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By W. J. D. Stone

Many of the common valuable minerals have a magnetic susceptibility which is sufficiently high to render them amenable to magnetic separation. In addition,, many minerals which form the unwanted constituents of an ore can be removed by magnetic means. Magnetic separation in general has suffered seriously from, the lack of a high intensity wet separator. It is only recently that such a separator has become available to the industry. Prior to this, high intensity magnetic separation has been limited to the use of the dry techniques. Since the introduction of the Jones Wet High Intensity Magnetic Separator, extensive test work has been conducted to investigate possible applications. From the investigations conducted and the discussions that have taken place in the industry, it is apparent that the important mineral characteristic of magnetic susceptibility is not receiving the attention that it deserves. Applications for high intensity wet separation are being found in areas hitherto not considered.

Jan 1, 1963

By Maribeth Amyot

This paper assesses the current status of computing education in ABET-accredited mining engineering programs in the United States. The hardware and software being used are reviewed. The extent to which computer applications are incorporated into mining engineering courses is also surveyed. Today's capabilities and practices are compared with those of the past to establish, trends in computing education. The concerns of mining educators regarding computers are addressed, as are views on the direction in which mining engineering programs appear to be heading in preparing students to meet the computing needs of industry.

Jan 1, 1985

By R. E. Zimmerman

Wide attention is being placed upon various methods for cleaning the fine sizes of bituminous coals. The author describes and analyzes the results achieved on wet concentrating .tables of modern design on unclassified feeds of - 1/2 in. particle sizes, including tests on high-sulphur coals.

Jan 1, 1950

By Mei Long, Tawum Juvert Mbah, Jianhua Zhang, Haiwang Ye

There have been many improvements and advancements in the application of neural networks in the mining industry. In this study, two advanced deep learning neural networks called recurrent neural network (RNN) and autoregressive integrated moving average (ARIMA) were implemented in the simulation and prediction of limestone price variation. The RNN uses long shortterm memory layers (LSTM), dropout regularization, activation functions, mean square error (MSE), and the Adam optimizer to simulate the predictions. The LSTM stores previous data over time and uses it in simulating future prices based on defined parameters and algorithms. The ARIMA model is a statistical method that captures different time series based on the level, trend, and seasonality of the data. The auto ARIMA function searches for the best parameters that fit the model. Different layers and parameters are added to the model to simulate the price prediction. The performance of both network models is remarkable in terms of trend variability and factors affecting limestone price. The ARIMA model has an accuracy of 95.7% while RNN has an accuracy of 91.8%. This shows that the ARIMA model outperforms the RNN model. In addition, the time required to train the ARIMA is than that of the RNN. Predicting limestone prices may help both investors and industries in making economical and technical decisions, for example, when to invest, buy, sell, increase, and decrease production.

Jan 6, 2021

By Kefton H. Teague

This paper deals with the practical application of the Dutch State Mines cyclone separator for fine-coal cleaning. The more important operating variables are discussed, and results of a number of continuous-scale tests on various fine coals with a 6-in. cyclone separator are given. Descriptions of the Cyanamid Pilot Plant and the 50 tph Cyclone Separator Plant at the Emma Washery in Holland are included.

Jan 1, 1950

By K. A. Pauly

(Wilkes-Barre Meeting, June, 1911.) COMPRESSED air has been and is still very extensively used in connection with mining-operations, but its application in the past has been almost entirely confined to supplying power to underground machinery. Its introduction was due to the difficulty of taking care of the steam which is exhausted underground, rather than to any advantage in efficiency to be gained by its use. The ease with which electric power may be carried to the remotest parts of the mine and the high efficiency of the electric motor have long been appreciated by mine-operators, and electric power is now extensively used underground in the more recent developments, while many of the compressed-air engines in the older workings are being rapidly replaced by electric motors. Recently, however, it has been suggested to use compressed air for driving the large shaft-hoists, the air for the engines being supplied by electrically-driven compressors, and an installation of this character is being erected at Butte; Mont. It is the object of this paper to compare the compressed-air system of hoisting with the various electrical systems, from the stand-points of first-cost and cost of operation. However, before entering into a discussion of the various systems, it will be well to consider briefly the conditions affecting the choice of a system of hoisting in which electricity is the ultimate source of power. The power required by a mine-hoist is extremely intermittent and fluctuates between very wide limits, the all-day average consumption of power not exceeding from 5 to 15 per cent. of the maximum demand during hoisting. The cost of supplying power for such a fluctuating load is necessarily higher than that for supplying an equal amount of

