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By Thomas T. Read

THE official title of our topic for today is "Resources of Metals and Other Strategic Minerals," but in accepting the invitation to open this discussion I claimed the privilege of being allowed to talk about problems other than resources for the two reasons that a great deal has already been said about resources and because we can never discuss them with the degree of certainty that an engineer likes. Resources are uncertain for many, reasons. One is that we do not know what is in the earth. It is four thousand miles to its center and although oil wells 1 ½ miles deep are becoming common and engineers are now talking of drilling holes 2 miles deep, even when they do they will have advanced only one two-thousandth part of the total distance. Only a relatively few mines are over a mile deep as yet. We know certainly that it is comparatively expensive to work at such great depth, but it would be a very foolish man who would assert it will be' impossible, one or two hundred years from now, for engineers to obtain from great depths mineral supplies that are now being obtained at or near the surface. As long as- I can remember I have been hearing that our petroleum resources were in imminent danger of speedy exhaustion, and yet the yearly output is now of the same order of magnitude as the total resources were once estimated, with ' the cry of over-production the loudest it has ever been. Tapping progressively deeper and deeper sources of supply, has produced this result. Even in the thin layer that we are now working much-exploration still remains to be done. .

Jan 1, 1929

Sustainable development is at odds with reality in the minerals industry. Increasing world population and aspirations are leading to increased energy and mineral consumption. Non-renewable fossil fuels are being exploited at a much faster rate than they are being discovered. Mineral reserves are diminishing and of lower grade. Despite recycling, many of the economic reserves of the rarer metals on which technological society has come to depend are being depleted, and many of the bulk metals are being exploited at ever increasing rates. And yet, mining continues, with a long-term downtrend in commodity prices, matched by more efficient mining and processing. Will society turn to a low carbon economy before fossil fuels are depleted? Will prices come to better reflect the full cost of mineral production? Will technology save us, or is it at the root of the problem? The key drivers continue to be an ever increasing aspirational population and the law of supply and demand, rather than sustainability considerations. The paper illustrates this with examples of worldwide and Australian data.

Jan 1, 2011

By Wm. O. Vanderburg

This paper describing the milling methods at the Hughesville concentrator of the St. Joseph Lead Co., Hughesville, Mont., is one of a series of similar papers being prepared by the U. S. Bureau of Mines on practices at the various mills in the United States. The writer expresses his thanks for the courtesies extended by the officials of the company while visiting the property and acknowledges the assistance and helpful suggestions given by R. H. Willcomb, general manager, and Carl Martin, mill superintendent, of the Hughesville Division f the St. Joseph Lead Co.; and E. D. Gardner, supervising engineer, U. S. Bureau f Mines, Southwest Experiment Station, Tucson, Ariz., in gathering and compiling the data herein presented.

Jan 1, 1931

By Rov G. Stott

In recent years there has been no loss of life from fires in the underground mines of the Lake Superior district, but numerous minor fires and several serious ones involving loss of property and production have occurred. The iron-ore-producing companies recognize that well-equipped mine rescue stations are a valuable asset against the ever-present ranger of mine fires or the possibility of hazardous atmospheric conditions underground. Prompt action by trained and properly equipped rescue teams is recognized as the prime essential in saving lives, property, and production when fires occur. To achieve this purpose, the mining companies have provided themselves with mine rescue equipment and maintain trained mine rescue crews. This circular describes how one progressive company has provided, maintained, and improved upon such protection for its underground iron-ore mines on the Marquette and Menominee iron ranges of Michigan's upper peninsula. SUMMARY The central mine rescue station of The Cleveland-Cliffs Iron Co. at Negaunee, Mich., has provided the company's mines with competent and well-equipped mine rescue teams. The new central mine rescue station at the Mather mine "B" shaft has the distinction of having underground training facilities provided as a part of the station. The company maintains the largest trained force in mine rescue in the Lake Superior district, and mine rescue training is employed as a part of the accident-and fire-prevention program. One of the most important results has been the promotion of closer cooperation and understanding between the management and the workmen. In addition to the service rendered to company mines, the station and its personnel have given assistance to others. The station and its equipment have also been used for training several nearby community volunteer fire departments. This mine rescue station and its personnel have been a dependable and valuable asset to the community in which it is located.

