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By Robert B. Johnson

The refraction seismic method has been used as an indirect means of exploring for fluorspar in southern Illinois by the Illinois State Geological Survey. Use of the method has been restricted to those areas where mineralization is associated with faults, a restriction necessitated by the operating principles of the refraction method. The seismic data enable the interpreter to locate fault zones in the subsurface and, under ideal circumstances, to make estimates of dip direction and magnitude and vertical displacement provided the local stratigraphic units are known and are geophysically recognizable. In this instance, refraction seismic exploration has been successful in the surface mapping of well-developed faults, both simple and complex with which fluorspar may or may not be associated. However, less clear results have been obtained where faulting has been less severe and where there are numerous accompanying mineralized joints.

Jan 1, 1964

By M. R. TECK, N. Rudd, L. K. Thomas, D. L. Katz

The authors are to be congratulated for presenting the first comprehensive paper on the theory and practice of threshold pressure determination in connection with underground gas storage. It is of particular value since most previous experimental work on this subject has been proprietary to the commercial laboratories engaged in such testing and to their clients. This dlscussion is presented in amplification of the subject paper, not in criticism, and is based upon our experience with approximately 5,000 threshold pressure determinations. Our comments are directed primarily to the experimental procedures as described by Thomas et al. It should be noted that, while clay mineral-rich lithologies are the most common caprock materials, the samples used (Table 1) include low permeability sandstones and carbonates, but do not include shales or other formations in which clav minerals exert a dominant effect. While our experience on samples analogous to those investigated by the authors generally confirms their findings, we have found that even more rigorous experimental conditions must be imposed where clay minerals are the controlling factor. These additional conditions result from the well-known molecular character of the clay minerals themselves in which water is interlaminated with, and bonded to, silicate sheets, thus becoming an essential component of the molecule. In many clay minerals the character of the intersheet bonding, and thus the dimension of the lattice, is strongly affected by variations in the identity and concentration of cations present in the intersilicate water. On a supermolecular scale, adsorbed water films on particle or "flakes" of shale provide much of the cohesive force necessary to maintain mechanical strength. The thickness of these films is variable and inversely proportional to intergranular pressure within the dimensional limits involved in caprock investigation. The thickness of the intersilicate water layers may also be subject to pressure under some conditions. These considerations are reflected in several necessary modifications of the experimental procedures described by the authors. Two of these are, in our judgment and experience, of such importance that they cast real doubt on the validity of data obtained on argillaceous materials without their application. The very careful resaturation procedures proposed by the authors should give good results in connection with the relatively "inert" lithologies used in their experiments. Our experience suggests, however, that they would create more problems than they would eliminate if applied to argillaceous materials. 1. Drying of the sample at the temperature and for the duration indicated by the authors not only will dessicate the sample with consequent shrinkage cracking, parting along bedding planes, and even total disassociation in the case of fissile shales, but it may also alter the character of the clay minerals themselves — in some cases irreversibly. 2. Prolonged evacuation to 2 microns Hg further dessicates the sample and is even more effective in reducing the intersilicate water content. 3. Resaturation with water differing in pH or chemical content from that existing originally in the sample also serves to alter the nature of the sample, particularly its structure and strength. 4. Our experience has been that, even with the thorough precautions proposed by the authors, complete resaturation of very fine grained materials is rarely obtained. Yet our experience confirms the

Jan 1, 1969

By B. Wilshire, P. W. Davis

It has been shown that grain-boundary migration during high-temperature creep can reduce or even prevent the formation of intercrystalline voids, giving a considerable increase in ductility.' A similar observation has been made in a recent investigation of the creep properties of various grades of nickel and nickel alloys. The results can be illustrated by the observations made on: a) Pure vacuum-cast nickel (99.993 pct Ni) b) Impure vacuum-cast nickel (99.97 pct Ni) c) Pure nickel containing internal voids (produced by a process of intering). d) A substitutional solid solution alloy of pure nickel containing 1.16 pct Sn. All the materials were given a high-temperature anneal (>850°C) to produce a stable grain size of 7 to 10 grains per linear mm. The apparatus and techniques used to obtain the present results have been described elsewhere.' In this series, grain growth was observed only in the highest-purity, vacuum-cast metal. Thus we may consider that in the other materials grain-boundary migration was prevented by either preexisting voids or solute atoms. The effect of migration on the creep ductility of the above materials can be seen from Fig. 1, which

