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By Steve Kral

A near-record crowd of mining history enthusiasts made the trip to Leadville, CO in September to attend the National Mining Hall of Fame and Museum’s 19th induction banquet. Dressed in Victorian garb, black tie tuxedos and formal gowns, the 268 people honored four distinguished men who made a lasting impact on the U.S. mining industry. They joined 188 other inductees. The first induction banquet took place in 1988, with about 500 people attending.

Jan 1, 2007

Ceremonies for the induction of five mining industry pioneers into the National Mining Hall of Fame will be on Sept. 12, 2009 at the Charles F. Barber Pavilion of the Museum Convention Center in Leadville, CO. The five inductees are: Paul A. Bailey, 82, Richard T. Moolick, 89, William Braden and Alonzo Pawling and Henry Harnischfeger. Paul A. Bailly was president of Bear Creek Mining Co., the U.S. exploration subsidiary of Kennecott Copper, from 1961 to 1967. In 1968, he joined Occidental Petroleum Corp. and was tasked with creating the company?s international mining division, Oxymin, which he led as president through 1983. During his distinguished career, Bailly participated in numerous significant mineral discoveries, developed a new exploration philosophy and made important additions to the mineral exploration literature. William Braden was the first to recognize the immense potential of the El Teniente orebody in Chile. He founded Braden Copper Co. and developed the El Teniente Mine which now, 100 years later, remains the world?s largest underground copper mine. Braden?s endeavor survives to-day as the El Teniente division of the Chilean state copper company, CODELCO. T. (Dick) Moolick established a lasting legacy in the mining industry, first during a 35 year career with Phelps Dodge Corp. and then as the driving force in establishing the National Mining Hall of Fame and Museum in Leadville. The Hall of Fame and Museum ? a monument to the memory of the men and women who pioneered the discovery and development of the United States? natural resources ? has become one of the fi nest museums in the western United States.

Jan 1, 2009

Ceremonies for the induction of five mining industry pioneers into the National Mining Hall of Fame are scheduled for Saturday, Sept. 25, 2004 at the Las Vegas Hilton in Las Vegas, NV. The 17th Annual Mining Hall of Fame Induction banquet will begin with a reception at 6 p.m., followed by the dinner and program at 7 p.m. The five inductees are Georgius Agricola, David William Brunton, Herbert E. Goodman, David Ray Mitchell and Robert Peele. Georgius Agricola (1494-1555) wrote De ReMetallica, an original and valuable work that discussed everything known about mining during the first half of the 16th century. In De Re Metallica, Agricola reviewed practical means of finding ores, methods of surveying and mining, the assaying of ores, types and uses of mining machinery, smelting, mine administration and more. David William Brunton (1849-1927) is best know

Jan 1, 2004

Ceremonies for the induction of four mining industry pioneers into the National Mining Hall of Fame will be held Saturday, Sept. 13, 2008 at the Charles F. Barber Pavilion of the Museum Convention Center in Leadville, CO. This will be the 21st Annual National Mining Museum and Induction Banquet. The four inductees are Lew Eklund, 76, Carrie Jane Billings Everson (1843-1914), ?Colonel? William C. Greene (1851-1911) and Arthur L. Hawkesworth (1860-1905). Lew Eklund founded Eklund Drilling that is now based in Elko, NV. He invented many designs that play a major role in today?s mining industry. His Cyclo Blower and various sampling devices he designed helped to revolutionize gold deposit exploration by allowing mining companies to effectively sample microscopic gold. Carrie Jane Billings Everson discovered and proved a method for bulk oil flotation concentration of mineral ores, the precursor to modern froth flotation methods of minerals concentration. She patented her process in 1886. In the early 1890s, coworkers built and operated demonstration plants incorporating her bulk oil flotation process. ?Colonel? William C. Greene was responsible for the development of the great copper mining properties of Cananea, Mexico. In seven years, he went from ragged cattleman and adventurer to the greatest captain of industry the borderlands have ever seen. Arthur L. Hawkesworth was a master mechanic for Anaconda Copper. He invented the detachable drill bit. His invention generated tremendous savings for the mining industry in time, in dollars and in safer operating conditions underground. His bit?s long lasting contribution to improved mine economics is immeasurable. The 21st Annual National Mining Museum and Induction Banquet will begin with an open house and reception at 5:30 p.m. followed by the dinner and program at 7 p.m. The inductions will bring to 201 the number of mining ?greats? whose engraved photographs and biographical sketches are installed in the National Mining Hall of Fame.

