Search Documents

By George H. Willis

In the second half of the nineteenth century, bimetallism progressively replaced by gold standard. After World War I and 1931-33 depression, gold mainly reserved for official international transactions and internal use restricted. Changes since 1971 have shrunk official international use of gold. International payments deficits and surpluses now financed by private and official credit, rarely by gold. Historical review covers evolution of: (1) internal and external private use, (2) internal official use, (3) external official use, (4) role in IMF and (5) use as unit of account.

Jan 1, 1978

By Michael Rieber

Mineral economics interfaces the mineral sciences and engineering with finance and economics in the analysis of appropriate questions facing the minerals and energy industries. Its practitioners include those trained in the earth sciences; mining, petroleum, and geological engineering; metallurgy and mineral preparation; as well as finance, information systems, economics, and statistics-most usefully in one or more combinations. Allowing for some overlap, three general areas may be identified: evaluation, economic analysis, and resource appraisal. Evaluation begins with mine investment analysis (exemplified by Gentry and O'Neil, 1984) and process costing, for which the STRAMM Handbook (Anon., 1977) provides a well-known basis for mining and beneficiation. But it extends from property appraisal, often used for the determination of taxes and royalties, through the determination and comparison of transport costs (e.g., Richer and Soo, 1977), and to benefit/cost analyses of externalities. Economic analysis, the subject of this section, is displayed in rigor and extent both theoretically and as applied to commodity classes in Vogely (1985), but it is implicit though apparent throughout Lefond (1983). The text edited by Vogely places minerals in their aggregative context with economic growth and trade, proceeds to the theoretical analysis of minerals and their markets, analyzes the structure and performance of the major mineral sectors, and concludes with policy issues: fuel, nonfuel, and environmental. Resource appraisal employs quantitative methods for the estimation of mineral and energy resources. It moves through geologic, geophysical, and geochemical properties to the identification of estimation procedures for mineral endowment and for the economic measure of stocks and flows of specific minerals (Harris, 1984). It can be used to estimate the probable amount of a specific resource remaining in a given region and has been used to project sites in a specific

Jan 1, 2008

By Thomas D. Kaufmann

Introduction What drives the price of gold? Supply and demand, of course. But in ways far different from the forces that drive the prices of other major metals, such as steel, aluminum, and copper. Gold, in fact, is one of the few commodities where both buyers and sellers are happy when the price goes up. Current production, production costs, and variations in production have little influence on its price. Gold inventories are so tremendous that current production has small impact on the amounts available to the market at any time. Worldwide gold inventory and production The world's inventories seem to be between 78 and 98 kt (2.5 and 3 billion oz). Since biblical times, the gold miners of the world have produced about 98 kt (3 billion oz), mostly in this century. Only small amounts have been thrown away and most of it - more than 78 kt (2.5 billion oz) - remain in bullion, coins, or jewelry. About 40% is held by central banks and other governmental authorities, 30% by private individuals as bullion or coins, and about 30% as jewelry. Except for some of the jewelry and the few industrial applications, this inventory is constantly available in marketable form at a price. By comparison, gold production is indeed small. The US Bureau of Mines estimates that the world produced 1.5 kt (50 million oz) of gold in 1986. Consequently, production increased world inventories by only 2%. Variations in production have a negligible or very short-term effect on the supply and, consequently, on the markets for gold. Although South Africa mines about 40% to 50% of the world's annual production, continuing labor strife there does not seem to have ruffled gold prices. Determining gold's price Gold prices, however, do determine cutoff grades in the mines and, thus, do influence production. Nonetheless, changes in production have little impact on the inventory supply. Consequently, it has small influence on the price of gold on the market. With a fairly stable supply, price changes are driven by changes in its demand. Unlike other metals, very little of the demand for gold comes from industry. Dental, electronic, and other industrial uses for gold consume less than 46.6 t/a (1.5 million oz per year). It would be safe to assume that such uses are less than 124 t/a (4 million oz per year) for the entire world. Variations in the 124 t (4 million oz), compared to a supply of 78 kt (2.5 billion oz) of supply can have only a negligible effect. Production net of industrial uses adds perhaps 1% annually to world inventories. This could, in time, affect markets. The increase, however, is mostly absorbed by population growth - more people wanting to own gold - and by gold being put in more attractive forms, such as coins. As an ancient Lydian king discovered, minting bullion permits

