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By P. Keller, T. E. Lister, G. G. Clark, L. A. Diaz

As electronic technology continues to evolve there is a growing need to develop processes which recover valuable material from antiquated technology. This need follows from the environmental challenges associated with the recovery of raw materials and fast growing generation of electronic waste. Although present in small quantities in electronic devices, the availability of raw materials such as rare earths and precious metals becomes critical for the production of high tech electronic devices and the development of green technologies (i.e. wind turbines, electric motors, and solar panels). Therefore, the proper recycling and processing of electronic waste presents an opportunity to stabilize the market of critical materials, providing a proper disposal and treatment of a hazardous waste stream. This paper describes the development and techno-economic assessment of a comprehensive process for the recovery of value and critical materials from electronic waste. This hydrometallurgical scheme aims to selectively recover several value streams (base metals, precious metals, and rare earths) present in electronic waste. The economic feasibility for the recovery of rare earths from electronic waste is mostly driven by the efficient recovery of precious metals, such as Au and Pd (ca. 80 % of the total recoverable value). Rare earth elements contained in magnets (speakers, vibrators, and hard disk storage) can be recovered as a mixture of rare earth oxides which can later be reduced to the production of new magnets.

Jan 1, 2016

By Bruce J. Barker

"Environmental concerns have recently been growing over the disposal of reactive desulphurizing slag. Consequently, increased pressure has been placed on the foundry industry to reduce the reactivity of this slag.To address this problem, Cyanamid has developed a new product which significantly reduces the calcium carbide content of the desulphurizing slag. Testing equipment and procedures have also been developed to evaluate both the existing levels of carbide in the slag and the decreased levels which are achieved with this new material.The development and use of this engineered carbide desulphurizer has made possible significant environmental and efficiency improvements in the field of calcium carbide desulphurizing. Consequently, the lifespan of calcium carbide in ductile iron desulphurization has been increased, as have the benefits of its use in the foundry industry. IntroductionIn the production of ductile iron, calcium carbide has long been used for hot metal desulphurization external to the cupola. Its cost effectiveness, reliability and ease of use have traditionally made it the desulphurizer of choice for a great majority of ductile operations. Recently however, environmental concerns have been raised regarding the quantity of calcium carbide remaining in the slag after desulphurizing. Analysis has shown that as much as 25070 of the weight of the slag may contain active carbide. This has caused disposal concerns as calcium carbide when in contact with water, produces acetylene via the following reactionr:"

Jan 1, 1992

By R. J. Brailey

"A USER'S VIEW OF CONVEYOR WEIGH SCALESThe Sudbury Operations of Falconbridge Nickel Mines Limited includes seven mines, three concentrators and a smelter. The flow of ore, concentrates, fuel and fluxes between and within these plants requires measurement for accounting and control. The design, installation and maintenance .of weighing systems falls within the responsibility of the Instrumentation Department of Falconbridge Nickel Mines thus al lowing a common approach to conveyor weighing problems and the benefit of a common spares supply. This paper gives a brief overview of the recent experience with conveyor scales within the Sudbury Operations and discusses the problem areas.GeneralThe best way to establish the total amount of material going to or from a process is with a bucket and a stop watch. Unfortunately the flowrates involved in mining plants make the buckets very large, but wherever it is feasible static weighing is the preferred method of determining total quantity. This applies particularly to batch systems, where the material can be brought to rest long enough to allow a very accurate weight determination. Any form of weighing in motion is susceptible to variations in the forces of the transporting system. A belt scale is affected by its position on the belt, idler alignment, support stiffness, variations in belt tension, material spills and build-up, and a host of other factors all of which require careful consideration in any installation.As with instrumentation applied to any system the plant should be designed to ensure that the best results can be obtained from the equipment. This means getting the scale supplier together with the conveyor supplier as early as possible in the designing of a new plant. Any corners cut in scale installation will be paid for later in poor results and/or increased maintenance."