Jan 1, 1962

By R. W. Raymond

(Cleveland Meeting, October, 1912.) UNDER the names of Conservation, Social Justice, the New Nationalism, and Progressive Democracy, many earnest reformers are calling for a new system of Federal government to replace the one which they ascribe to our fathers, and declare to have been outgrown. They are proposing the lease by the United States of certain natural resources on the public domain, for the profit of the U. S. Treasury, instead of the sale of such resources to private citizens or associations of citizens. In the present paper, I shall try to show that this notion is neither new nor good. It is clear that the United States is owner, as well as sovereign, of public lands acquired through conquest or purchase from other nations, as it was owner of the public lands expressly ceded to it by the original thirteen States. Its policy with regard to such lands involves, therefore, two entirely distinct questions: What shall it do as owner ? and, What shall it do as sovereign ? The latter question, it must be confessed, has played but a small part in our history. All the prerogatives of sovereignty which were not explicitly conferred upon the Federal government by the original States were retained by them. The ownership or control of precious or other metals or minerals in the earth, for instance, was thus reserved to the several sovereign States. New York, South Carolina, and other States have passed laws on this subject, without regard to Federal authority. As new States have been successively admitted to the Union, the tacitly accepted theory has been,. that they thereby acquired all the reserved rights of the original States. These newer States largely outnumber the first. thirteen; and it is inconceivable that they would submit to any deprivation of sovereignty based on historical grounds. One of them-Texas-came into the Union by its own voluntary

Oct 1, 1912

No. 264. A long established company operating steel and iron foundries, machine and forge shops, whose varied products are sold to the Government, railroads, mining and contracting industries, etc., has, openings in both manufacturing and selling departments for men with technical education and experience who are not subject to military call. State full particulars, kind of position preferred and salary expected. No. 265. Young man wanted, technical graduate preferred, to superintend construction f a small charcoal blast furnace. Man with blast-furnace experience preferred. For the right kind of man this is, not only a permanent job but an opportunity. In writing, give full particulars as to age, education, experience, salary wanted, etc. No. 26.6. An important copper mining and smelting company in Arizona needs two or three metallurgical chemists, at salaries. ranging front $150 to $175 per month. No. 267. A consulting mining engineer needs two superintendents for developing chrome deposits near Philadelphia; and another technical man for other engineering work in the same vicinity. No. 268. An iron-mining company, in New York State needs a mining engineer with knowledge of geology and acquaintance with construction work; A married man, with about 10 years' engineering experience preferred.

Jan 2, 1918

By G. Donald Emigh

WESTERN phosphate resources which lie in Ida- ho, Montana, Utah, and Wyoming, have seen great expansion of activity in recent years. Growth has been two-pronged: expansion in fertilizer use, and since 1949, into the elemental phosphorous industry. Elemental phosphorous, produced in the electric furnace, goes largely into chemical making. Phosphate ore was first recognized in the West about 1889. Production started in 1906, and for many years consisted of underground operations by small companies operating sporadically. In 1920 Anaconda Copper Mining Co. opened the underground Conda mine near Soda Springs in southeastern Idaho, and has maintained and increased its operations since then. About 1930 Montana Phosphate Products Co. began underground mining in Montana and has remained a steady producer. In 1945 San Francisco Chemical Co., one of the oldest companies in the western field, initiated strip mining at the Waterloo mine near Montpelier, Idaho, and later at Leefe mine near Sage Junction, Wyo. In1946 J. R. Simplot Co. began open pit mining at Gay mine near Fort Hall, Idaho. In 1950 Victor Chemical Works began underground development work in the area of Maiden Rock, south of Butte, Mont.: and has since mined there. Monsanto Chemical Co. began open pit mining near Soda Springs, Idaho, in 1951.

