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By C. Nangolo

Mineral commodity prices comprise one of the key criteria in the selection of mining stocks. We contend that of the three principal elements of mineral commodity prices, spot price, forward price and long-term price, one has a greater impact on the share valuation processes used by investors. This research paper examines the extent to which each of these elements influences the valuation process. The intention is to provide investors in mining stocks with a greater understanding of how fluctuations of commodity prices over time affect the prices of the mining stocks they hold, or intend to sell or buy. Three mineral commodities, gold, silver, and copper, were used as case studies, since market data on these commodities is readily available in the public domain. Nine market indices covering all three mineral commodities were selected. These are based on clearly defined criteria with the intention of eliminating ambiguity and to test for correlation with the three sets of mineral commodity prices. Nine mining companies, which were not the primary drivers of the relevant indices employed in the study, were used to validate the results obtained from the indices in order to avoid duplication of the same correlation during cross-checking. Each commodity price was adjusted for operating costs. For each market index, an average operating cost was calculated from the companies comprising its basket, while each company?s annual operating costs were used for the stocks of the individual companies examined. The data was collected for the period January 2004 to October 2010. This period was further split up into three sub-periods to account for the Global Financial Crisis (GFC) period that started in mid-2008. We conclude that mining stock prices are correlated with mineral commodity prices, but with spot and forward prices exhibiting stronger correlations than long-term price. This finding should be useful for evaluation purposes. Where cash flow methodologies such as discounted cash flow or earnings per share are used to value ordinary shares and commodity prices are required to estimate future cash flows, the findings suggest that spot prices should be used as opposed to long-term prices. The work reported in this paper is part of a current MSc research study at the University of the Witwatersrand.

Jan 1, 2011

By H. Houali

Corrosion is an electrochemical process that causes degradation and deterioration of various steel works (pipelines, drains, cisterns) whether they are buried, immersed, or not. Worldwide, we estimate that corrosion destroys a quarter of the annual production of steel at a rate of 5 tons per second. Several techniques are used to protect against corrosion. Among these processes, Cathodic protection, which is regarded as the best technique to assure the protection of steel, works against this phenomenon. This is achieved either by a system of reactive anodes, or by the technique of impressed current protection or other techniques. Before any installation of cathodic protection, a preliminary study and pre-evaluation of certain parameters must be made. In the present work, we will present an example of dimensioning of an installation of cathodic protection by imposed current of a pipeline using solar energy, where we discuss the following items: ? Evolutions of the potential as well as current along the pipeline and their respective expressions deduced from the laws known as telegraphists; ? Range of protection (potential of protection along the pipeline); ? Influence of the isolation resistance of the coating on the range of protection; Effect of the aging of the coating and its influence on the current of protection

Jan 1, 2005

By Paul Worsey, Delbert Da, Eric Achelpohl

The University of Missouri-Rolla is currently researching the concept of using glass microspheres in explosives as taggants as part of a 3-year technical project funded by the Bureau of Alcohol, Tobacco, and Firearms. These taggants are intended to provide two functions, first explosive detection and second post explosive event identification. The key priority is being able to detect explosives used in terrorist acts prior to detonation. The research on the use of microspheres includes the development of indicator taggants for the purpose of revealing the presence of hidden explosives, by either emitting radiation when bombarded with neutrons or emitting selective vapors, such as DMNB which may be readily “sniffed”. Of secondary importance, after an illegal explosion, the tags serve to identify the lot number, etc of the explosive. This information is to aid in the tracking, arrest, conviction and imprisonment of the perpetrators.

Jan 1, 2001

By Viktor Aranovich, Thomas E. Brown

The Almalyk Integrated Mining and Metallurgical Plant is located near Tashkant in Uzbekistan and is one of the former Soviet Union's largest copper producers. Almalyk consumes about 10,000 metric tonnes of explosives annually and expects this requirement to double by the end of the century as they implement a program to boost mine output.

