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By Douglas D. Donald

The financial analyst's job is to make an objective appraisal of the investment opportunities which exist within the various industries under his supervision within the context of the economic model provided by his firm and the a climate of investor sentiments. Industry analysis is critical. When a major investment trend develops, usually the stock of all companies within the specific industry react in the same direction. I should emphasize here, however, that an investment trend is influenced by the economic outlook, but economics is not the only determinant - investor psychology and arbitrary political factors may be of equal or greater importance. Part of our job is to recognize trends early and determine whether they are valid. Following industry analysis, the analyst must examine the specific companies within that industry since some companies usually react more violently than others to industry trends, whether they be favorable or adverse. To simplify the process of evaluating an investment opportunity, it is convenient to isolate three types of factors which have a bearing on every sort of business although the degree of influence of each factor may vary from industry to industry. These categories are, 1) independent or external factors insofar as they are beyond the control of corporate management, 2) interdependent factors insofar as influence may be exerted by industry-wide action, and 3) dependent factors covering the area of internal decisions which are basically under the control of the individual corporate managers. Although the title of this paper, "The Corporate Use of Cash Flow," is only one segment of the third category, it may be useful to continent on the first two categories as well. The independent factors may be either economic or governmental. The economic factors include cyclicality which may be very high in the case of the basic commodity industries or relatively low as in the case of utilities. Underlying growth rates, another independent factor, may range from the business equipment industry with an annual growth rate of 14% through the electric utility industry with a growth rate of about 7% per year to the

Jan 1, 1970

By Paul L. Russell

Introduction As the US and world population increases, so does the problem of supplying expanding energy needs. Early requirements worldwide were mostly met by abundant forest vegetation. Man's large scale use of minerals-energy resources is a fairly recent development. It occurred only during the past 200 years. Coal was the first mineral fuel to be used extensively. It was not a large factor in US energy production until the beginning of the 19th century. Petroleum and natural gas use is about 125-years-old. Electricity generation by falling water is about a century old. Atomic energy is only about 30-years-old. Extensive use of it is still in the future. Solar energy is in its infancy. Other energy sources such as wind, peat, and geothermal energy are minor and primarily of local importance. There were three main features of the fuel supply picture during the past 125 years. By 1900 coal replaced wood as the principal energy source. Since 1900, oil and gas have captured many coal markets. And after the mid-1970s, there was a resurgence of coal usage. (Figs. 1 and 2). Wood Until the advent of mineral fuels for energy, the major global energy source was wood. But populations increased and became centered in towns and cities. The problem of a sufficient energy supply first developed as nearby, easily obtained wood was exhausted. This problem became more acute as industries such as shipbuilding, smelting, and pottery making, became more widespread. Results of wood use as an energy source and building material are starkly evident in areas of the world where civilization is oldest. Entire forests were consumed and have never been replaced. In the US, wood supplied 90% of all fuel requirements until about 1850; and more than 50% until after 1880. By 1900, wood still supplied 20% of all energy uses. In the mid-1970s, energy costs increased, due largely to the oil embargo. This increase resulted in an increased wood demand for domestic heating. While large quantities of wood were being used, its share of the total energy market was still less than 3%. By 1983, wood was becoming increasingly scarce and more costly near most large US cities. Wind Wind powered ocean vessels for many centuries. Sailing ships were still common in 1900. Windmills provided an early, cheap energy source and continue to be used today on farms. Design and development of windmills for electricity generation is being conducted. Interest in wind power is growing worldwide where availability of wind currents warrants the investment. Also, US regulation requires power companies to "buy back" electricity generated by windpower in excess of that used by the windmill owner. Coal By the 1600s, England was producing, 900 kt/a (1 million stpy) of coal for heating and other uses. The first coal-fired blast furnace for iron smelting was developed in 1621. Coke-making was developed in 1755, and Watt invented the steam engine in 1769. Illuminating gas made from coal was introduced in London in 1800. During this same 200-year period, France and Germany developed coal production, but on a smaller scale than England. US, bituminous coal was mined near Richmond, VA, as early as 1748. Major bituminous coal-producing states in the early period were Pennsylvania, Virginia, Ohio, Kentucky, Illinois, and Maryland. West Virginia replaced Virginia as a major producer, when that state was formed in 1863. As the US expanded west, new coal deposits were found and exploited. Indiana, Alabama, Tennessee, Iowa, Kansas, Missouri, Washington, Colorado, Wyoming, Arkansas, Oklahoma (Indian Territory), Montana, New Mexico, and Texas had significant coal mining operations by 1900. Today the eight major coal producing states are Kentucky, West Virginia, Pennsylvania, Illinois, Ohio, Virginia, Wyoming, and Montana. These states accounted for about 80% of all coal (lignite, bituminous, and anthracite) produced in the US during the past several years.