Jan 1, 1954

By Gordon T. Austin

The combined value of production of natural abrasives, which includes tripoli, special silica stone, garnet, staurolite, and emery, increased about 21070 in 1989. The increase in the value of staurolite and tripoli production was the result of an increase in the quantity of materials produced and an increase in the unit value. Emery decreased due to the significant decline in the volume of the material produced. Special silica stone experienced both a decrease in unit value and quantity produced. Garnet showed a small increase in quantity, but a decrease in unit value. The silicon carbide industry saw a slight decrease in the quantity produced and a 12070 increase in the value of production. The fused aluminum oxide industry showed a 5070 decline in the quantity produced, but enjoyed a 15070 increase in the value of production. Combined production for both industries decreased 4070 in quantity but increased 13070 in value compared with those of 1988.

Jan 1, 1991

By R. J. Hundhausen

The Shamrock copper-nickel mine in Jackson County, Oreg., was formerly a part of the Chisholm mercury property. In 1948 new owners advanced the old workings 40 feet to reveal encouraging widths of copper-nickel sulfide, ore on the Shamrock claim. When the owner's funds became exhausted, the Bureau of Mines carried on the development in 1949-50, completing 1,650 feet of bulldozing trenching, 396 feet of drifting, and 3,419 feet of diamond drilling. The Bureau's trenching disclosed a separate surface deposit 600 feet south of the mine deposit. This and the previously known deposit subsequently were diamond-drilled. The underground deposit has a known length of 100 feet, a dip length of. 100 feet and a width varying from 1 to 25 feet. The surface deposit is 200 feet long, 200 feet deep, and 5 to 38 feet wide. Neither deposit has been entirely delimited by development to date.

Jan 1, 1952

By Drew A. Meyer

Magnetic metals are the granddaddy of products which may be recovered from municipal waste. Aside from hand-picking of newsprint and corrugated boxes, magnetic metals are usually the first items a resource recovery facility considers extracting from the solid waste stream. Magnetic metals from incinerator residues and from municipally mandated source segregation programs were first used in significant quantities by the Copper Industry. The ability of the Copper Industry to consume metals from the municipal solid waste stream raised everyone's hopes that there would be more markets for municipal scrap when more of it became available. Somehow something has gone wrong. It is widely acclaimed that scrap is an environmentally sound and economical source of iron. It is greatly in demand for Its contained energy. The prices that the steel industry has been willing to pay for the scrap during the past year are all the proof anyone should need that scrap Is desirable and sought after. But the very fact that I'm speaking today on the markets for magnetic metals recovered from municipal waste indicates that something Is wrong. Clearly the problem is not that we do not need the scrap. The problem is we have not produced the kind of scrap that consumers are willing to buy - either through ignorance of what the consumers wanted or through a conviction that ferrous scrap is so obviously a good thing somebody will surely want it no matter what. Dr. Harvey Alter of the National Center for Resource Recovery has said "You can't sell garbage". In a sense that is only partly true. It really should be "You can't sell garbage for very long". The Steel Companies, in an effort to prove that steel is an environmentally desirable packaging medium, have bought some scrap that can only be described as garbage. They are to be commended for doing so. The fault lies not with the Steel Company for taking and paying for "garbage" but with the producer of that poorly prepared scrap. Far every instance where the steel industry has purchased the often undesirable product from resource recovery facility there are several magnetic installations sitting Idle because someone forgot the most essential part of producing the magnetic product - selling it to someone.

Jan 1, 1975

By Bahram Samani

The Bafq - Saghand ore belt (metallogenic zone) is the main region, where the major discovered Uranium resources are located. This belt is a unique Upper Precambrian terrane experienced Katanga ? Pan African tectono ? thermal events. The oldest sialic crust was formed during the middle Proterozoic and followed by K-granite intrusions of Lufilian Cycle (850-800 M.Y.).This event caused Tectono ? Magmatic ? Activization (T.M.A) characterized by intracontinental rifting and associated ore formations. This zone was considered as an iron ore belt in 1960s ? 1970s, and U ? Th ? REE belt in 1980s ? 1990s, but by new discovered of U ? Mo (Co, Au, As, Cu) mineralization is assigned as a U - Polymetal zone, hosting the full sequences of iron oxide (Cu, Au, U) ore forming groups. On the basis of detailed investigations this zone is characterized by the following peculiarities: This zone is the vestigial vessel of Gondwana basement, where the oldest granite and the first platform clastic cover is exposed. This zone is marginal part of Precambrian continental crust, consolidated in 1.3-1.0 B.a. The sub mature continental crust experienced Lufilian Orogenic and Katanga ? Pan African Tectono ? Thermal event by intercontinental rifting, and ore mineralizations. The ore forming stages were sequential processes, started by enriched mantle derived metallogeny, and ended by interaction of silanes/ HACONS (derived from outer core) with crust. The magnetite- apatite (REE, Ti) metallogeny developed from alkaline- ultrabasic magmatic differentiation, capable to from Au- Ni- Sulfide intrusive massifs during 850- 800 Ma. Degassing of silanes/HACONS from deeper level, not only caused mantle enrichment, and plume upwelling as a frontal load, but also played the main role to develop regional Si (-Na-K-Mg-Ca-Co3) metasomatism, and formation of U- Th- Ti- REE- (apatite, magnetite) deposits. The latest (583-510 Ma old) felsic magmatism was major IGU from U-Mo (-Co-As-Au-?Cu?) hydrothermal vein- type deposits. The albitite- type U- Ti- REE (Th) mineralization could be formed by interaction of ascending, and descending solutions along the deep- rooted structural conduits.

