Gold investments and short- and long-run price determinants of the price of gold

Tämän tutkielman tavoitteena on tutkia tekijöitä jotkavaikuttavat lyhyellä ja pitkällä aikavälillä kullan hintaan. Toiseksi tutkielmassa selvitetään mitä eri sijoitusmahdollisuuksia löytyy kultaan sijoitettaessa. Aineistona käytetään kuukausitasoista dataa Yhdysvaltain ja maailman hintaindekseistä, Yhdysvaltain ja maailman inflaatiosta ja inflaation volatiliteetista, kullan beetasta, kullan lainahinnasta, luottoriskistä ja Yhdysvaltojen ja maailman valuuttakurssi indeksistä joulukuulta 1972 elokuulle 2006. Yhteisintegraatio regressiotekniikoita käytettiin muodostamaan malli jonka avullatutkittiin päätekijöitä jotka vaikuttavat kullan hintaan. Kirjallisuutta tutkimalla selvitettiin miten kultaan voidaan sijoittaa. Empiirisettulokset ovat yhteneväisiä edellisten tutkimusten kanssa. Tukea löytyi sille, että kulta on pitkän ajan suoja inflaatiota vastaan ja kulta ja Yhdysvaltojen inflaatio liikkuvat pitkällä aikavälillä yhdessä. Kullan hintaan vaikuttavat kuitenkin lyhyen ajan tekijät pitkän ajan tekijöitä enemmän. Kulta on myös sijoittajalle helppo sijoituskohde, koska se on hyvin saatavilla markkinoilla ja eri instrumentteja on lukuisia.

Determinants of capital expenditures: Evidence from oil and mining sectors in Russia

This master’s thesis investigates the significant macroeconomic and firm level determinants of CAPEX in Russian oil and mining sectors. It also studies the Russian oil and mining sectors, its development, characteristics and current situation. The panel data methodology was implemented to identify the determinants of CAPEX in Russian oil and mining sectors and to test derived hypotheses. The core sample consists of annual financial data of 45 publicly listed Russian oil and mining sector companies. The timeframe of the thesis research is a six year period from 2007 to 2013. The findings of the master’s thesis have shown that Gross Sales, Return On Assets, Free Cash Flow and Long Term Debt are firm level performance variables along with Russian GDP, Export, Urals and the Reserve Fund are macroeconomic variables that determine the magnitude of new capital expenditures reported by publicly listed Russian oil and mining sector companies. These results are not controversial to the previous research paper, indeed they confirm them. Furthermore, the findings from the emerging countries, such as Malaysia, India and Portugal, are analogous to Russia. The empirical research is edifying and novel. Findings from this master’s thesis are highly valuable for the scientific community, especially, for researchers who investigate the determinant of CAPEX in developing countries. Moreover, the results can be utilized as a cogent argument, when companies and investors are doing strategic decisions, considering the Russian oil and mining sectors.

Oxidation of Aqueous Thiosulfate Solutions by Pulsed Corona Discharge

The aim of this Master’s thesis focused on the oxidation of sodium thiosulfate using non thermal plasma technology as an advance oxidation process (AOP). By using this technology we can degrade certain toxic chemical compounds present in mining wastewaters as pollutants. Different concentrations of thiosulfate and pulse frequencies were used in the PCD experiments and the results in terms of various delivered energies (kWh/m3) and degradation kinetics were compared. Pulsed corona discharge is an energy efficient process compared to other oxidation processes using for the treatment of waste water pollutants. Due to its simplicity and low energy costs make it attractive in the field of waste water treatment processes. This technology of wastewater treatment has been tested mainly on pilot scale level and in future the attempts are to be focus on PCD investigations on larger process scale. In this research work of oxidation of thiosulfate using pulsed corona discharge, the main aim of this research was to study degradation of a studied toxic and not environmental friendly chemical compound. The focus of this research was to study the waste waters coming from the gold mines containing leachate compound thiosulfate. Literature review contained also gold leaching process when cyanide is used as the leachate. Another objective of this work was to compare PCD process with other processes based on their energy efficiencies. In the experimental part two concentrations of sodium thiosulfate, 1000ppm and 400ppm, were used. Two pulse generator frequencies of 833 and 200 pulses per second (pps) were used. The chemical analyses of the samples taken during semi-batch PCD oxidation process were analyzed by ion chromatographic (IC). It is observed after the analyses that among different frequencies and concentrations, the most suitable ones for the process is 200pps and 1000ppm respectively because the pollutants present in the waste water has more time to react with the OH radicals which are the oxidants and the process is energy efficient compared to other frequencies.

