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By Carl E. Bagge

It is easy for a coal spokesman to relate to the theme of this meeting--that the decade of the 1970's is pivotal for the mineral industries. For the coal operator, this period is crucial. The coal industry, according to most energy forecasters, must gear its production machinery to meet a sharp rise in the demand for coal--in this decade to sustain inevitable boosts in electricity output, and in the next to start supporting a big new domestic synthetic fuels industry that is already in the formative stage. The logic of that projection flows from a combination of hard circumstances--proved reserves of domestic fluid fuels are dwindling, the hope for bountiful and cheap nuclear power must be indefinitely deferred, and the threat of long-term fuel imports to the national interests is becoming starkly visible. Only coal, with its assets of abundance, security and versatility, offers the nation an adequate and immediate lift out of its current energy crisis. A hard-won expansion of coal production made the critical difference between local power load-shedding and major area blackouts in 1970, the year the energy crisis went public. Coal will have to play that same key role, not just through this pivotal decade but through the turn of the century. But the logic of fuel demand apparently does not always extend to supply. The coal industry has had a huge production job laid out for it by the energy statisticians, but up to now the energy policy-makers have not followed through with the aids and inducements that the coal operator urgently needs to do that job well and completely.

Jan 1, 1972

By L. E. Mercando

The proposed Flambeau Mining Project is based on a high grade copper deposit located approximately one mile southwest of Ladysmith, Wisconsin. The project involves only the mining, crushing, and shipping of ore to facilities outside of Wisconsin for processing. The Wisconsin environmental regulations include provisions for identifying wetlands, the requirements for minimizing the disturbance of wetlands, and the need to establish new wet-lands to replace any wetlands which have to be disturbed.

Jan 1, 1991

By James E. Lonergan

To determine the best materials handling system for surface mined materials, one must develop a mine plan for each candidate system based on the most efficient use of that system. This is essential for a fair, unbiased economic compari¬son of the candidate systems. This paper will present two case studies where an integrated mine planning /systems engineering approach has been utilized at different levels of detail in the analysis of an in-pit crushing/conveying system vs. total truck haulage at 2 open-pit copper mines.

Jan 1, 1985

By John L. Halls

Modern business practice dictates that in order to ensure the economic optimization of investment, the size of any investment venture must be such that every increment of capital invested in such a venture yields at least a corporate minimum acceptable rate of return. This practice is based on the premise that alternative investment opportunities capable of yielding the minimum corporate return are immediately available. If a mining corporation is to make the maximum use of its investment funds, any capital investment in a mining property must comply with the above practice. The most important parameter in estimating ore reserves is the cut-off grade which is used to separate material into ore or waste. The cut-off grade is calculated on the basis that material of cut-off grade produces sufficient revenue to cover the estimated costs of mining and processing through to sales, including depreciation and produce a pre-determined profit. Ore reserves so estimated are adequate for determining the magnitude of an orebody but do not provide a sound basis for determining plant size and therefore capital investment in a new property or for expansion consideration on an existing property. From a financial analysis of this one ore reserve it is impossible to ascertain whether each increment of capital investment is providing the minimum acceptable rate of return, Other difficulties associated with the calculation of a cut-off grade including the determination of depreciation and the amount of pre-determined profit to be included in the cut-off grade calculation are outlined in the text. The proposed solution to determine optimum ore reserves and plant size for new properties avoids the complication of calculating a cut-off grade by computing a series of ore inventories using arbitrarily selected cut-off grades. A comparison of the cash flows generated by production from such ore inventories using incremental financial analysis clearly indicates the ore reserve and plant size which will best serve the corporation's investment and metal production goals. Incremental financial analysis of a corporation's operating mines and prospects assists management in assessing the comparative expansion and investment possibilities of each property for increasing or maintaining metal production on a long term basis.

Jan 1, 1969

By K. O. Groves

Although chlorine oxidation has been found to be effective in destroying the CN ion, an excess of chlorine is needed to drive the reaction to completion. This often results in the formation of residual chloramines, which are toxic to aquatic life and often regulated by various states. The interhalogen, bromine chloride (BrCl), has been found to be just as effective but without the formation of persistent, residual chloramines. The hydrolysis and subsequent disproportionation of the highly-polar BrCl molecule essentially yields a solution of hypobromous acid (HOBr) and nonoxidizing hydrochloric acid (HC1). Studies have been carried out to directly compare the mechanism of CN destruction with chlorine and bromine chloride.

