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By Yi Luo, Jeremy Slagley, Arunkumar Rai, Steve Guffey, Syd S. Peng

Research was conducted to study the characteristics of longwall mining machine noises and to develop engineering controls for the reduction of noise exposure at longwall faces. Time-motion noise dosimeter data was analyzed and compared with existing databases. Experiments were conducted above ground on a stage loader/crusher to explore the potential of using active noise control (noise cancellation) in reducing the noise levels. A 5-7 dBA reduction in recorded stage loader noise was achieved. This paper presents the equipment, procedure and results of the noise surveys, as well as the active noise control experiments.

Jan 1, 2005

By Branagan D. F

The geology of the area studied is briefly described, together with the prospecting methods used in the search for copper, lead, zinc and uranium ore bodies.Four prospects, Mt. Corella, Yanasinga, Lawlor's and Greenmount, which were diamond-drilled, are described in detail and geochemical results are discussed in relation to the mineralization found. Copper anomalies were found wherever intrusive rocks were mapped, and showed a much closer relation to geology and mineralization than did the predominantly lead and zinc anomalies.Geochemical prospecting aids in the overall mineral search programme because of its speed and economy, as it helps to pinpoint areas worthy of detailed geological examination. Geochemical anomalies are a guide to favourable zones but may not indicate the presence of ore.INTRODUCTIONDuring 1953-55 the National Lead Company of New York carried out a search for minerals in an area south and west of Cloncurry (Fig. 1) in rocks of Precambrian age. After reconnaissance mapping, a number of prospects were chosen for closer examination by detailed geological mapping and geochemical sampling, and from these prospects, five sites were selected for drilling.This paper records the salient features of the exploration programme and discusses the geology and geochemistry of four of the prospects-Mt. Corella, Yanasinga, Lawlor's and Greenmount. Practically all the prospects examined showed high zinc "anomalies" or "dispersion" trains. Greta, Mt. Corella and Lawlor's prospects showed some copper anomalies and, to a lesser extent, lead anomalies. In particular, Greenmount exhibited striking copper anomalies.

Jan 1, 1960

By R J. Norris, D J. MacKenzie

Gold-bearing veins have formed at a wide range of depths throughout the uplift history of the Otago Schist. The earliest gold mineralisation occurred during the later stages of Mesozoic metamorphism. This mineralisation was characterised by diffuse wall rock alteration with greenschist facies metamorphic or retrograde metamorphic mineral assemblages, and gold occurs in this altered rock. Quartz veins formed in .steeply dipping extensional fractures associated with this mineralisation type strike north to northeast. The Macraes mine exploits this deposit type. The present northwest strike of the mineralised zone at Macraes is a result of post-mineralisation deformation of the schistosity-parallel mineralised shear zone which hosts northeast striking extensional veins. This combination of schistosity-parallel shear zone and steeply dipping northeast striking veins may exist elsewhere in Otago, and this deposit type is most prospective. Steeply dipping quartz veins formed during post-metamorphic un-roofing of the Otago Schist strike northwest to west and occur as clusters of near-parallel structures in east and central Otago. These veins consist mainly of massive quartz, although some prismatic quartz occurs also. Breccia fragments in veins are common and these are generally silicified, with some gold. Wall rock alteration is negligible, and vein margins are sharp. A set of middle Tertiary veins occurs in northwest Otago. Most of these also strike northwest and dip steeply, but some strike northeast. These veins contain abundant ankeritic carbonate as well as quartz. The carbonate pervades adjacent wall rock as veinlets, but gold mineralisation is confined to veins. Quartz is commonly prismatic and vuggy, and contains gold, which is commonly coarse grained especially in silicified breccia zones. Associated veins contain stibnite. This vein type formed close to the paleosurface (>2 km). Mineralised veins in Marlborough currently strike northwest, but these have been rotated from northeast strike during Alpine Fault displacement of Marlborough from Otago. Some of these veins were formed under late metamorphic conditions and are similar to the north to northeast striking veins in Otago. As in Otago, this type should be considered to be most prospective if they have associated schistosity-parallel shears.