Jan 8, 1984

By Arnold E. Lamm

The degree of economic, progress of a nation is measured by its possession and use of energy, sources. The future of coal in the West hinges on its ability to participate and grow in the energy market. A source of energy is, in the long run, only as good as the ability of the industry to develop its reserves economically. The economic development of the tremendous coal reserves, literally hundreds of billions of tons of coal in the States of Colorado, Utah, Wyoming, Montana, New Mexico, and Arizona, poses a very real question in the light of the known mining technology of our day. Basically in America today, coal is mined from the earth either by the strip mine or underground mine method; in the West, the large long-term, contracts now in force with utilities are mostly from coal mines utilizing the strip mine method. However, the preponderance of the known coal reserves of the West are located deep underground and will have to be mined by the various; underground mining processes. The problems encountered in the West with regard to underground mining vary from state to state but, on the whole, do not present what might be considered a miner's bonanza. I do not mean to' infer that the underground coal of the West is unmineable, but I do want to emphasize that the tremendous reserve figures do not present a true picture in the light of present day technology.

Jan 1, 1965

By P. Songfack

In this work, the slurry flow in the ball mill is solved with Navier-Stokes' equations and the marker and cell technique (MAC), which tracks the fluid-free surface. Considering different planes in the radial and axial directions, this numerical approach leads to the direct calculation of the slurry velocity profile, mill holdup, and volumetric flow in the ball charge and pool. The MAC technique takes as input, the results of a direct three-dimensional simulation of the motion of grinding media, and in turn, provides a detailed knowledge of the hydrodynamics of slurry flow through the porous structure of ball load. This technique is a new approach to the mass transport problem that overcomes the limitations of indirect studies such as residence time analysis and holdup measurements.

Jan 1, 1994

By T. C. Crosby

Grinding has a marked effect on concentrator recovery and opera- ting cost, improved operation through automatic control can enhance plant performance. The correct application of automatic control can only be accomplished after the basic process variables and their effect on mill operation have been defined. This paper develops a control system for a closed circuit grinding system. Typical control systems such as feed, water flow, level and circulating load are discussed. A method of determining controllability is outlined using the calculated reaction curve technique. Various successful methods of automatic grinding control applications are discussed and future possibilities are outlined. Although this paper primarily deals with closed circuit wet grinding circuits, the principles involved can be readily applied to other processes.

Jan 1, 1966

By D. R. Gladwell

This study examined the-feasibility of clay mineral identification and quantification by reflectance radiometry and subsequently developed a computer algorithm for deconvolution of the component spectra. Clay mineral analysis of 53 rocks and soils from Alberta, Saskatchewan, Ontario and Nevada by X-ray diffraction (XRD) compare favourably with the radiometric determinations. The application of the technique to precious metal exploration was examined at the Horse Canyon epithermal gold deposit, Cortez Mine, Nevada where low levels of illite and kaolinite are present alongside local silicification. Consequent on the success of the laboratory and field work a field portable clay mineral analysis system was designed and constructed.

Jan 1, 1985

By Jr. Bacon

Kaolin clay is one of the yeoman minerals. It sees duty in almost every aspect of our lives: -in and on most paper products (from modern newsprint to National Geographic and packaging board) sometimes as much as 25% (by weight) of the product -40% of the tile (ceramic, rubber, and linoleum) you walk on. -15 % of the tires you ride on, -30% of the fiberglass filaments in circuit boards, bathtubs, boats, doors, and more, -25% of many housepaints, adhesives, grouts, caulks, and putty -30% of sparkplugs, power insulators, dinnerware. and toilets, -50% of most catalysts (both cracking and emission control) -20% of cosmetic powders. -20% of wire insulation, and animal feed to rocket insulation!

