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"How Wall Street Darling Molycorp Undermined the U.S. Economy, Degraded our National Security and Distorted the Global Economic Balance and How These Falsehoods Continue to be Promoted Even Today INTRODUCTION & SUMMARY In 2007 the Molycorp Mountain Pass rare earth mine was resurrected from its desert-grave in California by its then-owner Chevron Mining. Responding to elevated rare earth prices Chevron began processing on-site rare earth concentrates left over from past mining operations that were terminated in 1998i. Chinese demand had sparked what was being described as a commodities super-cycleii. Commodity prices were on the move. Wall Street smelled opportunity. In 2008 Goldman Sachs, Pegasus Partners, Resource Capital Funds, Traxys North America LLC and Carint Group LLC acquired the mining assets from Chevron. In an environment of ever-declining ethical standards and regulatory consequences the private capital group and their investment bankers would bring Molycorp to market. Molycorp, with its high powered investment banking team of Morgan Stanley and J.P. Morganiii, easily dominated the contest. Molycorp promoted itself, largely based on its past operating history and proven reserves, as the best company to challenge China’s monopoly control over the production of rare earths: a group of elements critical to most advanced technologies and U.S. defense systemsiv. Most of Wall Street’s hottest investment sectors were dependent on these materials: alternative energy, green technologies, computing, personal communications, advanced electronics and defense systems. By late 2010 there were dozens of prospective rare earth start-up ‘mining companies’ seeking capital. Eventually the number of prospective rare earth mining companies seeking capital exceeded 400, despite the reality that supply requirements of this market were disproportionally small when compared to other natural resource sectorsv. In the world of finance ‘smart money’ picks the winners. Consequently just twovi projects attracted nearly all of the capital (Molycorp and Lynas). Wall street picked Molycorpvii. This paper will primarily focus on Molycorp. By early 2010 the words “Molycorp” and “Rare Earths” electrified many people in the mining industry, most non-Chinese manufacturing technology companies, U.S. & allied defense contractors, technocrats in the U.S. national security community and eager investors across most of the world’s stock markets. It was the hottest story of the yearviii. The financial, technology and defense press coverage verged on euphoric: heaping fuel on fuel until the highly combustible Molycorp-pyre cast a long shadow over all of its rivalsix. When the IPO match was lit the spectacular flaming pyre sucked all of the oxygen out of the rare earth spacex. Molycorp was ranked the most lucrative IPO of 2010, resulting in record breaking profits to its private investors and massive returns for its early stock holding investors."

Jan 1, 2017

By William H. Schiffbauer

This report details a microcomputer-based control and monitoring network that was developed in-house by the U.S. Bureau of Mines and installed on a continuous mining machine. The network consists of microcomputers that are connected together via a single twisted-pair cable. Each microcomputer was developed to provide a particular function in the control process. Machine-mounted microcomputers, in conjunction with the appropriate sensors, provide closed-loop control of the machine, navigation, and environmental monitoring. Off-the-machine microcomputers provide remote control of the machine, sensor status, and a connection to the network so that external computers can access network data and control the continuous mining machine. Because of the network's generic structure, it can be installed on most mining machines.

Jan 1, 1993

The principal source of funding the working capital requirements of gold miners has traditionally been equity. However in the 1980s, with a substantial increase in activity in the exploration for, and the production of, gold the traditional sources of equity finance became no longer sufficient to meet demand. With the often high cost of raising equity, the need for developing alternative financing structures became critical, especially since the stockmarket crash of 1987 which at least until recently, adversely affected the amount of equity capital available for investment in mining.

Jan 1, 1994

By Matheus Teixeira Fraga

É comum o uso de modelos matemáticos no intuito de prever a qualidade do coque, sendo a maioria dos modelos atualmente disponíveis baseada nas propriedades dos carvões. Para este trabalho foram feitas misturas binárias e ternárias de carvões com variados teores de matéria volátil, a fim de se produzir coque em escala laboratorial. A reatividade ao CO2 em termobalança e resistência mecânica em tambores foi avaliada. Dois modelos para previsão de indicadores de qualidade do coque foram avaliados, o modelo aditivo e o modelo de interação. A partir da metodologia desenvolvida em laboratório foi possível produzir, avaliar e comparar coques feitos a partir de diferentes carvões e misturas. O modelo aditivo mostrou uma boa capacidade de prever a reatividade dos coques. No entanto, para os índices derivados dos testes de tambores os valores calculados mostram uma diferença importante em relação aos experimentais, indicando interação dos carvões no processo de carbonização. Nos resultados do modelo de interações, os valores calculados para reatividade e resistência mecânica, se comparados com os resultados do modelo aditivo, mostraram uma melhora na capacidade de previsão da qualidade do coque. O modelo de interações se apresenta como uma ferramenta interessante na seleção e mistura de carvões.

