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By John R. Bogert

The title of this session is "Wall Street Looks at the Mining Industry," and I am going to attempt to answer the question: Shouldn't Mining Stocks Sell at Higher Price Levels? Or, What Does Wall Street See When Looking at the Mining Industry? Well, it sees a capital intensive business, a technical industry, and a growing industry becoming more vertically integrated. But, at the same time, Wall Street sees a cyclical industry, a fragmented industry of erratic earnings, spotty public relations, a feast-or-famine business where the public usually does not differentiate between coal mining or metal mining, and does not appreciate either the risks or the rewards. As a result, mining stocks generally sell at relatively low price learnings ratios in comparison to other industrial groups. This PIE ratio, the current market price of the capital stock divided by annual earnings per share, is probably the most popular index of a stock's value. The average of the price/ earnings ratios of the 30 stocks comprising the Dow Jones Industrial Average is over 14. This diverse group of stocks is widely regarded as being a cross-section and representative of the industrial companies listed on the New York Stock Exchange. However, in comparison to 14, Asarco and Kennecott shares are currently available for about 8 times annual earnings. Even discounting earnings from South America, the stock of these two companies sells at only 10 times earnings. Of course, Peruvian politics is currently preventing Cerro shares from selling above 6 times earnings, and Chilean politics keeps Anaconda shares at a PIE multiple of 7. However, even in better times, these companies rarely sell above 10 times earnings. American Metal Climax and Newmont sell at only 11 times earnings as does Phelps Dodge and St. Joseph Lead. Few mining companies then have what can be considered a high PIE ratio-a figure higher than

Jan 1, 1970

By Musa D. Manzi, Raymond J. Durrheim, Richard T. Masethe

An investigation into the source mechanism of mining-induced seismic activity plays a vital role in understanding the various modes of failure observed in the underground deep-level South African mining environment. The seismic events data for this study was captured by the mine-wide seismic system operating at Kloof Gold Mine. This system comprises 40 4.5 Hz tri-axial geophones sampling at 6 kHz installed at locations that surround the stopes mining the Ventersdorp Contact Reef (VCR), Main Reef (MR) and Kloof Reef (KR). A set of 103,753 mining-related seismic events (-3.0≤ ML ≤2.7) that occurred during 2017 and 2018 was selected for this study. The mining depth of these seismic events ranges from 1600 – 4200 m; most located close to stopes mining the VCR ore body. The main criteria used to select a subset of events for detailed analysis were the number of stations that recorded the seismic event and the azimuthal distribution of the sensors.

Apr 26, 2022

By Allan G. Provost

Shaft construction is assuming ever increasing importance when new mining enterprises are considered. The reasons for this increased emphasis is the much greater depths at which many new ore-bodies are being developed and the rapid depletion of near surface reserves requiring mines to go to greater depths on existing deposits. These greater depths increase the probability of exposure to unfavorable geologic conditions and it is more likely that high ground and/or water pressures will be experienced at these depths. The large capital costs involved and the critical position of a shaft in the overall mining program necessitate that this element of project development be given careful and critical consideration. The Henderson No. 2 Shaft is located in the Rocky Mountains of north central Colorado (See Figure I), about 55 miles west of Denver, near the community of Empire in Clear Creek County. At the 10, 442 foot collar elevation, winter arrives in late September and brings snow to contend with until May. The labor force for Shaft No. 2 is approximately 90 men. They are provided access to the project via all-weather U. S. Highway 40. SHAFT DESIGN The Henderson No. 2 Shaft is a 28-foot I. D. circular, concrete lined (1 foot thick) vertical shaft. The final depth will be approximately 3100 feet

Jan 1, 1972

By R. H. Murray

The Kamyr countercurrent tower leach process consists of a true countercurrent leach ?with a flocculated ore and fibre mixture entering the top of the tower and a cyanide solution or alternative lixiviant as well as a barren wash solution entering the bottom of the tower. It offers the possibility of including the entire leaching, solid-liquid separation and clarification processes into one unit or tower as opposed to the multiple leach tanks, filtration and clarification sections required in a conventional leach and precipitation plant. The tower process has been demonstrated in the laboratory and found to be effective for leaching gold, silver and other amenable ores. Based on laboratory results, Gencor and Kamyr have jointly constructed a 200 ton per day pilot plant in order to prove the process on a larger semi-production plant scale.

