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By Harry H. Angst

THE history and efficiency of 40-ton capacity dump trucks for surface waste removal at the New Cornelia opencut copper mine, at Ajo, Ariz., are summed up in this paper. Tabulations of truck performance, together with detailed cost figures, prove the value of truck transportation for certain special operations at a large mine. Emphasis is given to the fact that truck transportation not only reduces the haulage costs but also reduces the breaking ground and shovel-loading costs per ton. The New Cornelia opencut copper mine is in the desert. The climate is ideal for seven months of the year, but the five summer months are uncomfortably hot. The elevation is 1820 ft. above sea level and the annual rainfall is approximately 6 inches. The ore body is a monzonite-porphyry deposit. The waste-rock capping consists of hard rhyolite, conglomerate and porphyry. All the material is hard and cannot be excavated without blasting. The rhyolite and conglomerate waste is very blocky. The weight of the rock in place is 2.16 tons per cubic yard. The average mine production per day is 22,000 tons of ore and 18,000 tons of waste rock, the latter consisting of surface rock and material within the ore body too low in grade to send to the concentrator. The rock is loaded by electric shovels with 4 ½ -cu. yd. dippers. The primary transportation of ore to the concentrator and waste to the dumps is by 30-yd. dump cars and oil-burning steam locomotives; therefore truck haulage of waste is a minor factor of the New Cornelia operation. However, as New Cornelia was one of the first mines to use large-capacity dump trucks for haulage, the results obtained are of interest. EQUIPMENT On the south side of the New Cornelia is a hill rising about 500 ft. above the normal surface elevation, roughly 1000 ft. in diameter at its base, called locally Arkansas Mountain peak. Exploratory drilling in this area developed additional ore that could be made accessible for open pit operation only by moving the mountain face a maximum distance of 400 ft. to the south. The slope of the mountain adjacent to the pit averaged 35°, and the small area involved precluded the use of train haulage for the removal of the 4,000,000 tons of waste estimated above the normal pit elevation. A study of dump-truck haulage at Boulder Dam and San Gabriel Dam led to the decision to use large-capacity end-dump trucks rather than smaller trucks, for the following reasons: 1. The truck would have to withstand the impact of hard, heavy chunks, some of them weighing as much as 10 tons, which would be dumped from the 4 ½ -cu. yd. dipper. 2. The coarse, rocky, abrasive material would soon damage a light truck body. 3. The body of a small truck could not be efficiently loaded with coarse rock.

Jan 1, 1941

The following rules, upon approval by the Board of Directors, shall serve as guides in the practical applications of the Bylaws for the operation of the Institute and have the full power and effect of Bylaws, however, these rules may be changed, modified, re¬pealed or amended when deemed necessary by the Board of Directors Any change or alteration of these Rules shall be published in the Journals of the Institute within three months after such alteration is adopted ARTICLE I-ORGANIZATIONS OF THE INSTITUTE Section 1-Societies Rule 1-Governing Body Each Society shall form its own governing body composed of an Executive Committee, or similarly designated executive body, duly elected officers, and a Nominating Committee for the nomination of Institute officers as provided by the Bylaws of AIME and of each Society approved by the Board In all correspondence and printed matter the Society Boards of Directors shall be specifically identified For ex¬ample, the Mining Board of Directors or the Board of Directors of the Society of Mining Engineers Using simply the "Board of Directors" could cause confusion

Jan 1, 1960

Officials of the State Department have expressed their hope that a considerable number of technical men will take the examination for consular service. The Department recognizes that the interest of the United States will be served best if technical men are made available through these examinations for vacancies at points where their training will be of special value. Industrial engineers who have passed the con-sular examination will be assigned to industrial centers of Europe or South America. Mining engineers, chemists, electrical engineers, etc., will be assigned to industrial centers requiring special training.

Jan 11, 1919

By R. D. Caudle, Yoginder P. Chugh, V. K. Agarwala

Longwall coal mining is a growing mining technique in the United States. However, very little premining exploration data are collected presently by coal companies to 1) select coal winning equipment, 2) select and design face supports and supports in gate and tail entries, or 3) optimize operational parameters such as length, width, and orientation of face. The authors are of the opinion that much of the data needed for mine planning and design for longwall mining can be obtained during exploration. In this paper, the authors identify the data requirements, discuss how these data can be obtained during exploration, propose an exploration program and estimate the cost to obtain the necessary data.

