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By Douglas D. Donald

The financial analyst's job is to make an objective appraisal of the investment opportunities which exist within the various industries under his supervision within the context of the economic model provided by his firm and the a climate of investor sentiments. Industry analysis is critical. When a major investment trend develops, usually the stock of all companies within the specific industry react in the same direction. I should emphasize here, however, that an investment trend is influenced by the economic outlook, but economics is not the only determinant - investor psychology and arbitrary political factors may be of equal or greater importance. Part of our job is to recognize trends early and determine whether they are valid. Following industry analysis, the analyst must examine the specific companies within that industry since some companies usually react more violently than others to industry trends, whether they be favorable or adverse. To simplify the process of evaluating an investment opportunity, it is convenient to isolate three types of factors which have a bearing on every sort of business although the degree of influence of each factor may vary from industry to industry. These categories are, 1) independent or external factors insofar as they are beyond the control of corporate management, 2) interdependent factors insofar as influence may be exerted by industry-wide action, and 3) dependent factors covering the area of internal decisions which are basically under the control of the individual corporate managers. Although the title of this paper, "The Corporate Use of Cash Flow," is only one segment of the third category, it may be useful to continent on the first two categories as well. The independent factors may be either economic or governmental. The economic factors include cyclicality which may be very high in the case of the basic commodity industries or relatively low as in the case of utilities. Underlying growth rates, another independent factor, may range from the business equipment industry with an annual growth rate of 14% through the electric utility industry with a growth rate of about 7% per year to the

Jan 1, 1970

By E N. Sparg, O D. A Deuchar, F Needham

Decline shafts are an attractive option to both new and existing mining operations where there is a need to access an inclined orebody deposit via on-reef development so as to generate a return in the shortest possible time. There are many different technologies that are available to transport men, material and rock in incline shafts. This paper focuses on the applicability of two hoisting technologies for decline shafts, namely endless and direct rope systems. The pros and cons of each system are reviewed. A common concern with direct rope haulage systems is the possibility of generating slack rope during deceleration. This paper illustrates the issues involved in designing a system so as to avoid the possibility of slack rope. In conclusion, the key factors relevant to the selection of endless or direct rope haulages for a particular decline application are reviewed. The paper is a joint submission by FFE Minerals-Vecor and Qualter Hall UK.

Jan 1, 2005

By D. M. Richards

"IntroductionThe Highland Valley Copper partnership was formed in July 1986 as a logical result of a mine with a large ore reserve but a small mill, and a mine with a large, modern mill but dwindling ore reserves. The original partnership of Cominco and Rio Algom was expanded in January 1988 to include Highmont Mining Company. During 1988/89 the Highmont mill was moved 7.5 km to adjoin the Lornex mill, becoming the Highland mill in the process, with a nominal capacity of 130 000 tonnes per day.The mine is located near the town of Logan Lake, 220 km northeast of Vancouver, British Columbia and 55 km southwest of Kamloops. The map in Figure 1 shows the general area. Kamloops is a major service centre and is served by two railways, two major roads and a regional airport. The mine site is situated between 1200 m and 1600 m above sea level on the Thompson Plateau. Principle activities in the area, in addition to mining, are cattle ranching and forestry. Ore reserves at the beginning of 1996 totaled 533 million tonnes at a grade of 0.42% copper and 0.008% molybdenum. Ore is mined from two pits — Valley, 3 km northwest of the mill; and Lornex, 1 km southwest of the mill. With 78% of the reserves, the Valley pit is the focus of activity.In order for Highland Valley Copper to remain competitive with a very low grade ore reserve, it has been necessary throughout the mine’s life for new technologies to be embraced as they become available. These have included such diverse technologies as in-pit crushing and conveying, large mechanical drive trucks, computerized truck dispatch and oneman survey instruments. During the next few years, it is planned to introduce two further technologies that are relatively new to both the world at large and the mining industry in particular. These are namely Global Positioning Systems (GPS) and Geographical Information Systems (GIS), both of which are expected to have a major impact on the way mining is carried out in the years to come."

