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By K. E. Stanfield

This report presents the results of analytical studies made on two series of oil-shale samples from the Mahogany ledge of the Green River mine the character of the various grades of oil shale that are being mined and processed into shale oil and refined products at the Bureau of Mines Oil-Shale Demonstration Plant at Rifle, Colo. The analytical work was part of a synthetic liquid fuels program being conducted at the Petroleum and Oil-Shale Experiment Station, Laramie, Wyo. The 16 oil shales ranG6d in color from a gray brown ( or a sample that assayed 10.5 gallons of oil per ton to a very dark brown for a sample that assayed 75.0 gallons of oil per ton. In general, the samples were similar as to the types of organic and inorganic matter that they contained but varied widely in the amounts or these constituents. The principal constituents were calcite, dolomite, illite, and yellow organic material, while the minor constituents were quartz, feldspar and plagioclase feldspar, pyrite, marcasite, analcite, opal, black organic material, and small woody fragments. Some micro-fossils, spores and pollen grains were found also.

Jan 1, 1951

By Keith L. Harris

Recent data indicate a marginal decline in overall growth in world economic output from 3.1% in 1985 to 2.9% in 1986 (table 1),2, 3 Many nations experienced slower economic growth because of the huge trade imbalances existing between the United [ ] States and Japan and the Federal Republic of Germany, the U.S. budget deficit, and the growing Third World debt. Some developing nations, however, experienced booming growth. Declining prices for energy and nonenergy commodities and the fall of the dollar against the currencies of major industrial countries benefited several developing countries--energy importers and exporters of manufactured goods with currencies tied to the U.S. dollar, which were able to expand markets in the industrialized nations. The drop in commodity prices increased demand in industrial countries and depressed it in developing countries. Lower demand in the developing countries contributed to a decline in the real net exports from industrial countries. As a result, output growth in industrial countries declined from 3.0% in 1985 to 2.4% in 1986, despite growing internal demand, Average output growth of developing countries increased from 3.296 to 3.596 during the same period, however, primarily because of the low prices of their products and the strength of demand in industrial countries for those products. Developed country output growth was extremely uneven, however. For example, the economic output of nonfuel exporters grew 5.4% in 1986, while that of fuel exporters dropped 0.7%.

Jan 1, 1987

By A. E. Wraith, J. Protheroe Jones, P. J. Mackey

The world’s first copper electrorefinery started production in 1869 at Burry Port in South Wales. Built within the Pembrey Copper Works which had commenced smelting operations in 1849, the new refinery was based on principles described in the British patents issued to J.B. Elkington in 1865 and 1869. Refining principles and practices pioneered there were key to the foundation of modern electro-refining practice in what is now a dominant international industry producing over 16 Mt of electrical grade copper annually. This paper explores the background to this pioneering application of the new, early 19th century, science of “electro-metallurgy” and examines its links to the contemporary decorative electro-plating industry and to the shortcomings of 19th century fire refining. The beginnings and early years of the Pembrey electrorefinery are briefly discussed in relation to the quality, applications and pyrometallurgy of copper at the time. More than a decade would elapse before the birth of the electrical age: the Pembrey refinery may be seen as one of its vital precursors. Note: This paper was originally published as part of the Copper 2013 proceedings (A.E. Wraith, P.J. Mackey and J. (formerly R.) Protheroe Jones, “Origins of Electrorefining: Birth of the Technology and the World’s First Commercial Electro-Refinery”, paper in Electrorefining, Vol. V, Book 2, (Eds. R. Abel and C. Delgado), Cu 2013 International Conference, pp. 19-33, IIMCh, Santiago, Chile, 2013). It is reproduced here together with a new Appendix and supporting references that lists the year of commencement of the first electrolytic copper refinery by country, 1869 to 1956. It all, the year of the first electrolytic copper refinery established for 15 countries is included. These 15 countries now produce more that 70% of world refined copper (for 2018). INTRODUCTION In the 1840s, the new science of ‘electro-metallurgy’, a term coined by Smee in 1841 (Smee, 1841), was being adapted to the decorative electro-deposition of silver in a thin, bright adherent coating that was evidently equal in appearance to traditional silverware (Williams, 1976). Chief among innovative manufacturers of decorative objects who took up the new art of silver electro-plating was the acclaimed firm of G.R. Elkington and Co. of Birmingham, England. The company, which vigorously developed all aspects of electro-metallurgy for the decorative trade, entered the field of ‘electrotyping’, a technique in which the surface features of a mould are copied on an electro-deposited copper layer which, when stripped off, can be used to reproduce an imprint of the mould. In essence, it is a form of casting by electrodeposition, invented in 1837 independently by Jacobi in Russia (Pavlova, 1968) and Spencer in England (Wyatt, 1851).

