Search Documents

By Keith L. Harris

The U.S. economy continued to grow moderately in the third quarter, but at a slightly higher rate than in the previous quarter. According to the Department of Commerce's preliminary estimate, real gross national product (GNP) grew at a seasonally adjusted annual rate of 3.3% during the third quarter of 1985, compared with a revised 1.9% for the second quarter and 1.6% for the third quarter of 1984 (table 1). Civilian unemployment dropped from the constant 7.3% rate between February and July to 7.0% in August and 7.1% in September. Employment on nonagricultural payrolls continued to increase (table 2), resulting in a continued rise in personal income, which in turn supported growing consumer purchases. Although purchases of services continued to provide the underlying foundation for the economic growth, the manufacturing sector received additional stimulus from significant increases in consumer purchases of durable goods, particularly automobiles. The increased demand for durable goods resulted in significantly higher industrial production for August and September, compared with levels attained previously this year (table 3). Capacity utilization increased to 80.5% in August but returned to 80.2% in September, matching the 1985 low previously reached in July (table 4). The real net export deficit grew only $0.2 billion in the third quarter; at $34.0 billion, however, it continued to exert a negative influence on the economy. On September 22, in an effort to reduce the deficit and make U.S. goods more competitive on world markets, the U.S. Government agreed to cooperate with the Governments of France, the Federal Republic of Germany, Japan, and the United Kingdom in attempting to lower the-value of the dollar in relation to other world currencies. Low inventories, rising factory orders and construction spending, the possibility of a lower U.S. dollar, and aggressive automobile production plans announced by domestic producers for the fourth quarter indicate the potential for an increase in manufacturing activity in the United States.

Jan 1, 1985

By Roberto Antoniolli

"IntroductionSINCE ancient times, the precious metals have played an important role in influencing the course of history. Silver and gold happened to occur, although in small amounts, in those countries where the early civilizations developed. Their persistent brightness certainly amazed the primitive people, who also found it easy to shape them into ornaments •and implements. Ever since then their properties have made them seem desirable possessions.Use of precious metals as money was the natural consequence of man's desire for them. The possibility of changing an ornament into a tool or food at any time, and the ease with which such medium of exchange could be carried and hidden, further increased the demand for the two metals.Silver was probably discovered after gold and copper, and was undoubtedly found by prehistoric man as native silver. The oldest silver articles have been discovered in Chaldean tombs and date back to 5000 B.C. The earliest ascertained producers of silver were Asia Minor and the Iberian Peninsula. The Romans worked deposits in Spain, Britain, and France. In the Middle Ages, some silver was extracted from German deposits, and near the end of the Middle Ages systematic workings were carried on at Freiberg, Schneeberg, and Joachimsthal (1).Before the discovery of the New Continent, the Aztecs and Toltecs in Mexico, and the Incas in Peru, had made extensive use of silver. In the 16th century the Mexican deposits became the largest source of the world silver."

Jan 1, 1954

Real economic growth for the year will most likely exceed the Administration's estimate of 3.2%, up from 2.9% in 1986, unless consumers change their spending patterns more than expected as a result of the October stock market decline. The economy grew at a real annual rate of 3.7% in the first three quarters of the year, Analysts agree that the stock market decline will slow economic growth-- most have lowered their growth expectations for 1988 by about 1%; but few would argue that the economy will slow significantly in the fourth quarter of 1987. [ ] During this economic recovery, personal consumption expenditures provided the main impetus for growth and a deeping trade deficit, the main hindrance to growth. In 1987, however, personal consumption expenditures grew at a lower rate than the overall economy. Mush of the economic growth resulted from a reduced trade deficit and growing investment by business in equipment to improve productivity and to meet the domestic and foreign demand for products. The declining value of the dollar resulted in a better competitive position for U.S. goods but also contributed to a rising rate of inflation as imports rose in price. Inflation, as measured by the fixed-weighted index for gross national product, was still far below the rates in the early 1980k, however. More than 2 million jobs were created during the year, predominantly in the service sectors of the economy, and the monthly unemployment rate in September fell to the lowest level in a decade. Then, after 13 months of decline, the unemployment rate edged up 0.1 percentage point to 5.9% in October.