Jan 1, 1993

By G. R. Green

The centre of the mining operations of the International Nickel Company, Ontario Division is Sudbury, a city of 160,000 population located 240 miles northwest of Toronto (Fig. 1). Within thirty miles of this city and located around the rim of the geological formation known as the Sudbury Basin are the ten underground mines and one open pit operated by the Company (Fig. 2). There are also four developing mines, three in the Sudbury area and one at Shebandowan, near the city of Thunder Bay, Ontario and approximately 150 miles north east of Duluth, Minnesota. In 1971 the mines produced 22,800,000 tons, 20,600,000 tons from underground and the balance from open pits. Also located in the Sudbury District are facilities to extract and refine the metals contained in the ore. There is a nickel refinery located at Port Colborne on Lake Erie. An additional nickel refinery is under construction near Sudbury. Fifteen elements are recovered from the Sudbury ores, nickel, copper, iron, sulphur, gold, silver, cobalt, tellurium and the six platinum group metals, platinum, palladium, iridium, rhodium, ruthenium and osmium. In 1966 a major expansion program was undertaken to meet increasing market requirements. Coinciding as it did with a severe

Jan 1, 1972

By T. Yukimasa

Hachinohe smelter, a zinc-lead blast furnace complex with the annual capacity of zinc plus lead of 100,000 tons, had originally treated normal zinc and lead sulfide concentrates. However, it is currently handling a great variety of raw feeds ranging from complex sulfides to oxidic recycled materials in view of resource economy, most of which are unsuitable for zinc electrolysis. This paper reports on some significant efforts recently carried out on improving sintering operation, i.e., the increasing use of secondaries against harmful ingredients like halogens, and the substantial reduction in energy use as the results of various modifications and improvements.

Jan 1, 1982

By Ray W. Ballmer

Historically, Bingham is a rail pit, starting with steam locomotives in 1906 and converting to electric locomotives in 1923. Ore production was maintained through an effective utilization of available rail equipment. From time to time as it became necessary to deepen the pit and as stripping ratios increased, various studies were made on alternate material haulage systems. Utilization of diesel locomotives, conveyor belts, and trucks have all been subjects of study, however, conversion from rail haulage utilizing electric locomotives could not be justified. Because of the gradual decline in ore grade, a program was approved in 1963 to raise ore production to 108,000 tons per day. This was designed to return copper production to the 1950 level. Attainment of this production level by expansion of the rail system had definite limitations and built-in inflexibility. Track and trolley wire relocation causes shovel down time in excess of that required for normal maintenance. Instability of the dumps and the resulting additional track maintenance increases greatly as the volume of waste material to be handled daily expands.

Jan 1, 1965

By Gordon Lewis

The Penjom Gold Mine is one of the world's worst preg-robbing gold ores, yielding very low recoveries from traditional CIL methods. Gold recovery from the cyclone underflow was targeted to recover as much gold as possible in the absence of the fine preg-robbing carbon. Gold is recovered by intensive cyanidation and tabling of a gold concentrate produced by gravity from the cyclone underflow. The circuit was designed together with Gekko Systems and uses their InLine Pressure Jig and InLine Leach Reactor technology to reject the preg-robbing carbonaceous material and obtain high recoveries from the gravity concentrate before over grinding the carbon and sulphides. The gravity and intensive cyanidation circuit now recovers almost 50% of gold in new mill feed, with unit recovery in intensive cyanidation of up to 90%, the highest unit recovery in the plant. Operating costs for the gravity and intensive cyanidation circuit are under US$2.50 per oz, while the cost to recover gold from the cyclone overflow is -US$200 per oz. (not including common costs of milling, stripping and electrowinning). Figure 1 shows the increase in gold recovery due to the gravity and ILR circuit coming on line at Penjom.

Jan 1, 1999

By Daniel W. Kappes

Until recently, the general expectation among mining compa­nies and financial analysts has been that the price of gold would remain on a generally upward slope. The recent drop in the price of gold has caused many people to re-think the issue. Of course, the price of gold is singularly difficult to predict, so it is difficult to tell which concept is correct. In the present financial situation, however, many junior gold companies are faced with the reality that money is hard to raise, and many senior gold companies find that they are facing a period of corporate losses even though they own solidly producing mines, As engineering consultants, Kappes, Cassiday has recently received several requests to review conventional milling projects to see if heap leaching is a more viable option. In regard to straight financial criteria such as return on investment and net present value, the question is usually fairly easy to answer. However, corporate decisions must often be based on less definable criteria. For instance, new stock issues tend to be more successful if they are larger, which tends to favor milling operations over heap leaches. The corporate issues are often subjective and difficult to generalize about, so I will con­centrate in this paper on a few financial concepts.