Jan 1, 2008

By Robert B. Hopler

Explosives, originally used only in fireworks and warfare, became legitimate contributors to human progress when miners in Eastern Europe began using them to break rock in the early 1600%. Since that time these powerful materials have had a dual role in the world: as agents of destruction in war, and as irreplaceable tools necessary to advance civilization. In the latter role, they serve as agents to enable mankind to produce metals, build roads, and drive tunnels. In other words, to provide those materials, services, and infrastructure without which the modern world could not exist.

Jan 1, 1997

Session 1 ? Intro to MiHR ? Business Case for Aboriginal Inclusion ? Overview of the Mining HR Guide for Aboriginal Communities ? Two presentations of Programs featured in the Guide ?? The RAP Program from NWCC ?? First Nations Youth Employment Program PDAC-MM Session 2 ? Presentation from MAC ? Taking up the AFN Corporate Challenge ? Presentation on Mastering Aboriginal Inclusion in Mining About MiHR Who we are: ? National Sector Council for the Minerals and Metals Sector ? 18-person Board of Directors ? 100+ Industry Leaders volunteer on our project committees ? PPP - Funded by HRSDC and industry What we do: ? Identify national HR challenges and opportunities for the minerals and metals industry ? Create national solutions through collaboration, partnerships and Synergy

May 1, 2009

By S. du Plessis

Nationalization is high on the policy agenda in South Africa. This paper considers the case for nationalizing the local mining sector from an evidence-based perspective, which is derived from theoretical considerations and related to the known features of the South African mining sector and economy. A strong case against nationalization emerges, which can be summarized as follows. The mining sector is competitive and therefore a poor candidate for public ownership. Furthermore, the resources sector does not dominate the South African economy nor does it create the risk of a decrease in the competitiveness of the industrial sector via the unintended adverse impact of an appreciating real exchange rate due to a commodity boom (Dutch Disease). Nationalizing the mining sector will cost the government more than it receives. This is not only a bad idea in itself, but it will limit the scope for distributive policies on the national budget. The contemporary international experience demonstrates the risks of fiscal imprudence. Finally, nationalizing the resources sector will undermine support for those very market-based institutions required to achieve a higher long-run growth trajectory.

Jan 1, 2013

By Jonathan Taylor, Irwan Halim, Frederick (Rick) Vincent

The new underground facilities for the LINAC Coherent Light Source project at the Stanford Linear Accelerator Center in Menlo Park, CA, are constructed in very weak sedimentary rock interspersed with uncemented zones. In addition to several 21-footwide (excavated) tunnels, the NATM excavations include a large, 49-foot wide (excavated) cavern, an unprecedented size in this geology. The critical design issues include characterization of the weak rock, some shallow rock cover areas, and very stringent criteria for final invert slab movements within the tunnel. The design also incorporated severe seismic criteria, since the site is in close proximity to the San Andreas Fault.

Jan 1, 2007

By Bhaskar B. Thapa

The design of the Caldecott 4th Bore, located along State Route 24 in Oakland, California, is based on the principles of the New Austrian Tunneling Method (NATM). Typical NATM initial support design practices used in Europe were adapted for this project to account for U.S. conditions and requirements, such as degree of experience with NATM construction, the prevailing contractual environment, and preferences for contractual simplicity. Key design features are: (1) support selection criteria based on ground behaviors and ground conditions; (2) a prescriptive design with allowance for support adjustments based on observations during construction; and (3) organization of support requirements into only four major support categories, while permitting some adjustment for variations in ground behaviors and conditions using a few subtypes and additional support measures.