Jan 1, 1997

By C. S. Simons, D. A. Dahlstrom

"Growing interest in the developing technique of improving the dewatering of filter cakes by the direct application of steam has been apparent during the past year. A number of applications to iron and base-metal concentrates are under study, and intensive work continues on applications to coal cleaning.This paper presents and discusses the data presently available. The effects of material characteristics and operating variables on final cake moisture are examined. Although it is not yet possible to answer all questions regarding the applicability of the technique to specific problems from general data correlations, it is found that the use of these in con-junction with empirical data derived from properly conducted laboratory tests does yield reliable conclusions.Emphasis is placed on the basic economics of the process, and on de-sign criteria for ""steam drying"" filter stations, as applied particularly to metallurgical concentrates. Examples of the use of laboratory tests to solve application problems are given."

Jan 1, 1966

By J King, T Hunter, R Coleman

"The industry that supports operations and new projects is suffering a rapid decline in the currently severely curtailed capital investment environment. This is evidenced by a decline in the number of skilled teams, who are now centred in fewer locations. Other features are an aging and retiring ‘Baby Boomer’ generation, coupled with a low uptake of new graduates and the uncertainty in predicting future capital expenditure programs and requirements. Combine this with a reluctance of cash-poor operations to modernise and adapt in an environment of low metal prices, and there is a real uncertainty in how service providers will meet industry needs as they evolve.The industry that supports operations and new projects is suffering a rapid decline in the currently severely curtailed capital investment environment. This is evidenced by a decline in the number of skilled teams, who are now centred in fewer locations. Other features are an aging and retiring ‘Baby Boomer’ generation, coupled with a low uptake of new graduates and the uncertainty in predicting future capital expenditure programs and requirements. Combine this with a reluctance of cash-poor operations to modernise and adapt in an environment of low metal prices, and there is a real uncertainty in how service providers will meet industry needs as they evolve.Trends amongst service providers will be put forward as well as developing options and alternatives. These embrace a whole gamut of agile alternatives in the areas of partnering, alliances, commercial and shared risk models and mutual innovations. These will be discussed with some case studies and suggested approaches.Particular emphasis will be upon brownfield expansions and upgrades which have emerged recently as a preferred lower capital and focused way to achieve best practical outcome at lowest cost. There are a number of specific features of such brownfields projects including the requirement for very close cooperation between the execution team, operators, maintenance and suppliers and a maximum usage of site resources and ingenuity. Often, required investment hurdle rates are high, downtime allowed is minimal and site resources usage is maximised. This requires mutual trust, good planning and high health, safety, environment and community (HSEC) standards and practice. In many ways the practices and skills needed are the exact opposite of the historical ‘big greenfields’ project with which the industry has been geared for more recently.Another developing area has been with innovative commercial models and practices. These have been as a direct result of the more challenging investment criteria being adopted and the relative hunger of service providers. It has become more common to look at these commercial/costing alternatives very early in the project cycle as an essential project tool and not just as a possible option. These commercial solutions cover such alternatives as leasing and rental, deferred payments, build–own–operate–transfer (BOOT) and build–own–operate (BOO), whole-of-mine preferred spares and maintenance terms, and aggressive performance targets with real assurance penalties. Once again this requires very close mutual dealings and trust, and sufficient time allocation compared to a conventional approach.Citation:Coleman, R, King, J and Hunter, T, 2016. Upgrades, Modernisations and Expansions... Where Will the Expertise, Capability and Skills Come from in the Future?, in Proceedings 13th AusIMM Mill Operators’ Conference 2016, pp 69–76 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Oct 10, 2016

By N. L. Richards

In manufacturing for the 21st century, the first company to market often leads the pack in product development and sales. In this respect, manufacturing processes play an important role in transforming “raw materials” into a product(s) for sale to a customer. Thus it can be seen that upfront modelling of a design concept, or modelling of manufacturing processes in a plant, can play an important role in effectively ensuring the overall design and manufacturing route is carried out in an expeditious manner. In the paper various scenarios are considered with respect to modelling the microstructure and/or process, in various manufacturing processes. Also considered are the effects of service condition on the manufactured product in terms of creep and fatigue.