Dec 1, 1911

By A. Mainza, A. Mabentsela

A finite element model of a 5 m radius DC arc ilmenite furnace in idling mode was used to test the notion that the slag solidifies when it comes in to contact with colder pig iron, thus constituting the initial step in the formation of solid slag at the slag-pig iron interface. It was found that a slag that is 150°C hotter than the pig iron does not solidify at the interface. The 150°C temperature difference between the slag and pig iron is a result of solid slag at the slag-pig iron interface, not the other way around as suggested in the literature. Calculations show that the thickness of the frozen slag at the slag-pig iron interface is 1.7 cm for the furnace used. It is proposed that slag solidification begins with the slow co-current flow of molten slag and pig iron in the outer parts of the furnace. This provides enough time for molten slag to interact with molten pig iron without solidifying. As the reduction products form due to reduction of the slag by carbon in the pig iron, the slag solidifies. This approach negates the need for the slag to solidify by merely coming into contact with an inherently colder pig iron. Making use of a low thermal contact conductance between the slag and pig iron was found to be sufficient to numerically capture the presence of solid slag at the slag-pig iron interface and to preserve the 150C difference between the slag and pig iron phase.

Mar 30, 2023

By M. S. Shishvan, J. R. van Duijvenbode

The results of dig limit delineation in open pit mining are never truly optimized due to gaps in the underlying data, such as insufficient sampling. Aside from the data uncertainty, there is also an influence on the final dig limit by either humans or by the heuristic character of an optimization method like simulated annealing. Several dig limit optimizers have been published, which can replace the manual dig-limits designing process. However, these dig limit designs are generally not adapted to account for this heuristic character. In this paper we present a stochastic analysis tool that can be used with the results of heuristic dig-limit optimization to increase confidence in the obtained results. First, an enhanced simulated annealing algorithm for dig limit optimization is presented. Then, this algorithm is tested on ten different blasts at the Marigold mine, Nevada, USA, as a case study. Finally, the results are analysed with a destination-based ensemble probability map and an analysis conducted of the final solution data distribution. The generated dig-limit designs of the algorithm include high revenue areas that are excluded in comparable manual designs and show improved objective and revenue values. The analysis tool provides block destination probabilities and box plots with the distribution of opportunity value for the dig limit. Furthermore, with the analysis tool, it is possible to make well-informed design decisions in areas of uncertainty.

Dec 13, 2022

By Steven D. Botts

The Antamina project, owned by BHP Billiton Plc, Mitsubishi Corporation, Noranda Inc., and Teck Cominco Ltd. , is a $2.3 billion copper/zinc project, located in the Ancash Department in Perú. The project consists of an open pit mine, a 70,000 ton per day concentrator, a 302 Km. long concentrate pipeline, port facilities, a new access road, power line, and town site. The project is designed to produce up to 1.5 million tonnes per year of copper and zinc concentrates over a 23-year project life, and will be the third largest producer of zinc and the seventh largest producer of copper in the world. This mega project is the largest mining investment in the country and, during its construction stage, was the most important construction project worldwide. On May 28th, 2001, Antamina commenced testing operations and four months later, it reached commercial production. Antamina was officially inaugurated on November 14th, 2001 by Peruvian president Alejandro Toledo. The construction stage of the project generated 8,000 direct jobs, with a peak of 10,000 employees, and 30,000 indirect jobs. The permanent workforce consists of approximately 1650 employees, the vast majority of which are Peruvian Nationals; around 30% of whom came from the department of Ancash where the deposit is located. Approximately 5,800 indirect jobs will be generated from the project. Independent sources state that Antamina will increase the Peruvian mining exports by 30% and Peruvian GDP by 1.4% within its first year of full operation in 2002. Since winning the privatization bid for the project in 1996, the company has implemented a successful approach to community development and environmental protection based on sustainable development principals. Throughout the development of the project, a number of initiatives have been undertaken to ensure full involvement of the local populations in community development activities and the company?s environmental program. Due to its size, difficult logistics, cultural considerations and financial aspects, the project has faced a number of unique challenges in the area of environmental protection and management of community interaction. Antamina has been innovative in its approach to these issues, and as a result, has set new standards in Perú for environmental and community management, and sustainable development.

