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By Richard J. Stoehr

Man has mined in all his time on earth about 3 billion ounces of gold. About one-half of this has been mined in the past 35 years. This gold is roughly in 3 large holdings: one-third held as reserves in Central Banks; one-third held as personal reserves; and one-third is in jewelry or other fabricated products. The world per capita availability of mined gold is increasing and there are many factors and forces shaping gold's future. Currently, gold has a favorable exchange ratio and this is encouraging many new gold-mining developments. Production is increasing and new techniques are surfacing. The use of gold in the financial markets is increasing in some unique ways and gold is again fulfilling its role as a universal money, making gold's future predictable. Currently, man is mining gold at the rate of approximately 44 million ounces annually and is therefore adding to the total supply of gold approximately 1.5% of newly mined gold each year. This current production plays a small role in the pricing mechanisms since a very large part of the 3 billion ounces mined in all of history is available to the market in one form or another.

Jan 1, 1984

The placer gold industry has experienced a roller-coaster history incorporating four major boom eras. The first, 'hand-methods' boom arose in the mid-19th Century from application of an old idea in new places around the globe. The subsequent hydraulic mining, bucket dredging, and 'hydraulic excavator-portable plant' booms each arose from application of new ideas in old places around the globe, ie in places where gold had been found during earlier booms. The new ideas that heralded the second, third and fourth booms were all significant advances in excavation technology. These enabled the industry to target the known deposits that were too deep, too wet, too small, or too low-grade for recovery by earlier boom methods. Relatively few new deposits or new deposit styles arose from the 'history book' exploration approach, so the number of known deposits to which each of the boom methods were applicable was limited. Consequently, the first three booms were each followed by significant periods of industry decline, and the fourth boom is currently waning inNew Zealand. Further decline is not inevitable and can be avoided by changing to a knowledge-based exploration approach similar to that adopted by the hard rock gold industry in the 1970s. Such an approach could easily herald the next placer gold boom.   Most of the relatively coarse, easily won alluvial gold in proximal and medial reaches of the active placer systems is gone. However, a substantial alluvial gold resource remains in the distal reaches of active systems, and in ancient placers formed onshore and on the continental shelf during previous sedimentary cycles. The resource in these deposits probably exceeds the total New Zealand placer production to date. Successful development of these placers requires application of robust geologic models for the formation and distribution of the placers through time, and advanced exploration technology that has not been used before in New Zealand. Nevertheless, the knowledge and technology required to explore and mine these deposits is available now. Many of these deposits contain a large proportion of problematic gold types that are difficult to recover with the commonly used gravity technology without sustaining significant losses. Despite advances in recovery technology in last few years, too much emphasis is placed on the incorrect assumption that gold size is the primary control on recovery efficiency. Other gold particle parameters, especially particle shape, exert a much greater control on whether gold will be saved or lost to the tails, and must be considered in the design of recovery technology and configuration of recovery circuits.

Jan 1, 2003

By Keith L. Harris

Real2 gross national product (GNP) grew at a seasonally adjusted annual rate of 1.3% in the fourth quarter and at 2.5% for all of 1986, according to the most recent Department of Commerce estimates table 1). The 1986 GNP growth was the lowest since the recession in 1982, and was slightly below the estimate published in the last issue of Minerals and Materials. Barriers to greater economic growth in 1986 included the Federal budget deficit, the trade deficit, reduced energy-sector investment because of low oil prices, and uncertainty over changes in the Federal tax code.3 Major sectors of the economy responsible for the fourth-quarter growth included real Government purchases of goods and services, up $19.9 billion from the third-quarter level; real net exports, up $12.2 billion; real residential investment, up $3.0 billion; and nonresidential fixed investment, up $1.5 billion. The increase in Government purchases of goods and services was attributed to the S25.1 billion rise in net purchases of farm products by the Commodity Credit Corp-oration. Real personal consumption expenditures and inventory investment declined, however. Personal consumption expenditures declined primarily because of reduced motor vehicle purchases. Despite only modest growth during the fourth quarter, the economy improved significantly because of the narrowing of the trade deficit and growing employment (table 2) while maintaining low unemployment and inflation rates. Business sounded an optimistic note, with planned increases in current-dollar capital spending of 0.9% for 1987 compared with a 1.7% decrease in 1986. While it is primarily the nonmanufacturing industries that expect to increase investment from 1986 levels, some manufacturing industries are increasing investment by significant percentages as well, notably the steelmaking and nonferrous metals industries (table 3).