Jan 9, 1987

By A. F. Marques

The Azores islands are located on a triple junction where the American, African (AFR), and Euroasian (EUR) plates meet. The Mid-Atlantic Ridge (MAR), oriented N-S, represents two branches of the T; an E-W branch defines the EUR/AFR boundary called the Terceira Rift. The nature and structure of this plate boundary, as well as the dynamics of the interaction of tectonics and volcanism remain unconstrained. The Azores plateau is seated on a mantle domain of anomalously low seismic S-wave velocities, and gravity and geoid anomalies, where the apparent thick crust is thought to relate to larger degrees of melting initiated at greater depths [1]. The cause of these anomalies is controversial but many authors consider the presence of an anomalously hot/wet enriched mantle probably supplied by a plume [2]. The geochemistry of the subaerial and most submarine lavas from the plateau reinforces the plume model beneath the Azores [3-4]. The origin, size and present location of the plume is under debate but an area near Terceira is the favoured plume centre [5]. [ ] SEAFLOOR HYDROTHERMAL SYSTEMS IN THE AZORES AREA (36ºN ? 40ºN) More than 150 active and fossil hydrothermal systems are known in the oceanic seafloor [6]. Many more are yet to be found on vast oceanic areas that haven?t been explored [7]. Ever increasing knowledge shows that modern seafloor hydrothermal systems can be hosted in felsic to ultramafic rocks, vary in size and shape and exhibit diverse amounts of sediment cover

Jan 1, 2011

By Michael A. Piepenburg

The East Side Access (ESA) Project will extend Long Island Rail Road (LIRR) into midtown Manhattan via 11 km of tunnels, a new terminal station and associated support facilities. In addition to the hard-rock tunneling currently underway in Manhattan, soft-ground tunnels in Queens will traverse beneath Amtrak?s Sunnyside Yard and Harold Interlocking, the busiest rail interlocking in North America. This paper details ESA?s coordinated approach to interfacing with both Amtrak and LIRR with regard to the planned tunnels, shafts and related construction beneath or adjacent to the operating railroads. This interface includes integration of railroad staff, extensive presentations, reviews and agreements with the railroads regarding settlement mitigation, real-time automated geo-instrumentation monitoring, ground improvement, and geotechnical/environmental controls.

By Richard J. Stoehr

Man has mined in all his time on earth about 3 billion ounces of gold. About one-half of this has been mined in the past 35 years. This gold is roughly in 3 large holdings: one-third held as reserves in Central Banks; one-third held as personal reserves; and one-third is in jewelry or other fabricated products. The world per capita availability of mined gold is increasing and there are many factors and forces shaping gold's future. Currently, gold has a favorable exchange ratio and this is encouraging many new gold-mining developments. Production is increasing and new techniques are surfacing. The use of gold in the financial markets is increasing in some unique ways and gold is again fulfilling its role as a universal money, making gold's future predictable. Currently, man is mining gold at the rate of approximately 44 million ounces annually and is therefore adding to the total supply of gold approximately 1.5% of newly mined gold each year. This current production plays a small role in the pricing mechanisms since a very large part of the 3 billion ounces mined in all of history is available to the market in one form or another.

Jan 1, 1984

By Meyer Klein

Decision theory is the formal theory of the logic of decisions in view of the decision maker's objectives, preferences, I beliefs, and available information, It usually deals with weighty economic problems involving irrevocable (or costly to reverse) decisions. Capital investment planning problems constitute an instance par excellence for application of the decision theory concepts. Decision theory as it is presently conceived has evolved in recent years. At first it concentrated on decisions in the face of total lack of information and on games with intelligent adversaries. The results of these efforts proved theoretically interesting, but practically of little applicability. In the last few years, stress has shifted to the introduction of subjective probabilities and preferences, and the results have been eminently successful in applications both in government and with- in business firms in the resolution of complex problems.