Jan 1, 1982

The Committee on Papers and Publications has set June 1, 1919, as the closing date for the receipt of manuscripts intended for the Chicago meeting, which is to be held Sept. 22 to 27, 1919. Manuscripts must be received by the Secretary on or before this date. If they are sent through members of the technical committees, they must be sent to those committees long enough in advance to be forwarded and in the hands of the Secretary by the time specified.

Jan 5, 1919

By James H. Boettcher

INTRODUCTION There are many and varied sources of finance available to the mining industry for exploration, development and/or the operation of mining projects and companies. These sources include equity from major as well as "penny" stock exchanges, precious metal mutual funds, private investor groups (from "grubstakes" to tax-oriented limited partnerships) and banks. The variety is representative of the fact that the world's capital markets are segmented and stratified according to risk-reward characteristics. This interrelationship is summarized in Exhibit I and 2 which relate (very approximately) various sources of finance to a typical mining project's life cycle and risk-return characteristics. The objective of this paper is to introduce, as it applies to the mining industry, a somewhat recent phenomenon represented by one of these capital markets segments referred to as "venture capital." Venture capital investing per se, which today is a multibillion dollars per annum investment business, goes back as far as Queen Isabela's backing of Columbus' "wild ideas." The real institutionalization of the venture capital process really began in earnest, however, after World War II. Today over 700 private venture capital sources (and more government related ones) exist providing funding to a range of industries, but typically related to the "high-tech" business. The table to the right shows industries financed by venture capital funds between 1980 and 1982. Conspicuous by its absence is, of course, mining which is not a great surprise since typical mining projects up until recently were large, required long lead times and were undertaken by established mining houses. Also, as most of you can appreciate, successful investing in the mining business requires a great deal of experience and understanding of the industry which most venture capital funds do not have. TARGETED RETURN The rate of return objective of most venture capital funds is, according to the legalized version, to realize a return which is "substantially in excess of that obtainable through conventional equity investments." One may say that a common objective of venture capital funds is to realize a 20% to 30% compound annual internal rate of return on capital over their life which is often ten years. [ ] This objective has been recently more feasible in the mining sector due to the development of smaller precious metal projects which cost less and are quicker to generate cash flow than the behemoth projects of the 1970s. In addition to precious metals, venture capitalists have invested or looked at a variety of other mining projects including ones as prosaic as a high margin "kitty litter" operation, sand-gravel and other industrial minerals operations, the leveraged buyouts of coal mines or mineral divisions of major energy or mining corporations, and even in in-situ copper or gold leaching ventures. A typical investment is in the range of $100,000 to $3,000,000 although some can go as high as 5,000,000. This implies a project size up to, say, 30,000,000 if a venture capital fund does it on its own. Larger projects can be done if the equity portion of the investment is syndicated with other investors.

Jan 1, 1985

In accordance with the requirements of our By-Laws I beg leave to submit herewith the report of the Library Committee for the year 1915. The activity shown by the sale of the institute publications during the year continues satisfactory, although not as large as last year. The total sales amount to $6,666.81, distributed as follows: Sale of Transactions...:: :. $4,585.42 Sale of Special Editions 553.17 Sale of Pamphlets and Bulletins 2,028.22 It should-be borne in mind that the sale of special editions was only begun last year,, and most of the members who did not have the special editions immediately bought them for their libraries. This year only a little less than half of the same number have been disposed of, and it is more than probable that from now-on the number will be considerably lessened.

Jan 2, 1916

RECENTLY, we were asked to name the greatest contribution to progress in mining technology during the past 25 years. Immediately, the introduction of the pneumatic hammer for making blastholes came to mind because it can be credited with speeding the excavation of rock and the elimination of hand drilling. Possibly this answer was so spontaneous because we were working on this "drilling issue" Of MINING ENGINEERING. Present drilling tools have devel¬oped so rapidly, that a great deal of engineering is. required in the selection of bits, steel, and machines for the drilling conditions at each mine. Formerly a modicum of engineering was utilized in selection of equipment for it was purchased from manufacturer preference. With the development of alloy drill steels, tungsten-carbide bits, throwaway bits, and the jackleg drill, mining companies began doing more experimental work before making selections. It is unfortunately true, that each operator must begin at the beginning by doing his own test work before choosing his drilling method, and tools. Some of this work has been done very well-under controlled conditions and obtaining proper data on the variables. Such data should be accumulated from the various mines, tabulated, and published. Such a volume would be of tremendous help to the small operator in selecting equipment and would permit the research departments of the larger companies to formulate some measure of rock drillability and to undertake more specialized research on the different phases of drilling.

