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By J. Clark

The objective of this study has been to determine the state of the art in underground, thin-seam-mining systems, to identify new technology and procedures that would reduce the hazards of thin-seam mining and to recommend areas for further research. The study was carried out in two phases, the first of these being devoted to a survey of authoritative literature. Subsequently, the practices adopted in the various mining countries were analysed and comparisons made to identify machines and methods with the potential for application in the USA. Published figures on US bituminous coal reserves show the high proportion contained in thin seams and US accident statistics demonstrate that the risk is greater in thin-seam operations. A comparison has been made with the experiences of foreign operations. The Phase 11 study proceeded along two separate avenues to examine the distinctive problems associated with seam thicknesses above and below 30 in. Current systems of mining appropriate to seams greater than 30 in were elaborated and compared by means of a simulation exercise in terms of safety, production and cost. For seams below 30 in, less conventional systems, some presently disused, were studied and their potential evaluated; the research and development work necessary to make them viable has been indicated.

Jan 1, 1980

Australian rutile and zircon concentrates are refined raw materials and not manufactured products. The composition and properties of the grains are therefore fixed by nature. Specifications and assay certificates should take this into account by eliminating unnecessary provisions which only increase the time and cost of analysis.INTRODUCTIONThe raw material from which Australian rutile and zircon concentrates are isolated is beach sand on the coast of New South Wales and Southern Queensland. The principal current operations are in an area between Sydney and Brisbane.The sands consist principally of quartz particles, but they contain from 1 per cent to 50 per cent of a mixture of heavy minerals, including zircon, rutile, ilmenite, monazite, leucoxenic grains, chrome spinel, chromite, garnets, corundum, topaz, brown spinel, olivine, epidote, clinozoisite, tourmaline, magnetite, hematite, and cassiterite. The major components are zircon (25 to 60 per cent), rutile (25 to 50 per cent), and ilmenite (5 to 50 per cent).The so-called leucoxenic grains are not a definite mineral species but an alteration product of which the major components are titanium oxides and silica in varying proportions.Primary concentration is by gravity, using spirals or various forms of pinched sluice (Pullar, 1962), the resulting concentrates being redressed on wet tables. During these processes, some of the lighter heavy minerals including leucoxene and impure rutile, which tend to degrade the final rutile and zircon concentrates, are eliminated.The separation of heavy minerals from each other is...

Jan 1, 1963

By Jesús E. Gómez

This work is a continuation of a paper presented in the 32nd DFI Annual Conference, Colorado 2007, titled ?Hollow Core Bar Micropiles - Design parameters interpreted from 260 load tests.? The first paper presented the results of the verification and proof tests performed for the retrofit of two bridges with hollow core bars that used 260 micropiles. It included an interpretation of the unit bond values in the different soils where micropiles were installed. Recently two additional bridges within the same geological environment were also retrofitted using 144 hollow core micropiles. This paper includes the interpretation of the additional data from the proof tests performed and refines recommended values for design of hollow core bar micropiles in soils similar to those encountered in these two projects. The authors believe that the data collected will significantly add to the relatively small existing database on micropile tests and may also be useful during implementation of the LRFD design methodology.

Jan 1, 2008

By P Fullagar

Automated multi-sensor core loggers (MSCL) measure petrophysical properties of diamond drill cores, including gamma density, P-wave velocity, electrical conductivity and magnetic susceptibility. A Geotek MSCL system has been used to record petrophysical data on archival drill core from Cadia East Au-Cu porphyry deposit, New South Wales, Australia, for correlation with metallurgical parameters. P-wave modulus, calculated from density and P-wave velocity, exhibits a correlation with small-scale crushability (A*b) test results, and hence offers a means for æcontinuousÆ characterisation of ore crushability at Cadia East. Magnetic susceptibility has proved to be a good indicator of alteration styles, and is a possible indicator of crushability.

Jan 1, 2009

By J. W. Thompson

CONSTRUCTION OF STATUTE-SALE BY ENTRYMAN. The timber and stone act (20 Stat., 89) does not forbid an entryman from alienating his interest in his claim; but the act makes illegal any prior agreement by which the entryman acts for another in the purchase. Worden v. United States, 204Fed., 1, p. 4, April, 1913. ASSUMPTION OF DEBT BY GRANTEE-LIABILITY TO CREDITOR OF GRANTOR. A grantee of a mine who agrees to pay the grantor's debts in part payment of the purchase price of the mines becomes to that extent the principal debtor, and the grantor becomes the surety, and the grantor's creditor may in equity enforce his claim against the grantee of the mine, and the grantor in such a case is not a necessary party. Silver King Coalition Mines Co. v. Silver King Consolidated Mining Co., 204Fed., 166, p. 169, April, 1913. RIGHT OF COTENANT TO MINE AND SELL. A cotentant in exclusive possession' of mining property who extracts and sells ore is entitled to charge against the proceeds of the sale the reasonable and necessary expense of its extraction and marketing, as in such case the cotenant is not a trespasser.

