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By Thomas D. Kaufmann

Introduction What drives the price of gold? Supply and demand, of course. But in ways far different from the forces that drive the prices of other major metals, such as steel, aluminum, and copper. Gold, in fact, is one of the few commodities where both buyers and sellers are happy when the price goes up. Current production, production costs, and variations in production have little influence on its price. Gold inventories are so tremendous that current production has small impact on the amounts available to the market at any time. Worldwide gold inventory and production The world's inventories seem to be between 78 and 98 kt (2.5 and 3 billion oz). Since biblical times, the gold miners of the world have produced about 98 kt (3 billion oz), mostly in this century. Only small amounts have been thrown away and most of it - more than 78 kt (2.5 billion oz) - remain in bullion, coins, or jewelry. About 40% is held by central banks and other governmental authorities, 30% by private individuals as bullion or coins, and about 30% as jewelry. Except for some of the jewelry and the few industrial applications, this inventory is constantly available in marketable form at a price. By comparison, gold production is indeed small. The US Bureau of Mines estimates that the world produced 1.5 kt (50 million oz) of gold in 1986. Consequently, production increased world inventories by only 2%. Variations in production have a negligible or very short-term effect on the supply and, consequently, on the markets for gold. Although South Africa mines about 40% to 50% of the world's annual production, continuing labor strife there does not seem to have ruffled gold prices. Determining gold's price Gold prices, however, do determine cutoff grades in the mines and, thus, do influence production. Nonetheless, changes in production have little impact on the inventory supply. Consequently, it has small influence on the price of gold on the market. With a fairly stable supply, price changes are driven by changes in its demand. Unlike other metals, very little of the demand for gold comes from industry. Dental, electronic, and other industrial uses for gold consume less than 46.6 t/a (1.5 million oz per year). It would be safe to assume that such uses are less than 124 t/a (4 million oz per year) for the entire world. Variations in the 124 t (4 million oz), compared to a supply of 78 kt (2.5 billion oz) of supply can have only a negligible effect. Production net of industrial uses adds perhaps 1% annually to world inventories. This could, in time, affect markets. The increase, however, is mostly absorbed by population growth - more people wanting to own gold - and by gold being put in more attractive forms, such as coins. As an ancient Lydian king discovered, minting bullion permits

Jan 9, 1987

The Aluminum Company of America (Alcoa) announced that the second unit at its experimental facility at Palestine, Tex. would begin production -in 1979, increasing the capacity of the facility to 30,000 tons per year. The plant uses an experimental process based on the electrolysis of aluminum chloride and reportedly uses 4 to 5 kilowatt hours per pound of aluminum produced, compared to an industry average of about 7 to 8 kilowatt hours per pound. Alcoa has reportedly signed a letter of intent with the Chinese government under which Alcoa will conduct feasibility studies on two new integrated aluminum projects and modernization of an existing aluminum plant. If the study results are favorable, Alcoa Engineers Inc. and the Import and Export Company of the Chinese Ministry of Metallurgical Industry could negotiate agreements to provide Alcoa technology and services for the projects.

Jan 1, 1979

The Black Hills Mineral Atlas briefly summarizes all important data available on the mines and mineral deposits in the Black Hills that have been explored, developed, mined, or located. The purpose of the atlas is threefold; First, from available data the general potentialities of the Black Hills region can be determined, although it is not possible to calculate actual ore reserves; second, it will provide the necessary basic information regarding a given property or commodity for further detailed study; and third, the compilation is a comprehensive directory of Black Hills deposits.

Jan 1, 1955

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

Many of the difficulties faced by the U.S. mineral industry in 1982 and 1983 emanated from the worldwide recession, from the high value of the U.S. exchange rate, and, in part, from actions taken by foreign governments to protect selected industries. While some problems will be minimized with continued worldwide economic recovery, others remain and may require special attention by U.S. policymakers. These problems include declining U.S. production capacity in selected mining and mineral processing industries, the impact of the high value of the U.S. exchange rate, and protectionist trade practices by competitor nations. Illustrative of the last is the International Trade Commission (ITC) determination in June 1984 that both the domestic steel and copper industries have been substantially injured by foreign imports. In its July 1984 recommendations to the President, the ITC suggested higher tariffs and quotas for 5 years on 70 percent of steel imports but conditioned the aid on cost-cutting and modernization steps by the domestic industry. In the copper decision, two commissioners recommended increased duties, two recommended that quotas be imposed, and one recommended that no relief be provided. The President decided in September to seek voluntary restraint agreements with nations that export steel to the United States and rejected both quotas and higher tariffs on copper imports. General Economic Setting This decade opened with the U.S. mineral industries struggling to deal with double-digit inflation, record high peacetime interest rates, and almost 7 years of oil-cartel-induced energy price increases that seriously affected the profitability of energy-intensive industries such as mineral production and processing.

