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By P. B. Baxendell

The appraial of producing properties and profitability ntzalysis of a proposed capital expenditure are based on the same principles. In both problems a projection of future cash income is. cornpared to one or more capital expenditures. Several different methods have been in use either to compute a price to obtain a given earning power on the investment or to compute the earning power which will result from a given capital expenditure. One of these, the "Average Annual Rate of Return" method, computes in a simple manner the ratio of the present value of the future earnings after amortization to the present value of the undepreciated balances of the investment over the life of a project. This method, not well known generally, appears to have some rather unique advantages in reducing the computation work required, eliminating trial-and-error solutions, and providing a more accurate answer when applied to oil industry investments subject to the unit-of-production basis of amortization. Its derivation is given and its versatility demonstrated in the solution of certain everyday investment problems. A number of charts, useful in applying this method to profitability analysis and appraisal work, are provided. The current trend in the market values of producing properties is shown. INTRODUCTION Making sound capital expenditure decisions requires an objective means of measuring the productivity of individual investment proposals. Since the best measure of the economic worth of such proposals is their ability to produce profits, it is common practice to grade proposed capital expenditures according to their annual earning power as a percentage of the outstanding capital. The same principles which govern the determination of the rate of return of proposed capital expenditures also apply generally to the problem of determining the appraisal value or purchase price of income-producing oil and gas properties. Both problems are of prime importance in the producing phase of the oil business, where management is faced daily with decisions to drill or not to drill certain development wells, or with the determination of the appraisal value of producing properties. The common feature in both problems is that a projection of future cash income is compared with a known or estimated capital investment to determine itsiearning power or annual rate of return. In the case of development drilling, the cost of the proposed well can usually be estimated with a fair degree of accuracy and the problem consists of finding the rate of return on the invested capital. In the case of appraising producing properties, on the other hand, the desired rate of return is usually known in advance and the problem consists of determining the purchase price which, for the given income projection, results in the fequired rate of return. Certain accounting procedures common to the oil and gas producing business make these two problems and their solutions somewhat different from corresponding problems in other industries, and, in certain ways, simpler. The main difference is in the amortization policy which, for oil and gas production, is frequently on a unit-of-production basis, compared to the amortization on a time basis used in many other industries. The purpose of this paper is to discuss briefly the various methods currently in use for the measurement of productivity of invested capital in producing properties and, in more detail, the derivation and application of what will be called the "Average Annual Rate of Return Method". This rather interesting and not too well known method has some very definite advantages in the solution of many problems common to the oil industry. For the sake of simplicity, federal income tax considerations have been disregarded in the examples used, since they do not affect the principles involved. The use of the production payment route in the sale or purchase of producing properties, which has been amply covered in many other publications, has also not been included in this analysis. METHODS FOK MEASUKING THE EARNING POWER OF INVESTED CAPITAL, Of the many different methods used to measure the earning power of invested capital, four are applicable to oil or gas production ventures. Depending on whether these four methods utilize one or two interest rates, and whether a fixed amortization pattern is used, they may be classified as follows.

By Marc Ruest, Lewis Martin

A new instrumented cable bolt has been developed by the National Institute for Occupational Safety and Health at the Spokane Research Laboratory in Spokane, WA. Although various instruments are available to measure load distribution and magnitude along a grouted cable, this instrument is innovative in that it uses strain gauges internal to the cable as load-measuring sensors. The instrument has been successfully tested in the field at FMC’s Granger Mine, Meikle Mine, and Getchell Mine. A “split-pipe” laboratory pull test was performed on each of three cable bolts instrumented with the new device. Each test consisted of grouting a 1.83-m-long cable in two 0.91-m-long sections of schedule 80 pipe. A numerical analysis was then performed in which laboratory boundary conditions were simulated and model properties derived from textbook guidelines. The loads calculated by the model were then compared to the measured loads.

By Marc Ruest

A new instrumented cable bolt has been developed by the National Institute for Occupational Safety and Health at the Spokane Research Laboratory in Spokane, WA. Although various instruments are available to measure load distribution and magnitude along a grouted cable, this instrument is innovative in that it uses strain gauges internal to the cable as load-measuring sensors. The instrument has been successfully tested in the field at FMC?s Granger Mine, Meikle Mine, and Getchell Mine. A ?split-pipe? laboratory pull test was performed on each of three cable bolts instrumented with the new device. Each test consisted of grouting a 1.83-m-long cable in two 0.91-m-long sections of schedule 80 pipe. A numerical analysis was then performed in which laboratory boundary conditions were simulated and model properties derived from textbook guidelines. The loads calculated by the model were then compared to the measured loads.