Jan 1, 2010

By G. Davis

Mineral properties and mineral firms often trade at a market value that is significantly greater than the value indicated by discounted cash flow (DCF) techniques. A possible explanation is that DCF analysis does not consider the value derived from managerial flexibility. Presumably, then, at least some of the difference between DCF value and market value is due to managerial flexibility. This paper surveys the recent attempts to empirically quantify the value of managerial flexibility using option pricing theory. The results indicate that managerial flexibility, at least as measured by the option pricing methodology, falls well short of explaining the gap between DCF value and market value.

Jan 1, 1995

By J. LeRoy Peterson

This paper presents some of the theoretical aspects as well as some results of actual plant operation of the Ty-Hukki Classifier. Dual classification steps within a unit vessel are achieved by controlled separation of the sand product under turbulant flow conditions, followed by further classification under strictly laminar flow conditions. Plant operation has shown some of the benefits of the superior sharpness of classification to be reduction of circulating load in grinding circuits, prevention of overgrinding, increase in mill feed rate and consequent reduction in cost per ton of ore.

Jan 1, 1966

By Thomas T., Read

IT does not seem practicable to review all the other specialized curricula that have developed in the mineral industries field in so much detail as has been given for petroleum. Nor is it easy to draw a definite line between true curricula, leading to a designated degree in the special subject, and options, which may range from the mere substitution of one or two courses for others ' in the final years to differences so extensive as almost to amount to separate curricula. Even to attempt to catalogue all the options that have been offered at one time or another would , require too much space. The remainder of this discussion, there- fore, will be confined to three topics which seem to be of major importance. Mining and metallurgical curricula will be covered in a later chapter. Geology The first, from the historical view, is geology in its relation to the mineral industries. Previous, chapters have made clear that in the early years of mineral industry instruction in the United States economic geology and mining engineering, so overlapped one another that men who were by training and experience economic geologists were appointed professors of mining, while men who had graduated as mining engineers sometimes developed into professors of geology. Even today men whose basic training was in- geology as a pure science, and who perhaps took a doctor's .degree in that subject, have attained such distinction in the mineral industries as to be universally accepted as "mining men," and their right to be regarded as mining engineers would not be questioned, even though 'they did not .take a degree in engineering. Nevertheless the distinction does exist, and has been made a concrete reality in recent years by the enactment of

Jan 1, 1941

By J. W. Kramers, R. A. S. Brown

"Samples from seven test wells distributed throughout the surface-mineable area of the Athabasca Oil Sands have been evaluated to determine the amounts of heavy minerals present and the titanium and zirconium contents. The samples were treated to yield the size distribution of the titanium and zirconium minerals as well as their spatial distribution. The study has shown that heavy minerals are found throughout the surface-mineable area; concentrations range from 0.24 to 2.29 per cent (by weight), with a mean of 1.02 per cent. Titanium and zirconium contents vary throughout the area, and are found preferentially in the finer size fractions. •on the basis of preliminary calculations, the tailings streams from an oil sands plant would provide sufficient feed for a large-scale titanium pigment plant, and the tailings from one plant would provide sufficient zircon feed to satisfy Canadian demand for. metallic zirconium. Variability of the heavy mineral content and composition is such that the heavy mineral potential must be evaluated in detail for each mine site."

