, the migration from spreadsheet-based to relational database based systems brings transparency, data integrity, traceability and auditability into metallurgical accounting. Relational databases also facilitate the production of reports that metallurgical accountants must issue routinely. Recognizing the caveats of the spreadsheet-based metal accounting method they had been applying for years, Strathcona decided to switch to a commercial relational database system in 2008. For the most part, the migration was seamless. Some challenges were raised but they could all be overcome and outweighed by benefits gained from day-to-day utilization of the system.INTRODUCTION Metal accounting (Morrison, 2008) has always been essential to high-quality corporate governance of mining and metallurgical companies. Although the importance of coherent material balance results has long been recognized, various stakeholders are increasingly inquisitive about how the reported numbers were obtained and how much accuracy can be attributed to them. This accrued scrutiny is obviously no stranger to the corporate governance tightening that happened through the years in response to outrageous accounting scandals. It is also in continuity with securities laws (such as NI-43-101 in Canada) that were passed to protect the public from other market fraud. Recognizing the importance of spotless metal accounting in their reports to the public, a group of global mining companies gave AMIRA International the mandate of developing a set of rigorous yet practical metal accounting guidelines for the mining and metallurgical industry. The AMIRA P754 project was launched in 2004 and the first version of the resulting Code of Practice was released the following year. Since then, the Code was reviewed twice and revised releases were issued (AMIRA, 2007). While some parts of these guidelines are in continuity with current commonplace practices, other parts recommend changes to inherited practices that may be significant. For example, they highlight the importance of data redundancy (Lachance & Flament, 2011) which in many operations is either already available but unexploited or achievable with reasonable efforts. These guidelines also stress the importance of state-of-the-art metal accounting systems, such as those based on relational databases, which are secure and entirely auditable by a Qualified Person. Because most spreadsheet software packages allow data and formulae to be modified at any time, without a trace and anonymously, they do not meet these requirements."

Jan 1, 2012

By Fiona Sofra, Briony C. Ruse, David B. Boger

"The sustainability of the mining industry must be addressed through improving tailings management. The use of thickened tailings and pastes stems from a paradigm shift towards designing tailings disposal sites to suit their surrounding environment, rather than manipulating the environment to accommodate the tailings. Thickened tailings and pastes usually exhibit non-Newtonian behaviour, so a thorough understanding of the rheological characteristics of the material is required in order to determine the disposal plant operating conditions.Full Cost Accounting techniques may be used to provide financial justification for the implementation of alternative tailings disposal techniques through the calculation of a disposal cost per tonne of tailings over the life of the facility. Improved disposal methods such as thickened tailings disposal involve additional initial capital expenditure but reduce environmental impacts. The cost savings associated with environmental impact mitigation are reflected in Full Cost Accounting outcomes.Rheological characterisation is significant as a design basis that may be analysed using Full Cost Accounting to justify the initial capital expenditure of dry disposal systems for improved environmental performance."

Jan 1, 2003

By K Ringwood, J Cummings, C J. Moran

The development of a water accounting framework that enables consistent and contextual reporting of minerals operationsÆ water use, represents a key sustainable development objective that many Australian minerals companies have committed to. A future water accounting framework will require: key terms and definitions for water metrics for use in the Australian minerals industry that are consistent with the wider water sector, a suite of metrics representing key components of an operationÆs water balance, a calculation method for some of the metrics, and a reporting protocol. This paper presents the methodology that was used to derive these four components. Existing accounting frameworks were reviewed and key terms and definitions that were consistent with current regulatory requirements and voluntary approaches were proposed. A calculation methodology was developed to obtain some of the key indicators and variables that cannot be easily measured directly (eg water loss through evaporation). The adopted terms and definitions typically require a combination of empirical and estimated data. To test the proposed definitions and calculation methodology, values for water metrics were derived for eight sites, selected to test a variety of commodity and biophysical situations. The proposed framework and definitions could deal with the specific situations selected as case studies. The associated calculation methodology produced complete accounts at various levels. Some elements of the accounts could be directly checked against available data and simulations. The framework captured well variations in the reuse efficiencies; reuse efficiency could even vary for similar processes. It is concluded that this preliminary accounting framework provides a consistent language and metrics for quantifying and communicating water management, both at the intersection of the site with the surrounding landscape (through detailed reporting of site inputs and outputs) and within operational activities. Using this consistent framework for quantifying and documenting water use within an operation will provide a platform for compiling and comparing minerals industry water use with other sectors. This may support benchmarking activities within regions or companies and help demonstrate leadership amongst water users in water resource stewardship. The approach presented here is applicable to a wide variety of mining and processing activities, and biophysical environments, and following a period of stakeholder engagement and third party review, is being refined as a first step towards developing nationally consistent water use reporting for the Australian minerals industry.