May 1, 2002

By The Staff

THE object of the work was to increase the capacity of the plant and, if possible, to reduce costs of the actual unit grinding while doing so. The accompanying assays of an infra-sizer analysis of the cyanide tail (Table l) illustrate the problem in hand. The cyanide tail is a combination of two products, gangue and FeS2. The assay alters by virtue of a change in gold value due to grinding and the relative quantity of FeS2 in the sizes, which itself varies with the grind. The disposal tail is the residue after the cyanide tail is scavenged by flotation, most of the pyrite being removed for roasting. It presents a somewhat different problem, since grinding gangue is all gain, but -10 micron FeS2 does not float nearly as well as + 10 product. This results in compromise in the final size to be aimed at. Extra grinding has hardly any appreciable effect on the gold extraction from the FeS2. (See Milling Investigations Into the Ore as Occurring at the Lake Shore Mine; Trans. C.l.M.M., Vol. XXXIX, 1936).

Jan 1, 1940

By Edgardo Fogli, Mario Lampiano, Antonio Nicola

The project is located in the northern region of the People’s Republic of China and was awarded to Impregilo, as sponsor of the Wan Long Joint Venture, in September1997. The project consists of four tunnels for a total length of 88,700 m, with an excavation diameter of about 4.9 m. The lining is made of honeycomb pre-cast segments, connected by PVC dowels and the joints are sealed with elastomeric gaskets. The geology is mainly Limestone, Dolomite and Sandstone. Karst cavities are abundant and are often in-filled with plastic red clay. This has adversely affected the TBM’s progress. Four double shield telescopic TBMs were mobilized to cope with the very tight construction schedule and, at the end of November 2000, more than 80% of the tunnel has been bored. The article analyses the TBMs’ productions in the various geological conditions and the results of different technical solutions adopted at the project.

Jan 1, 2001

Mechanism Responsible for Flocculation in Poly (N-Isopropylacrylamide) Temperature Responsive Dewatering - Attractive Interaction Forces Induced by Surface Hydrophobicity

Sep 13, 2010

By Osetzky D, Hesp W. R

The treatment of a hydrobiotite containing 0·64 per cent copper with various soluHons showed that a high percentage (up to 90 per cent) of the copper can be extracted under mild conditions (1 M BCI, 85°C) or withsaline solutions (20 per cent by weight NaCI or NH4F, 400°C). The latter results suggest that the copper is incorporated in the interstratified vermiculite of a vermicuHte-biotite mica and the solutions (NaCl and NH4F) which reacted with the vermiculite without attacking the biotite gave the highest extraction yields.In general, extraction yields with saline solutions increased with the temperature (between 100 and 400°C) and duration (3 or 6 days) of the treatment but were not appreciably affected by the initial pH of solutions.The results of RCI treatment especially may have a bearing on the hydrometallurgical treatment of refractory copper ores where copper is tied to gangue silicates.

