Operation management Essay Example | Topics and Well Written Essays - 1250 words - 1

Operation management - Essay Example airlines, caterers, retailers, banks, etc). A good maintenance shop is a necessity for all major airports. Below is my diagram of what is needed for a fully equipped maintenance shop, from beginning to end. b. Prefabricated materials-these materials would include everything from light bulbs to mops. Bolts, screws, compressors, saws, hammers, nails, everything that is needed to fix things around the airport. Once again local suppliers need to be used whenever possible. 2) Imported materials- Craftsman tools, saws, drills, and other such items need to be imported from the United States. Trucks, bulldozers, and other vehicles need to be imported from Japan and the United States. 3) Finally a building, floor, or shop needs to be designated at the airport. All of the raw materials and imported materials need to able to fit in this area. This area also must consist of a concrete floor for easy maintenance. The area must consist of a large enough area to service airport vehicles, hold replacement parts, and work stations for the employees. 4) Customers Benefit-The customer will benefit from this service in numerous ways. From keeping the plumbing working, lights going, heat, air conditioning, to fixing anything that comes up, the customer benefits from a well working facility. 1(b). Imagine that you have been appointed as Director of Aircraft Maintenance at the new airport, responsible for all the aircraft maintenance facilities. You will not need detailed technical knowledge, as you will have a very well qualified staff of engineers and specialists, covering engines, avionics, instrumentation, heating and air conditioning, electrical and mechanical aspects and even specialists in cabin layout alterations. For about a dozen of the most popular aircraft types using the airport, the manufacturers of each aircraft type

Failure Analysis Strategy Change Essay Example for Free

Failure Analysis Strategy Change Essay Movies have always been a past time enjoyed by many. As the technology continues to grow, many video stores are going out of business and digital or online movies are rising in popularity. Blockbuster Video and Netflix are businesses that have been affected by these changes. Blockbuster opened in 1985 with the mission statement of â€Å"Our corporate mission is to provide our customers with the most convenient access to media entertainment, including movie and game entertainment delivered through multiple distribution channels such as our stores, by mail, vending and kiosks, online and at home. We believe Blockbuster offers customers a value-prices entertainment experience, combining the broad product depth of a specialty retailer with local neighborhood convenience† (Farfan, 2010). Blockbuster continued with the vision statement of â€Å"At Blockbuster, diversity means valuing differences. It’s corporate value that must be continually developed, embraced, and incorporated into the way we do business† (Farfan, 2010). Blockbuster operated with more than 7,400 stores worldwide and also operated through 1,600 franchise stores. As technology started to change, customers began streaming movies from the Internet as well as using kiosks, such as Redbox, for movie rentals. Competition became a large factor in Blockbuster and the failing of the company, but a large part of the failure was due to manage changes and misunderstanding of the business as a whole (Dunston, 2014). Blockbuster Failure In 2006 and 2007, Blockbuster was approached by the CEO of Netflix, Reed Hastings, asking them to acquire Netflix. Hastings knew that Netflix had not formulated a plan to stop Blockbuster from stealing their customers, at the rate of a million per year. Blockbuster decided that the company did not  need Netflix because Blockbuster had a stronger and larger growth, but then a change that was never expected happened. A new CEO was named for Blockbuster after a boardroom dispute. The man appointed CEO didn’t fully understand the business and what Blockbuster needed in order to remain above the competition, especially Netflix. The CEO started changing plans for the company and even pulled out the Internet efforts that had been in place for Blockbuster. Within 18 months, 85% of the capital value of the company had been lost; within in 2 years, it was completely gone (Dunston, 2014). Netflix Netflix views themselves as â€Å"freedom of on-demand and the fun of indulgent viewing† (Netflix, 2014). Netflix also focuses on the convenience of the no-hassle, online cancellation and offer movies and TV series network. Technology and good leadership is how Netflix became the leader in the industry (Halal, 2010). Netflix executives understood that the emerging technology was rapidly changing the delivery of movie rentals. CEO, Hastings, developed â€Å"strategies involving Internet streaming, convenient customer service, and the virtual organization to deliver it cheaply and flawlessly† (Halal, 2010). Another part of Netflix’s technology strategy was to avoid the burden of having to go to a video store for customers. Customer service is key to a successful business, so Hastings used a monthly subscription to allow customers to have access to unlimited rentals, including no late fees. Instead of the hassle of renting movies, the focus is providing convenience. With the mission statement and vision of â€Å" Our core strategy is to grow our streaming subscription business domestically and globally. We are continually improving the customer experience, with a focus on expanding our streaming content, enhancing our user interface and extending our streaming service to even more Internet-connected devices, while staying within the parameters of our consolidated net income and operating segment contribution profit targets,† shows that the company wants the best for the company as well as their customers (Netflix, 2014). NetFlix Organizational Theories In reading many articles online about the success of NETFLIX the two organizational behavior theories that have been seen in this company have been decision-making and system approaches. Netflix’s huge decision to become a virtual DVD rental via online instead of going to actual in-store purchases like Blockbuster, has placed them at the top of the food chain. The technological advances alone for Netflix has change the industry forever, they took the systems approach by understanding the company’s input and output process and integrated the drive in developing new adaptive capacities and innovation. Blockbuster’s organization theory of scientific leadership placed a great deal into how the company ran it’s in store business and how the objectives and decisions were placed within the company. If Blockbuster could focus more on the click feature like how Netflix did, and not dismiss the idea that it would be a revolutionary change in the industry and within Blockbusters stockholders. Roles of Leadership and Management Per Netflix (2014) it has a â€Å"functional organizational structure, which aims at its functions themselves, rather than by customer segments or regions†. They have a CEO; Reed Hastings has 6 departments that have managers within them that run it. The organization beyond those 6 managers is not as structured as the top echelon is, they run their departments as they see fit. The CEO has instilled in their managers the management style of â€Å"Context, not Control† (Siegler), implying that very little control is given to employees, rather employees are held responsible for their actions and are expected to work efficiently and independently. Because of this idealists approach to management and how successful the company has been with it, they have found that they have no need to change their management style yet. Organizational value within Netflix has been on promoting the â€Å"stunning colleagues† (Netflix.com, 2014), and their importance in a great workplace. They have 9 values that they show is priority number 1 at Netflix, â€Å" judgment, impact, curiosity, innovation, courage, passion, honesty and selflessness (Siegler). The basic values that they believe as a company are workplace efficiency, emphasis on effective over effort, management best practices, retention practices, and large emphasis on a large salary, rather than stock options and bonuses. They believe that this  creates an environment that promotes productivity, and efficient work environment, which shows in colleague retention and overall happiness at Netflix. Part 2: Leading Organizational Change As the CEO of Blockbuster it is my responsibility to evaluate the organizations structure as well as the power and political issues within the company. The CEO can be disconnected to what is going on at the operations level of the company if he or she does not put forth the effort to be involved. As the CEO