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By Gregory B. Baecher

Rock engineering involves uncertainties which are large and difficult to quantify. The traditional design approach to these uncertain- ties has been conservatism, and has been satisfactory to the extent that failure rates are reasonably small. Yet, a price is paid for conservatism, and that price is not always small. Today, reliability and risk analysis are finding use in rock engineering. The introduction of such methods, usually under the name 'probabilistic design,' is controverisal. However, if the jingoism of both sizes in this controversy is stripped away, it appears that new insights about uncertainty in rock engineering are emerging.

Jan 1, 1982

The 48th convention of the International Union of Mine, Mill and Smelter Workers, held in New York City recently, saw delegates vote funds for a new organizational drive expected to begin immediately. John Clark, union president, told members in his keynote speech, that the union would be in a better position to make demands if it extended its membership to all phases of the nonferrous -industry. He told the 250 delegates that union leaders have already laid extensive groundwork for the campaign. Clark said: "I am proposing here that we concentrate on organizing during this coming year. I am proposing that we throw a heavy amount of re sources in organizing. That means financial resources as well as re- sources of staff ."

Jan 1, 1952

By Bowen Li, Matthew D. Andriese, Jiann-Yang Hwang, Zhiwei Peng

"Magnetic iron sulfide ore particles heat rapidly by microwave (MW) irradiation generating plasma during oxidation of surfaces. The high temperatures produced by the exothermic event decompose local portions of samples forming a differentiated flux of partially melted silicate (si-mt) with entrained metal-sulfide (sul-mt) droplets. The si-mt forms crystals of olivine (01) in Ca-rich pyroxene (Cpx) melt that resorbs a portion of iron sulfide (Po). The immiscible sul-mt droplets of (Fe,Ni,Cu)1-xS contain magnetic subsolidus Ni-pyrrhotite (Ni-Po) with Cr-bearing ferrospinel (Mag). Sub-micron sized flecks of Au are found on the surface of a sul-mt droplet with scanning electron microscope (SEM).IntroductionSulfide ore deposits supply the world's mineral resource in the production of non-ferrous metals. Particularly, Cu-Ni deposits are chemically enriched in metals from high sulfur saturation during magmatic formation that creates the proper geochemical environment for metals enrichment [1, 2]. The sulfur and oxygen fugacity control redox conditions of a differentiated silicate/sulfur magmatic melt with the concentration of iron playing a dominate role in the chemical partitioning of metals in sulfide liquid [3, 4]. The initial magnetic crystallization of (Fe,Ni)i-xS monosulfide solution (mss) from metal-sulfide liquid has an exclusive effect on the fractionation of mineral assemblages (zoning) [5].Phase equilibria of sulfide melt (sul-mt) components are related by a miscibility gap with mss forming Ni-rich pyrrhotite (Ni-Po) followed by the crystallization of (Fe,Cu)1-xS intermediate sulfide solution (iss) [6]. Precious metals form stable chacogenides and are retained in solution until the final liquid solidifies. The redistribution of metals now occurs by subsolidus cooling of mss and iss that exsolve low-temperature Fe-Cu-Ni bearing mineral assemblages [7]. The proper interpretation of ore genesis increases processing capabilities by isolating chemically enriched zones during extraction and should be used to aid in sustainable mine site development [8-11]."

Jan 1, 2013

By Sutherland R. A, Rawling K. R

The Nanisivik Mine is located 750 km north of the Arctic Circle at the north end of Baffin Island in the Canadian High Arctic, and has been in production since 1976. The paper describes the regional and local geology and the current mining and mineral processing operations, including recent innovations in each area. The Nanisivik zinc-lead deposits comprise Mississippi Valley type sulphides in a block-faulted sediment sequence of Proterozoic age. The deposits formed in two mineralizing stages by replacement of the carbonate host rock. Exploration techniques adapted to the permafrost environment include high frequency EM and ground probing radar. Core drilling is done with calcium chloride brine but trials with heated flushing water indicate potential for cost reduction. The predominant mining method at Nanisivik is room and pillar. Cut and fill is used in some satellites to the main zone. Due to the permafrost, dry drilling is employed in the underground mining. The permafrost enhances ground stability, permitting large underground openings and, as a result, the use of relatively large scale mining equipment. For power conservation, a remote control system for the ventilation fans has reduced mine power costs. The milling of the simple coarse-grained ore in an arctic environment requires special techniques in the design and operation of the plant for materials handling, utilisation of waste heat, reagent selection and tailings disposal. Regulated heavy metal contents in effluents discharged to the sensitive environment are achieved by natural processes. A recent change from sub-aqueous disposal of tailings to beach type deposition within a cell in the tailings area is reviewed. Planning closure of the property presents special problems and an opportunity for innovative techniques. Approximately 25 per cent of the employees at Nanisivik are drawn from the Inuit population of the Canadian Arctic. As the first permanent industrial activity in the High Arctic some innovative approaches to employee relations were required which have resulted in a very stable, culturally mixed community in a remote location.

