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"How Wall Street Darling Molycorp Undermined the U.S. Economy, Degraded our National Security and Distorted the Global Economic Balance and How These Falsehoods Continue to be Promoted Even Today INTRODUCTION & SUMMARY In 2007 the Molycorp Mountain Pass rare earth mine was resurrected from its desert-grave in California by its then-owner Chevron Mining. Responding to elevated rare earth prices Chevron began processing on-site rare earth concentrates left over from past mining operations that were terminated in 1998i. Chinese demand had sparked what was being described as a commodities super-cycleii. Commodity prices were on the move. Wall Street smelled opportunity. In 2008 Goldman Sachs, Pegasus Partners, Resource Capital Funds, Traxys North America LLC and Carint Group LLC acquired the mining assets from Chevron. In an environment of ever-declining ethical standards and regulatory consequences the private capital group and their investment bankers would bring Molycorp to market. Molycorp, with its high powered investment banking team of Morgan Stanley and J.P. Morganiii, easily dominated the contest. Molycorp promoted itself, largely based on its past operating history and proven reserves, as the best company to challenge China’s monopoly control over the production of rare earths: a group of elements critical to most advanced technologies and U.S. defense systemsiv. Most of Wall Street’s hottest investment sectors were dependent on these materials: alternative energy, green technologies, computing, personal communications, advanced electronics and defense systems. By late 2010 there were dozens of prospective rare earth start-up ‘mining companies’ seeking capital. Eventually the number of prospective rare earth mining companies seeking capital exceeded 400, despite the reality that supply requirements of this market were disproportionally small when compared to other natural resource sectorsv. In the world of finance ‘smart money’ picks the winners. Consequently just twovi projects attracted nearly all of the capital (Molycorp and Lynas). Wall street picked Molycorpvii. This paper will primarily focus on Molycorp. By early 2010 the words “Molycorp” and “Rare Earths” electrified many people in the mining industry, most non-Chinese manufacturing technology companies, U.S. & allied defense contractors, technocrats in the U.S. national security community and eager investors across most of the world’s stock markets. It was the hottest story of the yearviii. The financial, technology and defense press coverage verged on euphoric: heaping fuel on fuel until the highly combustible Molycorp-pyre cast a long shadow over all of its rivalsix. When the IPO match was lit the spectacular flaming pyre sucked all of the oxygen out of the rare earth spacex. Molycorp was ranked the most lucrative IPO of 2010, resulting in record breaking profits to its private investors and massive returns for its early stock holding investors."