Jan 1, 2000

By Frank B. Fulkerson

A study was made of scrap iron and steel in the South Central States in order to determine trends in processing, shipment, and consumption if this important commodity. These data were derived in part from statistical sources and in part by visits to scrap yards and steel mills. Trends in the industry were reviewed. Dealers in 1963 supplied 1.8 million tons of iron and steel scrap to steel mills and foundries in the south-central area, compared with 2.1 mill ion tons in 1955. Most of the scrap was processed and shipped within 200 to 300 miles of consuming centers. Exports provide a principal outlet for dealers along the gulf coast. Most of the scrap that fills these orders is loaded onto freight cars at yards in Texas and Louisiana and is shipped to ports for direct transfer from railroad car to ship. The tonnage exported varies greatly from year to year. The largest scrap operations are in or near large cities which are heavy scrap generating areas, steel mill sites, or port cities for export of scrap. A tentative analysis indicates that the short-run supply of prepared scrap is inelastic to price changes; therefore, buyers probably are in a strong bargaining position at times of declining demand. One technological development in the iron and steel scrap industry is the use of large presses which can take complete automobiles with frames, wheels, springs, and other heavy parts still intact and reduce them to bundles. At Houston, Tex., and Kansas City, Mo., shredding plants are in operation that reduce car bodies and other light scrap into flat pieces 4 to 6 inches in size.

Jan 1, 1966

By L. J. Kane

Conventional methods for determining the size of dust suspended in a gas require that agglomerates (clusters of particles) first be broken into particles, but in evaluating industrial dust-removing equipment the size of the agglomerates as they actually exist in the gas stream is far more important. This paper presents results of an investigation by the Federal Bureau of Mines to develop methods for determining the size of dust agglomerates suspended in a gas stream. The studies are part of the Bureau's continuing research on synthetic liquid fuels. The size and size-distribution of agglomerates as they exist when the gas reaches the filter was determined by using a membrane filter in conjunction with a dust count under a microscope. A membrane filter is a cellulosic sheet about 150 microns thick containing millions of holes per square centimeter--holes of uniform diameter that run directly through the sheet without interconnection.

Jan 1, 1960

By J. C. Carrasco, M. Sánchez, R. Jara, F. Marquez, F. Parada, R. Parra, J. Palacios

In past years, Chile has been the largest copper producer in the world and for 2002 mining represented country average of 10 % of the GDP, accounting for 47 % of the total exportation. As copper sulphides are the main mining resources in the country, the metal is produced using the classical processes of flotation and pyrometallurgical extraction. Seven copper smelter plants, which extends from the northern Atacama desert to the central part of the country produced1,522,000 metric tons of fine copper in 2002, approximately one half of total copper concentrate production, with a notorious environmental impact due to the great amount of slag produced during these extraction steps. In this work, a global characterization of copper pyrometallurgical slags produced and disposed of in Chile and worldwide is done, and the concept of total project development is considered to explain the scopes of the study, recovering different compounds and generating new activities around mining. The presentation is completed with the proposal of various methods and techniques being developed today in a joint project between smelter plants and the University of Concepción, with the support of the Chilean government and mining companies, addressed to generate new materials from copper slag. Recovery of copper, molybdenum, precious metals, silica and iron, that is the most abundant component of the slag, are the goals for this research. Metals, commercial compounds, alloys and different forms of iron oxides for steel industry are proposed products.

Jan 1, 2004

By Forrest T. Moyer

INJURY experience and employment data are presented in this chapter for metal and nonmetal mines, stone quarries, sand and gravel pits, iron blast-furnace slag plants, and metallurgical plants (including ore-dressing and nonferrous reduction plants and refineries) in the United States. Employment and injury experience data for all mineral industries are given in volume II. The 1962 figures are preliminary summations which are subject to revision. They were compiled from all reports from producers received by the Bureau of Mines through April 15, 1963. The data for metal, nonmetal (except well and brine operations), stone, and sand and gravel operations were collected by a mandatory reporting system under the provisions of the act of September 26, 1961, Public Law 87-300 (75 Stat. 649). The act authorized the Secretary of the Interior to study the various aspects of safety in metal and nonmetal mines (excluding coal mines) and report the findings 2 years sub-sequent to the enactment of the law. Data on nonmetal well and brine plants and nonferrous reduction plants and refineries were reported voluntarily by the operators. METAL MINES Preliminary data for the metal mining industry comprise reports on 1,871 mines and pits. The combined fatal and nonfatal injury-frequency rate was 31.95 per million manhours in 1962, a decrease of 8 percent from the similar rate of 34.54 in 1961. Metal operations reported a total of 61 fatal and 3,201 nonfatal injuries.