Jan 1, 2019

By C. J. Sullivan

"The outlook for supplying the world's metal needs in the next twenty-five years is good, although in several cases basic costs are likely to increase with rising demand. Metal prices calculated at a constant dollar from 1900 to the present show that for nickel, copper, silver, lead, zinc and tin, prices -and presumably production costs -fell from 1900 to the early 1930s. Since then, they have generally risen, apparently reflecting some depletion in relation to demand. This tendency has been accentuated since the post-World War II adoption of managed, full-employment, growth economics, which have resulted in a sharp escalation in world demand for metals. (Abandonment of such policies, apparently now under consideration in North America, would, of course, affect the pre-dictions of this paper.) Nevertheless, metal prices generally are still below those prevailing in 1900. Exploration potential exists for disseminated ores of many metals still thought of as characteristic of lode and vein deposits. These include uranium, silver, gold, tin and nickel and, to a lesser extent, lead and zinc. Considering the discovery potential for some principal metals in relation to expected demand and prices, I would tend to rate them as follows: molybdenum, zinc, lead, uranium, silver, gold, tin, nickel and copper."

Jan 1, 1970

By Heber E. Peterson, Sill. Claude W.

"INTRODUCTION In the usual volumetric determination of uranium, the solution containing uranium is reduced in a Jones reductor, yielding a mixture of trivalent and tetravalent uranium; the trivalent uranium is oxidized to the tetravalent state by bubbling a stream of air through the solution. The resulting solution of tetravalent uranium is titrated with a standard oxidant, generally sulfatoceric acid, dichromate, or permanganate. It seemed likely that the same general procedure could be used in determining semimicro quantities pf uranium if the conditions affecting the variables involved were understood more clearly than at present. In the method described below, the use of ferric sulfate to oxidize tetravalent uranium allows the titration to be made at room temperature in an essentially colorless solution with sulfatoceric acid. The latter oxidant in turn permits the use of the very stable indicator, ferroin; with its sharp color change and exactly reproducible blanks.Solutions of uranyl sulfate were prepared by diluting a stock solution that had been standardized gravimetrically according to the method of Lundell and Knowles (8).3/ Solutions of sulfatoceric acid were prepared according to the directions of G. F. Smith (12) and were standardized against arsenic trioxide in the presence of osmic acid according to the directions of Glen (5). The cerium solutions were stored in 18-liter carboys fitted with siphon arrangements so that the bottles did not need to be opened and protected from light in a dark cupboard. Under these conditions, even the 0.01 N solution changed by less than 1 part per thousand over a period of about 6 months."

Jun 1, 1952

By Frank Pepe, Nestor Garavelli

The 2023 Rapid Excavation and Tunneling Conference (RETC) will be held in Boston, MA and will include the presentation of 133 papers divided into 20 technical sessions during the 3 day conference that were selected from over 200+ papers that were submitted to the committee. The selected papers are included within this book to provide a comprehensive recap of the conference while also providing a source of reference for contractors and engineers in the future. The selected papers will include contributions from all divisions of the tunneling industry plus risk management and best contract practices. Boston is known to the tunneling industry for its complex and difficult tunneling history, specifically of recent memory the Central Artery/Tunnel Project also know as the “Big Dig” of the 1980s and early 1990s. The selection of Boston as a host city was fitting from a historical perspective and as avenue for the city to present its upcoming tunnel projects. RETC began in 1972 with the idea of sharing ideas, design and project construction experience, and new technology, between contractors, designers, owners and suppliers. The ability to provide a single location every other year for all facets of the tunneling industry to gather and discuss the aforementioned was and still is viewed as a way to help the tunnel industry grow. The lessons learned from completed projects, the advancement of technology which could be implemented into design and the presentation of new projects by owners/designers and contractors allows for the limits and complexity of upcoming projects to be expanded beyond our current capabilities. Our industry has never been as busy as it currently is, and we are seeing more future projects coming out for solicitation across all business sectors. With the good fortune that all of us have been blessed with one of the biggest challenges that we have been faced with is the shortage of future management on all levels for our projects including the labor force. We all want our industry to continue to grow and succeed, our most important assets are the people that we employ. Investing in the education and continued training of our work forces to be up to date with the latest technology and methods is the key to our success. This also includes develop, recruiting and mentoring of young students graduating college to join our industry so that we can all continue to grow. We hope that all those attending the conference will have the ability to attend as many sessions as possible and to expand their network within our industry. As in past years, scholarship students will be in attendance and we encourage all to offer these students an opportunity to visit jobs, attend learning sessions or future internships to expand their interest in our industry that needs an injection of young engineers to contribute and lead our future Rapid Excavation and Tunneling Conferences. The program chairs wish to thank the session chairs, co-chairs, authors, and other members of the RETC Executive Committee for their dedication to this conference. Last but certainly not least, we give special thanks to the SME staff for their hard work and enthusiastic support in making this conference possible.