Jan 1, 1998

By Denis Racicot

"L'Abitibi québécois a produit essentiellement de l’or, du cuivre, du zinc et de I' argent, ainsi que de faibles quantités de nickel, de plomb, de molybdène, de bismuth, de lithium, de fer et d’amiante. Depuis l’ouverture de la mine Horne en 1927, cent-cinquante mines ont contribué à la production de 1 420 tonnes d’or de 4,1 millions de tonnes de cuivre et de 4,7 millions de tonnes de zinc. Les productions minières annuelles ont été d'importance variable: des records de production ont été établis en 1955 pour I' or avec 35 tonnes et, vers 1965, pour le cuivre, le zinc et la quantile globale de minerai extrait avec respectivement 130,000, 275 000 et 13 millions de tonnes. Deux dépressions généralisées ont eu lieu, l’une vers 1946 et l'autre, a lafin des années soixante-dix. Des ralentissements de la production ont été observes pour le cuivre en 1953 et le zinc en 1959. Depuis le debut des années quatre-vingt. I' or et, de façon plus irreguliere, le zinc sont en progression, landis que le cuivre, malgre une hausse en 1983. pour suit son dec/in.La teneur de récupération des mines d’or est demeurée régulière et n’a subi qu’une faible diminution au cours des quarante dernières années. Célie du cuivre a diminué d'environ 50% dans la même période, landis que celle du zinc a subi d’import antes variations, aussi bien positives que négatives. Près des trois quarts des mines d'or ont une durée de vie inférieure à 12 ans et la distribution des tonnages de minerai extrait montre un maximum pour la classe de 100 000 à 1 million de tonnes. Du cote des mines de métaux de base, la durée de vie est plus étalée et les volumes de minerai ont une occurrence maximale dans la classe de 1 à 10 millions de tonnes.Concernant la distribution géographique de la production minière dans l'Abitibi québécois, le camp minier de Rouyn-Noranda vient en tête pour l’extraction de minerai et la production d’or et de cuivre. L’est sui vi par le camp de Val d'Or pour le minerai et l’or, landis que le camp de Chapais-Chibougamau occupe la deuxième place pour le cuivre avec une production équivalence a 60% de celle de Rouyn-Noranda. Le camp de Cadillac-Malartic suit de tres pres celui de Val d'Or pour ce qui est de I' or. Finalement, dans le casdu zinc, le camp minier de Joutel-Matagami domine largement avec une production qui a connu un développement accélère depuis 1963. Une analyse pré liminaire de ces données indique qu' i/ subsiste unpotentiel encore élevé de production d'or, décuivre et de zinc dans I' Abitibi québécois. ABSTRACTThe Quebec portion of the Abitibi belt has essentially produced gold, copper, zinc and silver, as well as some small quantities of nickel, lead, molybdenum, bismuth, lithium, iron and asbestos. Since the opening of the Horne mine in 1927, one hundred and fifty mines have produced 1420 tons of gold, 4,1 millions tons of copper and4,7 millions tons of zinc. Annual mine production has fluctuated: production records were established in 1955 for gold with 35 tons, and around 1965 for all extracted ore copper and zinc with respectively 13 millions, 130 000 and 275 000 tons. Two main recessions have occurred, the first around 1946 and the second during the late seventies. Cut backs in copper and zinc production occurred in 1953 and1959. Since the beginning of the eighties, gold production and to a lesser extent zinc production have been in progression. Except for a small jump in 1983, copper production is still declining.The average recuperation grade of gold mines has been quite steady and has only slightly diminished in the past forty years. The average copper recuperation grade was halved during the same time interval. For zinc there have been important ups and downs. At least three quarters of gold mines have an average lifespan of 12 years the tonnage distribution shows a peak in the 100 000 to 1 million tons class. Base metals mines show a more widespread life expectancy and have a tonnage peak in the 1 to 10 millions tons range"

