Search Documents

By G. R. Struble, J. R. Marks, A. B. Brown

The center of mining at the Homestake gold mine in Lead, SD, is moving deeper every year. As a result, it has become necessary to upgrade the ventilation system. This paper describes the first phase of a scheduled two-phase upgrade - installation of a 2.2-MW (3000-hp) centrifugal fan. The higher pressure fan is required to route larger airflows into the deeper production levels. Selection of the fan began by specifying the necessary operating point to provide these larger airflows. Special site work had to be done on the surface to accommodate the new fan structure as well as underground to reroute airflows.

Jan 1, 1987

By G. Kazonich, S. L. McGill, J. W. Walkiewicz

Naturally occurring minerals and reagent-grade compounds were tested to determine their receptivity to microwave heating. The maximum temperature achieved for the samples and the time required to reach temperature are reported. A description of the microwave oven and a thermocouple technique that accurately measures and continuously records the temperature of samples during irradiation are reported. Extractive applications using the generated microwave data were investigated. Stress fracturing at mineral grain boundaries in a gangue matrix was shown. This should significantly affect grinding energy requirements and liberation properties. A method to produce a magnetic phase on pyrite surfaces, a method of using microwave heating to retort cinnabar concentrate, and a roast-leaching microwave treatment of chalcopyrite ore are described.

Jan 1, 1987

By J. Mark Richardson

Modern mining operations are increasingly affected by complex economic factors. Broad and rapid fluctuations in metal prices, rising operating costs, socio-political trends and the inherent technical difficulties encountered in most operations, all can combine to quickly change once-profitable ventures into money-losing propositions. Accurate knowledge of metal inventories during all phases of an operation has become essential to wise management decision-making. This paper reviews key elements of metallurgical accounting: sampling theory, measurement technology and computerized data adjustment. Application of current technology to the reconciliation of a hypothetical operation is discussed.

Jan 1, 1991

Little knowledge is available that considers the effects of continuous miner position on the possible respirable dust exposure of the remote mining-machine operator. Such information could be very useful for increasing the awareness of the remote operator as to those parts of an extended cut that generate higher levels of respirable dust. This data could be used to develop guidelines for positioning the remote operator to reduce his potential exposure. This work details the effects of continuous miner position on dust levels measured on the machine and at the remote continuous miner operator location.

Jan 1, 2000

By H. Lyn Bourne

Daily everyone depends on the great variety of glass products, so much so that glass is often taken for granted. In fact most people do not realize how versatile glass has become. Consider the various uses and then try to imagine a day in which we are not influenced by glass. Common uses include container ware, table ware, window glass, lead crystal, automobile glass, and fiber glass. Several less common, but important, uses include laboratory ware, pharmaceutical, TV bulbs, light bulbs, glass ceramics, optical glass, fiber optics, and laser glass. Corning, Inc., a leader in specialty products, uses nearly 1 000 different compositions to manufacture about 60 000 different products (Edwards and Copley, 1977). Glass is such a complex product that-definitions vary and exceptions can be found for most definitions. Glass is an inorganic amorphous (non-crystalline) solid. Most glasses are produced by melting of a mixture of oxide raw materials, and then cooled to room temperature. Soda-lime-silica composition.s account for about 90% of all glasses melted (Anon, 1973). The properties of the glass product come mainly from its chemical composition. All of the different glasses require melting a combination of raw materials and forming the molten material into the desired shape. Both the melting and the forming processes use sophisticated technology and these technologies require experts to manage these production systems. The manufacturing process is continuous and takes place in tonnage quantities, so adjustments in the batch to achieve the desired finished product requires a great deal of expertise. Raw materials are fed to the batch mixing area in very large quantities (tons in most cases). As a result, impurities in the range of 0.1% result in addition of that impurity within the molten glass in kilogram amounts. More than twenty different industrial minerals are consumed in the manufacture of various kinds of glass (O'Driscoll, 1990). This chapter describes the major and minor ingredients of the various glass batches. It discusses the roles of the various oxides in the glass batch and most importantly considers the mineral raw materials which supply the glass industry. Each of the raw materials is described in detail in other chapters so the geology and mineralogy sections are kept brief here. Container glass, by far, accounts for the most production; followed by flat glass, fiber glass, and specialty glass of which table ware accounts for the greatest tonnage. [Table 1] shows the general production data for 1987 through 1990. Statistics for many of the uses do not appear because production volumes are small compared to the major uses. The glass industry is organized in four categories: containers, flat glass, fiber glass and specialty glass. The US Department of Commerce, Bureau of Census, publishes production data about the glass industry in three different categories: 1) glass containers, 2) consumer, scientific, technical and industrial glassware, and 3) flat glass. The Bureau has very complete statistics about the glass industry in these three categories but they report production data in different units according to industry standards. Therefore, [Table 1] gives the production data in dissimilar units. The production of most glass articles follows similar steps. The raw materials are mixed and the resulting batch is fed into the furnace. In soda-lime-silica glasses melting begins between 600 and 900°C. At these temperatures CO, and other gasses are released which create bubbles in the molten glass. To remove the bubbles and insure complete melting the temperature is raised to between 1 500 and 1 600°C. This is the melting-refining stage during which the refining agents in the glass batch serve to aid in the release of gas bubbles, homogenize the melt, and prevent the formation of scum on the surface of the molten liquid. At the conclusion of the melting-refining stage the glass is too fluid for working and the melt is cooled to about 1 100°C to attain the proper viscosity for working and forming to begin. After the glass article has been made, it must undergo annealing (slowly and uniformly reheated and cooled) to remove thermal stresses that were created during the forming process.

