A practical real option methodology for the evaluation of farm-in/out joint venture agreements in mineral exploration

Although the “real option valuation” (ROV) methodology offers extremely valuable insights in optimising investment decisions in the face of uncertainty, its practical acceptance in the mining industry has until recently been slow because of its perceived computational complexity. Recent conceptual advances in the use of binomial lattices and software developments in the areas of decision trees and dynamic programming, have significantly simplified ROV analysis and made it of practical application in day-to-day financial evaluations and decisions involving uncertainty. This paper provides general background on the ROV methodology and an example of how a typical farm-in/out agreement, as a preliminary to the establishment of a joint venture (JV), can be valued as a series of sequential and compound real options. For illustrative and quality assurance purposes, a simple farm-in/out agreement is valued from the point of view of the party acquiring equity in the project (the farm-inee) using two distinct methods, i.e. (a) a binomial lattice and (b) a decision tree in combination with binomial stochastic processes, in both cases neutralising risk using the user-friendly “risk-neutral probability”. The fact that exactly the same ROV is obtained by both methods provides confidence in the modified decision tree approach, which opens up the capacity to value the more complex sequential/compound real options inherent in real-life farm-in/out agreements. The model is then modified to incorporate a number of realistic contractual conditions often encountered in typical exploration and mining farm-in/out deals. The paper demonstrates how the increased complexity of the model can be relatively easily addressed using a decision tree with dynamic programming capability.     

On process optimization considering LCA methodology

The goal of this work is to research the state-of-the-art in process optimization techniques and tools based on LCA, focused in the process engineering field. A collection of methods, approaches, applications, specific software packages, and insights regarding experiences and progress made in applying the LCA methodology coupled to optimization frameworks is provided, and general trends are identified. The "cradle-to-gate" concept to define the system boundaries is the most used approach in practice, instead of the "cradle-to-grave" approach. Normally, the relationship between inventory data and impact category indicators is linearly expressed by the characterization factors; then, synergic effects of the contaminants are neglected. Among the LCIA methods, the eco-indicator 99, which is based on the endpoint category and the panel method, is the most used in practice. A single environmental impact function, resulting from the aggregation of environmental impacts, is formulated as the environmental objective in most analyzed cases. SimaPro is the most used software for LCA applications in literature analyzed. The multi-objective optimization is the most used approach for dealing with this kind of problems, where the ε-constraint method for generating the Pareto set is the most applied technique. However, a renewed interest in formulating a single economic objective function in optimization frameworks can be observed, favored by the development of life cycle cost software and progress made in assessing costs of environmental externalities. Finally, a trend to deal with multi-period scenarios into integrated LCA-optimization frameworks can be distinguished providing more accurate results upon data availability.     

Food production in the city: (re)negotiating land,food and property

This paper addresses issues of access to land for food production in Toronto by offering fresh perspectives on urban agriculture in the neo-liberal city of the global north. It examines attempts to scale up urban agriculture that emphasise changing the relationships between land access, property and new collaborative relationships among different stakeholders. These initiatives involve renegotiating access to land for growing food between private property owners and landless growers, concomitant shifts in control over valued resources and commercialisation. These shifts are often based on relations of trust within a sharing economy rather than public battles over political decisions to develop urban agriculture lands. Growing food on private lands in the city is political in challenging taken-for-granted ideas and practices of property and urban agriculture. New approaches offer options for training and income, as well as expanding the land base for urban agriculture. Small-scale farming projects are affirmative political manoeuvres. They challenge urban residents to consider land for food production across the categories of public and private property. We document three approaches that challenge current property relations: temporary use of a development site through “soft” squatting; redesignating suburban backyards for farmer training and community-based and private food production; and garden sharing of private home backyards for urban food production and commercial growing. Such initiatives articulate alternative visions of sustainability and food security that rely on principles of collaboration and a sharing economy that challenge prevailing notions of property ownership and food security.     

Dynamic emergy evaluation of a fish farm rearing process

The environmental sustainability of a fish farm rearing process was examined by means of emergy analysis. Many emergy analyses integrate data for a whole year smoothing short term variations and sometimes losing meaningful information (aliasing). For this reason we developed a model for an instantaneous emergy evaluation in an aquacultural system so that transformities, efficiency and effort spent at each moment during the fish rearing activity could be calculated. By means of the model and dynamic emergy calculations it is possible to recognize step by step the importance of the various emergy contributions and verify where and when to modify the system to move toward optimum production of a sustainable product. By the application of the model we confirmed that the emergy trends in a fish farm installation follow wide oscillations during a year due to variations in both internal and external emergy contributions. Among the fluxes considered, those due to the introduction of fingerlings represented the highest contributions to the total emergy budget. Thus, to improve the sustainability of the analyzed system the amount, frequency and timing of these fluxes must be carefully considered. For this purpose, a comparison between two different fry introduction schedules was performed to evaluate differences in the efficiency of the rearing process.     