Jan 1, 2017

By Richard L. Stotlar

Introduction During the last decade, the metallic minerals segment of the industry could be categorized as a "feast-or-famine" business. It is no secret that metallic minerals are cyclical. Employment opportunities greatly depend on the supply and demand for its mineral products. It is also not unusual for there to be a lag between the industry's manpower requirements and academia's ability to produce new graduates. Due to this lag, there will be years with manpower shortages, as in the mid-1970s. At other times, supply will exceed demand. The question is where will the jobs be in the years to come? This presentation will review reasons why employment opportunities have declined within the metallic minerals industry. It will also predict future demand for mineral engineering graduates. And it will outline strategies for obtaining an employment offer. Historical Review - Employment From 1977 through 1983, about 75% of all metal mining employees were directly engaged in production activities, down from 83% in 1965. This decline reflects increased use of labor saving equipment, and more government regulation and foreign competition. Metal mining's employment decreased from 74,000 jobs in 1982 to fewer than 68,000 in 1983 - an 8% decline. The overall industry is having these problems because of the general downturn in the economy. For example, at the beginning of this decade, US automobile and steel industries were in trouble. Interest rates were too high and volatile. This adversely affected construction, housing starts, and manufacturing. All these industries, being large users of base metals, drastically affected the metals industry. US copper companies are still having problems. Reports indicate that many copper employers have cut production, laid-off workers, and permanently closed mines, refineries, and smelters. A decline in the demand for US produced metal products, such as copper, obviously affects some mineral engineering employment opportunities. Other factors to consider when looking at employment opportunities and why it has become difficult for US metal producers to compete in the world market include: • The grades of ore bodies of many US minerals are considerably lower than the grades of ores being mined elsewhere in the world. • The grades of ore bodies currently being mined in the US are steadily declining. • Foreign producers are largely government controlled and are not necessarily subject to the realities of supply and demand. • US environmental regulations have considerably added to production costs. Foreign producers in most countries do not have to worry about these additional costs. • US mines are getting deeper. This adds to the cost of production because of the increasing distance the ore has to be transported. • Plants and equipment are outdated. Many companies find themselves operating with equipment and plants that need modernizing or replacing. This obviously hinders competitive productivity. • Labor and management have had problems. Work stoppages in certain mining businesses and high wage and benefit costs in relation to foreign producers place US producers at a disadvantage. • Much land is unavailable. The US government owns most of the land considered to have the best potential for minerals development. Most of this land is unavailable for mining or exploration. Therefore, it appears that finding employment with a company whose primary business is mining and processing most metals, such as copper, in the US will be quite restricted and competitive. Future Demand It is difficult to anticipate what key employment opportunities within the next few years will be available to mineral engineering graduates. The Engineering Manpower Commission estimated that US engineering schools awarded 72,471 undergraduate degrees in 1983 vs. 66,990 in 1982. This was the eighth consecutive year in which the number of baccalaureates awarded has increased. On a brighter note, the US government's Occupational Outlook Quarterly stated that the growth rate through 1995 for all engineers is an encouraging 49% over present levels. The estimated number of engineers employed in 1982 is 1.2 million. The numerical in-

Jan 2, 1985

By A. Sadik

The proliferations of media sources and non-profits organizations in Ghana have put the negative impacts of mining on the ?spot?; this has resulted in public outcry about mining. Although, the gold mining industry has responded by implementing several voluntary measures to ensure sustainable mineral development, these critics label such measures as ?green wash?. In this study, a content analysis of newspaper articles of the Ghana Web Database was carried out after the collection of a total of approximately 900 newspaper articles from it. The data were statistically analyzed to chronologically examine the main media view points and the changing perception of mining issues as reported by private and public media. The results showed government, mining industry (Gold), illegal miners and non-profit & community groups as the main media view points and total of twenty-eight related gold mining sustainability issues. The findings of this study could be used by the gold mining companies to improve upon the communications of their unknown sustainable mineral development measures and to design effective communications and education programs for the public.

Jan 1, 2009

By D. Jepsen

Land access and tenure certainty for exploration and mine development is absolutely critical to the foundation of a healthy, sustainable and environmentally-sound mineral exploration and mining sector. Without certainty, mineral exploration will be severely eroded, resulting in reduced possibility of discovering and developing new mines. The development of positive relationships based on a shared commitment of understanding, mutual respect and trust by First Nations and the mineral sector can provide this increased business certainty and social and economic benefits for local First Nations. As a sector, we face many challenges in regard to building relationships with First Nations. The root solution to addressing these challenges lies in recognizing and understanding the unique cultural differences that exist between indigenous people and the business community. From the Canadian perspective, the First Nations culture differs vastly from non-Aboriginal culture. It is equally as imperative that cultural differences be acknowledged and respected at home as they are when seeking business opportunities in other countries. The traditional “business” approaches and relationships that one understands and incorporates with one’s contractors, legal counsel, investors and Board are generally not be the best approach for the introductory and subsequent meetings with indigenous peoples. This paper is written from the perspective of my experiences accumulated over the past ten years, first as Manager of Aboriginal Affairs for one of the largest forest companies in British Columbia and now, as President and CEO of the Association for Mineral Exploration BC (AME BC). My opinions are not necessarily endorsed by AME BC. Before the gritty issues of consultation and benefit sharing are dealt with, it is worthwhile to clear up the confusion surrounding terminology. “Indigenous Peoples” is used in a global context; “Aboriginal Peoples” is used in the Canadian context therefore includes Métis, Inuit and First Nations Peoples. The term “First Nations”, in the context of British Columbia, perhaps has its roots in the fact that treaties have largely not been settled. Therefore it is important to reaffirm that British Columbia was not discovered. First Nations have resided in British Columbia since time immemorial.

