Real Options: A Tool for Managing Technical Risk in a Mine Plan

NPV is a static measure of project value which does not discriminate between levels of internal and external risk in project valuation. Due to current investment project?s characteristics, a much more complex model is needed: one that includes the value of flexibility and the different risk levels associated with variables subject to uncertainty (price, costs, exchange rates, grade and tonnage of the deposits, cut off grade, among many others). Few of these variables present any correlation or can be treated uniformly. In this context, Real Option Valuation (ROV) arose more than a decade ago, as a mainly theoretical model with the potential for simultaneous calculation of the risk associated with such variables. This paper reviews the literature regarding the application of Real Options Valuation in mining, noting the prior focus on external risks, and presents a case study where ROV is applied to quantify risk associated to mine planning.

Technical Challenges in the Construction of Gothic Vaults: The Gothic Theory of Structural Design

The construction of a Gothic vault implied the solution of several technical challenges. The literature on Gothic vault construction is quite large and its growth continues steadily. The main challenge of any structure is that, during and after construction, it must be "safe", that is, it must not collapse. Indeed, it must be amply safe, able to support different loads for long periods of time. Masonry architecture has shown its structural safety for centuries or millennia. The Pantheon of Rome stands today after almost 2,000 years without having needed any structural reinforcement (of course, the survival of any building implies continuous maintenance) . Hagia Sophia in Istanbul, finished in the 6th century AD, has withstood not only the dead loads but also many severe earthquakes . Finally, the Gothic cathedrals, with their appearance of weakness, are• more than a half millennium old. The question arises of what the source of this amazing strength is and how the illiterate master masons were able to design such daring and safe structures . This question is usually evaded in manuals of Gothic architecture. This is quite surprising, the structure being a fundamental part of Gothic buildings. The present article aims to give such an explanation, which has been studied in detail elsewhere. In the first part, the Gothic design methods "V ill be discussed. In the second part, the validity of these methods wi11 be verified within the frame of the modern theory of masonry structures . References have been reduced to a minimum to make the text simpler and more direct.

Alternative Assessment in Engineering Language Education: The case of the Technical University of Madrid

This article describes a research project involving students from nine different engineering degrees at the Technical university of Madrid. The purpose of the project was to analyze the use of peer and self assessment and the students? attitudes toward alternative assessment procedures.

Comparison of CO2 From Coal Capture Processes and Valorisation Technologies

Coal is the most plentiful and evenly distributed fossil fuel worldwide. Based on current production, it is estimated that the reserves will last approximately 130 years. Its use worldwide has been increasing, mainly due to consumption by emerging countries. CO2 emissions generated by combustion and the repercussions of such on climate change support the view that it could no longer be used. CO2 capture may be the solution to continue using it, which would cater for the growing energy demand worldwide. The aim of this study is to compare different processes concerning CO2 capture that may be economically viable, ultimately showing that coal, a fossil energy source widely distributed around the world, can, as a result of using different CO2 capture processes, be used as a clean source of electricity. Hence, in places where geological hurdles may render the costs of CO2 storage considerably higher, since it might have to travel far, coal may be used for other purposes, thus valorising CO2 within the industrial sector. This research is focused on the technical and economic comparison of the most relevant CO2 capture projects designed in Spain using different existing technologies. The oxyfuel project in Ciuden (Leon, Spain), the IGCC Elcogas, precombustion CO2-capture project (Puertollano, Spain) and the postcombustion project in Carboneras (Almeria, Spain) will be analyzed in order to assess the options available to valorise captured CO2. Valorising captured CO2 may be an adequate solution in areas where, although CO2 capture is still possible, storage is not equally so, thus generating a further benefit. The possible uses of CO2 will be assessed in vegetable growing greenhouses, harnessing CO2 in vegetable life cycles. This will also be used in growing algae for subsequent biodiesel production. Both CO2 capture and valorising will eventually lead to the clean use of coal, which will thus enhance the level of self-supply, aiding the development of electric vehicles, which require large amounts of electricity, as well as improve the level of energy autonomy in countries around the world. Another type of fuel, biodiesel, will also be obtained, without this affecting international food prices.