Jan 1, 1975

By D. K. Sarkar, Ying Huang

"Superhydrophobic thin films were fabricated on aluminum alloy substrates by chemical etching followed by passivation with organic acid molecules; (ii) electrophoretic deposition (EPD) of functionalized ZnO nanoparticles and (iii) electrodeposition of organic-inorganic composite materials. The physical and compositional analyses of the deposited thin films were characterized by SEM, FTIR, XRD as well as contact angle goniometer. The contact angle and surface roughness of the superhydrophobic surfaces prepared by the chemical etching process were found to be 156° and 2.29 µm, (ii) by the EPD process were found to be 155° and 4.54 µm and (iii) by the electrodeposition process were found to be 159° and 7.11 µm, respectively.The corrosion properties were analyzed with both polarization and electrochemical impedance spectroscopy (EIS) in NaCl aqueous solutions. The results demonstrate that the superhydrophobic thin films on aluminum alloy substrates display better anti-corrosion behavior than the as-received aluminum substrate. The comparison of results pertaining to the compositional and corrosion properties of these thin films on aluminum will be discussed in this work.INTRODUCTIONSuperhydrophobicity is defined as a surface property which provides non-wetting characteristics with a water contact angle larger than 150°. It is observed that the creation of certain micro-nanoroughness structures promotes the entrapment of air in the spaces of the rough surface morphology. In addition, lowering the surface energy helps to reduce the affinity of water drops to the surface, thereby weakening the water-surface interaction. Recently, various fabrication methods for superhydrophobic surfaces have been explored (Sarkar, 2010, Huang, 2010, 2011, 2013, 2015a, 2015b), such as the sol-gel process (Brassard, 2011), plasma treatment (Marchand, 2013), chemical vapor deposition (Zheng, 2009), chemical etching (Saleema, 2011), electrodeposition (Ying, 2011) and electrophoretic deposition (EPD; Huang et al., 2015b)."

Jan 1, 2016

By Brian O'Hearn, Doug Hanson

"The most commonly used tendon supports in the Sudbury area include rock bolts, rebars, friction anchors and cable bolts. Due to the fact that these tendons are physically different and employ different anchoring systems they offer varying degrees of stiffness, yield ability, load capacity, anchor dependability and energy absorption. These differences coupled with variable rock mass and changing stress conditions have made it challenging to engineer the design of an effective support system. By tapping into the knowledge and experience gained by ground control practitioners, an empirically based rating system has been assembled that offers a guide to designers of support systems when choosing the most effective tendon support over a range of rock mass and stress conditions.A methodology referred to as support planning can be used to design support systems whose rehabilitation costs will be minimized. The use of multiple tendon types in anyone support layout is advocated, particularly when the stress state of the rock mass to be supported is expected to undergo a change."

Jan 1, 1995

By V. Concha, M. Hashemzadeh

"The objective of this study was to gain a better insight into the kinetics of chalcocite leaching in an acidic ferric sulfate media. Chalcocite leaching in acidic media is known to occur in two sequential stages, with the first stage being much faster than the second. The leaching residue from the first stage is typically assumed to be a covellite type of material. This study hypothesized that the mineralogy after the first-stage leaching varies in response to different leaching conditions. We investigated the dependency of the mineralogy of the first-stage leaching residue on temperature and initial ferric concentration. The experimental results showed that chalcocite leaching behavior altered upon temperature and initial ferric concentration. A proposed combined reaction model was found to be able to describe the experimental data. The first stage was described very well by the shrinking core diffusion model while the second stage was described very well by the shrinking core chemical reaction model. This finding has important implications for mine operations to manipulate leaching conditions to create the desirable leaching kinetics.INTRODUCTION The kinetics of chalcocite leaching in sulfate media has been extensively studied (Cheng & Lawson, 1991; Fisher, 1994; Fisher, Flores, & Henderson, 1992; Niu, Ruan, Tan, Jia, & Sun, 2015). Sullivan (John D. Sullivan, 1930) proposed a two-stage process for chalcocite leaching in an acidified ferric sulphate solution. The two-stage leaching of chalcocite is presented as the following reactions:"

Jan 1, 2017

By M. G. Rylatt, G. M. Popplewell

"Production from Canada's first diamond mine is planned for the last quarter of 1998. The climatic conditions and the variation in kimberlite types to be treated have lead to the development of a compact and flexible processing plant.High kimberlite moisture contents and winter temperatures below -40°C have dictated a process flowsheet with limited in-circuit storage to reduce materials handling difficulties. The latest developments in High Pressure Grinding Roll technology will be used to liberate the valuable diamond, reduce diamond breakage, and increase fines production to reduce the amount of material for down stream processing in the Heavy Medium Separation section.A varying heavy mineral concentrate yield has lead to the development of a final Recovery section that will incorporate Attrition Milling and Wet High Intensity Magnetic Separation for concentrate reduction. The latest developments in diamond X-ray sorting will be used to produce a final diamond concentrate for mechanical sizing, weighing and packing.Fine tailings thickening will utilise Deep Bed Compression type thickeners. This relatively new technology can produce;i) high underflow densities at low flocculant dosage rates, andii) clear overflowswith a smaller thickening area than conventional high-rate thickeners."