May 1, 2007

By Hylton R. Brown

Although extensive research has been carried on to determine the factors affecting the explosibility of carbonaceous dusts, as much has been published on coal-dust and grain-dust explosions recent reports of loss of life and property in explosions if metal dusts emphasize the lack of information on the extent of the dust-explosion hazard in plants manufacturing or handling; aluminum, magnesium, or zinc powder, as well as other metal or mineral dusts. Early investigators believed that only the carbonaceous dusts formed explosive mixtures with air, and it was not until near the beginning of the present century that the explosibility of certain metal and mineral dusts was recognized generally. In his book, entitled "Fire and Explosion Risks," published in 1904, Von Schwartz called attention to such hazards. Many vague references to metallic-dust explosions are found in the literature, such as "a severe explosion of aluminum dust occurred in the Middle West several years ago," but very little information seems to be available on the extent of the hazard, the number of explosions, or the amount of loss caused by explosions in pants handling metallic or mineral dusts or powders other than those of a carbonaceous nature. A search of the records of insurance companies, rating bureaus, fire underwriters,and fire-protection associations as well as the files and records of Government agencies has been made to obtain authentic data on explosion losses. To indicate the extent of the hazard a summary of laboratory tests covering the explosibility of certain metal dusts, with brief reference to their uses and Methods of manufacture, and the data compiled from the information available on losses are presented in this publication.

Jan 1, 1941

By F. R. Lee

When the Bureau of Mines was established in July 1910, one of the problems immediately attacked by the new organization was the development of standard, for the design and testing of electrical equipment that could be used without fear of initiating fires and explosions in underground coal mines. Research and investigation by Bureau personnel, supplemented by the published results of similar work by European mining authorities, led to the establishment of standards or "schedules." which guide manufacturers ill the design of many types of electrically operated machines and devices used in underground coal Mining. By issuing these standards, Bureau personnel establish the requirements to be met by such equipment before it tan be approved by the Bureau of Mines as permissible for use in gassy coal mines. Every 2 years the Bureau of Mines publishes a list of equipment that leas been accepted as approved or permissible during the preceding 2 calendar years. This is done to inform the mining industry of the availability y of the latest equip¬ment for safe use underground.