Jan 1, 1977

By D N. B Skinner, M P. Simpson

At Ohio Creek, 3 km northwest of the Thames bonanza goldfield, porphyry Cu-Au mineralisation is hosted in a dacite porphyry associated with porphyry intrusion breccias and overlying andesites and dacites. The geological setting is a Jurassic greywacke basement overlain by Late Miocene andesite-dacite volcanics which are extensively altered to propylitic and argillic assemblages. Diamond drilling at Ohio Creek in 1978-1981 by Amoco Minerals intersected low grade Cu-Au (0.12-0.20% C~ 0.23-0.4 glt Au) mineralisation An advanced argillic 'alteration cap containing quartz-alunite¦dickite or pyrophyllite-dickite¦diaspore is centred on the adjacent Lookout Rocks and has potential for high sulfidation Au-Cu mineralisation. There is a zonation from potassic K-feldspar-magnetitealteration at depth in the dacite porphyry, through an overlying phyllic quartzsericite- pyrite zone which is overprinted by pyrophyllite in the overlying advanced argillic cap. Early quartz stockwork veinlets associated with the potassic alteration contain fluid inclusions that trapped a highly saline (50-80 wt% NaCI equiv) fluid at high temperatures (450 to >600¦C) indicative of a magmatic fluid. Some chalcopyrite is associated with slightly later quartz-magnetite veinlets, but the bulk of the copper occurs as disseminated chalcopyrite associated with the phyllic alteration. The potassic alteration is surrounded and overprinted by propylitic chlorite¦epidote alteration. Late polymetallic sulfide-quartz-anhydrite veins occur within and around the margins of the porphyry system as in the Kaiser Reef. Fluid inclusions associated with these late veins were formed at temperatures of about 250-320¦C from low salinity (1-3 wfl~ NaCI equiv) fluids. The spatial association between porphyry eu-Au mineralisation, advanced argillic alteration and polymetallic sulfide veins suggests that they are genetically part of the same hydrothennal system. This is consistent with reconnaissanceK-Ar dates of 11.6-10.7 Ma for the intrusive porphyry at Ohio Creek, alunite in the advanced argillic alteration zone at Lookout Rocks and sericite selvedges from the Waiotahi gold-quartz veins at Thames.

Jan 1, 1998

By Thomas M. Barczak

This Bureau of Mines report investigates shield mechanics by describing the elastic response and interaction of shield components to applied vertical and horizontal displacements for various canopy and base contact configurations. This research provides information on generalized shield mechanics, which is applicable in describing the behavior of all two-leg shield supports. Utilizing mechanics of materials concepts and known kinematic relationships for two-leg shield supports, free-body diagrams are constructed for each shield component illustrating internal axial, shear, and bending moment responses required to maintain equilibrium for each load case evaluated. Predicted shield (component) responses are verified by controlled displacement of instrumented longwall shields in the Bureau's mine roof simulator (MRS). Conclusions drawn from these analyses include shield structural responses are significantly dependent upon canopy and base contact configurations. Applied displacements also significantly affect shield responses. Horizontal displacement produces different responses than those produced by vertical displacements. The direction of horizontal displacement is also significant in evaluating shield response. Applications of shield mechanics to in situ support monitoring are also discussed. An objective of this research program is to establish unique shield responses to identify in situ load conditions.

Jan 1, 1989

By Kadri Dagdelen

Design of the ultimate pit limit to direct long range mine planning has been a celebrated problem in the mining industry, and in mining academia, since 1965. Although many papers have been presented on this topic, even today, there is not a single solution technique which is widely accepted and considered universally best. Many philosophical differences exist among the pit planners concerning the use of different methods and it appears that resistance is very strong towards accepting other techniques if you are a believer in one. Whatever the case might be, the pit parameterization technique for the ultimate pit limit design is the latest and takes a different approach than its predecessors. There are already a number of papers which discuss the concepts involved (Francois-Bongarcon, 1976; 1978; 1980; 1981); however, the aim of this paper is to fill in some of the gaps which are thought to be missing in the previous discussions and, in addition, to present the recent research done on the subject at the Centre de Geostatistique de l?Ecole de Mines de Paris in Fontainbleau, France. This paper is divided into two parts. The first part will discuss practical aspects and interpretations of pit parameterization concepts with- out using mathematical or theoretical arguments; the reader who is interested in the theory should refer to Francois-Bongarcon (1978). The second part will present an approach to obtain a complete double parameterization of reserves using an inexpensive (computer costs) single parameterization algorithm. A case study of this approach is also included.

Jan 1, 1982

By Shigeru Tsutsumi

The rapid development of transportation facilities in Japan focused the attention of this country on the possibility of converting the existing coal resources (of which there was an abundance) into liquid fuels, for which there was a constantly increasing demand. Previous work had indicated that this could be accomplished by utilizing one of two processes - the Bergius process, in which high temperatures and high pressures were employed to effect direct liquefaction of the coal, and the Fischer-Tropsch process, in which an indirect liquefaction of coal was accomplished by the production of liquid hydro-carbons from hydrogen-carbon monoxide mixtures. This report describes some investigations into the latter process, which was first developed by Fischer and his colleagues in the Coal Laboratory in Muhlheim, Germany, in 1923. By 1932, these investigators had achieved a 60-percent theoretical yield (152 ml. of liquid hydrocarbons per cubic meter of 2H2:ICO synthesis gas) by using a precipitated Co-Th02 catalyst.3/ At the same time (1932), Dr. Kita of Kyoto Imperial University and Messrs. Fujimura and Tsuneoka obtained 145 ml. of gasoline (C5+) per cubic meter of synthetic gas by using a Co-Cu-Th-U catalyst. 4/ This report is a description of the experimental results subsequently obtained at the Fuel Research Institute, Kawaguchi City, Saitama, up to 1935.