Aug 17, 2017

By J-L. Tang

A new rhcoforming processing of Al alloys with component shaping systems apart from slurry preparation systems is experimentally exploited, using the reversible multilevel-speed electromagnetic stirrer, the slurry transfer tool and its coating, the thin plate sample with five steps and rheocasting mould, all of which are independently developed. The results show that semi-solid A356 alloy slurry with shape factor of about 0.85 and particle size of 70~80 µm (under air-cooling condition) could be prepared in 20~25 s, fully meeting the production rate of high pressure die casting. The slurry could be smoothly transferred from the slurry preparation equipment to the rheocasting shot chamber while the slurry temperature of slurry decreases by no more than 3 . The tensile strength and elongation of the semi-solid rheocasting samples could be respectively increased by 11.6~18.2 % and 42.5~50 % compared with the traditional liquid die casting ones, and the rheoforming processing has close affinity with the traditional hot working processes.

Jan 1, 2007

By Junji Shibata

It is important to recover and reuse the metal values contained in various industrial wastes in a viewpoint of environmental preservation. Most of industrial products are made through the processes to separate impurities in raw materials, solid and liquid wastes being necessarily discharged as industrial wastes. Chemical methods such as solvent extraction, ion exchange and membrane, and physical methods such as heavy media separation, magnetic separation and electrostatic separation are considered as the methods for separation and recovery of the metal values from the wastes. In this paper, some examples of the application of solvent extraction to the treatment of wastes are introduced. The treatment of solid wastes such as Ni-Co alloy scrap, Sm-Co alloy scrap, fly ash and flue dust, and liquid wastes such as plating solution, the rinse water, etching solution and pickling solution are accomplished using solvent extraction technique.

Jan 1, 1996

This study relates to continuous face haulage systems in underground coal mines, and was performed by Joy Manufacturing Company for the U. S. Bureau of Mines under the Bureau of Mines Contract No. HO 242025. The effective starting date for this work was June 14, 1974. There were two main reasons for making this study, the first being to find a safer system to move coal away from the face than the currently predominant shuttle car system, and the second being to seek ways to advance the state-of-the-art of continuous face haulage as a means of increasing coal production.

Jan 1, 1975

On April 5, the potlines at Consolidated Aluminum Corp.'s 35,000 ton-per-year primary aluminum smelter at Lake Charles, La., were frozen when natural gas lines were accidently cut by a dredge. Full production is expected to resume in 3 to 4 months. Three primary aluminum producers announced plans to restore much of the idled capacity in the Pacific Northwest as a result of a special power allocation by the Bonneville Power Administration. Reynolds Metals Co. planned to bring a total of 40,800 tons per year of capacity back onstream at Troutdale, Oreg., and Longview, Wash. The Aluminum Company of America (Alcoa) will restart half of a 23,500 ton-per-year potline at Vancouver, Wash. Kaiser Aluminum & Chemical Corp. planned to restart a 27,500 ton-per-year potline at Mead, Wash., and to bring an additional 10,000 to 20,000 tons per year back onstream at Mead and Tacoma, Wash.