Jan 1, 1982

By F. G. Miller

It is generally accepted that sulfur exists in coal in three forms: (1) pyritic, (2) organic, and (3) sulfate sulfur. Sulfate sulfur usually makes up less than 1% of the total sulfur content. Pyritic and organic sulfur, make up almost all of the total sulfur and occur in varying amounts in different coals and can vary greatly in coal of the same seam Pyritic sulfurs of 20% to 80% of the total sulfur have been reported Other authors have shown that it is not possible to remove the organic sulfur without chemically altering the coal. Chapman and Jones (1) state: "Organic sulfur, unlike pyritic sulfur does not exist as discrete particles, but is intimately associated with the coal structure, and as such it is not possible to remove it or reduce its concentration by physical means." Any success in removing sulfur has come about by removing pyritic sulfur by physical means; therefore, removal of sulfur in the pyritic form is the subject of this investigation. The extent to which any impurities can be removed from a particular coal can be determined by a washability study. Outside of crushing coal, to finer sizes or chemically altering the coal, there are no known methods of changing this inherent washability characteristic. The efficiency of various methods used to remove impurities can be determined by comparison of results produced at a yield to the results as shown by a washability study. In recent years heavy media processes have proven their ability to wash plus 28 mesh coal and nearly produce results shown to be theoretically possible by the washability study. Therefore, it is the objective of this paper to show various methods of treating the finer fractions of the coal, in the hope of developing a process, which can effectively produce in the fine fractions the efficiency of heavy media devices in the coarse.

Jan 1, 1963

By Young C. Kim

Because of the tremendous technological advances achieved in recent years in microcomputers, it is not only technically feasible but also economically viable to develop an automatic truck dispatching system using a microcomputer. Such an effort was initiated by the Department of mining and Geological Engineering, University of Arizona in the summer of 1983. Up to date results and experiences prove that today's microcomputers can be economically employed for such a system to be used at small to medium scale open-pit mines. An IBM/XT microcomputer with 10 MB harddisk storage, together with automatic sensing capability of truck movements at several key locations in the pit, formed the core of this system. System software is written primarily in MICROSOFT FORTRAN with supporting subroutines in MACRO assembly language. The software is designed to automatically monitor truck movement throughout the pit, to make heuristic assignments based on expected shovel availability and truck travel times, and to record production statistics. It is currently dimensioned to handle 50 trucks, 10 shovels, 10 dump sites and 3 material types. Due to the lack of funds to purchase the necessary communications hardware, the work related to the automatic sensing of truck movements has not been performed to date. Otherwise, the automatic truck dispatching-system is fully operational on a realtime mode.

Jan 1, 1984

By Garry G. Lowder

The regional geologic setting is essentially a volcanic island arc built upon an oceanic basement, consisting of basalt and minor pelagic sediments (the Tinombo Formation of Eocene - lower Miocene age. Trail et. al. 1974). -- An east-west chain of intermediate and acid calc-alkaline volcanoes (the Bilungala Volcanics) was built on the oceanic basement during the Miocene. The Bilungala Volcanics are flanked to the north largely by contemporaneous andesites and volcanoclastic sediments of the Dolokapa Formation. During middle to upper Miocene time the Bilungala Volcanics were invaded by large masses of predominantly dioritic intrusive rock and it is within one of these dioritic intrusive complexes, the Bone Diorite, that the cluster of porphyry copper systems occurs. Renewed volcanic activity in the Plio-Pleistocene produced acid pyroclastic rocks (the Pinogu Volcanicsi whose distribution is controlled by present-day topography. Structural trends, largely interpreted from SLR imagery, are pre- dominantly NW or NIWJ. The right-lateral Gorontalo Fault, which trends hW through the town of Gorontalo (Katili, 19691 is the most prominent structural feature. Many of the major structures in the Tapadaa district have similar orientations and may be sympathetically related to the Gorontalo Fault.

Jan 1, 1976

By L. S. Fountain

A national survey, 1978-1980, found 180,973 waste impoundments used by industrial mining, municipal and other interests. Possibly 27,000 contain hazardous materials. The potential hazard of leaks polluting water supplies is a growing concern. An electrical technique was developed to efficiently and speedily detect and locate leaks in geomembrane-lined liquid impoundments without emptying the contents. A potential applied between the liquid and earth causes electric current to flow through leaks in the insulating geomembrane material to ground. The cur- rent density around the leak is used to detect and locate the leak. Field tests show single and multiple leaks 2.54 cm in diameter or less can be detected and located to within less than 30 cm.