Jan 1, 1990

By R. H. Storch

"A preliminary examination of the Bi-Metallic molybdenum prospect was made in October 1944, as a result of which it was recommended that a trench exploration project be undertaken on the property. This report presents the information obtained from project work done during June 1945.In its program of exploration of mineral deposits, the Bureau of Lanes has as its primary objective the more effective utilization of our mineral resources to the end that they make the greatest possible contribution to the national security and. economy. It is the policy of the Bureau to publish the facts developed by each exploratory project as soon as practicable after its conclusion. The Mining Branch, Lowell B. Moon, chief, conducts preliminary examinations, performs the actual exploratory work, and prepares the final report. The Metallurgical Branch, R. G. Knickerbocker, chief, analyzes samples and performs beneficiation tests. Both these branches are under the supervision of Dr. R. S. Dean, assistant director.With respect to this report, special acknowledgment is due S. H. Lorain, chief, Albany Division, Mining Branch, for aid in preparing the report.The property is situated in the NW1/4, sec. 26, T. 39 N., R. 29 E. about 21 miles northeast of Tonasket. Tonasket (population 643), the nearest town, is a way point on a branch line of the Great Northern Railway. The prospect is reached by a good gravel road through Havillah to Vincent's ranch, about 3 miles northeast of Havillah. From the ranch, an abandoned dirt road extends to the portal of the Moly alit, about 1 mile distant. The mine road could be kept open without difficulty if properly graded and surfaced."

Aug 1, 1946

By E. P. Ferrero

Analyses of 38 crude oil samples from 25 fields in Algeria, Libya, and Nigeria are presented in this report. The 38 crude oils are listed alphabetically by country and field. Also shown are the geographic and geologic sources of the samples analyzed, the companies that supplied the samples, the general characteristics and analytical and computed data, and the production for the fields from which the samples were obtained.

Jan 1, 1966

By V. J. Driscoll

A method is given for checking pore volume reserve estimates and transient water inflzix factors utilizing early well performance. Principal applications are based on the observation that there is a convenient transient time-range in terms of well spacing in which observed pressure drop will give a good indication of fluid-in-place. Primary quantity determined is a porosity-feet value applicable in the vicinity of an observation well. Checks on porosity or net pay thickness and permeability values also are obtained. These are particularly valuable in improving quality of interpretive factors entering into pore-volume reserve determinations for larger fields. In smaller fields, direct determination of total field reserves and approximate location of boundaries may be made in some cases. Well interference and production data plus a build-up curve on the observation well are needed. The build-up curve may be taken at any time. Field applications are given. The method can be applied with the completion of the second well on a new discovery or to older reservoirs by major changes in withdrawal rates from a local area. Appropriate test length permits results to be obtained with equal accuracy on widely spaced wells. Criteria for optimizing test conditions are given. Provision is made for various boundary and well effects including incomplete observation well build-up. INTRODUCTION Due to low quality data, initial pore volume reserve and water influx estimates may often vary by a factor of two or more from results obtained at a later date. Unfortunately, by conventional methods, more reliable answers from performance usually are not available until after most significant economic decisions have been made. Furthermore, in older reservoirs, uncertainties may still exist as to original oil-in-place, recovery factors and residual oil saturations due to incomplete or inaccurate performance data. This paper outlines situations and appropriate arrangements of basic transient theory whereby well interference data can be utilized to improve the quality of estimates under certain conditions. In addition to production data on offset producers, key information required is a measured pressure drop at an observation well, corrected for any incomplete build-up due to previous production, plus a formation capacity value derived from a conventional pressure build-up plot on the observation well. The method, as outlined, is strictly applicable only to a horizontal single-layered system of uniform rock characteristics containing a homogeneous fluid of low and constant compressibility. However, under the set of test conditions devised, requirements can usually be relaxed so that it should be applicable to most low permeability gas, water and undersaturated oil reservoirs. This is an area where more reliable information is certainly needed. BASIC CONSIDERATIONS A, B, C and F as subscripts or in the text refer to producing Well A, observation Well B, a more remote producing Well C and field boundary F. Combinations such as AB refer to distances and dimensionless times in terms of distances between these points, while single letters refer to distances and dimensionless times in terms of the well-bore or field radius. Equations covering definitions of quantities and complex situations are given in the Appendix. Key equations in practical units are given in Table 2. Transient Pressure Behavior Fig. 1 illustrates pressure drop at Point B with time due to initiation of a constant rate of withdrawal from Point A. This is shown as since a quantitative under-

By W. E. Roscoe

The probability of making an exploration discovery in Canada can be calculated from Derry's (1970) data on exploration expenditures and number of discoveries over the last nineteen years. Considering an average exploration "try" to be $30,000, the probability of a discovery with one try has decreased tenfold from about 0.01 in 1951 to 0.001 in 1969. A plot of these probabilities can be extrapolated to the future, giving a 1969-71 three-year average probability of 0.00096 with 90 per cent confidence limits of 0.00042 and 0.00153. Using this probability, various calculations can be made, such as (1) the probability of making at least one discovery for any given exploration expenditure, (2) the probability of ultimate ruin or survival of the exploration investment process and (3) the expected value of an exploration investment. There is a critical minimum amount per discovery that must be re-invested in exploration, no matter how large the original investment is, for exploration to survive at all in the long run. Currently, this critical minimum is $31,200,000 with 90 per cent confidence limits of $19,600,000 and $71,400,000.