Jan 1, 1993

By Zhang Yongzhu

In hydrometallurgical processes of PGMs separation and refining, differences between 1-PGMs (Ru;Rh;Pd) and h-PGMs(Os;Ir;Pt) in thermodynamics and kinetics have been observed. The successful practice in the separation and refining of PGMs in China, is mainly based on the following two kinetically extraction sequences of: (1) for the extraction of PGMs complexes in different configurations with coordination mechanism (AuCI,) -> (MCl6)2-> (MCl4 )2-> (MCI6) 3- , and the substitution rate for h-PGMs complexes with higher effective nuclear charge Z' is much more slow than that of I-PGMs. and (2) for the extraction of PGMs in different configurations with oxonium (or ion -exchange) mechanism (AuCl4)-> (MCl4)2--> (MCl6)2-> (MCl6)3- and the extraction of h-PGMs complexes with low surface charge density is more fast than that of I-PGMs complexes. In view of atomic structure theory, the similarity of atomic radii and chemical properties and difficult separation of PGMs resulted from the Lanthanide Contruction between 5th period (1-PGMs) and 6th period (h-PGMs). The differences between h-PGMs and 1-PGMs are due to the loss shielding of 4f subshells on 5d electrons for h-PGMs with higher nuclear number, which makes h-PGMs have a higher Z' (effective nuclear charge) and strong attraction for outer space electrons. As a result, h-PGMs metals and complexes are thermodynamically more stable and kinetically more inert than the corresponding 1-PGMs. The differences between h-PGMs and 1 -PGMs in aspects of elements properties, complexes, hydration, substitution and redox reactions , are discussed.

Jan 1, 1993

By Robert C. Maxton

The foundry industry is a basic source of structural component for all industry. Millions of tons of castings are produced annually in both ferrous and nonferrous alloys. These castings are subjected to a wide variety of heat treatments, finishing techniques, mechanical tests and machining operations. Through all of these steps the quality of the casting is of paramount importance to the end use of the product. The Quality Assurance Program at Minneapolis Electric Steel Castings Company is designed and established to provide a superior product for both original equipment manufacturers and the mining industry.

Jan 1, 1982

By L. C. Graton

Civilization did not begin until metals became the material of tools, implements and machines. - RICKARD, Man and Metals. HISTORY is no more an end in itself than is a backsight the sum total of a survey. This Institute may view with satisfaction the remarkable development of the mineral industry since its founding three score and fifteen years ago, its own enlarging service to that industry, and the contribution thus made toward the enhanced welfare, opportunity and mutual understanding now in greater or less degree reaching and benefiting all peoples of the globe. But neither this professional society nor the dynamic mining industry as a whole wishes on this anniversary to direct its gaze chiefly toward the past. The foremost purpose of historical review should be to throw into clear perspective the strong points and the defects in the forward march thus far, primarily as the basis for conceiving and designing a still sounder progress henceonward. At various times since the Institute's founding, the theories of ore deposition have been considered from the historical view point.l-7 For the present occasion it seems fitting to lay prime emphasis on the practice and utilization of geology in its varied relations to the problems of the mining industry. It is hoped that the reader will understand and accept the degree to which the whole is sampled by parts familiar to the present writer, and the disproportionate attention to thought and achievement within the United

Jan 1, 1947

By S. W. Parr

STUDIES relating to the behavior of coal toward oxygen may have for their purpose the determination of the fundamental factors that underlie spontaneous combustion, weathering and deterioration, and the general topic of storage, as well as those properties that have to do with the underlying principles of carbonization. There is also involved the possibility of developing information relating to the constitution of coal, or at least the chemical properties inherent in the type substances of which the coal is composed. It is the purpose here to record certain FIG. 1. results bearing on this latter idea of the chemical properties that characterize the main constituents of bituminous coal. The avidity of freshly mined coal for oxygen has long been known. What happens to the coal or to the oxygen is not so clear. Is the oxygen absorbed or chemically combined, and what are the conditions as to time, temperature, texture, or components that are most involved in the phenomenon?