Dec 1, 2023

By Cornelius F. Kelley

DURING the war, events moved with unprecedented rapidity. Situations, industrial, economic and financial, arose over night that stressed to the uttermost the ingenuity and ability of those who dealt with them. It was essentially a time demanding action rapid and concentrated, and not one for discussion, either academic or polemic. As a result, matters of importance were necessarily transacted without the desirable opportunity being afforded of enabling a general understanding to be gained as to the relative merit or demerit involved, and in some instances, legislation essential to enable the consummation of an important matter was passed without attracting the public attention then deeply engrossed in the larger aspects of the situation. The result was that so long as the public mind was occupied, little or no concern was given to questions that ordinarily would have invited immediate attention; and in some instances, only when as an aftermath of war a particular subject has become a matter of discussion, criticism not altogether fair is made without first obtaining accurate knowledge as to the conditions that prevailed, the purpose sought to be accomplished, or the results obtained by the action taken.

Jan 1, 1921

By Dorsey Lyon

I. INTRODUCTION. In presenting, this paper the writers wish to call attention first of all to the fact that the electric furnace was not developed as a competitor of the combustion furnace, but: 1. For the purpose of doing high-temperature work which it is not possible to do in the combustion furnace; and 2. For the treatment of ores from deposits which. are located in regions where fuel is scarce and costly, and where hydro-electric power is comparatively cheap, as is the case in Chili, in Canada, in certain parts of this country and Mexico.. This paper is not presented with the idea of trying to. prove that the electric furnace should replace the reverberatory or the blast furnace as used at present in the smelting of copper ores, but that it may be substituted for their in those localities which are not favorable to them,) and where either of the two following conditions may exist: (a) A district remote from railway transportation. facilities, and where there is a deposit, or deposits, containing sufficient values to warrant their being worked, but which, due to the cost of getting coke in for operating a smelter and of getting ore out to a smelter, have to remain unworked.. And where, on the other hand, there is plenty of water power which call he developed at reasonable cost for the production of electric power, by the use of which for. smelting the ores in an electric furnace, with subsequent Bessermerization if necessary, a concentrated product may be obtained, which can easily stand the necessary transportation charges. (b) Or,. comparatively speaking, the transportation facilities may be all right, but the cost of fuel be too great to permit of the ordinary methods of smelting, whereas,- on the other hand, hydro-electric power can he developed: in the district at a, low cost,, and the ores could be smelted by the electric furnace at a cost. that would make their treatment possible. With these possibilities in mind we have attempted to make a brief comparative study of the problem for the purpose of aiding those interested in the subject, in determining whether it would be possible metallurgically, and feasible commercially; to use the electric furnace-in those localities where, by reason: of excessive fuel costs, the cost, of operating the furnaces for smelting copper-ores. is either excessive or prohibitive. Although the smelting of copper ores in the electric furnace has received considerable attention and more or less experimental work has been done, so far as: we lire: aware there ate no electric furnaces in the United States which are' being worked on copper ores. In Norway, however, trial smeltings of copper ores with an electric furnace of 1,000 h. p. and an estimated producing' capacity of 2,000 tons per annum, have been