Jan 1, 1971

By B. Q. By

TiO2 is an ideal material for catalytic technology due to its unique properties. In this paper, Sm3+ doped TiO2 photo-catalyst was developed to improve the efficiency of TiO2 and to use the natural light as irradiation source, which was made from Titanium Tetrabutoxide and Samarium Oxide with the Sol-Gel process. The Sm3+-TiO2 photocatalyst was used to degrade reactive orange 4 (RO4) in Azo Dyes. The effects of solution pH, Sm3+ concentration and catalytic time on the degradation rate of RO4 were studied. The characteristics of the catalyst were analyzed with XRD and TEM. The experimental results show that the catalyst has high activity in the degradation of RO4. The Azo bonds of RO4 are active and easily broken by oxidation. The catalytic activity of the Sm3+ doped catalyst greatly depends on the pH of solution. The catalyst has high photo-catalytic activity at both neutral and alkaline conditions. The degradation mechanism of the Sm3+ doped TiO2 photo-catalyst was also discussed.

Jan 1, 2014

The Newmont Waihi Operations are centred on the Martha mine at Waihi, New Zealand. The mine has produced over 6.6 million ounces of gold from both openpit and underground sources since operations began in 1878. The current open pit operations commenced in 1988 and in the year to 30 June 2002 produced 129,790 ounces of gold at a cash cost of USD122 per ounce. This paper provides an overview of current operations and future directions.

Jan 1, 2002

By H. Y. Bassett

THIS paper attempts to show the various major operations used in nonferrous tube mills and does not necessarily represent the current practices at the two plants of the Wolverine Tube Div., of Calumet and Hecla Consolidated Copper Co. Inc. The operations now utilized in the production of tubing are quite varied and show the continual interest and advance metallurgically and mechanically to produce the best quality at the lowest cost. Naturally, any advance or lowering of cost is dependent on large production runs, which mean longer machine running time with maximum worker productivity. Standardization of tube sizes and elimination of unnecessary alloys are therefore very necessary, otherwise the development of costly new production machines would be of little benefit to the consumer as a whole. It should be noted that in such a short presentation it is impossible to describe in any detail the major operations. The short descriptions, it is hoped, will enable all who are interested to obtain a general idea of present, day practices in the copper tube producing field. Fig. I is a flowchart or sequence of operations showing the steps usually employed in tube production. RAW MATERIALS Quality starts with the raw material, and it is absolutely necessary that raw material be controlled and held to rigid specifications. Little need be said, however, regarding the raw materials for the casting of bars or billets, as the material always is purchased and checked against the various governing A.S.T.M. specifications. CASTING Casting, as is indicated in Fig. I, is quite varied and for convenience can be classified into two groups: The casting of solid billets, and the casting of hollow tubes, each of which is the base for subsequent operations. In the melting of the raw materials various types of furnaces are used, and the selection of any one is dependent on many factors outside the scope of this paper. However, as of general interest, a short description will be made of each. Induction Furnace (Low Frequency) This is popular in the melting of copper-base alloys, Fig. 2. In the induction furnace the principle of an inefficient transformer is used for the production of the necessary melting heat. The primary coil is.arranged around a transformer core made of high permeability silicon steel sheet. The secondary circuit is through a melting channel around the primary coil and opens into a hearth which contains the main charge. The heat is generated only in the melting channel, but because of the stirring action there is a constant flow of metal around the channel, which when mixing with the charge causes very rapid melting. The volatilization losses are very low as the furnace atmosphere above the charge is heated only by the heat from the melting metal. The stirring action, however, makes the use of any slag cover difficult. Such furnaces- must be started with molten