Jan 6, 1925

By M. F. Trice

Pyrophyllite is a hydrous aluminum silicate (A1²Si4O10(OH)²)1 that, occurs in both the foliated and the massive forms. The foliated variety resembles talc in that it has a greasy feel, a pearly luster, perfect basal cleavage, and usually is white, although in some deposits apple green, gray, brown, russet, and nearly black specimens may be found. The massive deposits of pyrophyllite yield pearl gray to light tan aggregates, some of which are so friable that they may be crushed with the hands into a fine gritty powder. Frequently specimens of the massive variety are studded with crystals of radial structure. The mineral has a specific gravity of about 2.7 and a hardness of 1 on Mohs' scale.' The chemical composition of commercial pyrophyllite reflects the mineralogy of the deposits, which, according to Stuckey12 contain pyrophyllite and quartz, together with chloritoid, sericite, and a few other minerals of negligible importance. The latter, he says, ('are noticed in but small quantities to the extent they might occur as accessory constituents of an igneous rock or as products of regional metamorphism or weathering. . . . Quartz is abundant everywhere except in the very best grades of pyrophyllite." Analyses of specimens from several deposits are listed in Table 1, showing that the silica content varies from 57 to 73 per cent and the alumina from 22 to 33 per cent. Oxides of iron and the alkaline metals are collectively present, with one exception, to an extent of about 1 to 1.5 per cent. Sources At present, North Carolina is the only commercial source of pyrophyllite, although the mineral has been found in small quantities in many parts of the world. The North Carolina deposits are in the "Carolina Slate Belt," which traverses the center of the state in a southwesterly direction. This belt varies from 8 to 50 miles in width. Two major deposits of pyrophyllite lie along its eastern boundary, in what is known as the Deep

Jan 1, 1942

By M. F. Trice

Pyrophyllite is a hydrous aluminum silicate (A1²Si4O10(OH)²)1 that, occurs in both the foliated and the massive forms. The foliated variety resembles talc in that it has a greasy feel, a pearly luster, perfect basal cleavage, and usually is white, although in some deposits apple green, gray, brown, russet, and nearly black specimens may be found. The massive deposits of pyrophyllite yield pearl gray to light tan aggregates, some of which are so friable that they may be crushed with the hands into a fine gritty powder. Frequently specimens of the massive variety are studded with crystals of radial structure. The mineral has a specific gravity of about 2.7 and a hardness of 1 on Mohs' scale.' The chemical composition of commercial pyrophyllite reflects the mineralogy of the deposits, which, according to Stuckey12 contain pyrophyllite and quartz, together with chloritoid, sericite, and a few other minerals of negligible importance. The latter, he says, ('are noticed in but small quantities to the extent they might occur as accessory constituents of an igneous rock or as products of regional metamorphism or weathering. . . . Quartz is abundant everywhere except in the very best grades of pyrophyllite." Analyses of specimens from several deposits are listed in Table 1, showing that the silica content varies from 57 to 73 per cent and the alumina from 22 to 33 per cent. Oxides of iron and the alkaline metals are collectively present, with one exception, to an extent of about 1 to 1.5 per cent. Sources At present, North Carolina is the only commercial source of pyrophyllite, although the mineral has been found in small quantities in many parts of the world. The North Carolina deposits are in the "Carolina Slate Belt," which traverses the center of the state in a southwesterly direction. This belt varies from 8 to 50 miles in width. Two major deposits of pyrophyllite lie along its eastern boundary, in what is known as the Deep

Jan 1, 1942

By Douglas Bunting

IN THE anthracite fields of Pennsylvania, mine fires occur with more or less regularity and their existence is an ever-present hazard in coal mining. In all probability 90 per cent. of the mine fires can be ascribed directly or indirectly to the ordinary miner's open lamp. Other causes may be smoking, electrical installations, gas explosions, gas feeders, and the communication of fire to the outcrops from ash dumps, culm banks, timber and brush fires. Fires in pump rooms, engine rooms, and barns have been largely eliminated as a result of the Act of .Assembly, approved June 15, 1911, which provides that all inside buildings, including engine rooms, pump rooms, barns etc. shall be constructed of incombustible materials. Smoking of pipes, cigars, and cigarettes should be prohibited in the mines and too much care cannot be exercised in preventing fires by enforcing all rules designed for that purpose. Mine fires that involve underground fighting are invariably dangerous, and all fires, irrespective of the method pursued in extinguishing them, involve property loss and expense. Each fire generally presents a more or less original problem, dependent on the particular conditions. Generally mine fires may be divided into two classes: Those occurring in inaccessible workings and those occurring in accessible workings. The methods pursued in extinguishing or controlling mine fires are as follows: (1) direct attack, (2) smothering by sealing, (3) flushing with silt or other solids, (4) flooding with water, (5) cutting off, (6) surrounding with incombustible materials, (7) digging out by stripping from the surface. Most fires are extinguished in their incipiency by direct attack and failure to extinguish by this method is due to late discovery, lack of water, and facilities for fighting, or improper procedure in the initial attack. Should the method first pursued be unsuccessful, careful consideration should be given in determining next the method to be adopted; then the work should be carried on as rapidly as possible and under the supervision f the most competent persons. Materials and supplies should be fur-

