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By John R. Bogert

The title of this session is "Wall Street Looks at the Mining Industry," and I am going to attempt to answer the question: Shouldn't Mining Stocks Sell at Higher Price Levels? Or, What Does Wall Street See When Looking at the Mining Industry? Well, it sees a capital intensive business, a technical industry, and a growing industry becoming more vertically integrated. But, at the same time, Wall Street sees a cyclical industry, a fragmented industry of erratic earnings, spotty public relations, a feast-or-famine business where the public usually does not differentiate between coal mining or metal mining, and does not appreciate either the risks or the rewards. As a result, mining stocks generally sell at relatively low price learnings ratios in comparison to other industrial groups. This PIE ratio, the current market price of the capital stock divided by annual earnings per share, is probably the most popular index of a stock's value. The average of the price/ earnings ratios of the 30 stocks comprising the Dow Jones Industrial Average is over 14. This diverse group of stocks is widely regarded as being a cross-section and representative of the industrial companies listed on the New York Stock Exchange. However, in comparison to 14, Asarco and Kennecott shares are currently available for about 8 times annual earnings. Even discounting earnings from South America, the stock of these two companies sells at only 10 times earnings. Of course, Peruvian politics is currently preventing Cerro shares from selling above 6 times earnings, and Chilean politics keeps Anaconda shares at a PIE multiple of 7. However, even in better times, these companies rarely sell above 10 times earnings. American Metal Climax and Newmont sell at only 11 times earnings as does Phelps Dodge and St. Joseph Lead. Few mining companies then have what can be considered a high PIE ratio-a figure higher than

Jan 1, 1970

By Barbara S. Parrish, I. S. Parrish

For two consecutive years the author and his wife have been fortunate enough to have been invited by the Peoples Republic of China to work with Chinese geologists of the Geological Bureau of the Ministry of Metallurgical Industries (MMI). Our visits, each of which lasted 7-8 weeks, took us to northwestern Sichuan, central Anhui, and much of Hebei Province, as shown in the accompanying drawing. We were asked to evaluate, criticize, and offer suggestions on the exploration and mining techniques used by the Chinese. Our commission both years was centered on gold, although we were also to visit other operations when the opportunity arose. In 1986, the visit primarily concerned with disseminated "Carlin" type gold deposits; in 1987, with "Greenstone" type gold deposits. Gold has been targeted by the Chinese as a metal of importance to the nation. Several governmental agencies have received direction and budgets to seek and develop gold properties. Besides the Ministry of Metallurgical Industry, gold is being sought by the Ministry of Geology, the China Gold Corporation, and reportedly the Peoples Army. There is considerable competition among these agencies. It is not uncommon to find two or more agencies working in the same general area. However, communication between the groups is minimal. Last year, we toured a small mine at Bambishan. We could see a diamond drill across the valley. The rig belonged to another Ministry and my guides voiced their curiosity to know what their competitors were finding. Mining, too, is not the monolithic bureaucracy that most Westerners anticipate in China. There are various levels of mining. These differ not only in sophistication, but in ownership. First, for small deposits the state allows "Peoples Mines". These can be owned and worked by individuals. The individual owner-miner may hire relatives or neighbors and give them a wage or he may turn the mine into a joint ownership situation. They

Jan 7, 1988

By Alton G. Woody

Like so many installations of its type approaching middle age, the ore processing and shipping facilities in Puerto Ordaz, Venezuela, have taken a lot of twists and turns in their lifetime. The object of this paper is to lead you through these twists and turns and some of the reasoning for them. The need for additional sources of iron are in the United States became evident during the time of the second world war. An exploration team from U. S. Steel located further high quality direct shipping iron are in commercial quantities near Ciudad Bolivar, Venezuela in 1947. Basic decisions were made to develop these reserves for export via the Orinoco River through a new shipping port to be built at the confluence of the Orinoco and Caroni Rivers. The basic concept was for the ore to be loaded directly to ocean going vessels. This was something of a gamble since the basic economics depended upon successfully opening up the main channel of the Orinoco River to deepwater vessels, and the Bethlehem Steel mine in the same area was already working with shallow draft river boats and a transfer station on the coast. Always, the basic philosophy has tended to be to plan with expansion in mind. The original conveyor systems were 1.52 m (60 inches) wide with 200 idlers, whereas 1.07 m (42 inches) or 1.22 m (48 inches) wide conveyors could have carried any production foreseen at the time of installation. Stockpiles have been located and designed with room for expansion. Basic designs have had dotted line future expansion blocked in.