Jan 1, 1998

By Xiaoqi Sun

"Rare earth elements (REEs) have a series of specific properties making them invaluable in products including lighting, electronics and magnetism. The elements have been used in many commercial products, for example, turbines, electric vehicles, batteries, lighting, computers, cell phones and lasers. Heavy REEs are attracting the interests of scientists from many countries, and these elements have become critical to develop high-tech materials. Ion-adsorbed rare earth deposits were first discovered in China. The minerals are also called weathered crust elution-deposited rare earths. The particular types of deposits are distributed throughout southern China. The ion-adsorbed deposits are rich in medium and heavy REEs, accounting for more than 80% of the world’s total medium and heavy REEs production. However, the separation of heavy REEs from ion-adsorbed deposit is difficult owing to their similar chemical properties. The conventional separating technologies have caused serious pollution. A novel extraction strategy has been developed in this laboratory and is presented herein.INTRODUCTIONThe unique properties of rare earth elements (REEs) render them important in high-strength magnets, lighting phosphors, polishing compounds, and ceramics. Especially for applications that take advantage of the f-orbital electrons, substitutions outside the REE family are often difficult to impossible (Nassar, Du, & Graedel, 2015). Extracting and separating individual elements from mined ore is not easy, requiring lengthy operations to separate them, and this results in high costs and adverse effects on the environment. The low concentration of REE in the earth’s crust makes economic exploitation difficult (de Boer & Lammertsma, 2013) and the sustainability of the REEs separation industry has aroused considerable attention (McLellan, Corder, Golev, & Ali, 2014). To eliminate protons and break the dimmers in organic phosphonic acids or carboxylic acids, the saponification of acidic extractants by acid-base neutralization reactions are widely used in industrial REEs separation (Sun, Luo, & Dai, 2012a). The saponification procedure contributes to increased extractability and selectivity of acidic extractants to a considerable extent. The common industrial saponification mechanisms and technological processes are shown in Figure 1 and include ammonium saponification (saponified by NH3·H2O), sodium saponification (saponified by NaOH), calcium saponification (saponified by Ca(OH)2), and magnesium saponification (saponified by MgO). These inevitably result in wastewaters containing NH4 +, Na+, Ca2+ or Mg2+ because of the cation-exchange extraction mechanisms (Xiao, Long, Huang, Feng, Cui, & Wang, 2013; Song, Fu, Wang, Liu, Zhou, & Li, 2014; Sun & Waters, 2014)."

Jan 1, 2016

By Robert Walker

Agenda ? Investment thesis ? Engagement ? Competitive advantages Corporate engagement ?The ESG Services team carries out engagement activity with the companies in the Ethical Funds portfolio on behalf of investors ?Each year about 50 companies (20% of our assets) are placed on our Focus List based on assessment of significance and severity of ESG risks and the extent of our portfolio exposure ?We engage in direct discussions on material ESG issues ranging from climate change to human rights to executive compensation ?This enables the team to gain insight into how management is addressing various risks to the business and encourage positive change where gaps exist

Aug 1, 2013

By Greg Collins

BUCKO EXPLORATION HISTORY ??1964-Discovery ??1970?s -114 holes totaling 34,000 metres drilled -vertical shaft excavated to a depth of 300 metres (1000 Level) plus 800 metres of underground development -Exploration program cancelled due to Falconbridge economic issues ??1990?S-19 holes drilled totaling 9,600 metres ??2000 -13 hole 4,600 metre exploration program by Nuinsco Res.