Jan 1, 1951

By John J. Sammarco

This U.S. Bureau of Mines report describes the research effort and results for a computer-assisted appendage control system of a Joy 14CM continuous mining machine. The cutter head (shear), gathering head, conveyor, and stabilizer jack are the appendages. Positional control of each appendage is accomplished by specifying the desired position to the appendage control computer, which uses appendage position sensor data. Appendage movement is actuated until the desired position is attained as determined by control algorithms. A description of the sensors, mechanical and electrical interfaces, data acquisition and control (DAC) system, experimental method to determine appendage response characteristics (range of motion, start and stop delay times, and movement rates), and their application to the position control loop algorithms are presented. Also, the test results for the shear in an unloaded (free space) and loaded (cutting) condition of the shear are presented.

Jan 1, 1991

By A. L. Grabovski

The potential of eccentric cone crushers for fine crushing has been improved by increasing the swing frequency of the moving cone, balancing the crusher, ensuring uniform feed via a rotating funnel with sideways discharge, introducing hyperbolic motion and employing the inertia crushing method, but further improvements to the specifications of existing cone crusher designs are limited by the rigidity of their kinematic coupling. A new design has been developed which combines two crushing modes, stone on liner and stone on stone, each with its own advantages. The main aims are to produce finer materials and to reduce liner weight. The benefits include an increase of more than 10% in the output of fine particles, improved protection of the liner against wear, as a result of filling of the cavities by material being crushed, and the use of almost 20% less material in casting of the liner. The chamber can be used in place of the usual liners of fine cone crushers

Jun 21, 1905

By A. A. Hazell

Mine management by objectives By A. A. HAZELL The author discusses the objective areas of mine management. Setting objectives is seen to be a conscious process which starts at the highest level of management. This enables clear objectives to be set at each lower management level. The methods of setting objectives in the areas of stope production, productivity and manager performance are set out in detail. In the area of manager performance emphasis must be placed on the practice of management. It is concluded from results obtained that "management by objectives" produces better than average perormances.

By C. O. Burgess, A. B. Kinzel

Although vanadium is an important constituent of almost every brand of high-speed steel manufactured today, little is known as to its role in this series of alloys. The now standard 18 per cent tungsten and 4 per cent chromium constituents were the result of developments and improvements before 1903. In that year, vanadium was added to the steel by Dr. J. A. Mathews. This proved to be an outstanding contribution, so that the standard high-speed steel of today is generally referred to as the 18-4-1 type—18 per cent W, 4 per cent Cr and 1 per cent V. Various modifications have been attempted since then, but with the exception of the introduction of cobalt, no striking improvements have occurred. Vanadium has been increased to 2 per cent in many of the common brands, and at least one brand contains 5 per cent V in addition to the usual tungsten and chromium. The carbon has been gradually increased so that it is not uncommon to find 0.80 per cent in the standard grade, although the carbon in the 5 per cent vanadium steel mentioned above is approximately 1 per cent, and even 1.2 per cent has been made experimentally. The role of vanadium has never been well understood, and although vanadium has been increased to 2.5 and even 5 per cent in certain high speed steels, it has not been generally established that the higher vanadium contents result in superior cutting properties. However, in all of the investigations, of which the writers are aware, the interrelation of the vanadium and carbon contents was not considered as a prime factor. The carbon content was held at 1.2 per cent or less—generally at the usual 0.65 to 0.75 per cent. Theoretical Aspects Although the role of vanadium is not understood, there are theoretical considerations which indicate definite reasons for the improved cutting effciency due to vanadium. Refinement of the secondary grain is one distinct possibility. The well-known action of vanadium in limiting grain size might well be expected to operate in high-speed steels, and even though its action were not evident in the parent austenite grain.