Jan 1, 1951

By Robert B. McElwaine

"The demand for barite has increased greatly in the last 10 years, especially during World War II. Depletion of oil reserves and subsequent increase in deep drilling created a heavy demand by the oil industry for barite to be used as drilling mud. The great increase in demand for barite gave impetus to the development of a, deposit of impure barite near, Magnet Cove in Hot Spring County, Ark.The critical condition of the national barite supply early in 1944 led the War Production Board to recommend that the Bureau of Mines attempt to prove the existence of a large reserve tonnage of barite in the Magnet Cove area and arch for new deposits. To carry out this program, the Bureau explored on newly reported. Barite deposits in southern Montgomery County, Ark. The Gap Mountain, Fancy Hill, and Sulphur Mountain barite deposits were investigated. Eight diamond core-drill holes and 1,336 linear feet of surface trenching were completed, and barite samples obtained were analyzed, A study of the Montgomery County barnse district indicates that the lenticular bodies of barite replace a favorable host rock near the base of the Stanley shale formation. Barite is exposed along the side of anticlinal mountains where erosion has truncated the beds on the limbs of the associated synclines. An appreciable amount of barite suitable for commercial use has been indicated by trenching and core drilling. The Gap Mountain and Fancy Hill deposits are controlled by the Magnet Cove Barium Corp. and Baroid Sales Division of National Load Co., respectively. The ore is similar to that of the Magnet Cove area and is amenable to concentration by a flotation process. Mining of these deposits had not been begun by the time the Bureau completed its exploration project."

Nov 1, 1946

By B. Genc, P. Malepfane

This study proposes a new approach to reduce the environmental impact during surface mining by improving environmental factors through the incorporation of carbon footprint into strategic mine planning. Two key variables were analysed by contrasting and comparing the baseline and optimised models generated. These variables include net present value, which helps determine the financial feasibility of the mining models and their carbon emissions. The variables were analysed by using linear regression, Spearman’s correlation, a P-value hypothesis, and an exponential decay test. Results show that at Mine A the projected net present value was 62% higher than when running a baseline model. Furthermore, the net present value from the baseline model portrayed a high rate of decay at 0.667 versus 0.118 from the optimised model. This indicates the baseline model’s sensitivity to long-term project timelines and fluctuating markets. The optimised method presents an opportunity to manage emissions during the high operational costs phases. It is represented by a 31% improvement in carbon emissions during the periods of high operational costs, whilst maintaining a positive net present value when compared with the baseline model. It was shown that the optimised model presents a better chance of achieving financial feasibility and balancing environmental impact, thereby ensuring that Mine A can align with the environmental aspect of economic, social, and governance principles through lowering the carbon footprint resulting from its hauling operations.

Jan 30, 2026

By J. R. Bartels

The U.S. Bureau of Mines has established a wire rope research laboratory to examine the factors that affect the life of wire rope. Two sin-diameter 6x25 fiber core (FC) ropes were degraded on a bending fatigue machine, These were the second and third ropes in a series of tests on this construction and size rope. 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 once a wire rope nears the end of its service life, both deterioration and the consequent loss of rope strength begin to increase at an accelerated rate.