Jan 1, 1989

Diesel Particulate Matter (DPM) issues are very high profile currently in both Australian coal and metal mines and Australian states are generally moving to acknowledge and to broadly follow US 2008 final metal/non metal mine regulation limits of 0.2 mg/m3 submicron particulate matter, 0.16 mg/m3 total carbon particulate and 0.1 mg/m3 elemental carbon particulate. The real time DPM monitor is being developed on the base of the successful Personal Dust Monitor (PDM) unit. The objectives of recently completed Australian Coal Association Research Program (ACARP) study has been to finalize the design of a DPM unit, to undertake comprehensive and internationally recognized laboratory testing to evaluate the new design and to undertake an underground series of tests to establish the robustness and reliability of the new approach. Under the project Thermo Fisher Scientific has undertaken structural changes to the PDM to convert it to a DPM real time monitoring underground instrument, the D-PDM. The Pennsylvania Pittsburgh Research Laboratories of NIOSH (the group that originally contracted for the PDM development) has undertaken laboratory ?calibration or verification? testing. A phase of Australian mine robustness and engineering testing has been undertaken to ensure the instrument can effectively assist mine management to handle this health issue. Tests have been undertaken at points of expected high atmospheric DPM such as during Longwall face moves, Development RAM car, Eimco and PJB usages. The paper discusses how the monitors have performed within the underground mine environment in evaluating DPM during the various phases of the production cycle. They have closely examined the influence of aspects of the mine ventilation system. Results have been compared to alternative industry pollutant measuring approaches. The outcome of the project gives the industry access to an enhanced tool for understanding the mine atmosphere in the presence of DPM. Real time DPM monitoring will allow the industry to pin-point high exposure zones such as those encountered in coal longwall face moves where various vehicles work or in areas of constrained or difficult ventilation. Identifying of high DPM concentration zones allows efficient modification of work practices to reduce underground miners? exposure. Some outcomes of the ACARP project in this area will be discussed.

Jan 1, 2009

By J. Weinstein

New erosion, corrosion resistant metal, ceramic, and polymer composite technologies are being developed and marketed by Alanx Products L.P. for use in hydrocyclones, pumps, valves, and other applications in mining and minerals processing. This paper will present an overview of the ceramic/metal composite material system and properties developed, which include excellent erosion/ corrosion resistance. Wear data will be shown from a variety of laboratory tests in dry and wet conditions, in aqueous neutral and corrosive environments. Comparisons will be made with a variety of competitive materials currently used in the industries sited. Data will also be presented on field tests with pumps and hydrocyclones in hard rock mining and other abrasive/corrosive environments. Field data from North and South America, as well as Australian mining applications will be highlighted.

Jan 1, 1992

By C. S. Todd, R. L. McNearny, S. Dun, P. Clark, P. W. Conrad, X. Liu, J. Q. Wu, H. Rhee, W. J. Elliot

Soil erosion is strongly related to soil hydraulic properties. Understanding how surface coal mining affects these properties is therefore important in developing effective management practices to control erosion during reclamation. To determine the impact of mining activities on soil hydraulic properties, soils from undisturbed areas, areas of roughly graded mine spoil, areas with replaced topsoil before seeding, and revegetated areas at the Rosebud Mine in Eastern Montana were evaluated. Field and laboratory studies were conducted to determine the soil hydraulic properties of the four representative areas, including particle-size distribution, organic matter content and saturated hydraulic conductivity. Using this data, Water Erosion Prediction Project (WEPP) simulations and risk analyses were performed to investigate mining’s effects on changes in soil erosion potential. Significant differences were seen in the hydraulic properties of the soils in the representative areas due to the mining and reclamation practices at the mine. The WEPP simulations show that the potential for soil erosion increases as a result of mining activities disturbing the soil. The simulations also indicate that the erosion potential may return to pre-mining levels over time with effective revegetation practices.

Jan 1, 2015

By D. E. Poole

Injury Prevention: Dependent, Independent and Interdependent In recent years, management-directed (dependent)safety programs have lost ground to the more successful self-directed (independent) programs, where employees take responsibility for their own safety. Today, with the growth of the team concept in industry, a mutual-caring (interdependent) approach to workplace safety is gaining wide acceptance. This presentation compares characteristics and results of the three progressive levels of safety responsibility and explains how to develop a successful interdependent program. The presentation will also detail the common principals that are necessary for safety excellence under any of the management styles.

Jan 1, 2000

By Christof Metzger

This paper discusses the process utilized by the Kiewit?Bilfiger Berger Joint Venture (Contractor) to select, design, and procure the largest mixshield tunnel boring machine (TBM) ever implemented in North America. The mixshield will excavate the 8,534 linear m × 6.7 m ID (28,000 linear ft × 22 ft ID) tunnel for the City of Portland Oregon?s, Bureau of Environmental Services (Owner) East Side CSO Tunnel Project. TBM selection was conducted under a preconstruction contract in which the Contractor, Owner, Construction Management Consultant and Designer collaborated on TBM selection prior to commencement of construction. This paper focuses on TBM design considerations, including the use of one versus two machines, machine configuration,extended-wear protection, hyperbaric interventions, boulder digestion, and erection of a steel-fiber-reinforced segmental lining

By F. Mendaña

The characteristics of the igneous and metamorphic bedrock, extra-hard and abrasive, of the Guadarrama Tunnels, a bi-tube project of length 28.4 km without any intermediate attack, are first commented upon. Next, a detailed discussion is given of the most relevant aspects of the performance of the four double shield type TBMs. The experience of this leads to various recommendations to be borne in mind in future designs of TBM having to work in rock of similar characteristics.