Jan 1, 1963

By D. W. Partridge, W. Lamb, A. E. Lamb, S. Bird

Due to the constant need to improve SAG mill performance and efficiency, extensive research into all aspects of SAG mill optimization has been performed. This paper will review the current evolution of SAG mill shell liner design and their performance at the Copperton Concentrator. The effect of these liner design changes will be discussed with respect to: • Liner configurations • Mill operating performance, i.e., throughput, power draw, mill control • Mill mechanical performance, i.e., liner wear profiles, liner life, liner breakage, liner hardness • Foundry manufacturing considerations • Economic evaluation of throughput versus liner life This paper will discuss the results of Kennecott Utah Copper’s (KUC) and ME International’s (MEI) test work, providing an insight into the past, present and potential future opportunities of SAG mill liner design.

Jan 1, 2002

By S. F. Diehl

Weathered mine waste consists of oxidized primary minerals and chemically unstable secondary phases that can be sources of readily soluble metals and acid rock drainage. Elevated concentrations of metals such as Cd, Cu, Fe, Mn, Ni, Pb, and Zn are observed in deionized water-based leachate solutions derived from complex sedex and Cu-Pb-Zn mine wastes. Leachate (USGS FLT) from the Elizabeth mine, a massive sulfide deposit, has a pH of 3.4 and high concentrations of Al (16700 ug/L), Cu (440 ug/L), and Zn (8620 ug/L). Leachate from the sedex Faro mine has a pH of 3.5 and high concentrations of Al (2040 ug/L), Cu (1930 ug/L), Pb (2080 ug/L), and Zn (52900 ug/L). In contrast, higher-pH leachates produced from tailings of polymetallic vein deposits have order of magnitude lower metal concentrations. These data indicate that highly soluble secondary mineral phases exist at the surface of waste material where the samples were collected. Sulfide minerals from all sites exhibit differential degrees of weathering, from dissolution etched grain rims, to rinds of secondary minerals, to skeletal remnants. These microscale mineral-dissolution textures enhance weathering and metal leachability of waste material. Besides the formation of secondary minerals, sulfide grains from dried tailings samples may be coated by amorphous Fe-Al-Si minerals that also adsorb metals such as Cu, Ni, and Zn.

Jan 1, 2011

By P. N. Vernon

Ausmelt top entry submerged lance technology offers a cost-effective means of carrying out a range of base metal smelting operations with minimum impact on the environment. The system is capable of using a range of fuels depending upon local costs. Due to the intense, localised reaction zone, high energy efficiency is obtained and the physical size of the plant is relatively small compared to that of most competing technologies. Capital cost can thereby be minimised. The furnace is well enclosed, such that fugitive emissions and ingress of diluting air to the gas stream are both minimised. The oxygen potential in the slag can be varied over a wide range such that the system can be applied in both oxidising and reducing duties. Following a general description of the technology, the paper discusses Ausmelt plants already in operation. The application of the technology for the provision of additional smelting capacity, for the improvement of converting operations and for slag cleaning is then described. A brief explanation of how these processes could be applied at southern African smelters is given and the paper closes with an assessment of novel Ausmelt applications for this geographical region, such as zinc recovery from sulphides.

Jan 1, 1997

By B. C. Peterson

Calumet Division, Calumet & Hecla, Inc., whose operations are in Houghton and Keweenaw Counties, Mich., is a highly integrated and complex organization. This division operates mines, a railroad, a concentrating mill, a reverberatory smelter, and the auxiliary generating plants and shops to service these operations. In addition, it operates a sands reclamation plant, leaching plants, a foundry, and a machine shop that serves varied industries with castings and parts for many applications. Calumet & Hecla, Inc. has produced over 60 percent of all the copper that has been produced in Michigan since discovery of the ore in 1864, and in 1959 the company ranked eight among the country's producers with a production of 17,407 tons. To keep abreast of modern accounting systems developed elsewhere in industry and to combat increasing costs due to higher labor and supply costs, as well as increased costs due to deeper mines and lower grade ore, the company has developed a modern machine cost accounting system. This not only provides the usual bookkeeping and cost accounting facilities but offers accurate cost data for engineering evaluation of the mining operation. This system is credited with being instrumental in permitting continued operation of these high-cost mines in a period of increasing costs with no corresponding increase in the price of metal.