Jan 1, 2007

By E. Hughes, D. Akers, D. Stopek

The Upgraded Coal Interest Group (UCIG), focuses on clean, low-cost options for coal-based power generation via pre-combustion, co-firing and reburn options. Its mission is to preserve and expand the economic use of coal for energy. By reducing the fuel costs and environmental impacts of coal-fired power generation, existing units become more cost effective and thus new units utilizing advanced combustion technologies are more likely to be coal-fired. Two great forces are reshaping the power generation industry, the Clean Air Act Amendment and deregulation of generation. The Clean Air Act Amendment is forcing change by making it necessary for power producers to plan for reducing emissions of sulfur and nitrogen oxides and possibly trace elements. At the same time, deregulation of generation is forcing utilities to focus their attention closely on the short term impact of any change on cost of power. Fuel is a utility's largest cost element; maximum fuel flexibility will be a utility's best weapon in an environment of rapid change. In a regulated environment, a utility was limited in how involved he might get into fuel supply, in a purely deregulated environment he need only be guided by the impact on the bottom line. It is clear that these two forces will promote a close look at factors such as coal upgrading which can have an impact on the availability of low sulfur coal or emission of NOX and trace elements.

Jan 1, 2000

By D. S. Flett

Abstract. The commercial importance of hydroxyoximes as extractants for copper has given impetus to basic studies on the chemistry of metal extraction by these compounds. The discovery of accelerator compounds which produce catalytic effects on hydroxyoxime extraction rates has led to mechanistic studies of these rate processes. While these studies have highlighted the importance of interfacial chemical reactions in the extraction process, it is not yet possible to unambiguously describe the mechanisms of metal extraction in these systems or the associated catalytic effects. This paper reviews progress in understanding the mechanism of metal extraction by hydroxyoximes.

Jan 1, 1979

By M. Pillay

INTRODUCTION Heat stress continues to be a safety concern in underground mining. This is due to a number of reasons including increasing depths of mining, increased levels of heat generated from machines, ventilation systems being constrained from providing suitable levels of airflow and others. In order to assess if a thermal environment is safe for miners under normal or modified work arrangements, or to specify stop work conditions a heat stress index is used to guide decisions. Historically, a number of heat stress indices have been developed and applied in underground mines. These can be classed under three broad headings; single measurement, empirically based and rational indices. Do any of these indices perform better than the others? Which one allows simple determinations and decisions to be made in the mine? This paper aims to provide answers to these questions by comparing and contrasting three indices; effective temperature (ET), simple air cooling power (ACP) and Thermal work limit (TWL) for a range of typical mining wet and dry bulb combinations? The paper concludes with the identification of areas for future research. BACKGROUND Heat stress causes discomfort, increases physiological strain, decreases productivity and performance, and contributes to increased incidents [1]. Effective management and control of heat stress is particularly important in mining where hot working conditions are very common [2]. Heat stress index is a common indicator that is used by mine safety advisors and managers to guide decisions about safe work practices in mining under normal or modified conditions. According to Howes and Nixon [3] A safe heat stress control strategy for an underground mine has three elements: • Application of an environmental measure which reflects physiological strain with sufficient accuracy for the range of conditions encountered underground. • Acceptance of a functional relationship between the environmental measure and human performance which is used to optimise the environmental conditions achievable with either ventilation or ventilation and refrigeration. • A management control strategy based on the environmental measure which is designed to ensure that work in environments where excessive physiological strain may occur is prevented and corrective action is initiated. The link between these elements is an environmental measure that reflects the physiological strain a worker is subjected to. Since the turn of the twentieth century various indices of thermal stress have been developed (McPherson [4], Howes and Nixon [3], Brake [5]). In selecting a suitable environmental measure or index one problem that must be addressed is the ease with which it can be physically obtained relative to it accurately reflecting the physiological strain. No index can be universally applied and there is no single correct measure or index. However if an index has provided adequate control in a particular circumstance, then it can be regarded as correct for that situation.