Jan 1, 1987

By George C. Stone

WHEN George C. Stone, a Director of the Institute, and so well known to our Members in connection with the Institute's many activities was abroad in 1.919, he secured an interesting collection of these coins, which appeared in Zinc, a publication by the New Jersey Zinc Co. Regarding this collection of coin, Mr. Stone says: "During the war, all gold and most of the silver disappeared, making small change very scarce. As the French Government was fully occupied by the war, it allowed various Chambers of Commerce and other bodies to issue money, both paper and coins. Many of the latter were made of zinc, and I secured several while in Paris. We had all heard of the Belgian and German zinc coins, but I imagine few knew how many different kinds there were. The accompanying plates show both sides of those I got. I took all that the dealer had; but he said that there were a number of others in existence. The coins in the bottom line were issued by the Germans in Belgium during the war and all are still in common use. The first two in the next to the bottom line are German. All of the others were issued by Chambers of Commerce or corporations. A few have been nickel plated; these look and wear much better than the others. "Coins" made of pasteboard were also issued by similar bodies, also notes.

Jan 1, 1920

Chromium, a critical mineral for which the United States is largely dependent on foreign sources, is the subject of a new report just issued by the Interior Department's Bureau of Mines. The report is the first in a new series called "Mineral Commodity Profiles" (MCP's). Designed to give an updated review of important events affecting critical minerals, it also presents a comprehensive description of industry structure, supply-demand relationships, technology, and outlook for the future.

Jan 1, 1977

By H. C. Cooke

THE gold mining industry, in Canada as in other countries, has passed through trying times in the past year. The strains and stresses of war have drawn away much of its man-power, both from the labour and the management. The urgent needs of the war machine have greatly curtailed the amounts of steel and explosives that can be allotted to the mines; and the loss, by enemy action, of supplies of such essential things as rubber, bids fair to reduce operations still further, if not cripple them entirely in time. And, as if these difficulties were not enough, war on the psychological front has been declared on the gold mines. Earnest supporters of the war effort, well-meaning theorists, and perhaps others whose intent is less disinterested, have all combined to clamour against the continuance of gold mining. We have been asked, what is the use of taking gold out of one hole in Canada to put it into another in Kentucky. We have been assured that gold will never again have any value, except for filling teeth. We have been repeatedly adjured to look at Germany, how well it has got along without gold. We have been told that it is unthinkable, when this nation is girding her loins for war, that labour and materials should be diverted to this useless effort. Gold miners should be diverted to the base-metal mines, where they can produce something of real value to the war effort; or to war factories; or, in fact, almost anywhere, so long as they are got out of the gold mines. And, what has made the situation even more disturbing, it has seemed as if all this clamour might be convincing governments. In fact, as you all know, the government of the United States did actually take the step of ordering its gold mines to cease operations. Fortunately, however, for Canada, the facts that no large favourable effects resulted from that action, and that, in Canada, gold mining is a much larger part of the national economy than in the United States, have caused our government, so far at least, to avoid this drastic step. In talking about this, however, let me emphasize that I have no more inside information on the subject than any of you. Like Will Rogers, all I know is what I see in the papers.

Jan 1, 1943

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Jan 1, 1985

By TSUYEE PEI

I FEEL greatly honored and appreciate this opportunity to be able to say a few words about that rather perplexing subject, silver. The constant decline in the price of this metal has now reached the stage where it is of much concern and the cause of serious discussion among the leading financiers, economists, and statesmen of the world. Further- more, it is significant that this subject is so important that almost every day one can read articles pertaining to it in the newspapers and trade publications. Being essentially a banker, and not an economist, I do not claim to be an authority on the silver question. These remarks are merely some of my observations in, regard to the many puzzles which-I came across in my recent studies of this very important question.