Jan 1, 1978

By R. W. Sims

"He?s an SOB, but he's my SOB." Many of us have heard this line in reference to attorneys, and can appreciate the humor. However, the thought reflects a deeper attitude that lawyers should be used for attack purposes in the legal system or the regulatory process. Often, more permitting progress can be made with tact and flexibility than with inflexible, overly aggressive strategies. Usually, administrative hearings or other litigation work to the disadvantage of the applicant. Thus, I have concerns about approaching any permitting system with a hard-line attitude. On the other hand, the project team must always be prepared to defend permit applications and present a legally adequate case at public meetings, administrative hearings, or judicial proceedings. This paper discusses a number of strategies intended to increase the probabilities for successful permitting, whether opposition is informal or highly organized.

Jan 1, 1990

By D. S. Davies

Further development of the Nitric-Sulfuric Leach (NSL) process has led to an improved design of the leach and nitric acid recovery steps. NO produced in the leach step is reacted with oxygen, regenerating N02, which is sparged directly into the leach reactor. Leaching is simplified to two steps and the nitric acid plant is replaced with an oxidation recycle gas sys-tem. Laboratory work substantiated the concept and led to selection of operating conditions. The lab work also pointed to improved process control compared to use of nitric acid as the sole oxidant. Recovery of copper from purified pregnant liquor is modified to use air agitation electrowinning improving cathode quality and lowering tankhouse costs. Economic evaluation shows reduction of capital requirements from $2400/AT to $2000/AT in 1978 dollars for 50,000 TPY of copper production.

Jan 1, 1978

By George K. McCord

It is a pleasure to participate in this Fall meeting of the Society of Mining Engineers to discuss energy conservation trends in the cement industry. Energy is the "life blood" of American industry, and the ability to use available energy resources efficiently may well determine the future of our nation and of its industries. The Federal Energy Administration has classified cement manufacture as one of several energy-intensive industries in the U.S. and has selected the Portland Cement Association to make a detailed study of possible energy conservation measures. Member companies of the Portland Cement Association represent about 85% of the cement producing capacity of the United States and 100% of Canadian capacity. Stated briefly, the purpose of the Association is to extend the uses of portland cement and concrete through research and development, market promotion, education, and public affairs work. PCA's general offices and research laboratories are located in Skokie, Illinois. Our staff of engineers, scientists, and research personnel make the PCA uniquely qualified to perform an energy conservation study of the kind requested by FEA.

Jan 1, 1975

By P. Dhar, H. R. Kota, M. Thornhill

A very high-grade calcite deposit located in northern Norway consists of CaCO3 ore with minor silicate and sulphide impurities. Cationic (Tallow-1,3-diaminopropane, Duomeen T) collector has been used in the purification of calcite by flotation with an aim of achieving calcite concentrate for its use in value-added products in a variety of industries. The feasibility of sulphide flotation from calcite by this cationic collector has been initially judged from Hallimond flotation and zeta potential on pure mineral systems and the results illustrate the removal of sulphide from calcite ore at neutral pH region. The adsorption mechanism of diamine on both the sulphide minerals was found to be the same by zeta potential studies. The variations in zeta potential are in good agreement with the adsorption of diamine molecular and ionic species as a function of pH. FTIR studies also showed the adsorption of diamine species in agreement with the zeta potential and Hallimond flotation results. Furthermore, the removal of sulphide impurities with selective flotation by diamine collector was performed in bench-scale flotation with the calcite ore and the results indeed showed that the calcite concentrate could meet the quality requirements for its use in the paper industry for coating and filler purposes.

By Donald E. Zipperian

The studies described in this paper have established that flotation conducted in a column cell provided with gas generation by aspiration into surface tension lowered water, may considerably increase the efficiency and particle size range of a flotation process. Operation of a DEISTER FLOTAIRE ® Cell at several Southwest United States flotation plants under continuous rougher, scavenger and cleaner conditions has demonstrated the main positive features to be: (a) higher capacity per unit volume than conventional flotation equipment, (b) improvement of flotation of plus 0.210 m particles, (c) improved flotation of particles minus 0.037 m.