Jan 9, 1921

By S M. J Koleini, F Hedjazi

The purpose of this research was to study the calcination of lead-zinc flotation tailings from the Angouran lead and zinc flotation plant in Iran as a pre-concentration step prior to hydrometallurgical processing of the oxidised tailings. There is an abundance of these tailings in the Angouran region and making use of these tailings would help preserve national wealth and also reduce the serious problems of environmental pollution caused by the tailings. At the optimal conditions of calcining at 750 - 800¦C for 45 minutes, the sample showed a mass loss of about 19 per cent. Mineralogical analyses showed that under these conditions the carbonate minerals including smithsonite (ZnCO3), calcite (CaCO3) and dolomite (Ca Mg (CO3)2) decomposed to their respective oxides. Hemimorphite (Zn4Si2O7 (OH)2.H2O) converted into willemite (Zn2SiO4) and this transformation postponed the formation of silica gel in the leach solution. The grade of zinc increased from 22.20 per cent to 29 per cent. These mineralogical changes resulted in desirable reactions in the acid leach process.

Jan 1, 2004

By Bai Shiwie, Li. Guangyu

This paper presents the study in situ on stress field of rock mass in a large dam site. By means of two different measure instruments and the method of stress relief, a lot of measure in situ has been done, including stress measurement of three dimensions at ten points and two deep-hole stress measurements in the perpendicular boreholes which are 59.4m and 53m deep seperately, and the basic accordant results corresponding two methods have been got. In the process of the deep-borehole stress measurement we got the stress value in critical state in which cylindrical core would become core-disking in the high stress area, which was first got in the world. The maximum principal stress was up to 650 kg/cm2. The stress value obtained by test and the thickness of rock disks all basically accord to the analysis by mechanical mechanism of core-disking The plane linear elastic finite element analysis has been completed. Results of inverse calculation all ac- cord to the measurement results in four different positions. The whole outline of the stress field of dam site was delineated clearly.

Jan 1, 1982

By H. F. Johnson, C. S. Harloff

The Nichols series system of electrolytic copper refining has successfully maintained its strong competitive position in the copper-refining industry of today; therefore the improvements made in accomplishing this result are of interest. While additional interest would lie in specific comparisons of results obtained in series operation with those in multiple, we have refrained from such a comparison because it can be fair to both only when they are operating under similar conditions on the same grade of materials. Historical The Nichols Copper Co. started a small refinery at Laurel Hill, using its present system, about 1892. The details of the process in its early stage of development were kept strictly secret, so that no information was published or interchange of ideas permitted with the staffs of other copper refineries, where the multiple system was being developed at the same time. However, the fundamentals of the process and type of cell used today differ very little from their earliest form. All operations including loading and unloading of tanks, and all transportation as well, were carried on by hand. The plant remained in this condition with a gradual expansion taking place until the World War forced such a rapid development that little time or thought could be devoted to modernization or mechanical improvement requiring careful design or detailed planning. Considerable progress was made, however. (1) Large refining furnaces were developed. (2) The old expensive air-lift type of circulation was abandoned in favor of the present system. (3) Operating technique was gradually developed to a high point of efficiency. (4) Tank construction and lining were greatly improved, the first concrete tank being installed in 1915. (This tank is still in operating condition.) (5) A new power plant was constructed. (6) Fuel oil was substituted for lump coal on the refining furnaces. (7) Mechanical casting of the finished product was accomplished. During this entire period the plant was particularly fortunate in receiving only high-grade, clean copper bullion coming principally from the Phelps Dodge mines in Arizona. This, together with the lack of