Jan 1, 1976

By W. K. Rankin

Achieving continued economic growth with social equity within the natural limits of the Earth's eco-systems is the major issue facing the world today. The material and energy needs of the world cannot be met with the current ways of addressing this issue. The need for metals, an important class of materials, will continue into the future because their unique properties make substitution by other materials impossible in many applications and this need will continue to be met from primary metal production and recycling. However, the recycling rate will increase and the usage pattern of metals will change to reflect the environmental impact of their production and use. Pyrometallurgy has an important role in meeting the metal needs of the future since some metals can only be produced pyrometallurgically; the energy required to produce some metals pyrometallurgically is significantly less than by other methods; most metals are most efficiently recycled pyrometallurgically; and the release of harmful and toxic elements into the biosphere can sometimes best be controlled through pyrometallurgical processing. The development of strategies for pyrometallurgical processing for the future lies in the recognition that sustainable development calls for large step improvements in value delivered per unit of environmental impact over the entire supply chain. Pyrometallurgists can respond to this challenge by contributing to reducing the environmental impact of meeting metal needs using three broad strategies: "end-of-pipe" approaches to convert emissions into benign materials for storage or disposal; flowsheet redesign to limit or eliminate emission production; and improved recycling technologies. A number of examples are discussed to illustrate how the sustainability driver is already influencing the technological development of pyrometallurgical processes, and how these will develop further as the sustainability driver strengthens.

Jan 1, 2003

By J. Paraszczak

Underground metal mining involves many challenges. Economic slowdown, tough international competition and sometimes volatile metal prices put constant pressure on mine operators to increase productivity and to reduce production cost. At the same time, countries such as Canada, the United States and Australia are experiencing skilled labor shortages that might even stall development of certain mine projects. Furthermore, some stages of underground production take place in particularly hazardous environments where the safety and health of miners is at risk. Automation of some processes in underground mining is one of the promising avenues to alleviate some of these problems. Loading and haulage are among the most critical operations and areas where implementation of autonomous vehicles has been targeted. However, although health and safety issues are a primary driver to opt for automation, the latter should ensure an acceptable level of productivity and pro?tability. With this in mind, this article focuses on the factors affecting operational effectiveness of autonomous underground loading and haulage equipment and the means to maximize it.

By E Nettleton, A Melkumyan

A probabilistic system for autonomous tracking of excavated ore in mining would be highly valuable. Currently, mine sites can have a vast array of sensors; examples include excavator load cells, bucket volume estimators and haul truck strut pressures which can be used to gather information about the excavated ore at different locations. These sensors can be utilised efficiently to increase the accuracy of mine estimates by introducing a real-time ore tracking system. This requires the introduction of a probabilistic ore tracking framework to consistently fuse information from any sensor input. Current modelling practices are manually intensive, deterministic (no recognition of the quality of data) and generally not a complete end-to-end system. This paper will provide a novel method for tracking extensive ore properties (mass, volume) and intensive ore properties such as chemical composition (eg Fe per cent, SiO2 per cent, Al2O3 per cent). This method is proved to ensure that correct correlations between states are conserved as material is transferred, combined and/or separated at different locations with any configuration of sensor inputs. This ensures that consistency of estimates is maintained and other benefits such as real-time probabilistic reconciliation can be implemented. A method for combining material of different mass and chemical compositions is also developed to enable accurate and efficient operation of the system. Representative experiments on a small-scale and a larger field trial which mimic the mining processes of excavation, haul and unload to ROM Stockpile will be used to verify the approach.