Jan 8, 1913

By Richard Belair, John Read

Ask someone what they can tell you about the Royal Canadian Mint and most likely the first thing that they will mention, is coinage. The Royal Canadian Mint manufactures Canada's one-cent coins, nickels, dimes and quarters - over 1 billion per year. Most of these coins use copper and nickel as base material, and all of this metal is mined, refined and processed in Canada prior to being shipped to the mint for coin production. In 1985 alone, 1270 metric tons of Canadian nickel and 2160 metric tons of Canadian copper were absorbed in circulating coinage. July 1987 will have marked the introduction of Canada's new one dollar coin, an important new addition to Canada's monetary system. The first phase of this program will consume about 2,235 metric tons of Canadian nickel in the initial production run. Annual requirements in subsequent years are estimated at 225 metric tons. The Royal Canadian Mint is also a major producer of circulating coinage for foreign countries. Since the state-of-the-art Winnipeg plant swung into full production in 1976 the Mint has struck more than 5.2 billion coins for some 35 nations around the world. 1985 sales have increased almost 6 fold over 1984. 1987 already shows commitments for a further significant increase in volume in this business. The use of Canadian metals in export to foreign nations as coinage adds still more to the Royal Canadian Mint's key role as a major market maker for Canada's mining industry. The success of the Mint in this realm can be directly traced to it's 75 years as one of the world's most important refiners of gold. Today, the Royal Canadian Mint is the largest refiner of gold in the Western Hemisphere, and the third largest, by volume, in the world. The R.C.M. hallmark on kilo bars, 100 troy ounce comex bars

Jan 1, 1987

By Paul M. Tyler, Colin G. Fink

THE field of rare metals is so broad that progress can be reported upon many important fronts. Not satisfied with the 92 elements that Mendeleeff and his followers have accepted as legitimate, scientists are trying now to complicate matters by making new elements. Enrico Fermi announced the fabrication of "Element 93". Uranium, instead of being allowed to disintegrate slowly according to its normal habit, was bombarded with neutrons until some of them seemed to have stuck in the nucleus. To understand just what is alleged to have happened all one has to do is to line up the elements in their usual order of ascending atomic weight and imagine, as physicists do, that each atom is a little solar orbit comprising a central mass or planet about which other masses revolve like satellites. Ordinary hydrogen, being very light, consists of only one positively charged proton center, with only one positively charged electron revolving about it. Other atones are progressively more complicated until we come to uranium, which has a relatively big center and 92 particles revolving around it.

Jan 1, 1935

By T. C. Moore

This report describes the feasibility test of an electromagnetic method for locating boreholes, with or without casing, that have been drilled in conjunction with mining operations but whose location with respect to the tunnel is not precisely known. The first tests were conducted with the cooperation of the Kerr-McGee Corporation, Church Rock Mining Operations, New Mexico, in September 1977. These tests demonstrated that accuracies of better than ±5% of range and ±1° of bearing can be achieved with a simple system and setups. Subsequent tests, in January 1978, on a horizontally drilled pipe line river crossing application, by Titan Contractors of Sacramento, California, demonstrated that accuracies of better than one-half percent of range and a few tenths of one degree of bearing can be achieved by using refined techniques. The demonstration tests were done at ranges on the order of 100 to 200 feet but the method is capable of working at much greater distances.

Jan 1, 1978

By H. E. James

Much has been said and written about the need to reduce South Africa's dependence on gold. To compensate for the decline in the country's foreign-exchange earnings resulting from the phasing out of gold, which must inevitably occur at some future date, a far higher priority will have to be placed on the mining, beneficiation, and export of the 59 other mineral commodities produced in South Africa. The basic strategy of the mining and metallurgical industries should be to move from the traditional approach of establishing a resource base to the establishment of a market base; to turn from production orientation to market orientation; and to rely less on exploration and economies of scale and more on process innovation and product development. The enthusiasm, entrepreneurial spirit, and commitment of the leaders in the mining and metallurgical industry will clearly be of decisive importance in the establishment of new industries for the beneficiation and export of added-value mineral-based products. The State can make a significant contribution by the provision of a welldeveloped and efficient infrastructure, including rail and harbour facilities, communications and health services, roads, and of electricity and water supplies. In our search for a new development strategy for the beneficiation and export of South Africa's minerals, we need to recognize that no one nation has all the mineralresources that it needs. Commercial and strategic manipulation of mineral supplies should no longer be tolerated. The future of the human species lies in international cooperation and in a greater understanding of the limitations of the world we live in.

Jan 1, 1985

By Ronald S. Conti

A new U.S. Bureau of Mines 6.8-L ignitability furnace was used to study the thermal autoignitability of dust clouds. This furnace has a quartz window to allow observation of the early stages of the ignition process and to allow measurement of the dust explosion temperature. Thermal ignitability data were obtained for various carbonaceous and metal dust clouds, with particular emphasis on various ranks of coal dusts. One of the reasons for the construction of the new 6.8-L furnace was to evaluate the effect of chamber volume on the measured autoignition temperatures. Therefore, data from the 6.8-L furnace were compared with data measured earlier in a 1.2-L furnace. The conclusion is that the autoignition temperatures measured in the 6.8-L furnace were only slightly lower on average than those from the 1.2-L furnace. These data on the minimum autoignition temperatures of various materials will be useful in analyzing the thermal ignition hazards of dust clouds in the mining industry and other industries that manufacture, process, or use combustible dusts.

