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By A A. Ndiaye, A Galli

In a companion paper on current hedging practices in the mining industry (Armstrong et al, 2009) we showed that contrary to popular belief, mining groups are still using financial derivatives to hedge against foreign exchange risk and interest rate risk, and more recently against adverse changes in energy prices, notably the oil price. This paper presents a case study on a hypothetical gold mine to illustrate the impact that hedging policies could have on its profitability by reducing the downside risk due to adverse changes in the exchange rate and increases in fuel prices. The characteristics of the hypothetical mine have been set to reproduce those of a real gold deposit, the Kisladag mine that is currently being exploited by open pit methods in Turkey. This mine was selected because its feasibility study was available to the public. Geostatistical simulations are used to reproduce the inherent uncertainty on the recoverable reserves û stochastic simulations are used to generate the variability of the other three key sources of uncertainty: the gold price, the cost of energy and the exchange rate. A simple strategy based on straightforward vanilla options (puts and calls) was developed for hedging the last two risks, on the assumption that the company sells its production at the prevailing spot price.

Jan 1, 2009

By M Maguire

The purpose of this paper is to provide an illustration of the Resource Management Act processes at their best. Many of you will be aware of the Martha Mine situated in the middle of Waihi Township in Hauraki District. Underground mining ceased on Martha Hill in the 1950s. A new mining licence was issued in the late 1980s and since that date open cast mining has continued at the site. The Hauraki District Council notified its proposed plan in October 1994. Prior to that date numerous discussion papers and draft sections of the plan had been disseminated in the community. Considerable consultation was undertaken with all interest groups. As an indication of the success of that consultation process only 17 references to the Environment Court were lodged following the making of decisions on submissions and further submissions. Those references, which included a number from the Minerals Industry, were all resolved by consent. Out of the reference and consent order process EMMA (Extended Martha Mineral Area) was born.

Jan 1, 1998

By Verya Nasri

This paper presents analysis of damages and rehabilitation design for three major French rail-way tunnels built in mid-19th century. The La Nerthe tunnel underwent ovalization deformation with excessive displacement at the springline, and pinching and bursting of the liner bricks at the crown due to tectonic residual stresses with very high lateral earth pressure. The Saint-Louis les Aygalades tunnel invert was subjected to undulatory deformation resulting in tracks misalignment, which was caused by non-homogeneity of mechanical and hydraulic properties of the ground. The Roches de Condrieu tunnel required widening to comply with the increase in dynamic envelope of trains due to their larger cross section and higher speed. The applied rehabilitation methods and constraints of work in these busy mainline railway tunnels have been discussed in detail.

Jan 1, 2008

By Mehrotra G. M, Frohberg M. G

Based on the concepts of statistical thermodynamics of athermal mixtures, an approach is developed which is capable of quantitatively explaining the thermodynamic properties of binary silicate systems. Expressions for the ionic fractions of various anionic linear and nonlinear chain polymers are derived. The developed expressions for free energy of mixing are tested by applying these to the system PbO-SiO2. The ionic fractions of various chain polymers in this system are calculated. The two cases, namely, of linear and nonlinear chain polymers are compared with each other.Limitations of earlier models are pointed out.

Jan 1, 1975

By Douglas Beahm

Energy Metals Corp. (EMC) holds numerous mineral properties in the northern portion of the Great Divide Basin. The JAB property is one of several potential properties being planned for development as a satellite facility to the greater Antelope uranium project. A National Instrument 43-101 Technical Report was completed for the JAB property. This report estimated total measured and indicated mineral resources on the property totaling 1.6 kt (3,555,022 lbs) U3O8 contained in 2.2 Mt (2.4 million st) at an average grade of 0.073 percent U3O8 at a 0.25 grade times thickness (GT) cutoff in accordance with CIM Standards on Mineral Resources and Reserves. The JAB property is located in Sections 13, 14, 15, 16, 21, 22 and 23, Township 26 North, Range 94 West, approximately Latitude 42° 14’ North and Longitude 108° 00’ West (Fig. 1). This property consists of unpatented mining lode claims and Wyoming state mineral leases com-prising approximately 850 hm2 (2,100 acres).

Jan 1, 2007

Development on the North Kalgurli mine has established a major penetration of ore into calc schist. This is controlled by a system of east-dipping strike faults. Previously, most calc schist ore bodies were regarded as being confined to the quartz dolerite greenstonecak schist contact environment.INTRODUCTIONOne of the most interesting and economically important developments which has taken place in the Kalgoorlie Field over the past 20 years is the proved penetration of ore into calc schist on the North Kalgurli Mine. This is quite extensive, both laterally and in depth, and has occasioned some modification of geological thought in the search for additional ore sources.Ore has been mined in calc schist almost since the first major gold discoveries were made and the principal features of the various types of deposit are well covered in the literature of the field. However, occurrences in calc schist have not been characterised by the same degree of continuity or frequency as the innumerable lode formations in the more favourable quartz dolerite, and there has been a tendency to regard them as isolated and discontinuous ore bearing structures, occurring only under very special conditions.It is not intended to describe the whole range of calc schist ore occurrences but only major controlling structures, whose penetration therein has been definitely established and in which an appreciable amount of ore has been and is still being found. It is considered that similar structures may present a major objective for future exploratory work in other parts of the field.