May 1, 2002

By B. W. Cavender

The operating lifetime, or production rate, selected for a mining project is among the most important factors influencing the design and ultimate economic success of the project. An incorrectly-determined lifetime can lead to the erroneous rejection of projects as uneconomic as well as the suboptimal exploitation of producing properties. This paper examines the calculation of the optimal lifetime using both traditional discounted cash flow and recently-proposed option pricing techniques. Using each method, the production rate is determined as that rate at which the net present value of the project is maximized.

Jan 1, 1992

By L Schürmann, R Kendall

Social licence to operate is becoming part of a mining company’s DNA in the same way as health and safety. Consequently, mining companies are receiving increasing pressure from their shareholders to ensure that they add enduring value to the local communities in which they operate. Apart from the shareholders, a company has responsibility to suppliers, customers, employees, the government and the community, which means under the social responsibility model they must be accountable to the other stakeholders. External and internal challenges in mining are increasing the difficulty and complexity of mines to operate. The external mining environment has a big impact on mining operations and is driving matters such as the focus on safety, responsible mining and resource management, sustainability issues, profitability and productivity. Considering this, it is expected that the widespread implementation of Environmental, Social and Governance (ESG) related practices across the mining industry in the next ten years will increase, not just for the big players but for juniors as well. Companies, investors, governments and insurers who fail to act on ESG matters are to likely face greater risks. Demonstrating leadership in ESG will ultimately become a differentiating factor and market participants have much to gain from embracing ESG stewardship as part of their competitive advantage. Stock Exchanges have an important role to play in advancing sustainability in the capital markets. It is for this reason that the Sustainable Stock Exchanges (SSE) initiative was founded to serve as a global platform for exploring how exchanges can enhance performance on ESG issues and encourage sustainable investment. The SSE initiative provides an effective platform for dialogue between the United Nations, stock exchanges, investors, companies and regulators in the mining industry. The paper will explain why ESG reporting is crucial for the survival of a mining company and how the lack of transparency could be detrimental to its public image and shareholder relations. The paper will also identify bodies that regulate ESG reporting, as well as the available tools that provide guidelines on reporting ESG matters. Key ESG reporting parameters (at a global scale) will also be highlighted.