Jan 1, 1994

By A. de Ferran

Is the Brazilian gold rush over? Judging from the situation in Brazil over the past few decades, the answer is almost certainly yes. The picture of swarms of Brazilian prospectors or "Garimpeiros" crowding or, more correctly, overcrowding the gold regions of the Amazon jungle using the time-aged empirical approach to gold exploration has finally run its course. There are two fallacies that have lead to a reduction in the discovery of new gold fields in Brazil. The first fallacy is that "Brazil's geology is largely unknown." The extreme depth of weathering and the general lack of understanding of the shield deposits are at the origin of this misconception. The second fallacy is that "Brazilian prospectors (`garimpeiros') are very naive, have very little technical knowledge and can only produce gold at very low recovery rates." This is more of a result of wishful thinking for the purpose of justifying limiting exploration programs than it is a real consideration. In this paper, the author takes a methodical heuristic approach to gold exploration in Brazil and offers this as an alternative to the empirical approach of the garimpeiros.

Jan 1, 1997

By W. F. Hahnert, P. A. S. Ralston

In off-line training of a rule-based controller, the significant measure of successful training is the quality of control provided by the generated rule set. In an adaptive or on-line control environment, performance is also measured by the ability to accurately maintain a satisfactory rule set, but within constraints on speed and/or resource availability. Very small population genetic algorithms, or microGAs, have been proposed as a means of capitalizing on the hill climbing characteristics of faster local optimization techniques while requiring less memory and retaining much of the robustness of traditional, larger population genetic search. A traditional genetic algorithm and a similar microGA are developed and applied to two control problems. The performance of these algorithms is analyzed with respect to (1) the quality of the rules learned, (2) the rate at which learning occurs, and (3) the memory resources required during learning.

Jan 1, 1993

By Darryl Amick, Keith A. Prisbrey, Lee E. Plansky

The problem addressed was to develop automated image analysis of metal welds to replace unreliable and costly 100% visual inspection. The objective was to evaluate neural networks combined with features from gray level surfaces. Photomicrographs of the welded seam in Zircaloy-4 channels used in nuclear fuel rod assemblies were examined. The methodology used was to select a set of morphological feature coefficients from Bessel Fourier morphological feature coefficients extracted from digitized photomicrographs. The selected morphological feature coefficients were then used to train a neural network. The approach was verified initially by successfully training a neural network using the known, secondary chemistry of the alloy welds. The results were good. The Bessel Fourier coefficients captured sufficient information from the metallographic images to distinguish weld quality. This approach has the combined advantages of compressing the images through Bessel Fourier coefficients and give the ability to rapidly process large amounts of data using neural networks.

Jan 1, 1993

By J. C. Yingling, G. T. Lineberry

A control system for reducing peak loads on mine conveyor networks is proposed. The system involves continuous monitoring of flows into the conveyor network and section feeders with variable discharge capability. The control strategy uses differences in material transit times from various production units to the transfer points in the network to forecast load levels that will he intersected by the discharge of the controlled feeders over future time intervals. Feeder setpoint adjustments are made to prevent excessive peaks in the combined flows at the transfer points, while maintaining adequate feeder through flow to avoid production bottlenecks. Simulation studies suggest that the control strategy would be very effective in reducing capacity requirements of gathering belts.

