Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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I seem to recall you and others quite positively assuring others the strip ratio would be reduced significantly due to the costly but quite prudent Capital Drilling contract wrapping up - indeed stating the strip ratio would return near the historic average once complete -
but now - when presented with quite the opposite - it's "just how older mines" operate"
wow, there really is no wrong CEO Horgan and team can do - it's always a 'buy' rating
clearly - these elevated figures which rise year over year is new information to shareholders as nobody, not LSE posters, Centamin management or analysts have drawn attention to it
to state one thing about reducing strip ratios in the past , then pretend one didn't , is the realm of executives with stock options , not simple shareholders like 'us' - but maybe we're not in the same boat after all
one of the problems with mine development is that a lot of money is invested on information which is sp**** (drilling, 0.003 % of the volume of the orebosy is sampled), directionally biased (steep and commonly in one dip direction) and sometimes of variable quality (geological logging for example)..and then when you can get to metaullurgical plant design...well that is extremely sp**** information inferred by use of non linear look up tables from geology (read above). in fact i have often wondered how any of the planners can put their hand on their heart and say they think they are within 15%...in realith most of them do not perform to feas study specs!?!
https://www.amcconsultants.com/experience/why-feasibility-studies-fail
https://minassist.com.au/why-feasibility-studies-fail-a-summary/
this is a classic ... so rarely done by the mining industry, and even more rarely (for obvious reasons) made public
https://dokumen.tips/documents/why-feasibility-studies-fail-melbourne201302presentation.html?page=2
for a simple steeply dipping tabular orebody the stripping ratios increase as the depth of the pit increases. basic maths
if you have an irregular orebody, then the stripping ratio can "wander", and be a function obviously of ore geometry, geotechnical elements (steep faults some which might be missed by steep drilling)..but in general there will be a trend of increasing strip ratio with depth.
if you have surprises like you develop into a hitherto unknown steep fault (it happens), you can have wall failure and the stripping ratio goes up...as waste tonnes goes up ...
and on it goes ...
i have given a few talks about dishonesty (and a few related issues) at conferences, only to be mugged in the car park or a public bar not long after ... cest la vie ....
regards
the gnome
AusIMM Melbourne Branch, 2013 7
In the 1970s, a study for the World Bank showed
that in the first year of operation after
commissioning, 60% of the mines and 70% of the
treatment plants surveyed achieved a production
rate of less than 70% of design capacity
...(gulp)
and so on ... who counts?.. the shareholders and investors
Hi Mr Gnome,
Thank you for a very interesting post regarding the initial study and sampling to help decide the commercial viability of a potential and ongoing mining projects..
From my own acquaintances you aren't the first or the only mining professional that has been a recipient of insults or aggression in various forms just for asking awkward questions and giving a truly honest analysis.
Big respect to you for having the courage and integrity to be completely frank and honest in your presentations despite the risk of physical and verbal abuse afterwards!
Tibbs
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Big respect to you for having the courage and integrity to be completely frank and honest in your presentations despite the risk of physical and verbal abuse afterwards!
Seconded!!