Jan 1, 1985

By CHARLES R. KETES

I. INTRODUCTORY. Lake Valley, New Mexico, has long been one of the most widely known mining districts of southwestern United States. For many years its silver-mines have been among the most famous of the country, visited by many mining men and geologists; yet little information regarding the origin of the ore-deposits and the influencing geologic conditions has found its way into print. With the recent revival of public attention, after a decade and a half of utter stagnation, to the mining of silver in the Southwest, special interest attaches to the genesis and geologic disposition of the ore-bodies which are so finely open to inspection in the Lake Valley district. Moreover, the local features here described are typical of the conditions existing over a much larger field. The fact that the ores are chiefly the chloride and the chloro-bromide of silver adds further interest. Data bearing upon the genesis of haloid ore-deposits are, at the present time, very much sought. Arid regions offer particularly favorable conditions for the formation of such ores. This New Mexican district appears to supply solutions to many problems concerning this class of ores, which have long vexed the student of ore-deposits. II. LOCATION AND HISTORY. The town of Lake Valley is situated in Sierra county, in the southwestern part of New Mexico, and 100 miles northwest of El Paso, as the crow flies.From a mining standpoint, the location of the place is itself suggestive, as it lies on the southeastern slope of the great quaquaversal arch of the Colorado plateau. The center of this vast dome is in north-central Arizona, and radii about 150 miles in length reach its foot in all directions. Around its basal margins runs the broad mineralized belt containing most of the great mines of the Southwest, which extends from south-central Colorado southward and southwestward through New Mexico, thence westward through Arizona, northwestward and northward through southeastern California and western Nevada, and, finally, eastward through Nevada and Utah into Colorado again. This great mineralized belt is important as geographically limiting profitable mining over the greater part of five States.

Jan 1, 1908

Federal Regulations require MESA to regulate the exposure of workers to inhalation hazards in the surface work areas of coal mining and processing operations. (1) The purposes of this study are listed below: 1. Determination of candidate inhalation contaminants for surface work areas of coal mining and processing operations. 2. Selection of appropriate sampling and analytical methods. 3. Performance of qualitative surveys of 56 representative coal mining and processing facilities. 4. Preparation of handbook to provide guidance for inspectors sampling for these contaminants. This report describes the work which was done to accumulate the information which was used in preparing the inspector's handbook. Specifically, this report contains descriptions of the surveys which were performed, analytical results obtained from these surveys, findings and conclusions, and recommendations for additional research.

Jan 1, 1975

By Hazel B. Comstock

[This material survey on magnesium and magnesium compounds is one of a series of Bureau of Mines publications designed to serve the needs of Government and industry for comprehensive, up-to-date information on mineral commodities and activities Magnesium, the world's lightest structural metal has become a most useful material in airborne and space vehicles, automotive equipment, machine tools, and consumer products. Use of magnesium on in basic refractories for iron and steel furnaces has expanded as the production of iron and steel has increased. Progress in converting steel furnaces to the use of oxygen has further increased the use of magnesium and magnesite brick.]

Jan 1, 1963

By Hazel B. Comstock

This materials survey on magnesium and magnesium compounds is one of a series of Bureau of Mines publications designed to serve the needs of Government and industry for comprehensive, up-to-data information on mineral commodities and activities. Magnesium, the world's lightest structural metal, has become a most useful material in airborne and spare vehicles, automotive equipment, machine tools, and consumer products. Use of magnesium ores in basic refractories for iron and steel furnaces has expanded as the production of iron and steel has increased, Progress in converting steel fun cares to the use of oxygen has further increased the use of magnesia and magnesite brick.