Jan 1, 1993

By J. Hong, K. Han, C. Park, C. Yoon, H. Yoon, N. Kim

The contents of three platinum group metals (PGM-platinum, palladium and rhodium), from the spent automotive catalyst, and two NIST SRM (National Institute of Standard and Technology Standard Reference Material, Used Auto Catalysts) were determined by the X-ray fluorescence (XRF) spectrometry. The XRF technique has been proven to be a fast, effective and accurate method in determining not only PGM but also other solid materials of less soluble for wet digestion analysis. The detection limit of the XRF analysis is better than that of the inductively coupled plasma mass spectrometry which usually requires significant dilution to avoid high dissolved solid concentration. However, the XRF technique suffers from a strong matrix dependent problem. The objective of this study was to examine the applicability of the XRF analysis where the sample matrix was not exactly the same as the standard materials with particular reference to PGM analysis. This study enabled to compare the effect of various matrices including alumina, iron, copper and nickel on determination of the contents of PGM.

Jan 1, 2004

By M. J. Richards, T. X. Ren

Determination of the state of an underground fire plays an important role in fire fighting, rescue and reopening operations. This is normally achieved by the analysis and interpretation of fire gases taken from the fire zone. However, drawing conclusions from gas analysis is not an easy task and needs specialist skills, expertise and experience that are usually beyond the knowledge of the officials in a mine. The complexities of a mine fire and the uncertainties of available information often make effective fire fighting decisions difficult if not impossible. This paper describes a knowledge based expert system that can aid in the diagnosis of sealed coal mine fires. Using a commercially available shell, the expert system has been designed to accommodate a series of diagnostic rules replicating the reasoning logic that would be used by human experts. The system allows the diagnosis of explosibility of the fire zone and trends of various fire ratios to be easily visualised for decision making. By continuously analysing the incoming information, the system is able to provide a rapid assessment of the situation of a sealed mine fire prevailing under specific mining and geological conditions. In addition, short term trends in fire behaviour can be predicted and possible fire control actions recommended. An example is given and shows how this system can be used as an analytical tool in various ways to assist the combating of coal mine fires. Further development of the system is discussed.

Jan 1, 1993

By George Bárdossy

Most of the bauxite deposits in Europe belong to the karst type. They are located mainly ill Southern Europe along the Mediterranean Sea and in the Ural Mountains. Lateritic bauxite deposits occur on the Russian Platform, in Poland, Northern Ireland and in Turkey. Tikhvin-type deposits arc found on the Russian Platform. Bauxite formation in Europe started in the Middle Devonian. The main bauxite forming period was the Upper Cretaceous. Very few bauxites are younger than Eocene. Most deposits are covered by overburden of up to 1000 m. Prospecting is carried out by drilling. Several geophysical methods are used to detect the hidden deposits. Geostatistical methods were introduced in several countries for evaluation of the reserves and the geometry of the deposits. Data on bauxite production are given for 1982 and since the beginning of mining in Europe.