Jan 1, 1914

IN the irregularly shaped ore-bodies of the North Mount Lyell mine by overhead stoping, the method of filling the is a special feature.The situation of the mine two miles from the smelter and mill at an devation of 1000 ft. above the latter, precluded the economical use of granulated furnace or the mill tailings, even if these materials were as suitable for the purpose as the rock nowquarried at North Lyell methods at Mount Lyell have already been described in Proceedings of the Institute.*The breaking the ore in large dome-shaped stopes is still the rule, but the slope or "rill" is much flatter now than formerly. Owing the greater fluidity of the filling now in use, it is sometimes necessary to resort to square-sets, both at the ground floor and above, the roofs and walls are generally enough to permit stoping without timber, except for ground and occasional stacks on the rills.Sufficient area of ground floor has been beaten out to start overhead stoping, the dome back is partly formed, with its apex a rise which connects with the mullock-pass reticulation.(Sce 1 showing this reticulation in diagrammatic form.)

Jan 1, 1927

By Christopher Mark

Colombia is 11th largest coal producing nation in the world, and the world?s fifth largest coal exporter. But while most of Colombia?s coal is mined at large modern surface mines located near the Caribbean coast, there are also underground mines that produce high-grade metallurgical coal. These mines employ traditional hand-loading techniques in a variety of geologic environments, and they have some of the highest accident rates of any Colombian industry. The National Institute for Occupational Safety and Health (NIOSH) has been collaborating with POSITIVA, the primary provider of worker?s compensation insurance to the Colombian underground coal industry, to reduce the economic and social cost of rock falls in these mines. The specific goals of the collaboration are to 1) document practices and conditions in Colombian underground coal mines, 2) identify relevant international best practices, and 3) provide recommendations for developing a national campaign to reduce fatalities and injuries associated with roof falls. NIOSH conducted a survey of seven underground coal mines in four separate coalfields. Five of the mines were characterized by steep dips and weak roof and floor rock. The coal was loaded by hand at all seven mines, though two employed partially mechanized longwall techniques. Wood posts were by far the most common ground support. Roof bolts were not observed in use at any of the mines, and they are unlikely to replace timbers any time soon. While long-term entries generally appeared to be adequately supported, the survey found that less attention was paid to the temporary support that is installed right after the coal is removed. This temporary support is critical for protecting the workers from rock falls, however, because with hand-loading mining methods most of the activity takes place between the permanent supports and face. The study concluded that improving the temporary support in the working faces would be the most effective way to reduce the number of rock fall injuries. The key principle should be that every worker is protected by planned roof support at all times. Ground Support Management Plans, consisting of specific rules about when, where, and what roof support is to be installed, should be the focus of the campaign. Each Plan should be tailored to a specific mine based on the geologic conditions and mining methods in use. The Plan provides miners with clear, simple rules that can be easily understood, while management can easily check to see if it is being followed. Ground Support Management Plans will also provide the campaign with a concrete focus for the necessary cultural change.

Jan 1, 2014

Minerals are vital to any industrialized civilization. Annually, the United States uses more than 4 billion tons of new mineral materials, or about 40,000 pounds per person-about half being mineral fuels and the other half metals and nonmetallics. Stable and economic domestic mining, mineral, metal, and mineral reclamation industries are essential to the economy. The value of United States energy and processed materials of mineral origin exceeds $200 billion annually. Although a number of minerals are imported, especially some designated as "strategic and critical," most U.S. mineral supplies are derived from the domestic mines and processing facilities that you will be seeing, reading about, and visiting as you use this visitor guide. We hope you enjoy your experiences. This pamphlet, a guide to mining and mineral operations that may be observed or visited and some other points of interest relating to minerals, is intended to aid tourists and students who are interested in mining. Some may wish to study our Nation's romantic past; others may plan to enter the minerals industry as a career; still others may have a primary interest in conservation practices. The pamphlet is also intended to aid State and local officials, Chambers of Commerce, and mining firms in answering some of the many questions of tourists and students.