Jan 1, 1964

Jan 1, 1971

By P.J. Terbrugge

Open pit slope design has conventionally been effected as a bottom-up function utilizing available geotechnical information. This results in a decision criterion based on probability of failure and factor of Safety with a risk assessment being carried out on the proposed design slopes. The design approach recommended reverses the process using fault event tree decision methodology. The consequences of this approach are that acceptable risk criteria have to be determined by mine owners. Slopes are then designed by the technical staff to achieve these corporate goals. Benefits that arise from the process are that the owners take a proactive decision on the risk-benefit relationship allowing the technical staff to optimize the geotechnical exploration programme and design.

Jan 1, 2006

By Wern-ping (Nick) Chen

The Florida Department of Transportation District 6 (FDOT D6) began a study in 1987 for a master plan to improve the traffic circulation and congestions between the Port of Miami (POM) and downtown Miami, FL. This study included a tunnel connection between two man-made islands, the Watson and the Dodge islands. Though a finding of no significant impact (FONSI) was completed in 1992, the project remained on hold for about 10 years. In 2002, Florida Turnpike took over this project, re-evaluated its benefits to the lo-cal communities, determined its feasibility (specifically the tunnel options) and established a probable cost. In 2005, the FDOT D6 regained its charge over the project and concluded that a bored tunnel under Biscayne Bay is feasible. Its primary components are: ? Widening of the MacArthur Causeway Bridge, to accommodate truck traffic to the Port of Miami. ? A tunnel connection between Watson Island and Dodge Island, where the POM is located. ? Connections to the POM roadway system, either for the traffic from the city of Miami or for the truck traffic from I-395 to the POM. The project will improve access to and from the POM and provide a dedicated roadway connector linking the POM with the MacArthur Causeway (State Route 41/1) and I-395, specifically for the trucks in and out of the POM without going through downtown Miami. As identified in the project information memorandum (PIM), its primary objectives are to: ? Improve access to the POM, helping to keep it competitive and ensuring its ability to handle projected growth in its cruise and cargo operations. [ ] ? Improve traffic safety in downtown Miami by removing POM traffic, trucks and buses from the congested downtown street network and, in doing so, facilitate ongoing and future development plans in and around downtown Miami.

Jan 1, 2009

By Zajber A, Kulchen R, Letzel D, Weyer A, Schwellenbach J

The search for modem casting plant concepts today focuses more and more on the harmonisation and optimisation of overall concept lines to obtain a continuous quality control and reduce the cost of production (Figure 1). Fin I As far as continuous casting plant concepts are concerned, this specifically requires an optimal adaptation and flexible operation when converting liquid steel into a directly processable product without any in-between treatment. Continuous casters need to fully satisfy the requirements of both the upstream steelmaking facilities as well as the downstream rolling facilities.

Jan 1, 1999

Amid some of the worst economic conditions that the mining industry has been faced with in more than a decade, the mood among the large crowd at the 114th Annual Northwest Mining Association?s annual meeting was surprisingly upbeat. More than 2,200 attendees showed up at John Asuaga?s Golden Nugget Casino in Reno, NV for the conference held Dec. 1-5. And more than 200 companies exhibited in 240 spaces, including SME and the Minerals Information Institute. The number of attendees and exhibitors were the most for the conference in more than 10 years. The conference was held in Reno/Sparks for just the second time in its illustrious history but began under the cloud of global financial turmoil. Prior to, and during the conference, the industry news headlines were grim, to say the least. An alarming number of mine plans and expansions had been put on hold; hundreds of miners across the United States had been or were in the process of being laid off; commodity prices were falling and some of the biggest mergers in the industry fell through while miners around the world put the brakes on to take a wait-and-see approach. It was a painful time for many, but the downsizing actions taken by many mining companies was exactly what needed to happen, according to Industry Outlook Luncheon featured speaker Frederick Sturm. He is the executive vice president and chief investment strategist and member of Mackenzie?s Investment team. He has earned a reputation as one of Canada?s leading investors in natural-based companies and he also manages the Ivy Global Natural Resource Fund in the United States Sturm said that the mining industry has fallen hard and that he expects it to bounce back quickly, before falling hard again. In these tough times, he said, the companies that have pulled back on production early are doing the right thing in the long run.