Jan 1, 1970

By F. Mielli

Camera systems and video surveillance are usually associated with people and asset protection. However, they can be applied in a mine environment beyond conventional surveillance: For process monitoring, collision avoidance, sizing, flotation cells, conveying systems, blasting, objects and people tracking, thermal profile, and to automatically identify equipment that is missing parts,. Image and video solutions can be driven by better integration of powerful video analytics and cameras systems in automation tools such as process controllers and supervision systems.

Feb 27, 2013

By William L. Young

There is an old saying in Canada: "Mines are made as much as discovered." What follows is Young's perception of his experience developing and financing the Cochrane Hill gold mine project. In 1974, I came back from rutile and zircon exploration and mining in Australia. I became interested in a copper, lead, and zinc project in the Bathurst District, New Brunswick. Much field work had already been done but I was convinced that a reinterpretation of the geophysical work left room to enlarge on the known mineralization. So, with my own money I put a property deal together, found an underwriter willing to raise $100,000, and had a lawyer produce a prospectus. The prospectus was ultimately accepted for filing by the Ontario Securities Commission and I acquired funding and began work. It did not take many drill holes to determine that the interpretation was not geologically valid. However, while drilling was going on, geophysical and geochemical explorations indicated interesting anomalous zones elsewhere on the property. But by now the base metal market climate had soured and the $50,000 I had left was not enough to evaluate the new results. So I decided to farm out the property. A data folio was produced and the property was optioned to a major mining company, with Northumberland Mines Ltd. retaining a 20% free, carried interest. By 1976, the market for junior issues was so bad no under¬writer would even talk to a geologist and I still had the $50,000 in the bank and was looking for something to initiate. A Project That Went Nowhere Market research indicated that the Toronto area imported fine calcium carbonate fillers from Georgia, Alabama, and Vermont. I was aware of the specs and the fact that there is a large marble belt in Eastern Ontario. After some prospecting, I found an interesting deposit. The product was slightly high in silica and low on brightness. Research work eliminated the silica and corrected the brightness. So, with insufficient money we launched a feasibility study. This included diamond drilling, bulk sampling, special fine grinding and air classification tests, and an in-depth market survey. Our product was as good or better than those on the market. Our advantage was that delivery could be made by a two-hour truck haul to the customer. The present system of rail delivery had many problems, especially in winter. Despite everything looking rosy, we ran into a stone wall. The underwriters were singularly unimpressed because the public saw little glamour in a substance most people had never heard of. The issue would have been difficult-if not impossible-to sell. Banks and government agencies took the position that if we could get long term take-or-pay contracts then they would lend the required capital. None of the suppliers, however, would even consider a contract until production had begun and they could evaluate the production material. It was a classic "catch 22" situation. I have gone into this in some detail to show how tough the industrial mineral market can be. We eventually optioned this calcium carbonate property to a major corporation. The option agreement would give us a free, carried 15% and the right to buy up to 40% for contributing 25% of the production costs. But the experience left my company in poor financial shape. To survive, I think the entrepreneur-geologist must always have at least one project in reserve, an emergency plan. I had been searching out a new project to work on, after the calcium carbonate option was wrapped up. It was gold. Gold intrigued me and I knew quite a bit about Nova Scotian gold. I felt that with any rise in price, many of the former high-grade gold mines would have interesting potential for the larger, low grade portions of the deposits. That is how I happened on Cochrane Hill, where much work had been done in the early 1970s when gold as $4.82/g ($150/ oz). This time my timing was good. No sooner had Northumberland signed an option agreement than gold prices started to rise. In six months, they went to $27.331g ($850/oz). Even so, financing gold prospects in early 1980 was still not easy. It had been years since gold financing had been undertaken. A whole new generation of investors, with no knowledge of gold mining, had grown up. So, with accounting and legal council, we decided on a semiprivate "seed money" offering. Under the new Ontario Securities Act, this was a new-and partly tax sheltered-concept. At the time, it was very innovative.