I will be involved in the operations of the company and be a leader employees can look up to. To implement the organizations change I will use a strategy based on John Kotter’s 8 step plan for change. John Kotter’s 8 steps are â€Å"establishing a sense of urgency, forming a powerful guiding coalition, creating a vision, communicating the vision, empowering others to act on the vision, planning for and creating short-term wins, consolidating improvements and producing still more changes, institutionalizing new approaches†(Mintzberg, Lampel, Quinn 2003). As the CEO of blockbuster I see that technology is changing and we must keep up. If we do not keep up with the technological advances we are doomed to fail. I see the company as a technology company and not just a movie rental company. I do not want Blockbuster to just survive, I want Blockbuster to thrive. Blockbuster will start investing in new internet technologies and streaming services. We will align ourselves with major motion picture studios to ensure that we get the newest movies and offer our customers the best services possible. Upper management will actively seek new opportunities and new world markets to expand our services. All employees will be encouraged to provide new ideas and mediocrity will not be accepted. Every aspect of the company will be evaluated and our services will provide our customers with the greatest movie streaming value. Reference Dunston, Dain (2014). When Blockbuster Forgot What Business They Were In. Retrieved from www.daindunston.com Farfan, Barbara (2010). Company Mission Statements – Complete List of World’s Largest Retail Missions. Retrieved from www.retailindustry.about.com Halal, Bill (2010). How Netflix Beat Blockbuster: An Exemplar of Emerging Technologies. Retrieved from www.billhalal.com Mintzberg, H., Lampel, J., Quinn, J. B. (2003). The Strategy Process: Concepts, Contexts, Cases (4th ed.). Upper Saddle River, NJ: Prentice Hall Netflix Long Term View (2014). Retrieved from http://ir.netflix.com Netflix Capstone and Final Report (2014). Retrieved on January 7, 2014. http://mgmtclarity.files.wordpress.com/2010/04/capstone_final_report.pdf

Financial Analysis for Mining Project

Financial Analysis for Mining Project Definition of Project Finance Financial institutions use a particular type of lending known as project finance when funding a developing mining project. The loan is repaid from the cash flows generated by the project with no recourse, or only limited recourse, to the company as a whole. In non-recourse lending, no tangible assets exist until the operation is brought into production. Clearly the lender will be exposed to all the risks associated with the project which could result in revenue being insufficient to service debt. Banks will thus always take a conservative stance when evaluating the economic viability of a project and may look to the project sponsor to provide corporate guarantees for the loan. If the sponsor is a junior company with little or no collateral, the role of government-backed guarantees becomes important. Project finance is not readily available to junior companies with proven deposits but no operating production. These companies may instead generate funds from the equity market to bring the project to the stage of being a viable operation. Once steady cash flows have been established, debt finance then becomes both possible and attractive and is used to develop the project to its optimum potential. Project finance is also used to develop a particular component of well established operations, such as new mining equipment, the rehabilitation of old or the sinking of new shaft systems, or upgrading of a treatment plant. Why Project Finance? Mining projects are capital-intensive ventures with an inherently high risk, and as such are often not deemed sufficiently creditworthy to obtain traditional financing. The project sponsors may be unwilling to carry the risks and assume the debt obligations associated with traditional financing even if it is available. Project finance is an attractive alternative as it allows the risks associated with the project to be shared with the principal lender. The main advantage of non-recourse funding is that the sponsor has no obligation to service the debt if cash flows generated through mining operations are insufficient to cover the principal and interest payments on the loan. The lender has the security of a collateral guarantee from the sponsor and an economic completion test (ECT) if a project is being developed from the feasibility stage. An ECT acts as a safeguard for the lender against any flaws in the feasibility study encountered during the construction phase and over the start-up period of the project. Once the project has passed the ECT then the guarantee falls away, and the only asset the bank can claim is the actual cash flow itself. Sponsors typically seek to finance the development and construction costs of a mining project on a highly geared basis, often around 60% to 70% debt. Such financing permits the sponsor to put fewer funds at risk and develop the project without diluting its equity investment in the venture. Project finance can also lead to reductions in the cost of capital, as lower cost, tax-deductible interest is used rather than higher cost, taxable returns on equity. Financing should be structured to maximise tax benefits and ensure that all available tax benefits are taken advantage of by the sponsor. Project Financing Participants Sponsor/Developer The sponsor or developer of a mining project is the organising body that controls and has an equity interest in the company or other entity that owns the project. In mining projects there is often more than one sponsor, and these will normally join together under a joint-venture agreement to form a single corporation/partnership that will essentially function as the project owner. A joint-venture agreement must be carefully drawn up with legal involvement and must clearly state the respective rights and responsibilities to the project of the parties involved. Lender The lender of project financing is a financial institution or group of financial institutions that provide the capital loan to the project company. Lenders are usually corporate investment banking groups, though NGO involvement in project finance is important in developing world countries. Due to the non-recourse nature of project finance, the lender takes a security interest in all of the project assets. Government If the sponsor is a junior company with little or no collateral, governments may be required to provide the lender with a guarantee on the loan. This practice is particularly common in the former Soviet Union region, where formerly state-owned projects now seeking to develop in the private sector are backed by national governments in their applications for project finance. An Introduction to Modelling Metal Project Finance February 1, 2010 Schedule to Project Finance The development of a project to the stage where project finance becomes viable involves going through the following stages: resource definition drilling of exploration target; preliminary feasibility study; further project development expenditure; full feasibility study; and information memorandum. Preliminary Feasibility Study Once an economic mineral resource has been identified by an exploration group, a preliminary feasibility study is undertaken by a small group of experienced professionals to determine if further expenditure on the project is justified. The foundation of the pre-feasibility study is the development of a geological model which forms the basis of the reserve estimation. Geostatistical techniques can then be applied to determine if the deposit has been correctly sampled and provide an indication of the uncertainty associated with the estimated grade. The whole integrity of a project will be called into question if the geostatisticians have to place any qualification on the reliability of the sampling programme. Once the geometric form and size of the deposit and the concentration of the mineral have been established, an initial design for the mine and mineral processing stages can be considered. It is particularly important that the rate of production should be on a scale which is appropriate to the size of the ore body. A mine life much in excess of 10 years does not enhance the net present value (NPV) of the project, while too short a mine life does not permit adequate return on capital. A simple discounted cash flow analysis based on some broadly based engineering assumptions can then be set up, provided the reserve estimation is reliable. This will establish the overall financial viability of the project and allows a basic sensitivity analysis to be undertaken. Full Feasibility Study Most junior companies do not have the resources required to meet the high cost of generating all the data needed to undertake