Jan 1, 1987

By AIME AIME

R. A. Hadfield, W. H. Bleckly, The Rt. Hon. Sir James Kitson, Bart., M. P.', E. Windsor Richards, E. P. Martin, Andrew Carnegie, Sir Hugh Bell, Bart., Bennett H. Brough. Patrons. Adamson, Joseph, & Co., Hyde; Aird, John, & Co., London ; .Akrill, C., & Co., Ltd., West Bromwich ; Anderson Foundry Co., Ltd.,. Port Clarence, Middlesbrough ;. Armstrong, Sir W. G., Whitworth & Co., Ltd., Newcastle-on Tyne ; As¬sociated Portland Cement Manufacturers (1900), Ltd., London; Babcock & Wilcox, Ltd., London; Baird, William, & Co., Ltd., Glasgow ; Baldwin's, Ltd., Stourport; Barclay, Andrew, Sons & Co., Ltd., Kilmarnock; Barrow Hematite Steel Co., Ltd., Barrow-in-Furness; Bayliss, Jones & Bayliss, Ltd., Wolverhampton ; Beardshaw, J., & Son, Ltd., Sheffield ; Bell Brothers, Ltd., Middlesbrough ; Bolckow, Vaughan & Co., Ltd., Middlesbrough ; Booth, Joseph, & Bros., Ltd., Leeds ; Briton Ferry Works, Ltd., Briton Ferry; Butlin, Thomas, & Co., Ltd., Wellingborough ; Butterley Co., Ltd., Alfreton ; Byrne, James, & Co., Middlesbrough; Cargo Fleet Iron Co., Ltd., Middlesbrough.;. Carnforth Hematite Iron Co., Ltd., Carnforth ; Cochrane & Co., Ltd., Middlesbrough ; Coltness Iron Co., Ltd., Glasgow ; Colville, David, & Sons, Ltd., Motherwell ; Consett Iron Co., Ltd., Consett ; Cooke, William, & Co., Ltd., Tinsley ; Craggs, R., & Sons, Ltd., Middlesbrough ; Darwen & Mostyn Iron Co., Ltd., Mostyn ; Dorman, Long & Co., Middlesbrough ; Dunlop, J., & Co., Ltd., Glasgow ; Ebbw Vale Steel, Iron & Coal Co., Ltd., Ebbw Vale ; Engineer, The, The Proprietors. of, Lon¬don ; Engineering, The Proprietors of, London ; Etna Iron & Steel Co., Mother¬well ; Farnley Iron Co., Ltd., Leeds ; Firth, Thomas, & Sons, Ltd., Sheffield ; Rather, W. T., Ltd., Sheffield ; Fraser & Chalmers, Ltd., Erith ; Frodingham Iron & Steel Co., Ltd., Doncaster; Gjers, Mills & Co., Ltd., Middlesbrough ; Glenboig Union Fire-Clay Co., Ltd., Glasgow ; Glengarnock Iron & Steel Co.; Ltd., Glengarnock ; Guest, Keen & Nettlefolds, Ltd., Birmingham ; Hadfield's Steel Foundry Co., Ltd., Sheffield ; Hall, J. & E., Ltd., Dartford ; Harkness, W.; & Sons; Ltd., Middlesbrough ; Harrison & Co., Ltd., Lincoln ; Head, Wrightson & Co., Ltd., Stockton-on-Tees ; Hill, John, & Co., Middlesbrough ; Hingley, N., & Sons, Ltd., Dudley ; Hopper, John I., Ltd., Thornaby-on-Tees; Hull Forge Iron &-Steel Co., Ltd., Hull; Iron and Coal Trades Review, The Proprietors of, London ; Ironmonger, The, The Proprietors of, London ; Jackman, Joseph, & Co., Ltd., Sheffield ; Jessop & Appleby Bros., Ltd., Leicester and London ; Jes-