Jan 11, 1954

By W. L. Crentz, E. E. Donath, D. Doherty

Maurice Rey—The influence of cyclone diameter upon the fineness of separation is an important point which, however, cannot be discussed adequately if the injection pressure or the rate of flow are not specified. Perhaps some light can be thrown on the matter by using the formulas derived by Dahlstrom. Let us consider several geometrically similar cyclones where the apertures e and b are equal and proportional to the diameter D and which are operated with the same pressure drop. Eq 8 of Dahlstrom's paper can be written: Q Q = K D'. " or. if F is constant: Q = K D18 K is a constant of proportionality. Introducing this value of Q in eq 13 gives elimination efficiency = K D0' " Elimination efficiency, in the terminology of Dahlstrom, means the diameter of particles, in microns, which divide equally between the underflow and the overflow. This denomination is regrettable and it would be preferable to call it diameter of separation or characteristic size or any other name connoting a size rather than an efficiency. Whatever the name used, the above equation shows a slow increase in the fineness of separation when the diameter of the cyclone decreases. For example, if a 14-in. cyclone gives a 400-mesh separation (37 microns), geometrically similar cyclones, having the same pressure drop will give separations at the sizes shown below.

Jan 1, 1951

By E. E. Donath, W. L. Crentz, D. Doherty

Maurice Rey—The influence of cyclone diameter upon the fineness of separation is an important point which, however, cannot be discussed adequately if the injection pressure or the rate of flow are not specified. Perhaps some light can be thrown on the matter by using the formulas derived by Dahlstrom. Let us consider several geometrically similar cyclones where the apertures e and b are equal and proportional to the diameter D and which are operated with the same pressure drop. Eq 8 of Dahlstrom's paper can be written: Q Q = K D'. " or. if F is constant: Q = K D18 K is a constant of proportionality. Introducing this value of Q in eq 13 gives elimination efficiency = K D0' " Elimination efficiency, in the terminology of Dahlstrom, means the diameter of particles, in microns, which divide equally between the underflow and the overflow. This denomination is regrettable and it would be preferable to call it diameter of separation or characteristic size or any other name connoting a size rather than an efficiency. Whatever the name used, the above equation shows a slow increase in the fineness of separation when the diameter of the cyclone decreases. For example, if a 14-in. cyclone gives a 400-mesh separation (37 microns), geometrically similar cyclones, having the same pressure drop will give separations at the sizes shown below.

Jan 1, 1951

In accordance with the usual custom, manuscripts to be presented at the next meeting of the Institute must be in the hands of the, Secretary before July 1, 1917. Manuscripts to be properly distributed in advance of the meeting must be in the hands of the Secretary before June 1, 1917. At the last meeting of the Institute 45 papers were presented, and 42 of them were actively discussed. This experience makes us believe that advance distribution is the best possible means of getting a good discussion of papers and of securing for them the interest of the members of the profession. It will be impossible, however, to give the papers proper distribution if they bare not received before June 1, 1917.

Jan 4, 1917

By Ivan Simon, R. K. McConnell

Anticipating the availability of tiltmeters suitable for use in boreholes, this article proposes a method of using one or more of these meters to determine in situ stress distribution before and after mining operations. Several ways of using relief techniques to measure in situ stresses in rocks have been developed. These techniques, summarized by Merrill,1 involve measuring deformations which take place when a specimen of rock is wholly or partially isolated from the stress field in the surrounding rock. Measurements of rock deformation caused by stress relief from mining operations can, in principle, also be used to estimate in situ stress distributions. Müller2 has mentioned experiments being carried on in Austria with a "deformation indicator" to determine the tilting of holes drilled before a mine opening is made. Similar work using borehole extensometers has been reported by Potts? and Duvall4 has called attention to the possible use of tiltmeters in making these measurements. Considerable attention is now being paid to the use of tiltmeters in detecting rock deformation associated with fault movements, earthquakes, earth tides, etc. The instruments used for these measurements have usually been of the mercury tube, water tube, or quartz fiber type, but because of their large size, and/or fragile nature, such instruments would not be suitable for use in mining stress measurements. Recent instrumentation developments, however, give promise that rugged, sensitive tiltmeters small enough for use in boreholes may soon be available.' In anticipation of these developments, this article presents a number of calculations of the possibility of using one or more tiltmeters emplaced in a drill hole prior to mining operations to determine the in situ stress distribution both before and after a mining operation. Consider point p (x, z) near a tunnel of radius a