Jan 1, 2010

By Steven Rupprecht

"The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (the SAMREC Code or the Code) sets out minimum standards, recommendations and guidelines for public reporting of exploration results, mineral resources and mineral reserves in South Africa. The Code is being rewritten and updated, with work on-going since 2013. The revision is being undertaken to ensure the Code remains relevant, incorporates developments within the international mining industry and keeps abreast of technology. Some of the changes and their reasons are discussed. INTRODUCTION The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (the SAMREC Code or the Code) sets out minimum standards, recommendations and guidelines for public reporting of Exploration Results, Mineral Resources and Mineral Rreserves in South Africa. The Code is being rewritten and updated, with work on-going since 2013. The proposed 2016 update is not significantly different from previous versions of the Code. The revision is being undertaken to ensure the Code remains relevant, incorporates developments within the international mining industry and keeps abreast of technology. The Code sets out minimum standards, recommendations and guidelines for public reporting. However, reporting may be unclear, ambiguous, selective, obscure, distorted or unintelligible. Part of the purpose of the update is to provide better guidelines to Competent Persons (CPs) to ensure that the material information is being reported and that reporting is transparent in accordance with the guidelines of the Code. The information provided should, as required by the Code, be adequate to inform the “reader/investor or potential investor to make a reasonable and balanced assessment of the significance of the information”. The Committee for Mineral Reserves International Reporting Standards (CRIRSCO) highlights the importance of the reporting Codes, as provided from a quote from their website (www.crirsco.com): The mining industry is a vital contributor to national and global economies. It is a truly international business that depends on the trust and confidence of investors and other stakeholders for its financial and operational well-being. Unlike many other industries, it is based on depleting mineral assets, the knowledge of which is important prior to the commencement of extraction. It is therefore essential that the industry communicates the risks associated with investment effectively and transparently in order to earn the level of trust necessary to underpin its activities."

Jan 1, 2015

By R C. A Minnitt

The Witwatersrand Supergroup is host to the world’s largest gold deposits. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are either known, estimated from specific geological evidence and knowledge, or interpreted from a well constrained and portrayed geological model. Establishing such a model is an integral part of the evaluation process in the Anglogold Ashanti (AGA) group, and is referred to as a Geoscience Business Model for the mining operations. The geological model established over the years has relied on detailed descriptions of the mineralisation, and understanding of the regional and local geology of the Witwatersrand sediments, in the West Wits and Free State goldfields. The processes of data collection in regard to underground stope and developing mapping, structural and sedimentological mapping, and the geological inputs to mine planning systems are described, together with aspects of drilling, sampling, grade control, and data management. Anglogold Ashanti’s Geoscience Department employs a complex and unique process to generate the Mineral Resource, including a 3D geological structure model of the orebodies which are usually highly faulted, and a robust mineralisation/facies model on which the decisions about domain boundaries are established. A Mineral Resource Inventory System (MRIS) has a dynamic graphic interface to the resource database that is used for compiling the resource statement. It is also used to determine the gold-called-for, as well as short and long-term planning. A unique estimation process using the extensive closely spaced stope face sampling database and the more widely spaced surface drilling information is used in combination in the Macro Co-Kriging estimation. The use of different support sizes in the C0-Kriging process is preceded by the equally unique ‘clusterisation’ and ‘acceptorisation’ procedures by which the data are quality controlled and assured prior to their use in the kriging process. The Mineral Resource and Ore Reserve estimates are classified according to the SAMREC code through a method that ensures that they are compliant, auditable, transparent and reconcilable with previous Mineral Resource and Ore Reserve statements.

Aug 22, 2011

By William Gleason

"Caterpillar is the largest manufacturer of mining equipment in the world. In hundreds of surface mines around the globe, Caterpillar’s flagship 793 haul trucks can be found moving material for copper, coal, gold, iron ore and other mines. Likewise, its iconic yellow bulldozers are at mine sites the world over — the company recently announced the sale of its 40,000th large dozer. And since its acquisition of Bucyrus in 2011, Caterpillar has positioned itself to become a worldwide leader in the underground mining sector as well.But don’t think that the company is resting on its reputation. As evidence of its commitment to the global mining sector, as well as its confidence in the future of mining, Caterpillar invited mining trade press, including Mining Engineering, to its Tinaja Hills Training Center near Tucson, AZ in November to introduce the latest editions to its mining portfolio. The two-day event focused mostly on the newest electric drive haul trucks, the Cat 796 AC, which will operate in the 326-t (360-st) class, and the 798 AC in the 360 t (400 st) weight class.Caterpillar representatives also spoke about new offerings in the underground space as well as the newest version of the D11 large dozer.“It has been 10 years since we launched the F Series,” Jean Savage, Caterpillar’s vice president, surface mining and technology said. “Since then, we have been on a journey to serve our mining customers and we wanted to have trucks in every application. Today, we are launching two new trucks that will allow us to fill out our portfolio.”While Caterpillar previously offered the broadest range of off-highway haul trucks to the mining industry, it was noticeably absent from the 326-t (360- st) and 360-t (400-st) weight classes."