Jan 1, 2007

By Gary B. Hemphill

The 345 km long Taiwan High Speed Rail Project will connect the island’s two most populated cities, Taipei and Kaohsiung. Kaohsiung is the world’s third busiest port. The 23 km of alignment on Contract C230 requires the construction of 5,879 m of shallow mined tunnels ranging from 137 m to 1,285 m in length. All nine of these tunnels are mined using NATM methodology. Two of the tunnels, T01 and T08 are in the Toukoshan Formation. This paper will discuss the mining methods, ground support design, and the instrumentation installed to monitor and verify its effectiveness in the two aforementioned tunnels.

Jan 1, 2003

By Lawrence A. Engel

The idea of using apron feeders for in directly feeding crushers is not a new one, it has been used for many years. To the best of our knowledge, the first apron feeder was used for bulk material handling in 1893. Since that time many design innovations have been introduced, with perhaps the most effective one being, the application of crawler tractor components in the feeder construction. This design was first introduced to the mining industry in 1954 by, national iron company. These feeders were used in the handling of run-of-mine iron ore on the Minnesota iron range, at the rate of 1,000 ltph. The material was fed over a grizzly to a jaw type of crusher. The crusher output was also handled by an apron feeder. Today, the apron feeder is being used in hard rock surface mine operations feeding crushers at rates of 5,500 ltph and over.

Jan 1, 1983

By William R. Yernberg

SME’s Arizona Conference was held at the Doubletree Hotel at Reid Park in Tucson on Dec. 5and 6, 2004. The annual conference is organized by the Arizona Conference Board of Directors, which represents SME sections in Arizona and adjacent areas. The conference provides an opportunity for individuals and corporations associated with mining in the region to get together each year to discuss the status of the industry. The meeting featured a keynote address and more than30 technical papers. Two years ago, the U.S. copper industry was facing on a run for two years now,” and “both precious metal and base metal prices are going up.” The increases in metal prices were attributed to development in China and other Asian countries. “With a population of 1.6 billion, China has recently created 80 million jobs,” said Silver.

Jan 1, 2005

By Ahmed Alghamdi, Salem AlGharbi, Aisha AlHarbi, Owain Morton, Norah AlMuhaisen

This paper addresses the challenges in optimizing the phosphate flotation process, specifically focusing on the variability in P2O5 recovery. An artificial intelligence (AI) driven Flotation Prediction Model was developed to accurately forecast P2O5 grades. Leveraging real-time data from various operational sources, the model provides insights into how operators can opstimize key flotation parameters to enhance product quality and recovery rates. The results demonstrate the effectiveness of AI predictive modeling in addressing operational variability, marking a crucial step toward intelligent operations in the phosphate flotation process.

Feb 1, 2025

By F. -J. Wodopia

Sustainability of energy supplies has been an issue of general interest for a long time. Whilst in the past the continuous productive use of natural commodities was in the fore, its compatibility with the environment and climate and ultimately also social aspects have recently gained more and more attention. Today many discussions focus on the climate compatibility of individual options to act. Fossil fuels, in particular coal and lignite, are generally challenged because coal use makes a significant contribution to global man-made CO2 emissions. The drastic increase in the consumption of fossil fuels is not explained by the fact that coal utilisation technologies are not or cannot be sustainable but rather by the growing world population and the endeavours numerous national economies trying to catch up economically. Coal is the world’s No. 1 fuel and, in the view of many experts, will keep this position also in the foreseeable future. The access to its deposits plays a significant role for the economies of the emerging countries. Consequently the aspects of energy security and economic efficiency need to be considered at eye level with climate compatibility. In Germany, however, the public acceptance of fossil fuels and of large industrial projects is in the focus of attention.

Jan 1, 2011

Although out of the ordinary, MINING ENGINEERING is pleased to present a few photographs that typify Western US mining activity during WWII. The photographs, taken by R.G. Zellers at Colorado mining operations between 1942 and 1946, were primarily intended for equipment manufacturers. The pictures capture scenes of hardworking miners during a time when output was essential to fuel a wartime effort. In addition to providing a rare opportunity to step back 40 years and view the equipment and activity common at the time, Zellers' skill with photo composition and his ability to obtain clarity in dimly lit underground operations gives viewers an acute awareness of the dampness and dirt of the mines, and a sense for the miners' limited working space.