Jan 1, 1931

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 Keith L. Harris

Economic activity in the United States picked up in the third quarter, according to the latest estimate released by the Department of Commerce. Real gross national product (GNP)--the Nation&apos;s output of goods and services--grew at a seasonally adjusted annual rate of 4.3%, or $17.6 billion, compared with a rate of 1.9% for the second quarter of 1985 and 1.6% for the third quarter of 1984 (table 1). The 4.3% rate is one percentage point above the preliminary estimate reported in the August/September issue of Minerals and Materials. Most of the upward revision was due to the change in business inventories and Government purchases, while the figure for net exports was revised downward substantially. The 4.3% growth bettered by 1.5% the average rate of growth in GNP from 1974 through 1984 and was 1.1 % above that of the period from 1975 through 1984 and 0.7% above that of 1980 through 1984. Of importance to the minerals industry was the $14.4-billion growth in personal consumption expenditures, $10.2 billion of which was for durable goods (especially domestically produced automobiles) and the growing residential investment. The net export deficit continued to grow, however, and investment in nonresidential structures, producers&apos; durable equipment, and business inventories declined. Prices, as measured by the GNP fixed-weighted price index, increased at an annual rate of 3.1% in the third quarter, compared with 3.9% in the second quarter. The slower rate of inflation resulted mainly from a decline in energy prices, following second-quarter increases. Fourth-Quarter Prognosis Many of the economic data available for October and November indicate that the economy is growing modestly and will continue to grow over the next 3 to 6 months. The composite index of leading indicators, designed to predict economic activity within 3 to 6 months, rose 0.3% in October, the sixth consecutive monthly advance, according to the Department of Commerce. Six of the 11 available leading indicators were positive: Stock market prices rose, as did sensitive material prices, credit outstanding, and manufacturers&apos; new orders for consumer goods and materials; initial claims for unemployment insurance decreased, and firms were getting slower delivery of goods. Four of the indicators were negative: Business formations, homebuilding permits, contracts and orders for plant and equipment, and money supply all declined. The average hours worked per week, already at a high level, remained unchanged.

Jan 1, 1985

By Paul M. Tyler, R. M. Santmyers

Platinum and its allied metals osmium, iridium, rhodium , palladium, and ruthenium are the most costly of the better-known metals and combine properties that make them unique among the elements . For a number of isolated uses substitutes have been found which are cheaper and quite as satisfactory ; but none will replace platinum in many of its varied uses , and there is a large and growing demand for purposes for which no economical substitutes are known . As this paper is being written the supply of platinum tends further to increase as a result of the exploitation of newly developed resources and the expansion of production from older sources . In obedience to economic law prices have declined steadily . Buyers , always reluctant to commit themselves on a falling market , have maintained a waiting attitude , and consumption trends are not clearly indicated . Should platinum again approach the price of gold , the natural tendency would be to use more of the metal . In recent years , however , the industrial and scientific uses of platinum have become subordinate to its consumption in jewelry . In matters of personal adornment the popular whim and not practical utility is the dominant factor in demand , and it does not follow that lowered prices will stimulate demand . The substitution of white gold and certain plated goods for platinum may be checked by cheaper platinum , but a fickle public that turned from gold to platinum when platinum became the more costly metal can not with certainty be expected to buy more platinum jewelry because more of the metal than formerly may now be had for the same price . The dearth of platinum during and for some years after the World War had a profound effect upon prices , and this in turn wrought important changes in the field of consumption . When prices advanced the chemical industry, formerly the leading consumer of platinum, was forced to economize in its consumption of the metal and to substitute other metals whenever it could . Somewhat similar conditions resulted in the electrical industry and in the use of platinum in dentistry . Some of these former outlets are permanently closed , and others may be reopened now that platinum prices have receded to pre-war levels , but despite the general expansion of industrial and scientific activity since 1913 the demand for platinum outside the jewelry trade has suffered a net decline . Since the metallurgy of platinum is relatively simple the reason for its high price is its relative scarcity in the earth's crust . An interesting speculation set forth by certain geologists attributes the extraordinarily high density of the interior of the earth in part to the presence of iron alloyed with substantial amounts of platinum and other related metals . In support of this hypothesis it may be said that platinum is often found in meteorites , and known deposits in the earth's crust are all of deep - seated origin . However , even if there were a high concentration of platinum in the interior of the earth it would be next to impossible at the present state of our knowledge to make it available , and the world would continue to depend for its supply on deposits found within minable depths below the surface . For many years before 1914 the world obtained its supply of platinum metals primarily from Russia , which before the war produced as much as 300,000 troy ounces in a year , or approximately 95 per cent of the world output . Despite fluctuations due to internal political disturbances Colombia managed to account for 3 to 4 per cent , leaving the rest of the world to furnish the remaining 1 to 2 per cent .