Jun 22, 2022

By O. Rabeau, M. Legault, F. Fallara

"Abstract - The development of robust 3-D geological models involves the integration of large amounts of public geological data, as well as additional accessible proprietary lithological, structural, geochemical, geophysical, and diamond drill hole data. 3-D models and maps have been available, particularly in the petroleum industry, for more than 10 years. Here, we demonstrate how robust 3-D maps can be used as interactive tools for mineral deposits exploration. In particular, we show how the interrogation of 3-D data sets can constrain exploration targets at depth. The main advantages of this technique for the mining industry are the homogeneity of data treatment and the validation of geological interpretations, taking into account geophysical and geochemical data. Data integration and cross-correlation of geology and geophysics can be achieved in two dimensions in any good GIS package. However, the added strength of 3-D analysis is the integration of separate data sets in three dimensions to build more complete, more realistic models, and in delineating areas of high economic potential at depth. Furthermore, these models can be modified and improved at any time by adding new data from ongoing drilling and geoscientific surveys. This paper presents two examples of 3-D models used for mineral exploration: the Joutel VMS mining camp and the Duparquet gold camp, Quebec. In both examples, the creation of the model is discussed and queries specific to the relevant exploration model are introduced. Eight potential exploration targets are generated at Joutel and seven at Duparquet. Although the targets defined are dependent on the details of the chosen queries, it is apparent that this technique has the potential to generate promising exploration activity that can engender new targets. Sommaire - Le développement de modèles 3-D géo-intégrés fiables implique l’intégration de grandes quantités de données géologiques publiques ainsi que des données lithologiques, structurales, géochimiques, géophysiques et de forages en provenance du secteur privé. L’industrie pétrolière dispose de modèles et de cartes 3-D depuis plus de 10 ans. Ce manuscrit présente un exemple d’utilisation de modèles et de cartes tridimensionnels détaillés comme outils interactifs dans l’exploration de dépôts métallifères. L’emphase est mise sur le processus d’interrogation des données en 3-D pour la définition de cibles d’exploration en profondeur. Les avantages principaux de cette technique sont l’uniformité du traitement des données et de la validation des interprétations géologiques, tout en tenant compte des données géophysiques et géochimiques. L’intégration de données et la corrélation de la géologie et de la géophysique peuvent être accomplies en deux dimensions dans n’importe quel logiciel SIG. La plus grande force de l’analyse 3-D demeure cependant la possibilité de construire des modèles complets et réalistes permettant de cibler des secteurs à haut potentiel économique en profondeur. De plus, ces modèles peuvent être modifiés et améliorés de manière interactive en ajoutant de nouvelles données provenant de forages et de levés géoscientifiques en cours. Ce manuscrit présente deux exemples de modèle 3-D géo-intégrés développés pour l’exploration minérale : le camp de SMV de Joutel et le camp aurifère de Duparquet, Québec. Dans les deux cas, la construction du modèle est décrite et les requêtes spécifiques à chaque type de gisement sont présentées. L’exercice a permis de définir huit cibles d’exploration potentielles à Joutel et sept à Duparquet. Bien que les cibles identifiées dépendent des contraintes utilisées pour les requêtes choisies, cette technique permet de générer de nouvelles cibles qui pourraient relancer l’activité d’exploration dans les camps miniers " matures " ou dans des secteurs moins explorés."

Jan 1, 2006

By John Neil, John Bli ard

Coke breeze consists of the smaller particles of coke formed by handling coke on and after removal from the ovens. Its value as F, fuel is less than that of the larger pieces, both because the smaller pieces contain more ash and therefore have a lower calorific value, and because a greater draft is required to burn it.The tests described below show its value as a fuel when mixed with bituminous coal and burned in a hand fired boiler of a size considerably greater than that used in an ordinary house. The results of these tests, however, can be used to give a fairly good indication of the value of coke breeze when burned with bituminous coal in a domestic furnace.All who fire a domestic furnace know that for only a comparatively short part of the day, and then only on a few days, is it necessary to open fully the ash, pit door and stack damper to get the required rate of combustion in the average furnace in the average house. It will be practical, therefore, during the greater part of the heating season, to fire coke breeze with the coal and use more of the available draftsFor domestic heating the coke breeze should be stored separately, and used when the draft is sufficient to burn it in mixture with bituminous coal, at the rate required to warm the house.Purpose of tests: The tests were carried out at the request of the Chamber of Commerce of Pittsburgh, Pa., in order to determine the steaming value of coke breeze as a fuel when mired with Pittsburgh coal and fired by hand, and to see whether the mixture when burnt would give off an objectionable quantity of make.