Jan 1, 2010

In response to increased aluminum demand, U.S. producers have begun reactivating primary aluminum capacity which was shutdown during the 1974-1975 recession. Reynolds Metals Company started up almost 80,000 tons per year of idled capacity at Listerhill, Alabama, and Jones Mills and Arkadelphia, Arkansas plants. Howmet Aluminum Corporation and Alumax announced that the operating rate at their jointly owned facility at Frederick, Maryland was being increased from 75 percent to 100 percent, equivalent to a 44,000 ton-per-year increase in output. Kaiser Aluminum and Chemical Corp. expected to restart one of the two idled potlines at its Mead, Washington facility in May raising its production rate by 27,000 tons per year. ANTHRACITE - The anthracite market for the larger sizes continues at a good level, and although the demand for industrial sizes has been weak, the current trend indicates an increased demand for industrial fines by the steel, auto, and other industries.

Jan 1, 1976

By Arthur R. Rattew

In conjunction with the research study of the Coronation Mine recommended by the National Advisory Committee on Research in the Geo-logical Sciences and coordinated by the Geological Survey of Canada, Canadian Aero Service Limited per-formed a detailed, low-altitude air-borne survey over a block of ground encompassing the .Coronation Mine. The in-phase/out-of-phase air-borne electromagnetic data are com-pared with "horizontal-loop" ground data with reference to: size and nature of conductors detected; criteria in selection of targets for drilling. In-formation provided by Hudson Bay Mining and Smelting Company on their drilling of the numerous conductors in the area is employed in this comparison. The merits of combining a sensitive airborne magnetometer with an air-borne electromagnetic unit are discussed. The magnetic data are considered very important in assessing conductors as prospects for commercial sulphida deposits in this area of numerous electromagnetic anomalies. The "Coronation" survey illustrates

Jan 1, 1962

By DR. SAMUEL B. CHRISTY

? THE man is always greater than his work.? The training of the men who are to develop the mineral resources of the world is the most important problem connected with mining engineering. It becomes ever more important to civilization as the mineral wealth of the earth approaches exhaustion. I have therefore decided to consider a few of the more important problems arising in the training of the mining engineer, and especially those arising in America. THE PECULIAR NATURE OF MINERAL WEALTH. Mining and Agriculture are the two fundamental arts. Without the latter our existence would be precarious; without the former, our civilization impossible. Agriculture furnishes that regular supply of food and raiment which leads to the growth of large communities in which cultivated leisure first becomes possible; while raining furnishes the metallic thread from which is woven that complex fabric we call civilization. But in these two arts the conditions for success are widely different. Most of the crops that the farmer reaps may be harvested year after year, and the proper fertilizers being added, he may continue the annual harvest indefinitely, while, as a result of cultivation, his farm becomes yearly more valuable. But the crop the miner reaps can be harvested but once in the history of the race. Our mineral wealth has taken unknown ages to mature in the bosom of the earth. The ripened fruit can be plucked but once. There are no fertilizers for worked out mines. It never pays to work over a mine that has been

Sep 1, 1905

By K. H. J. Clarke

"ALTHOUGH nickel was not identified as a separate element until a Swedish scientist, Axel Frederick Cronstedt, did so in 17 51, its utilization dates from pre-historic times. From its humble beginnings nickel has grown in importance until, today, in our clocks, television sets, automobiles, and air-planes, in our bridges, tableware, farm implements, and the equipment which processes our food, it is constantly at our service.For convenience in assembly, data and information relative to The Marketing of Nickel will be outlined in five phases: (A) Sources, (B) Distribution, (C) Utilization, (D) Market Development, and (E) Conclusions."

