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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 W. M. McKewan

The U.S. Bureau of Mines has established a wire rope research laboratory to examine the factors that affect the life of wire rope. A 2-in-diameter 6x25 fiber core rope was degraded on a bending fatigue machine. This was the first in a series of tests on rope of this construction and size. Baseline testing at the laboratory was reported in an earlier publication. Tensile and nondestructive tests were performed on samples of the rope to determine the relationship between rope deterioration and rope breaking strength. The tests indicated that as a wire rope nears the end of its useful life, deterioration and the consequent loss of rope strength increase at an accelerated rate.

Jan 1, 2010

By Secis R

Northparkes Mines is located 27 km northwest of Parkes in central west New South Wales. The E26 deposit is the largest of all defined to-date in the area, containing over 50 per cent of Northparkes' resources and reserves. The combination of orebody geometry and geotechnical characteristics provide ideal conditions for the block cave method of mining of the first lift of the E26 deposit. Although this method of underground mining has been used for decades in other countries, E26 is the first example of its use in Australia. Copper-gold mineralisation at Northparkes is related to quartz monzonite porphyries that have intruded coeval Ordovician volcanics. Sulphide mineralisation (dominantly bornite and chalcopyrite) occurs principally within quartz veins associated with the porphyry intrusions. Veining and mineralisation occurs within both the porphyries and volcanics. To optimise the recovery of a resource within a block cave mine, a good understanding of the rock mass and ore flow characteristics is essential. These have a significant effect on the fragmentation size and range and on parameters such as the drawzone spacing, height of interaction zone and dilution entry. As ore within a cave column moves and mixes when material is extracted from below and beside it, the total reserve extracted is unique for a particular draw strategy/production history. Until recently, reserve estimates and production schedules were based on the application of a uniform dilution factor to the tabulated resource. However, given the complicated flow and mixing within the cave column, such a simplistic approach can produce erroneous results. Northparkes Mines purchased and sponsored the upgrading of a commercially available software package specifically developed for modelling removal of resource blocks under caving conditions. This Gemcom software package, PC-BC, has been used for mine planning, reserve reporting and production scheduling. Blocks within it resource block model are converted into a mineable reserve taking into account mixing and dilution during depletion of drawcolumns (by horizontal and vertical redistribution of insitu tonnage and metal). As PC-BC gives individual drawpoint reserves, it can be used during the planning stage to determine whether or not a drawpoint is economic. For E26 Lift I an optimal layout containing 130 drawpoints has been developed based on a nominal 14 m x 14 m drawpoint spacing and a 0.8 per cent equivalent copper (eCu) cut-off grade. Annual production schedules for the depletion of material above this layout are based on: I higher tonnage removal from higher grade drawpoints in the early years of production; and 2 drawpoint production rates proportional to the total tonnage of orr remaining in the drawcolumn up to the optimal height of draw tier subsequent years. The reserve is tabulated from the combined annual production schedules over the life of the lift. The pre-mining reserve for Lift I of E26 is 26.6 Mt at 1.43 per cent copper and 0.39 g/t gold, of which approximately 23.4 Mt will be extracted under caving conditions. By scaling down the annual production schedule, weekly drawpoint tonnage calls can be given for short-tern production scheduling.

Jan 1, 1997

By Charles Jackson Abrams

MINING is one of the major industries of the Rocky Mountain region and since the United States became involved in the present World War, all mines have been called upon by the Government for the maximum production of the strategic metals necessary. Operating under the most adverse conditions, such as priority requirements, slow delivery of necessary material and equipment, labor shortages, and freezing of all wages, which still permitted some industries to pay higher rates than were allowable in the mines, thereby drawing labor from the mines; and the United States Employment Service continually giving mine labor certificates of availability; these and many other problems made mine operation particularly difficult. Yet, in spite of these obstacles, the mining industry, either through its own resources or through Government subsidies in the form of loans or premium prices for strategic metal, have and still are making an all-out effort to meet Government demands. They, without question, have played a major role in assisting the war effort.