a full feasibility study and then fund the study itself. This phase of project development is often funded by bringing on board a major joint venture partner or by raising finance through share issues on the stock market. Essentially, the technical component of the prospectus for a market listing on one of the senior stock exchanges involves the preparation of a pre-feasibility study. Typically, a junior company with a proven deposit will attempt to establish a production capability once equity funding has been obtained. This will provide material for a full feasibility study. Before a mining project can proceed from the exploration and evaluation stage to full-scale production, all available data and relevant factors are compiled and evaluated as part of the full feasibility study. This should analyse every technical, financial and other aspects of the project. The major topics that are expected to be covered include: geology; grade and reserve estimation; mining method and plan; mineral processing design plan and test results; capital costs, taxation and royalty assumptions; operating cost estimates; product price assumptions and negotiated sales contracts; environmental considerations and operating permits; and financial modelling. Typically, a full feasibility study would involve a team of at least 10 professionals who could take up to a year to complete the task. It would be used as a blueprint when calling for tenders and awarding multi-million dollar contracts. Information Memorandum An information memorandum builds on the full feasibility study and results in the document required by the bank in any application for debt finance. While this document would incorporate a full technical feasibility study, a bank would also require background information on the borrower. This includes audited company accounts, a profile of the company structure and senior personnel, the legal framework of the company, the proposed loan terms and all the necessary information on exactly how the loan will be administered, controlled and protected. This material is all incorporated in the information memorandum. Sensitivity analysis would be undertaken on the financial model and key parameters such as operating costs and capital costs would be varied. Clearly much greater confidence will be placed on estimates provided by an experienced mining company than junior companies with no production experience. While junior companies can hire consultants to provide technical reports covering operating and capital costs acceptable to the lender, they will need to assemble an experienced management team. Getting a mine and processing plant to perform to their design capabilities is as much an art as a science. A proven track record is clearly an advantage. The information memorandum will also require an environmental audit to be carried out with specific reference to liability for previous mining activity. Superfund legislation in the US can hold lenders responsible for environmental damage at sites where loans have long since been repaid, or where degradation occurred before it was owned by the mining company to which the bank has provided debt finance. The Lenders Decision Making Process The lender will initially review the submitted information memorandum and it is then frequent practice to hire an independent consultant to perform a due-diligence test or prepare an independent feasibility study. Banks will construct their own financial models and carry out detailed sensitivity analyses. Potential risks must be identified and quantified prior to committing to a project. Given the number of independent and interdependent variables present in a mining operation, it is quite impossible to envisage all possible scenarios that could prevail during actual mining. Monte Carlo techniques are sometimes used to simulate some of the possibilities, but these assume the statistical independence of the parameters, which is clearly not valid. Once the project finance analysts have reviewed and accepted the information memorandum, their findings will be presented to a credit committee which is responsible for the ultimate accept/reject decision. The background information on the borrower and credit guarantees are particularly important at this stage. The Purpose of Modelling The size and complexity of a projects financing requires accurate financial analysis, and modelling plays a vital role in charting a projects cash flows. Both the lender and sponsor alike need to establish that future revenues will be of sufficient magnitude to meet loan repayments on schedule while still producing a residual profit for the sponsor. Discounted cash flow (DCF) modelling thus forms an integral part of the preliminary and full feasibility studies and allows the economic viability of a project with debt finance to be tested. Cash flow modelling should be undertaken throughout project development, with an increasing level of detail as more data becomes available. A preliminary feasibility should include a simple DCF model that allows the overall financial viability of the proposed operation to be established. By the time a project reaches full feasibility level, detailed engineering studies and market evaluations will have been undertaken and capital costs, operating costs, and predicted sales levels can be defined with confidence. A full feasibility cash flow model will thus be more refined and will incorporate tax and royalty formulae and full project financing scenarios. A detailed sensitivity analysis will also be included. In evaluating an information memorandum, the lender will scrutinise the cash flow model of the project and employ independent consultants to verify the cost assumptions used. The lender will perform a risk analysis on the model inputs and analyse the project financing component in order to determine the banks optimum lending scenario. DCF Analysis and the Time Value of Money The principle of discounting cash flows is based on the logic that money received in the future is worth less than that same amount received today, due to the opportunity of earning additional revenue on that sum if it were to be invested elsewhere. Suppose there is a choice of receiving $1000 today and investing it or receiving $2000 in ten years time. Which is the most valuable outcome? The answer clearly depends on the prevailing interest rate. If it happens to be 5%, the money would be worth $1629 at the end of ten years and so it would be better to wait. On the other hand, if the current rate happens to be 10% the sum would be worth $2594 in ten years time and so it would be preferable to take the money now and invest it. The break-even interest rate in this scenario is about 7.2%. Modelling incremental discounted cash flows analyses the financial viability of a project by not only testing that generated revenues are substantially greater than costs and debt service requirements, but also by measuring the present value of those profits. The underlying philosophy in DCF analysis is that the project is to be compared with investing the same stream of cash flows elsewhere. One of the essential questions in DCF analysis is how to choose the discount rate. Discounted cash flows can be used to determine the Net Present Value of the project, which is essentially a present valuation of the potential of the deposit to generate future profits. NPV is calculated as follows: Projects with an NPV greater than zero will produce greater revenues than their costs at the minimum acceptable rate of return (the discount or hurdle rate), and mutually exclusive investment opportunities are ranked by magnitude of NPV. The Internal Rate of Return (IRR) and Payback Period of a project can also be calculated from a model of future cash flows. IRR is essentially the discount rate at which NPV at time zero of all cash flows is equal to zero, and is calculated as follows: A project is profitable if the IRR exceeds the opportunity cost of capital (the projects discount rate), and mutually exclusive scenarios are ranked by magnitude of IRR. Payback period is simply the time taken for the initial capital investment to be recovered by the stream of annual positive cash flows, and is not generally used alone for making an investment decision as it takes no account of the time value of money. Developing a Spreadsheet-Based Model The most important elements to remember when developing a spreadsheet model of projected cash flows are clarity, consistency, and flexibility. The spreadsheets used in some projects can be very large and complicated, with entries going from page to page. Spreadsheet cells call for results from other cells which in their turn call other cells. It is not always easy to follow the logic of the steps being carried out and, when the spreadsheet is very convoluted, there is a real possibility of artefacts being introduced. Even if there are none, it becomes very