Jan 1, 1977

By K. E. Waters, J. E. Nesset, F. Rosenblum, R. Langlois, J. A. Finch

"Some sulphide mineral mixtures when exposed to air and a warm and humid environment can exhibit a self-generating temperature rise, referred to as self-heating or spontaneous heating. The observed self-heating derives from the oxidation reactions of the active sulphides. In previous publications by the authors, it was proposed that the self-heating of sulphides proceed in three distinct stages; namely, Stage A, Stage B and Stage C. In Stage A (<100OC) the sulphides, in the presence of moisture are oxidized, generating heat through a series of sequential reactions and forming elemental sulphur as one of the products. In Stage B (>100OC) the elemental sulphur produced in Stage A is further oxidized to generate additional heat and SO2. Stage C (>~380OC), sometimes referred to as thermal runaway or roasting, is not addressed in this paper. This communication focuses on the type and role of elemental sulphur found in Stages A and B, and the sequence of reactions that is occurring in Stage A. The sequence is divided into two phases, the first based on galvanic interaction between the sulphide minerals that generates an acidic environment but little heat, and the second involving the production of H2S which rapidly oxidizes to produce heat and elemental sulphur. To date, data suggest that the primary oxidation product formed in Stage A is the stable orthorhombic a-S8 form of elemental sulphur. Above 96OC the a-S8 transforms to a monoclinic ß-S8 structure which is less stable and will readily oxidize to generate heat and SO2. Above 159OC a proportion of the ß-S8 sulphur will transition to a polymeric Sµ form of sulphur which can readily volatilize. INTRODUCTION Some particulate and granular materials, when exposed to appropriate atmospheric and physical conditions, can exhibit a self-induced temperature rise resulting from accumulated heat due to internal exothermic oxidation reactions. This phenomenon is commonly referred to as self-heating or spontaneous heating. Under favorable physical and environmental conditions, these reactions can elevate the temperature of a given material from ambient to the point of auto-ignition. Self-heating behaviour should not be equated to pyrophoric behaviour which describes a group of materials (e.g. certain finely powdered metals) that will ignite spontaneously in air below 55OC. There are numerous materials such as coals, hay, forestry wood products, food products to name a few that can exhibit self-heating behaviour. This publication continues the focus of the authors on the self-heating of sulphide mineral mixtures. Many of the metals of commercial use found in nature are in the form of these sulphides which must be mined, crushed, ground and concentrated prior to smelting or hydrometallurgical processing in order to produce primary metal. The issues of sulphide self-heating therefore pertain to the mining and processing of metals."

Jan 1, 2018

By S Robinson, R Perkins, D Barrett, D Kepert, C Fowers

The discovery and delineation of significant mineralisation in the Eliwana region continues Fortescue Metals Group’s strong exploration success. In the decade after the first hole was drilled into Christmas Creek in mid-2004 a total of over 11 Bt of hematite-goethite mineralisation have been delineated supporting the raising of $13 B, construction of five mines, 620 km of rail and a five-berth port. As of June 2014, Fortescue was shipping at the rate of 155 Mt/a. The area including the Eliwana and Flying Fish deposits is one of a number of future growth opportunities that Fortescue is currently evaluating.The Eliwana and Flying Fish deposits occur on the south dipping limb of the Brockman Syncline/Jeerinah Anticline. The Eliwana group of deposits are hosted by the Brockman Iron Formation with the Flying Fish/Broadway group hosted by the Marra Mamba Iron Formation.Structurally the area is dominated by moderate southerly dips of the regional dome and keel style folding. The regional limb is locally cross-cut at a small angle by asymmetric north facing Ophthalmian folds trending 110&#176;. These fold sets, in part, preferentially host subsequent supergene mineralisation. Faulting is only locally apparent.Early phases of exploration commenced in 2006, with mapping of Flying Fish and reconnaissance drilling in 2007. However, due to the concurrent discovery (Clarke et al, 2009) and subsequent fast tracked development of Solomon channel iron deposit and Firetail bedded iron deposit (Simpson et al, 2011) priority was placed on developing Solomon due to its relative proximity to existing Fortescue infrastructure. Staged follow-up drilling of both Marra Mamba and Brockman targets at Eliwana was progressively undertaken from 2008 onward.As of 20 May 2014 a total of 1494 reverse circulation (RC) holes for 54 248 m and 13 diamond holes had been completed, resulting in the delineation of a Mineral Resource of 740 Mt. Exploration via mapping, drilling and metallurgical evaluation of adjacent prospects continues with additional resources expected in the future.CITATION:Barrett, D, Perkins, R, Kepert, D, Robinson, S and Fowers, C, 2015. Geological setting of Eliwana and Flying Fish deposits along the north limb of the Brockman Syncline, Hamersley Province, Western Australia, in Proceedings Iron Ore 2015, pp 219–228 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 13, 2015