Jan 1, 1986

By K. L. Woodruff

Shredding is the usual first step in processing municipal solid waste (MSW) for resource recovery. This unit process requires high capital cost and, usually, considerable maintenance cost. In addition, some shredders at times will render certain components of the MSW in a form difficult to recover. This is particularly true in the way metal cans are distorted and the way glass is pulverized. A trommel screen was proposed (1) to pre-process packer truck refuse prior to shredding. Part of the logic for this step is that the portion of raw refuse already within the specified shredder output particle size range would bypass the primary shredder and proceed directly to further processing, such as to an air classifier or secondary shredder. This would reduce the throughput of the primary shredder and allow certain recoverable materials, such as glass, to remain in larger piece sizes, important for recovery. In this way, operating costs for the shredder would be reduced and the recoverability of materials, and hence the revenue, increased.

Jan 1, 1975

By M. J. Hrebar

Surface coal mine design has traditionally relied on graphic and analytic approaches for pit layout and equipment selection. A number of interactive graphic microcomputer programs have been written which aid in the design process in the academic arena and should also have industrial applications. The programs described include a dragline cut diagram and production index calculation program, a downslope load scraper cut diagram and volume program and an overburden volume and coal tonnage sequencing program.

Jan 1, 1985

By T. P. Meloy

Improvement of grade and recovery requires the use of optimum processing circuits. Critical to an optimum circuit is the set point for separation. With the introduction of the concept of circuit analysis (Meloy, 1982), it became possible to determine optimum circuits for a given task. No analysis, however, has yet been made as to the grade requirements of the larger circuits. Williams and Meloy (1982), reviewed the literature and concluded that, within the operating range, most unit operations involved in particle separation behave linearly. For the purposes of this analysis, linearity will be assumed. Grade, G, is defined as the weight of the coal mineral, C, that appears in the product, divided by the weight of the coal mineral plus the weight of the gangue mineral or waste mineral, Q, which appear in the product.

Jan 1, 1982

By Morley H. Mathewson

The unprecedented demand for capital investment in the mining industry today has intensified management's interest in every known technique which will help to reduce operating costs and increase production. One proven approach leading to the accomplishment of this objective is well known in the mining industry and is gaining added prestige, particularly where keen competitive conditions exist. This approach is in the area of incentives applied to mining productivity. An investigation of many incentive plans now in use throughout the mining industry revealed a predominant number of conventional type plans, Most of these plans are designed to reward the hourly-paid employee on the basis of percent over and above a standard hourly or daily ton rate, By contrast, this search failed to divulge any incentive plan solely and independently developed for production management employees. This does not mean that such plans in the mining industry are nonexistnet, but it does indicate that production management incentive systems are scarce or are being kept under wraps.

Jan 1, 1960

By T. G. Melkus

A Setaram C-80 heat flux micro- calorimeter was used to study the surface and interfacial properties of fine coal particles in water containing flotation agents via heat of immersion measurements. Heat of immersion (?Himm) is usually a small exothermic quantity and can be used' to characterize a solid in terms of its relative hydrophobicity or hydrophilicity. The effects of coal type, surface oxidation, mineral matter content, kerosene concentration, and pH on the wetting characteristics were investigated. Results obtained from the calorimetry experiments correlated well with results from independent flotation experiments.