May 1, 1921

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

THE early history and progress of anthracite stripping, from the first known operation at Summit Hill in 1821 through 1917, was covered in 1917 in a paper by J. B. Warriner,1 then chief engineer, now president of the Lehigh Navigation Coal Co., and stripping methods between 1917 and 1931 were the subject of a paper in 1931 by H. H. Otto,2 of the Hudson Coal Company. The present paper is confined to methods used today on pitching beds in the western middle and southern anthracite fields. The anthracite industry, not unlike other large industries, had been affected for more than a decade by the adverse economic conditions of the country. High development and operating costs and the competition of other fuels caused some collieries to be closed temporarily, while others were permanently abandoned. In order to obtain a larger tonnage at a lower development cost, a larger stripping program was put into effect by many companies. In 1932, stripping operations accounted for 334 million tons, or 7 per cent of the total anthracite production of the year, and in the next 10 years this increased until more than double that amount, or over 14 per cent of the total production, was from stripping operations. These figures represent the total production of the entire anthracite region; unfortunately, the figures have not been separated from the different fields. There are some operations in the southern and middle western fields where the tonnage obtained from stripping amounts to more than 30 per cent of the total colliery production. Stripping operations on pitching beds present difficult problems. Owing to the various geological formations, a different situation is encountered in nearly every stripping pit; and because of the proximity of an overlying bed, it is very often necessary to load the entire overburden into trucks and haul it out of the pit to the dump area, although back filling and casting is done whenever possible. Beds in the areas described in this paper pitch from 20° to 90° and some are on the invert in, many sharp folds and faults. PLANNING The more successful strippings have had adequate engineering analysis. Some work is being done without much preliminary planning, but many strippings would have failed completely if close supervision by the engineering department had not been maintained. Locations of stripping areas are determined as follows: 1. By constructing cross sections over the areas and drilling sufficient diamond-drill or well drill holes to study the strata and to determine the location, thickness and pitch of the beds.

Jan 1, 1944

By J. Fuchs

This paper describes the mechanized narrow vein cut-and-fill approach used for the Deep Copper orebody at Falconbridge Limited's Strathcona Mine. Strategies for achieving high productivity while maintaining ground stability at depth and controlling dilution are discussed, including the use of mini-electrohydraulic drilling equipment, containerized truck haulage, consolidated rockfill placement techniques, and a miners' incentive system.

Jan 1, 1992

By Herbert Clark Hoover, Lou Henry Hoover

GEORGIUS AGRICOLA was not only the author of works on Mining and allied subjects, usually asso ciated with his name, but he also interested himself to some extent in political and religious subjects. For convenience in discussion we may, therefore, divide his writings on the broad lines of (1) works on mining, geology, mineralogy, and allied subjects; (2) works on other subjects, medical, religious, critical, political, and historical. In respect especially to the first division, and partially with regard to the others, we find three principal cases : (a) Works which can be authenticated in European libraries today ; (b) references to editions of these in bibliographies, catalogues, etc., which we have been unable to authenticate ; and (c) references to works either unpublished or lost. The following are the short titles of all of the published works which we have been able to find on the subjects allied to mining, arranged according to their present importance :-De Re Metallica, first edition, 1556; De Natura Fossilium, first edition, 15,46 ; De Ortu et Causis Subterraneorum, first edition, 1546; Bermannus, first edition, 1530 ; Rerum Metallicarum Interpretatio, first edition, 1546; De Mensuris et Ponderibus, first edition, 1533; De Precio Metallorum et Monetis, first edition, 1550 ; De Veteribus et Novis Metallis, first edition, 1546; De Natura eorum quae Effluunt ex Terra, first edition, 1546 ; De Animantibus Subterraneis, first edition, 1549. Of the " lost " or unpublished works, on which there is some evidence, the following are the most important:-De Metallicis et Machinis, De Ortu Metallorum Defensio ad Jacobum Scheckium, De Jure et Legibus Metallicis, De Varia Temperie sive Constitutione Aeris, De Terrae Motu, and Commentariorum, Libri VI. The known published works upon other subjects are as follows:-Latin Grammar, first edition, 1520; Two Religious Tracts, first edition, 1522; Galen (Joint Revision of Greek Text), first edition, 1525 ; De Bello adversus Turcam, first edition, 1528 ; De Peste, first edition, 1554. The lost or partially completed works on subjects unrelated to mining, of which some trace has been found, are:-De Medicatis Fontibus, De Putre¬dine solidas Partes, etc., Castigationes in Hippocratem, Typographia Mysnae et Toringiae, De Traditionibus Apostolicis, Oratio de rebus gestis Ernesti et Alberti, Ducum Saxoniae.