May 1, 2006

By P. C. M. Knops, K. Rijnsburger, R. M. Santos

To overcome the challenges of mineral CO2 sequestration, this work utilizes a unique proprietary Gravity Pressure Vessel (GPV) reactor technology, and focuses on reaction products of high economic value. The GPV provides intense process conditions through hydrostatic pressurization and heat exchange integration that harvests exothermic reaction energy. Here, laboratory-scale tests of the envisioned process was performed in tubular and continuously stirred tank reactor (CSTR) autoclave reactors. The mineral used was Olivine (~Mg1.6Fe2+0.4(SiO4) + ppm Ni/Cr), although asbestos, steel slags and oil shale residues are also under investigation. The effect of several process parameters on reaction extent and product properties was tested: CO2 pressure, temperature, residence time, additives (buffers, lixiviants, chelators, oxidizers), solids loading, and mixing rate. The products (carbonates, amorphous silica and Chromite) were physically separated (based on size, density and magnetic properties), characterized (for chemistry, mineralogy and morphology) and tested in intended applications (e.g. as pozzolanic carbon-negative building material). Economically, it is found that product value is the main driver for mineral carbonation, rather than, or in addition to, the sequestered CO2. The approach of using a GPV and focusing on valuable reaction products could thus make CO2 mineralization a feasible and sustainable hydrometallurgical process.

Jan 1, 2015

By Nima Nabavi

Shovels and excavators have significant blind spots due to their large sizes, increasing the chances of collision with other surrounding equipment such as haul trucks, loaders, and dozers. While a camera surveillance system is very useful in preventing collision, it can benefit from two additional features: (i) the ability to display the distance of the closest object within the view, and more importantly (ii) the ability to warn the operator if objects are getting too close. After a comparison between few different technologies, it is explained how these features can be provided by integrating rugged pulsar radar sensors with a camera system. The specific radar technology is already field proven in the harsh mining environments. Motion Metrics International Corp. has developed this exact product, which combines its 4-camera surveillance system (ViewMetricsTM) with a series of rugged radar sensor elements, named ViewMetricsTM-Radar. The radar system employs intelligent CAN bus communication to reduce wiring, hence improving hardware reliability with built-in troubleshooting features. A USB connection is the only hardware bridge between the radar sensors and the embedded computer. As such, an existing ViewMetricsTM system can be easily upgraded to ViewMetricsTM-Radar. As addition of new interfaces to the cab could result in operator distraction, this paper explains how ViewMetricsTM-Radar reduces distraction compared to other radar collision prevention systems.

Oct 1, 2009

By D. H. Wilson

"This paper examines the increasing need for mechanical-electrical people within the industry and some of the reasons why such a shortfall exists. It is suggested that, in part, it is image related. The present industry-education relationship in addressing the situation is examined and some thoughts are expressed on how these may be built on, in order to help solve the problem of attracting people to this critical area.IntroductionAs a long-time proponent of plant engineering and maintenance as a management function, I would like to review the progress made by the industry/ educational approaches in satisfying the needs in that area. In doing so, I would like to make the following points:1) that there has been an accelerating shortfall of mechanical-electrical people relative to the needs of the industry;2) that the condition will probably get worse before it gets better; ,3) that the past industry I educational approaches to alleviate the problem have met with limited success; and finally4) I would like to review some of the things being done and consider how these efforts might be extended."

Jan 1, 1981

Applications of proven real time, through-conveyor elemental analysis technology and benefits achieved will be discussed using case studies in base metals, iron ore and phosphate operations. PGNAA (Prompt Gamma Neutron Activation Analysis) technology and its background in minerals applications and applications which are expected to further improve its utilization will be reviewed. Short payback through operational benefits such as removal of waste from feed, increased feed grade and overall improved productivity will be demonstrated based on results achieved at several processing operations. PGNAA technology is most applicable to conveyed flows as it is unaffected by belt speed, particle size, segregation/layering, mineralogy or dust. As a transmission method able to penetrate in excess of 500mm of rock it provides extremely representative results continuously measuring through the full conveyed cross section and reporting results typically on one to five minute accumulated increments to the control room. Multi-elemental results and moisture content are used for active process control: diverting conveyed flow increments(bulk sorting), blending ore types in plant feed, and providing advance warning of significant quality changes to the downstream plant operators (e.g. flotation). Elements of interest may include deleterious components as well as target metals. Ore feed quality measurements are also useful in metal accounting, ore reconciliation and real time feedback to mining operations. Further benefits can result when combined with other technologies such as particle sorters, to upgrade diverted increments of subeconomic material to achieve higher feed grades and lower deleterious content to the main process. Measurement of elements (e.g. silica) which correlate with ore hardness or grinding characteristics can be used to moderate feed rate to grinding mills to prevent overload, hence optimizing grinding performance and reducing energy and grinding media consumption. Pebble flows can be analysed and uneconomic increments diverted to prevent recirculating flows consuming mill capacity unnecessarily. This also increases average feed grade.