A preliminary process design and economic assessment of a catalyst rejuvenation process for waste disposal of refinery spent catalysts

Spent hydroprocessing catalysts from refineries have been classified as hazardous solid waste by the United States Environmental Protection Agency (USEPA), refiners must find a viable but economical solution to solve this serious environmental issue. Catalyst rejuvenation is an attractive option for minimizing the environmental problems associated with spent catalysts. In this study, a preliminary design for such a process and the corresponding economic analysis are performed to assess the proposed catalyst rejuvenation process for metal-fouled spent catalysts generated in residue hydroprocessing units. The scenarios used in the economic assessment are based on three options of process synthesis and two operator modes. It is found that the option of rejuvenating medium and lightly fouled spent catalyst produced by the refinery will be the best solution for refiners, both environmentally and economically.     

Low VOC latex paints from a precipitation polymerization process

Even though paints and coatings have been very useful in protecting various substrates, their use has been accompanied by a heavy environmental price. There is a need to minimize the use of volatile organic compounds (VOCs) in the formulation of these materials. In the latex paint area, we have implemented a conventional precipitation process in emulsions to form binder particles that contain block copolymers and have softer blocks on the particle surface. The softer surface provides the binder film-forming properties without the need for the use of solvents or VOCs. The covalent connections between the soft blocks and the hard blocks are expected to impart good performance in the resulting dry coatings. Indeed, we have shown that our test coating from these binder particles containing block copolymer have similar properties in most performance categories to those of a semi-gloss control paint that has been formulated with typical amounts of VOCs.     

Place as a social space: fields of encounter relating to the local sustainability process

The paper shows how sustainability questions relate to the local space. The local place is not a static entity, but a dynamic one, undergoing constant changes, and it is the rapid social and material processes within the given local situation that is a challenge for the Chinese villages and their integrity. The following article considers the cohesion between the dwellers' emotional co-ownership of their local space and the sustainability process as a driving force in social, economic and ecological development. We bring together the classification of the seven fields of encounter, which were developed out of the empirical data of the Chinese case study villages, and sustainability oriented management considerations for all levels of this concept. We do not pretend to know the solutions, but describe a set of interrelated fields that can be anchor points for placing the solutions and show in which fields action and intervention is possible. In our concept of sustainability, every spatial field has its special meaning, needs special measures and policies and has different connotations to concepts like responsibility, family values or communication systems. We see the social sustainability process as a support for the empowerment of the local dwellers, and the SUCCESS research has encouraged the villages to find suitable sustainability oriented solutions for their natural and societal situation. Before entering the discussion about the chances and potential of a sustainability approach for the Chinese villages, it is first necessary to accept the fact that rural villages play a primordial role in Chinese society and that their potential can strengthen future pathways for China.     

Development of a bioremediation process by biostimulation of native microbial consortium through the heap leaching technique

Heap leaching is an effective and widely used method of recovering metals from low-grade ores. However, the heap leaching technique has not yet been used in other biotechnological processes such as bioremediation. This work describes biostimulation of the native microbial consortium as a novel application of the heap leaching technique to bioremediate mining soils contaminated with hydrocarbons. Microorganisms present in the polluted soil were isolated in a liquid mineral solution using diesel fuel as the sole energy and carbon source. Biodegradation activity was evaluated and two genera, Flavobacterium and Aspergillus, were identified as the primary microorganisms that degraded hydrocarbons in the polluted soil. In order to simulate the heap leaching process on a laboratory scale, using both columns and piles, the contaminated soil was mixed with different sand concentrations and was agglomerated before it was used. Three flow rates, of the mineral solution, were evaluated. Of the rates tested, biodegradation was most efficient at a flow rate of 200 ml h(-1). The heap leaching technique demonstrated good efficiency in the column and pile, with a 2% soil-sand mixture lowering the TPH concentration from 61,000 to 1800 mg kg(-1) (98.5%) in 15 d.     

Separation and recovery of carbon dioxide by a membrane flash process

A novel process for carbon dioxide (CO₂) separation, which was named a membrane flash process, was developed to realize an energy-saving technology and to substitute it for a conventional regenerator. The electric energy for CO₂ recovery in a membrane flash process using aluminum oxide and diethanolamine was lower than the thermal energy of the conventional chemical absorption process. Flashing at elevated temperature by the low temperature energy significantly reduced the electric energy and required much less membrane area. This process has potentiality of low cost capture of CO₂ when the low temperature energy, which is not available for other purposes, can be utilized to elevate flashing temperature.     