Jan 1, 1963

By M. J. H. Ruscoe

"The circulation wear rates of pure nickel, cupronickel and nickel-plated-steel coins were measured and found to be in the ratio 1:3:1 . The relative wear rates of nickel and cupronickel coins were similar to those reported in earlier studies, and the circulation wear data for nickel were used as a reference in laboratory wear tests. A correlation between circulation wear rates and laboratory wear rates formed the basis for a prediction of service life using relief legibility as an 'end of life' criterion. This criterion was determined to be an average surface thickness loss of 12 um. The surf aces of nickel and Nickel-Banded-Steel (N-B-STM) coins were observed to harden both in circulation and in the laboratory tests at a rate of approximately I VHN/year of actual or simulated service life. It was also observed that the laboratory wear rate of N-B -S coins increased as nickel cladding thickness increased and this effect was attributed to differences in surface hardness.Wear test results are also reported for the new Canadian dollar coin material which shows a better wear resistance than pure nickel. IntroductionThe subject of coinage wear has a long history, and a number of studies have been published, concerned both with the measurement of circulation wear rates and with accelerated laboratory tests to simulate the behaviour of coinage materials in service. As early as 1803, wear tests were conducted by Hatchett on gold coinage using various types of vibratory and tumbling machines». These tests were commissioned by King George III of England who was concerned about the wear of gold coins in circulation.Early in this century, Adrian performed laboratory tests that showed that the wear rates of cupronickel 75/25 and nickel coins were in the ratio 3:1 and this ratio was later confirmed in laboratory tests reported by Daeppen and Zurrerw, The latter authors also weighed cupronickel and nickel coins that had been in circulation for various times and observed the same 3: I ratio. There was further support from Tylczak and Blickensderfer who reported significantly higher abrasive wear rates for cupronickel compared to nickel, when rubbed against sand paper."

Jan 1, 1988

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. 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

By G. A. Apell

"SUMMARYThe quality of Moose Creek coal is considered superior to that of any now being produced in the Matanuska field of Alaska. In rank it is classed as roar coking high-volatile B bituminous coal.At present the Moose -Creek mines are accessible from the Glenn highway by 6 miles of well-maintained gravel road. The nearest railroad loading point is Moose Creek siding; 7 miles by road from the Buffalo mine. Palmer, 12 miles south of Buffalo mine, is the nearest town. Anchorage is 50 miles south of Palmer by road and-railroad.Core drilling and trenching by the Bureau of Mines revealed 2,375,500 short tons of coal in the Buffalo series on the Buffalo Coal Co. leasehold. Of this, 514,200 tons is considered measured coal and 489,900 tons indicated coal. Existence of deeper beds over the same length increased the tonnage of coal of all categories to 3,279,300 tons. The property has an assumed life, of 16 to 22 years, depending on the number of beds mined, based on an output of 500 tons of coal a day and 100-percent recovery. Coal from some of the beds car be marketed without washing however, a washery is necessary if all beds are mined. Beds in the Buffalo series not mined in the ""first mining"" will be irrecoverable at any later date.The Bureau of Mines completed exploration of approximately one-third of the local coal-bearing areas during 1943. Knowledge gained from this work makes it possible to investigate the rest of the area by drilling an estimated additional 5,000 foot of hole."

Dec 1, 1944

Several primary ingot producers have introduced price changes for July. Howmet Aluminum Corp., Revere Copper and Brass, Inc. and the Anaconda Co, will increase late-July prices of 99.5 percent unalloyed aluminum ingot by 3 cents to 56 cents per pound, Prior to this, Kaiser Aluminum and Chemical Corp. had advanced June ingot values by 4 cents to 57 cents and Consolidated Aluminum Corp., 4.5 cents to 57.5 cents. Domestic merchants held June quotes at a range nearing 50-50.8 cents per pound. ANTIMONY Although NL Industries, since April of this year, stopped publishing prices for RMM and Lone Star antimony grade, values of domestically-refined antimony in alloy are being made available to industry, The current price of this material is $1.75 per pound of antimony contained in alloy, New York dealer-marketed metal was available in June at $1 -13-$1 .20 per pound. Important industrial uses of antimony are for flame retardants, storage batteries, chemicals, pigments, rubber, plastics, glass, ceramics and machinery.

Jan 1, 1978

By Scott G. Britton

Mine exploitation is a broad subject whose focus is the technical skills or efforts needed for the extraction of mineral from a known ore body. Mine exploitation can be considered the very core of the mining engineering discipline. It begins at the conclusion of the exploration and development stages of mining and ends when the ore body is exhausted and the mine (or mines)closes and is reclaimed. Section 8 on mine exploitation is comprised of seven chapters: (1) classification of mining methods, (2) mine surveying and mapping, 3) systems engineering, (4) computer methods, (5) labor relations and training, (6) management and administration, and (7) mine closure, sealing, and abandonment. Each chapter focuses its efforts towards providing detailed and useful information for the engineer on basic mine exploitation principles. The information can be applied to a broad range of mining problems without regard to mineral type or mining method.