Jan 1, 1969

By R. F. Mehl, C. S. Barrett, A. G. Guy

INTRODUCTION IN the last few years this laboratory has published a series of papers on the mecha¬nism of age -hardening.14,1,6,11,20 Briefly stated it has been proposed that hardening is caused by lattice strains created by lat¬tice coherency between matrix and precipi¬tate; much experimental evidence has been advanced to support this thesis. The system Cu-Be is an attractive one to study. It is a system that exhibits marked age hardening; it ought to be subject to the type of analysis of structural changes hitherto explored and it is a prominent example of "discontinuous precipitation," which, though studied in other cases, 6,20 remains largely unexplained. This research shows that hardening in the Cu-Be system proceeds essentially as proposed earlier.14 Guinier-Preston zones have been observed to form on the {100) planes of the matrix; no transition lattice was found. Aging and overaging were ob¬served to occur most rapidly in the region of discontinuous precipitation-the grain boundary-apparently accelerated there by strain. The Constitution of the Cu-Be System The Cu-Be constitution diagram is shown in Fig I. The structure of the ? phase was determined by Misch16 as of the caesium-chloride type with a lattice con¬stant of 2.598 Å High temperature X ray photograms of 7.2 pct Be alloy made by Kossolapow and Trapesnikow13 led them to conclude that the structure of the P phase is simply disordered body-centered cubic with [ao] = 2.79 Å at 750°C. Previous Work The initial work on the age-hardening of Cu-Be alloys was that of Masing, Dahl, Holm, and Haase. Their numerous papers were published in book form in 1929, sub¬sequently translated.18 The effects of Be content, solution temperature, aging tem¬perature, and cold work on the hardness developed in these alloys were studied. An initial decrease in the electrical conduc¬tivity was observed when strips of a 2.5 pct Be alloy were aged at temperatures from 200 to 350°C; a wire of the same analysis failed to exhibit this decrease when aged at 350°C. A volume decrease of 0.6 pct oc¬curred during aging at 250°C. Microscopic investigations of quenched and aged alloys disclosed a regularly ori¬ented "striping" (ripples) on the a and on the ß grains. In the case of the ß the cause of the striping was held to be decomposition

Jan 1, 1948

By William R. Chedsey

ALTHOUGH few changes can be reported in educational methods at the mineral technology schools during 1940, other events have taken place of direct interest to, and that will have a profound effect upon, mineral industry education on the United States. In the erection of new buildings, some notable changes have been made on the campus, The U.S. Bureau of Mines Experiment Station at the University of Utah, Salt Lake City, was dedicated on May 20. The construction and equipment of this building cost between $300,000 and $400,000. It will be the general headquarters for the metallurgical division of the Bureau and will have a pronounced effect upon the mineral industries research program at the University.

Jan 1, 1941

By Francis M. Walters

THE problem of making iron-manganese alloys of scientific purity is a rather difficult one. They cannot be prepared in air because of the readiness with which the metals oxidize at the temperature of melting; and they cannot be prepared in vacuum because of the, high vapor pressure-of- manganese. The very property of: manganese which permits it to be purified interferes with the utilization of the best method of making pure alloys. Accordingly, it is necessary to use a gas atmosphere which will not affect the-properties of the alloys. The gases available for the purposes are hydrogen; helium and argon. Nitrogen forms intermetallic compounds with manganese very readily. Hydrogen, while valuable as a deoxidizer and having the advantage of being comparatively cheap, is explosive over a wide range and, has a rather high thermal conductivity. Helium is reported as, costing little but is difficult to secure at a reasonable price and also has a conductivity nearly as high as hydrogen. Since argon has a sufficiently low thermal conductivity, it has been selected for use in one induction furnace for melting, under a controlled, gas atmosphere, in spite of its cost, which is so high (70 cents to $1.50 per cubic foot) that it must be stored and purified.. Such a gas atmosphere-as argon makes necessary the use of the, high-frequency induction method of heating. This involves, a non-metallic container for the gas; .which is most conveniently of fused quartz or glass. The next

Jan 1, 1929

By Kidd, Robert L.

INASMUCH as galena and sphalerite flotation concentrates are being produced that contain over 95 per cent galena or sphalerite, it is not unreasonable to believe that a flotation concentrate assaying at least 80 per cent of native gold can he secured provided the gold is free. As yet, little if any fundamental information has been published concerning the flotation of free gold either alone or in the presence of sulfides. So far, we are unable to make as complete a separation of gold from sulfide minerals by flotation as is possible in, the separation of one sulfide from another by this method. An introductory study of the flotation of several free gold ores has been made in our Utah laboratories. For this study three general types of gold ores were chosen, namely: (1) Quartzite containing 0.26 oz. gold per ton in which no base metals are present; (2) sulfide ore (2.04 oz. Au; 1.31 oz. AO containing pyrite as the only sulfide present and the gold free; and (3) oxidized ore (1.10 oz. Au; 0.70 oz. Ag) from an oxidized zone of the vein from which sulfide ore (No. 2) was taken; little sulfide iron was present.