TechnoFusion: new Spanish singular scientific-technical facility for fusion research

Technofusion is the scientific&technical installation for fusion research in Spain, based on three pillars: • It is an open facility to European users. • It is a facility with instrumentation not accesible to small research groups. • It is designed to be closely coordiated with the European Fusion Program. With a budget of 80-100 M€ over five years, several top laboratories will be constructed

Results of the Technical Validation of an Accessible Contact Manager for Mobile Devices

The apparition of new mobile phones operating systems often leads to a flood of mobile applications rushing into the market without taking into account needs of the most vulnerable users groups: the people with disabilities. The need of accessible applications for mobile is very important especially when it comes to access basic mobile functions such as making calls through a contact manager. This paper presents the technical validation process and results of an Accessible Contact Manager for mobile phones as a part of the evaluation of accessible applications for mobile phones for people with disabilities.

Development and Assessment of the Competence Creativity Applied to Technical Drawing

The results obtained after incorporating the competence “creativity” to the subject Technical Drawing of the first course of the Degree in Forestry, Technical University of Madrid, are presented in this study.At first, learning activities which could serve two functions at the same time -developing students’ creativity and developing other specific competences of the subject- were considered. Besides, changes in the assessment procedure were made and a method which analyzes two aspects of the assessment of the competence creativity was established. On the one hand, the products are evaluated by analyzing the outcomes obtained by students in the essays suggested and by establishing a parameter to assess the creativity expressed in those essays. On the other, an assessment of the student is directly carried out through a psychometric test which has been previously chosen by the team.Moreover, these results can be applied to similar or could be of general application

Is it appropriate protective figure "Plant Micro-Reserves" to protect tree species? The example of Betula pendula subsp. fontqueri in "La Garganta de los Caballeros" (Ávila)

The figure of protection "micro-reserves" was created in the Region of Valencia (ANONYMOUS, 1994) with the aim of protecting endangered plant species. This is one of the areas of greatest floristic richness and uniqueness of the western Mediterranean. In this area rare, endemic or threatened vascular flora has a peculiar distribution: they appear to form small fragments spread over the entire region (LAGUNA, 1994; LAGUNA, 2001) The protection of every these small populations of great scientific value has significant challenges. It doesn´t try to protect every species that set out in Annex IV of the by then existing Law 4 / 1989 (repealed in 2007), or to protect to the most ecological level with the creation of Natural Protected Area but an intermediate level: the plant community of small size. According to the decree: “as Micro-Reserve will be declared the natural parcels of land under 20 hectares that contain a high concentration of rare plants, endemic, threatened or of high scientific interest” (ANONYMOUS, 1994) . Of course, the statement of an area as micro-reserve carries certain prohibitions that are harmful to the vegetal community

A technical note on application of internally finned tubes in solar parabolic trough absorber pipes

The heterogeneous incoming heat flux in solar parabolic trough absorber tubes generates huge temperature difference in each pipe section. Helical internal fins can reduce this effect, homogenising the temperature profile and reducing thermal stress with the drawback of increasing pressure drop. Another effect is the decreasing of the outer surface temperature and thermal losses, improving the thermal efficiency of the collector. The application of internal finned tubes for the design of parabolic trough collectors is analysed with computational fluid dynamics tools. Our numerical approach has been qualified with the computational estimation of reported experimental data regarding phenomena involved in finned tube applications and solar irradiation of parabolic trough collector. The application of finned tubes to the design of parabolic trough collectors must take into account issues as the pressure losses, thermal losses and thermo-mechanical stress, and thermal fatigue. Our analysis shows an improvement potential in parabolic trough solar plants efficiency by the application of internal finned tubes.

Dynamic response of hydro power plants for providing secondary regulation reserves considering elastic water column effects

In this paper, the dynamic response of a hydro power plant for providing secondary regulation reserve is studied in detail. Special emphasis is given to the elastic water column effects both in the penstock and the tailrace tunnel. For this purpose, a nonlinear model based on the analogy between mass and momentum conservation equations of a water conduit and those of wave propagation in transmission lines is used. The influence of the plant configuration and design parameters on the fulfilment of the Spanish Electrical System Operator requirements is analysed

A model for evaluation of generic competences in engineering: application to the problem. Solving competence at the technical University of Madrid.