By Brenda M. Dixon

A matrix analysis of the differences between the camps and communities associated with the Britannia Mine is used to develop an analytical tool. The tool is intended to assist the mining industry as it embraces the many facets of sustainable development. A case study is used to support the identification of key factors that may predict the sustainability of a new mine town. Sustainable communities, like Britannia Beach, are discussed in the context of three pillars of sustainability: value of mining products to society; creating wealth; and, environmental integrity. A sustainable mine town may be viewed as a socio-economic asset as well as an asset to the mining industry.

May 1, 2006

By Wallace W. Key

This report concerns types, quantities, specifications, and uses of non-metallic minerals as a basis for improving their supply, conservation, and utilization. Supply-demand details concerning mineral fillers, rooting granules, and roofing rock used in asphalt are incorporated in this report, along with highlights on production and sales of rooting, floor tile, and other related asphalt products of California. Comparable data for the United States are included. Although large quantities of commercially prepared mineral fillers are used in asphalt for paving and related applications in other States, addition of commercial fillers for these uses rarely is required in California because of the natural tines available. On the other hand, California manufacturers of asphalt products other than having utilize about 300,000 tons of asbestos, diatomite, limestone, mica, soapstone, and other nonmetallic minerals as filler, mainly for reeling and flooring. Also about 500,000 tons of roofing, granules is produced in California, most of which goes into roofing manufacture in California. In addition. A significantly large and growing tonnage of relatively coarse mineral aggregates Ire used on low-angle, built-up, asphalt roofs to produce in attractive surface and offer protection against the clements. Clearly ill minerals used in asphalt products manufactured in California come from local sources, except asbestos and mica--and there are indications that local deposits of those commodities could be utilized in some use categories.

Jan 1, 1966

By Morgan L. Race, Matthew R. Glisson

"Most driven pile projects have plumbness limits from 0.25 in/ft (21 mm/m) to 0.5 in/ft (42 mm/m) to control bending stresses. For two projects, the project teams performed static load testing to evaluate performance of piles with sweep. One project, located in Grand Forks, North Dakota, used 9.625-inch (244-mm) diameter piles with a wall thickness of 0.395 inch (10 mm) and lengths ranging from about 130 to 160 feet (40 to 49 m). Measured pile sweep (lateral offset distance of the pile toe from the pile top) was between 12 and 17 inches (305 to 432 mm). Static load testing indicated that the piles could support the design load with axial deflection of less than 1 inch (25 mm) but only provided about 80 to 90 percent of the ultimate resistance at axial deflections of about 1.9 to 1.7 inches (49 to 43 mm), respectively. The other project, located in Shakopee, Minnesota, used 9.625-inch (244-mm) diameter pile but with a wall thickness of 0.352 inch (9 mm) and lengths around 50 to 90 feet (15 to 27 m). The measured sweep varied between about 20 and 63 inches (508 and 1,600 mm) for 9 of 214 piles driven at the site. Load testing indicated that these piles could provide the required design resistance with less than 0.3 inch (8 mm) of axial deflection and support the required ultimate resistance with about 0.5 to 0.6 inch (13 to 15 mm) to of axial deflection.INTRODUCTIONAnyone who has observed a significant number of piles has seen that, inevitably, the pile is not perfectly straight after driving. In spite of the best efforts of contractors, there are a whole host of reasons for piles to end up out-of-plumb or to have a curve, sometimes referred to as pile sweep. Most project specifications set limits for plumbness typically between 0.25 in/ft (21mm/m) and 0.5 in/ft (42mm/m) (USACE, 1991; PDCA, 2007; MnDOT, 2016; MoDOT, 2016). Closed-end pipe piles, including monotube or tapertube, are the only pile type that allow actual measurement of the final alignment of the pile.As Nadeem, et al. (2015) note, buckling failure of long, slender piles is the predominant mode of pile failure in soft soils. Pile sweep is just one source of buckling failure in long, slender piles. The nonlinear buckling analysis showed that increasing slenderness ratio and/or increasing degree of curvature decreases the loadcarrying capacity of a driven pile. Nadeem, et al. (2015) considered solid, steel pile with lengths from 24 to 66 feet (7.5 to 20 m), diameters from 9.75 to 26 inches (244 to 660 mm), initial bends from 2 to 6 inches (50 to 150 mm), and half- and quarter-sine shapes."