Jan 1, 2016

By A. Khan, C. Ciriello

The purpose of this paper is to demonstrate the value of constraint modelling in optimization of mineral processing systems. This will be achieved by first understanding the overall concept of variation and constraints present in any system. Next, the value of using a Constraint Model in optimization is demonstrated through comparison of business cases. The benefit of understanding the severity of constraints and movement of the bottleneck within a mineral processing system will be understood through the use of a case study. Paper will conclude with a summary of all optimization benefits that utilization of a constraint model can bring.

Jan 1, 2015

By James Tuer, John R. Goode, Jim Cambon

"Hudson Resources Inc. (Hudson) has defined a major resource of high purity anorthosite (calcium feldspar) assaying about 30% Al2O3 at the White Mountain (Naajat) deposit in Western Greenland. Extensive beneficiation and evaluation testwork has shown that the material can be simply beneficiated to produce a feed material ideal for the production of low-alkali E-glass used for making glass fibre. An offtake agreement is in place with a major US fibreglass manufacturer and, subject to the mine construction schedule, shipments are scheduled for late 2016 or early 2017. In parallel with the E-glass program, Hudson has completed an initial program of metallurgical testwork which shows that the White Mountain anorthosite can be processed by hydro- and pyro-metallurgical processes to yield either smelter-grade alumina (SGA), suitable for conversion to aluminium metal, or a high purity, chemical/specialty-grade alpha-alumina (CGA) commanding a premium price. The process includes dissolution of the anorthosite in hydrochloric acid, HCl sparging to precipitate aluminium chloride hexahydrate (ACH), recycle of the ACH filtrate to leaching with a bleed stream processed for HCl regeneration from CaCl2, and two-stage calcination of the ACH to regenerate HCl and produce SGA and/or CGA. Calcium silicate and amorphous silica are marketable by-products. This paper discusses the White Mountain anorthosite deposit; the process testwork completed to develop production processes for SGA and CGA; production plans, and indicative economics.INTRODUCTIONHudson Resources Inc. (Hudson) holds a 100% interest in the Naajat Exploitation Licence in Western Greenland that cover the White Mountain high-calcic anorthosite deposit. Anorthosite is a calcium aluminosilicate of slightly variable composition but generally containing about 30% Al2O3. The alumina content is similar to that in bauxite and anorthosite has long been studied as a feedstock for the production of alumina. Other potential uses include feedstock for the high-end fiberglass (E-glass) industry and as a filler for use in paint and plastics."

Jan 1, 2016

By G. W. Zhang, Changsha Research Institute of Mining and Metallurgy, X. Xiao, Y. Long, L. L. Huang

"The paper presents a scale-up and design method of vertical screw stirred mill, in which the closed circuit of mill and hydrocyclone was assumed as one factor, theoretically regardless the affects inside system of the mill and hydrocylone. The specific energy is chosen as a scale-up criterion, based on the premise that when fed the same feed material, mills of different sizes delivering the same specific energy will yield products.Batch grinding tests are conducted to determine the specific energy, and combined with industrial production data, scale-up and design of vertical screw stirred mill for industrial production are accomplished. Having developed this method for the vertical screw stirred mill used in regrinding duty of iron ore in Ma Steel, it has now been successfully applied in other installations.INTRODUCTIONThe Towermill was developed in Japan in the 1950s, by the Tower Mill Kubota Corporation, it was fine and ultra-fine grinding mill of the metallic ores and concentrates. Due to the rapid development of metal mining and useful minerals disseminated fine, fine grinding and ultrafine grinding equipment has also been more wide used in minerals processing industry. Typical fine and ultra-fine grinding mil are the Vertimill and Stirred Media Detritor (SMD) Mill of Metso, Eirich Towemill, Outotec HIGmill, FLSmidth VXPmill, Xstrata Isamill and the vertical screw stirred mill (JM) of CRIMM, etc.JM series of vertical screw stirred mill were invented by Changsha Research Institute of Mining and Metallurgy in the 1980s. Energy saving and consumption reducing have been achieved through the optimization and engineering practice. More than 500 units JM series of vertical screw stirred mill are used in the iron ore, copper ore, copper-molybdenum ore, molybdenum ore, Pb-Zn ore and Au ore."