Applying a TQM framework to the public policy process: Part I—the framework

In Part I of this article, a TQM framework is described that can be used to analyze as well as manage the public policy process. Key elements of the framework include leadership, issues analysis, goal and policy development, strategic vehicles, implementation, indicators and outcomes, and stakeholder review. The framework can be used to analyze public policy cycles, predict future issues and outcomes, and develop more sustainable approaches to manage linked economic, environmental, and societal issues. In Part II, the framework is used to examine the effectiveness of management of environmental issues in the Great Lakes region over the past three decades and to demonstrate the need for a more integrated approach to regional management.     

浅论城市生活垃圾的资源化系统

现在社会产生越来越多,组份越来越复杂的生活垃圾,已成为严重的环境和社会问题。本文通过对垃圾成份和数量的分析,结果国内外垃圾处理的发展现状,针对四川省省情,提出了加强垃圾分类收集、分选回收,以堆肥、焚烧、再生等手段实现垃圾的资源化系统。并且,对目前的垃圾处理所涉及到的政府职能和社会意识等软环境作了简单描述。     

Quantitative evaluation of the chilled-ammonia process for CO2 capture using thermodynamic analysis and process simulation

There is strong world-wide interest in developing new and improved processes for post-combustion capture of CO₂, often using chemical absorption. Developers of new processes make positive claims for their proposals in terms of low energy consumption, but these are usually difficult to validate. This paper demonstrates that rigorous application of thermodynamic analysis and process simulation provides a powerful way to quantitatively estimate the energy requirements of CO₂-capture processes by applying the methodology to the analysis and evaluation of the chilled-ammonia process.     

Modeling of the denitrification/anaerobic digestion process of salmon fishery wastewater in a biofilm tubular reactor

The literature has paid scarce attention to the modeling of the denitrification-anaerobic digestion process in packed bed biofilm tubular reactors used to treat wastewater. The present study obtained a steady-state model for industrial salmon fishery wastewater treatment in a biofilm tubular reactor, including pH as a variable and the effect of biomass on hydrolysis. The axial profile of the reactor components and process efficiency were predicted with deviations below 6%. The optimal operating zone for the process was found at hydraulic retention time (HRT)>1.5d and inlet protein concentration (S(prot,0))<3000 mgTOCL(-1). Based on our results, we concluded that the removal of organic matter and nitrogen compounds depended mainly on HRT. The effluent pH was mainly affected by the C/N ratio, where a decrease increases pH. Organic matter removal was related with the anaerobic digestion process, while denitrification influenced mostly nitrate and nitrite removal.     

Mineralization of integrated gasification combined-cycle power-station wastewater effluent by a photo-fenton process

The aim of this work was to study the mineralization of wastewater effluent from an integrated-gasification combined-cycle (IGCC) power station sited in Spain to meet the requirements of future environmental legislation. This study was done in a pilot plant using a homogeneous photo-Fenton oxidation process with continuous addition of H₂O₂ and air to the system.The mineralization process was found to follow pseudo-first-order kinetics. Experimental kinetic constants were fitted using neural networks (NNs). The NNs model reproduced the experimental data to within a 90% confidence level and allowed the simulation of the process for any values of the parameters within the experimental range studied. At the optimum conditions (H₂O₂ flow rate = 120 mL/h, [Fe(II)] = 7.6 mg/L, pH = 3.75 and air flow rate = 1 m³/h), a 90% mineralization was achieved in 150 min.Determination of the hydrogen peroxide consumed and remaining in the water revealed that 1.2 mol of H₂O₂ was consumed per each mol of total organic carbon removed from solution. This result confirmed that an excess of dissolved H₂O₂ was needed to achieve high mineralization rates, so continuous addition of peroxide is recommended for industrial application of this process.Air flow slightly improved the mineralization rate due to the formation of peroxo-organic radicals which enhanced the oxidation process.     

Managing Alberta's water: the decision-making process

Land and water are Canada's most valuable renewable natural resources. Canada possesses one-quarter of the world's known volume of fresh water. Fresh water covers 75369000 hectares of 7.1% of the country's surface. This area represents a very substantial number oflakes, rivers, streams, deltas and bays and is perhaps Canada's most vital and strategic resource. Canada has to have ab overall plan of management which provides direction, coordination, and assistance for the management of its water resources at the provincial and regional levels.     

Integrating pollution prevention into the manufacturing process

An Integrated Manufacturing and Environmental (IME) approach to pollution prevention offers the opportunity to achieve regulatory compliance and substantial operational efficiencies. It is accomplished by realizing the simple fact that waste represents a quality defect and adapting traditional manufacturing industry analytical methods to also consider environmental factors. The author outlines techniques and procedures entailed by this approach that are applicable to both large and small facilities as part of an overall Total Quality Management program. Several case examples are provided.