Sep 26, 2011

By R. T. Langland

The U.S. Bureau of Mines has conducted underground tests and computer analyses to study coal mine roof behavior. Southern Ohio Coal Company provided test sites it) their Heigs mines located near Athens, Ohio. Testing apparatus was adapted for monitoring roof behavior at the face of mining from a remote surface location. Finite element analyses were applied to study the structural conditions present. Test sites were located at three different intersections of entries and crosscuts of the room-and-pillar mine. Electrical read-out instruments were used to record roof bolt loads, roof sag, and roof-floor convergence. They were installed during the roof bolting cycle of a conventional mining section and data was recorded for several months. Normal mining operations continued throughout the test period with minimal interruptions due to the installation and monitoring of the instruments. A computerized data acquisition system, partly underground, partly on surface, permitted continuous monitoring of data and its retrieval, display, manipulation, and storage. The finite element code used to model the test sites accounted for three-dimensional geometry, nonlinear material behavior, and the mining excavation and bolt installation sequences. Results of the test are highly variable. Comparable values between test and analysis results were obtained by applying statistical averaging of. roof test data. Results of the analyses indicate that bolts have a lesser effect on the gross behavior of mine roofs than has been indicated and that bolt load changes are strongly influenced by mining excavation sequence, bolt-placement sequence, and face distance

Jan 1, 1977

By George Hufford

An investigation is made into the applicability of queueing theory to simulating the operation of a large open pit copper mine in the southwestern United States. Actual data from a working mine was used to construct curves for truck loading time, haulage and return time, and dumping times. Known results of investigations of queueing models (Koenigsberg - 1958, Gordon and Newell - 1967, Cabera and Maher - 1973) were used to simulate the actual operation. These did not give acceptable results so commonly used probability distributions were fitted to the actual data. A large computer program known as Q-GERT was used with the various parameters obtained from fitting the curves. Kolmogorov- Smirnov tests were run that showed that this was not satisfactory either. Finally, Q-GERT was used with the actual data from the mine. An appropriate correction factor is then found to apply to the exponential probability distributions tested previously and satisfactory results are obtained.

Jan 1, 1981

By AIME AIME

WHEN "Chief" Buehler in mid-September set out on his official 10,000 mile swing-around-the-circle visiting Local Sections he decided not to tell his audiences how to organize and operate a state geological survey. As the director for 28 years, of the Missouri Bureau of Geology and Mines (which, he concedes, is the best in existence) lie could have done this to good advantage; but he preferred to discuss affairs of the Institute. In 25 speeches made to member and student groups, he dwelt on sonic or all of the following phases of activities. He stressed the vital importance of the Local Sections in providing the opportunity for members to associate under pleasant auspices with others in their profession. The benefits of Institute membership he classified as tangible and intangible. Of the two lie felt that the latter were more important. A man's progress in his profession depends in large measure upon a broad acquaintance and friendship with others. The Institute is incomparably the best medium for meeting fellow engineers. The primary, function of the new enlarged Membership Committee is to obtain a comprehensive list of engineers eligible to be members, always hearing in mind that the standards of membership must not be lowered in any degree. These men are to be invited by individual letter to apply for membership. Whether they become members or not is of less importance; but it is vital that no qualified man should be outside the fold for the reason that membership had never been suggested to him. Dr. Buehler emphasized repeatedly his feeling that the younger man that had never had Institute membership brought specifically to his attention had been cheated:

Jan 1, 1935

By W. E. Wrather

CURTAILMENT of production was a matter of far more serious concern to the oil industry through 1933 than the search for new supplies of oil. The huge reserves of crude, built up during past years, instead of inspiring a feeling of security, were viewed apprehensively. The status of past laws and court decisions seemed to guarantee to operators the right to produce oil at will, and this entrenched privilege was so widely adhered to that the market was-in a constant state of chaos. The more modern idea of the ownership of oil in place and correlative rights gained headway slowly, since usually there were enough belligerent producers, staunch believers in the old established order, to defeat the efforts of the majority who sought to' introduce order and restraint. State regulatory commissions were unable to cope, with the rebellion among producers with the result that those who abided by proration rulings were penalized, while those who flouted the rulings and produced unrestrainedly were able to make profits on large volumes of flush oil even at low prices. This situation, known in the vernacular as the "hot 'oil" problem, became so acute that the industry was threatened with ruin. The low price for 36c A.P.I. in the Mid-Continent came in April. at 25c per barrel 'but gradually moved upward to the long-hoped for price of $1.00 per barrel in October, after the Federal Government had taken a hand in the matter and effectively allocated production among the oil producing states and materially curbed the "hot oil" runs.

