Equity pricing in the mining sector: evidence from NYSE and LSE

The study examines the Capital Asset Pricing Model (CAPM) for the mining sector using weekly stock returns from 27 companies traded on the New York Stock Exchange (NYSE) or on the London Stock Exchange (LSE) for the period of December 2008 to December 2010. The results support the use of the CAPM for the allocation of risk to companies. Most companies involved in precious metals (particularly gold), which have a beta value less than unity (Table 1), have been actuated as shelter values during the financial crisis. Values of R2 do not shown very explanatory power of fitted models (R2 < 70 %). Estimated coefficients beta are not sufficient to determine the expected returns on securities but the results of the tests conducted on sample data for the period analysed do not appear to clearly reject the CAPM

A compact lightweight multipurpose ground-penetrating radar for glaciological applications

We describe a compact lightweight impulse radar for radio-echo sounding of subsurface structures designed specifically for glaciological applications. The radar operates at frequencies between 10 and 75 MHz. Its main advantages are that it has a high signal-to-noise ratio and a corresponding wide dynamic range of 132 dB due mainly to its ability to perform real-time stacking (up to 4096 traces) as well as to the high transmitted power (peak voltage 2800 V). The maximum recording time window, 40 ?s at 100 MHz sampling frequency, results in possible radar returns from as deep as 3300 m. It is a versatile radar, suitable for different geophysical measurements (common-offset profiling, common midpoint, transillumination, etc.) and for different profiling set-ups, such as a snowmobile and sledge convoy or carried in a backpack and operated by a single person. Its low power consumption (6.6 W for the transmitter and 7.5 W for the receiver) allows the system to operate under battery power for mayor que7 hours with a total weight of menor que9 kg for all equipment, antennas and batteries.

A three-dimensional dynamical model of Amundsenisen icefield, Svalbard.

Amundsenisen is an ice field, 80 km2 in area, located in Southern Spitsbergen, Svalbard. Radio-echo sounding measurements at 20 MHz show high intensity returns from a nearly flat basal reflector at four zones, all of them with ice thickness larger than 500m. These reflections suggest possible subglacial lakes. To determine whether basal liquid water is compatible with current pressure and temperature conditions, we aim at applying a thermo mechanical model with a free boundary at the bed defined as solution of a Stefan problem for the interface ice-subglaciallake. The complexity of the problem suggests the use of a bi-dimensional model, but this requires that well-defined flowlines across the zones with suspected subglacial lakes are available. We define these flow lines from the solution of a three-dimensional dynamical model, and this is the main goal of the present contribution. We apply a three-dimensional full-Stokes model of glacier dynamics to Amundsenisen icefield. We are mostly interested in the plateau zone of the icefield, so we introduce artificial vertical boundaries at the heads of the main outlet glaciers draining Amundsenisen. At these boundaries we set velocity boundary conditions. Velocities near the centres of the heads of the outlets are known from experimental measurements. The velocities at depth are calculated according to a SIA velocity-depth profile, and those at the rest of the transverse section are computed following Nye’s (1952) model. We select as southeastern boundary of the model domain an ice divide, where we set boundary conditions of zero horizontal velocities and zero vertical shear stresses. The upper boundary is a traction-free boundary. For the basal boundary conditions, on the zones of suspected subglacial lakes we set free-slip boundary conditions, while for the rest of the basal boundary we use a friction law linking the sliding velocity to the basal shear stress,in such a way that, contrary to the shallow ice approximation, the basal shear stress is not equal to the basal driving stress but rather part of the solution.

Proyecto de viabilidad de una planta de tratamiento para mineral de estaño y tántalo

El proyecto tiene como objeto definir la viabilidad de explotación de un importante yacimiento de Estaño y Tántalo que se encuentra en una formación geológica de base pegmatítica situada en el norte de España. En base a las reservas calculadas, se define la capacidad de tratamiento de la planta de procesamiento del mineral para un periodo de explotación de 10 años. Como primer paso se estudian los ensayos de caracterización y concentración realizados en laboratorio a partir de muestras de mano representativas del mineral así como otros en planta piloto llevados a cabo anteriormente. Una vez definida la recuperación del Estaño y Tántalo se procede al diseño conceptual del proceso. Posteriormente se desarrolla un diseño e ingeniería preliminar más aproximados, a partir de los cuales se evalúan los costes de equipos y operacionales que, en base a los retornos por la venta de los concentrados, permitirán calcular la rentabilidad del proyecto y riesgos de la inversión. ABSTRACT The purpose of this project is to define the feasibility of mining a major deposit of tin and tantalum found in a pegmatite formation in northern Spain. Based on the estimated reserves, the operating capacity for mining and mineral processing plant was defined for a period of 10 years. As a first step for the development, a research program for characterization and concentration of the ore, were performed in the laboratory based on representative samples from the deposit. In addition, previous pilot plant results were also taken into account. Once determined the recovery of tin and tantalum, the conceptual design process was defined. As a second step, it was developed a preliminary design and engineering, from which the capital and operating costs were estimated .By means of the calculated returns from the sale of concentrates, the profitability of the project and investment risks were finally assessed