Jan 1, 1945

By Lorraine B. Burgin

This study by the Bureau of Mines documents the leadtime required for preliminary and detailed exploration, development of the mine, and construction of beneficiation and support facilities for selected copper deposits in Arizona. The time for major exploration ranged from 1 to 15 years, time for open pit development (or construction) was 1 to 4 years, and time for under- ground development was 4 to 8 years; one underground mine presently being developed may require 12 years to achieve production. Construction of the beneficiation plants required 8 months to just over 2 years. The data are supported by historical facts for each deposit during the leadtime stages from location of claims through exploration, construction, expansion, and leaching. The sequence of development and factors contributing to differences in the time spans are discussed. Histories are detailed for the Miami, Castle Dome, Copper Cities, San Manuel-Kalamazoo, and Twin Buttes properties; briefly summarized are the Pinto Valley, Miami East, Esperanza-Sierrita, Pima, and Mineral Park Properties. Each mining operation had its own pattern of development, and together they present a source of planning information for the development of other properties.

Jan 1, 1976

By S. W. Marcuson, P. J. Mackey

The Canadian non-ferrous mining and metallurgical industry has made great strides in environmental protection during the past half century. The path taken by the copper-nickel smelting industry in reaching today’s level is traced in this paper. Following the practice at early copper smelters in Wales and in the US, Canadian smelters originally used tall stacks to disperse furnace of-gases. This was the normal mode of operation and was accepted by society and by Government. Gradually, Government regulations required fixation of sulphur dioxide emissions and Canadian companies responded with significant technical developments to achieve this result. The initial development in Canada of the first new technologies such as the Cominco Flash Suspension Roaster and the Freeman Flash Smelting Process - both representing early versions of the modern established flash smelting technologies - and then later technologies such as the Inco Flash Smelting Process and the Noranda Process, both of which continue to this day, are discussed in this paper in terms of their contributions to the development of environmentally friendly plants. The evolution of these and other technologies is also discussed. Some comments regarding how the industry will face the future are also included.

Jan 1, 2015

By P. K. Sahoo, C. R. Ray, S. S. Rao

Good operation of Soderberg electrodes is dependent upon high quality electrode paste coupled with better electrode management procedures. Without having a good electrode operation, it is not possible to obtain the best outcome from the furnace. In other words that is a good way to say how important the proper electrode operation is. Good electrode performance depends on the slipping rate and current levels, which decides the shape of the baking curve at the level of just below the contact clamps. Negative curvature of baking zone in the central part is considered dangerous because shrinkage takes place outwardly creating abnormal stresses in the electrode. Soft breakages occur when the baking zone comes below the clamps and the casing cannot take the current. This paper deals with various factors affecting baking characteristics leading to soft breakages and also presents case studies in a closed 48MVA furnace with smelting for charge chrome. In case studies in a closed furnace, it has happened that the energy for baking at the low current operation before breakage has been lower than the actual slipping has demanded. At low current there should not be problem, but a problem can occur when the current for some period is raised above the current carrying capacity of the casing. So data for electrode operation in actual period was studied and presented in this paper.

Jan 1, 2007

By Sergio N. Monteiro

Natural lignocellulosic fibers are successfully replacing synthetic fibers in many engineering applications. In addition to well-known conventional lignocellulosic fibers, others with promising properties are now being considered. The present work investigated the mechanical and structural characteristics of a relatively high strength fiber, curaua (Ananas erectifolius) from the Amazon region of Brazil. The results obtained from tensile tests confirmed the superior strength while scanning electron microscopy (SEM) analysis displayed features that justify the possibility of using the curaua fiber as an effective reinforcement for polymeric composites.