Jan 1, 1984

By Xie Longshui

INTRODUCTION The gold production is from the state-owned gold mines, the local gold mines and the by-product of metal mines. Since 1975, the small gold mines have developed in rapid strides. Currently, there are about 3000 small gold mines in China. Most of them are operated by the local, and the production is about 50% of China's gold output. In the small gold mines, the normalized mining equipments are employed at most of mines, but some mines still use such backward tunnelling and mining tools as pick, shovel and hand hammer etc.. The mining techniques have developed from the primitive to the advanced, especially the methods of open stope, shrinkage and filling have been widely used. Such new mining techniques as bolting, vibrating draw, non-electric ignition and diamond drilling etc. are also introduced in the wall gold mines. In recent years, the development of small gold mines is very fast under the guidance of new mining policy which is ' rapid and great development of large-sized mines, helping small mines to develop, and quick mining for the existing mines; and encouraging the collective and the individual to operate a mine.' GEOLOGICAL FEATURES The gold veins are dominant, which are divided into two types, ie. the mesothermal deposit with altered rock in a crushed zone and the hypothermal deposit with quartz veins. The orebody distribution is not centralized, and the size of deposit and single minable orebody is small respectively. Most of deposit dip at 30° to 50°, characterized by expansion and shrinkage, ramification and compound, thinning out and reappearance, separation and composite at the parallel veins etc.. The ore grade is variable, and the factor of grade change is above 100%. The waste zones with lean or submarginal ore usually exist in deposits. As for the gold deposits with altered rock, the ore boundary is indistinct. Most of gold deposits, particularly the gold deposits with altered rock, are intruded by the late structural rock, thus the faults and joints are developed, and the rock and ore are crushed, especially the host rock of roof wall is very crushed. It ie obvious that the conditions of both formation of deposit and mining are considerably complicated. HISTORY With a long mining history and rich experiences, the local gold sectors are small, but they play an important role in China's gold mining industry. Dated from Xia and Shang Dynasty, the gold goods was made. In the Tang Dynasty, the development of gold mining industry was very fast. A Chinese poem , written by Liu Yuxi -- one of famous poets in the Tang Dynasty, says: As sun is shining over Dengzhou land, The fog on river slowly goes away, The panning girls together meet at bay, The beauty's jewels and stamps of king are gold from river sand. This poem shows the local gold mining was flourishing at that time. In 1888, the local gold mining sectors were all the rage at the moment, and the annual output of gold was as high as 21.5 tons. Since the founding of New China, the development of local gold mining was subjected to several back- sets, but certain advances are made on the whole, especially since 1970. Round about 1970,the simple, backward and indigenous mining was dominant in the small gold mines; for instance, the hand-hammer drilling, the hand-operated winch hoisting and the hand haulage etc.were main methods of gold mining . Up until the late 1970s,great changes took place in stoping, haulage and so on. Currently, some advanced technology and large-sized equipments are adopted in the local gold mines. Generally, the local small gold mining sectors play an important role in development of China's gold mining industry, and are important and attractive sectors. PRESENT DEVELOPMENT

Jan 1, 1987

By S. Sener

In this investigation, the changes in the grindability of both ulexite and colemanite related with the different structural modifications created by the heat treatment were examined with respect to work index (Wi). The effects of the heat treatment temperature and time on grindability index were also investigated. It was observed that, heat treatment significantly affected on the grindability of ulexite. The work index of original ulexite was found 7.11 kWh/shton and decreased to 3.5 kWh/shton level within 200-480°C for 60 minutes. On the other hand, the work index of original colemanite was found as 6.48 kWh/shton and no appreciable change was observed when heated up to 320°C. Thermally assisted comminution can be used to improve the grindability characteristics of ulexite. Besides, the different behaviour of ulexite and colemanite under heat treatment can be used for their separation. The artificial mixture of ulexite and colemanite could be separated with over 90% recovery by utilizing their different grindability characteristics by thermal treatment, semi-autogeneous grinding and screening.

Jan 1, 1999

"The 34th International Conference on Ground Control in Mining (ICGCM) was held July 28–30 at the Lakeview Golf Resort and Spa in Morgantown, WV. Ground control experts have gathered at this location since 1981 to share ideas and successes for improving designs and technologies to enhance the stability of surface and underground mining operations. Ground control is important to all mining operations but is particularly crucial to underground mining to ensure miner safety and operational viability.The year’s event had 240 registered attendees with 20 pecent of that attendance being from the mining industry. A remarkable number of industry representatives attended given the challenges currently faced by the mining industry. A true testament to the value of the conference, the performance of Tom Barczak and Steve Tadolini as co-chairs and the drawing power of the many exceptional speakers that have attended the annual event for many years.The conference operates under the direction of a board of directors with the cooperation, wisdom and assistance of a large organizing committee. Visit the conference website, www.icgcm.conferenceacademy.com, to view the membership of the board and the committee and to access previously published papers."