Jan 1, 2009

By MacDonald W. L. F. C. A.

IN accordance with the usual approach to a participation in a panel discussion, this paper is, in some respects, intentionally controversial. I would suggest, how-ever that there is more than a grain of truth in many of the comments made. Before dealing with a particular problem. It is appropriate to set out a few of the more significant objective of an: accounting system: (1) The provision of historical data <•concerning past events, for the information of shareholders, tax authorities, etc. This data can also be used as a tool to predict the future. (2) The provision of a record to safeguard the company's assets and to form the basis of any claim for insurance or other damages. (3) The provision of an accounting framework in making an economic study of a proposed course of future action such as the development of an orebody or the outlay of a substantial sum for new equipment. ( 4) The

Jan 1, 1962

By D. Seke

Metal inventories are usually reported in financial statements of mining companies. However, the value of these inventories can be reliable only if the metals in stock are measured within acceptable tolerances. Reliable metal balancing requires accurate mass measurement, sampling, and chemical analysis. Many mining companies are usually unable to validate the accuracy of metals in inventories at the end of their financial year. This is mainly due to poor mass measurement, sampling, and chemical analysis practices. This has an adverse impact on metallurgical accounting and metal valuation. In addition, it puts a lot of stress on external auditors, who have the duty to recommend the approval of the financial statements to the board of directors. Although a full value chain of metal reconciliation includes the accuracy of Mineral Reserve definition and grade control at the mine, this paper discusses the implementation of best practices for mass measurement, sampling, and chemical analysis at processing plants. This is an important aspect of sampling and reconciliation that is required in order to improve the reporting of inventories in the financial statements of public mining companies. Keywords metallurgical accounting, corporate governance, sampling, analysis.

Jan 1, 2014

By J. Marks

The measurement of greenhouse gas (GHG) emissions from primary aluminium production and inventory of these emissions of carbon dioxide and PF Cs have become an important issue for primary aluminium producers. Most global producers have either voluntary emission goals or emissions limits established through national regulatory requirements. International good practices for inventory of these emissions for national governments are established through the Intergovernmental Panel on Climate Change (IPCC). The current good practices, last updated in 2000, are being revised and are expected to be adopted by governments in the spring of 2006. There are a number of changes expected in the guidance that will impact how facilities account for their GHG emissions. This paper describes the changes to the guidance and the implications of these changes for aluminium producers.

Jan 1, 2006

By FJ Fourie

Lack of success in attempts to develop viable large-scale continuous mining techniques (previously reported by MP o?Hare in 2004) led the team at Kopanang to explore alternative solutions to their ongoing need for improved profitability. By calling into question the basic assumptions around the stoping of narrow tabular deposits of gold, fragmentation and more particularly, the range of sizes of blasted rocks eventually became the focus of serious study. This background is briefly covered before the sequence of the investigations is described. So far, some of the ?rules of thumb? derived over the years have been confirmed, albeit for totally different reasons than those from which they arose; some persistent theories on gold loss have been debunked, and some new ones have been developed. Blast optimisation (the means by which desired fragmentation is achieved) has been based on tailoring energy to rock characteristics in an innovative packaging design for explosive charges. Other beneficial consequences arising from the work include increased production volume and gold output, a decrease in milling consumables, and the Mine Call Factor is being maintained at a level previously thought to be unachievable. This is very much a ?work in progress?, and it is empirical in its approach. The authors are the first to recognise that they have yet to determine in absolute measures why some of the innovations have had the effect that has been observed. Also that there other factors which may contribute to the result, but which have not yet been examined. Nevertheless, publication of the work completed so far is felt to be justified; firstly on the basis of the achievements themselves, and secondly for the benefit of others in the industry for whom similar problems exist. Statistical reports of the effects on the business are included at the end of the report. Detailed laboratory test results have been separated into an appendix, leaving salient graph and tabulated data in the main text. For ease of reading, units of measurement for particle sizes below 1mm are described in microns, but millimetres have been retained for those at that size or greater.