Jan 6, 1982

By S. Garcia, J. Gebhardt, D. McBride, A. Hernandez, A. Esplín, M. Cross

The Minera Yanacocha operation consists of several heaps interconnected with ponds and gold recovery plants and presents various operating challenges. A comprehensive process model has been developed in order to better understand the effects of certain operating parameters and inventory issues. An integral component of the process water/mass balance is a model of each heap that describes heap behavior based on the individual characteristics of the heap. The heap models are linked to a mass balancing program in order to track flows and concentrations throughout the circuit. A case study of the process heap model is presented for the La Quinua heap, including results for the normal base line operation and several operational problems such as loss of solution flow to the heap (i.e., pump failure), increased flow to a section of the heap (i.e., pond volume control), effect of significant rain events, and impact of a change in material properties (i.e., change in ore type). The impact on heap operating efficiency is discussed with regard to effects on recovery and gold solution grades.

Jan 1, 2007

By Richard Belair, John Read

Ask someone what they can tell you about the Royal Canadian Mint and most likely the first thing that they will mention, is coinage. The Royal Canadian Mint manufactures Canada's one-cent coins, nickels, dimes and quarters - over 1 billion per year. Most of these coins use copper and nickel as base material, and all of this metal is mined, refined and processed in Canada prior to being shipped to the mint for coin production. In 1985 alone, 1270 metric tons of Canadian nickel and 2160 metric tons of Canadian copper were absorbed in circulating coinage. July 1987 will have marked the introduction of Canada's new one dollar coin, an important new addition to Canada's monetary system. The first phase of this program will consume about 2,235 metric tons of Canadian nickel in the initial production run. Annual requirements in subsequent years are estimated at 225 metric tons. The Royal Canadian Mint is also a major producer of circulating coinage for foreign countries. Since the state-of-the-art Winnipeg plant swung into full production in 1976 the Mint has struck more than 5.2 billion coins for some 35 nations around the world. 1985 sales have increased almost 6 fold over 1984. 1987 already shows commitments for a further significant increase in volume in this business. The use of Canadian metals in export to foreign nations as coinage adds still more to the Royal Canadian Mint's key role as a major market maker for Canada's mining industry. The success of the Mint in this realm can be directly traced to it's 75 years as one of the world's most important refiners of gold. Today, the Royal Canadian Mint is the largest refiner of gold in the Western Hemisphere, and the third largest, by volume, in the world. The R.C.M. hallmark on kilo bars, 100 troy ounce comex bars

Jan 1, 1987

By P. K. Chatterjee, G. D. Just

Sublevel open stoping is a low-cost method that has been successfully employed in many large underground mining operations. Where ore body characteristics are suitable, extensive mechanization and the use of large-scale stoping techniques can considerably reduce operating costs. However, careful long-term planning of mine layouts and large capital commitments in development are required prior to production. Implementing precise mine design procedures and carefully controlling operations can result in considerable benefits. This article describes methods to achieve these objectives based largely on mining operations at Mount Isa, where sublevel open stoping has been used since 1932. Ore won by this method accounted for a very large percentage of the total tonnage produced at Mount Isa. Major costs associated with sublevel open stoping can be classified as drilling, explosives and charging, and LHD costs. In this article, analyses of these costs are made with particular reference to stope design. Parameters such as burden, drill hole diameter, explosive density, specific charge, etc., are considered in establishing the interrelationship of unit operating costs, as well as total costs of sublevel open stoping.

Jan 10, 1981

By James R. Evans

Orange County, adjacent to the populous and industrialized Los Angeles area, is the fastest growing county in California and is second only to Los Angeles County in total population (figure 1). In addition to an equable climate and a burgeoning economy, there is room in Orange County for growth and expansion. Growth over the past decade has resulted in rapid development of industrial tracts, housing areas, and shopping and commercial centers, mostly in former agricultural areas. The value of new building in 1972 was a record amount-over I billion dollars (figure 2). Problems relating to the proper direction of growth are the concern of both government and the private sector. The intelligent and efficient use of areas to be developed requires planning for the conservation and protection of the County's natural beauty and for the orderly development of natural resources. The availability of sand and gravel, which is used in many phases of construction, will be a major controlling factor in the future of the County.