Jan 1, 1960

Mercury has been used by mankind since prehistoric times. It has been, and is now, widely used in industry and medicine and has unique properties which make direct substitution difficult or impossible. At present its principal uses are for electrical apparatus, control instruments, electrolytic soda preparation, mildew-proofing paints, pesticides, and medical and dental preparations. Deposits of mercury are less common than those of other base and precious metals, but some of the deposits are very large and have been ample to meet the world's past demands. The price of mercury has had many sharp fluctuations, but in general, the limited number of producers has resulted in a more stable price structure than that of many other commodities. The United States has been one of the main producers of mercury, and from 1850 to 1961 produced 3,247,704 flasks. Yearly production since World War II has varied from 4,535 to 38,067 flasks. An estimate of domestic resources of mercury producible at various price ranges was prepared for each mercury mine by combining specific knowledge of mercury mineralization with estimates of potential, based on geologic information and past production history. The sum of the individual estimates for each price range is shown in a table. A parallel estimate of nationwide production potential was made from a study of past price and production relationships. These were analyzed by plotting yearly production figures against the previous year's price, expressed in dollars of constant purchasing power. An equation was fitted to the data by mathematical means and was used to extend the curve into areas of higher than historic prices. Potential production rates at various price levels were taken from this graph. The estimated yearly production rates were used to make an estimate of total potential based on the premise that production rates and reserves have a proportionate relationship. The rate of developing mercury reserves during the period from January 1944 to January 1962 is considered, and it is shown that if this rate can be continued, the mercury resources of the United States, at a constant dollar price of $500 per flask, are adequate to support a production of 60,000 flasks per year for 30 or more years. This publication contains a history and description of the mercury industry in every State which has had production and individual descriptions of all mercury properties which have reported significant production. Accompanying tables give the important facts about all known mercury occurrences.

Jan 1, 1965

Mercury has been used by mankind since prehistoric times. It has been, and is now, widely used in industry and medicine and has unique properties which make direct substitution difficult or impossible. At present its principal uses are for electrical apparatus, control instruments, electrolytic soda preparation, mildew-proofing paints, pesticides, and medical and dental preparations. Deposits of mercury are less common than those of other base and precious metals, but some of the deposits are very large and have been ample to meet the world's past demands. The price of mercury has had many sharp fluctuations, but in general, the limited number of producers has resulted in a more stable price structure than that of many other commodities. The United States has been one of the main producers of mercury, and from 1850 to 1961 produced 3,247,704 flasks. Yearly production since World War I1 has varied from 4,535 to 38,067 flasks. An estimate of domestic resources of mercury producible at various price ranges was prepared for each mercury mine by combining specific knowledge of mercury mineralization with estimates of potential, based on geologic information and past production history. The sum of the individual estimates for each price range is shown in a table. A parallel estimate of nationwide production potential was made from a study of past price and production relationships. These were analyzed by plotting yearly production figures against the previous year's price, expressed in dollars of constant purchasing power. An equation was fitted to the data by mathematical means and was used to extend the curve into areas of higher than historic prices. Potential production rates at various price levels were taken from this graph. The estimated yearly production rates were used to make an estimate of total potential based on the premise that production rates and reserves have a proportionate relationship. The rate of developing mercury reserves during the period from January 1944 to January 1962 is considered, and it is shown that if this rate can be continued, the mercury resources of the United States, at a constant dollar price of $500 per flask, are adequate to support a production of 60,000 flasks per year for 30 or more years. This publication contains a history and description of the mercury industry in every State which has had production and individual descriptions of all mercury properties which have reported significant production. Accompanying tables give the important facts about all known mercury occurrences.

Jan 1, 1965

The U.S. economy continued to expand during 1986, although at the slowest pace since 1982 when the current business expansion began. Real gross national product (GNP) grew about 2.6%, slightly below 1985 growth but significantly below that of 1984. The continuing expansion was fueled pre-dominantly by rising personal consumption expenditures as well as growing Government purchases of goods and services. Fixed investment, although positive, failed to grow at the rate of the overall economy. The trade deficit, which increased more than 30% over the record 1985 level, continued to depress economic growth despite significant declines in the price of petroleum and the value of the dollar. On a more positive note, domestic employment continued to grow--increasing over 2 million from the 1985 level--and inflation and interest rates declined. The unemployment rate dropped slightly to 7.0%. Of direct importance to the mineral-producing industries, expenditures for consumer and producer durables as well as investment in residential construction each grew faster than the overall economy, but investment in nonresidential structures fell more than 10% from the 1985 level. The level of real capital spending declined about 3% in 1986, following strong gains in 1985 and in 1984. Capital expenditures for new plant and equipment bottomed out in the second quarter and expanded in the third and fourth quarters. The decline in the first half of the year was partially attributed to uncertainty arising from the then-proposed tax bill. Also, there was little impetus for corporations to invest in new capacity since factories were operating at less than 80% of capacity during most of the year, in part because of continued competition from imports.

Jan 1, 1986