Jan 1, 1932

By A. J. Buchan

The wear of steel pipelines used for the transportation of backfill slurries is frequently regarded as an erosion problem only. An investigation was undertaken of the likely contribution to the total 'wear rate' made by corrosion. Use was made of a pipe flow loop with catholically protected specimens and corrosion inhibitors. Laboratory electrochemical tests utilizing a rotating-cylinder electrode were also conducted. The slurries used were classified tailings from two mines at a relative density of 1,7. The velocities were between 2 and 4,9 m/s. Substantial decreases in the wear rate of up to 80 per cent for one slurry and up to 67 per cent for the other were obtained with the use of corrosion control, showing that corrosion and, more importantly, interaction between erosion and corrosion, contribute a significant portion of the overall wear in steel pipelines

Jan 1, 1994

By R. J. Sterrett

To the average mine operator, the implementation of environmental regulations are viewed as a drain on the profitability of the mine. Since the birth of environmental awareness in the late 1960's, which led to the passage of the National Environmental Policy Act (NEPA) in 1969, and through the publicity brought about by the discovery of Love Canal in 1978, the public are clamoring for increased environmental protection. It should be emphasized that the concern regarding the issues of the handling and disposal of nuclear and toxic wastes is not limited to a few overzealous environmental advocates. Toxic waste issues have "grass roots" interest and support. A reflection of this support has been the passage of key pieces of federal legislation. . Of particular interest are the following acts: Clean Water, Toxic Substances Control, Surface Mine Land Reclamation, the Resource Conservation and Recovery Act (RCRA) and the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). The last act is often referred to as "Superfund". Both RCRA and CERCLA have been re-authorized and amended, and in their re-authorization they have been substantially strengthened. Of the last two pieces of legislation, RCRA is the most powerful in that it governs the handling of hazardous wastes from "birth to grave". CERCLA was established to cleanup abandoned waste sites which are threatening human health or the environment. These cleanups can be undertaken by the government and then billed back to the previous owners or to the disposers at the sites.

Jan 1, 1988

By W. M. Bertholf

In 1945 tests were made in the coal washery of the Colorado Fuel and Iron Corporation, at Pueblo, Colo., to determine the value of the Humphreys spiral. So far we have demonstrated that it is of definite value to us in rewashing a portion of our table middlings; and we are fairly certain that this is not necessarily the only place in which it can be used to advantage. Because of manpower and material shortages, experimental work has been discontinued for the present. Three of the spirals are being installed for use in rewashing the middlings, and testing and experimental work will proceed when this installation is completed. All evidence secured so far points to the fact that the spiral call make an effective separation of heavy material below 8-mesh; but that it is ineffective in removing larger, heavy material. This, of course, will limit its use to fine coal or a classified feed containing no heavy material larger than 8-mesh. In considering the results of our tests, it should be noted that the feed was our table middling, and that any real separation of this material is a "moral victory)" as there is little material that could be properly called coal and practically no heavy rock, the consequence being that previous attempts to clean the middlings have not been at all successful. Several articles dealing with the spiral and its use in treating heavy minerals have already been published,' but for the benefit of those who have not seen these we include a brief description of the spiral and of the way it operates, taken from Bulletin 4 of The Humphreys Investment Co.: The Humphreys Spiral Concentrator consists of a spiral conduit of modified semicircular cross section. Ore pulp is fed to the top and, as it flows downward, the heavier particles concentrate in a band along the inner side of the pulp stream (Fig. I). Outlets for removal of products are located at the lowest points in the cross section of the conduit. Wash water, added at the inner edge of the stream, flows outwardly across the concentrate band. The width of concentrate band removed at the outlets is controlled by adjustable splitters. Concentrate is usually removed from the upper portion of the spiral and middling from the lower portion. Tailing is discharged from the lower end. Tests are usually made in closed circuit, since this provides a maximum of information with a minimum amount of sample. Fig. 2 shows the spiral set up for closed-circuit testing, and gives a good idea of the general arrangement of such an installation. The small cyclone separator is used to provide clean wash water without introducing additional water into the circuit.

Jan 1, 1947

By N. Ahern, D. B. Dreisinger, G. Van Weert

In the thiosulfate leaching of gold, degradation of the thiosulfate reagent is a major cost. One of the intermediary degradation products is trithionate, which also inhibits gold recovery from solution by ion exchange. Little attention has been given to this species in the context of gold leaching - the limited information on trithionate and its solution chemistry available in the literature is seldom directly related to gold leaching conditions. This review is a compilation of the published knowledge on trithionate, with a specific focus on identifying the relevance of this information to gold leaching and the shortcomings in the knowledge base.

Jan 1, 2005