Jan 1, 1932

By JOHN D. SUMMER

THE Premium Price Plan for copper, lead, and represent, the approach of the Office of Price Administration to the urgent of wartime problem of securing increased output of nonferrous metals. Some of the problems encountered in too operation of the Plan and the considerations which led to it?s adopt it will here he reviewed. The Plan provides for extra payment by the Metals Reserve Co., to mine operators who exceed established quotas of production. Producers are thus directly, compensated for the higher costs of working ores that are not commercial at the ceiling price, although the metal obtained from these ores is directed into regular channels of distribution at the established prices for copper, lead, and zinc. Higher-cost metal is thus available to fabricators and to the government agencies at the regular ceiling price and the dual objective of increased production and table pries is achieved.

Jan 1, 1943

United Engineering Trustees, Inc. GEORGE D. BARRON ARTHUR S. DWIGHT R. M. ROOSEVELT The Engineering Foundation H. C. BELLINGER E. DEGOLYER J. V. N. DORR

Jan 1, 1932

By Smith, George Otis

THE matter that I have on my mind this evening is engineering's need of an open forum. Our fathers of three centuries ago were pro-testanta for freedom of speech and thought in matters religious; later, our fathers were revolutionists for freedom of speech in matters political; until today freedom of speech has become so universal throughout the land that even in the sanctuary of our homes, at times, we have to turn off the loud-speaker. Talk is not always a condition of progress, but light is everywhere necessary to growth, whether the growing thing is a blade of grass, a baby chick, or a young idea, and we must regret anything that tends to shut out the light from the operations of business and industry. Of course, I realize there is little that is novel in what I am saying. Indeed, I have found that Dr. James Douglas-a name we love to honor in our Institute-as long ago as 1907, gave an address at the Toronto meeting that any of us would be proud to be author of twenty-one years after. Dr. Douglas at that time spoke on secrecy in the arts and the text then taken by this leader in metallurgical technique and in the constructive management of big business was "the dangerous temptation to adopt secretive methods by very large corporations." In both thought and language Dr. Douglas was direct and vigorous and he needs no internreter. He advocated the wide open door for ideas on two counts: advancement of technical knowledge and education of public opinion. A few sentences will serve not only to prove the vision of James Douglas, but also, I hope, tempt you to hunt up his address in the Institute's TRANSACTIONS, and thus get his whole thought first hand.

Jan 1, 1928

By M. N. Brodie, John Chapman

INTRODUCTION - DEFINITION & HISTORICAL PERSPECTIVE While this symposium is concerned with comminution which, by definition, relates to all stages of size reduction of an ore body to a form suitable for mineral separation, the electrical drive aspect of the grinding section will receive most attention in contrast to the crushing, screening and materials handling elements of the process. The reason for this is that today's large mills, thirty feet diameter and upwards, present mechanical and electrical problems which require a degree of sophistication in their solution not previously required. The ability to satisfy these demands, so far as electrical technology is concerned, largely results from the development of semi-conductor devices. These can now handle typical electrical distribution power levels within remarkably s m all volumes and with high efficiency when compared with the motor-generator sets, mercury arc rectifiers, rotating amplifiers, magnetic amplifiers and vacuum tubes which were commonly used to provide speed and torque controls as recently as the early nineteen-sixties. The hardware available to the electrical engineer has changed dramatically whereby even the simplest control system formerly using hard-wired relays is now superseded by the program m able logic controller with its computer-like memory containing the sequence of operation, in other words, the software. Reverting now to the mineral process itself, it is assumed that the ore body has been mined using explosives and is delivered to the concentrating plant in its 'run of mine' form. The problem becomes one of reducing the material to a size which will permit an acceptable recovery of the mineral with the most economical use of energy. The size of 'run of mine' material will range from about minus five feet for high tonnage open pit operations to minus two feet for the smaller underground mine. The final reduction in size may range from minus ten mesh to minus two hundred mesh (exceptionally as fine as minus six hundred mesh) depending upon the concentration method and dissemination of the mineral values within the ore. There is no single circuit that satisfies all applications, but the pattern of metallurgical equipment use shown in Table 1 appears discernable from current practice, in general terms.