Jan 1, 1984

By F. C. Bond

History The breaking and shaping of rock was one of man's earliest occupations. In the Paleolithic Age long before the dawn of history, arrow¬smiths and the makers of stone axes, hammers, knives, scrapers, spears, and borers were highly respected members of society. In early historical times stones for building blocks, roads, and city walls were shaped by slaves and convicts, who also did most of the mining. However, great artists erected beautiful stone sculptures, while gifted architects planned imposing temples and monuments. Until well into the 19th century nearly all rock was broken laboriously by hand. The small rock required by John MacAdam for his macadamized roads in England in the 1820s was produced by women and boys seated alongside the roadside with hand hammers and legs wrapped with rags. Eli Whitney Blake, a nephew of the Eli Whitney who invented the cotton gin, developed the first successful jaw crusher before 1870. The gyratory conical crusher soon followed. Comparative tests established its large capacity advantage over the jaw crusher, as well as its greater cost for a given feed size. Both types have been in use for more than 100 years. Crushing rolls appeared before 1900. Thomas A. Edison made very large diameter rolls which were excessively long; they failed because of shaft deflection. Various types of disk crushers and edge runner rolls appeared about this time. The older methods of reducing rock were adaptations of other processes. The stamp battery of dropping weights effected crushing by simulating heavy hammer blows; the much earlier arrastre, in which heavy stones were dragged in a circular path over the ore by animal power, came from the prehistoric method of grinding grain between two rubbing stones, while the jaw crusher was adapted from simple squeezing devices. But the tumbling grinding mill was not just an adaptation; it was an invention, because it required thinking on a somewhat higher order-there was no prototype. Its nearest antecedents were probably the small closed tumbling drums used in England more than a century ago for cleaning and polishing small iron castings. The date of the first tumbling mill actually used to grind rock is unknown, but it was later than the American Civil War (1861¬1865). It was almost certainly a closed or batch mill in which rock was placed and rotated until it reached the desired particle size. It could have been operated either wet or dry. The first published refer¬ence to such a batch mill was one introduced by Alsing in England (1870) for the grinding of calcined flints for pottery work.21 There are several rather indefinite reports of grinding mills in the early 1890s, including an overflow ball mill in the Helena and Livingstone reduction plant in Montana which may have been the first of its kind. 11 Many of the first mills, which were called tube mills, used hard rock both as grinding media and as mill lining. The rock used was preferably stone from the Normandy and Danish beaches, when it could be imported. This remarkable siliceous stone was already widely used for grist mills throughout America, and its resistance to wear was greatly respected. The decade of the 1890s saw the development of tumbling mills with continuous feed and discharge and their extension into different industrial uses. By 1895 some experience had been accumulated. Iron grinding balls were being tested and the proper speed of rotation was being determined. The Clark Patent tube mill was featured in an E. P. Allis bulletin of 1890, which may have been the first published description of a tube mill. More than 1,000 Gates tube mills had been built by Allis-Chalmers before 1913. Many of these were used in gold mining, espe¬cially in South Africa. The 5 x 22-ft size was particularly favored for grinding portland cement; the use of tumbling mills in the manufac¬ture of cement began about 1900. A great deal of attention was paid to the mill lining. Metal was then relatively expensive, and the general approach was to trap some of the rock grinding media into mill lining pockets. This rock would then absorb the wear and protect the metal lining. In the first ten years of the 20th century there were several different types of pocketed liners, with different manufacturers advancing the superior claims of their patented arrangements. The Osborne liner, developed in South Africa, was probably the most successful. 21 Another item which attracted much attention was size classifica¬tion within the mill and in ancillary equipment attached to the mill and rotating with it. The Krupp type, with interior screens protected inside the mill lining, was developed quite early in Germany, possibly before 1890. The Dorr reciprocating rake classifier (1907) had not yet been invented, and many strange and impractical screening and classifying devices were proposed. In these unsatisfactory machines the two separate processes of size reduction and classification were combined into one operation. It was many years before recognition came that a machine is most efficient when it is designed for one specific purpose. There was much industrial wastage before the opera¬tions of grinding and classification were finally separated. After 1900 the grinding of portland cement raw material and of cement clinker required large numbers of tumbling mills. Most of the raw material was then ground dry. This was also the heyday of gold mining. The old stamp mills that were used in great numbers for grinding gold ore did not grind sufficiently fine to liberate all of the gold, and the new tube mills were installed following the stamps. After 1910 larger diameter tum¬bling mills with larger grinding media were developed. These could receive the finely crushed ore directly, and the inefficient stamp batter¬ies were gradually eliminated. The Rand in South Africa was the greatest gold producer, treating immense quantities of rather low-grade but consistently free milling gold ore. The first tumbling mills, or tube mills, went into operation there in 1904. They were so successful that within a few years no new stamp batteries were installed in the district, even though old ones continued to pound away until after 1950.3 The early tube mills on the Rand all employed Normandy or Danish pebbles, which had to be imported at considerable expense. Their reported wear was as low as 4 lb per ton ground. 4 Many of the mills were lined with the same tough Danish stone cemented into place, while others used the pocketed steel Osborne liner. It was in 1907 on the Rand that an important test was made using hard native ore for grinding media in place of the expensive imported pebbles. 3 This ore, called banket, did not wear as well as the renowned Danish pebbles, but the cost per ton of grinding was definitely reduced. Many of the tube mills on the Rand were soon grinding with native ore. This was the beginning of the development now called autogenous grinding, in which the ore grinds itself. This is treated under a separate heading. See Subsection 3C, Chapter 4. Gold mining was important in America also, and its grinding history follows that of the Rand. Danish pebbles were replaced by native ore in Santa Gertrudis, Mexico, in 1913, 4 and in Consolidated Gold Fields, Nevada, in 1914. 5 Other properties followed suit. However, it gradually became apparent that the capacity of a given mill could be almost doubled if rock grinding media were re¬placed by cast iron or steel grinding balls. In order to increase plant grinding capacity many rock media mills were converted to iron grind¬ing media in the second decade of the present century. In some mills the motor size was doubled; other mills were cut in two and another motor was provided for the second half. Grinding mills began to assume a more modern appearance. Crushing rolls were formerly much used following crushing in jaw or gyratory crushers and preceding grinding in ball mills. How¬ever, the roll surfaces wore rapidly, and skilled maintenance was required to obtain even wear. Rod mills could take feed of the same crusher product size and reduce it finer. The first rod mill was con¬structed by Mine and Smelter Supply Co. and was tested in Canada