Dec 1, 2018

By Lester G. Morrell

AGAIN in 1963, as in nearly every year since 1946, the Canadian mineral industry has established a new national record in value of mineral production. The 1963 estimated total value of $2,976 million is 5 percent higher than the 1962 value of $2,845 million.2 As in previous years, metals made up more than half the value of total production. For selected years since 1949 the category percentages and total value are as follows: [ ] Crude petroleum, Canada's most valuable mineral product, accounted for 21 percent of the total value of minerals in 1963. In descending order came nickel 12 percent, iron ore 10 percent, copper 10 percent, gold 5 percent, and uranium 5 percent. Asbestos accounted for 5 percent, sand and gravel 4 percent, and cement 4 percent. The complete list of Canada's mineral products includes more than 50 basic commodities.

Jan 1, 1964

By Jean Cayouette, Paul Blatter, Paul Cousin

"The Laronde mill was commissioned in 1988 and has been treating the Laronde Penna ore since 2000. The Laronde plant, situated in the Abitibi region of Quebec, has experienced mill expansions to accommodate 7500 mtpd and to recover gold and silver as well as important amounts of base metals (Cu, Zn, Pb). Ten sequential metallurgical and environmental processes are responsible for metals recovery and process viability. Over 200,000 ounces of gold, 4,5 million ounces of silver, 7000 tonnes of copper, and 78,000 tonnes of zinc are produced annually.In 2008, the Goldex plant began trucking high grade (35-45 g/t Au) pyrite sulphide concentrate (TCGO) for gold extraction at a newly constructed treatment plant, increasing gold output at Laronde by 40,000 ounces. In 2009, the high gold grade Lapa ore processing facilities were annexed to the Laronde plant increasing output by 120,000 ounces of gold. TCGO and Lapa productions are forecasted until 2018 and 2015 respectively, with known reserves of each mine.Today, up to 140 permanent employees run and optimise the Laronde plant operation. As a result, Laronde has intricacies intrinsic to a large and varied operation. The paper will outline the metallurgical highlights, challenges, and future outlook related to the treatment of each ore type (Laronde, TCGO, and Lapa).INTRODUCTIONFollowing the 2000 to 2003 expansions, the Laronde plant evolved into a mature milling complex with developed processing, man power, and water treatment capabilities able to accommodate the complex Laronde ore. The ore requires a series of grinding, copper/lead flotation and separation, zinc flotation, zinc tails precious metals leaching, followed by a counter-current decantation circuit and Merrill Crowe precipitation. A paste backfill and SO2-air cyanide destruction operate intermittently. The tailings area has a dedicated cyanide destruction and metals precipitation plant prior to water recycling to the mill. A biological water treatment plant was put into service in 2004 to address the build-up of thiocyanate in the tailings ponds at Laronde. This was the result of the high sulphide content of the Laronde ore and 90% recirculation of the process water. The plant uses bacteria to oxidize and destroy thiocyanate, and removes phosphate from the water before it is released to the environment."

Jan 1, 2011

By William O. Vanderburg

This paper 3/gives the results of a reconnaissance of mining districts in Clark County, Nev., made from November 18 to December 22, 1936, and from February 9 to March 8, 1937-in all, 63 days. While the field work Was being done, virtually all of the mining districts in the county were visited and many data on active and inactive properties were obtained. The report covers the locations of the various mining districts, the nature of the deposits, information on past operations, current activity, and general data likely to be useful to operators, investors, and others interested in mining. The geology of the deposits is discussed only briefly. The principal metal-mining districts in the county are Goodsprings, Eldorado, and Searchlight. The zinc-lead ores of Goodsprings have been the most important economically, followed by the gold-silver ores of Eldorado and Searchlight. In the industrial-mineral field, gypsum, limestone, silica sand, and borates are the principal products. Metal mining in the county is characterized by numerous small operations and the ores are either milled locally or shipped to distant smelters.

Jan 1, 1937