Jan 1, 1934

By David R. Poirier

Activity data of carbon as a function of both temperature and composition throughout the stable austenite range is correlated by mearts of an equation derived from a quasi-chemical model. The carbon activity data of austmite for temperatures between 800° and 1200°C are utilized in conjunction with the activity of carbon calculated for the y solidus using the activity of carbon in liquid iron and published austenite-liquid equilibria. The results agree very well with Chip-man's correlation; however, a small difference in the activity of carbon in the high-temperature range of the austenite field is evident. Excellent agreement is found for the heat of solution of graphite in infinitely dilute austenite; from this study the value is 10,550 cal as compared with Chipman's value of 10,680 cal. AS part of a program to study microsegregation in dendritic solidification of ternary Fe-C-Cr alloys, it was desirable to be able to describe the equilibria between austenite and liquid iron in Fe-C-Cr alloys. In this regard, it was necessary to correlate existing data on the activity of carbon in Fe-C austenite as a function of both temperature and composition. At that time, Chipman's analysis1 of the thermodynamics of binary Fe-C austenite was not available. It will be shown that this study and Chipman's study agree rather well throughout the stable austenite range of temperature and composition; however, some small differences appear at temperatures greater than the eutectic temperature. Benz and Elliott 2 presented isoactivity lines for austenite superimposed on their revised Fe-C phase diagram. Using an expression from Darken and Gury 3 representing Smith's4 activity data between 800" and 1000°C, they found that the activities extrapolated above 1000°C to the solidus did not agree with the activities determined from the corresponding liquidus compositions. It is the purpose of the following argument to reconcile carbon activity data of austenite with the activity in liquid Fe-C alloys as determined by Rist and Chipman. 5 In addition, a simple analytical expression is sought for computational convenience. ACTIVITY DATA OF CARBON IN ZRON Fig. 1 shows the activity of carbon in Fe-C austenite as determined by Smith, 4 Schenck and Kaiser, 6 Scheil et a1.,7 and Bungardt et al.' The lines are merely drawn to separate the data into the respective isotherms. These data are inadequate to determine the activity of carbon at temperatures greater than 1200°C. The activity coefficient in Fe-C liquid alloys was assumed by Rist and chipmans to obey the following

Jan 1, 1969

By John F. Burst

For several generations now, the high alumina clayey sediments of Southeastern Alabama and Southwestern Georgia have supplied those regions with steady, mineral-based income although the impact of that income has been relatively minor until recently. Since World War II, mining activity has increased algebraically with over half of the total ore value in the Alabama area having been recovered since that time. The Georgia area production increases are even more dramatic. The trends are continuing and the next decade should see ore winning figures which will dwarf all previous production. It's time for the mining engineers to take note of this development as the mining methods, similar to the production, have developed rapidly and now offer challenges for the most competent professional. The development of mining techniques has followed a classic pattern. Beginning almost a hundred years or so ago, with the loading of weather-resistant surface boulders into mule-drawn wagons, mining methods have progressed to discovery of limited surface exposures in outcrop and eventually to stripping and development of non-obvious, subsurface deposits. Little by little, the overburden thickness of new pits has increased until, at present, pits with 100' -125' of overburden are being actively worked. Ground water problems in the Eufaula District are particularly challenging. At A. P. Green's J. W. Baker Pit, #l, in Barbour Co., Alabama, it is necessary to continually pump groundwater at the rate of about 400 gallons per minute from wells on the periphery of this large pit in order to keep the water table low enough to allow mining of the ore body.