Jan 1, 2007

By P G. Gaylard

P754 has been an unusual project in that its main aim was to develop a code of practice for metal accounting with the following key objectives:Development leading to an agreed industry standard at corporate governance level Significant improvement of the credibility of metal accounting from deposit to saleable product Development of guidelines for data collection, data analysis, reporting and audit A data analysis toolbox which provides go/no go testing for metal balance data Promotion of industry adoption of these guidelines to improve transparency and financial credibility. Over time, these guidelines may evolve into a code and eventually into a standard Develop and train engineers to become expert in metal balancing and reporting. Papers like this one and the workshop which follows this conference are part of promoting the code for adoption by industry. Developing a code of practice has traditionally been the provenance of professional bodies associated with particular industries û often on a voluntary basis. Given todayÆs industry pressures, it was felt that funding key input might accelerate the development process as well as offer opportunities to research some of the problems and to train some post graduate students in a difficult discipline. In fact, the project has brought together six industry sponsors from a wide range of process types, three research providers, and funded students in South Africa and Australia. The project has also attracted input from the financial community. A textbook to support the application of the code has also been written. The industry sponsors have made the Code and Guidelines available on request to help to facilitate its use by the mineral industry beyond the sponsor group. The Code and Guidelines have already been translated into Spanish and Portuguese which suggests that industry acceptance may happen quite quickly. The main thrust of the code is to integrate commercial and technical performance to a much higher degree. The Check in-Check out (CI-CO) method has been chosen as the vehicle for this combined approach. The mass and metal values used for CI-CO are &apos;absolute&apos; and provide the basis of financial transfers. The CI-CO process occurs at each transfer of custody - whether between divisions within a company, or between companies. This approach means that measurement of mass and metal flows becomes the critical element of the process and that a quantitative knowledge of measurement accuracy and precision is also essential. This knowledge allows technical differentiation between differences which are within the expected margin of variation and those which must be formally identified as discrepancies and subject to a process of investigation and sign off. Hence, the application of the code for most companies should be more evolutionary than revolutionary, but with substantially more emphasis on measurement and definition of measurement error. Where this can be achieved, it should bring the mineral industry more into line with other industries competing for investment funds, community acceptance and future employees.

Jan 1, 2008

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&apos;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&apos;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&apos;s perspective and philosophy as they are a compliance document.

Jan 1, 1985

By Shemek Oginski, MARK C. JOHNSON

All Rights Reserved. Printed in the United States of America. Information contained in this work has been obtained by SME, Inc. from sources believed to be reliable. However, neither SME nor its authors guarantee the accuracy or completeness of any information published herein, and neither SME nor its authors shall be responsible for any errors, omissions, or damages arising out of use of this information. This work is published with the understanding that SME and its authors are supplying information but are not attempting to render engineering or other professional services. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Any statement or views presented here are those of individual authors and are not necessarily those of the SME. The mention of trade names for commercial products does not imply the approval or endorsement of SME.

Dec 1, 2015

The objectives of this paper are two-fold. First, it will show what problems can arise when single estimated values are substituted for a distribution of values when evaluating an open pit mine project in the face of uncertainty. Secondly, it will show how the ability to deal with uncertainty and risk in mine project evaluation can have a significant impact on the ownersÆ and stakeholdersÆ investment decision-making. Here a new mine evaluation framework, the integrated valuation/ optimisation framework (named IVOF), is introduced as an alternative tool for mine project evaluation where uncertainty and risk are incorporated in the evaluation process.

Jan 1, 2009

By C. O. Aksoy, H. Kose, K. Ozfirat, T. Malli, A. Gonen, S. Gurgen

In selecting mobile mining equipment, factors including availability, useful economic life, maintenance and operating costs, and spare parts availability are considered. Given these factors, trucks and shovels with different capacities are selected. Optimizing equipment for pit and hillside quarry cases, where 8% and 10% ramps are commonly in use, were examined; the effect of other mining activities such as drilling and blasting on unit cost were considered. In principle, 20 m to 25 m high benches should be economical for downhill haulage, and 7 m to 10 m low benches economical for uphill haulage. However, practice of both mining styles favours 10 m to 15 m bench heights. Hence, the analysis here was carried out with the field experience bench height range. In the study, a truck-shovel optimization was based on the movement of 5 to 20 million cubic metres (in 2.5 million cubic metre increments) of overburden stripping at the Eynez open pit mine in the Soma region of Turkey. The outcome showed that low-capacity shovels were unfavourable due to high production expectations. High-capacity shovels were also unfavourable due to health and safety issues causing high instances of impact vibration on trucks during the loading cycle and a decrease in foreseeable unit lifetimes. The number of shovel passes required to load a truck ranged from three to six. Trucks with high-capacity bodies were deemed uneconomical due to high investment and operating costs.

Jan 1, 2005