Jan 1, 2015

By Roger Escoda Estelrich, Joan Carles Casado Ortega, Mitchell Gerdau, Jose Raul Martinez, Jeb Pittsinger, Frank Perrone

The existing Chesapeake Bay Bridge-Tunnel complex is being expanded to include the Parallel Thimble Shoal Tunnel. This will be a subaqueous bored crossing between two islands constructed for the original 1960s immersed-tube tunnel. Jet grouting was employed by the Chesapeake Tunnel Joint Venture (CTJV) to provide watertight base plugs, launch and retrieval blocks for the tunnel boring machine (TBM), a TBM canopy to limit ground movement, and a retaining wall to enable off-island excavation: all within hydraulically placed sands. This paper will review the design and construction challenges, including soil permeability and recharge, grout communication, installed grout strengths, and remediation requirements.

Jun 23, 2024

By John D. Hanifin, C. Kevin Moon, Eric C. Wang

Value Engineering on Connecticut DOT’s Walk Bridge selected the trenchless option for utility relocation to address the channel crossing’s environmental concerns. The design and construction considerations of the twin micro-tunnel drives and associated shafts are presented. Key challenges included vertical alignment selection to achieve minimum one-tunnel diameter stable cover within thin glacial till underlying extremely soft clay, limited choice of pipe and joint materials meeting stringent non-metallic conduit requirements, thermal grout backfill application, and the close proximity of temporary trestle piles. Mitigation measures were developed for potential point loading pipe damage from remnant boulder fragments in the annular space.

Dec 1, 2022

By Kegomoditswe Koitsiwe, Tsuyoshi Adachi

"This paper characterizes quarterly LME copper price fundamentals from 1995 to 2011 by analyzing the transformation of the market mechanism based on structural change perspective. Using chow test for structural change based on the least square multiple regression, we divide the price fluctuation into: Stable price period (1995Q3-1999Q2), Low stable price period (1999Q3 – 2003Q3) and Price fluctuation period (2003Q4 – 2011Q2). The results show the existence of structural breaks disproves the investigation of the full sample period as a whole. In different structural breakpoints the main drivers of copper prices changes and their impact are significantly different. Moreover, the paper examines the role of speculation in copper price fluctuations.Introduction The rise in commodities price volatility and financial and economic crisis have led to questions over the organisation of futures and physical commodities markets. Spikes in commodity prices and volatility have coincided with a surge in financial speculators in the commodity markets inspiring a polarised and hotly debate among academics and practitioners about the role of investors in the development of physical markets. In his seminal work Kaldor (1939) focused primarily on whether speculative activity in the futures markets reduces the variance of commodity spot prices. Yet, part of the literature finds that the introduction of futures contracts destabilizes the spot market. IMF (2006) studied commodities boom and its causes concluding that there is little support for the hypothesis that speculative activity affects either price levels over the long run or price swings in the short-run. The impact of speculative activity on commodity prices remains a highly contentious topic. Other market analysts take the view that the supply and demand for physical commodities remain the major determinants of market trends (Krugman 2008). It is the aim of this study to contribute to the literature by examining the drivers of copper price changes from a structural change perspective. In this context we are attempting to answer to: What are the main drivers leading to copper price fluctuations? Are these factors having the same effect in different periods or not? It is meaningful to understand drivers of copper prices and thereby, their fluctuations because it will help developing countries depending on copper export to anticipate market situation and avoid bad economic development challenges that can result from price fluctuations. Moreover, this can ensure sustainable mineral supply."

Jan 1, 2017

By George I. Staber

This paper is a brief review of the recent history, and the present status of, of the program designed to develop practical new processes for producing pipeline quality gas from coal. Clean synthetic pipeline-quality gas from coal became a major objective during 1971. Agreement was reached with the American Gas Association, Inc., to cosponsor a $120 million, 4-year program to be funded $80 million by Government and $40 million by American Gas Association. The program was first announced by President Nixon in his Energy Message on June 4, 1971, and a portion of the additional funds needed for the program was approved by the Congress in the December 1971 supplemental budget action. A natural gas shortage has developed in the United States and every indication is that it will worsen. Many transmission and distribution companies have already been forced to curtail sales because of the shortage. Large sums are being committed to systems needed to bring liquefied natural gas from abroad and to plants to manufacture synthetic natural gas from petroleum--also largely imported. On the other hand, there is sufficient domestic coal to supply all of the needed gas through the next century. This accelerated program is designed to provide processes for making gas from coal at costs, including security costs, below the imported alternates. As outlined in the President's Energy Message, OCR and A.G.A. have accelerated the coal gasification program to make it possible to construct and operate a "demonstration plant" (semicommercial size) after 1975. Several processes, in various stages of development as will be described later, are being supported. Concurrently, the overall program will be constantly monitored and evaluated with the assistance of an independent, unbiased contractor. C F Braun of Alhambra, California, was selected for this task and has been actively engaged in it for the last several months. Through continuing studies of the various processes and subprocesses as the pilot plant program continues, optimums will be discerned. These will serve as