difficult to test the projects sensitivity to input parameters. There is great benefit to be gained from a consistent basic layout with a clear flow of logic throughout. Input pages, calculations, and output reports should be kept in separate areas. This course has employed the use of IC-MinEval, a purpose-designed software package for the financial evaluation of mining projects. IC-MinEval automates all the stages required to produce an Excel-based DCF model of a mining project through a series of clearly defined menu-driven forms that prompt the user to enter all the necessary technical and financial variables. Once the key technical and financial data has been entered, it is checked and a comprehensive series of Visual Basic routines ensures that a set of Excel worksheets are generated to form a customised DCF model. The DCF method of analysis has the advantage that a model can be constructed which reflects the primary technical features of the project. This does, however, require a level of knowledge about the operation which may not be available outside the company, but it is still possible to develop a model based on comparative scenarios which can provide the basis for a preliminary valuation. This is the approach followed by IC-MinEval and adopted in this course. The first step in creating a spreadsheet cash flow model is to compile all available project information on an input sheet database. This includes all the technical information which will allow calculation of mine life, annual ROM production and annual production of saleable commodity. The input sheet must also contain project cost information to allow calculation of annual capital, operating, and transportation costs. Finally, financial data must be input, including sale price, tax and royalty rates, project discount rates, and project financing information. A separate series of worksheets can then be created to calculate the annual production, sales and costs. The results are then used to construct a model of the cash inflows and outflows in each year of the projects life. A mine life much in excess of 10 years does not enhance the NPV of the project, while too short a mine life does not permit adequate return on capital. A project with a very long potential lifespan should thus only be modelled over the first 10 to 15 years of its life. It is unlikely that a mine with a longer life could operate effectively without additional capitalisation and so the cash flow forecasts for the later years would be highly subjective in any case. Project Input Data The input data needed to construct a spreadsheet-based cash flow model is divided into project technical information and financial information. IC-MinEval has a series of input screens which prompt you for all the necessary data, navigated from an input menu screen (Figure 1). The basic technical inputs can be subdivided as follows: general project information; resource information; mining rates; costs; commodity price; expenditure; and environmental and closure provisions. General Information General information is required on the commodity/ies, and on the mining method that is to be used to exploit the resource. The choice of mining method has important implications for the rate of production, equipment, capital expenditure and mining operating costs. The permitting and construction period also needs to be established in order to determine the total pre-production period of the project, the time after the initial capital expenditure (capex) has been spent before production (and revenue) can begin. In terms of project finance, the end of this period signifies completion when the projects cash flows become the primary source of debt repayment. Resource Information Information is required on the size of the deposit, the grades, and several other mining parameters. The total mineralised volume of the deposit revealed by geostatistical evaluation can be multiplied by the specific gravity of the particular ore-type to calculate the total in situ ore reserve tonnage. The expected mining recovery (the percentage of the in situ ore that can be mined) provided by the engineering study is multiplied by the total in situ ore tonnage to determine the total ore to be recovered.The expected dilution (the amount of waste rock that is mistakenly mined as ore), stripping ratio (the amount of waste material needed to be removed for every unit of ore mined in surface operations), grade (average grade of ore mined that is higher than the economic cut-off) and plant recovery (the percentage of the commodity contained in the ore rock that can be extracted by the plant) are also required in order to establish the quantity of the saleable commodity produced. Mining Rate The mining rate needs to be established because it directly affects the mine life and capex, as the more rock mined per year, the larger the processing plant and equipment that is required. In addition to the average rate during full production, it must also be established if the mining rate is to be varied over the first few years of production, to model a more realistic slower start up rate. It is particularly important that the rate of production should be on a scale which is appropriate to the size of the ore body. A mine life much in excess of 10 years does not enhance the net present value of the project, while too short a mine life does not permit adequate return on capital. Costs The reliability of a cash flow model often hinges on the accurate determination of the projects capex and operating costs. If these are known, or an accurate estimation is made from similar operations, then these figures can be entered directly. However, project costs are often not known with any degree of certainty during the construction of an early financial model. In this case, OHara cost formulae can be used to calculate rough estimates of capex and operating costs (OHara and Suboleski (1992)). Capex Capital costs (capex) are costs in a particular year that will produce benefits in later years. The major capital requirements in mining projects are the cost of constructing the mine site (including purchase of mining equipment), mill and processing plant. Additional costs and expenses that will be incurred in developing a project are termed capital overheads and can be entered into the model as a percentage of the total capex. Operating costs Operating costs (op costs) are costs that only produce a benefit for that year and are calculated annually. In order to establish the total operating costs per tonne of saleable commodity, the costs of mining ore, mining waste and processing must be established. There may be annual fixed operating costs (e.g. administration costs, salaries, office overheads) that must also be incorporated into the model. If coal or an industrial mineral product is the commodity in question, an additional transport cost component must be established. Commodity Price The expected sale price(s) of the product(s) and how this/these will vary over the project life must be established. It must be decided whether the commodity/ies will be sold entirely on the spot market or whether a percentage will be forward sold at a different price. Hedging details must be incorporated into the model if forward sales are to be applied. Expenditure The model must reveal how capex payments are to be spread over the first few years of the project and the amount of working capital to be used must be established. The capex is unlikely to all be employed in the first year of the project, depending on delays and the construction period. Working capital is the capital reserve required for the day-to-day running of the operation and can be expressed as a percentage of the annual operating costs, normally set at around 25%. Environmental and Closure Provisions A financial model should include the expected environmental costs and additional costs associated with the projects closure. This may incorporate a fixed bullet payment at the end of the mine life to cover environmental rehabilitation costs, a sink fund at the beginning of production that acts as an environmental bond to cover rehabilitation costs, and annual environmental costs during production and after mining to cover on-going costs. It must be established how long after completion of mining the annual rehabilitation costs have to be paid. Basic Financial Parameters The financial inputs to the model set the basic financial parameters of the project, such as tax and inflation rate, depreciation, and project financing scenario (Table 1). Discount Rate and Cost of Capital There are two methods of discounting that can be used to calculate the NPV in a financial model. The pre-determined discount rate can be used or the weighted average cost of capital (WACC) can be used. WACC is calculated as follows: As the NPV is calculated on the cash flows before funding but after tax, an allowance is made for the tax