Nov 1, 1906

Since early July, domestic producer listings in primary aluminum ingot have been at 53¢ per pound. Dealers, however, lowered their August quotes by 1.8¢-2¢ to 47.5¢-48¢ per pound. BITUMINOUS COAL AND LIGNITE -The wildcat strike of UMWA coal miners which began on June 23 in protest of cutbacks in medical benefits appears to have ended. According to the West Virginia Coal Association on September 7, 1977, all mines in West Virginia were back in operation on September 6 and again on September 7. The Kentucky Coal Association reported approximately 2,500 miners were on strike in eastern Kentucky on September 6, but there was full employment on September 7.

Jan 1, 1977

Wildcat strikes in the Appalachian coal fields, primarily in West Virginia, have resulted in an estimated 4.5 million ton loss in coal production during July and through the first week in August. Since then, the strike intensified further, and on August 9, nearly all of West Virginia's 60,000 miners were off the job with another 10,000 miners on strike in eastern Kentucky. The Bureau of Mines estimates that West Virginia's coal output is currently (8/9) eight million tons below last year when the state produced 108 million tons. West Virginia, the Nation's second largest coal producer of coal behind Kentucky, has not failed to mine over 100 million tons a year since 1938. At the end of the second week in August, nearly all coal miners in West Virginia remained out. The strike is a protest against a cutback in union health and retirement benefits. An announcement June 23 about the United Mine Worker's health and retirement fund precipitated the strike, Fund directors said that because of inflation and production losses caused by earlier wildcat strikes and the severe winter, miners would have to pay the first $250 of hospital costs and 40 percent of doctor bills, up to $500 a year. Previously, the funds paid all hospital and doctor bills. According to the West Virginia Coal Association each day of the strike in West Virginia results in a loss of coal production of 500,000 tons, a loss of $3.8 million in miners wages and $1 million in contributions to the UMWA's health and retirement fund.

Jan 1, 1977

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

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

It is a pleasure to submit to the National Critical Materials Council (Council) some of my thoughts concerning the important tasks which lie before you. It long has been my belief that America's economic health and national security may depend to a substantial degree on whether we have available to us an adequate supply of critical and strategic materials at reasonable cost. To the extent the Council can contribute to the identification and implementation of wise public policies which facilitate the achievement of that goal, we and our children should be grateful. Even before assuming office, President Reagan warned of the danger of undue dependence on imported materials essential to the Nation's defense and economic well-being. After his election, he appointed a transition task force on strategic and critical materials, and he later directed the Cabinet Council on Natural Resources and Environment to prepare .a National Materials and Minerals Program Plan and Report to Congress, which he forwarded to the Congress in April 1982. In 1984, my predecessor, Secretary Clark, established the National Strategic Materials and Minerals Program Advisory Committee, popularly known as the "Mott Committee" because of its distinguished chairman, retired Admiral William C. Mott.

Jan 1, 1986

By Gordon T. Austin

The combined value of production of natural abrasives, which include tripoli, special silica stone, garnet, staurolite, and emery, increased about 4% in 1990. The increase in the value of tripoli production was the result of an increase in the unit value. Emery increased owing to an in? crease in the volume of the material produced and an increase in the unit value. Special silica stone experienced a decrease in unit value and an increase in the quantity produced. Garnet showed a 10% in? crease in quantity and a 73% increase in unit value. Staurolite decreased about 8% in the quantity produced, and the value of production decreased about 10%. The fused aluminum oxide industry showed a 5% decline in the quantity produced and in the value of production. The silicon carbide industry saw a 10% decrease in the quantity produced and a 9% decrease in the value of production. Production for both industries decreased 7% in quantity and value compared with those of 1989.