Jan 1, 2016

By R. B. Kaunda

One fundamental requirement for surface and underground rock engineering is the ability to characterise the rock mass. An accurate characterisation of the rock mass allows rock engineers to optimize designs safely and economically. A number of classification systems have been developed in the past 50 years to help characterise rock masses such as RMR, Q system, Rmi, and several others. The challenge in developing rock characterisation schemes is often practicality, i.e. creating systems with relatively simple inputs for the everyday practitioner. A second challenge is the degree of subjectivity often inherent in commonly used classification systems. These challenges are especially exacerbated in weak rock or densely jointed rock masses. This paper introduces a new approach to characterise densely jointed rock mass using artificial neural networks and principal component analysis, based on principles commonly used in the geotechnical engineering of rock fills and waste rock dumps. Thirteen input parameters are dimensionally compressed using principal component analysis. Using a global database with more than 100 case histories, an artificial neural network is developed to conduct the rock mass characterisation. The advantage of this approach is less subjectivity as commonly used engineering (quantitative) terms are put to use. A further advantage is that given that the method is site-data dependent, it allows for ‘fine tuning’ of the model for a specific site.

Jan 1, 2015

By Randolph A. Pax

"The internal operation of a tumbling mill is a very hostile environment and precludes the sustainable operation of internal sensors to measure the mechanisms of charge motion and breakage events. Instead indirect methodologies are required to expand the current understanding developed within a framework of perfect mixing of the mill contents. A number of measurement approaches have been successfully used to explore the operation of SAG mills including strain instrumented lifter bolts, mill shell strain measurement and thermal (energy balance) of operating mills.Early acoustics measurement was developed by Hardinge using a 'microphone' located close to the expected toe location. This signal was an indicator of the mill fill. Improvements were implemented with the use of two microphones straddling the toe location to try to increase the sensitivity of the measurement and reduce ambiguities. Further improvements included a filtered signal indicative of steel interactions. Unfortunately, the mechanisms of signal generation and the complexity of the processes do not provide a consistent signal.In recent years, advanced acoustic measurement using arrays of microphones utilising signal processing techniques have been implemented as SmartNoise and validated on over 30 mills. This paper will discuss the results obtained with signals such as water holdup, mill shell steel hits and two each of the toe and shoulder angles. An estimate of the internal mill component wear rates is also accessible.Advanced acoustic measurements with wide bandwidths when combined with physics models and process understanding has achieved a step change in the understanding of the dynamic internal operation of a tumbling mills on time scales of 80 ms. These techniques have been used extensively on SAG mills, but have also been applied to FAG and ball mills. Acoustic measurement is used for the rapid diagnosis of mill conditions and holistic control for optimisation and stability."

Jan 1, 2016

By Gordon Sparks, Lyle Kajner

"An often over-looked component in the assessed value of a mining property is the value derived from the ability of the operator to limit financial losses during adverse economic times (i.e. low market price, high energy prices, etc.) by suspending operations. Overlooking the value of this type of operating flexibility when conducting mine investment analysis may negatively bias the risk profile for the investment by over estimating the investment's downside potential, thereby effectively undervaluing the investment. This paper illustrates the nature of the value of operating flexibility and discusses how it may be explicitly quantified within the context of conducting stochastic mine investment analysis. IntroductionMining properties are evaluated using an array of techniques ranging from simplistic non-discounted payback calculation s to sophisticated, discounted-stochastic simulation. Stochastic simulation analysis is perhaps the most robust mine investment analysis technique as it not only provides an estimate of the expected value of the property, but also quantifies the associated risks (for examples of stochastic mine investment analysis, see: Billingsley and Yaychuk, 1986; Gentry and O'Neil, 1984; Munro, 1977; or Harris, 1970).The quantification of risk is important as it provides the necessary yardstick required to allocate the corporation's resources efficiently. Resources are said to be allocated efficiently when the corporation's expected long-term financial reward is maximized while at the same time minimizing its risk (see Hertz, 1968; or Markowitz, 1952 for in depth discussions on efficiency as it relates to investment policy). The efficient allocation of resources should be the objective of any rational corporation. Therefore, rational corporations should employ stochastic evaluation techniques when screening their investments."

Jan 1, 1992