Jan 6, 1983

By K. Y. Haramy, K. Hanna

Early identification of adverse geologic conditions and high stress concentrations during the high-speed extraction of coal using modern mechanized longwall systems is a major challenge facing the mining industry. Often, unexpected geologic anomalies that affect rock mass quality are encountered more rapidly, leaving the mine operator with insufficient time or information to deal with the changing ground conditions. The RockVision3D™ seismic tomographic system, developed by NSA Engineering, Inc., offers substantial benefits over conventional geologic/stress-detection methods and has been used successfully in coal mines worldwide. Tomographic images, produced economically and in near-real time, are easy to interpret, allowing mine operators to deal with potential hazards on a day-to-day basis.

Jan 1, 1999

By Michael Roach

"There’s a bit of confusion and misinformation in the tunneling and underground construction industry regarding contractor joint ventures. If it was all so clear I would not have been "asked" to write this article. For those of us on the contractors’ side of the fence, joint venture business relationships have been a part of life for a long time. But even for contractors, there can be a bit of confusion, and it normally begins on bid day.How often have you received bid results and wondered (out loud, usually), "Who the hell are the Lake Mead Intake Constructors"? or the "Regional Connector Constructors"? Once you get past the name, you see that there is nothing behind Oz’s curtain other than a couple of contractors bidding and building work in an attempt to make a profit. So take a few minutes to read the rest of this, and I’ll do my best to dispel a few mythWhat is a joint venture?In some form or fashion, joint ventures are as old as industry itself. In the United States, some of the earliest (and largest) joint ventures involved the railroads and oil companies in the late 1800s. In the United States’ underground construction industry, joint venture names such as, Healy-Greenfield, Green and Winston, Gates & Fox and Walsh, Shea-Ball, Kenny-Paschen and S&M-Traylor bring back memories of successful joint ventures that operated over many projects.There are nearly as many definitions for joint ventures (JVs) as there are attorneys. A short and simple definition is, "an association of two or more companies engaged in a singular, for-profit business enterprise without actual partnership or incorporation." That’s it. Two or more contractors decide to partner up for one or more projects. One benefit of the JV relationship is that the partners typically do not need to file incorporation documents, or articles of organization within the state where they intend to operate. So it is a relatively easy business arrangement to pull together. Other benefits of the JV arrangement include: • Oportunities to gain new expertise and capacity.• The ability for firms to move into new geographic markets.• JV agreements are not long-term commitments.• Sharing of financial support for a project.• Sharing of financial risks within a project. between the partners.• Can complicate dispute resolutions with the owner and between partners"

Jan 1, 2014

By Zhian Liang, Xiong Huang, Weixin Wu, Lifeng Cui, Zhuanhua Wei, Guoyao Li, Xiao Ni, Junrong Wang, Shuiping Zhong

ZJ 201 (modified starch) is a non-toxic, odorless, and biodegradable polymeric depressant, which selectively depressed galena in batch flotation tests while chalcopyrite was not significantly affected. In a plant trial, copper-lead separation was successful for the first time without using dichromate. Moreover, the plant process could be changed to sequential Cu-Pb flotation using ZJ 201 for higher grade lead concentrate. A copper concentrate was obtained with a Cu grade of 24.91% and a Pb grade of 5.11%, which recovered 76.6% of the copper from the original ore; a lead concentrate was also obtained with a Pb grade of 21.90% and a Cu grade of 5.31%, which recovered 52.6% of the lead. In addition to the effective copper-lead separation observed in the plant trial, another improvement observed is that gold was recovered mostly in copper concentrate, which could be sold for higher prices. Au grade reached 230.64 g/t, and its recovery reached 65.8% in the copper concentrate. Au grade in lead concentrate was only 18.90 g/t.

Aug 27, 2021

By J. C. Stankus

Accurate evaluation of stress and geological conditions is critical to ground control design in underground openings. For a slope entry, the problem is more difficult because a slope will transverse through many different types of strata. Over the past three years, Keystone Mining Services, LLC, an affiliate company of Jennmar Corporation, has developed a new methodology designated the ?Stress, Geologic, and Support Design System (SGSsm)?. This patent pending method analyzes the stress, geology, and support design for a mine slope. It has been successfully applied in various new slopes across the United States. This paper will detail the main concepts of the methodology including: (1) Analysis of stress and geology and identification of strong, fair and weak zones along the slope; (2) Primary and supplemental support design; (3) Long term support design in the form of steel square sets or arches, and (4) Validation of the support design utilizing advanced finite element computer modeling.

Jan 1, 2011