Jan 1, 1952

By Sidney Swensrud

ABOUT a year ago, I attempted in a general way to trace the origin and development of some of the marketing problems of the petroleum industry, and to describe certain trends which it then seemed possible to foresee. To summarize briefly, it was pointed out that the consumption of gasoline, after increasing for more than a decade at an almost unbelievable rate, was slowing down, but that the two factors which determined the supply of gasoline-namely, the production of crude oil and the percentage of gasoline derived therefrom-were tending steadily to mount. It was suggested that, while the increase in gasoline outlets began with and probably was justified at the start by the rapidly increasing demand, long after all reasonable requirements as to number of outlets had been met the number continued to increase-if anything, at a still more rapid rate-because by that time the overproduction of crude had begun to exert an impelling urge upon the owners of that crude to seek assured outlets for it in the form of gasoline. As more and more companies became integrated all the way from crude oil to marketing, there took place an ever-increasing competition among them, not only for the existing outlets but for new ones. The wide margin between wholesale cost and retail price, which is characteristic of the early stages of most new industries, persisted in the oil industry longer. than in most industries, for various reasons. The existence of that wide margin provided in large measure the means of attracting new outlets, for as the gallonage per outlet declined with the increasing number of outlets, competing companies simply offered the dealers a larger part of the total margin. The very nature of competition suggests that such a process would continue until practically all of the available margin was thus given away, and such was clearly the, tendency. It was a system that in turn produced increasing marketing expense per gallon on account of the -diluted gallonage per outlet; this increased expense might seem to have provided a justification for continuing wide margins. Economics, like its parent, nature, however, progresses by mutations and so began to throw out new types of marketers, in the form cf tank-car service stations, cut-price jobbers, and the like-heretics or

Jan 1, 1932

The Secretary of the Treasury, in a recent ruling, allows 18 months from date of discharge within which former service men may reinstate their Government insurance policies lapsed f or non-payment of premiums. The point just now confronting the Bureau of War Risk Insurance and all those who are interested in the immediate and the future welfare of the young men who offered their lives for the flag and the country is that they be kept mindful that the provisions of the War Risk Act were not solely war measures, but that the framers of the Act provided insurance protection for all time to come for the boys in uniform and all dear to them. Under this ruling those making application for reinstatement will be required to pay only the premium on the amount of insurance to be reinstated for the month of grace during which they were protected, and for the current month. When the men are mustered out of the service, the insurance continues in force for one month and they are fully protected during that period even if their premium has remained unpaid. In reinstating, that month's premium will be required as well as the premium for the month in which reinstatement is effected. The ruling also stipulates that when applying for reinstatement the man must be in as good health as at the date of discharge, and so state in his application. After complying with these simple requirements, a Government insurance policy may be made as sound as on the day it was written. The Bureau of War Risk Insurance is now searching out its delinquent policy holders and offering them this renewal of Government protection. It needs the assistance of public spirited, patriotic, business and professional men everywhere, for the sake of our former service men, who must be given the information about its privileges to which they are entitled.

Jan 9, 1919

G. A. ROUSH,* South Bethlehem, Pa. (written discussion?).-Mr. Frey is correct in his impression that ice floats, but "frazil" ice happens to be the exception to the rule. The requirements for the formation of

Jan 12, 1919

We are advised by Second-Lieutenant Maxwell E. Erdofy, a member of the Institute, and athletic officer of the 602d Engineers, stationed at Camp Devens, Mass., that his regiment, representing all branches of the engineering profession, is in need of athletic equipment and supplies. The regiment will highly appreciate any assistance in the way of financial contributions, or of apparatus and equipment for their athletic needs.

Jan 5, 1918

By Richard M. Foose

WOULD you like to find a large new ore deposit next year? The answer is as obvious as the question is foolish. But perhaps the question does have some merit if we alter it slightly and ask: What are you doing about finding new ore? This one is more difficult to answer. Possibly you are doing nothing about finding new ore because you have proved reserves for many future years of production. Others may be investing some small percentage of time, effort, and money in mineral exploration, and reserves may be currently adequate, or inadequate, in terms of many future productive years. Still others may be engaged in large-scale mineral exploration programs involving large expenditures of time, personnel effort, and money. In whatever category you may be, a final question might well be asked. Is your current mineral exploration program, or lack of program, consistent with the long-range needs and objectives of your organization and of the mining industry as a whole, and is it designed to stimulate the growth of the industry in future years, or is it only a short-range program in response to some current situation?