Jan 1, 2017

The reactions between molten aluminium and cryoIite have been determined from a material balance of all components involved in the process. The interpretation of results were supported by x-ray diffraction studies of the evolved vapours, quenched electrolyte samples, and side-reaction products.The most important reaction involves the formation of both Na2F (sodium subfluoride) and chiolite in the fused electrolyte. The Na2F accelerates vaporization of the melt. Some AIF (aluminium monofluoride) may also be formed but the proportion of this is much less than for the former subvalent compound.

Jan 1, 1968

By Tae-kyeong Yeu, Cheon-Hong Min, Hyung-woo Kim, Sup Hong, Minuk Lee, Chang-Ho Lee

This paper concerns the optimum arrangement of the buoyancy module, which is used for stable dynamic motion and structure stability of the marine flexible riser. The main method of this study is simulation-based design using Genetic Algorithm (G.A) for optimum design and Multi-body dynamic for simulation. The marine riser connects the vessel and the seabed-tracked vehicle. The motion of the riser affects the motion of the vessel and the vehicle. In this study, a marine riser of the deep-seabed integrated mining system (Figure 1) is used. This riser has a strong effect on efficient transfer of minerals. So, the buoyancy module must be equipped to supplement problems of the structure stability and the dynamic motion. Positions and quantities of the equipping buoyancy modules are determined by the at sea experiment (Figure 2). But this method is not easy because the actual sea experiment is expensive, time-consuming and dangerous (Figure 3). Thus, the position and quantity must be determined by simulation-based design. The dynamic analysis models of the riser and the buoyancy module were built in the commercial software DAFUL. In the marine environment, factors affecting behavior are current, drag force, etc.

Sep 1, 2014

By Kevin M. Ansdell, Irvine R. Annesley, Christine L. Mckechnie

The U-Th-REE mineralization at Fraser Lakes Zone B is hosted by granitic pegmatites and leucogranites, which lie along the deformed contact between Paleoproterozoic metasedimentary gneiss of the Wollaston Group and Archean orthogneiss, approximately 25 km from the southeastern edge of the Athabasca Basin. The pegmatites/leucogranites are subcordant to concordant with the regional foliation and are concentrated within a northeast-plunging antiformal fold nose, the study area, which lies west of Fraser Lakes. The mineralized pegmatites/leucogranites in the western part of the study area (Group A) are typically enriched in U (± Th) with Th/U ~1, and contain uraninite, thorite, zircon, and allanite. Those intruding the central part of the study area (Group B) are generally enriched in Th and LREE, with Th/U >2, and contain monazite, thorite (commonly U-enriched), and zircon. The pegmatites and leucogranites in Group A tend to be slightly enriched in SiO2 and depleted in TiO2 relative to those in Group B and are interpreted to represent more evolved crustal melts. Both groups are peraluminous and show varied chemistry. Partial melting (~850ºC and 9 kbar) of a metasedimentary rock-dominated source, entrainment of accessory minerals as xenocrysts, and assimilation-fractional crystallization processes combined to enrich the granitic pegmatites/leucogranites in U, Th, and REE elements. Transfer of melt from the source region to the crystallization sites was assisted by deformation within and along major structural zones, such as the folded Archean-Paleoproterozoic discontinuity. The character of mineralization and structural control in the study area is reminiscent of the alaskite-hosted deposits at Rössing, Namibia.

Jan 1, 2013

The construction of the pipeline was completed in June 1956 and the line placed into operation in December 1956, ie. it has now been in continuous operation for approximately three years under an operating pressure of up to 350 lb. p.s.i.In reviewing the operating experiences of the line we must consider three major factors, which are:(a) The effectiveness to date of the protective methods for prevention of corrosion of the pipeline, ie. the preservation of the asset.(b) The maintenance of the line in regard to interference as to its stability which could be occasioned by erosion of the line, land-slides, accidental interference by the public, or construction authorities, etc.(c) The operating techniques employed.PROTECTIVE METHODS OF THE PIPELINESo to permit a clearer appreciation of the effectiveness of the protection of the! steel pipe against corrosion, I will briefly describe the methods used in the construction of the line.The line, which is 18 in. O.D. by %6 in. thickness steel pipe, is located approximately It miles south of the main Melbourne/Gippsland electrified railway.The steel from which the pipe was manufactured conforms to ASA.A33-1937 with the following modifications.Minimum elongation on a 2 in. test specimen...