Jan 1, 2019

By A. Juganda, F. WILSON, G.E. BOGIN, H. PINHEIRO, N. SANDOVAL, J.F. BRUNE

To evaluate methane explosion hazards in underground longwall coal mines, researchers at the Colorado School of Mines developed a computational fluid dynamics (CFD) model along with a 1/40th-scale, optically accessible, physical model of a longwall mining section. In this project, CFD models assisted in the design of the physical model to ensure specifications were met to accurately represent the scaling physics as well as to assist in narrowing the experimental matrix and identifying key locations for sensor placement to measure velocity, pressure and gas concentrations. This research will help develop strategies for methane monitoring to prevent methane ignitions and explosions in longwall coal operations.

Dec 1, 2022

By R. P. Sloan, A. S. Whitford

In November 1999, CCI's Empire Iron Mining Partnership and MinnovEX Technologies Inc. developed an expert system for advanced control of their Empire IV Grinding Section. Empire IV is comprised of three autogenous Primary Mills and six autogenous Pebble Mills, with a single Pebble Crusher and high pressure Roll Press. The challenges of controlling and optimizing three distinct grinding lines that are inter-woven by a pebble crushing circuit were met with innovative and unique solutions. This paper will detail the approach employed at Empire and will focus on the aspects that make this application unique.

Jan 1, 2001

By C. Meyer, J. J. Eidel

C. W. Hunt I wish to register strong disagreement with the choices of drilling sites chosen by the Continental Scientific Drilling Committee, while endorsing the stated objectives. Of special significance is the lack of any site involving the metals most needed today in the US, while 9 to 13 km of drilling are allocated to gold and silver districts and 11 to 17 km to base metal (mainly copper) districts. Why is nothing proposed for platinum group or chromite? Is this because the committee did not know of such a site? If so, I offer such a site in California (see Fig. 1). The mineralization shown in Table 1 occurs in a large peridotite body in western Tehama County, CA. Petrography has demonstrated unequivocal evidence of migrated PGE deposited in peridotite and chromite of hypabyssal nature. Active diapirism (due probably to serpentine buoyancy) above a reactivated mantle to surface conduit marks the position of the conduit. Young explosion breccia cemented loosely by volcanic glass and tuff demonstrates the significance of the conduit as the prime source of the various emissions. Deep drilling could result in major metals discoveries as well as shedding light on the grand questions of platinum group mineralization. What role water has played in this occurrence is not yet certain; but chlorine and asphaltite have been detected in and adjacent to native PGM, suggesting a major role for water. The explosion breccia suggests that this excellent site could overlie entrapped geothermal steam.

Jan 6, 1987

By P. A. Dimas

A new family of sulfide flotation collectors has been developed in our laboratory. These formulations are comprised of novel renewable materials combined with conventional reagents. The resulting diversity permits tunability of collector chemistry to meet a range of flotation problems. Several attributes of the new collectors are presented.

Jan 1, 2012

By Zhiguo Chang, QINGXIANG CAI, Ebelia Manda, IZHAR MITHAL JISKANI, XIANG LU, Wei Zhou, Saleem Raza Chalgri

The concept of mine safety is highlighted in the literature of sustainable mining but not extensively discussed. This study analyzes various aspects of underground and surface mine safety and emphasizes its importance in the context of sustainable mining. More specifically, this research attempts to find the relationship between mine hazards and demographic characteristics, examine and compare the perceptual difference among miners, and determine the impact of mine hazards on workplace safety and safety climate. Descriptive analysis, chi-square test, independent samples t test, and linear regression modeling were conducted to achieve study objectives. Results confirmed that mine hazards were significantly associated with age and experience. Miners perceived lower levels of management safety practices, followed by supervisor safety, coworker safety, and job safety. The analysis showed that underground miners reported lower safety scores than surface miners. There was a statistically significant difference between miners’ perception of safety climate (p < 0.05). The results showed that the higher prevalence of mine hazards predicts poor workplace safety and a low safety climate. The regression models revealed that mine hazards have a significant effect on workplace safety (p < 0.05) and safety climate (p < 0.05). In conclusion, the distinctive model of mine safety presented here contributes to the monitoring and design of comprehensive safety interventions and helps to better understand how certain factors interact on multiple levels to influence the overall safety of the industry. In this study, some suggestions are put forward to provide directions to develop a sustainable mine safety system.