Jan 1, 1998

By N. S. Tombs

This paper presents the experimental results of an ongoing investigation into various properties related to the performance and durability of concretes made using existing and new cement replacements. The process of cement and concrete production is investigated focusing on product performance and environmental performance. The overriding factor for the progression of a material will be product performance however; each material selected will have many intrinsic environmental benefits. The study combines Ordinary Portland Cement (OPC) with each cement replacement candidate using the most common replacement percentages, 10, 20, 25, 30 and 50 percent. A 35N/mm2 concrete is then prepared and analysed in the fresh and hardened state. In addition, a chemical and physical analysis of each replacement material has been performed and results compared to the control samples containing OPC only and Ground Granulated Blast Furnace Slag (GGBS) as a replacement. The results show that in their present form the replacements used in this research do not compare with the strengths achieved by the controls. The right balance of chemical composition and particle grading needs to be achieved to produce a realistic replacement material. The processes required to achieve this must strike a balance between monetary and environmental cost.

Jan 1, 2006

By John Brett

BHP Australia Coal Pty. Ltd. (BHPAC) manages and, through its parent company BHP, partly owns seven large opencut mines in the Bowen Basin of Central Queensland, Australia. In terms of developments in surface mining in Australia, the operations of BHPAC are as representative as any. The seven mines managed by BHPAC produce a combined total of about 40 Mt/a (44 million stpy) of mostly high quality coking coal. They also produce small but increasing amounts of thermal and PCI coal. Virtually all of the coal produced is sold on the export market. In 1993, Australia exported 133 Mt (146 million st) of coal. Salable production was 172 Mt (189 million st) in New South Wales and Queensland and 180 Mt (198 million st) nationwide. Mining systems Surface coal mines in Queensland can be typified as large, long-strike-length, shallow-dipping and sometimes multi-seam dragline operations. There are exceptions. Blair Athol, for instance, works a 30- to 40-m (100- to 130-ft) seam beneath shallow cover but is still a dragline operation. Moura is truly multi-seam and steeper dipping but also is still a dragline operation. Mines in the Ipswich area are small shovel-truck operations.

Jan 1, 1995

By R. Addison, P. V. Avotins, D. W. Kestner, M. F. Dibble, L. A. Haas, M. D. Flavel, D. Halbe, D. J. Barratt, G. V. Jergenaen

Mineral processing in 1980 can be described by several key words, familiar to the industry throughout the past decade: complex, low grade, environmental, energy, high tonnage, and economics. Flowsheets have become more complex in order to treat lower-grade, finer-grained, more complex ores and still meet environmental and economic constraints. Operators and researchers have had to cope with these problems, which have resulted in marked trends in mineral processing. The use of advanced instrumentation in process monitoring, control, and modeling has been increasing to deal with fluctuating ore grades, higher plant capacities, rapidly rising operating costs, and process complexities. The industry has been presented with new generations of equipment that reportedly do the job more efficiently and at a reduced cost. The need to meet stricter air and water environmental standards has resulted in a concerted effort by the mineral industries to obtain an appropriate balance between the needs of mining and mineral processing and the requirements for proper environmental, safety, and health protection. Energy and economic considerations have led to increased equipment size, particularly in grinding, flotation, and conveying. Throughout all phases of mineral processing there has been an effort to reduce energy consumption. One avenue followed by researchers and operators was the testing and use of chemicals to reduce energy requirements.

Jan 5, 1981

By N. Djordjevic

The vibration energy that travels beyond the zone of rock breakage is wasted - all it does is cause damage and annoyance. Under favorable geologic conditions, this energy may travel many kilometers before it finally drops bellow the background noise level. This has forced the introduction of more restrictive limits to the allowable vibration levels. To maintain the profitability of a mine or quarry and to comply with environmental protection legislation, blasting needs to be performed in a more predictable way that will ensure that the final results are optimal in both mining and environmental terms. Minimization of ground and induced structural vibration is, therefore, a matter of good blasting practice - not just an attempt to avoid complaints from neighbors. A new approach to blast vibration minimization is presented. The method utilizes the existence of the local minimums in the frequency spectrum of single-hole blast vibration. The results are presented as a delay map showing maximum ground or structural vibration velocity for many combinations of interhole and interrow delays. A blast engineer can use this map to select an optimal combination of delays that will produce a low vibration velocity at a selected location and, at the same time, will be acceptable from the point of view fragmentation or muck pile shape.