Jan 1, 1980

By D. A. Rhys

"The Red Bluff porphyry is a tabular 2 km long north-west trending Early Jurassic quartz diorite to monzodiorite body that intrudes a folded Triassic greywacke sequence in the lskut River area, northwestern British Columbia. The porphyry is 500 m to 800 m northeast of the Snip orebody, which is a southwest-dipping shear-vein, termed the Twin zone that contains approximately 35 tonnes of gold.The intrusion associated with the mineralization is characterized by 0.3 cm to 4 cm phenocrysts of K-feldspar in a mediumgrained plagioclase porphyritic matrix. It is overprinted by pervasive sericite + quartz ± K-feldspar ± biotite (potassic) alteration characterized by intense stockworking of quartz veins containing magnetite--hematite bands. This assemblage is cut successively by quartz veins with minor iron-oxides and pyrite, and by younger pyrite veins with phyllic envelopes. The system is gold-rich but copper-poor, with typical grades between 0.25 g/t and 0.6 g/t Au, and 0.1% and 0.2% Cu. All styles of alteration and veining have similar abundances of these metals. Where southwest- and north-east dipping shear zones are developed in the porphyry, veins of all types are sheeted and foliation parallel. These sheeted zones are interpreted to be syntectonic. Asymmetric phenocrysts, folded veins and oblique foliations developed in the 130 haulageway of the Snip mine imply oblique normally-directed shear on the southwest-dipping foliation.The adjacent Twin zone is a high-grade auriferous shear-vein system that is internally banded with: (1) carbonate-chlorite-biotite veins, with textures indicating formation at least partially by wallrock replacement, and (2) dilatant quartz-sulphide veins. Veins commonly have potassic alteration envelopes that contain biotite ± calcite ± K-feldspar. The zone is highly deformed and schistose, with numerous kinematic indicators including shear bands, asymmetric folds, rotated porphyroclasts and oblique foliations that indicate a normally-directed shear sense which is parallel to that indicated by fabrics within the porphyry.Precious and base metal veins within 2 km or 3 km of the Red Bluff porphyry are zoned. Veins and shear-veins proximal to the intrusion, such as the Twin zone, are typically enriched in gold, copper and molybdenum, and have potassic alteration envelopes dominated by biotite. Distal veins usually contain relatively abundant zinc and lead and have sericitic alteration envelopes. Structures of both types have an Early Jurassic galena Pb-Pb isotope signature.The similarities in structural fabrics and alteration histories in both the Twin zone and the porphyry, the zoning of the vein systems in the area, and the apparently concordant Early Jurassic zircon U-Pb age from the porphyry and galena Pb-Pb dates from the Twin zone and surrounding vein systems suggest that intrusion, semi-brittle deformation and a large mineralizing hydrothermal system were closely related temporally and genetically."

Jan 1, 1995

By E. LaRocque

"Long term contracts requiring delivery of 6,000,000 pounds of U308 per year to its customers have made it necessary for Denison Mines to expand its milling capacity from 7,100 tons per day to 15,000 tons per day.Previous papers (1) and (2) described the old leaching and product recovery practice. The flowsheet briefly includes a crushing and grinding circuit, sulphuric acid leaching in a Pachuca plant, liquid-solid separation with wash thickeners and two-stage drum filtration, concentration and purification by moving bed ion exchange followed by two-stage precipitation to produce an ammonia yellowcake.No. 1 Shaft ore, about 4,000 tons per day, will be processed through the truck dump into the old crushing and grinding plant and through the old leaching plant. Ore from Stanrock (No. 3 shaft) will be hauled by truck and also processed through the truck dump as No. 1 shaft ore. Beginning in 1982, ore production from Stanrock will gradually increase until 1985 when some 3,000 tons per day will be milled from the source.A new 8,000 ton per day circuit was designed and constructed to increase the milling capacity to 15,000 tons per day. The new circuit is separate from the old one except that it coins together for the precipitation and tailings neutralization sections of the plant. The feed to the new plant will be from No. 2 shaft.The flowsheet is much the same as the old plant with the exception of the grinding circuit and the ion exchange plant. A semi-autogenous grinding (SAG) plant, unique in the Elliot Lake area, has been installed rather than the conventional crushing and grinding plant; the ion exchange plant is the stationery bed type.This paper describes the major equipment installed for the expanded grinding and hydrometallurgical plant."

Jan 1, 1982

By Scott W. Hazen

COMPREHENSIVE summary is presented of results of several years of research at the Bureau of Mines Mining Research Center at Denver on adapting and applying techniques of statistical analysis in mine and mineral-deposit sampling and in computing grade and tonnage of ore for a mineral deposit. In addition to elementary statistical theory the material presented in the bulletin includes: (1) Certain special statistical techniques that have been found useful in mining applications; (2) problems, implications, and limitations that may be encountered in applying these techniques in mine sampling and evaluation; and (3) numerous examples to demonstrate application of the theory and techniques.