Jan 1, 1962

By N. W. Johnson

"Two analysis tools which have been applied to problems in industrial flotation processes are the application of kinetics and detailed mineralogical or liberation data, both on a size-by-size basis. This paper describes practical examples of the application of kineticsto examination of the entrainment recovery mechanism, the retardation of valuable minerals at the commencement of flotation sections and the resolution of problems related to valuable species with reduced rate constants at the end of sections. Examples of the usefulness of size-by-size liberation data for monthly composite samples of products from a concentrator are also described.IntroductionMuch of the published industrial flotation data on the behaviour of minerals in various size fractions have been obtained from specially conducted surveys with a duration of several hours. Such data are very valuable and provide a record of the behaviour of the entire flotation plant or sections during the interval of the survey. Some examples from the literature can be cited Cameron et al. (1971), Lynch et al. (1981), Frew (1982). Less attention has been given to the value of complementary sized data derived from compositing shift or daily inventory samples over an interval of one or several weeks with repetition of the procedure at the completion of each interval. Mineralogical point count data of the size fractions of such samples and data interpretation are rare in the literature.Kinetic data on the behaviour of valuable and gangue minerals in various size fractions have been reported often for flotation banks. In the experience 0 f the writer, there has been a tendency among operating metallurgists to ascribe problems in the flotation process to rate constant values for gangue minerals which were believed to be unsatisfactorily high. Less attention has been paid to the value for the rate constant for the valuable mineral over the length of a particular bank.Examples of the types of data which were mentioned previously have been obtained from the lead-zinc concentrator at Mount Isa Mines Limited. The various types of data have been collected to evaluate their worth in order to provide relevant information for both research and operational aspects of the plant."

Jan 1, 1987

By R. H. Seraphim

"Western Mines Limited produces gold, silver, copper, lead and zinc from a number of Paleozoic volcanogenic deposits near Buttle Lake on Vancouver Island. The deposits were emplaced along a series of submarine linear volcanic ridges that extended for at least 6,000 metres in a northwesterly direction.Rock types mapped include: andesitic, dacitic and rhyolitic flow s and volcanic breccias; detrital breccias, tuffs and hematitic silts; black and green cherts; and a variety of dykes and sills, including quartz porphyry and diorite. Orebodies are associated invariably, and in places intimately, with quartzsericite schist and rhyolitic rocks. The ore is complex, varying in mineralogy and tenor both within each deposit and from one deposit to another.Recent studies have increased our knowledge of the structure and left no doubt that the orebodies were deposited both within the throats of the linear vents and on paleoslopes adjacent to these vents.IntroductionWestern Mines Limited operates an 850-tonne-per-day mine, located 85 km south of Campbell River, B.C. The mine is at approximately 400 metres elevation, near the south end of Buttle Lake on Vancouver Island (Fig . I). It has operated since early 1967 and produced 3,650,000 tonnes with an average grade of 1.9 g (0.06 oz) gold, 93 g (3.0 oz) silver, 1.6 per cent copper, 1.0 per cent lead and 7.5 per cent zinc per tonne by the end of 1978. Current reserves are 1,157,000 tonnes of 2.7 g (0.09 oz) gold, 117 g (3 .8 oz) silver , 1.2 per cent copper, 1.2 per cent lead and 8.0 percent zinc per tonne (December 31, 1978).Ore from one zone, known as Myra High-Grade, is mined and milled separately because of its grade. Ore milled prior to December 31,1978, plus reserves, 180,715 tonnes of6.6 g (0.21 oz) gold, 554.5 g (17 .7 oz) silver, 0 .8 per cent copper, 3.2 per cent lead and 10.6 per cent zinc are included in the figures listed in the preceding paragraphs."