Jan 1, 2009

By T. A. Klinefelter

KYANITE and the related minerals sillimanite, andalusite, dumortierite, and topaz are natural aluminum silicates that can be used in production of mullite (3A1203?2Si02), a superduty refractory material. Kyanite and sillimanite are the dominant ones because of their greater abundance. The only other kyanite-group mineral presently used for mullite production is andalusite. Mullite is not an absolutely essential material as other refractories can be used in the same heat range. However, it is a highly satisfactory one. It is the only compound of silica and alumina that is stable at high temperatures. It has low thermal expansion and is very resistant to corrosive melts and to thermal shock. For these reasons mullite refractories have a much longer life than standard fire-clay refractories under the same conditions. Worldwide, excluding U.S.S.R., the refractories industry consumes about 150-000 short tons annually of kyanite group minerals and synthetic mullite.

Jan 1, 1961

By J. C. Duchon

The U.S. Bureau of Mines is conducting human factors research for the purpose of reducing accidents and improving the person-machine interface found in surface and underground mining operations. Miners are exposed to a variety of environmental stressors, e.g., extreme heat, noise, vibration, and adverse illumination, throughout the workday. Exposure to these environmental stressors has been noted in the literature to affect performance on vigilance tasks. Since impaired performance at vigilance tasks can lead to industrial accidents, further investigation of the effects of environmental stressors on human performance is warranted. A brief description of the environmental conditions present in the mining workplace is followed by a review of experiments dealing with the effects of environmental stressors on vigilance task performance. The applicability of past research to actual mining operations is considered.

Jan 1, 1989

By H. L. Riley

Cleaning and handling of fine coal are generally conceded to be more difficult problems than preparation of the coarser sizes. Increased mechanization in the coal-mining industry has, in general, resulted in an increased percentage of the fine sizes in the total coal mined. If the coal fines are cleaned by wet methods, the minus-1/16-inch square-mesh particles cause most of the sludge and slurry problems encountered in preparing wet coal. Equipment that separates coal from refuse on the basis of specific gravity is not efficient on sizes that, because of their fineness, do not follow the same laws of hindered settling as the larger particles. Probably the best solution of fine-coal cleaning problems is to use other methods, such as flotation, that utilize other physical characteristics than those determining hindered-settling ratios. Regarding the type of flotation known as the Elmore vacuum-flotation process there has been a scarcity of data and information available in this country. An investigation has therefore been made to obtain additional date and information on this process under laboratory conditions. During this investigation an effort has been made to evaluate the relative efficiencies of vacuum and mechanical laboratory froth flotation cells. The investigation included float-and-sink, screen-sizing, and flotation tests on 2 different samples of 14-mesh to 0 raw coal and an a sample of slurry from the settling-tank overflow of a typical washer. One raw-coal sample was obtained from the American bed and represented a type of coal that is relatively easy to clean. The other raw-coal sample was from the Mary lee bed and represented a type considered difficult to clean.

Jan 1, 1954

By M. John Brodie

This report reviews the regulatory environment as it pertains to waste rock management and disposal from mining operations, excluding coal and placer gold operations, in the \irate of Alaska. It is based on the EPA's staff position on an effective program to regulate mining waste as presented in the May, 1990 Strawman II document. The unique conditions which occur in pans of the state, including a fragile environment, high seismicity and permafrost, are identified. The special waste management practices which are necessitated by these conditions are delineated. The report provides a detailed outline of the current technologies that are suitable for designing, constructing, operating and closing a waste rock facility to meet environmental protection objectives. Cost implications to the mining industry of potential regulatory actions, such as the degree of groundwater protection, are examined.

Jan 1, 1992

Construction of the Boddington Mine 130 km (81 miles) southeast of Perth, is about 89 percent complete. When the $2.9-billion development is finished, it will be the largest gold mine in Australia, producing 31 t/a (1 million oz/year), according to project majority owner Newmont Mining. Newmont?s acting regional group executive for Asia Pacific, Philip Stephenson, told a gold conference in Australia that the project would be ?the biggest thing for Newmont this year.? The project has been in the works for more than 10 years, but because of a three-sided ownership and fluctuating gold prices, it struggled to get started. However, Newmont is set to become the full owner of the project and is moving ahead on the low-grade project. ?We are targeting annual production of 31 t/a (1 million oz/year) for each of Boddington?s first five years. When it is in full production, Boddington will be the largest gold mine in Australia,? Stephenson said. ?The mine?s costs applicable to sales will be around US$9.64/g (US$300/oz) and that puts Boddington into the bottom quartile of the global cost curve. ?Strategically for Newmont, Boddington coming on-line will improve Newmont?s overall global geopolitical risk profile as it delivers greater exposure to an AAA-rated country.? Boddington has a projected mine life of 20 plus years. It has current total reserves of 622 t (20 million oz) and rising. Stephenson said Boddington has the largest reserve base of all gold projects in production or those that are about to go into production in A-rated countries or better. And it will be an important asset for many years to come. Newmont will acquire the remaining 33 percent share held by AngloGold Ashanti in a deal that should be concluded in the next two months. Australian miner Newcrest Mining Ltd. had exited the joint venture several years ago. Newmont had come into the project through the take-over of then Australia?s leading gold miner Normandy Mining, while AngloGold Ashanti gained entry through