Jan 1, 1997

By R. L. Roller

In recent years, there have been many articles and papers written on the use of specially designed belt conveyor systems in mining operations, either economic studies or actual experience. These papers generally conclude that the use of these systems can reduce overall costs from 10% to 40% over conventional methods using general purpose equipment (truck/shovel, scrapers, etc.). However, they also generally conclude that conveyor systems are inflexible and capital intensive. With the increasing cost of mobile equipment, the capital cost conclusion is losing steam, particularly when the costs of maintenance shops, road and ramp construction and other related start-up costs are thrown in. Attention here will be focused on answers to flexibility related questions, but first, a look at costs in general. Basic production economics tell us that when we have a small job to do, it is cost effective to use simple, low cost, general purpose tools which will have a minimum impact on total cost. It also tells us that when we have a large project, we can employ methods using special, relatively expensive production tools. Figure 1 illustrates what occurs on projects, of different sizes, with various quantities of production. With small quantities of work, the cost per unit of work starts out much lower using general purpose equipment, rather than using special purpose methods and equipment. However, at a relatively low quantity of work, the cost hits a lower limit and, regardless of how great the quantity of work, the unit cost can never go any lower.

Jan 1, 1985

By James P. Odendahl

Missouri is a state rich in mineral commodities. There is a variety of types of mining as well as minerals in the state. Different phases of mining are controlled by a variety of state and federal laws. What I hope to do today is to present briefly some of the interaction and interplay that has occurred in the recent years between the mineral industry and the Missouri regulatory agencies, as well as some of the interactions by federal agencies. First a little history which dates back to the late 1600's. For many years Missouri has been a leader in the production of lead and zinc. In fact, recent studies have indicated that Missouri produces better than three-fourths of the nation's present lead supply. Less well known but important resource is iron mining. Some of these operations were the source of confrontation during the Civil War. Major battles were fought in and around Ironton, Missouri where iron mining has occurred for many years. One of the largest pelletizing operations in the state is currently located within the city of Ironton. Joplin, Missouri, the home of Thomas Hart Benton, the famous Missouri painter, has a history of lead and zinc mining, going back to the later 1800's. Many of the paintings by Benton contain reference to the early days of mining in Missouri. There is a Benton mural in the City Hall at Carthage depicting the early days of lead mining in that area. Later, the center of lead mining moved to southeast Missouri near Bonne Terre and Flat River. The names of the towns in this area reflect the history of mining, examples - Leadington, Old Mines, Rivermines, etc. The history of lead mining in Missouri has been referred to in some detail in various publications(l).

Jan 1, 1977

By Odin Wilhelmy

Agriculture in the United States today is becoming more and more a business, rather than a way of life. In the light of this, it behooves the farm-supply industries that provide the American farmer with his tools of production--feed, fertilizer, machinery, and the like--to give even greater attention than they have in the past to meeting the needs of the farmer-businessmen they are serving. Increasing competition among the companies that make up these industries merely accentuates this need for better service. An opportunity for such improved service, not yet fully realized, exists in the fertilizer industry today. That opportunity lies in the increased transportation of fertilizer ingredients by water. However, before the benefits inherent in this increased water movement of fertilizers can be fully realized, certain obstacles must be met and overcome. It is the purpose of this paper to outline the nature and magnitude of this opportunity, to point out some of the roadblocks and the steps that can be, or are being, taken to remove them, and to indicate some of the rewards that would logically stem from success in these efforts.

Jan 1, 1961

By K. J. Sollman

As a class, silicate minerals have likely found the broadest, if not largest volume, use in combination with polymeric binders of all industrial minerals. Among the silicates, calcium metasilicate, wollastonite, enjoys a front runner position in a near universal sense. It is a viable and desirable part of composites ranging from thin films to large moldings; from a common filler/extender for paint for your garage to a reinforcement for the exterior surfaces of a luxury vehicle affordable to very few. This article is focused upon the variations in particle morphology and the surface characteristics which, by way of commercial examples and discussion of active research programs, make this environmentally benign mineral so unique.

Jan 1, 1993