Jan 1, 1972

By Leendert de Witte

Conventional resistivity logs consisting of a short normal, a long normal, and one or more long lateral curves do not give data that allow a complete quantitative interpretation in beds thinner than 20 ft. Reservoir rocks usually exhibit zones of continuous homogeneity of quite limited thickness where the long lateral curves become useless because of adjacent bed effects and boundary phenomena. If the beds are 12 ft or thicker, the short and long normals may be used for qualitative interpretation, which can be streamlined by the application of simplified departure curves. For beds of a thickness less than twice the long normal spacing, this procedure breaks down. The combination of the limestone curve, the later-olog or guard electrode log, and the microlaterolog permit quantitative interpretation for beds that are at least 10 ft thick, provided the mud resistivity and the hole diameter are known with sufficient accuracy. For beds thinner than 10 ft, combinations of the microlaterolog with short spaced laterologs and pseudo laterologs appear to be promising. Interpretation of these curves again requires the application of simplified departure curves. Resolution of various possible combinations was analyzed using departure curve data calculated on the Whirlwind I computer at the Massachusetts Institute of Technology. A field example is shown using the microlaterolog-microlog combination, and the combination of a 6-in. modified laterolog plus a 6-in. pseudo laterolog. INTRODUCTION For the purpose of quantitative interpretation of resistivity logs in porous formations, we want to obtain two essential quantities from the logs, namely, the true resistivity of the undisturbed formation, Rt, and the resistivity of the part of the formation invaded by mud filtrate, Rt. The apparent resistivities of all conventional logging devices are functions of these two parameters and are also influenced by a third unknown parameter, the diameter of the invaded zone, d. It has been shown' that from the normal curves alone it is impossible to arrive at a unique solution for the three unknowns, Rt, R1, and d1. In very thick homogeneous beds, if invasion is not too deep, we can obtain a fair approximation to Rt from the long lateral curves and then use the two normal curves to find Rt and d1 Even under the most favorable conditions, the resolution of this system is not very good. The short normal does not give a reasonable approximation to R1 unless invasion is very deep (dl>16 hole diameters). For very deep invasion, however, the long laterals no longer approximate Rt. For bed thickness between 20 and 40 ft, the long laterals are affected appreciably by the adjacent beds; and the curves are distorted by boundary anomalies to the extent that they lose their quantitative usefulness in most cases. For the same bed thicknesses, the normal curves still function reasonably well. Although it is impossible to find unique solutions Lor R1 and Rt using the normal curves alone, we can obtain a reasonable approximation for the ratio R1/Rt through the use of simplified departure curves. This fact was brought to our attention by A. J. de Witte, geologist with Continental Oil Co. As the magnitude of Rl/Rt is a major clue to the presence of oil in formations, this method can be used to good advantage for qualitative analysis and will be discussed in somewhat greater detail. With the aid of suitable bed thickness corrections, the analysis of the normal curves may be used for bed thicknesses larger than 12 ft. For thinner beds, the method rapidly loses its resolution; and we have to resort to different types of resistivity logs if we want to attempt to analyze the curves quantitatively. The inadequacy of conventional resistivity curves in thin beds is far more serious than generally realized. Fig. 1 shows a conventional E. S. with a 16-in. and 64-in. normal and a 16-ft lateral through a section of Lansing-Kansas City lime, in comparison to a guard electrode survey through the same section in a neighboring well. The porous zones, which show up as low resistivity breaks on the guard electrode log, are completely masked by adjacent bed effects and boundary anomalies on the conventional curves. Even the short normal shows most of the porous Zones only as Vague deflections and in many cases fails to register Their

Jan 1, 1955

By Charles C. Mosher

An in-mine seismic technique for detecting faults has been tested in a Western U.S. coal mine. This technique has been used extensively in the U. K. to help guide longwall mining operations. Explosives detonated on the face of a seam generate sound waves which propagate into the seam. Reflections from faults are picked up by sensors on the same face. Computer processing is then used to determine the fault locations. A known fault was successfully located in this test. Modifications to the U. K. procedures were required for the relatively thicker roan and pillar mines common in the Western U. S.

Jan 1, 1983

By AIME AIME

THREE of the addresses presented at this interesting and important session are printed in full else- where in this issue. The fourth, Mr. Hewett's paper, on "Cycles In Metal Production" has been issued as Technical Publication 183, and an abstract of it was published on page 162 of last month's issue. The general discussion that followed these four important papers is given in full below. S. A. TAYLOR: I would like to ask Mr. Veasey whether the control of oil in pools includes royalties, and, if so, in case of a new pool how are you going to control, or rather how are you going to describe the limits of that pool?

Jan 1, 1929

By A. H. C. A. Zimmerman

WE have just heard what must be regarded as a thoughtful, constructive and somewhat painful analysis of the financial function of our industry. While thinking about this, it is interesting to reflect on the conditions which have stunted the growth of the financial side of our affairs. Mining must be regarded as a wealthy business. •while immeasurable grub takes and development budgets have been lost, there can be little argument that a productive ore-body nearly always produces the type of wealth that breeds some extravagance. I recognize that this statement can be attacked from many sides, but an historical comparison with a commercial enterprise involving similar investment will demonstrate what I mean. However, these old times are be-ginning to disappear for a variety of reasons. High amongst these are: ( l) Increased costs of exploration. (2) Remoteness of many new finds. (3) Fixed or declining metal prices (particularly when expressed in constant dollars). ( 4) Constant demands for higher wages.

Jan 1, 1962