Jan 1, 1964

By P. Greenfield, P. A. Beck

The phase is a hard and extremely brittle material with a tetragonal crystal structure, containing 30 atoms per unit cell' It occurs in many binary and ternary alloys of the transition elements. The existence of twelve a phases has been reported in binary alloys of metals from the group vanadium, chromium, molybdenum, and tungsten with metals from the group manganese, iron, cobalt, and nickel. It is a characteristic fact that the composition of the o- phases in the various binary systems is not the same. Rather, there is a gradual shift in composition, for instance in the series of chromium a phases, approximately as follows: CrMn,, FeCr, Cr3Co,. In recent years several ideas have been put forward to account for this variability of composition. SullyZ proposed that a was a type of electron compound, characterized by 1.7 electrons per atom in excess of the number required to fill the Pauling atomic orbitals. These excess electrons were supposed to just fill the first Brillouin zone of the u structure. However, later work indicated that the phase is ferromagnetic at low temperatures, so that a- is unlikely to be a full zone compound.~ Another proposal,* which is also based on the structure of the transition elements advanced by Pauling, and in fact leads to essentially the same a compositions as Sully's theory, suggests that the u phase is characterized by a constant number of electron vacancies per atom. The electron vacancy numbers N,. used were originally the same as those in the Pauling theory, but were later modified empirically vn order to bring about better agreement with data for the p phase in certain ternary systems. For alloys, N,, was calculated on the assumption of simple additivity from the electron vacancy numbers of the components, as follows: N,. = 4.66 (Mo + Cr + V) + 3.2 (Mn) + 2.2 (Fe) + 1.71 (Co) + 1.6 (Ni). On this basis a reasonably constant value of N, = 3.4 was obtained for all of the binary u phases and a fairly constant value of N,, = 3.1 for the various p phases. More recently, Bloom and Granta pointed out that a similar correlation with the total number of 3d and 4s electrons per atom is also fairly well fulfilled and concluded that no reference need be made to the Pauling theory. This proposal does not lead to the same binary a compositions as the one described above, so that the relative merits of the two proposals may be determined on the basis of direct comparison with experimental composition data. The purpose of the present paper is to provide such a comparison. Since the experimental data for the composition ranges of several of the known u phases were rather incomplete, it was decided to carry out new experimental determinations for many of the binary systems. Experimental Procedure The alloys were prepared by induction melting in recrystallized alumina crucibles, either in vacuum or in helium atmospheres. Some aluminum was picked up from the crucibles in the alloys of high vanadium content, but this was minimized by keeping the alloys in the molten state for as short a time as possible. The maximum aluminum impurity was 0.13 wt pct by chemical analysis, in an alloy containing over 50 wt pct V. In general, the as-melted compositions agreed accurately with those obtained by chemical analysis. In the case of manganese, however, losses inevitably occurred; consequently all manganese alloys were analyzed. Specimens of all alloys were annealed at temperatures ranging from 1000" to 1300°C in an atmosphere of purified 92 pct helium and 8 pct hydrogen mixture. All manganese alloys were sealed in quartz tubes under vacuum before annealing. The specimens were held at temperature for between four and eight days before being quenched into cold water. Alloys were prepared for microscopic examination by mechanical polishing, usually followed by electrolytic etching. X-ray diffraction specimens were prepared by crushing the homogenized alloys, and by reanneal-ing the obtained powders in evacuated quartz tubes for a few hours at the temperature of the lump anneal. X-ray diffraction patterns were made with unfiltered chromium radiation, using an asymmetrical focusing camera of high dispersion. Using microscopic and X-ray techniques jointly, the accuracy

Jan 1, 1955

By Janet A. Johnson, T. B. Borak, K. J. Schiager

INTRODUCTION In the USA regulatory agencies have adopted standards which limit the allowable concentration of ore dust in underground uranium mines. The American Conference of Governmental Industrial Hygienists has recommended a threshold limit value for silica which has been incorporated by reference in federal regulations (30 CFR 57, 1980). The Nuclear Regulatory Commission (NRC) imposes a limit for unprocessed uranium ore dust for reducing the exposure to radioactive materials from inhalation (10 CFR 20, 1980). We have been unable to trace the origin of the NRC standard. Recently the ICRP has published recommendations concerning limits for intakes of radionuclides by workers (ICRP, 1979). We have used the ICRP methodology to compute the dose equivalent commitment to lung and bone from inhalation of insoluble ore dust particles. These values were used to derive air concentrations which would provide an acceptable risk for induction of cancer from occupational exposure. Results indicate that the new ICRP recommendations are more restrictive than the present NRC standard for radioactivity. The maximum allowable dust load in a uranium mine will depend on both the concentration of silica (% Si02) and the amount of radioactivity (% U308). We have combined these standards assuming complete independence of biological hazard to establish boundary conditions for which either silica or radioactivity is the dominating factor. Based on these results we present suggestions for analysis of ore dust to insure compliance with regulatory agencies. SILICA STANDARDS Silicosis, fibrotic lung disease produced by crystalline silica, was one of the earliest forms of occupational disease to be recognized. The pulmonary lesions caused by silica, silicotic nodules, consist of concentrically arranged bundles of collagen fibers. Fusion of these nodules results in progressive massive fibrosis causing alveolar changes which decrease ventillation and blood flow in the lungs. The current Threshold Limit Value (TLV) for mineral dusts is based on the concentration of free silica. The standard is expressed in three forms: (1) Particle count standard: TLV (mppcf) = 300/(% Si02 + 10) (mppcf = million particles per cubic foot) (2) Respirable dust mass standard: TLV (mg/m3 ) = 10/(% respirable Si02 + 2) (3) Total dust standard: TLV (mg/m3 ) = 30/(% Si02 + 3) The most commonly used form is the respirable mass standard. These curent values for silica are based primarily on epidemilogical studies of Vermont granite workers and other occupationally exposed workers. In the Vermont study no cases of silicosis were seen in individuals employed after dust control measures were initiated and whose subsequent exposure averaged less than 5 mppcf. The free silica concentration in the airborne dust to which these workers were exposed averaged 25%. A concentration of 10 mppcf of granite dust is considered equivalent to 0.1 mg/m3 quartz. The current respirable mass standard allows a maximum silica concentration of 0.1 mg/m3. NIOSH (1974) has recommended a reduction in the current TLV for respirable silica to 0.05 mg/m3 Si02. As with radiation standards, the TLV for mineral dusts is an upper limit for time weighted average exposure. It is recommended that dust concentrations be maintained as far below the TLV as current practices permit. RADIATION STANDARDS The present concentration limit for airborne natural uranium in ore dust prior to chemical separation is 75 µg of uranium per m3 of air ( 10 CFR 20, 1980) . This corresponds to 1.85 Bq/m3 (50 pCi/m3 ) of natural uranium, U-238, U-235 and U-234 and is equivalent to 3.7 Bq/m3 (100 pCi/m3 ) of gross alpha activity with radioactive equilibrium between the long-lived alpha progeny through Ra-226. The origin or basis for this standard is not known, but it presumably includes both chemical toxicity and risk from somatic radiation injury. Recently the International Commission on Radiological Protection (ICRP, 1977) has published recommendations concerning the objectives and criteria for limiting radiation exposures. This was followed b y a revision of the limits for intake of radionuclides by workers (ICRP, 1979; ICRP, 1980). The previous compilation of limits for internal emitters was published by ICRP Committee II in 1959 (ICRP, 1959). The latest version includes new methodlogy outlined in ICRP Publication 26 (ICRP, 1977) as well as extensive metabolic information

