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By Max F. Lee, Warren A. Peck

The applicability of the Q-system [Barton et al. 1974] to Australian underground metal mines is discussed with reference to two common design issues: ground support for horizontal mine development, and assessing the stability of bored raises. Installed ground support in mine development is com-pared to empirical estimates using the Q-system and associated support capacity calculations. Data are graphically presented from 59 specially selected sites at 15 contributing mines. The actual performance of large-diameter raise-bored shafts is also compared to empirical stability assessments using a modified version of Q (Qr, after McCracken and Stacey [1989]). Lower-bound Qr values are plotted against raise diameter for 47 selected sites at 23 mines in Australia and Papua New Guinea. The influence on Q and Qr of some geotechnical aspects of the Australian landscape, the dynamic nature of mines (compared to civil construction), and occupational health and safety regulations are discussed. Stability and support assessments that are based just on Q or Qr are not always conclusive. It is often necessary to consider other rock mass parameters, the regulatory environment, and risk issues. These results are interim; further data collection and analysis are required with regard to comparing actual performance versus empirical assessments.

Jan 5, 2007

By R. L. Castro

Block caving methods, when operated under favourable rock mass conditions, can achieve higher production rates and lower operating costs than other various existing underground mining applications. For this reason, it has been considered the preferred method for the mining of deep and large orebodies in current and future operations around the world. One of the key aspects in the design of block caves is the selection of the production level layout, which, among other parameters, is based on the gravity flow characteristics of the caved rock. This is because gravity flow has a large impact on total ore recovery and the amount of dilution in a caving operation. Today, there are a number of computer based methods which aim to emulate the gravity flow pattern of the caved rock. In this paper, the authors present the development of FlowSiman improved model of gravity flow based on the cellular automaton approach, to estimate dilution entry, mixing and ore recovery. As part of the model development, flow simulations were conducted and subsequently compared to full-scale data collected at two mine sectors operated by Codelco Chile. The results indicate that by using proper calibrated parameters, good correlations between simulated and measured grades as well as dilution entry are obtained. The potential use of the numerical tool to evaluate drawpoint spacing in terms of recovery and dilution for block/panel caving operations is also presented.

Jan 1, 2009

By Koji Matsubara, Yoshiaki Iguchi, Shoji Hayashi

Iron ore particles of a limonite iron ore were reduced completely with H2 at 1023K to 1273K in a fluidized bed. Then, at 973K, the formed iron was exposed to HrH2S mixtures (sulfur activity, as=0.5) for 3.6ks and carbidized with CO-H2-H2S· mixtures at 0.1 MPa. During the carbidization, the particles of about 150mg were sampled at every 600s interval. The sampled particles were analyzed by XRD and chemical analysis for C and S to evaluate the content of Fe3C, Fe5C2, Fe and free carbon. The reaction extent is defined as fo=Xfc3C +xFc5c2; x is the molar fraction of Fe in Fe3C. The carbidization curves can be fitted very well to -ln(l-f0)=g(pb T)t; g(p; T) is the carbidization rate, i.e. the carburization rate on the pore surface of reduced iron. The rate is found to be nearly proportional to the specific surface area of reduced iron, a P 0 , which decreases with increasing the reduction temperature. The value of a P 0 does not change by the carbidization and the stability of the iron carbide product in the atmosphere increases with the temperature.