Jan 1, 1985

By Kerby Glass, Glenn A. Gruber

Mr. C. A. Hollingsworth introduced commercial column flotation to the Florida Phosphate Industry in 1976, with a six feet diameter prototype cell at the Tenoroc Mine. More than two-dozen column cells have been installed in phosphate beneficiation plants since then. The increased interest in column cells for phosphate flotation, and their potential use in new plant construction, prompted the Florida Institute of Phosphate Research to fund programs to investigate various aspects of column flotation. This report describes a test program, conducted by JACOBS at CF Industries Hardee Complex II, as part of a comprehensive research program awarded to the University of Florida by the Florida Institute of Phosphate Research. The 1.5 feet diameter test column was operated with plant process water and plant reagentized flotation feed. Several variables considered for column cells design and operation were tested. Feed specific capacity, air superficial velocity, and the length to diameter ratio of the column were the variables that influenced phosphate recovery. Concentrate phosphate grade was influenced by concentrate superficial velocity and feed specific capacity.

Jan 1, 2002

By G. D. Naugle, L. C. Atkinson

Introduction Deep open-pit mines invariably affect the local and regional hydrologic systems. Pit dewatering, occurring during mining operations, puts an obvious hydrologic stress on these hydrologic systems. However, post-mining hydrologic impacts resulting from the pit refilling with groundwater following the cessation of mining activity can also be significant. The prediction of the rate at which the post-mining pit will fill with groundwater is a critical aspect of assessing the long-term hydrologic impacts. Numerical groundwater flow modeling provides a method for predicting the groundwater refilling rate of the pit. The rate at which pit "lakes" fill depends on several factors: •the rate and duration of pit dewatering; •the depth and size of the ultimate pit and •the pre-mining hydrologic regime. These factors can be incorporated into a detailed numerical groundwater flow model that can then be used to assess the effects of dewatering and post-mining recovery on the local and regional hydrologic systems. A sufficiently detailed, numerical groundwater model provides the oportunity to: •account for complex geology near the pit; •assess the impact of active pit dewatering and •predict the long-term impacts of post-mining groundwater flow into the pit. A detailed groundwater model incorporating these items has been developed and applied at an operating open-pit mine. Developed by Durbin and O'Brien (1987), the three-dimensional, finite-element, groundwater flow model was used to represent the hydrologic system of an approximately 253-km2 (98-sq mile) area surrounding the pit. Historical groundwater elevation data, stream flows and meteorologic, geologic and geophysical data were used to establish the dimensions and initial conditions for the model. Steady-state conditions, representing the pre-mining local and regional hydrologic systems, were simulated using the initial conditions incorporated into the groundwater model. The groundwater model was then utilized to simulate various dewatering programs, to predict the filling rate and the groundwater depth in the ultimate pit once mining activities are complete and to assess the long-term impacts on the regional groundwater flow system. Development of pit lake model Groundwater modeling efforts were completed in two phases. The first focused on pit dewatering activities, while the second phase concentrated on the post-mining effects on the hydrologic system. The final estimates of groundwater elevations calculated during the pit dewatering simulations were used in predicting the post-mining recovery of the hydrologic system. The groundwater model was also modified prior to the second phase to account for the volume of rock removed during mining activities. To account for the actual volume of rock mined, the geometry of the post-dewatering model grid was modified to approximate the final pit geometry. The depth and width of the ultimate pit were divided into eight idealized stages that represented significant changes in the bench geometries. These eight stages were then introduced sequentially into the model according to the predicted water elevations within the pit. In this way, changes in the volume and depth of water within the pit were accounted for through time. Once the ultimate pit geometry was accounted for in the model, it was necessary to assign new hydraulic characteristics to those parts of the model grid (elements) that represented excavated rock. The solution of the numerical model requires that finite hydraulic conductivity values be assigned to the portion of the groundwater model that represents excavated rock. Therefore, the calculated groundwater elevations differ, somewhat, between the edges and the center of the open pit. These model-calculated water elevations at the edge and in the middle of the open pit represent the elevation of water that would occur in the pit lake. To minimize the error in the estimated level of water within the pit lake, the hydraulic conductivity was increased to a value that would: •minimize the predicted difference between the groundwater elevations across the open pit and •produce a numerically stable solution. Specific storage is the hydrologic parameter that accounts for the water produced by compaction of the aquifer matrix. To predict the groundwater volume that would flow into the ultimate pit, this parameter was assigned a value equivalent to the compressibility of water. This value of specific storage reflects the post-mining groundwater storage occurring as an open body of water. Additionally, a specific yield of 1.0 was assigned to the pit elements to represent the 100% porosity of the open pit. In