Jan 1, 1993

By George H. Willis

In the second half of the nineteenth century, bimetallism progressively replaced by gold standard. After World War I and 1931-33 depression, gold mainly reserved for official international transactions and internal use restricted. Changes since 1971 have shrunk official international use of gold. International payments deficits and surpluses now financed by private and official credit, rarely by gold. Historical review covers evolution of: (1) internal and external private use, (2) internal official use, (3) external official use, (4) role in IMF and (5) use as unit of account.

Jan 1, 1978

The contribution of minerals to the growth and development of the United States is best demonstrated by the uses which have evolved during the past two centures. During pre-Revolutionary days the colonies were essentially agricultural in character, producing cotton, tobacco, rice, indigo, grains and flour, fish, livestock, dairy products, and timber. Shipbuilding was the major manufacturing industry. In 1763, the total value of exports for Virginia, Maryland, New York, Pennsylvania, and Massachusetts was £2,722,000, of which £55,000, or 2 percent, was for "copper ore, and iron in pigs" (3)1 and £49,000 was for 21,000 barrels or hogsheads of "pot-ash." The value of 75 ships built for sale in 1763 by the colonies was £61,500.

Jan 1, 1976

Electric power curtailments resulting from the coal strike, required Noranda Aluminum, Inc. to shut down its 140,000 ton-per-year (tpy) primary aluminum smelter at New Madrid, Mo., and layoff 308 workers. Other primary aluminum production facilities affected by the coal strike included the Aluminum Company of America plant at Evansville, Ind. which shut down half of one potline; the Eastalco Aluminum Co., smelter at Frederick, Md., which cut production by 7 percent; and the National-Southwire Aluminum Co. plant at Hawesville, Ky. which cut production by 6 percent. Alumax, Inc. announced that construction had started on a 91,000 tpy potline at the Eastalco primary aluminum smelter. The new potline will be owned 65 percent by Alumax and 35 percent by Mitsui & Co. Ltd. Howmet Aluminum Corp., which currently owns 50 percent of the existing 176,000 tpy facility, has the option of becoming a 50 percent owner of the third potline in 1982. Construction of the new line was scheduled to be completed in 1980.

Jan 1, 1978

By Gordon T. Austin

The combined value of production of natural abrasives, which include tripoli, special silica stone, garnet, staurolite, and emery, increased in 1993. The increase in the value of tripoli production was the result of an increase in total production. Special silica stone experienced an increase in unit value but decrease in the quantity produced. Garnet showed a 19 % decrease in quantity and an 8 % decrease in value. Staurolite increased about 51 % in the quantity produced and 136 % in value compared with those of 1992. Staurolite's significant increase in value of production resulted from a 56 % increase in the unit value. The fused aluminum oxide industry showed an 8 % decrease in the quantity produced and a 13 % decrease in the value of production. The silicon carbide industry saw an 11 % decrease in the quantity produced and an 8 % decrease in the value of production. Combined, the industries decreased 9 % in quantity and 11 % in value compared with those of 1992.

Jan 1, 1993

The value of domestic raw nonfuel mineral output in 1985 was estimated at $23.7 billion, 2% above the 1984 value of $23.1 billion. This crude mineral output was the basis for approximately $244 billion worth of processed materials of mineral origin. [ ] A U.S. company permanently closed its alumina plant in St. Croix, U.S. Virgin Islands, reducing domestic alumina capacity by 10%. Another U.S. company sold its 26% interest in an alumina plant in Jamaica to its two U.S. partners. On completion of the purchase agreement, the two remaining partners promptly closed the plant for an indefinite period, citing a world oversupply of alumina and unacceptably low prices.