The competence evaluation promoted by the European High Education Area entails a very important methodological change that requires guiding support to help teachers carry out this new and complex task. In this regard, the Technical University of Madrid (UPM, by its Spanish acronym) has financed a series of coordinated projects with a two-fold objective: a) To develop a model for teaching and evaluating core competences that is useful and easily applicable to its different degrees, and b) to provide support to teachers by creating an area within the Website for Educational Innovation where they can search for information on the model corresponding to each core competence approved by UPM. Information available on each competence includes its definition, the formulation of indicators providing evidence on the level of acquisition, the recommended teaching and evaluation methodology, examples of evaluation rules for the different levels of competence acquisition, and descriptions of best practices. These best practices correspond to pilot tests applied to several of the academic subjects conducted at UPM in order to validate the model. This work describes the general procedure that was used and presents the model developed specifically for the problem-solving competence. Some of the pilot experiences are also summarised and their results analysed

Comparison of CO2 from coal captureprocesses and valorisation technologies

Coal is the most plentiful and evenly distributed fossil fuel worldwide. Based on current production, it is estimated that the reserves will last approximately 130 years. Its use worldwide has been increasing, mainly due to consumption by emerging countries. CO2 emissions generated by combustion and the repercussions of such on climate change support the view that it could no longer be used. CO2 capture may be the solution to continue using it, which would cater for the growing energy demand worldwide. The aim of this study is to compare different processes concerning CO2 capture that may be economically viable, ultimately showing that coal, a fossil energy source widely distributed around the world, can, as a result of using different CO2 capture processes, be used as a clean source of electricity. Hence, in places where geological hurdles may render the costs of CO2 storage considerably higher, since it might have to travel far, coal may be used for other purposes, thus valorizing CO2 within the industrial sector. This research is focused on the technical and economic comparison of the most relevant CO2 capture projects designed in Spain using different existing technologies. The oxyfuel project in Ciuden (Leon, Spain), the IGCC Elcogas, precombustion CO2-capture project (Puertollano, Spain) and the postcombustion project in Carboneras (Almeria, Spain) will be analyzed in order to assess the options available to valorizecaptured CO2. Valorizing captured CO2 may be an adequate solution in areas where, although CO2 capture is still possible, storage is not equally so, thus generating a further benefit. The possible uses of CO2 will be assessed in vegetable growing greenhouses, harnessing CO2 in vegetable life cycles. This will also be used in growing algae for subsequent biodiesel production. Both CO2capture and valorizing will eventually lead to the clean use of coal, which will thus enhance the level of self-supply, aiding the development of electric vehicles, which require large amounts of electricity, as well as improve the level of energy autonomy in countries around the world. Another type of fuel, biodiesel, will also be obtained, without this affecting international food prices.

Technical developments for computed tomography on the CENBG nanobeam line

The use of ion microbeams as probes for computedtomography has proven to be a powerful tool for the three-dimensional characterization of specimens a few tens of micrometers in size. Compared to other types of probes, the main advantage is that quantitative information about mass density and composition can be obtained directly, using specific reconstruction codes. At the Centre d’Etudes Nucléaires de Bordeaux Gradignan (CENBG), this technique was initially developed for applications in cellular biology. However, the observation of the cell ultrastructure requires a sub-micron resolution. The construction of the nanobeamline at the Applications Interdisciplinaires des Faisceaux d’Ions en Region Aquitaine (AIFIRA) irradiation facility has opened new perspectives for such applications. The implementation of computedtomography on the nanobeamline of CENBG has required a careful design of the analysis chamber, especially microscopes for precise sample visualization, and detectors for scanning transmission ion microscopy (STIM) and for particle induced X-ray emission (PIXE). The sample can be precisely positioned in the three directions X, Y, Z and a stepper motor coupled to a goniometer ensures the rotational motion. First images of 3D tomography were obtained on a reference sample containing microspheres of certified diameter, showing the good stability of the beam and the sample stage, and the precision of the motion.

Introduction to technical communications of the 26th Int'l. Conference on logic programming (ICLP'10)

Abstract is not available.

A method to assess annual average renewable groundwater reserves for large regions in Spain

This paper proposes a method for assessing the groundwater renewable reserves of large regions for an average year, based on the integration of the recession curves for their basins springs or the natural base flow of their rivers. In this method, the hydrodynamic volume (or renewable reserves), were estimated from the baseflow equation. It was assumed that the flow was the same as the natural recharge, and that the recession coefficients were derived by the hydrogeological parameters and geometrical characteristics of aquifers, and adjusted to fit the recession curves at gauging stations. The method was applied to all the aquifers of Spain, which have a total groundwater renewable reserve of 86,895 hm3 four times the mean annual recharge. However, the distribution of these reserves is very variable; 18.6% of the country aquifers contain 94.7% of the entire reserve.