Jan 1, 2000

By Elizabeth Varghese, Sanket Rawat, Prachuryya Kaushik, Ravi Kant Mittal

"Geo5 Software is gaining popularity worldwide due to its expediency in analysis and design of pile foundation. The analysis is based on various theoretical, empirical and semi-empirical methods available in existing literature and various country standards. Moreover, the ultimate resistance of pile in the software is based CSN 73 1002, Fellenius method, NAVFAC DM 7.2 and Tomlinson method. Due to the specificity in calculation of ultimate resistance, it becomes necessary to validate the results arrived using the software for better accuracy. Furthermore, the above-mentioned methods are not necessarily popular in every design offices. Therefore, an attempt has been made to predict the efficiency of Geo5-v15 software to analyze the pile foundation by comparing it with the results obtained using the analysis based on Indian Standard IS 2911:2010, performed with spreadsheet specifically designed for the same purpose. The accompanying outcome of the comparison and several shortcomings found in the design part associated with the software has been highlighted in the later part of the paper. Besides, the optimization tool present in the software is also described for the more efficient and economic design of pile foundation, hence contributing as practical aid to structural engineers.INTRODUCTIONThe analysis of individual pile foundation and pile in groups can be said to include the three main important parameters – Ultimate bearing capacity, Settlement and Structural Design. The first two parameters are to be evaluated to check the reliability of foundation against ultimate limit state and serviceability limit state. The third parameter includes the analysis of pile against both horizontal and vertical load. This parameter mainly intends to evaluate the size of foundation and the amount of reinforcement. Geo5 is a software which can expediently compute the above mentioned three parameters just by the mere input of the necessary factors. The ultimate bearing capacity analysis in Geo5 is based on various theoretical, empirical and semi-empirical methods available in existing literature and various country standards depending upon the drained and undrained condition of soil (Bowles, 1968; CSN 73 1002,1987; Felenius,1991; NAVFAC DM 7.2,1984; Tomlinson,1977). However, the method mentioned in IS 2911 (2010) is not the same and have slight variations in way of evaluating the parameters which affect ultimate bearing capacity. Therefore, it becomes necessary to evaluate the efficiency of Geo5 with respect to the value of ultimate bearing capacity and therefore, asserting the confidence in the software based method for the convenience of the designs in Indian Scenario. The present study aims to evaluate the efficiency of Geo5 v-15 software in predicting the ultimate bearing capacity of pile foundation. The results of the software are compared with the bearing capacity calculated using IS 2911 (2010) with the help of excel sheet. Moreover, as the software is frequently put under revision, therefore a comparison of this version has also been made with the latest version of Geo5 (2017) to check whether the latest revision has accounted for the discovered shortcomings. The design steps performed in the software is also shown. As Geo5 make use of IS 456 (2000) for the design purpose, hence it can be considered as reliable with respect to the estimate of the third parameter. Furthermore, the optimization process is also shown in the later part of the paper to emphasize the simplicity of the software in economizing the design cost."

Jan 1, 2017

By John Organiscak

A majority of continuous mining machines employ a water spray system and a machine mounted flooded-bed scrubber to suppress and capture dust during coal mining. These machine mounted dust control systems must be designed to function within the localized face ventilation system at the mining section to control both dust and methane. Spray systems can impede or improve the scrubber effectiveness in controlling dust or methane at the mining face. Laboratory experiments were conducted to examine the effect of spray type, spray pressure, machine body blocking sprays, and scrubber airflow on dust and gas levels while using a 12.2 m (40 ft) exhaust ventilation curtain setback from the face. These experiments were conducted with the mining machine positioned at the end of a simulated 6.1 m (20 ft) sump and slab cut. Results indicate that the hollow cone nozzles with blocking sprays best complemented the flooded-bed scrubber performance in an exhaust ventilation system. This external spray system notably reduced dust and gas levels on the off-curtain side of the mining machine for both the sump and slab cut as compared to the flat spray nozzles. Higher scrubber airflows reduced dust and gas levels on the curtain side and in the return of the continuous mining machine. The remote operator position, located on the off curtain side and parallel to the inlet end of the exhaust curtain, sustained the most stable and lowest dust levels around the mining machine.

Jan 1, 2010

By P. -É. Boileau, S. Mandapuram, Shiping Ma, S. Rakheja

The absorbed power (PAbs) has been suggested as a better measure of human responses to whole-body vibration, since it relates to the cumulative energy dissipated by the body exposed over a given duration. Moreover, unlike the other measures, the PAbs can adequately account for the intensity of exposure. Although, the vast majority of off-road vehicles impose considerably severe vibration along the horizontal axes, the vast majority of studies on biodynamic response characterization consider only vertical vibration. Only a few studies have reported PAbs responses of the seated human body exposed to horizontal vibration and the major contributing factors [1]. This study aims to characterize the PAbs responses of seated human subjects to horizontal (uncoupled x- and y-axis) vibration as functions of the vibration intensity, subject mass, seat height and the, type of back support. Methods Experiments were conducted using a rigid seat with an adjustable backrest inclination and seat height. The seat was installed on a horizontal vibration simulator and the forces at the seat base and the backrest were measured by three-axis force plates. Two single-axis accelerometers were installed on the seat back and the platform, oriented along the axis of motion. The experiments were performed using three different seat heights (350, 390 and 410 mm), back support conditions (NB- no back support and sitting erect; Wb0- Upper body supported against a vertical back support; and WbA- back supported against an inclined backrest, while sitting relaxed) and three different magnitudes of broad band excitations in the 0.5-10 Hz frequency range (0.25, 0.5 and 1 m/s2 rms acceleration under x-axis and y-axis, applied independently). A total of 8 healthy adult male volunteers with total body mass ranging from 59.4 kg to 92 kg and aged between 21-51 years took part in the experiments. The subjects were seated with their hands in lap, and feet supported on the moving platform for each posture. Each measurement was repeated 2 times, while the data were analysed using a bandwidth of 50 Hz and frequency resolution of 0.0625 Hz. [ ] The data were analyzed to derive the absorbed power characteristics of the body at both seat pan and backrest interfaces, while the coherence among the measured forces and accelerations wer