Jan 1, 1982

By J. Greenspan

The anisotropy of fracture and slip, that is, the brittleness and ductility of the beryllium single crystal, is characteristic also of po1ycrystalline beryllium in which the grains are oriented in a preferred manner. Beryllium with grain orientations resulting from hot working either unidirectionally or bidirectionally is ductile or brittle in directions given by the anisotropy and orientation of the grains. Textures developed from various hot-working sequences are given, and tensile results are correlated with textures. Not only texture, but fine grain size is necessary for obtaining high tensile elongation. Ultimate tensile strength and elongation are both correlated with grain diameter. Of particular interest is the case in which unusually high tensile elongations of 30 to 40 pct are obtained when basal planes are oriented to carry THE beryllium crystal (of nominal purity) is probably unique among metals with respect to its unusually acute anisotropy of slip and fracture. While extensive slip can occur on the system (1010) [ll20] starting at about 19,000 psi, the (0001) plane is particularly vulnerable to fracture at 4500 psi or less. Fracture occurs also on the (11zo) plane at about 26,000 psi.1"3 Further, there seems to be no other slip System which contributes significantly to

Jan 1, 1960

By Peter A. Allen

INTRODUCTION Lac Minerals Ltd., a significant North American producer of gold and other metals for over three decades, recently completed the financing for its third discovery in an eight year period. From 1975 to 1982, three important gold deposits in Quebec and Ontario: namely Bousquet, Doyon and Hemlo, were located and tested by company geologists. When current development plans are complete, Lac will have injected $400 million into these deposits. A discussion of these projects and their financing reveals some extraordinary challenges faced by top mining management. Responses to these challenges developed by Lac management may interest executives planning to proceed with new North American gold or base metal mines. MINE DE BOUSQUET In 1976, we explored a property containing a large low grade surface gold deposit. The geologial setting was exciting and we tested recent rethinking about the volcanigenic genesis of gold and base metal occurrences. These ideas helped pus to persist in drilling a nearby conductor and 600,000 ton, 0.22 ounce/ton orebody was outlined. With gold at $Cdn.150 per ounce the feasibility was approved and work started February 1978. Availability of a company custom mill 35 miles away reduced our immediate capital needs to $8.5 million. First of all, understanding the geological significance of results at Bousquet was critical. Mine and surface exploration geologists at Lac are continually and closely working together to better understand the nature of gold deposits in the Shield. This management emphasis on both pure and mine geology meant that a much larger ore reserve could confidently be predicted. (A proposal to quickly develop and ship the ore to a nearby company mine was discarded.) Instead of designing just for the initial plan of 500 tons per day we therefore included headframe, shaft and hoisting capacity for 1,700 tons and provided a compartment for future shaft deepening. These prebuilt additions were welcomed within two years. The type of collaboration whereby surface and mine geologists make study and field projects of each other's problems sets the foundation for this predictive ability. At Lac, the traditional responsibility for and supervision of the mine geologist by the mine manager is modified by this collaboration. This adds interest and scope to the geologist's work and lets him think beyond production requirements. Besides such management considerations, dedicated, professional geologists with integrity and lots of practical experience are needed to plan successful developments like Bousquet. Second, projecting future bullion revenue was critical and our experience selling production for future delivery gave us a way to ensure that loan repayment at term would not be jeopardized by falling metal prices. Output from a single mine is often reduced or curtailed for numerous reasons, so "selling forward" is done best and with least risk by companies like Lac with more than one or two producing locations for that metal. At first, a forward marketing program was considered unwise, speculative and unorthodox by analysts and other producers. Declining markets in the early 1980s prolonged gold project capital recoveries however, and critics were better able to appreciate the usefulness of such a tool. The notion that gold miners shouldn't sell forward is rooted in the belief that long-run gold prices will rise as modern social theory implementation in democracies inevitably erodes currency values. Selling against this trend goes against this industry belief or "ethic" and is at odds with the company shareholder who expects the gold price to rise not fall. Nonetheless, an efficient tool is available to the gold producer (not to most other metal producers) to quickly disengage from adverse price trends or to lock in spot prices instantaneously for two years or more of profits. Gold had recently retreated from U.S.$200 to $104 and now had reversed to $150. Lac had been forced to close several of its producers during the late 1960s because central bank-controlled

Jan 1, 1985