By Mohamed A. Younis, Paul J. Headland, Paul H. Madsen, Vojtech Gall

INTRODUCTION A 100 ft long, 20 ft high and 18 ft wide NATM tunnel was excavated through grouted clean sands beneath a busy city street, including a variety of existing utility lines. The new tunnel associated with a hospital expansion will serve as a pedestrian tunnel connecting a parking structure with a new hospital facility. Tunnel construction started on December 15, 2005 when drilling for the grouting program started and was completed on May 26, 2006 when the tunnel final lining was completed. The tunnel was constructed by Kiewit Construction Company as a tunnel subcontractor to The Christman Company who is constructing the hospital facility for Spectrum Health in Grand Rapids, Michigan. URS was the project designer. GallZeidler Consultants, LLC were the contractor’s NATM consultant. PROJECT DESCRIPTION The Michigan Street Pedestrian Tunnel is a component of the Michigan Street Development located along the north side of Michigan Street NE between Coit Avenue NE and North Division Avenue in the downtown area of the Grand Rapids, Michigan. The Michigan Street Development includes a parking deck and four new towers to be constructed over the proposed parking deck. The tower planned furthest east is being developed by Spectrum Health as the Lemmen-Holton Cancer Pavillion. The purpose of the pedestrian tunnel is to connect the proposed Lemmen-Holton Cancer Pavillion with the future Spectrum building to be located on the south side of Michigan Street NE. The southern end of the tunnel was constructed with a bulkhead until the future Spectrum building is constructed at which time interconnection will be required. The tunnel site plan and profile are shown in Figure 1, Site Plan, and Figure 2, Tunnel Profile. Several challenges were faced during the design and construction of the Michigan Street Pedestrian Tunnel. These challenges included compressed design and construction schedule, maintenance of traffic and protection of old underground utilities. The tunnel was being constructed as part of the Michigan Street Development and coordination with other concurrent construction activities was required. The tunnel was constructed within a specified window of time to allow other associated construction activities to take place without compromising the overall project schedule. The design started in June 2005 and construction was completed by June 2006.

Jan 1, 2007

By Earl C. Hutchison, Wade C. Hutchison

T 0 effectively evaluate property damage that is claimed to have been caused by blasting activities and in order to lay the proper foundation to build the best legal defense, identification of the actual causation for the damages are necessary. For the past twenty years, engineering personnel from VCE, Inc. (previously Vibration Control Engineering, Inc.) have been evaluating claimed blasting damages with pre- and postblast inspections, with analysis of seismic levels, blasting amounts at given distances, and with other engineering considerations. In addition to these evaluations, they have also documented other causes for damages which are of the types that are often claimed as blasting damage.

Jan 1, 1995

By Lyon F. Terry

IN contemplating the prospects of natural gas being transported from the fields where it is produced to such distant points as Philadelphia, New Jersey, New York City, and New England, let us review the advance that natural gas has made and the projects currently scheduled for construction. This may give us a perspective of the point in the long-range development of the natural gas business in which we now find ourselves, and some basis for judging the further expansion of the industry. Authentic statistics of the total marketed production of natural gas in the United States have been compiled by the Bureau of Mines since the year 1906. The growth of the business is indicated by the following data on marketed production for each ten-year interval since 1906:

Jan 1, 1947

By R. G. Turner, M. G. Hubbard, A. E. Dukler

Gas phase hydrocarbons produced from underground reservoirs will, in many instances, have liquid phase material associated with them, the presence of which can affect the flowing characteristics of the well. Liquids can come from condensation of hydrocarbon gas (condensate) or from interstitial water in the reservoir matrix. In either case, the higher density liquid phase, being essentially discontinuous, must be transported to the surface by the gas. In the event the gas phase does not provide sufficient transport energy to lift the liquids out of the well, the liquids will accumulate in the wellbore. The accumulation of the liquid will impose an additional back pressure on the formation that can significantly affect the production capacity of the well. In low pressure wells the liquid may completely kill the well; and in the higher pressure wells there can occur a variable degree of slugging or churning of the liquids, which can affect calculations used in routine well tests. Specifically, the calculated bottom-hole pressures used in multirate backpressure tests will be erroneous if the well is not removing liquids on a continuous basis, and gas:liquid ratios observed during such a test may not be correct. Several authors1,3,8,14 have suggested methods to determine if the flow rate of a well is sufficient to remove liquid phase material. Vitter14 and Duggan' proposed that wellhead velocities observed in the field would be adequate for keeping wells unloaded. Jones8 and Dukler3 presented analytical treatments resulting in equations for calculating, from physical properties, the minimum necessary flow rate. An analysis of these studies indicates the existence of two proposed physical models for the removal of gas well liquids: (1) liquid film movement along the walls of the pipe and (2) liquid droplets entrained in the high velocity gas core. Although there probably is a continuous exchange of liquid between the gas core and the film, they will be treated separately for the purposes of this study. The development and comparison of these separate models with experimental data will permit the determination of which, if either, is the controlling mechanism for the removal of liquids from gas wells. The Continuous Film Model Liquid phase accumulation on the walls of a conduit during two-phase gas/liquid flow is inevitable due to the impingement of entrained liquid drops and the condensation of vapors. The movement of the liquid on the wall is therefore of interest in the analysis of liquid removal from gas wells. If the annular liquid film must be moved upward along the walls in order to keep a gas well from loading up, then the minimum gas flow rate necessary to accomplish this is of primary interest. The analysis technique used follows Dukler2 and Hewitt5 and involves describing the profile of the velocity of a liquid film moving upward on the inside of a tube. The minimum rate of gas flow required to move the film upward is then calculated.