Jan 6, 2006

Hydrometallurgy has a history of over 300 years with copper leachingand cementation having been exploited in Spain as far back as 1670.Since then, hydrometallurgy has become an integral, expanding branch of extractive metallurgy. This paper reviews major developments in hydrometallurgy over thepast century with emphasis on recent commercial developments and their impact on the mining and metals industries. The environment in which these developments has taken place has changed significantly in the past two decades and many factors, often non-technical, have emerged as constraints on the operation of existing plants and the expansion and development of new hydrometallurgical operations. Finally, a number of possible new developments that will shape thefuture of hydrometallurgy in the new millennium are discussed,particularly as they relate to the assimilation of technical advances in other areas of science and engineering. The impact of current trends in the education of hydrometallurgists and the provision of research in support of these future developments is also addressed.

Jan 1, 2001

By Parkhurst D. H

It is shown that a differential colorimetric technique can be used as a routine method for the estimation of titanium in beach sands, and their ore dressing products. The method will tolerate the presence of most of the other elements usually found in beach sands. The accuracy is shown to be within the limits of ±0ò31 per cent for concentrates containing more than 95 per cent titanium dioxide and ±1 per cent for tailings containing 0ò2 per cent titanium dioxide. The method is described for use with a Hilger "Spekker" absorptiometer.

Jan 1, 1957

By W. J. González

"With the increasing demand for minerals, technologies to maximize mineral recovery are paramount to a mine’s economic success. Many mining process waters have the potential to form calcium-based inorganic scales, which inhibit effective mineral recovery. Often, the solution to inhibit these deposits is the implementation of a chemical antiscalant program. This paper examines the application of a fouling analyzer to continuously monitor the formation of inorganic scale in mining process streams. The fouling data can be used to compare antiscalant programs and to optimize antiscalant feedrates. Case studies validate the ability of this technology to help optimize mineral recovery processes.INTRODUCTION The mining industry uses significant quantities of water. From quarrying, to crushing, to flotation, leaching, and refining, water is often the integral motive force to move slurries, separate or agglomerate fines, and extract and purify minerals. As well, water is used in a number of ancillary applications at mines, including dust suppression, gas scrubbing, and utility processes such as boiler, cooling, and waste water operations. For many processes, the quality of water being used is inconsequential. However, for certain processes, such as flotation, leaching, and desorption / stripping, water quality plays a key role in the ability of the operation to economically recover the target minerals. Dissolved solids such as calcium and magnesium salts can concentrate in process waters, exceed their solubility limits, and precipitate as scale on metal surfaces such as feed and transfer pumps, piping, and equipment. Some of the more common scales that form in mining operations include calcium carbonate (CaCO3, or calcite) and calcium sulfate (CaSO4, or gypsum), and to a lesser extent, calcium and magnesium silicate compounds. Any scale that deposits in a process stream will negatively impact mineral recovery, and increase the operational costs of the mine site. Whether it is acid washing a scaled heat exchanger in a carbon strip at a gold operation, replacing plugged emitter tubes in a leaching operation, or hydroblasting process lines in a scrubber unit, there are costs associated with labor, cleaning chemicals, repairs, and replacement parts. These costs pale in comparison to the potential costs of downtime and lost production, should the scale deposits occur in a process that is critical to the recovery of the target mineral."

Jan 1, 2014

By D. McCarthy

Contract is a PC-based software program designed to satisfy the main features that have been identified to be lacking from cost estimation systems currently in place in the Australian coal industry. Contract was developed in conjunction with an Australian contracting company to refine the existing core structure used by the company for project evaluation. The key feature of Contract is the availability of analysis functions to explore multiple options within a contract project by altering identified variables. The ability to update project files has been incorporated into Contract to ensure that it is user-friendly and relatively simple to use. Lists of mining equipment and consumables are stored in MS ACCESS database files, along with the supplier details for each item. Each time a project is initiated there is a dynamic link to the database files and the most recent current information is retrieved and linked with the project. Contract provides an option to calculate the changes in metre unit cost as a function of the average development cost. Keywords: Contracting, cost estimation, sensitivity analysis.