Jan 3, 1958

By A. A. Gustafson

The Freeport Sulphur Co. built a portable crusher in 1944 that solved a problem that none of the crusher manufacturing companies contacted were able to do. Two of these crushers have now been in service for 6 years, giving satisfactory service in handling a million tons per year, and having a capacity of over 2000 long tons per 8-hr shift. These machines reduce ton size blocks of sulphur to 12 in. and also feed the conveyor system at the rate of 350 long tons per hr per machine.

Jan 10, 1950

YEAR OF ELECTION 1944. SELWYN GWILLYM BLAYLOCK Trail, B.C., Canada 1922. FEDERICO GIOLITTI Torino, Italy 1917. HERBERT HOOVER New, York, N. Y. 1941. DANIEL COWAN JACKLING San Francisco, Cal if. 1939. HENRY KRUMB New York, N. Y. 1942. ESSINGTON LEWIS Melbourne, Vic., Australia 1921. C. McDERMID London, England 1942. PAUL DYER MERICA New York, N. Y. 1913. EZEQUIEL ORDONEZ Mexico City, Mexico 1938. A. M. PORTEVIN Paris, France. 1937. JOHN V. W. REYNDERS New York, N. Y. 1937. GEORGE S. RICE Washington, D. C. 1911. ROBERT H. RICHARDS Cambridge, Mass. 1934. T. A. RICKARD Victoria, B.C., Canada

Jan 1, 1944

By William J. Potter, Roger N. Pyle

Introduction The primary ingredient for survival of mining companies during a recessionary period is to be innovative and resourceful in the structuring and financing of operations. Over the past decade, many mining companies have had to retrench and restructure their operations and to redeploy their assets just to survive. During the same period, traditional sources of financing for mining companies -- commercial banks, subsidized export credit loans and long term straight debt financing in the public markets -- became less available and more expensive. Meanwhile, new markets and new financing instruments provided new alternatives for mining companies. Those companies which exploited these alternatives greatly enhanced their capacity for survival and even for profitability. This article considers the strategies adopted by some companies to adapt to changes in this recessionary environment; the inadequacy of traditional sources of financing; certain of the new financing instruments, structures and markets which have become available; and how several mining companies have utilized these new instruments, structures and financial markets to improve their competitive positions. THE IMPACT OF RECESSION ON MINING COMPANIES AND TRADITIONAL FINANCING SOURCES In its 1983 year-end article "The New Economic Order" Mining Journal characterized many of the large private sector mining companies with operations in the industrialized countries as being "gripped between the jaws of high working costs and stagnating metal commodity prices." The article went on to characterize the Canadian mining industry in particular as being "in the difficult position of having to seek to sell the bulk of its output in a world market characterized by over-capacity, where production costs were determined by internal political and economic factors while prices were set by external competitive forces of supply and demand." Miners of a wide range of commodities in the industrialized countries have come to realize that their domestic mineral resources are in many cases no longer competitive with global sources of supply. To compete and survive they would have to rely on their technical and financial expertise in mineral exploration and development and in mining and processing. Strategies For Survival Global competition has compelled management in the extractive industries to improve their worldwide cost position. This is the only means whereby a mining company can differentiate its product and attain a substantial competitive advantage. During the past decade, for example, ASARCO Inc. and Inco Ltd. chopped their payrolls, postponed expansion plans and otherwise retrenched. ASARCO reduced its capital expenditures and cash requirements for operations in 1984 to a level almost equal to its internally generated cash. The company's finances were also strengthened by increasing total lines of credit from outside sources, by selling common stock, and by reducing annual pension funding through a change in actuarial assumptions. Other companies returned to their traditional organizational structure where they had a demonstrated competitive strength. Consolidated Gold Fields, for instance, resumed its operation as a mining finance house. Its capital investment programs are now devoted solely to resource development. In mid-1984, at a time of firming zinc prices, Union Miniere S.A. used the opportunity to integrate its smelting capacity and to direct investment to certain subsidiaries at the expense of less viable operations. Smaller corporations realized that it was not enough just to be the low-cost producer. For example, Drummond Coal Company in Alabama, which dominates its regional market due to its low-costs, has also developed a world-wide trading capability and has placed incremental tonnage from its own mines as well as brokered coal produced by others, thereby minimizing capital risk. In Canada, Campbell Resources has exploited difficult times by acquiring assets cheaply. In the process it improved its capacity to withstand cyclical economic swings by diversifying from solely a copper and gold producer to a company based upon asbestos, coal, copper, gold and natural gas.