Jan 1, 1987

By L. Borsch

Geochemical laboratories are commonly criticized by geologists about poor analytical reproducibility and erratic anomaly patterns, especially when gold and trace metals from resistant minerals are reported. Geochemical analysis in mineral exploration is a compromise between high productivity on the one hand, imposed by large numbers of samples, and analytical precision and accuracy on the other. However, the physical properties of resistant minerals, such as cassiterite, gold, beryl, chromite, zircon and others, interfere with both of these requirements. Therefore, the degree of sample homogeneity that can reasonably be achieved in sampling and sample preparation must be considered. Subsequently, the understanding of its effects on analytical data quality and the consequences on data interpretation will provide a basis for understanding the problems common to exploration as an interdisciplinary science. Complaints about poor and inadequate analytical performance are not confined to exploration geochemistry. They are a common feature in mining and metallurgy and wherever sampling and analysis of "grains" are concerned - the "nugget" or "grain size effect." The "grain size" effect Poor analytical reproducibility is normal for gold and a well-defined group of other elements usually found in resistant placer minerals. Those who use and interpret geochemical data must realize and appreciate the chemical, the physicochemical, the physical and the mineralogical properties of the elements and their minerals. Especially for the "placer" minerals and their elements, such comprehensive interpretation is crucial. The most important factor to consider is the behavior of a mineral and its metal component(s) during weathering and their integration into the sampled medium, in exploration mostly sediments and soils. (Data interpretation for samples of water, gas, to a certain extent rock, follows different patterns.) A mineral may be chemically and physically stable or it may easily disintegrate physically or decompose chemically, or any combination of such processes, at varying degrees. The breakdown products, in turn, may or may not, interreact with the environment. If the nature of an element or a mineral predestines it for a heterogenous distribution in the sample medium, then nature, size and number of grains likely to occur should be considered in relation to the sample portion taken for analysis. This allows the estimation of their effect on analytical precision and accuracy. Elaborate and sophisticated statistical calculations exist on this subject. But these approaches do not cope with the complexity of the natural surface environment. The miner alogical, chemical and environmental behavior of elements and minerals can be estimated but not calculated. However, the mineral grain sizes and their influence on analytical precision can be precisely calculated if certain conditions, assumptions and idealizations are made. If the geochemical and mineralogical characteristics of minerals and elements are understood, such calculations demonstrate the grain (or nugget) effects that mineral properties and (geo)chemical behavior of minerals and elements cause on the precision and accuracy of geochemical analysis through their influence on sample homogeneity. Two other factors that influence the sample homogeneity and the nugget effect are the efficiency of sample preparation and the sample portion taken for analysis. In this way, certain element- or mineral-specific parameters can be established as a guide for the sampling program. The information, for example, may assist in determining sampling procedures in the field, especially the sample weight to be taken for "representative samples." Also, it may help assess whether analytical data, as provided by the laboratory, are acceptable. Finally, it may help determine the approach in data interpretation. However, all such simplified calculations are based on idealized, that is, unreal assumptions and conditions. As such, they represent one extreme end on the scale of probabilities. The reality is found somewhere away from this extreme, towards homogeneity. An example from a study of an eluvial gold prospect may be given for illustration: •Original sample weight: 20 kg (44 lbs) of rock gravel, crushed and ground to -0.18 mm (-80 mesh). •Au content: 20 grains of Au, average size of about 0.5 mm3 (0.03 cu in.) each = 7.5 mg each, making a total of about 150 mg Au in the sample = 7.5 ppm Au. Assumptions •Au occurs in the sample as free, discrete grains only. •Not more than one grain, if any, goes into each sample split (analyte) portion (20 grains of 7.5 mg Au each). •Analysis of original rock sample: 100 g sample for analysis, 20 kg/100 g = 200 samples 20 samples with 1 grain each: result, - 75 ppm Au. 180 samples with no grain: result, 0 ppm Au chances 1:9 •10 g sample for analysis:

Jan 1, 1996

By Andrew B. Allen, Charles W. Robinson, Robert L. Schneider

In April, the US Synthetic Fuels Corp. broke a three-year silence and made its first financial award by approving a $820,750 loan for the First Colony peat-to-methanol project in North Carolina (ME, May, page 403). Peat Methanol Associates (PMA), a partnership between Koppers Co., ETCO Methanol Inc., Transco, Peat Methanol Co., and l. B. Sunderland, broke ground at First Colony last year and plans to begin production in Dec. 1985. Although the award is only a small part of Synthetic Fuels Corp.'s $15-billion budget, it does signal the corporation's intention to move aggressively ahead. It also is a positive indication that First Colony will be completed and operated successfully. This article describes the methods and equipment that will be used to harvest peat at First Colony, as well as how the peat will be converted to methanol. Introduction Peat deposits found along North Carolina's coastal plain contain high-quality fuel-grade peat with an average heating value of more than 23.3 MJ/kg (10,000 Btu/lb) (dry), with a low sulfur and ash content. The deposits differ from other US peats in that they contain large, sound Atlantic White Cedar and Cypress logs, stumps, and roots that may extend throughout the full depth of the deposit. A second difference is that these deposits are much more highly decomposed and, in the raw state, have the appearance and feel of a heavy, reddish-brown grease. These factors make it impractical to use standard production equipment so a new line was developed. Also, because of these conditions, techniques were modified to facilitate production. First Colony Farms, located near Creswell, NC, developed and evaluated a milled peat program. Equipment for this production method was designed and built, production rates were established from field operations, drying rates were established, weather data were analyzed, and total operating and capital costs were estimated. The method depends on the sun and wind for drying peat to the desired moisture content, in this case around 40%. Therefore, field preparation is actually the construction of a large solar collector to dry the peat so it can be harvested and stockpiled. It is essential that this collector be properly profiled initially and maintained during production to prevent precipitation from ponding. Initial Field Preparation Initial field preparation includes cleaning existing canals and constructing ditches and water control structures for proper drainage of rainwater run-off, building adequate roads for site access, removing surface vegetation, and profiling and sloping the fields. At First Colony, the 60.7-km2 (15,000-acre) harvesting area was divided into 129.5-hm2 (320-acre) blocks about 1.6 km (1 mile) long and 805 m (0.5 mile) wide. This was accomplished by cleaning main outfall canals with adjacent roads built from canal spoil at 1.6-km (1-mile) intervals. Existing intermediate canals that feed into main outfall canals at 805-m (0.5-mile) intervals also are cleaned. Headland roads are constructed from canal spoil along each side of each intermediate canal. This 129.5-hm2 (320-acre) block is then divided into 32 harvest strips by small V-ditches constructed at 50-m (165-ft) intervals. At the end of the field with the lowest elevation, corrugated steel pipe culverts are installed under the headland road in each V-ditch to control rainwater runoff into intermediate canals. Runoff water from the fields is diverted to a holding pond to prevent any increase in peak water runoff rates and to allow for more uniform drainage rate than experienced to date. After the drainage system is installed, harvest strips are ready for grinding and sloping operations. Surface vegetation, made up of small, waxy-leafed shrubs such as Gallberry, Bayberry, Magnolia, and scattered pond pine, can be effectively ground and incorporated into the upper surface of the peat layer. Here, it will rapidly decompose and have little effect on overall peat quality, thus eliminating the standard practice of pushing the vegetation and upper wood layer into long windrows with bulldozers and hauling this debris from the fields. Incorporating vegetation into the upper surface is known as the initial 102-mm (4-in.) surface vegetation grind and is accomplished by using a modified Bros Rota Mixer. Following this operation, and by using the same unit, a sec¬ond grind with a depth of 200-255 mm (8-10 in.) is made. This reduces the debris to a finer consistency, mixes it with the upper peat layer, and grinds any wood found in the upper 200-255 mm (8-10 in.). After initial grinding operations are completed, the augering or sloping operations can be accomplished with little or no hin-