Jan 1, 1970

By P. K. Leung, S. R. Allada, P. M. Dranchuk, D. Quon

The alternating direction explicit procedure (ADEP) makes use of the boundary conditions to reduce multi-dimensional problems to a series of one-dimensional problems. The method, previously applied to reservoirs containing only an under-saturated oil, has now been extended to cover the case of natural gas reservoirs. l his involves solving a non-linear partial differential equation, application of the procedure is straightforward and no calcuIational problems were encountered. INTRODUCTION There has been a growing interest in formulating mathematical models of petroleum and natural gas reservoirs — models which permit the engineer to examine and evaluate the physical and economic consequences of various alternative production policies. The tremendous reduction in the cost of solving such models in recent years has made possible their use as an almost routine management tool. This reduction is the result not only of improved computer hardware but also of the development of more efficient mathematical techniques. The present paper is concerned with the application of a recently proposed numerical method (ADEP) to two-dimensional gas reservoirs. STATEMENT OF THE PROBLEM Given a two-dimensional Region R, bounded by a closed Curve C (Fig. 1) such that the behavior on Curve C is known, the differential mass balance for each fluid phase in R, neglecting gravitational effects and assuming Darcy's law for fluid transport, can be written as:

Jan 1, 1967

By H. O. McLeod, J. M. Campbell

Data analysis of pentane and hexane adsorption from natural gas in a fixed bed of silica gel shows that constant length mass transfer zones form, the curvature of the adsorption isotherm controls the growth of the mass transfer zone and surface diffusion of molecules inside the silica gel particle controls the mass transfer rate. Curvature of the hexane isothem is more than the curvature of the pentane isotherm. Because of this curvature the hexane adsorption zones reached a constant length. In contrast, the pentane adsorption zones were always increasing in length during each run. A procedure was developed to obtain correct mass transfer coefficients using effluent curve slopes. These transfer roefficients increase with the amount of hydrocarbon adsorbed on the silica gel particle. The characteristic shape of the hexane effluent curves also show that molecular diffusion inside the silica gel particle controls the adsorption rate of pentane and hexane. INTRODUCTION The purpose of this study was to determine the mechanisms that control the dynamic adsorption of hydrocarbons from a natural gas onto silica gel. Before one can deal effectively with multicomponent adsorption, the transfer mechanisms by which a single hydrocarbon component is adsorbed from the gas stream must be defined. Two principal investigations of this system have been published ' and indicate that diffusion through the gas around the particle controls the adsorption rate. Some of the experimental observations in each study either do not support this transfer mechanism or are inconsistent with the mathematical model used in analysis. In this study surface diffusion of molecules inside the particle controls the mass transfer rate of pentane and hexane. This mechanism is indicated by the effluent curve shape for a constant length transfer zone and by the variation of the mass transfer coefficient with concentration of the adsorbed hydrocarbon. THEORY AND DEFINITIONS — MATHEMATICAL MODELS Mathematical solutions for the isothermal adsorption of a trace component from a carrier gas are derived from three relationships: the mass balance or continuity equation, the equilibrium relationship between the gas and solid phases, and a mass transfer rate equation. The transfer rate is proportional to the adsorbate concentration gradient within either the gas or solid phase. Mathematical solutions of these equations usually give the adsorbate concentration as a function of time and distance from the bed inlet. That part of the bed in which the adsorbate concentration changes from a maximum to a minimum value is called the transfer zone. This transfer zone is directly related to a plot of the effluent concentration vs time which has a characteristic S-shape. This general shape is determined by the continuity equation and occurs in many processes of diffusional transfer.