Jan 1, 1950

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

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

Jan 1, 1946

By William S. Alldredge

The Washington Metropolitan Area Transit Authority(WMATA) officially came into existence in February 1967 after the District of Columbia, Maryland, and Virginia joined in a com¬pact pursuant to Federal creative legislation signed the previous November to build a regional rapid rail transit system called METRO (1). The parent organization was the National Capital Transportation Agency (NCTA), a Federal agency, subject to Federal statutes and regulations. Soon after the completion of the transition from NCTA to the new "non-Federal" status of the Authority, the Board of Directors of the Authority formally adopted procurement policies and procedures (2). These are specific statements concerning competition by formal advertising for bids or by solicitation of proposals for negotiation, contracting authority, approval of awards, awards of contract modifications, and processing of claims and disputes. These policies and procedures are silent as to Federal procurement statutes and regulations. But because of the Authority's origin, the sensitive nature of the compact among the several sovereign jurisdictions, Federal financing of two-thirds of the costs, and the resultant surveillance by the General Accounting Office over staff operations, the Authority's procurement practices follow closely Federal regulations adapted to WMATA's needs. This is an important point and is the foundation of contractual relations between the Authority as the owner and its construction contractors. Various constraints and flexibilities of this arrangement with respect to excavation and tunneling contracts will be pointed out in the ensuing discussions.

Jan 1, 1974

By Daniel E. Walsh, P. D. Rao

"A four-inch compound water cyclone (CWC) was tested to evaluate its gold recovery characteristics when processing -4.8 mm run-or-pit, placer material. Neutron activated placer gold particles (840 to 37 microns) were used as radiotracers (/98Au) in a closed circuit ewe test loop to determine concentrator recovery; a procedure believed unique to this study. The effect on gold recovery of gold size and shape, feed pulp density, feed pressure, vortex finder clearance (VFC), ewe cone type, top-size of the feed solids, presence or absence of heavy minerals in the feed, and the quantity of-37 micron slimes in the feed was investigated in over 300 tests.CWC concentration ratio and the top-size of the underflow solids were both affected by cone type, VFC, and feed pressure. Gold recovery was significantly affected by gold size, gold shape, and concentration ratio. These effects are complex, because significant size-concentration ratio and size-shape interactions exist. Radiotracer techniques showed gold particles had a residence time within the ewe of approximately one second. This study suggests ewe gold recovery is a concentration. This work suggests ewe gold recovery is a function of particle size and shape, and the flow rate through the cyclone. CWC cone ""bed density"" is considered important only as a thin, protective layer, which shields coarser gold particles from the entraining currents and facilitates their movement through the CWC.IntroductionCompound water cyclones (CWC), or automedium cyclones, are enhanced gravity concentrators for the beneficiation for slurries of sand, coal, and ground ore (Fig. 1). They are called compound water cyclones because of the compound slopes of their basal cones (Fig. 2) and are operated to suppress classification phenomena in favour of gravity concentration effects. The compound water cyclone is not a new wet concentrator. It was developed in the late 1950s by Dr. Jan Visman through research sponsored by Canada's Department of Energy, Mines, and Resources. Since that time, it has become a common unit in coal washeries for cleaning fine coal. CWCs and other versions of concentrating cyclones have also shown promise for heavy minerals and precious metals recovery."

Jan 1, 1988

Valuers of mineral properties should be aware that accountants are a major user of their opinions of value. Reliance by accountants can range from obtaining comfort that book values in balance sheets are not overstated to establishing values by which to assess the fairness of a takeover offer. Accountants using mineral property valuations clearly can't be expected to have the same level of expertise as the valuer and ""second guess"" the valuation. But they do have an obligation, under the ASC guidelines and their own professional standards, to'check the logic and reasonableness of the valuation before being able to rely on it. This means reviewing the valuation report for general sensibility, discussing the methodologies and assumptions with the valuer and being satisfied as to his competence and independence. This paper outlines how accountants use mineral property valuations, the level of scrutiny applied to such valuations and the problems commonly encountered in practice by accountants seeking to rely on them. The paper also explains how values of-mineral properties are established in company balance sheets and why these often differ, quite validly, from fair market values.

Jan 1, 1994