Jan 1, 1974

By Georgene Renner, Chee Theng, William Gleason

"In February 2018, drawn in part by the states’ proud mining heritage, SME took its Annual Conference & Expo to Minneapolis, MN for the first time. More than 5,000 people and 554 exhibitors converged on the Minneapolis Convention Center for three days of networking, exhibiting and technical sessions.The state’s mining legacy, one that continues today, is fueled in large part by its vast iron ore resources in the northern part of the state. The historical significance of the mines in the Mesabi Range, otherwise known as the Iron Range north of Lake Superior, cannot be understated. “Mining is a way of life here,” said U.S. Congressman Rick Nolan of Minnesota’s 8th Congressional District. A native of the Iron Range, the three-term U.S. congressman was one of the featured speakers of the opening keynote session. “We like to think we contribute enormously to the well-being of this country and the world. We were the source of the iron ore and steel that helped win two world wars. And we like to think that we are part of the progress that has taken place in the United States ever since.” Nolan kicked off the keynote sessionthat focused on innovation and its part in the mining industry. The session included Rene Aquilar, vice president of corporate affairs and sustainability, Antofagasta Minerals Group; Bob Anderson, vice president for research and development, 3M; Rolf Weberg, executive director, Natural Resources Research Institute, University of Minnesota-Duluth and Christopher Beck, executive vice president and president, Nalco Water. The panel session looked at U.S. and global minerals production, and the importance of the United States to maintain a major role in the minerals industry, both as a producer and as a technology leader. The panel also touched on the global mining industry and the issues that impact mining around the world. Sustainability, the use of water in mining and earning a social license to operate were among the topics discussed by the panel.Speaking of the importance of mining, Nolan conceded that talking about the benefits of mining to the crowded auditorium at the SME conference might be akin to a preacher speaking to the choir, but, following the adage that all politics are local, he continued to illustrate his point by emphasizing the importance of mining to the Great Lakes.“A study by Homeland Security concluded that 13 percent of the nation’s GDP comes out of Lake Superior through the locks at Sault Ste. Marie and most of that is iron ore,” said Nolan. “That study found that, if those locks fail, it would create a national depression. It would put millions of people out of work. That ore and those minerals supply the steel mills, the auto industry, the heavy industrials. They are the heart of our economy. The study concluded that if the states that make up the Great Lakes were a nation, it would be the fourth largest economy in the world.”"

Jan 5, 2018

By R. E. Scheffel

Most supergene copper heap leach operations today employ forced-aeration, irrespective of ore grade. Unfortunately, there is little published quantification of its benefit. There is a natural desire to strive for the ideal chemical kinetics. The reality, however, is that physical mechanisms control the commercial extraction rate. This paper presents the performance of a number of operations, their operating conditions and physical ore characteristics, which contribute to non-ideal solution distribution and variable extraction rate. Regardless whether one uses forced-aeration, commercial experience to date suggests it is prudent to design for longer leach cycle times to ensure the production target is met.

Jan 1, 2006

By Jack E. Brockway

As tunnel boring machine technology has expanded, so has its range of application. Tunneling machines (TBM's) are tackling tasks today that fifteen years ago were considered "inappropriate". A case in point is incline/decline TBM boring. An incline or decline bore presents peculiar design considerations that differentiate it from a horizontal bore. This paper reviews those design considerations as they apply to TBM's, backup, muck handling and other tunneling subsystems. In addition, several abbreviated case studies are presented. By the review of real life tunneling techniques as well as design considerations, the "appropriateness" of TBM incline/ decline boring today becomes apparent. INCLINE Introduction In contemplating the impact of incline versus horizontal tunnel boring system design, the obvious consideration is gravity. Up-hill boring can be quite different than horizontal boring. Muck, water and machine weight all tend to slide down the incline. In addition, hydraulic and lubrication systems if unaltered, will find their fluids pooled in the lower corners contentedly ignoring such higher elevation items as gears and bearings. In order to address this inherent gravity problem, a review of