Jan 1, 1967

By A. B. Cook, C. J. Walker, G. B. Spencer

Although water will displace oil from a petroleum reservoir to a greater extent than gas will, there are some reservoirs in which gas rather than water should be used for pressure maintenance. This is indicated by the high-percentage oil recovery in the case history reports on the Pickton field1 in East Texas and the Raleigh field2 in Mississippi. In gas cycling, total oil recovery includes vaporized products from the immobile oil in addition to oil produced by displacement. If a large part of the immobile oil is vaporized, total oil recovery may be higher than that obtainable from pressure maintenance by water injection. However, the amount of immobile oil vaporized may range from almost 0 to 100 percent, and no simple and reliable method has been presented in the literature for calculating oil vaporization. Development of such a method was the purpose of this study. Several papers concerning the calculation of oil vaporization have been published,3 6 and each is based on the concept dealing with K values — equilibrium constants for the various components in reservoir oils. (K for a component in a system of vapor and liquid in equilibrium is the mole fraction in the vapor phase divided by the mole fraction in the liquid phase.) This appears to be the most logical approach. Yet, the problem is too great for a perfect solution, even with modem laboratories to analyze oils and high-speed digital computers to perform calculations; the number of components in reservoir oils is too large. Because of their complexity no two reservoir oils are exactly alike. Also, K values change not only with variations in pressure and temperature but also with composition of the reservoir oil. In addition, during gas cycling, the lighter hydrocarbons tend to vaporize first. Thus, the reservoir oil becomes more dense and less volatile as gas cycling continues. Furthermore, the greatest amount of oil vaporization occurs near the injection well. Therefore, a simplified method is required for calculating oil vaporization because a rigorous method is not practical. The present methods of calculating vaporization generally require knowledge of the reservoir oil composition in which the mole fractions of the lighter components through hexanes are given; the remaining oil is described as C, + (heptanes and others of greater molecular weights). Assigning one K value for the C,+ system provides the simplest solution, but this incorrectly assumes that K for C, + does not change as gas cycling continues. This assumption can cause large errors because the K value may become less than a thousandth of the original after a large amount of oil vaporization. Another way to solve the problem is to determine changing K values for C, + according to how much of the C, + has been vaporized. To determine these values a sample of the reservoir oil is injected into a pressure-volume cell, and dry gas is batched in and out of the cell. Appropriate measurements and tests are made to determine K

Jan 1, 1970

By M. R. Tek, L. K. Thomas, D. L. Katz

Threshold displacement pressures are needed to determine how much overpressure can be used in storing natural gas. An experimental technique for determining threshold pressures by displacing water with gas from samples saturated with water is presented. Threshold pressures for eight low permeability samples were measured. Threshold pressure data obtained in this work, plus data on higher permeability samples reported in the literature, are correlated with porosity, permeability, surface tension and formation resistivity factor. Mercury injection pressures also were measured and correlated with air-water threshold pressures. Threshold pressures were found to be independent of time. An aerial photograph of gas emerging from the top of a core shortly alter its threshold pressure has been exceeded shows that the gas bubbles are uniformly distributed across the face of the core. Channeling will occur, however, when an increased gas phase permeability is reached, A porous medium can be re resealed alter its threshold pressure has been reached, provided it has not been desaturated below a fixed saturation. Its new threshold pressure will be lower than when the sample is 100 percent saturated with water. INTRODUCTION The degree of overpressure in excess of the discovery pressure that a gas storage reservoir can withstand is determined by the ability of its caprock to contain gas, providing the pressure does not exceed the structural limit of the reservoir. The retention of gas in a reservoir by a caprock saturated with water is a result of the capillary forces acting at the gas water interface. Without the presence of water in a caprock, gas would leak out of the reservoir at a rate determined by the permeability of the caprock to gas. The ability of a caprock to contain gas is expressed in terms of its threshold displacement pressure, which is defined as the minimum pressure needed to initiate the displacement of a wetting phase by a nonwetting phase from a porous medium 100 percent saturated with the wetting phase. The gas industry must be able to predict how much "overpressure" a gas reservoir can withstand before leakage occurs by gas displacing water from caprock overlying the reservoir. This is of economic importance since the storage capacity of a gas reservoir is proportional to its pressure. The discovery pressure for most reservoirs is found between the upper and lower limits1 shown in Fig. 1. Discovery pressures in excess of their hydraulic pressure gradient are attributed to the compaction of an isolated shale formation by the overburden.2.3 The lower limit of 0.433 psi/ft corresponds to the weight of the overburden, the gradient of the rock itself. Somewhere between