Feb 1, 1931

By Joseph M. Kurtak

The Bureau of Mines (Bureau) and the U.S. Geological Survey (USGS) conducted a 4-year (1979-1982) mineral assessment study of the Chugach National Forest (CNF), Ak, as part of the Roadless Area Review and Evaluation (RARE II) Program. The USGS remapped the geology and distribution of mineral resources. The Bureau investigated mines, prospects, and mineral occurrences. This report describes the results of Bureau work in the central 790,880 acres of the Forest. Copper, with by-product zinc, silver, and gold, has been the major metal produced from the study area as well as from the entire Chugach National Forest. The majority of the copper deposits are concentrated within basaltic rocks on Knight Island but the major producers are hosted by sedimentary rocks on Latouche Island. Approximately 182.6 million lb of copper, 1.5 million oz of silver, and an unknown but substantial amount of gold were produced during a 30 year period. Currently no mines in the area are producing. Inferred, indicated and measured reserves having mineral development potential total 4.6 million tons, with weighted average grades of 1.6% copper, 0.30 oz silver/ton, and 0.04 oz gold/ton.

Jan 1, 2011

By Meyer Klein

Decision theory is the formal theory of the logic of decisions in view of the decision maker&apos;s objectives, preferences, I beliefs, and available information, It usually deals with weighty economic problems involving irrevocable (or costly to reverse) decisions. Capital investment planning problems constitute an instance par excellence for application of the decision theory concepts. Decision theory as it is presently conceived has evolved in recent years. At first it concentrated on decisions in the face of total lack of information and on games with intelligent adversaries. The results of these efforts proved theoretically interesting, but practically of little applicability. In the last few years, stress has shifted to the introduction of subjective probabilities and preferences, and the results have been eminently successful in applications both in government and with- in business firms in the resolution of complex problems.

Jan 1, 1970

Since mid-July, most domestic producers have been marketing 99.5 percent unalloyed aluminum ingot at 53-57 cents per pound. Dealers in the United States have recently quoted ingot at 52.3-52.8 cents. On October 2, London Metal Exchange will trade aluminum, selling contracts on a cash and a 3-month basis. New York dealers were quoting August ingot at 52.3 52.8 cents. The Bonneville Power Administration announced that, effective December 20. 1978, electric power rates charged primary aluminum producers in the Pacific Northwest would be increased The increase (equivalent to about 4 cents per pound of aluminum produced) will raise the average rate to about 8.7 mills per kw-hr compared to 3.2 mills per kw-hr.