Mar 27, 2020

By Aidan Giblett

"It is important to make a clear distinction on the scope of work of the Global Mining Standards and Guidelines (GMSG) guideline for sampling grinding circuits. Many mineral processing practitioners are familiar with the sampling and surveying of comminution circuits, in particular grinding circuits, for performance diagnosis and the identification of optimization potential. These surveys often provide information for population balance modelling of individual comminution and classification unit processes, and consequently require a large amount of information to calibrate and validate the unit models. As a result, these surveys are labour intensive, somewhat expensive, depending on internal capabilities of the mine site or company and have a long time span from initial planning to final reporting. They also require a high level of expertise to process the survey data, simulate the circuit and make sensible recommendations on follow up actions.As a result of these factors, full grinding circuit surveys are not a common occurrence at a large number of processing facilities, and several years may pass before follow up surveys are conducted. In the ensuing gap between surveys, the efficiency of the grinding circuit must often be taken on faith, and this is considered an unacceptable lapse in an environment of strained natural resources and low commodity prices.To support the rapid and productive energy efficiency analysis being promoted by the ICE working group, a much simplified survey and analysis process is required. The process reflected in the GMSG guideline is indeed more conducive to frequent analysis, at a skill level that is well within the capabilities of the average plant metallurgist. As a result, it becomes feasible to conduct mini-surveys of plant performance, which can be used to quickly and precisely diagnose the high level impact of process changes. These methods can also be manipulated by an experienced practitioner to provide sufficient information for modelling of the circuit to estimate the impact of process changes, allowing an initial rate and rank exercise to focus plant optimization efforts."

Jan 1, 2015

Microorganisms are finding more use in the mineral industry, with extensive research efforts being reported in 1991. Most of these research efforts were presented in two major meetings, the SME Annual Meeting in Denver (February, 1991) and the Engineering Foundation Conference about Mineral Bioprocessing in Santa Barbara (June 1991). In addition, several articles were published in the IMM Transactions, Minerals and Metallurgical Processing and Water, Air. and Solid Pollution Journal. The literature can be categorized as: • Review articles presenting an overview of the activities in the use of biotechnology in mineral processing. • Research efforts into genetic manipulation of microorganisms to perform a specified job. • Studies in bioleaching of metals from different types of ores. • Biotreatment of wastes from the mineral industry including acidic mine waters, uranium tailings, cyanide destruction, etc. • Investigations into the role of microorganisms in the energy materials, such as oil, coal, tar sands, oil shales, etc. Smith (Mineral Bioprocessing Conference) presented a review of research efforts as well as practical applications of biotechnology in the mineral industry. In another article, Smith et al. (Minerals Engineering) emphasized that extensive fundamentals and applied research work should be pursued to explore the fundamentals, potential and practicality of the various possible uses of microorganisms in mineral engineering.

Jan 1, 1992

By W. Hustrulid

In the mid-to-late 1800’s the U.S. mining industry was on the threshold of nearly a century of golden times. Nearly every state had a prosperous and growing mining sector. The importance of the industry was reflected in the creation of the state school of mines. Today, with the depletion of readily available mineral reserves, much of the U.S. metals mining industry is considered to be in a sunset phase. The same is true with the mining schools that serve the industry. However, the United States is still a major consumer of the world’s minerals and requires a dependable supply of both minerals and minerals professionals. In his 2002 Jackling Lecture “You Can’t Make a Silk Purse Out of a Sow’s Ear” the author presented a list of concerns, propositions and recommendations. In this follow-up paper, the author further explores the subject through the presentation of a detailed case example focusing on the iron mining industry of Minnesota and minerals education at the University of Minnesota.