Jan 1, 1969

By R. A. Wattenbarger, H. J. Ramey

The trend in gas well testing has been to rely more on the early-time flow data of drawdown and buildup tests than on stabilized flow tests. The stabilized testing methods often are not adequate for complicated modern gas reservoirs because many of these reservoirs have extremely low permeabilities and the transient flow period of a well test can last for days or weeks. It has become common to augment the flow capacity of gas wells by hydraulically fracturing their producing formations. In deep reservoirs the induced fractures are generally vertical and tend to follow a single plane of weakness. The presence of a vertical fracture at the wellbore complicates the transient flow behavior of a low permeability gas well. The flow is further complicated when turbulence occurs near the wellbore. Russell and Truittl published transient drawdown solutions for vertically-fractured liquid wells. They developed methods of drawdown and buildup testing utilizing these solutions, which were based on numerical simulation. Clark2 applied the basic Russell-Truitt solutions to analyze fractured water injection wells by falloff tests. Field examples were given to substantiate the method of analysis. The Russell-Truitt solutions and well testing methods can be extended to gas well flow. Millheim and Cichowicz3 presented the drawdown equations for *Now with Scientific Software Corp., Denver. ideal gas flow, including the effects of formation damage and turbulence. Two actual field cases were presented, both of which exhibited extensive fractures and turbulent flow. For the pressure range of these well tests, the use of ideal gas equations was acceptable. These field cases were significant in being the first published data showing the occurrence of turbulence in fractured gas wells. We, also, observed such cases in practice. Our purpose here is to extend the theory of fractured gas well testing to the flow of real gases. To determine the effects of wellbore storage and turbulence on well test interpretation, we developed a finite-difference model to simulate well test conditions. Since gas wells usually are widely spaced and have high compressibility, the emphasis has been put on the early transient behavior before the effects of the outer boundary are noticeable at the wellbore. The Mathematical Model The geometry of our mathematical model is similar to that used by Prats.4 The well is centered in a circular uniform reservoir. A vertical fracture of infinite flow capacity penetrates the formation and passes through the wellbore. The wellbore itself is not important. Fig. 1 shows a sketch of the problem. Fig. 2 shows the idealized model. The equation for the flow of real gas in a porous medium with uniform porosity, permeability and thickness is5-7

Jan 1, 1970

By M. Kahn

This paper traces the rise of South Africa's mining industry in the context of the different state forms that oversaw its development. It commences with the mining-led industrial revolution through four periods of conflict, each of which contributed to a deepening of the industrial base, with constant battles between domestic and foreign capital and labour, and the rise of both Afrikaner and African nationalism. The role of state-owned enterprises has been crucial in shaping this dynamic so that at its peak the public sector and leading mining houses constituted two massive centres of power. This was followed by a thirty-year period of neo-liberal experimentation. The current debate on the 'developmental state' is an attempt to reconstruct the state as a counterweight to capital. It is argued that while the country has moved toward inclusive political and economic institutions, these are both limited by deep 'extractive' characteristics. This transformation failure provides a fertile ground for populism that presents one of the biggest threats to inclusive growth. Cited examples point to the many ways that states have sought to deal with the bonanza that conversion of mineral non-resources into resources brings. Such greenfield resources on state land, or in areas where the state holds monopoly rights, do not present ownership issues. It is suggested that this is the route that South Africa should follow, as the alternative will be conflictual.

Jan 1, 2013

By Gordon L. Draeseke

"Before getting into more specific aspects of my talk today I should put in one disclaimer - one week in Mainland China and one day with Premier Kosygin does not make me an expert on Sino-Soviet affairs nor on Canadian-Chinese relations. Perhaps though there is a message in the fact that one meeting took place in relative openness in China and the other was at least partly in a bullet-proof limousine in Canada. I thought it might be interesting and appropriate to explain something of the forest industry to you who are engaged in the mining industry. Our industry, like yours, is based on a natural resource and the basic activity that we engage in is the extraction and conversion of that resource into saleable materials. However, the fundamental difference between our industries is that our resource is on top of the ground - easily visible and easily measurable, whereas yours is under the ground - difficult to find and, having been found, expensive to measure. A second difference is that ours is renewable while yours is extractive, and you must keep finding more to keep up reserves."

Jan 1, 1971