Jan 1, 1980

Jan 1, 1964

By Keila Gonçalves, Aline Tavares, Danielly Couto

"The sulphide copper deposits from the Carajás area (North region of Brazil) were generated by the percolation of hydrothermal fluids in volcanic and granitic rock and are denominated as IOCG deposits (iron oxide copper-gold deposits). During these hydrothermal events a wide variety of gangue minerals such as amphiboles, biotite and fluorite were formed. These gangue minerals are enriched in fluorine and chlorine which are deleterious elements in the copper concentrate. Chalcopyrite and bornite are the main copper-bearing minerals and they can occur in veins, in brecchia or disseminated in gangue.The study, which included bench scale flotation tests and minipilot plant tests was aimed at improving the fluorine rejection in the flotation process during the flowsheet design for one of these Carajás sulphide copper deposit. All of the study was supported by quantitative mineralogical techniques such as QEMSCAN and the use of a scanning electron microscope (SEM).This paper describes and discusses the results obtained in the metallurgical tests and emphasizes the importance of the quantitative mineralogical characterization during the process conditions optimization and flowsheet design.INTRODUCTIONIron oxide copper-gold (IOCG) deposits encompass a wide spectrum of sulphide-deficient low-Ti magnetite and/or hematite ore bodies of hydrothermal origin and normally have important copper sulphide reserves. In the Carajás mineral province, located at the southeast part of the Amazon Craton in Pará State (Brazil), there is a variety of world-class (>200 million tonnes) Fe-oxide Cu-Au deposits (e.g. Salobo, Cristalino and Sossego), whose genesis has been assigned to hydrothermal fluid percolation in volcanic and granitic rocks. Figure 1 displays the location of the Carajás area.The hydrothermal thermal fluid composition was extremely variable. It may have contained gases, salts (brine) and metals. The metals were carried as various complexes and it is thought to have involved sulphur, chlorine and fluorine containing species. This resulted in some minerals formed during the hydrothermal alteration having high fluorine and chlorine contents. These elements result in smelter penalties in a copper concentrate because they cause the smelter off-gases to be more corrosive."

Jan 1, 2011

By M. Soleymani Shishvan

"Continuous mining systems containing multiple excavators producing multiple products of raw materials are highly complex, exhibiting strong interdependency between constituents. Furthermore, random variables govern the system, which causes uncertainty in the supply of raw materials: uncertainty in knowledge about the reserve, the quantity demanded by the customers, and the breakdown of equipment. This paper presents a stochastic-based mine process simulator capturing different sources of uncertainties. It aims to quantify the effect of geological uncertainty and its impacts on the ability to deliver contractually defined quantities and qualities of coal, and on the system efficiency in terms of utilization of major equipment. Two different areas of research are combined: geostatistical simulation for capturing geological uncertainty, and stochastic process simulation to predict the performance and reliability of a large continuous mining system.The process of modelling and simulation in this specific production environment is discussed in detail. Problem specification and a new integrated simulation approach are presented. A case study in a large coal mine is used to demonstrate the impacts and evaluate the results in terms of reaching optimal production control decisions to increase average equipment utilization and control coal quality and quantity. The new approach is expected to lead to more robust decisions, improved efficiencies, and better coal quality management.IntroductionContinuous coal mining systems containing multiple excavators producing multiple products of raw materials are highly complex and exhibit strong interdependencies between constituents. A network of conveyor belts is used for transportation of the extracted materials to different waste dumps or the coal stockpile.Optimal decision-making in short-term planning and production control are impacted mainly by geological uncertainty associated with incomplete knowledge of the coal deposit represented in the reserve block model. These uncertainties cause deviations from expected process performance. For more robust decision-making, understanding the impacts of these stochastic elements plays a key role."

Jan 1, 2016

By Yogesh Prashar

Three conventional uplift tests and 12 Rapid Pile Load Tests (RLT) were performed on total of fifteen 16-inch square pre-cast concrete driven piles at a test site in Emeryville California in December of 2000. The uplift tests were performed in accordance with ASTM standards, and the RLTs were performed using a FUNDEX RLT. The RLT is carried out by dropping a mass of 25-tons on top of the pile, thereby inducing a force that is measured by a load cell. An optical lens records the vertical deflection of LED's that are mounted on the pile. Ultimate uplift and compression capacities of each of the fifteen piles were determined using the Davisson method. Soil parameters were calibrated by back-calculation (cohesion and internal angle of friction) using both the results of conventional uplift load versus deflection curve, as well as the results of the triaxial compression tests. A two-dimensional finite difference model including soil elements, and structural elements representing the test pile was setup using the computer program Fast Lagrangian Analysis of Continua (FLAC). FLAC was used to simulate both the uplift as well as the RLT. Strength increase of cohesive material was also accounted for in the analysis. Numerically simulated and theoretically computed pile capacity curves and axial deformation variation with applied load curves are in close agreement to the observed curve during the field test. Conclusions are made from this test site regarding the factors influencing results of RLT.