Corporate Social Responsibility in Global Mining Industry

Corporate Social Responsibility is company’s interest and actions towards its environment and the society that the company takes from its free will, to give back to the community and environment. Corporate Social Responsibility is current topic as companies are challenged to take responsibility for their action, due to the constant tightening environmental legislations and raising pressure for transparency from the public. The objective of this Master’s Thesis research is to study if Corporate Social Responsibility affects suppliers’ brand image and mining companies’ buying decisions within global mining industry. The research method is qualitative and the research is conducted with secondary and primary research methods. The research aims to find out what are the implications of the research for the case company Larox. The objective is to answer to the question; how should case company Larox start to develop Corporate Social Responsibility (CSR) program of its own, and how the case company could benefit from CSR as a competitive advantage and what actions could be taken in the company marketing. Conclusions are drawn based on both the secondary and primary research results. Both of the researches imply that CSR is well present in the global mining industry, and that suppliers’ CSR policy has positive effect on company image, which positively affects company’s brand, and furthermore brand has a positive effect on mining companies buying decision. It can be concluded that indirectly CSR has an effect on buying decisions, and case company should consider developing a CSR program of its own.

Pretreatment processes in gold recovery by thiosulphate leaching

This thesis describes several different pretreatment processes for gold concentrates and ores. The thesis is divided to theoretical part and experimental part. The theoretical part presents the operating principle of the main pretreatment methods and their suitability for thiosulphate leaching. In the theoretical part also the whole recovery process for gold from ore to elemental gold is presented. In the experimental part the study is focused on pretreatment of sulphidic refractory concentrates with mechanical activation and chemical oxidation under alkaline environment; and their effect on leachability in the thiosulphate leaching. In the experimental part a combined 2-step process, where chemical oxidation under ammoniacal environment is cascaded with thiosulphate leaching in the same conditions, is also tested. The main sulphuric mineral components in the studied refractory concentrate are pyrite (49.4 %) and arsenopyrite (27.7 %). The gold content in the concentrate is 11.3 ppm and silver content is 90 ppm. Without pretreatment the gold conversion in thiosulphate leaching was 30 %, which was analyzed at the time point of 9 hours. At that time the silver conversion was 17 %. By using mechanical activation the gold conversion reached was 59 % and silver conversion 26 %. With chemical oxidation under alkaline environment, where the used chemical was sodium hydroxide, the reached conversion of gold was 72 % and 31 % for silver. In the combined oxidation and leaching experiment the conversion of gold remained at 49 % and 18 % for silver.

Modeling of high pressure pretreatment process for gold leaching

Investigation of high pressure pretreatment process for gold leaching is the objective of the present master's thesis. The gold ores and concentrates which cannot be easily treated by leaching process are called "refractory". These types of ores or concentrates often have high content of sulfur and arsenic that renders the precious metal inaccessible to the leaching agents. Since the refractory ores in gold manufacturing industry take a considerable share, the pressure oxidation method (autoclave method) is considered as one of the possible ways to overcome the related problems. Mathematical modeling is the main approach in this thesis which was used for investigation of high pressure oxidation process. For this task, available information from literature concerning this phenomenon, including chemistry, mass transfer and kinetics, reaction conditions, applied apparatus and application, was collected and studied. The modeling part includes investigation of pyrite oxidation kinetics in order to create a descriptive mathematical model. The following major steps are completed: creation of process model by using the available knowledge; estimation of unknown parameters and determination of goodness of the fit; study of the reliability of the model and its parameters.