Jan 1, 1972

By C. J. B. Dreyer

In terms of resources of amphibole asbestos only South Africa can be considered. There are only two asbestos producing fields, one in the Northern Cape Province producing only crocidolite and one in the Eastern Transvaal producing only amosite. The banded ironstone sequence in which amphibole asbestos occurs is discussed, and the genesis of the fibre is briefly reviewed. The properties and characteristics of amphibole asbestos are discussed and compared to those of chrysotile. Approximately 300,000 tonnes of amosite and crocidolite are produced annually. Crocidolite has a potential for a fivefold increase of production, which could be sustained beyond the year 2000. An estimate of the resources of the various producing fields in South Africa is made. Mining methods are reviewed and evaluation techniques discussed.

Jan 1, 1978

By Ossi V. I. Hintikka

There are several limestone deposits around the Lohja area in southern Finland. Raw material for cement rock is mined from some of them. The formations are geologically complicated, and therefore selective mining is used whenever possible. One of these mines is the Tytyri underground limestone mine, which is divided into two parts; Törmä and Solhem. In addition to the selective mining system hand sorting or picking must be used at the Tytyri mine to improve the overall grade of the blended limestone. Some means were needed in order to improve the quality and to increase the feed rate by the elimination of hand sorting. Sorting machines were considered and eventually a Sortex 811MW was pilot plant tested at the Ojamo mine near Tytyri. This machine now continues to be used on production.

Jan 1, 1971

By C. D. Taylor, A. L. Mazzella, A. L. Martikainen

In fluctuating airflow, continuous air velocity recording is the most reliable method of air velocity measurement. It allows for fast recognition of changes and the calculation of long-term averages. Also, it enables the mine operator to identify when the airflow has decreased to a point requiring action. Using ultrasonic anemometers provides an accurate option for continuous air velocity monitoring. This paper provides information about the effect of common obstructions in underground mining on air velocity readings. Stationary and moving obstructions are used to represent workers and equipment that would cause discrepancies in measured airflow. Also, it is important to know how large of a sample size is required to ensure reasonable accuracy of results. Statistical analysis is used to evaluate the required sample size. The sampling procedure is further studied by comparing two different sample rates. The results show that obstructions provide noticeable differences in air velocity measurements. Also, movement of obstructions can be recognized from changes in results. Surprisingly small sample sizes provide reliable air velocity information. Standard sample rates are found to be suitable for the underground environment.

Jan 1, 2011

By Curt Swanson, David C. Mathy, Dru R. Nielson, Kent VonAspern

In 1997, Central Contra Costa Sanitary District undertook the design of the Martinez East Side Trunk Sewer Improvements Project. Microtunneling was specified for approximately 1,035 meters (3,400 feet) of 600-mm (24-inch)diameter pipeline to be installed through estuarine soil deposits (San Francisco Bay Mud) and alluvium beneath the congested city streets of downtown Martinez, California. Directional drilling was specified for approximately 275 meters (900feet) of 200-mm (8-inch) diameter pipeline in four separate segments to be drilled through bedrock within narrow utility easements between residential properties. This paper presents a case history for the design and construction of themicrotunneling and directional drilling aspects of the project.

Jan 1, 1999

By Luther W. Hyde

Ground water, one of Florida's most valuable resources, is also one of its most abundant. The State is fortunate to have several prolific ground- water reservoirs that yield tremendous quantities of water to wells and to some of the world's largest springs. These ground-water reservoirs, or aquifers are of two types artesian and nonarteaian. Ad artesian aquifer is one that contains water under sufficient pressure to rise above the top of the oontaining formation. A nonartesian aquifer is one that contains water which is not confined, and the upper water surface (water table) is free to rise and fall. The principal source of ground water in Florida is the artesian Floridan aquifer which supplies most of the water users in the State. Nonartesian sources include the Biscayne aquifer of southeastern Florida, the sand-and-gravel aquifer of extreme western Florida, and a shallow aquifer which lies at depths of less than 100 feet over much of the State. The accompanying map shows the approximate areas where these aquifers are the main source of supply; however, the boundaries do not represent the areal extents of the aquifers. For example, the Floridan aquifer extends beyond the southern boundary shown on the map, but it is not of great economic significance there because the water is highly mineralized. Aquifers other than the four described occur in the State, but they are, for the most part, of minor significance. One of these is an artesian aquifer which is formed by permeable zones that occur locally within the confining beds above the Floridan aquifer.

Jan 1, 1966