implications of interest payments on debt. The cost of debt is calculated as: The WACC thus varies according to the debt/equity ratio of the projects funding structure. The cost of equity is generally higher than the cost of debt, reflecting the higher rate of return required by the equity holders in comparison to the cheaper interest rate on debt. Thus the greater the percentage of total capex funded by debt, the lower the WACC and thus the more favourable the calculated NPV. This is an essential principal of project finance. Project Finance Parameters Input information is required to set up the financing structure of the project including the amount of debt and equity, interest rate and repayment schedule. Capital structure The debt/equity ratio and the size of debt will be decided by the lender. This can be expressed as a percentage of the total financing requirements that will be funded as debt. The optimum draw-down period for the debt funding will be agreed between the project sponsor and lender, and may be drawn out over as long a period as the first five years of the project. Loan type and repayment schedule The schedule for loan repayment needs to be established in order to complete the cash flow model. The number and size of loan repayments will be negotiated between the lender and sponsor, as will the grace period, if any, before repayments must commence. Loan repayments can be made in equal instalments (straight loan) or made proportional to the production rate (production loan). There will be other cash flows associated with organising the project finance that must also be included in the early years of the model. These include an up-front fee by the bank for arranging the loan (a percentage of the total loan available), a commitment fee (an annual fee charged on the amount of the loan that has not been used), fixed charges (for agents fees, legal documentation, independent reports, etc.) and contingency to act as a cushion against unexpected cost rises, etc. (a percentage of the total required funding). Loan interest rate This is the annual rate of interest on the debt as set by the lender. Return on equity This is the annual expected return on equity invested as funds. This can be calculated by a variety of methods including the Capital Asset Pricing Model (CAPM). It is often linked to the overall company gearing of the project sponsor. Demand for Nickel Top of Form Session Headings: Bottom of Form Introduction Nickel is one of the more common elements in the composition of the earth, but it is sparingly distributed in the earths crust. Nickel is usually found in modest concentrations and occurs in conjunction with a wide variety of other metals and non-metals. The worlds nickel resources occur in two main geological settings: in secondary minerals such as garnierite and limonite contained in nickel-bearing laterites; and in sulphide minerals associated with mafic and ultramafic igneous rocks. The nickel grade of lateritic ore typically ranges from 1-2%, and that of sulphide ore from 1-4%. Nickel is of considerable economic and strategic importance to many countries, its main use being a critical component in the development of metal alloys. More than 80% of the worlds nickel production is used in alloys, and about 60% of global nickel is used specifically for the manufacture of stainless steel (NIDI (2005)). Nickel is also used in the manufacture of Monel Metal, a corrosion-resistant alloy used by the shipbuilding industry, and is an important strategic metal. Throughout the early 1980s the growth in nickel production exceeded the growth in demand, but the late 80s and early 90s saw this trend reversed as the number of emerging new applications of stainless steel, combined with its rapidly-improving price competitiveness, generated a sustained growth in demand for nickel metal. Indeed, Chinas use of nickel-containing stainless steel and its use of primary nickel have grown dramatically and with impressive consistency over the last fifteen years (NIDI (2004)). Nickel s tocks were rapidly depleted over the middle years of the 2000s, but recovered during the 2008/9 world financial problem period. Concern over depleting reserves of sulphide ores, the traditional source of nickel metal, and high nickel prices led to renewed interest in nickel laterite ores that were previously thought too technologically difficult and costly to treat. The introduction of High Pressure Acid Leaching (HPAL) as a large-scale hydrometallurgical method of concentrating nickel metal and cobalt by-products from limonitic laterite ore appeared to enhance the feasibility of laterite deposits as a long-term solution to the continuing demand for nickel. However, poor initial operating performances at major new HPAL processing plants have cast doubt over this technologys ability to provide a large-scale supply of nickel while operating economically. So sulphide deposits remain the main source of nickel metal. The following working sessions therefore will concentrate on sulphide nickel deposits and provide a review of the major technical aspects of nickel projects that must be taken into consideration in th e economic analysis of such operations. Part 5 introduces a typical nickel sulphide case history with which to demonstrate the modelling of nickel project finance. Prices and Markets The nickel price is closely linked to the global demand for stainless steel which is in turn governed by industrial productivity associated with the global economic climate. 2007-08 witnessed a huge fall in London Metal Exchange (LME) nickel prices (Figure 1), principally due to the collapse of the world economy resulting in huge drop in demand for and production of stainless steel associated with the recession. 2009 has witnessed a modest resurgence in the LME nickel price as demand has outstripped production. Since 2002, a booming commodities sector, partly driven by the rapid growth of China, put substantial pressure on nickel suppliers to meet demand. This in turn had a huge impact on prices. However, forecasting forward much is dependent on how sustained the 2009 easing of the recession will be. The general trend of increasing nickel prices in through most of the mid 2000s, generated renewed interest in the nickel sector. Western Australia in particular witnessed significant increases in production over the past period, with several new major nickel sulphide and laterite projects arising. However, the new HPAL laterite operations in the region did not live up to expectations, with over-optimistic product

Anne Frank :: essays research papers

Anne Frank was a German-Jewish diarist. She was known for the diary she wrote while hiding from anti-Jewish persecution in Amsterdam during World War II. Her diary describes with wisdom and humor the two difficult years she spent in seclusion before her tragic death at the age of 15. Since it was first published in 1947, her diary has appeared in more than 50 languages. Perhaps more than any other figure, Anne Frank gave a human face to the victims of the Holocaust. Annelies Marie Frank was born on June 12, 1929, in Frankfurt am Main, Germany. Because of their Jewish faith, Anne Frank and her family fled Nazi Germany for the Netherlands in 1933 to avoid persecution. After Germany invaded the Netherlands in 1942, the family spent two years living in a small hidden room in Amsterdam in order to elude capture by Nazi occupation forces. They were discovered in 1944 and arrested. Anne was sent to a concentration camp, where she died the following year. Her famous diary of the two years she spent in hiding was later found in the room where she and her family had lived. Anne’s father, Otto, had taken the family to Amsterdam, where he had established a small food products business. When Germany invaded The Netherlands in 1940, the Franks once again became subject to escalating anti-Semitic persecution. In 1941 Anne was required to transfer from a public school to a Jewish school. Secretly, Otto Frank prepared a hiding place by sealing off several rooms at the rear of his Amsterdam office building. A swinging bookcase hid the rooms Frank concealed. In June 1942 Anne received a diary for her 13th birthday. She began to write down her thoughts and experiences in the form of letters to an imaginary friend. One month later the Franks went into hiding in the office building. For the next two years the Frank family shared cramped quarters with four other Jewish people. In the ending the people she lived with were the ones that published her diary. Over the time of 25 months, Anne recorded her experiences while hiding from German troops. Her diary describes the fears and emotional conflicts of people crowded together in secrecy. The diary also had its good times apart from its bad such as funny and memorable moments. These include birthday celebrations and Anne’s first experience with falling in love.