Interdependence of Macroeconomics Variables, Stock Market Returns and Stock Market Volatility in Latin America

This thesis examines the interdependence of macroeconomic variables, stock market returns and stock market volatility in Latin America between 2000 and 2015. Argentina, Brazil, Chile, Colombia, Mexico and Peru were chosen as the sample markets, while inflation, interest rate, exchange rate, money supply, oil and gold were chosen as the sample macroeconomic variables. Bivariate VAR (1) model was applied to examine the mean return spillovers between the variables, whereas GARCH (1, 1) – BEKK model was applied to capture the volatility spillovers. The sample was divided into two smaller sub-periods, where the first sub-period covers from 2000 to 2007, and the second sub-period covers from 2007 to 2015. The empirical results report significant shock transmissions and volatility spillovers between inflation, interest rate, exchange rate, money supply, gold, oil and the selected markets, which suggests interdependence between the variables.

Ympäristölupien myöntämisperusteiden alueellisten erojen tasoittamismahdollisuudet kuntatasolla eläinsuojien, polttonesteiden jakeluasemien sekä kivenlouhimokokonaisuuksien osalta

Diplomityössä on tarkasteltu kunnissa myönnettyjen ympäristölupien myöntämiskriteereitä ja niiden yhtenäistämismahdollisuuksia eläinsuojien, polttonesteiden jakeluasemien sekä kivenlouhimokokonaisuuksien osalta. Työssä tutkittiin ympäristönsuojelulain (86/2000) mukaisialupapäätöksiä viidestä kunnasta. Lupapäätöksissä havaittiin eroja kuntien välillä kaikkien lupakokonaisuuksien osalta. Pääasiassa erot kohdistuivat ympäristölautakunnan antamiin lupamääräyksiin. Lupien myöntämiskriteereiden yhtenäistäminen kuntatasolla vaatii aikaa ja resursseja, mutta ei ole mahdotonta. Yhtenäistämiskeinoja ovat kunnan sisäinen muistilista, korkeimman hallinto-oikeuden ratkaisulinjan tulkitseminen, ympäristönsuojelulain tulkinnan syventämien, alueellisten ympäristökeskusten taitojen hyödyntäminen sekä kuntien välinenyhteistyö. Kutakin yhtenäistämiskeinoa voi käyttää itsenäisenä keinona, mutta tehokkaampi tulos saada yhdistämällä kaikki viisi keinoa. Keinojen yhtenäistäminen on paras toteuttaa kunnan ympäristötarkastajien koulutuksella.

Venäläisten yritysten kansainvälistyminen

Tämän kandidaatintyön tavoitteena on selvittää ja analysoida venäläisten yritysten kansainvälistymistä investointien näkökulmasta. Aihetta tutkittiin Venäjältä ulospäin suuntautuneiden investointien valossa. Kansainvälistymistä analysoitiin konkreettisten yritysesimerkkien kautta. Työssä käytettiin lähteinä aikaisempia aiheesta tehtyjä tutkimuksia sekä esimerkkeinä olevien yritysten internetsivuja. Venäläisten yritysten kansainvälistyminen alkoi toden teolla vasta Neuvostoliiton hajoamisen jälkeen. Käytännössä yritysten kansainvälistyminen on lähtenyt kasvuun vasta 2000-luvulla. Viime vuosien aikana Venäjä on ollut yksi suurimmista ulospäin investoijista nousevien markkinatalouksien joukossa. Suurimmat Venäjältä ulospäin investoijat toimivat öljy- ja kaasuteollisuudessa sekä metalli- ja kaivosteollisuudessa. Kyseiset teollisuudenalat ovat riippuvaisia raaka-aineiden maailmanmarkkinahinnoista. Vuoden 2008 lopulla alkanut talouskriisi on alentanut raaka-aineiden hintoja ja näin vaikuttanut yritysten toimintaan. Yritykset ovat joutuneet talousvaikeuksiin, joka on vaikuttanut myös niiden investointeihin ulkomaille. Tällä hetkellä Venäjä on riippuvainen luonnonvaroihin perustuvista teollisuudenaloista, mutta tulevaisuudessa uusilla yrityksillä on mahdollisuuksia nousta kansainvälisien yritysten joukkoon. Raaka-aineiden hintojen kääntyessä jälleen nousuun myös luonnonvaroihin perustuvat yritykset tulevat nousemaan ahdingosta ja jatkamaan kansainvälistymistä.