Jan 1, 1983

By D. Robert Weir, M. J. H. Ruscoe, R. M. Berezowsky, M. A. Clegg

The metallurgical processing involved in the produc-tion of the new Canadian one dollar coin is reviewed starting with the hydrometallurgical production of pure nickel powder, followed by the powder metallurgy process for the production of nickel strip and coinage blanks, and concluding with the Aureate bronze electroplating and heat treatment procedure. Coinage requirements are then reviewed with regard to economic, public acceptance, and service requirements. Finally the properties of Aureate nickel coinage are presented in the light of the many and varied coinage requirements, and it is concluded that the new Canadian dollar coin exceeds the requirements admirably.

Jan 1, 1990

By Éder Domingos Oliveira, Carlos Antonio Morais, Ruberlan Gomes Silva

The objective of this work was to assess the influence of parameters such as residence time, solid content, and temperature in a process route towards purified rare earth liquor which could be adequate to produce marketable rare earth products. The steps of the process route proposed in this study comprised water leaching of a sulfated rare earth ore and removal of impurities through the purification of the rare earth sulfuric liquor, which is the product of the water leaching step. The sample used in the water leaching experiments was a sulfated rare earth ore produced by the reaction of a beneficiated rare earth ore with sulfuric acid followed by roasting at 700 °C for 2 h in a muffle furnace and cooling at 20 °C. The water leaching experiments showed that the best condition comprised a residence time of 30 min, temperature of 20 °C, and solid content of 10% w/w, resulting in a recovery of 71.3% of the rare earth elements (REE) and a lower impurity extraction, e.g., only 15.0% of Fe, representing the main impurity in the rare earth ore. Even when presenting low amounts of impurities, the rare earth sulfuric liquor still needed to be purified before it can be used in the production of marketable rare earth products. In the study, the rare earth sulfuric liquors were purified in two consecutive neutralization steps, first by dosing the limestone pulp to pH up to 3.5 and secondly by adding the lime pulp to raise the pH from 3.5 to 5.0. The application of two consecutive purification steps at 20 °C resulted in the highest overall REE recoveries (65.4%) throughout all the steps of the process, being 71.3% in the water leaching, 99.6% in the partial purification with limestone pulp, and 92.1% in the purification with lime pulp at 20 °C. Under this condition, there was a total elimination of Fe, P, and Th and a significant reduction in the Al, U, and sulfate concentrations in the purified rare earth liquor. The purified rare earth liquor attained through the experiment is expected to be amenable to be used in the production of marketable products due to the lower impurities/REO mass ratios.

By F. Mielli

Ranging between 20% and 40% of the typical mining operational costs, energy in mining operations is a growing concern for the industry. However, this concern is a complex, multi-faceted variable that involves government regulations, societal pressures, cost and competitiveness. A mining company successful in energy efficiency is becoming the standard of a successful company. The suggested energy strategy in mining and mineral processing operations has to follow a well structured approach that entails the following: ? Understanding where energy is being used and why, ? Recommending and implement energy conservation measures, ? Driving visibility to targets and results, ? Leveraging the energy spend across the enterprise, ? Developing a robust energy and sustainability strategy.

Jan 1, 2012

By Adrian Coombs

The York Durham Sewage System (YDSS) Interceptor Tunnel Project is located in the Town of Richmond Hill, Ontario, Canada, just north of Toronto. Construction commenced in September 2006 and completion is planned for early summer, 2008. The project involved public and agency buy-in of construction technologies and methods that minimized dewatering, design and construction of sealed shafts with jet grout break-in and out blocks in order that Earth Pressure Balance (EPB) mode could be maintained by the Tunnel Boring Machine (TBM) during shaft entry and exit. This paper will discuss the advances that were made possible through the opportunity to apply and test these technologies in order to accommodate the aquifer and artesian conditions present on this project.

Jan 1, 2008