Jan 1, 2002

By J. M. Uys, T. B. King

WalSH, Chipman, King, and rant' have measured the water content (as hydrogen) of actual steel-making slags. An average water content of 290 ppm was found for basic open-hearth tapping slags and 114 ppm for acid open-hearth slags. Upon equilibration of these slags at 1550°C with a 25 pct H20-75 pct Nz atmosphere, the water content increased to about 410 and 300 ppm for the basic and acid slags, respectively. Walsh et al. concluded that an acid slag was thus relatively far removed from equilibrium, and that basic slags showed a closer approach to equilibrium, with the water vapor in the furnace atmosphere. Herasymenko2 contended that these conclusions were unjustified, as the oxygen pressure used in the equilibration experiments, ;bout 5 x X atm, was quite different from that found in the furnace. Consequently, during the experiments the slag composition would have changed due to oxidation of ferrous iron. As an extension of Walsh's work and to attempt to clarify this matter, the solubility of water in a basic open-hearth slag was measured as a function of oxygen pressure. Similar measurements were also made on synthetic silicates in the "Fe0"-Fe203-SiO, system. The experimental technique has been described previously by Walsh et a1.l and Uys and King.3 Samples of the basic open-hearth finishing slag, contained in 10-cc platinum crucibles, were equilibrated at 1550°C with atmospheres of different oxygen pressure but constant water-vapor pressure, Ph~o = 0.192 atm. Calculations, as well as measurements, indicate that this figure approximates the water pressure of the combustion gases in a steam-atomized, oil-fired open hearth. Oxygen pressures in the open hearth can vary from 10"2 atm in the combustion gases to between l0-' and 10" atm in the steel bath. The former figure depends on the combustion practice and the latter on the carbon content and temperature of the bath. The oxygen pressure of the slag should lie somewhere between these extremes and is expected to be closer to that of the steel bath than that of the combustion gases. Oxygen pressures were therefore varied between 10" and 6 x l0 atm. At the lowest pressure the slag "puffed up" when quenched (indicating possible loss of water) so experiments were not conducted at lower oxygen pressures. The results are shown in Fig. 1, which includes the water content of the slag "as sampled". The results show that the water content of the slag increased appreciably on equilibration with water vapor at 0.192 atm pressure and that the water solubility apparently decreases with increased oxygen pressure. The solubilities found are comparable to those of the Li20-Ca0-Si02 system.3 Work with synthetic slags in the "Fe0"-Fe203-SiOz system was performed at 1500" C, with Ph20 = 0.192 atrn and for oxygen pressures varying between 10"2 and 10-lo atm. Samples for chemical analysis were prepared as described by Larson.4 The results are shown in Fig. 2. Some low-silica melts tested at low oxygen pressures "puffed up" when quenched and analyzed less than 100 ppm water; these results are not included in Fig. 2. The melts containing 40 mol pct silica also showed a tendency to "puff up" during the quench, when they were tested at the lowest oxygen pressure. These results indicate that, at constant silica content, the solubility of water decreases somewhat with increased oxygen pressure. The effect is, however, small considering the wide range of oxygen pressures studied. Also, at constant oxygen pressure (above about lom5 atm) the solubility increases

Jan 1, 1963

By Felipe Calizaya

This study describes the principles involved in the design of a booster fan installation, the basic requirements, and the provisions needed to guarantee a safe operation of the unit. It also describes how a booster fan should be selected and what measures should be taken so that events such as uncontrolled recirculation of air in a mine can be avoided. A computer program called MFSELECT is presented to assist the ventilation engineer in the design process a For a given mine ventilation network, the program determines the duties of fans and regulators that will fulfill the airflow requirements of a mine and minimize the total power consumption. The application of the program is illustrated by the detailed solution of a sample problem. A Case Study based on the Jim Walter Resources' No. 7 Mine is utilized to describe the basic requirements for the design and operation of booster fans, and illustrate their potential benefits in mine ventilation. Finally, the study discusses a process control system designed to evaluate the safety conditions in the mine and report on the status of both surface fans and underground booster fans.

Jan 1, 1990

By Juan P. Camus

Mining is one of the oldest industrial activities. Its products are essential to modern civilization. Paradoxically, and despite a deep-rooted belief to the contrary, mining is not a lucrative industry— at least not in the aggregate. This assertion is true not only for recent years, one of the weakest periods in terms of metal prices, but also for a long time past. In 1776,Adam Smith said in The Wealth of Nations: “Of all those expensive and uncertain projects, how-ever, which bring bankruptcy upon the greater part of the people who engage in them, there is none perhaps more perfectly ruinous than the search after ... mines. It is perhaps the most disadvantageous lottery in the world... Projects of mining, instead of replacing the capital employed in them, ... commonly absorb both capital and profits.”

Jan 1, 2002