Jan 1, 1985

By C. Richard Tinsley

SUMMARY A detailed analysis of nickel, copper, and cobalt recovery from manganese nodules shows simple rates of return of 9-15% in 1985. A sulfur dioxide roast process yields a slightly better return than an ammonia leach technique. Nodule tonnage predictions tend to be over-optimistic and more conservative forecasts show that market penetrations are only significant for cobalt and manganese. However, cobalt prices are unlikely to fall to the level of nickel. Between now and 1985, cobalt is expected to be in balanced to tight availability. INTRODUCTION Deep-ocean manganese nodules are one- to two-inch concretions which cover 2040% of large areas of the ocean bottom. Commercial targets far these black, potato-like nodules are located in the North Pacific at water depths of 5,000-6,000 m. in a belt roughly midway between Hawaii and Mexico. However, good grade nodules are not solely limited to this belt as areas southwest and northwest of Hawaii, as well as in the Indian Ocean, contain concentrations of acceptable grade manganese nodules. Some 90% of the nodules are found half-buried on the deep ocean bottom. A siliceous-ooze host soil combined with low sedimentation rates, certain ocean currents, and possible geo- thermal effects are favorable factors far nodule formation. The viewpoints and analyses in this paper are the author's own and should not be attributed in any way to Amoco Minerals Co.

Jan 1, 1976

By B. K. Miller, George E. Moore

THE Missouri fire clays are here divided into plastic and semiplastic clays occurring as widespread bedded deposits in east central Missouri and flint and diaspore clays occurring as isolated "sink-hole" deposits in the north central Ozark region. Visual inspection was the first method used in clay prospecting. Thin overburden, hard sandstone "rimrocks," and the occurrence of diaspore float made this method particularly applicable in the flint and diaspore fields. The first drilling tool used was a hand auger. One man can drill 25 to 50 ft. per day at a cost of about 35 cents per foot. Holes can be drilled to a depth of 150 feet. Spud drills are often used where the over burden is hard. This drill uses a slotted earth socket bit. A two-man crew can drill about 100 ft. per day at a cost of about 35 cents per foot. Mechanically powered auger drills have been used extensively in wildcat drilling in the past few years. This type of drill furnishes a continuous set of cuttings. The practical depth limit with this drill is 50 to 60 ft. Two men can drill 300 ft. per day at a cost of about 20 cents per foot. Core drilling is used mainly to prove a known clay deposit. A two-man crew with a No. 22 Sullivan drill can drill about 30 to 40 ft. per day in soft clay, at a cost of about $1.25 per foot.

Jan 1, 1947

By J. W. Snavely

WITH all the advantages of handling bulk materials by means of belt conveyor also go some problems, one of the most persistent being that of cleaning. When sticky materials are being carried; the build-up of material on the return idler rolls results in difficulty of belt training. Much attention has been given to the problem of cleaning conveyor belts, and a great variety of cleaning devices have been developed. Even the best involve troublesome maintenance, and none can completely remove the fine particles imbedded in the belt cover, which cause rapid wear of the return idler rolls, and at the same time, of the belt cover as well.

Jan 12, 1951

By Bernard K. Asdell

Georgia, a state seldom considered to be an important mineral producer, has one surprising feature-it is the nation's largest producer of kaolin. Kaolin is a highly important raw material in the paper, rubber, ceramic whiteware, paint and chemical industries. In 1965, more than 2.7 million tons of kaolin were produced in this state, a 150,000-ton increase over the preceding year, and production continues to climb. Strictly defined, the term "kaolin" applies to a group of hydrous aluminum silicates in which kaolinite is the predominant mineral. Kaolinite is inherently white, non-abrasive, chemically inert, and of a very fine particle size, ranging from sub-micron to 40-microns equivalent spherical diameter. An electron-micrograph of kaolinite is shown in Fig. 1. The particles finer than about 2 microns are thin, elongated plates, hexagonal in outline. The larger particles, coarser than 2 microns, are predominantly vermicular in outline with a foliated structure. Table I shows a typical chemical analysis of commercial, wet-processed kaolin compared to pure kaolinite.

Jan 11, 1967