Jan 1, 1934

By W. C. Joughin

The science of soil mechanics is 100 years old, and rock mechanics is about 80 years old. While methods of analysis and design have been developed and have evolved over time, these are relatively young sciences. The rapid increases in computing power and new technologies have enabled more sophisticated modelling and monitoring. However, there are still many aspects of soil and rock mechanics that are not well understood. Geotechnical failures, which have major consequences, still occur. These consequences may include environmental damage, major production holdups and associated loss of revenue, damage to infrastructure, and loss of life. High-consequence events, which are rare, are more difficult to anticipate and to design for, because by their nature they involve extraordinary circumstances or conditions, often geological in nature. The risks are usually mitigated by conservative designs and monitoring. Detailed geotechnical investigations help us to understand the natural variability of soil and rock masses and identify unusual or unexpected conditions. Investigating and researching major geotechnical failures is essential to enable these unusual circumstances to be anticipated. In the past, severe unanticipated events may have been treated as natural events or ‘acts of God’. However, society now has much greater expectations and it is essential to have policies and procedures in place that enable appropriate management of these rare, high-consequence risks. A good example is the Global Industry Standard on Tailings Management (GISTM), which was introduced after the catastrophic dam collapse at Vale’s Corrego de Feijao mine in Brumadinho, Brazil. The address will explain the concepts of uncertainty and variability, and how they should be taken into account in geotechnical design. The challenges facing geotechnical engineers, mine owners, and managers will be discussed. referencing a number of real case studies.

Sep 6, 2023

By K. A. du Preez, P. J. van Staden, M. van Rooyen

Mine-impacted water, including acid mine drainage (AMD), is a global problem. While precipitation of dissolved metals and neutralization of acidity from mine-impacted water is accomplished relatively easily with lime addition, removal of sulphate to permissible discharge limits is challenging. This paper presents a high-level comparison of four sulphate removal technologies, namely reverse osmosis, ettringite precipitation, barium carbonate addition, and biological sulphate reduction. Primarily operating costs, based on reagent and utility consumptions, are compared. Each process is shown to be subject to a unique set of constraints which might favour one over another for a specific combination of location and AMD composition. Access to and cost of reagents would be a key cost component to any of the processes studied. The total cost calculated for each process also depends on the type of effluents that are allowed to be discharged.

Oct 1, 2021

By L. Godfrey, Z. Nontso, F. Magweregwede, B. Maphalala, S. Khan

The aim of this paper was to establish if mineral resource scarcity is a driver for South Africa to transition to a circular economy. The project objectives were achieved by investigating economically viable, and critical or strategic minerals remaining in South Africa, as well as resource scarcity, as a driver for South Africa to transition to a circular economy. The study found that some minerals in South Africa, such as iron ore, lead, manganese, gold, and cobalt have less than 50 years of economically viable mining remaining. At least 18 minerals can be classified indicatively as critical or strategic: aggregates, bauxite, chromite, cobalt, copper, gold, graphite, iron, limestone, lithium, manganese, nickel, phosphorous, platinum group metals, rare earth elements, silver, titanium, and vanadium. The classification was based on the minerals’ economic importance, supply risk, and potential use in the development and manufacturing of emerging technologies. The findings suggest that the scarcity of mineral resources is a critical driver for the country to transition to a circular economy. Other identified drivers include socio-economic factors, climate change commitments, and business objectives. All minerals are non-renewable resources and at risk of depletion, therefore sustainable extraction and use are critical. Priority should be directed at investigating circular economy opportunities and substitutes for commodities at risk of being depleted within the next 50 years. There is an opportunity for South Africa to transition from a minerals export-based model to one that promotes local mineral beneficiation and manufacturing of end products.

Mar 5, 2025