Jan 1, 1981

By D. W. Agers

This paper is an extension of previous work evaluating a new extractant, LIX®-64, for recovery of copper from dilute acidic solutions. Large scale pilot plant operations have confirmed the technical and economic feasibility of the process and, with minor exceptions, scale up parameters obtained by previous laboratory work. Operating problems encountered in the pilot plants are discussed. Design parameters for-scale-up to commercial plants are presented and discussed along with a revised capital cost estimate. The future pilot program is discussed, including minor design changes and the effect of entrained organic on dump leaching efficiency.

Jan 1, 1967

By John Newby, Ulf Gwildis, Ken Massé, Guillaume Roux

How to connect an effluent conveyance tunnel to riser shaft and diffuser arms of an outfall system is dictated by the ground conditions, which ideally include rock or soil strata of low permeability. Where such favorable conditions are beyond reach, both the complexity of designing and the risk of constructing this crucial system connection increase disproportionally. This paper describes the considerations that went into the approach of connecting a 5-m-diameter TBM drive with the in-river riser shaft of the Annacis Island WWTP New Outfall System in the highly permeable Fraser River sands at hydrostatic pressures exceeding 3 bar.

Jun 23, 2024

By R. H. McCorkell

"Sample drops were evaporated on Lexan disks on which fission tracks were etched and counted after neutron irradiation. [U] = 0.01 ppb could be measured. This method is rapid, cheap, simple and accurate when sufficient control and checking is possible, but several types of error were encountered in its use, the natures and sources of which were investigated but not always determined. The most troublesome were ""annealing"" processes which sometimes altered the fission tracks so that they were not fully revealed, or acquired varying appearances, after etching. Several different annealing processes seemed to exist and seemed to be produced by alteration of the Lexan surface by dissolved components in the solutions and, perhaps, by radiation and local heating during neutron irradiation. The appearances of the etched tracks varied with the natures of the droplet solutions even when annealing appeared to be absent, and for this reason, standards are best prepared by additions of known amounts of U to sample solutions. Contamination of sample droplets by U-containing dust from the air is best avoided by preparing the disks away from areas where other U-analysis is being carried out.IntroductionFission tracks are regions of radiation dam age produced in solids by the fission of atoms such as 235U. They can be enlarged to sizes visible through optical microscopes by etching surfaces through which they pass with solvents in which the solids are slightly soluble. A sample to be analyzed for U may be placed against a film of a solid of negligible uranium concentration (the track detector) and irradiated with thermal neutrons in a nuclear reactor to fission 235U. The track detector is then etched and the number of tracks per unit area, ?, which is proportional to the uranium concentration of the sample, c, and the neutron do se, n, is found by counting through a microscope. Uranium in solutions ha s been measured by evaporating drops on track detectors, irradiating, etching and determining the number of tracks per drop, T(2,3,4,5). Extensive test s of this method are reported here."