Jan 1, 1967

By Richard B. Moore

This bulletin presents a summary of available information regarding the sources of uranium, radium, and vanadium, the methods used in treating the ores, and the uses of the finished products. In particular the paper describes the ores found in the United States, giving especial attention to those characteristics of the ores and the conditions of their occurrence that affect mining and treatment. ACKNOWLEDGMENTS. In the preparation of this bulletin a number of persons rendered assistance by furnishing information and by making it possible for us to visit the carnotite deposits in western Colorado and eastern Utah at a time of the year when without this assistance it would have been difficult to obtain satisfactory results. We desire to express our thanks to the following persons: Henry Hall, W. L. Cummings, T. V. Curran, K. D. Hequembourg, David Taylor, H. C. Brown, Forbes Rickard, George W. Alsdorf, Dr. Herman Fleck, Orr J. Adams, C. S. Cherrington, Newt. Stewart, O. B. Willmarth, Angus Cameron, George A. Head, and Lorimer Bros.

Jan 1, 1913

By Robert H. Peters

This U.S. Bureau of Mines report identifies the types of serious accidents that occur most frequently at small underground coal mines and describes the strategies that could help prevent these accidents. A wide variety of methods for improving safety are suggested, including improvements in the design of equipment, work procedures, work schedules, safety programs, and emergency response plans, as well as techniques for diagnosing the potential hazards associated with new technologies and work procedures. Some of the papers in this volume focus on preventing specific types of mining accidents--ones associated with materials handling (primarily back injuries), equipment maintenance, improper machine guarding, and ground failure during retreat mining. Although the recommendations in this volume are heavily influenced by research performed at underground coal mines in the Appalachian coalfields, most of the papers contain advice that is equally pertinent to almost any type of mine.

Jan 1, 1994

By S. L. Weber, D. E. Banks

"Silicosis was first reported by the ancient Greeks and is apparently as old as human history. The prevalence of this illness peaked in the last half of the 19th century and the early part of this century, when mechanized industry was developing and the relationship between dust exposure and disease was less well understood. Yet, even today in devel-oped countries, sporadic outbreaks of silicosis occur when workers are consistently exposed to silica particles of respir-able size (0.5 to 5.0 µm in diameter) at levels exceeding those recognized to be safe.Silicon dioxide or silica. is the earth's most abundant mineral. Silica is considered to be either free (i.e.. unbound to other minerals) or combined. Minerals with high amounts of free silica include quartz (including granite) flint. Chert, opal, chalcedony, and diatomite. Combined forms of silica are called silicates and include, among others, asbestos talc and kaolin.In the crystalline form, silica exists as quartz, cristobalite, and tridymite (Fig. 28). Of these quartz is ubiquitous in the environment and occurs as sand and as a part of many rocks. Cristobalite and tridymite occur naturally in lava and can be formed by the heating of quartz or amorphous silica. Cristo-balite is more tibrogenic than quartz. Amorphous silica is noncrystalline and, therefore, is relatively nontoxic and does not cause silicosis. It occurs as diatomite (skeletons of pre-historic marine organisms) or as vitreous silica (glass), the result of carefully melting and then quickly cooling free crystalline silica. Heating diatomite with or without alkali (a process known as calcining), forms cristobalite and adds the respiratory toxicity of free crystalline silica.There are many opportunities for occupational exposure to respirable crystalline free silica. Some of the commonly en-countered occupations in which the risk of silicosis exists are reported in Table 20.Silicosis. the pulmonary disease caused by the inhalation of silica particles of respirable size, is most commonly cate-gorized by findings on the chest radiograph. The most typical presentations simple silicosis and progressive massive fibrosis appear different radiologically but are grouped under the category of classic silicosis because they are a part of the radiographic spectrum of this illness. Radiographically, simple silicosis appears as small (less than 10 mm in diameter), rounded opacities, typically predominant in the upper lung zones. Progressive massive fibrosis is the result of the coalescence of these small nodular opacities and appears as larger opacities (more than 10 mm in diameter), again typicallydistributed in the upper lung zones."

Dec 1, 1995

By William D. Macdonald

The Upper Devonian Kettle Point black shale of southern Ontario is poorly exposed. Structural maps pre-pared from the data of numerous wells show that the upper surface of the formation has low regular relief, and that the lower surface reflects domes in the Middle Devonian and also local subsidence of the Devonian rocks due to solution of salt in the Silurian Salina Formation. The appearance of minor amounts. of marcasite, pyrite, and calcite, m that order, as interpreted from the evidence of concretions from the type locality at Kettle Point is thought to have been influenced by a rise m the pH within anaerobic sediments preceding compaction.