Jan 1, 2006

By T. M. Garland

This report presents a more extensive perspective of the calculated profitability of developing and producing crude oil and associated natural gas by primary methods from selected onshore areas of the United States. Estimates were made for cost of drilling, completing, equipping, and producing oil wells at four depths in seven onshore producing areas. A computer program was developed for calculating the discounted cash flow rate of return for the 64 different models in each area resulting from varying the oil-producing rate and production decline rate. The results of these calculations provide data that vividly illustrate the change in rate of return to changes in well depth, initial producing rate, and production decline rate, as well as to variations in development cost and operating expense. Cost per barrel of oil produced in terms of annual cost and total cost is also discussed. Included in the report are explanations of the method of determining costs and the procedure used for profitability analysis. Summaries of all cost estimates and results of profitability analyses are presented in the appendix in tabular form for each of the seven producing areas.

Jan 1, 1972

By Jorge Bombilla Delgado

El presente texto señala la descripción de técnicas de voladura en Cerro Verde a partir de la descripción de la geología del área mineralizada de dicho asentamiento minero. Posteriormente se describe los dos principales sistema de estructuras: uno con rumbo general noroeste -sureste y el otro sistema con rumbo noreste-suroeste, donde se produce un fracturamiento, cuya importancia radica en la ubicación y la orientación de salida que se de al disparo. Asimismo se describe los explosivos utilizados, la sensiblidad de los mismos, la preparación del ANFO, los métodos de trabajo, disparo, el diseño de perforación y las cargas explosivas.

Nov 20, 1978

The schlieren technique describes an optical analysis method designed to enhance light distortions caused by air movement. The ability to visualize air flow has significant implications for analyzing underground mine ventilation systems, including the enhancement of surveys and models. Currently, traditional schlieren methods are impractical underground. Background oriented schlieren (BOS) provides a solution to this problem. BOS requires two primary components, a professional quality digital camera and a schlieren background. A schlieren background is composed of a varying contrast repetitive pattern, such as black and white stripes. This background allows the camera?s sensor to capture minor light diffractions, such as those caused by air flow. Although BOS shows great potential for ventilation analysis, sensitivity is an issue. This paper seeks to validate the BOS technique for imaging flow through a regulator by comparing BOS images with traditional schlieren images. This paper also outlines initial experimental efforts used for the validation.

Jan 1, 2011

By A. C. Fieldner

This report, the third of a series of annual reports of research and technologic work on coal by the Technologic Branch to be released in this form, covers the fiscal year July 1, 1937, to June 30, 1938. Ever-increasing demands for information on the chemical and physical properties of coals, their proper classification rind adaptability for various uses, their economic evaluation in the complex relationships between the costs of production, distribution, and selling, and their beneficiation and amenability to conversion to more valuable and. new products of commerce have necessitated an appropriate and flexible program. To most these requirements, initiation of new projects and new physical facilities has been made.

Jan 1, 1939

By J K. Claflin, S R. La Brooy

A case study from a current Ausenco project is presented to demonstrate the importance of maintaining high carbon activity to illustrate the driving force for plant improvements such as a carbon regeneration kiln upgrade.This paper revisits the factors that influence carbon activity for gold loading, with emphasis on deactivation by organic solution components such as flotation reagents.Kiln process design requirements for effective thermal regeneration are reviewed including the interaction of parameters such as temperature, kiln atmosphere and residence time.The different types of kilns that have been used for carbon reactivation are described. A check list is provided of what to look for when purchasing a carbon reactivation system for dealing with severely fouled carbon. This covers the ancillary equipment as well as the kiln itself.While the effectiveness of the carbon reactivation kiln is vital to maintenance of high carbon activity it needs to be remembered that this is only the end of pipe solution. It is also important to ensure that reagents such as frothers and flotation collectors are appropriately chosen to maximise recovery and at the same time minimise carbon deactivation.CITATION:La Brooy, S R and Claflin, J K, 2013. Carbon management in a high gold price environment, in Proceedings MetPlant 2013 , pp 455-467 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 15, 2013