Jan 1, 1978

By A. Lucian Walker

SILVER is not only of paramount importance to millions of people as a medium of savings and to other millions as a medium of exchange, but it is also valuable and useful in industry. Mexico continues to be the largest producer of this metal, followed by the United States, Canada, and Peru. The largest consumers are China and India, which normally absorb about two-thirds of the world&apos;s mine production, hoarding it as savings. The imports by these countries exert a powerful influence upon the price, yet neither country is on the silver standard. China having abandoned it in 1935 and India in 1893, when the rupee was definitely linked to the pound sterling. Other nations such as Persia, Ethiopia, Mexico, and many of the South American countries either have been on the silver standard or have used silver as their chief circulating medium, and most large nations use it for subsidiary coins, this use accounting for 20 to 30 million ounces annually. The arts and industries have consumed 35 to 40 million ounces each year.

Jan 1, 1937

By H. Foster Bain

The war has brought about many changes in the Western States, and some have deep pr sent or potent al economic significance. The West has been feeling severe growing pains for a number of years. Especially since the beginning of preparation for national defense and through the period of

Jan 1, 1945

The value of processed materials of mineral origin was estimated to have exceeded $310 billion in 1990. U.S. raw nonfuel minerals mine production in 1990 was estimated at $33 billion, a 3.1 % increase over that of 1989. The value of minerals production increased in all but 3 of the last 30 years. The metals component of production value has fluctuated much more than the industrial minerals component. This reflects the greater volatility of metal prices. In 1990, total employment in metal mining continued the increase that began in 1987. This growth was partially offset by a slight decline in employment in industrial mineral mining, resulting in an overall in-crease of 1.1 % to 179,100 in 1990. Continuing high (by historical standards) metal prices led to expansions at some mines, as well as opening or reopening of additional mines, resulting in increased employment.

Jan 1, 1991

By César Bernal M

El presente trabajo busca establecer el mejor plan de explotación de la mina Cobriza a través del nuevo proyecto de expansión. El plan de explotación señala que los ciclos de explotación, el número de tajeos requeridos por el método de corte y relleno, la selección del equipo de mina, así como los servicios auxiliares para suministrar el tonelaje necesario de mineral a la nueva planta de Coris.

Nov 8, 1982

By C. W. Handy

ONE LAW cannot he evaded, the economic law of supply and demand. Silver, like any other commodity, is subject to this law; and its price in the long run is determined by existing conditions. I say "in the lone run because at times silver has appeared to mope contra to basic coalitions. Such movements, however, are, occasioned by the market&apos;s attempt to anticipate changes in these governing conditions. If the expected changes materialize then the new market level is justified, but if they do not then the market will revert to its previous status, A striking example of such a move occurred in November when the price advanced over 70, in ten days and then in the next two weeks lost more than it had gained. The reasons for this advance were that the speculative element interpreted certain events as favorable to silver namely, England suspension of the gold standard, higher shat prices, and the Chinese-Japanese crisis. When these expectations proved unjustified the inevitably, elapse followed became the governing conditions had not channel.

Jan 1, 1932

By K. G. Philo, R. C. W. Webber-Youngman

mining, where data-driven decision making optimizes resource extraction, enhances safety, and ensures sustainability. The adoption of digital technologies like artificial intelligence (AI) and the Internet of Things has amplified the importance of digital information. However, the integrity and security of this information are paramount, leading to the exploration of blockchain technology as a potential solution for secure digital value exchange in mining. This research examines blockchain's capabilities, drawing insights from its applications in sectors like banking, government, healthcare, and entertainment, and evaluates their relevance to mining's core value chain processes. The study identifies blockchain's distributed ledger technology, cryptographic security, and decentralization as unique advantages that can revolutionize mining by enhancing transaction speed, reducing costs, and improving supply chain transparency and compliance with sustainability standards. Blockchain's transparent and auditable records can enhance business transparency, fostering trust among stakeholders, including investors and regulatory bodies. The technology's consensus mechanisms and smart contracts further promote trust in collaborative ventures. This research provides a foundational understanding for decision-makers in the mining industry to evaluate blockchain's feasibility and potential return on investment, guiding strategic planning and resource allocation for blockchain applications. By leveraging blockchain, mining companies can optimize operations, improve sustainability practices, and establish a robust foundation for future growth, positioning blockchain as a transformative technology in the sector

Jul 10, 2024