Jan 1, 1986

U.S. demand for building and construction materials, such as construction aggregate, gypsum, and cement, remained strong in 1989. Cement imports declined slightly, representing about 17% of apparent consumption compared with 19% in 1988. Mexico, supplying 29% of the total, was the primary source of imports, followed by Canada with 21 %, Japan with 14%, and Spain and Greece with 10% each. Mexico was also the target of an antidumping petition, filed by producers in Arizona, Florida, New Mexico, and Texas, alleging that Mexican cement was being sold in these areas at less than fair value. This was the second petition filed against Mexico in the last 3 years. The International Trade Commission made a preliminary determination that the cement industry in these regions was materially injured by Mexican imports. U.S. demand improved for construction aggregate for the fourth consecutive year and was at a near-record level. The U.S. gypsum industry performed well, even though new housing starts decreased for the third consecutive year. Increased U.S. exports of gypsum wallboard and strength in the remodeling markets offset the impact of declining housing starts.

Jan 1, 1990

By Charles W. Merrill

THE INDUSTRIAL strength and the security of the United States require an adequate, dependable, and continuing supply of raw materials, of which minerals constitute an indispensable segment. With an expanding population, a rising standard of living, and the instability inherent in a constantly changing international situation, the mineral supply outlook is a major national concern. Structures, roads, and machines are built largely of mineral products; the energy to heat the structures and to power the machines is derived mostly from minerals; agricultural out-put is sustained with the aid of mineral fertilizers; and the Nation's economic and military security both are founded ultimately on its ability to obtain and utilize essential metals, nonmetals, and mineral fuels.

Jan 1, 1965

By Michael Rieber

Mineral economics interfaces the mineral sciences and engineering with finance and economics in the analysis of appropriate questions facing the minerals and energy industries. Its practitioners include those trained in the earth sciences; mining, petroleum, and geological engineering; metallurgy and mineral preparation; as well as finance, information systems, economics, and statistics-most usefully in one or more combinations. Allowing for some overlap, three general areas may be identified: evaluation, economic analysis, and resource appraisal. Evaluation begins with mine investment analysis (exemplified by Gentry and O'Neil, 1984) and process costing, for which the STRAMM Handbook (Anon., 1977) provides a well-known basis for mining and beneficiation. But it extends from property appraisal, often used for the determination of taxes and royalties, through the determination and comparison of transport costs (e.g., Richer and Soo, 1977), and to benefit/cost analyses of externalities. Economic analysis, the subject of this section, is displayed in rigor and extent both theoretically and as applied to commodity classes in Vogely (1985), but it is implicit though apparent throughout Lefond (1983). The text edited by Vogely places minerals in their aggregative context with economic growth and trade, proceeds to the theoretical analysis of minerals and their markets, analyzes the structure and performance of the major mineral sectors, and concludes with policy issues: fuel, nonfuel, and environmental. Resource appraisal employs quantitative methods for the estimation of mineral and energy resources. It moves through geologic, geophysical, and geochemical properties to the identification of estimation procedures for mineral endowment and for the economic measure of stocks and flows of specific minerals (Harris, 1984). It can be used to estimate the probable amount of a specific resource remaining in a given region and has been used to project sites in a specific

Jan 1, 2008

By NEFE NONE

Possible New U.S. Half-Dollar. - Tile George Washington Commemorative Coin Act, H.R. 3133, was introduced in the House and approved by the House Banking Committee. It would allow the minting of at least 10 million commemorative silver half-dollars the size of the same coin produced before 1965. A companion bill, S. 1228, was introduced in the Senate. Taxes and the U.S. Minerals Industry. - The General Accounting Office completed a report to Congress on "Assessing the Impact of Federal and State Taxes On the Domestic Minerals Industry." the study presents a quantitative method to assess the effect of taxes on profitability, and suggests ways to use taxes or tax credits to help marginal mine operations and possibly to increase mineral production, Limited copies of the 139-page report are available free of charge from U.S. General Accounting Office, Documents Handling & Information Sevices Facility, P.O. Box 6015 Gaithersburg, Md. 20760.

Jan 1, 1981

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'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' 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' 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