Athena the god :: essays research papers

Athena The god Athena, back in time when Greece was making its mark in history as one of the great civilization of the Ancient World, there was a great deal of emphasis on the Gods and Goddesses. To the Greeks the world was governed by the Gods and they were the reason many things happened in the world, mostly things that where unexplainable. The goddess Athena was one of the many gods or goddesses that played a large role in Greek mythology. Even though Athena was the patron saint of Athens she supported other Greeks outside of Athens, such as, Achilles, Orestes, and especially Odysseus. Athena is know to be the goddess of war, guardian of cities, patroness of arts and crafts, and promoter of wisdom (Classical). Athena’s name actually came form the Cretan and Mycenean name Athene which predates the Greeks by about 1,500 years. The ending ‘-ene,’ was set aside for royalty and goddesses, like Helene. She was also called by some Greeks as Pallas Athena. Not many people know where the name Pallas came from. Some legends say she obtained it from the giant Pallas that she killed in the war of the gods and giants (Athena Parthenos). Another legend says that Athena accidentally killed her childhood playmate Pallas. By taking Pallas’ in front of her own, Athena shows the grief that she endured for the loss of her friend. Athena had such an impact on the Greeks that the Romans adopted her and called her Minerva (Classical). The origins of Athena’s name are not the only discrepancy that historians have had. The origin of where Athena came form is also a discrepancy. Zeus feared that he would be overcome by a son greater than he born from the intelligent Metis. To prevent this Zeus ate Metis. There for, Athena, in the most common legend, was born fully grown out of Zeus’s forehead. Another legend, this one form Crete, says Athena was hidden in a cloud. Zeus hit his head on the cloud and caused Athena to appear. Out of all the cities that Athena helped and protected Athens claimed her as there own (The Myths). The Atheans believed that the first king of Athens, Erichthonius, was a descendant of Athena. Even though Poseidon was greedy of earthy kingdoms, he challenged Athena for the city. The both of them appeared before the court of gods and goddess to make a judgment.

How does samules shape the ending to Act 1 and how effective do you find it? Essay

How does Samuels shape the ending to Act 1 and how effective do you find this ending? (30 marks) Samuels uses different ideas and techniques in order to shape the ending in order to make it an effective piece of writing. He creates suspense and emotion in order for the audience to feel attached to the plot and show the true feelings of the characters. Samuels does this by not only highlighting the vast emotions of both charters but also mixes this with a novel called ‘The Rat-catcher’. This book was one from Evelyn’s childhood and both she and Eva were haunted by it throughout her life. The first way in which Samuels shapes the ending of Act 1 is by exaggerating the drama and emotion of the situation in order to emphasis the great truth that is revealed in this situation; that Faith is a Jew, effected by the Holocaust. For example Faith says, â€Å"Jesus. How could I possibly not be a bad child with such a terrible mother?† Then later in the conversation, â€Å"I could kill you†. During this last section the truth is being revealed to Faith of her past, of her being a Jew and of her grandfather’s death during the holocaust which had been otherwise hidden from her previously. Here Samuels highlights the flying and rising emotions of the conversation, in order to spark a more interesting and viewable final act. Another way in which Samuels shapes the ending of Act 1 is by creating a link between Eva, Evelyn and the dreaded Rat-catcher, in an on stage masterpiece. He uses the layouts of the play to not only create drama between the same person, in different periods of time but also between them and a mythical being. For example, Evelyn: â€Å"He’s not coming† and Eva: â€Å"He’ll burn my fingers till they melt†. Here both characters are talking about someone who does not actually appear to them but is rather just a being that gets inside their consciences in order to question what they are doing. This means that a dramatic contrast is created between Eva and Evelyn, the past and present, which impacts by allowing the audience to understand the difficultly between the choose of leaving her old life behind of facing the reality of what is a daughter discovering her hidden past.

King Arthur Literary Analysis Essay

The name King Arthur appears throughout a countless amount of literature, stories, cinema, and legend. King Arthur has always been a long-standing icon of heroism, and heroism is a theme mankind takes pleasure in romanticizing. Arthurian Romance is the classic example of good versus evil, knights in shining armor, forbidden love, and sorcery; the basic elements of a romanticized tale. And in a dark time where religion clashed, empires fought in epic battles, and the people of Britain suffered from poverty and disease, Arthurian legend was needed to lift the spirits of the hopeless. Arthurian Romance is an accurate portrayal of the time period better known as the Medieval Ages because it takes the woes and misfortunate events of that time and twists them into a heroic soap opera full of love, tragedy, and triumph. The Medieval Ages began around 476 AD, when the Roman emperor of the West abdicated. The period ends in the late fifteenth century with the discovery of the New World. During this period, different nations conquered and collapsed, society changed, and religion was further divided. During the Middle Ages, the Holy Roman Empire had begun an effort to occupy Britain. They wanted to drive out the Anglo-Saxons and convert the Pagans to Catholicism. A long lasting relic of Roman involvement in Britain is Hadrian’s Wall, which was a heavily fortified wall running west to east and was probably used to keep barbarian tribes out and regulate trade and passage into Romano-Britain territory. Along with military involvement, Rome also spread Catholicism to a Pagan Britain. Catholicism involves a hierarchy of religious leaders, with the Pope at the top. There are also bishops, priests, monks, and nuns who are apart of the clergy. Other than the clergy, Medieval society was composed of nobles, knights and serfs. Nobles commonly owned fiefs, an estate of land, and the serfs who worked there. Knights were employed to guard the fief and fight wars with other nobles. This was called Feudalism. When nobles declared a war on each other, many different warfare tactics were used to take down castles. Siege warfare was common, in which scaling ladders, battering rams, siege towers and catapults were utilized in order to enter a fortress. Infantry included archers and cavalry, and there was a broad assortment of weapons used; daggers, long swords, crossbows, throwing axes, clubs, maces, halberds, lances, and many more. While knights commonly fought for a noble or king, a group of fearsome knights known as the Templar Knights fought in the crusades for religious conquest. The Templar Knights are associated with King Arthur’s quest for the Holy Grail, and some of the knights of the round table are portrayed wearing a large red cross on their breastplate (which is the symbol of the Templar Knights). Knights were also involved with jousting. Jousting was a martial game between two knights mounted on horses and using lances. This was often part of a chivalrous tournament or used as a military tactic of heavily armed cavalry. Knights and nobles also were encompassed in courtly love, a conception of nobly and chivalrously expressing love and admiration. Courtly love often did not take place between a husband and wife. Instead, a man would shower another woman in gifts and symbols of his love to her and they would