Jan 1, 1994

By T. D. Barkand

A recent coal mine elevator accident resulted in serious injuries to four passengers. The miners struck the ceiling of the elevator car as it collided into the overhead structure at an estimated speed four times faster than normal. In response to mine hoisting accidents, safety authorities have required additional protective devices on new and existing mine hoists and elevators. This paper examines supplemental safety circuits and new devices designed to provide ascending car overspeed protection on mine hoists and elevators. These devices provide needed protection that eliminates the hazard or significantly reduces the potential of a mine hoisting accident.

Jan 1, 1995

By V. Nemec

The paper deals with further progress of the space and time models achieved since some of the previous APCOM symposia (1970, 1975, 1980) where original methodology was presented. Various transformations, de- and retectonization of space models, transfer of patterns, interactive time models are among the most important improvements. Enlarged possibilities of practical applications of the developed system are shown.

Jan 1, 1986

By H. J. Zhang, W. Wui

With the adoption of market-oriented economic policies, Chinese non-ferrous metals industry has gained remarkable progress. The continuously increasing domestic demand for non-ferrous metals, however, calls for more import of raw materials in short supply, such as copper concentrate and bauxite. As an alternative for balancing the shortage and assurance of more stable mineral supply, direct investment in oversea mining project has come to the agenda. This paper discusses the computer-assisted method used for evaluation and comparison of potential mining projects.

Jan 1, 1996

By J. Harrison Daniel

Increasing mechanization of underground mining operations throughout the years has reduced the dependency on large, concentrated working forces. Fewer workers in scattered locations, coupled with the versatility of diesel equipment to load and haul personnel, supplies, and mineral ore, has made diesel equipment attractive in mine feasibility and design studies. The use of the mobile equipment along with higher production or "bulk" mining methods provides for more efficient mineral extraction systems. These systems are expected to become more widespread until long-term research provides a further evolution to more complete automation of underground mining. The U.S. Department of the Interior, Bureau of Mines, has been conducting research to reduce the health and safety hazards posed by increasing use of diesel equipment and the higher power ratings being proposed. The goal is to provide for safe and efficient use of the equipment. The National Institute for Occupational Safety and Health has recommended that diesel exhaust be regarded as a potential occupational carcinogen adding importance to the Bureau's research program. The paper describes advances in engine design, the use of diesels in mining operations, and significant health and safety research accomplishments of the Bureau of Mines. These accomplishments will help assure that diesel equipment remains an option for determining the most efficient system to mine an ore body.

Jan 1, 1989

By Stephen B. Doppler

INTRODUCTION Following the world stock market debacle in October 1987, it would have been foolhardy to expect that securing equity funding in 1988 would be easy. Indeed, major equity financing's for gold mining companies have until recently been few and far between in the weeks and months following Black Monday. As a result, gold bullion loans have taken on an increasingly important role among producing firms in the industry. During 1988, the role of bullion loans has become increasingly complex and controversial. Some observers herald the emergence of a new breed of bullion loans - such as the 1,000,000 ounce loan to Newmont Mining, and the 400,000+ ounce facilities drawn down by Bond International Gold and Placer Pacific - as both increasing the public's awareness of the technique, and representing the dawn of a new age of gold financing. But are these recent loan facilities significantly different than those issued worldwide during the early to mid 19801s? Similarly, observers have voiced concerns regarding the role that gold loans play in the world's bullion markets, specifically in relation to their impact on prices. Have the new generation of mega-loans depressed current and future prices? Has the current surge of bullion loans irrevocably changed the nature of the gold market? Is there an upper limit on the number and size of gold loans?

Jan 1, 1988