Jan 1, 2003

By W. Vorster

Bateman Engineering Project's acid-plant track record goes back to 1977. Bateman Engineering can design sulphuric plants based on gas from sulphur burners, metallurgical off gas as well as pyrite roasting systems. Bateman Engineering has a technology marketing agreement with NORAM Engineering Ltd of Canada to provide state-of-the-art, well-proven acid plant technology, and also has access to roaster technology from several sources, including Chinese technology. Utilising the Noram technology agreement, Bateman was awarded the Engineering and Procurement (EP) contract for the Ambatovy Nickel Project, Sulphuric Acid Facilities in 2007. This is the first Greenfield sulphuric acid plant Bateman has designed for many years, producing a combined 5,500tpd, and is one of the largest sulphur burning acid plants in the world. This paper gives an overview of the sulphuric acid plant for the Ambatovy Nickel Project, advantages of Noram?s unique technology on offer, an overview of work conducted on a recent study of an pyrite roasting acid plants as well as a new technology currently being developed by Bateman for the direct combustion of solid sulphur to form sulphur dioxide.

Jan 1, 2009

By J. T. Lapsley, I. I. Cornet, A. E. Flanigan, R. Hultgren, J. E. Dorn

With the greatly expanding use of magnesium during the war, it appeared necessary to the War Metallurgy Committee that procedures of heat treating common magnesium casting alloys be investigated systematically. Accordingly, the National Defense Research Committee of the Office of Scientific Research and Development placed a research contract with the University of California, supervised by the War Metallurgy Committee. Research on the solution heat treatment and aging of magnesium alloy AZg2, (formerly ASTM No. 17; also known as Dowmetal C or AM26o) which was done under "Restricted" Project NRC-2I, in 1942-1943, and reported in detail in a final report to the OSRD on September 3, 1943, is the basis of this paper, which has been released for publication by the OSRD. American experience with magnesium alloys prior to World War II was limited, although some of these alloys had been in commercial use since 1909. Requirements of the aircraft industry for light alloys made it imperative to understand and utilize the advantageous strength-weight properties of magnesium castings. Magnesium casting alloys are commonly solution heat- treated to increase their ultimate tensile strength and ductility; this treatment may be followed by an age hardening at elevated temperatures, which raises the tensile yield strength but diminishes the ductility. In the present investigation, AZp was studied to determine the effects on properties of various solution heat treatment and aging schedules. The principles of heat treatment of magnesium alloys are the same as for other non-ferrous alloys. The alloy studied, AZp, has a nominal composition of 9 pct aluminum, 2 pct zinc, and minor constituents. Fig I shows, by the projection of isothermal sections on the concentration plane, the solubility surface1 of the ternary magnesium-rich solid solutions as determined by X ray 'analysis. From this figure it may be seen that above approximately 375°C (707OF), AZp alloy is a single phase alloy at equilibrium; below this temperature the equilibrium condition is a two phase alloy. The beta constituent which precipitates from the solid solution exerts a hardening effect. Because the zinc concentration is only 2 pct, ancl because of its solubility relations, AZqz resembles a binary alloy of magnesium with aluminum. The solubility curve1 of Fig 2 shows how rapidly the solubility of the beta phase decreases with decreasing temperatures. Unlike many aluminum alloys, magnesium alloys do not age harden at room temperatures; precipitation hardening of AZ² alloy is performed at about 177°C (350°F). At this temperature about 3 pct aluminum

Jan 1, 1949

By A. Kondratiev

A structurally-based viscosity model for fully liquid silicate slags has been developed and applied to the Al2O3-CaO-‘FeO’-SiO2system at metallic iron saturation. The model links the slag viscosity to the internal structure of melts through second nearest neighbour bonds concentrations taken from the quasi-chemical thermodynamic model. This viscosity model describes experimental data over the whole temperature and composition ranges within the Al2O3-CaO-‘FeO’-SiO2system at metallic iron saturation and can now be applied to other industrial slag systems.