keep their affair secret. A famous example of courtly love is the affair between Lancelot du Lac and Queen Guinevere. The Middle Ages had many lows. Many people associate these times with the Black Plague or the Bubonic Plague. When the Mongols from the east attacked Europe, they brought with them a terrible disease that wiped out about 138 million people. Also during the Middle Ages, there was decrease in scholarly thinking and the quality of art. Religion is blamed for stunting the growth of new ideas and inventions. In fact, religion is the overlying cause for many of the events of the Medieval Ages. The greatest dispute over religion was the East-West Schism that split Christianity into the Roman Catholic Church and the Eastern Orthodox Church. This split was born from disputes over whether the Pope could marry and iconoclasm (similar to worshipping false idols) and the use of local languages in church. They were even in dispute regarding the nature of God. The Crusades were another religious dispute. The Crusades were military campaigns undertaken by European Christians of the eleventh through the fourteenth centuries to take other the Holy Land and convert Muslims to Christianity. The First Crusade was a response to the Seljuk Turks conquering the â€Å"Holy Land† (present-day Israel and Palestine). However, most of these conquests were failures and achieved nothing except for interactions with the Arab world (in both beneficial and devastating ways). Lastly, there was the Inquisition. This was a formalized interrogation and persecution process of heretics (including satanic or witch-like behavior). Punishment for people suspected of heresy was torture and execution. The Church in the Middle Ages is clearly an influential factor of these times. The Medieval Ages also saw quite a bit of political changes. The Carolingian, established by Charles Martel, ruled present-day France, Belgium, Germany and Northern Italy. His grandson, Charlemagne established the Holy Roman Empire. In the North, Vikings and other Scandinavian became notorious for raiding Roman Catholic monasteries. In France, Vikings were referred to as Normans. They conquered Anglo-Saxon England in 1066. As mentioned before, Feudalism was the social, political, and economic system of the Middle Ages. England became a feudalistic society because there was not a unifying force bringing the people together. Many claims to the throne of all Britain were made, which is actually the premise of the King Arthur legend. Nobles and Kings owned land and had armies of Knights who pledged a code of chivalry to them. This was an honor system that strongly condemned betrayal and promoted mutual respect. In the Feudal society, only males could inherit the land. The land was passed down through primogeniture (to the eldest son). Noblewomen had limited rights. They could sometimes inherit fiefs but could not rule it. Noblewomen were only educated in domestic skills and were supposed to display feminine traits such as compassion and beauty. Peasants, male or female, had almost no rights. They couldn’t leave the manor without the permission of their lord. Over time, serfs (peasants) developed skills other than farming and slowly created a middle class that led Europe into the Renaissance. In the long run, all of these characteristics of the Medieval Ages are incorporated in the vast collection of Arthurian Romance. In the 1975 King Arthur Parody â€Å"Monty Python and The Holy Grail†, there is a scene that describes Arthur quite perfectly. In the scene, Arthur is traveling in a Feudal manor and comes across peasants working in a field outside of a castle. He asks a woman, â€Å"I am Arthur, King of the Britons. Whose castle is that? † The peasant woman looks up and asks, â€Å"King of the who? † Arthur repeats himself to which she replies, â€Å"Who are the Britons? † Arthur, stumped by her ignorance, tells her, â€Å"Well, we all are. We’re all Britons and I am your king. † The peasant woman shrugs and says, â€Å"I didn’t know we had a king. I thought we were an autonomous collective! † They argue about this for a moment and then the woman asked, â€Å"Well, how did you become king then? † Arthur dramatically respond with, â€Å"The Lady of the Lake, her arm clad in the purest shimmering samite, held aloft Excalibur from the bosom of the water signifying by Divine Providence that I, Arthur, was to carry Excalibur. That is why I am your king! † Another peasant nearby shouts, â€Å"Listen — strange women lying in ponds distributing swords is no basis for a system of government. Supreme executive power derives from a mandate from the masses, not from some farcical aquatic ceremony! † The meaning of the scene is that at the time King Arthur was created as a legend to legitimize the unifying king of Britain that would pull the people out of the Dark Ages. The punch line is that the land was so divided from feudalism and nobles trying to claim a non-existent throne that no one really took anyone seriously. However, Arthurian Romance became the bedtime story born out of the fantastical notion that Britain could be amalgamated into a strong empire. But let’s start at the beginning of the Arthurian legend. In most legends, Uther Pendragon is portrayed as Arthur’s father and Igraine as his mother. In Sir Thomas Malory’s The Crowning of King Arthur, the prophet Merlin helps a love-stricken Uther get with Igraine for a night. Arthur is born, but part of the agreement with Merlin was to have Arthur raised by another. Many years pass in which Arthur does not know his own nobility until he by chance, pulls the famous sword in the stone (the legend goes: â€Å"Who so Pulleth Out This Sword of this Stone and Anvil, is Rightwise King Born of all England. † (Malory, 1069)). Young Arthur accepts his role as King and unites Britain, defeats the Saxons, and establishes Camelot. In the first fictional story of Arthur’s life (Historia Regum Britanniae (History of the kings of Britain) by Geoffrey of Monmouth), Arthur is placed into a post-Roman Britain. Geoffrey uses the same fable of Arthur’s birth through the deception of Igraine. In this legend, Arthur also defeats the Saxons but he also expands his empire to Norway, Denmark and Gaul, and defeats Roman armies in order to do this. In the end, Arthur returns to Britain to defeat his nephew Modredus (Mordred) who was left in charge of Britain but betrayed Arthur. Arthur is mortally wounded, taken to Avalon and it is implied he passed away. Arthurian legend, however, is not only about Arthur. There are many huge characters in the stories. One widely known knight is Sir Lancelot du Lac. Lancelot is a tragic figure in Arthurian Romance. He was a Knight of the Round Table and one of King Arthur’s closest friends. His tragedy is that he was in love with Arthur’s wife, Guinevere. Lancelot was the son of the King Ban on Benwick and Elaine, but he was raised by the Lady of the Lake (â€Å"du lac† actually means â€Å"the lake†). The Lady of the Lake sent Lancelot off to become a Knight of the Round Table. In doing so, he meets and instantly falls in love with Guinevere. Their affair ultimately proves to be destructive. Lancelot is actually tricked by Elaine of Corbenic and sleeps with her, thinking it is Guinevere. When Guinevere hears of this, she is repulsed and banishes Lancelot. Later, Lancelot returns to assist Arthur in the quest for the Holy Grail. Other characters in Arthurian legend are Merlin and Morgaine. Merlin is sometimes a prophet, sometimes a magician, and always an advisor to King Arthur. Merlin’s earliest character depiction was as a bard driven mad by the terrors of war, who become a â€Å"man of the woods†. However, Geoffrey of Monmouth based his Merlin on Myrddin Wyllt (a prophet and a madman) and Aurelius Ambrosius (a fictional version of the historical war leader Ambrosius Aurelianus. Morgaine (also Morgan le Fay) is a sorceress in Arthurian legend. She is the half-sister of Arthur and the daughter of Igraine. In both The Mists of Avalon (Marion Zimmer Bradley) and The Vulgate Cycle (13th century French prose) tell of how Morgaine lives in Avalon (mystical island in Arthurian legend) and trains under Merlin and the Lady of the Lake. Again in the Mists of Avalon, Morgaine is credited with having an unknown affair with Arthur. She gives birth to Mordred, who, in the end, turns out to be the enemy and murderer of King Arthur. In Arthurian Romance, King Arthur’s court is called Camelot. Camelot is where the Knights of the Round Table dwell and it is described as being a utopian land of beauty and peace. Throughout literature, Camelot has been located in many different areas of Britain, giving it no grounded location. An easy way to understand the basic ideology of Camelot, one can compare the presidency of John F.  