IN a mine with any considerable output the economical handling and transport of ore underground is a matter of prime importance, and in the design or lay-out of a trucking system the question of what form the points and crossings are to take should be one of the first considered. Trucks may be moved from one line of rails to another by the following means: by flat sheets, with which may be coupled turn-tables, or by points and crossings. The latter class may be further divided into fixed and movable points.Flat sheets and turn-tables, owing to the time and skill needed by the trucker in using them, are seldom of great value with large tonnages, unless for purely temporary work, and the choice narrows down to one between fixed and movable points andcrossings. Both systems have their disadvantages - movable points being liable to jamb with dirt and get out of order, whilst with fixed points trucks may sometimes run over the points and capsize, or go on to the wrong line, though this is not of frequent occurrence. On the other hand. the fixed points are simple, easily laid, and strong, and there is no necessity for the trucker to work any levers, the truck being guided on to its new direction by screwing.Cast-iron points and crossings were first introduced into the North mine during the opening-up of the 950-ft. level, and the first arrangement was designed for a double turn-out in the main crosscut. Since then both the points and crossings have beenmodified several times, and it may be interesting to briefly outline the various forms through which they have passed, showing the reasons for the retention of some features and the rejection of others.

Jan 1, 1915

By Edmund J. Cardoza

WELCOME TO THE DEEP FOUNDATIONS INSTITUTE 26TH ANNUAL CONFERENCE AND WELCOME ESPECIALLY TO THIS SEMINAR ON NON-DESTRUCTIVE TESTING OF DRILLED SHAFTS, PRESENTED BY MEMBERS OF THE DFI DRILLED SHAFT COMMITTEE. MY NAME IS ED CARDOZA; I AM A VICE PRESIDENT WITH THE MILLGARD CORPORATION, A DRILLED SHAFT CONSTRUCTOR FOCUSING PRIMARLY IN THE EASTERN HALF OF THE UNITED STATES.

Jan 1, 2001

By S. L. Windes

"INTRODUCTION For a number of years, the Bureau of Mines conducted tests on various types of structures to ascertain the effect of seismic vibrations emanating from quarry blasting in an effort to determine an index of damage. Associat¬ed with these tests, occasional records were made of the characteristics of the air blast or concussion from the explosions. Although the importance of the air-blast problem was recognized, the equipment was not designed for airblast measurements, nor was the early research program concerned with the problem. After the ground-vibration tests had been completed, attention was turned to study of the air blast and its effect. The program was modified, however, in certain aspects by the imminence of war and the final entry of the United States into the conflict. These modifications were made to supply information pertaining to military and civilian defense problems.Detailed discussion of these problems is beyond the scope of this report, which attempts to present preliminary results of factual and fundamental character. However, it may be noted that airblast data are urgently needed for intelligent design of both Government and non-Government buildings, which must withstand the air blast from bombs and afford maximum protection for the occupants. The safety of vital equipment above and below ground necessitates consideration of damage from air blast. Protection against use of dynamite by saboteurs, moreover, hinges largely on the effect of air blast. Identification of a planned ""accident"" involving dynamite often entails knowledge of the characteristics and power of the airblast.The peacetime problem of damage from air blast resulting from quarry and mining blasting activities is of course exaggerated by the wartime requirements of increased production accelerated operation, and enlarged development."

Jun 1, 1943

By Richard C. Wang

The U.S. Bureau of Mines established a wire rope research laboratory to examine the factors that affect the safety and the useful life of wire rope. In the most recent work, two 32-mm 6x27H flattened strand ropes were degraded on a bending fatigue machine. The two tests were run at constant loads of 285 and 347 kN or safety factors of 2.5 and 2. Nondestructive and tensile strength tests were performed on samples of the ropes to determine the relationship between rope deterioration and rope breaking strength. Neither the area loss nor the number of broken wires measured from nondestructive tests could be used as clear indicators of the loss of strength. However, it was found from the tensile tests for both rope specimens that the strength loss was associated with the reduction of breaking strain. This suggests that measuring the strain of many short sections of a rope in the elastic region may locate the high stress sections and thus delermine the condition of the rope.