Jan 1, 2004

By Hamid Maleki

Having developed a methodology for estimating mining-induced seismicity resulting from slip along geological discontinuities in 2003, in this paper, the importance of measurements are high-lighted in the study of caving and seismic source mechanisms as applied to mine designs. Geotechnical data is analyzed from four case studies to address cave condition, load transfer, and potential effects on stability and resource recovery in four Utah mines using measurements and observations conducted over the last three decades. Cave conditions are evaluated on the basis of measurements in the gob of a western U.S. operation mining under the massive Castlegate Sandstone and indirectly using the results of measurements and boundary-element modeling at panel boundaries at a mine where strata behave elastically. Together with subsidence measurements and microseismic monitoring, regional caving and load transfer in multiple-panel extractions are addressed while the effectiveness of barrier pillars in reducing stress and seismic response where mining under massive stratigraphic units is analyzed using measurements and three-dimensional computer modeling.

Jan 1, 2006

By Tony Peglas, Harry Asche, Eva Wood

The North-South Bypass Tunnel is a new $AUD1.5 billion underground traffic route in Queensland, Australia, a project of the Brisbane City Council. The tunnel is approximately 5.2 km long, bypassing the Central Business District, and is adjacent to and below major buildings and services. Road tunnel alignment issues include the complex southern connections to the Pacific Motorway and the design of ramps to the east and the north. A review of road tunnel alignment criteria and accident data for Australian and overseas tunnels, similar to the proposed NSBT, are discussed. The key findings of this review lead to a rationalization of the traditional tunnel cross sectional width allocation. The road alignment design elements adopted for the NSBT are also discussed. The NSBT route crosses beneath the Brisbane River. Geotechnical investigations and hydrogeological modelling are described. The crossing has a fundamental impact on the alignment and the tunnelling methods. The tunnelling methods to be adopted and the tunnel support are described. The geotechnical investigations and hydrogeology analysis culminate in the selection of a single shielded TBM for the reference design. These outcomes are related to complex issues of hydrogeology and contaminated groundwater. These are discussed in detail.

Jan 1, 2005

Membrane technology has been available for over 36 years, but has been used sparingly in the general mining industry. However, recent developments in polymer chemistry, spiral wound element construction, pretreatment equipment and techniques and an expanded understanding of membrane fouling and cleaning techniques have dramatically improved the reliability and robustness of membrane based systems in the mining industry. Harrison Western has expanded the use of this “new” technology to enhance the use of membrane technologies to separate metals from large volume heap leach mining solutions containing copper, zinc, and iron, gold or silver. Moreover, membrane technologies are ideally suited to fractionations that add value to processing fluids from refineries like separating metals from acids or concentrating acids and producing high quality process fluids. Finally, wastewater from Acid Mine Drainage (AMD) or, as in the case of the Newmont Yanacocha Mine in Peru, the treatment of excess barren leach solution created during the rainy season, can be cost effectively processed to meet World Bank Standards for surface discharge. Polymeric membranes, specifically thin-film composites, have been developed that will purify, fractionate or concentrate gold, silver, copper, zinc or nickel. Recent applications have been developed for spiral wound modules that operate across the pH spectrum from 0 to 14. Systems using membranes have been constructed that operate on feed streams from 140° C to 300 centipoise. Opportunities exist to apply membrane technology to concentrate gold, silver, copper, zinc or nickel using thin film composite membranes. Engineered membrane types can operate across the spectrum from low pH (<2) acid applications to high pH > 10 cyanide applications. Incorporating HW EMS™ membrane technologies into current mining operations could allow one to increase production because the membrane technology would be used to pre-concentrate heap leach solutions, and therefore, increase utilization of existing extraction and refinery capabilities.

Jan 1, 2007

By C. H. Dionne, J. A. Holmes, B. J. Huls

"Falconbridge Limited is presently developing flowsheet alternatives for implementation at the Strathcona Mill. The main thrust for change arises from the need to reject more pyrrhotite from the concentrate. To maintain appropriate levels of sulphur in the smelter concentrate, however, enhanced removal of non-sulphide gangue minerals must be realized. This could best be done in the Non-magnetics flotation circuit.Laboratory investigations were followed by an on-stream pilot test at Strathcona. The application of a column cleaner on the Non-magnetics concentrate resulted in significantly lower levels of fine gangue at equivalent sulphides recovery.This paper discusses the laboratory and pilot testing and results, with a focus on piloting. Also included is a discussion of the Strathcona Mill Flowsheet and the role of the Nonmagnetics flotation circuit.INTRODUCTIONFalconbridge Ltd. is currently developing means to reduce atmospheric sulphur dioxide emissions. One alternative is a reduction in the amount of pyrrhotite in Strathcona Mill concentrate, which reports to the smelter. Pyrrhotite in the Falconbridge ores contains an average of 39 percent sulphur and 0.64 percent nickel. By comparison, pentlandite contains an average of 33 percent sulphur and 34 percent nickel.A consequence of the rejection of pyrrhotite is a decrease in the sulphur assay in the remaining concentrate. This decrease causes downstream difficulties in the roasting process. Therefore, the content of non-sulphide gangue in the mill concentrate must also be reduced in order to maintain sulphur grades adequate for roasting. The resulting concentrate will have lower sulphur dioxide emissions while maintaining nickel production."

