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"How Wall Street Darling Molycorp Undermined the U.S. Economy, Degraded our National Security and Distorted the Global Economic Balance and How These Falsehoods Continue to be Promoted Even Today INTRODUCTION & SUMMARY In 2007 the Molycorp Mountain Pass rare earth mine was resurrected from its desert-grave in California by its then-owner Chevron Mining. Responding to elevated rare earth prices Chevron began processing on-site rare earth concentrates left over from past mining operations that were terminated in 1998i. Chinese demand had sparked what was being described as a commodities super-cycleii. Commodity prices were on the move. Wall Street smelled opportunity. In 2008 Goldman Sachs, Pegasus Partners, Resource Capital Funds, Traxys North America LLC and Carint Group LLC acquired the mining assets from Chevron. In an environment of ever-declining ethical standards and regulatory consequences the private capital group and their investment bankers would bring Molycorp to market. Molycorp, with its high powered investment banking team of Morgan Stanley and J.P. Morganiii, easily dominated the contest. Molycorp promoted itself, largely based on its past operating history and proven reserves, as the best company to challenge China’s monopoly control over the production of rare earths: a group of elements critical to most advanced technologies and U.S. defense systemsiv. Most of Wall Street’s hottest investment sectors were dependent on these materials: alternative energy, green technologies, computing, personal communications, advanced electronics and defense systems. By late 2010 there were dozens of prospective rare earth start-up ‘mining companies’ seeking capital. Eventually the number of prospective rare earth mining companies seeking capital exceeded 400, despite the reality that supply requirements of this market were disproportionally small when compared to other natural resource sectorsv. In the world of finance ‘smart money’ picks the winners. Consequently just twovi projects attracted nearly all of the capital (Molycorp and Lynas). Wall street picked Molycorpvii. This paper will primarily focus on Molycorp. By early 2010 the words “Molycorp” and “Rare Earths” electrified many people in the mining industry, most non-Chinese manufacturing technology companies, U.S. & allied defense contractors, technocrats in the U.S. national security community and eager investors across most of the world’s stock markets. It was the hottest story of the yearviii. The financial, technology and defense press coverage verged on euphoric: heaping fuel on fuel until the highly combustible Molycorp-pyre cast a long shadow over all of its rivalsix. When the IPO match was lit the spectacular flaming pyre sucked all of the oxygen out of the rare earth spacex. Molycorp was ranked the most lucrative IPO of 2010, resulting in record breaking profits to its private investors and massive returns for its early stock holding investors."

Jan 1, 2017

By Liaqat Ali Shah, Muhammad Farooq, Zait Ullah Shah, Francisco Rolando Valenzuela-Díaz

Bentonite collected from Nowshera (Pakistan) was treated with NaCl, and the < 2-μm clay fractions were separated by sedimentation process. The textural changes in NaCl treated purified bentonite were compared with raw and physically purified sample. It was detected that the NaCl-treated purified bentonite and the sample purified by simple sedimentation, respectively, consist of sodium-montmorillonite and calcium-montmorillonite as a major clay mineral. The honeycombed-type morphology was observed for both the purified samples; however, the particles of NaCl treated purified bentonite were relatively in a compact form. The particle sizes of both the purified samples were found considerably smaller. The high volume percent of the fine particles was noticed in the NaCl-treated purified bentonite. This attributed that the sodium exchange has a valuable impact on the bentonite dispersion in aqueous media during particle size measurement. The relatively high mesopore area/volume and micropore area/volume and specific surface area (SSA) were detected in purified samples. The NaCl-treated purified sample showed relatively high mesopores area/volume than the sample obtained by simple sedimentation. These changes seem to be originated from either high montmorillonite contents and/or the smaller particle size, which might be produced after the layer rearrangement during the interlayer cation replacement by Na+ ions. The large SSA and high porosity of purified samples particularly the NaCl-treated bentonite suggest their potential use as adsorbents, catalysts, pharmaceuticals, and cosmetics.