Jan 1, 1983

By R. D. Coursen

Tin has been one of the very few commodities which has been covered by an international commodity agreement. It is the only metal so covered. The reason behind tin's prediliction for an agreement has been the inconsistency of the price pattern for tin during the entire 20th century. It is not surprising in view - of the wide and wild fluctuations in its price that tin has been called the Cinderella metal. An examination, for example, of prices in 1977 alone attests to the erratic behavior of the tin markets. The high was recorded on October 27 at M$1,895 per picul and the low on January 3 at M$l,314 3/8, on the Penang market, a spread in Malaysian dollars of $581 for a picul weighing 133 1/3 pounds. The first steps in international cooperation on tin were taken after the price bonanza of the First World War. Despite a lack of increased consumption, and in spite of the fact there was no shortage of mining production during the war, prices boomed. Shipping shortages and thinning stocks brought about a situation where in the U.S., industrial stocks were only 1/6 of what they had been in 1914. The boom busted early. In 1921 the tinplate industry of the world had cut its output in half and total world consumption of tin fell by 1/3. Tin producers became so concerned that they created what was called the Bandoeng Pool. It accumulated stocks held by countries now known as Indonesia and Malaysia, amounting to 28 percent of the combined production of the two countries and about 15 percent of the total world for 1921. The pool holdings were shortly exhausted and thereafter in the years 1924 to 1928, general boom conditions existed for tin.

Jan 1, 1978

By Ing. Ludwig Schlebusch

The significant growth of the world population and its demand for an increasing standard of living leaves no other choice than continuously augmenting industrial production and making available steadily greater quantities of raw materials at still better qualities. Therefore, any raw material has to be utilized to the greatest possible extent and processed at optimum economy on large mechanical equipment. The layout of processing facilities of large throughput rates can be based on multiple or single lines. The latter enables the application of large machines of optimum size. Proven equipment for homogenizing, classifying, separating superfine material, sorting and dewatering are-now available in optimum sizes. By the use of these large machines operating cost of pit coal preparation plant can be significantly lowered by reducing the specific requirements regarding space, capital investment, energy, operation and maintenance.

Jan 1, 1980

By J. H. East, D. Harrington

"INTRODUCTION Considerable interest has been shown in the prospective use of Diesel-powered haulage equipment in both coal and non-coal mines. Foreign technical magazines have devoted considerable space to discussions of the use of Diesel locomotives in European mines and some mention of it has been made in technical papers in the United States. The Bureau of Mines has extensively tested the gases produced in the exhaust of the Diesel engine under various atmospheres and conditions of use; it has established a schedule of tests for permissibility of Diesel engines for use in underground coal mines, including, gassy or dusty mines.This publication provides information as to the successful use of Diesel-powered equipment underground workings in the United States and Europe, briefly discusses the characteristics of some of the toxic gases found in the exhaust of Diesel engines, and points out that Diesel-powered equipment can be used with reasonable safety in underground minus if necessary and entirely feasible precautions are taken."

Apr 1, 1947

By G. R. Hopkins

[A new record in fuel efficiency at petroleum refineries was established in 1939, when a the average e B.t.u. requirements per barrel of crude oil processed declined to a new low of 557,000 B.t.u. (see fig, 1).]

Jan 1, 1941

By R. D. Lawrence

"Suggestions have been made that the appraisal of mining assets using discounted cash flow techniques should be based solely on proven and probable reserves in reliance upon the widespread international recognition of uniform resource definitions. Following a review of general accepted valuation principles, a survey of the literature and, most importantly, a review of real transactions in the open market, it is clear that valuators should not be constrained by the growing acceptance of modern mineral resource codes. On the contrary, valuation practitioners should be encouraged to examine all classes of mineralization and, after making due allowance for risk, to utilize all mineral resources as a basis for determining fair market value.INTRODUCTIONGreat strides have been made recently in achieving an international consensus on mineral reserve and resource definitions and classifications. The Australasian JORC code, the CIM code in Canada, the SME proposal in the United States and even a proposed code from the United Nations have all brought the objective within reach.Unfortunately, this success has led to another problem for mineral valuators. Certain securities regulators, tax collectors and their ilk have begun to expound on the opinion that discounted cash flow projections carried out to calculate net present values that would form the basis for a valuation determination should be based solely on proven and probable reserves. The author disagrees with this position. This paper examines the subject from four points of view:"

Jan 1, 2003