Jan 1, 1991

By S. Krukowski

Iodine is a bluish-black, crystalline solid with sub-metallic luster, and has a specific gravity of 4.93. It volatilizes (sublimates) at ordinary temperatures into a blue-violet gas that has an irritating odor. Iodine is the least active of the halogens, all of which readily displace it. Only slightly soluble in water, iodine also dissolves in carbon disulfide, carbon tetrachloride and chloroform, giving a deep violet solution. The primary sources for iodine production are sub-surface brines associated with petroleum and natural gas deposits, and as a byproduct from nitrate deposits in Chilean desert caliche. The largest source of iodine is seawater which contains 0.05 ppm, or about 31 Mt (34 million st). Seaweed of the family Laminaria can extract and accumulate up to 0.45 percent iodine on a dry basis. Seaweed was an important source of iodine prior to 1959. However, it remains a significant source of iodine in the diets of many populations throughout the world.

Jan 1, 2005

By W. Vorster

Bateman Engineering Project&apos;s acid-plant track record goes back to 1977. Bateman Engineering can design sulphuric plants based on gas from sulphur burners, metallurgical off gas as well as pyrite roasting systems. Bateman Engineering has a technology marketing agreement with NORAM Engineering Ltd of Canada to provide state-of-the-art, well-proven acid plant technology, and also has access to roaster technology from several sources, including Chinese technology. Utilising the Noram technology agreement, Bateman was awarded the Engineering and Procurement (EP) contract for the Ambatovy Nickel Project, Sulphuric Acid Facilities in 2007. This is the first Greenfield sulphuric acid plant Bateman has designed for many years, producing a combined 5,500tpd, and is one of the largest sulphur burning acid plants in the world. This paper gives an overview of the sulphuric acid plant for the Ambatovy Nickel Project, advantages of Noram?s unique technology on offer, an overview of work conducted on a recent study of an pyrite roasting acid plants as well as a new technology currently being developed by Bateman for the direct combustion of solid sulphur to form sulphur dioxide.

Jan 1, 2009

By Arthur Mackwell

The role of the precious metals is changing rapidly. They are becoming primarily materials of modern industry, and their decorative and monetary functions are diminishing in relative importance. Certainly gold is still the premier metal for jewelry, as silver is for silverware. But these uses are not growing nearly so fast as are the uses of these metals in a variety of industries. This is even more true of the platinum metals. Moreover, this is true despite the fact that the precious metals are highly expensive and liable to substitution by the base metals in cases where this is feasible. For the fact is that the physical and chemical properties of the precious metals make them relatively invulnerable to substitution; where they can be replaced by the base metals, they have been, and the opportunity for further substitution is, therefore, limited. SILVER In November 1969 the United States Treasury stopped minting the only remaining coin with any silver content. That was the silver-clad Kennedy half dollar, which had a silver content of approximately 40%. The step was taken out of necessity, because of the rising shortfall between world mine production and consumption. It was important to divert the 35 to 40 million oz of silver per year used for the minting of this coin into the open market, where it would be available for industrial consumption. This decision was important, not only for its practical effect but also for what it symbolized. Only four years earlier, in 1965, the Treasury had used 320 million oz of silver" for the full range of coinage. Now not an ounce of silver goes into the United States coinage. The reason is simple and yet complicated. For many years the U.S. Treasury had purchased silver at prices which provided a subsidy to domestic producers. As a result, silver producers were eager to sell to the Treasury, and that agency built up a huge supply of the metal -almost 2 billion oz by- 1961. But, as the free-market price neared $1.29, the basic melt value of the coinage, the Treasury became a seller of silver, not a buyer, and its stock was depleted rapidly. The Treasury lost more :than a billion ounces of silver in the years 1962 through 1965, and it continued to lose silver, both through coinage and through sales to consumers, through 1969. The Government continued to sell silver to consumers at the rate of 1.5 million oz a week, even after terminating the 40% silver Kennedy half dollar. But it was apparent that the Government stocks could last no more

Jan 1, 1976