Jan 1, 2004

By Paul Richardson

This paper will review several projects completed during the period from 1976 through 1984 which have been carried out utilizing big hole drilling concepts. The projects discussed will be from various industries to demonstrate the extent that big hole drilling methods are being used along with the current state of development. There will be a discussion of projects planned for the future where big hole drilling methods are the only technology being considered. Also included in the discussions will be an overview of the most recently completed heavy oil recovery project. During the next decade, big hole drilling methods will be used more and more in all industries where underground access is required. The safety, speed and economics associated with shaft sinking using drilling methods are becoming more and more recognized and the technology is rapidly becoming an accepted shaft sinking method.

Jan 1, 1985

By John Reilly

Traditional methods of project procurement of have remained virtually unchanged in the U.S. infrastructure construction industry for more than 50 years. The traditional method, Design-Bid-Build (DBB), uses a two-step process that separates planning and design from construction. Design is generally done by the public agency and their consultants and the subsequent construction contract is procured from the private sector, almost always by a “low-bid” approach. This method has worked well for many projects, delivering quality work for the lowest bid price. This is particularly true for those projects where the work, and the public agency’s management procedures, are well understood by the contracting community and there is relatively low uncertainty in the work or conditions, particularly geotechnical conditions for underground construction. However, concerns exist with the DBB process. It is time consuming because all planning and design work must be completed prior to beginning any construction work and it is of concern for complex or large projects, plus those with significant risk, where the separation of design and construction, in conjunction with pressures resulting from the low-bid environment, often result in substantial cost and schedule increases. Frequently, these increases occur in a non-productive, inefficient, adversarial work environment leading to claims, disputes and costly litigation (Quick 2002).

Jan 1, 2007

Recent U.S. mine disasters identified a need for improved training of miners in escape from mine fires and explosions. Researchers at the National Institute for Occupational Safety and Health?s (NIOSH) Spokane Research Laboratory (SRL) have designed fire-escape training software for use in a mine-safety training course. The software allows four trainees to work together in a virtual world via a computer network. Trainees responded favorably and showed a marked improvement in locating the proper evacuation routes on subsequent trials. In collaboration with the Pittsburgh Research Laboratory (PRL), a more elaborate fire evacuation scenario is being developed. Further study is needed to confirm that virtual training will translate to improved safety outcomes in the real world. Keywords: virtual reality (VR), safety, training, mining, mine fire evacuation

Jan 1, 2009

By S. K. Oraee

Most management decisions at all levels of the organization are as directly or indirectly depends on the circumstance of future. With regard to predict the future events in the process of decision-making plays a main role, therefore, forecasting is very important for every organizations and institutions. There is a variety of methods to predict time series. In general, these techniques can be divided as following: statistical, artificial intelligence and analytical techniques. Two of the most common methods for time series prediction is autoregressive integrated moving average (ARIMA) and artificial neural network (ANN) methods, these methods are the subset of statistical and artificial intelligence techniques respectively. In this paper, a hybrid model of ARIMA and ANN models are employed to predict the number of fatal injuries in the USA underground coal mines. This research showed the result of hybrid model is better than split model.

Jan 1, 2011

By Rainer Kahrger

During the last decade, advances were made in solvent extraction/electrowinning (SX/EW) technologies. Combined with heap leaching, these technologies made it viable to exploit large, low-grade oxide copper deposits. The El Abra Mine is a good example for such a deposit. The deposit is situated in northern Chile at an elevation of about 4,000 m (14,000ft), 70 km (45 miles) north of Calama. Codelco sold 51% of the El Abra to Cyprus Minerals in June 1994, with Codelco retaining the balance. In 1993, Cyprus and the engineer on the project began discussions withinternational companies regarding the materials-handling system requiredfor the project. These early discussions were considered critical for this fast-track project.

Jan 1, 1996