Jan 1, 1960

By David R. Mitchell, Ernest M. Spokes

There is evidence that study of minerals now considered to have susceptibilities too low for magnetic separation should be continued. Present concepts may be false. INFORMATION on magnetic properties of minerals other than magnetite is scanty and sometimes erroneous. Often there is no information at all. W. R. Crane&apos;s table of tractive forces published in 1901 is still the best guide in the field, but Crane&apos;s data can be used as a guide only, since he ignored such important factors as impurities in the minerals, size, and packing effect. During the 1930&apos;s work by the U. S. Bureau of Mines added greatly to knowledge of the behavior of certain minerals in a magnetic field. The USBM bulletin gave for the first time complete magnetic characteristics for magnetite and fragmentary data for a few other minerals. The work reported here covers a study of the magnetic-susceptibility relationships of the wolframite series of minerals and sphalerites as related to their chemical compositions. Theories are proposed to explain divergences found from commonly accepted beliefs. Gouy Method for Determining Magnetic Susceptibility: The Gouy principle has been adequately described in the literature1-3 and applied in various ways.&apos;- It may be summarized by stating that a body of material (gas, liquid, solid, or powder mixed with gas or liquid) of cylindrical shape changes in apparent weight if suspended with one end in a zone of higher magnetic field strength than is found in that portion of the field surrounding the other end of the cylinder. This may be expressed as K2 - K1 A (H2 - H2) - mg. [1] In determining the susceptibility of mineral specimens by the Gouy method, the mineral is reduced to a fine powder and packed in a glass weighing tube. Precise measurement of the bore and depth of the tube is made unnecessary by a calibration procedure. Using the basic expression of Eq. 1, Hoare"

Jan 1, 1959

By William O. Vanderburg

This paper gives the results of a reconnaissance of the mining districts of Mineral County, Nev., made during the month of June and the first 10 days in October 1936.3/ During the field work virtually all the mining districts in the county were visited and many data were obtained relative to active and inactive properties. The report covers the location of the various mining districts, nature of deposits, ownership, information on past and current activity, data on economic conditions, and general information likely to be useful to operators and investors and others interested in mining. The geology of the deposits is discussed only in a general way. For nearly three-quarters of a century mining tin Mineral County has been the principal if not the only industry of importance. At times it has reached a very low ebb, and at other times it has been attended by the wild excitement that usually accompanies valuable discoveries of precious metals.

Jan 1, 1937

By L. B. Slichter

Prospecting is certainly the world&apos;s biggest and best gambling business. It is a game where the chips cost many thousands and where many millions, even billions, can be won. An attractive feature of this gamble is the fact that the players are free to rig the odds as favorably as possible. Only the limited bounty of nature, the restrictions of the laws of the land, the competition from other players, the limited sagacity of the player himself— only these, and other factors, restrict the possibilities for large winnings. Today probably about half the land surface of the earth remains to be searched for signs of ore visible at the surface. It is fortunate that so much land still remains for exploration by relatively economical methods. Looking to the future, it is a good guess that the costs of finding ore will increase in response to increasing technical difficulties. To continue to achieve profits from prospecting, it will become necessary to analyze the business more skillfully, in a more and more sophisticated manner. Whenever feasible, qualitative concepts must be replaced by their quantitative equivalents, improvements, and extensions. THE GAMBLE The fact that prospecting is a gambling business reminds us at once of the elementary rule known as the law of gambler&apos;s ruin. I hesitate to mention so simple a rule in this company of experts. This rule expresses the rather serious chance of going broke when the odds for success are small, merely by a normal run of bad luck regardless of the long-run expectations of gain. The only sure way of avoiding this special risk of gambler&apos;s ruin is to have enough capital, and the will, to continue the play many times and thus ride out the inevitable runs of bad luck. For example, if the probability of success is one in ten for each venture, there is a 35 pct chance that ten successive ventures will fail in a row. But if one has the capital to continue the play through a run of 100 failures, then the chance of gambler&apos;s ruin is only 5 in 100,000. Almost any management, I suppose, would be under terrific pressure to cease the play during a long run of bad luck. To continue to prospect under such circumstances requires great confidence in the premises, and a firm conviction in the long-term expectation of profit. There is evidence which I shall mention that in the future even the strongest companies may not have the necessary capital to prospect on the ideal scale. Joint ventures will be very desirable as a means for extending the available venture

Jan 1, 1961