Jan 1, 2009

By Vincent Jue

In December 2009, the Italian High Speed Rail Network AV began running over the full 1000 km system length from Turin, at the foothills of the Alps to Salerno, on the seacoast south of the volcano Mt. Vesuvius. It runs through Alpine rivers, highly seismic active zones, mountains, river plains, and through some of the most densely populated areas in Europe as well as some of its most expensive real estate. The Italian High Speed Network?s technical/economic constraints and its regulatory/socio-environmental concerns well may mirror similar obstacles set to confront the nascent California High Speed Rail Program. The two types of constraints must be dealt with together to reach the best construction solution. It is estimated that more than 20% of Italian High Speed Rail Network costs were spent on ground engineering including over 150 km of tunnels, 200 km of viaducts and bridges and 650 km of embankments and trenches. However, it also is estimated that 25% of costs were spent on social and environmental integration of the new rail lines including over 6 square miles of green offsets, 160 km of anti-noise walls, and 300 agreements for socio-environmental work. This paper will look at four examples of innovative ground engineering solutions, each with its own intricate set of constraints: ? Foundation system for viaducts across the ?Po? and ?Ticino? rivers. ? Soil consolidation under railway embankments ? Requirement of short tunnels for physical and environmental reasons ? Construction of railway stations in a confined right of way

Jan 1, 2010

By R. L. Balmer

This information circular, which describes the methods and costs of sinking a small underground shaft with steel supports at the Keystone mine of American Smelting and Refining Co., near Crested Butte, Colo., is one of a series being prepared by the Bureau of Mines on current shaft-sinking practices in various mining districts of the United States. Preparations for sinking a combined exploration, development, and production shaft from the lowest level of the Keystone mine began early in 1957. This vertical, three-compartment, 6-1/4-by 16-foot rectangular shaft was to be sunk in separate stages or lifts so as to correspond with the progress of an associated lateral exploration and development program. The first section of the shaft was collared and sunk to a depth of 209 feet between September 1957 and April 1958. Because of the depressed base-metal market, the mine was shut down as soon as the initial phase of the exploration and development program had been completed and before any deeper sinking could be attempted.

Jan 1, 1962

By Gary R. Peterson

In order to determine the potential availability of alumina to feed U.S. aluminum smellers, the Bureau of Mines evaluated 39 domestic mines and deposits of bauxite, alunite, and high-alumina clays and found that substantial increases in alumina prices would be necessary before nonbauxitic deposits could become competitive with bauxite. As part of the study, a price-tonnage relationship was developed indicating the quantity of alumina that could be produced from known deposits at various alumina prices and at a 15-pct discounted cash flow rate of return on the required capital investment. All capital and operating costs were calculated in August 1980 dollars. The domestic bauxite reserve base comprises three operating bauxite mines in Arkansas containing some 15.6 million metric tons of recoverable alumina (A1203). Ferruginous bauxites, clays, and alunites fall into the subeconomic category of identified aluminum resources, which, at the demonstrated level, contain over 4,000 million metric tons of alumina that are estimated to be recoverable. Analyses indicate that, at the demonstrated resource level, a total of some 15.6 million metric tons of alumina, all from three active Arkansas bauxite mines, is recoverable at a 1980 price of $0.12 per pound ($264 per metric ton) of alumina. A price of approximately $0.26 per pound ($573 per metric ton) of alumina would be required for production of the total U.S. resource. Thus, unless new technological breakthroughs occur that could make alternate sources of alumina competitive with bauxite, U.S. dependence upon imported bauxite will continue to increase.

Jan 1, 1981

By Robert B. Bittner

Large diameter piles (2 to 3 m diameter, both driven and drilled) are being used more frequently by designers of bridge foundations. The use of these large piles allows the pile cap to be positioned off the bottom but usually still below water. Conventional cofferdams as shown in Figure 1 below are not suited to this type of pile cap. However, float-in cofferdams offer a viable alternative. This paper describes the float-in cofferdam system, its initial development for use on the Bath-Woolwich Bridge in Maine and its most recent application on the new Carquinez Bridge in California.

Jan 1, 2013