Jan 1, 2008

By Charles Janin

The recovery of gold from sands and gravels is one of the oldest forms of mining; it antedates history and has been practiced by savage peoples. In North America the search for placer gold has been a powerful agency in the exploration and development of unknown regions and has profoundly influenced the course of our civilization. With the progress of invention, the improvements in machinery, and the availability of large capital for the conduct of great operations, the tendency in placer, as in many other branches of mining, has been toward the working of extensive but comparatively low-grade deposits. The early miner washed the rich spots in stream beds or terraces with his pan, his long tom, and his primitive sluice. Then followed the growth of hydraulic mining and the use of giants supplied with water under pressures of hundreds of pounds to the square inch that could work at a profit gravels whose gold tenor was less than 3 cents to the cubic yard. Finally came the dredge that could handle deposits lying so far below water level as to be beyond attack by other methods. Although the gold dredge was first successful on a commercial scale in New Zealand, it has reached its present strength and efficiency in this country and its development is a monument to the daring, per- severance and technical skill of the many men, mine owners and engineers who have each contributed something to the final result. The Bureau of Mines, authorized to conduct investigations for the purpose of increasing efficiency in the mineral industries, had its attention called some years ago to the need of a comprehensive report on gold dredging in the United States. The director of the bureau recognized that such a report should summarize the development of the gold dredge, should describe in detail the essential features of present-day dredges, should discuss the facts that determine whether a placer deposit can be profitably dredged, and should point out the approved methods of prospecting placer ground and of operating dredges. At the request of the director, the author undertook the preparation of such a report and has been intermittently engaged on the task for several years. This bulletin is the outcome of his labors. He hopes that it will prove of interest to designers and builders of dredges, to mining engineers, and to persons who may contemplate investing capital in placer-mining ventures.

Jan 1, 1918

By Enzo Palumbo, Joël P. T. Kapusta, François Larouche

In light of the rapid deployment of bottom blowing smelting in China over the last ten years, one has to wonder why it has taken the copper industry so long to adopt ultra-high oxygen enrichment via Savard-Lee type injectors. As early as 1976, Kellogg and Henderson suggested, in their landmark paper on energy usage in the copper industry, that ‘maximum use of oxygen enrichment of process air’ was one of seven ‘energy saving features’ for copper matte smelting and converting. Yet today, shrouded injection and high oxygen enrichment has not been implemented in copper bath smelting outside China and Vietnam. In this paper, the authors explore the reasons why bath smelting processes such as the Noranda Reactor and the Teniente Converter still operate around 40% oxygen enrichment, while the bottom blowing SKS/BBS process typically runs at 65 to 75% oxygen, with all three processes producing white metal. Are there fundamental metallurgical explanations for this striking difference beyond the long-standing skepticism towards high oxygen shrouded injection and its perceived high implementation cost?

Jan 1, 2015

1. Domestic Production and Use: In 1975.12 companies operated 31 primary aluminum reduction plants, with 3 firms accounting for 67% of production capacity. Washington, Oregon, and Montana accounted for 37% of the total production; Gulf Coast States 21%, Northern States 29%, and other Southern States 13%. Output of primary metal in 1975 was valued at $3.0 billion. Aluminum consumption by 25,000 firms was centered in the East Central United States. Of aluminum consuming industries in 1975, building accounted for about 21%; transportation 19%; electrical 14%; packaging 18%; and consumer durables, 9%.

Jan 1, 1976

By F. W. Bradley

GOLD is a large subject. One could talk about its geological or mineralogical occurrences, prospect- i11.g for it, mining of .it, its metallurgy or its marketing; but I have decided to limit my discussion to gold as a business-that is, to its production and marketing. In the production of gold, it is necessary to consider the many possible sources, the quantities available, the capital and operating costs and the chances of price-breaking competition. So in the following remarks I shall endeavour to point out that though gold is found in every formation constituting the earth's crust, though it is possible to-find it free in great concentrated placer deposits on the surface, though there are still large unprospected areas of both the surface and the crust, though it may be possible to produce it by the cheapest labor on earth, and by processes not as yet developed, it still has an unlimited market at a definite price. There is no reasonable fear of disturbance by the finding of bountiful deposits, or by cheapening the cost of production due to devaluation, or by the development of any easy processes for direct, or for by product, production.

Jan 1, 1932

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