Kennedy to the term Camelot. His presidency was regarded as a guarantee for a successful future, just like King Arthur gave Britain hope and unification. Kennedy’s assassination is like the fall of Arthur in that both had short lasting but wonderful terms in power that set the bar high for the future. Ultimately, these characters and concepts stem from Medieval life and paint a portrait of what the goals of Middle Age rulers wanted for society at the time. All Arthurian Romance contains the same specific elements: enchantment, quest, conquest, heroic behavior, utopian society, fatal passion and love. These elements, applied with Medieval life and history, equals a solid Arthurian story. The best example of all of these elements is The Crowning of Arthur from Le Morte d’Arthur (Malory, 1065). In the story, Arthur is conceived through the enchantment Merlin uses on Igraine to trick her into thinking Uther Pendragon is her husband, the Duke. Uther, who is fatally in love with Igraine, makes a deal with Merlin in that he will give the child he and Igraine produce to the wizard. Baby Arthur is taken away and grows up with Sir Ector, whom he grows to love as a father. The next part of the story is about the sword in the stone. In the story, â€Å"many of the nobles tried to pull the sword out the stone† (1069), but failed. When Arthur is sent to find Sir Kay (Ector’s son) a sword, he unknowing grabs the legendary sword from the stone and tugs it free without any effort. When Arthur comes back with the famous sword, everyone is in awe and asks him to demonstrate for them that he really pulled it. To their surprise, it is true. They ask Arthur to assume the role of king and he agrees, establishing the utopian court of Camelot. Le Morte d’Arthur is â€Å"the carefully constructed myth of the rise and fall of a powerful kingdom — a legendary kingdom, but perhaps also, obliquely, the real English kingdom which in Malory’s day seemed as surely doomed by its own corruption as the ancient realm of King Arthur† (Cliffs Notes). What this means is that Arthur’s court reflects the realistic courts of actual kings because it eventually falls. The Crowning of Arthur seems naive in that a boy who just so happens to pull a sword from a stone makes him king. In the end, his kingdom falls. Crowning only sets it up. The outcome of the Arthurian Legend is quite similar to the reality of kingdoms in England of the Middle Ages, which proves Arthurian Romance is an accurate portrayal. Another story from Le Morte d’Arthur is called Sir Launcelot du Lake. It is a hectic story about Lancelot’s adventure, kidnapping, and battles with enemy knights. In the story, Lancelot decides he is fed up with his ennui and decides to go out with his nephew, Sir Lyonel. Possibly due to enchantment, Lancelot declares, â€Å"not for seven years have I felt so sleepy† (1074) and he lies down for a nap. When he awakes, he realizes three women have kidnapped him. They tell him he has to pick one of them or face his doom. Lancelot picks his death because his is loyal to his lover, Guinevere. Later, the daughter of King Badgemagus rescues him and in return he gives his services to the king. At the end of the story, Lancelot fights off Kind Badgemagus’ enemies. He displays incredible and fictitious strength when he â€Å"took another spear and unhorsed sixteen more men†¦ King of North Galys’ knight and, with his next, unhorsed another twelve† (1078). This story demonstrates chivalry and heroism, and exaggerates Lancelot’s abilities to fight. Literary critic Charles Moorman says â€Å"much of the Morte d’Arthur is thus concerned with revealing the corrupt reality beneath the fair chivalric surface. † However, Sir Launcelot du Lake contradicts that assumption by merely telling a simple story of a great knight who is loyal to his higher-up and to his lady. The story makes the knights of the Medieval Ages appear to bask in honor, goodness and strength. And in a way, they did in real life. Knights did have a strict code of chivalry as well as total loyalty to their nobles and their lovers. Again, this story gives merit to the fact Arthurian legend portrays Medieval society. The poem The Lady of Shalott by Alfred Lord Tennyson is loose depiction of Arthurian Legend. In the poem, a woman is cursed to live in a tower and watch the world of Camelot from a mirror. â€Å"And moving through a mirror clear; That hangs before her all the year; Shadows of a world appear; There she sees the highway near; Winding down to Camelot† (verses 46 through 50). Then one day she sees Sir Lancelot riding in all his beauty and loveliness, and she decides she wants to leave the tower. The Lady of Shalott â€Å"left the web† (109) and gets into a boat. Unfortunately, she dies and floats on down to Camelot. Muriel Mellown says â€Å"she has chosen contact with Camelot, even at the price of her own destruction. † This quote illustrates that Camelot seemed like such a perfect utopian world that everyone sought its perfection and illustriousness. However, the Lady of Shalott kicks the bucket, similar to the way Camelot eventually falls. All good things never last. Lastly, a more modern and feminist take of Arthurian legend is The Mists of Avalon by Marion Zimmer Bradley. In Mists, the story of Arthur is told through the worlds of Morgaine, Arthur’s half-sister. In the excerpt read in class, Morgaine and Arthur are children neglected by their parents. Morgaine realizes her role to be Arthur’s protector, even though she feels disdain towards the child at first. When she says, â€Å"Mother’s gone, she’s with the king, but I’ll take care of you, brother,† (1085), Morgaine displays a bond of love towards her little brother. Morgaine is also depicted as a strong feminine character in both this scene and the entire story. Although â€Å"this book†¦ wasn’t so much a retelling of the Arthurian legend but only a bunch of Arthurian characters sitting around arguing about Christianity and Paganism,† (LaShawn), â€Å"Morgaine’s depiction as a powerful, savvy woman shows her to be the type of woman the feminists would champion as a prime example of what women should aspire to be, in spite of the biases still in place against them† (Ellis). Mists shines a new light and a new perspective on the events of the Medieval Ages, specifically the disputes of religion. It also represents how women did have influence over what happened in the kingdoms. In real life, noblewomen did have influence over the decisions their husbands made, though not legally. The Mists of Avalon yet again portrays a factor of the Medieval Ages. When push comes to shove, Arthurian Romance generally is regarded as a tall tale of a lost era. However, the tales depict a clear portrait of Medieval Life. Tragedy, honor, fatal passion and quest all dwell in the Middle Ages and Arthurian Romance. The characters of Arthurian Romance experience the tragedy of life like real life people and Camelot ends up failing, just like many of the empires and kingdoms of the world. The stories represent the dark times of the Medieval Ages and show that nothing is perfect. Therefore, Arthurian Romance is an accurate portrayal of the Medieval Ages.