Jan 7, 1983

By W. Jacobi, B. Haider, D. Regulla, J. Huber

[Introductory Remarks] Thermoluminescence (TL) detectors are widely used for the dosimetry of X- and[ y]-rays. Also filter devices for radon daughter monitoring have been developed in which the a activity on the filter was measured with TL-detectors (Breslin et al., 1977). For this purpose normal LiF-tablets with a thickness of 0.4 - 1 mm were used. However the lower detection limit of such TLmonitors for radon daughters is relative high, especially in areas with a high [y]-background, due to the low [a /-y]-sensitivity ratio of such thick LiF-detectors. This [a/y]-sensitivity ratio can be increased if TL-detectors are used whose thickness is comparable with the range of [a]-particles. On the basis of this consideration we have developed a simple light weighted and sensitive TL-monitor for the measurement of the cumulative radon daughter exposure in air. [Description of the "Monitor] The monitor consists of two parts: The sampling pump with the accumulator, and the sampling probe which contains the air filter and TL-detector system. Both parts are connected with a plastic tube. For operation in mines a light weight, portable air sampler with a built-in accumulator (DuPont model 125 and 200, 400 g) is used which enables an adjustable, constant flow rate in the range of 7.5 -12 1/h. These air samplers allow a sampling period of 10 hours before recharging is necessary. For radon daughter measurements in houses this pump is replaced by a larger, netoperated pump with a flow rate of 180 1/h. Figure 1 shows a schematic cross section through the sampling probe whose weight is 40 g. The radon daughters are collected on a hydrophob membrane filter (Sartorius) with an effective filter diameter of 11 mm and a pore diameter of 3 µm; its collection efficiency for radon daughters is [>] 95%. Above the filter the detector system is mounted. It consists of two thin Tm-activated CaSO4-TL films of 8 mm diameter on a Al-carrier foil manufactured by Matsushita Inc., Japan. The thickness of the TL-film is 6 mg/cm2, which is comparable with the range of a rays. The first detector is faced in 3.5 mm distance above the filter; in addition to the ambient y background this detector is exposed to the [a] and ß radiation from the radon daughters on the filter. Between the first and the second TL-detector is an Al-absorber of 0.5 mm thickness which shields this detector against the [a] radiation and partly also to the ß radiation from the filter. Both detectors have the same [y] shielding. After air sampling both TL-detectors are read-out with a commercial, hot-air reader (Matsushita Inc. / Japan, Model 505 A). The glow-curves are identical for [a and y] rays (Regulla et al., 1980). The integral TLsignal from both detectors is displayed in mR-units (or mR-equivalent). The difference between the response of the unshielded TL-detector above the filter and the shielded TL-detector is proportional to the time-integral of the filter activity, integrated over the sampling period. Calibration and Intercomparison Measurements] The linearity of the a response was checked with a 241Am-source for an [a] fluence on the detector surface of 5400 [a's/cm2•s] in the range of 102 -105 mR-equivalent. Within the experimental error of 15% the response function is linear. The TLD-monitor was calibrated for radon daughters in air by comparison with a calibrated integrating, monitor (WLM-meter) equipped with a Si-surface barrier detector and a direct electronic read-out; this instrument was developed by us for area monitoring some years ago (Haider et al., 1976). The results of simultaneous measurements with the TL-monitor and the electronic WLM-meter in mine areas and in indoor air of houses are shown in figure 2. On the abscissa the mean potential [a] energy concentration (in WL) during the sampling period is given which was derived from the measurements with the electronic WLM-meter. On the ordinate the corresponding response of the TLDmonitor to radon daughters (difference between both TL-detectors) is displayed, expressed in terms of mRequivalent per liter sampled air. It follows from this comparison a linear relationship over the whole range of 0.005 - 5 WL with a standard deviation of 10%. The resulting calibration factor for the TLD-monitor is 18± 2 mRequiv per WL • 1.

Jan 1, 1981

By R. W. Utley

The purpose of this study was to seek and evaluate possible relationships between the composition of coal refuse, as expressed by washability data, and factors affecting the product ion of a lightweight aggregate from refuse by bloating. The study was related to an intense program in the Department of Mineral Preparation at the Pennsylvania State University to study the possible elimination of air pollution from coal refuse fires by producing a low- carbon secondary refuse. Another phase of this program is considering possible uses of such a secondary refuse. Thus one study was to determine if a lightweight aggregate could be produced from this new refuse material and what effect the nature of refuse beneficiation would have upon the characteristics of a commercial aggregate product.

Jan 1, 1965

By H. V. S. Tingley

My topic today is future trends in compensation for the mining industry. I seldom get the chance to speak about a subject of such immediate interest to an audience, so I would like to make the most of this opportunity by telling you that everybody in this room will become rich beyond his wildest dreams in the next few years. I would like to open my talk that way, but in compensation, like everything else, there is a great gap between dreams and reality. Back to reality. When we talk about compensation, we?d better define our terms because the compensation is really an umbrella for five basic types of payment made to management personnel. Slide 1 identifies these elements of compensation.

Jan 1, 1980

By Brian J. Gorva

The key objective of forming a cartel is to increase profits to members of the cartel by taking the following action: a) control output; and b) control price. However, while attempting to obtain monopoly profits the cartel members have to contend with costs associated with cartelization and such costs include the following: political costs; the cost of coordinating output and price; organizational costs (such as cheating); and administrative costs (such as the cost of attending cartel meetings). The objective of commodity exchanges is to provide an open, free market where buyers and sellers may openly complete transactions and pricing information can be immediately disseminated. These transactions include the following: a) to provide facilities for "hedging", or transferring price risk from buyers and sellers of physical commodities to "speculators" through the medium of buying and selling futures contracts, and b) taking physical delivery of metal on due dates.

Jan 1, 1983