Jan 1, 2010

By Elaine T. Cullen

Underground mining, like many high-risk industries, is facing a crisis in the near future. This industry has traditionally relied on a master-apprentice relationship to train new workers, but experienced miners are retiring in large numbers, leaving few "masters" to properly train their replacements. With a recent resurgence in mining, many new miners are entering the workforce each day. The rise in the number of inexperienced workers has implications for worker safety in an industry in which one mistake can blow up the entire workplace. The explosion in the Darby Mine in May 2006 that killed five miners illustrates what can happen in hazardous environments such as underground mines. The Health Communications Team at the National Institute for Occupational Safety and Health Spokane Research Laboratory was asked to address this problem by developing new training and safety awareness materials to promote safe flame cutting and welding practices. This article describes how occupational ethnographic techniques provided insights needed for "new product development." The result of this work was a national initiative to raise awareness and to protect underground coal miners from the dangers of flame cutting and welding in an environment filled with solid fuel and methane (natural gas). Although this project was initially designed for the mining industry, the approach and lessons learned are applicable to any high-risk industry and should be of interest to other social marketing or occupational safety and health professionals.

Jan 1, 2009

By Jerome F. Sheldon

The earliest recorded history in the use of belt conveyors in the United States is in O. Evans' "Miller's Guide" published in Philadelphia in 1795. Evans defines a conveyor as a "broad endless strap of thin pliant leather or canvas revolving over two pulleys in a case or trough." (Ref. 1) In this definition, pulleys are being used in a bulk material belt conveyor application. Pulleys used in belt drives can trace their origin back to 1200 A.D. In fact, Engineers had considerable experience designing them into drives transmitting greater horsepower than those used in the early belt conveyors. In belt conveyor application, a pulley's purpose is primarily three-fold, 1) support the belt in directional changes, as designed in the conveyor, 2) transmit driving power to the belt, and 3) guide or train the belt. There are various types of pulleys used in belt conveyor systems and these are thoroughly covered in "Belt Conveyors For Bulk Materials" prepared by CEMA, 1966. For our discussion, however, the most common used in belt conveyors are drive pulleys, snub pulleys, head pulleys, tail pulleys, takeup pulleys and bend pulleys. The drive pulley imparts the driving force to the belt and may be located at the head or discharge end of the conveyor, in return strand, or at the tailor loading end of the conveyor. A snub pulley is located near the drive pulley to provide more arc of contact between the belt and pulley for maximum

Jan 1, 1971

By Neil T. Davie, Thomas K. Blanchat, Thomas C. Togami, Joe R. Weatherby, Dale S. Preece, Robert A. Benham, James J. Calderone

"Geotechnical structures ,such as underground bunkers, tunnels, and building foundations aresubjected to stress fields produced by..the gravity load on the structure and/or any overlyingstrata. These stress fields may be.. reproduced on a scaled model of the structure byproportionally increasing the gravity field through the use of a centrifuge. This technology canthen be used to assess the vulnerability of various geotechnical structures to explosive loading.Applications of this technology include assessing the effectiveness of earth penetrating weapons,evaluating the vulnerability of various structures, counter-terrorism, and model validation. Thisdocument describes the development of expertise in scale model explosive testing ongeotechnical structures using Sandia’s large scale centrifuge facility. This study focused onburied structures such as hardened storage bunkers or tunnels. Data from this study was used toevaluate the predictive capabilities oft existing hydrocodes and structural dynamics codesdeveloped at Sandia National Laboratories (such as Pronto/SPH, Pronto/CTH, and ALEGRA)."

Jan 1, 1998