Jan 1, 1960

By W. W. Adams

The accident-prevention record of the coal-mining industry in the United States was more favorable in 1936 than in 1935, both from the standpoint of the relative safety of the individual miner on the job and of the price in life and limb that the Nation paid for its year's supply of coal. The increase in relative safety of the individual miner was indicated by a lower death rate and a lower injury rate than in the preceding year per million man-hours of exposure to the hazards of mining; that is, per million hours of work performed by the employees. (See table 1.) A reduction in the price in life and limb that the Nation paid for a year's supply of coal was indicated by a smaller death rate and a smaller injury rate per million tons of coal produced. Thus the individual miner was a better insurance risk, as far as accidents were concerned, in 1936 than in 1935, and a ton of coal used in the homes and industries of the country represented less human suffering than in 1935. The two points of view are distinct, and both should be kept in mind when considering accidents and safety in coal mining or in other industries. More men were employed in 1936 than in 1935, and more workdays were available for the individual miner. Large gains were also made in the total number of man-shifts and man-hours worked in the industry as a whole. In number of tons of coal mined, 1936 showed large gains over 1935. Moreover, the average output of coal per man-hour worked was higher in 1936 than in 1935. All of these gains were made without lengthening the average number of hours of work per man per day.

Jan 1, 1939

By Harvey T. Gracely, Mark J. Woodhull

DURING the past few years a marked refinement has taken place in the design of electric power shovels for the mining industry, increasing their digging ability and speed of operation without adding to their total weight. The increase in pay load has been accomplished by a more rigid engineering analysis of shovel design, involving the adoption of new special alloy steels, new sections, and new welding methods. Emphasis has been placed on lightness with increased strength, which is most clearly shown in the front-end equipment where dipper, handle and boom are new in design, material, and construction.

Jan 1, 1938

By S. Heukelman

Zinc or, a zinc refinery in South Africa, uses oxygen enrichment of up to 26% O2 in its fluidizing air to increase concentrate-throughput in its fluidized bed roasters. The aim of the study is to determine whether O2 enrichment can be reduced by introducing micro-pelletized concentrate into the feed blend, while maintaining concentrate throughput rates and calcine quality. A laboratory scale fluidized roaster was used to determine the strength and oxidation kinetics of suitable micro-pellets. The strength of the pellets was determined by the extent of attrition during roasting. It was found that micro-pelletization decreases the fines in the feed to the roasters; the ?500 µm fraction decreased from 87% to 10%. The micro-pelletized particles do break down during roasting, which increases the -500 µm fraction to 31%. The general morphologies of the roasted particles are similar to those found by previous workers. Micro-pelletized concentrate particles require more time than non-pelletized concentrate particles to oxidize in the roasting step, although this is less than the mean residence time of the Zincor roasters. Roasting micro-pellets in O2-enriched fluidizing air increased the reaction rate.

Jan 1, 2011

By S. C. Sun

A study(1) on the sulfuric acid extraction of alumina from some Pennsylvania ferruginous clays indicated that the published electrolytic method(2)(3) seems to be more efficient than the known chemical methods (4-9) for removing iron from the leach liquor. The main disadvantages of the chemical methods are the consumption of excessive amounts of reagents and/or the precipitation of prohibitive amounts of aluminum. In the electrolytic method, iron is deposited on the mercury cathode, while aluminum is not and remains in solution. This method, however, had been handicapped by the lack of an effective and economical way to purify the contaminated mercury cathode.(7)(l0). Described herein is a scheme for cleaning the mercury cathode, and for recycling the clean mercury back into the electrolytic cell. Armed with such an apparatus, the effects of applied potential, temperature, and operation time on the electrolytic separation of iron from aluminum sulfate solutions were determined. For the sake of comparing results, a term, removability, was coined to represent the percentage of iron amalgamated per unit height of electrolyte (cm.), per unit surface area of cathode (cm.2), per unit of operation time (second).

Jan 1, 1968

By Bradford F. Townsend, Matthew E. Fowler, Michael F. Smithson, Lawrence R. Eckert

All Rights Reserved. Printed in the United States of America. Information contained in this work has been obtained by SME, Inc. from sources believed to be reliable. However, neither SME nor its authors guarantee the accuracy or completeness of any information published herein, and neither SME nor its authors shall be responsible for any errors, omissions, or damages arising out of use of this information. This work is published with the understanding that SME and its authors are supplying information but are not attempting to render engineering or other professional services. If such services are required, the assistance of an appropriate professional should be sought. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Any statement or views presented here are those of the authors and are not necessarily those of SME. The mention of trade names for commercial products does not imply the approval or endorsement of SME.

Dec 1, 2010