Päästöoikeudet metsä- ja metalliteollisuusyritysten taloudellisessa raportoinnissa

Tutkimuksen tavoitteena on selvittää kuinka päästöoikeuksia käsitellään metsä- ja metalliteollisuusyritysten taloudellisessa raportoinnissa. Tutkimuksessa selvitetään myös Euroopan unionin päästökauppajärjestelmän toimintaa. Tutkimuksen teoreettinen viitekehys rakentuu päästökauppaa koskevien tutkimusten sekä IFRS-standardeja koskevan kirjallisuuden pohjalta. Empiirinen tutkimus perustuu kahdeksan yrityksen vuosikertomusten analysointiin. Tutkimustulosten mukaan yritykset eivät sovella yhtenäistä menetelmätapaa päästöoikeuksien kirjanpidollisessa käsittelyssä. Yritykset soveltavat joko nettoperiaatetta tai IFRS-standardien tulkintaa päästöoikeuksista. Päästöoikeudet luokiteltiin aineettomiksi hyödykkeiksi.

Atomic level phenomena on transition metal surfaces

In this study we discuss the atomic level phenomena on transition metal surfaces. Transition metals are widely used as catalysts in industry. Therefore, reactions occuring on transition metal surfaces have large industrial intrest. This study addresses problems in very small size and time scales, which is an important part in the overall understanding of these phenomena. The publications of this study can be roughly divided into two categories: The adsorption of an O2 molecule to a surface, and surface structures of preadsorbed atoms. These two categories complement each other, because in the realistic case there are always some preadsorbed atoms at the catalytically active surfaces. However, all transition metals have an active d-band, and this study is also a study of the in uence of the active d-band on other atoms. At the rst part of this study we discuss the adsorption and dissociation of an O2 molecule on a clean stepped palladium surface and a smooth palladium surface precovered with sulphur and oxygen atoms. We show how the reactivity of the surface against the oxygen molecule varies due to the geometry of the surface and preadsorbed atoms. We also show how the molecular orbitals of the oxygen molecule evolve when it approaches the di erent sites on the surface. In the second part we discuss the surface structures of transition metal surfaces. We study the structures that are intresting on account of the Rashba e ect and charge density waves. We also study the adsorption of suphur on a gold surface, and surface structures of it. In this study we use ab-initio based density functional theory methods to simulate the results. We also compare the results of our methods to the results obtained with the Low-Energy-Electron-Difraction method.

Catalytic direct synthesis of hydrogen peroxide in a novel microstructured reactor

The direct synthesis from hydrogen and oxygen is a green alternative for production of hydrogen peroxide. However, this process suffers from two challenges. Firstly, mixtures of hydrogen and oxygen are explosive over a wide range of concentrations (4-94% H2 in O2). Secondly, the catalytic reaction of hydrogen and oxygen involves several reaction pathways, many of them resulting in water production and therfore decreasing selectivity. The present work deals with these two challenges. The safety problem was dealed by employing a novel microstructured reactor. Selectivity of the reaction was highly improved by development a set of new catalysts. The final goal was to develop an effective and safe continuous process for direct synthesis of hydrogen peroxide from H2 and O2. Activated carbon cloth and Sibunit were examined as the catalysts’ supports. Palladium and gold monometallic and palladium-gold bimetallic catalysts were thoroughly investigated by numerous kinetic experiments performed in a tailored batch reactor and several catalyst charachterization methods. A complete set of data for direct synthesis of H2O2 and its catalytic decomposition and hydrogenation was obtained. These data were used to assess factors influencing selectivity and activity of the catalysts in direct synthesis of H2O2 as well as its decomposition and hydrogenation. A novel microstructured reactor was developed based on hydrodynamics and mass transfer studies in prototype microstractural plates. The shape and the size of the structural elements in the microreactor plate were optimized in a way to get high gas-liquid interfacial area and gas-liquid mass transfer. Finally, empirical correlations for the volumetric mass transfer coefficient were derived. A bench-scale continuous process was developed by using the novel microstructral plate reactor. A series of kinetic experiments were performed to investigate the effects of the gas and the liquid feed rates and their ratio, the amount of the catalyst, the gas feed composition and pressure on the final rate of H2O2 production and selectivity.