Jan 7, 2021

By Carl Johnson, D. R. Todd

The Blue Ridge Low Level Outlet (LLO) was a design/build contract to provide a secondary means of discharging water from the Blue Ridge Reservoir. The project involved driving a 3.25 m (11 ft) modified horseshoe tunnel by 293.5 m (963 ft) long utilizing conventional drill and blast methodology. The intake shaft and structure were constructed inside of a sheet pile cofferdam surrounded by a maximum of 20.1 m (66 ft) of water. The shaft was excavated 4.87 m(16 ft) diameter to a depth of 12.8 m (42 ft) below the tremie slab elevation. Steel lining, including a transition from 3.66 m to 2.74 m (12 to 9 ft) diameter and a90 degree elbow were installed in the inlet shaft and then backfilled with concrete. This paper will describe the RFP phase, the design phase, challenges of the underground construction and contractual challenges.

Jan 1, 2005

By Winn B. Frank

Events of the mid-1970&apos;s have materially affected US coal production and transportation by railroad. Coal, as a replacement or substitute for petroleum fuels, has been hauled in significantly increased tonnages. Concurrent with the new demand, the railroad regulatory environment has undergone major changes, especially in "deregulation" activity. Those two events have produced considerable Litigation regarding coal rates. This paper discusses the factors involved with railroad rates and topics such as revenue adequacy, Ramsey Pricing, stand-alone cost, and differential pricing. In addition, an update on the western railroad merger situation and the implications for coal transportation are presented. The paper concludes with an evaluation of the current regulatory climate and future prospects.

Jan 1, 1983

By Franklin J. Stermole

L. Alan Weakly, member SME, is a senior staff engineer, Exxon Co. Weakly chaired a Mining Engineering committee formed to solicit materials for six planned "personal skills" articles, to be used in ME this year. What follows are Weakly&apos;s introductory comments to the series. Upon graduation from college several years ago, I thought that I was sufficiently prepared to embark in my chosen profession. A short time later I realized that several years of on-the-job training was going to be required before I could use my technical training effectively. It never occurred to me that, professionally, I was seriously lacking in any other skills. My spelling could use a little upgrading, but this was not a serious deficiency. I have been very fortunate to have had two employers that recognized that their engineering professionals did lack other skills and made every effort to give them training to correct these deficiencies. The skills I am referring to are those in administration and interpersonal relationships. Most mining engineers and geologists receive very little, if any, college training in these areas. In addition, many companies do not provide this training and many mining engineers and geologists are unaware of their deficiencies. It is for this reason the subject of personal skills development is being introduced in Mining Engineering. The mining engineer or geologist can pursue one of two basic career directions, managerial or technical. In today&apos;s technically sophisticated society and highly competitive business climate, both orientations require administrative and interpersonal skills. Most of us are technically qualified and we continue to upgrade our technical skills. But many studies indicate that we, as a group, are significantly weaker in administrative and interpersonal skills than other professional groups. In addition, these studies indicate that engineers, in general, take longer to reach managerial levels and fewer do so. This series in Mining Engineering, then, should help readers strengthen and broaden their professional capabilities. In all industries, including mining and petroleum, economic analysis of potential investment projects is done to select the projects that will give maximum future value from the investment of available capital. Rather than looking directly at the future values to be generated by investing capital in alternate ways for economic decisions, evaluators usually use either rate of return, present value, annual value, a profit to investment ratio, or various break even analysis results to reach economic analysis decisions in evaluating alternative investments. Alternative economic evaluation techniques are used in industry to properly analyze the economic potential of various investment projects. "Discounted Cash Flow" analysis is the phrase commonly used to describe these techniques. Whether you want to analyze projects in mineral, petroleum, real estate, refining, pipe-line transportation, or any other industry, proper application of discounted cash flow analysis techniques enables you to fairly compare the economic potential of alternative projects as well or better than you can using any other project evaluation approaches. It should be pointed out that investment analysis generally involves more than economic analysis. Financial and intangible considerations sometimes are as important or more important to investment decision-making than economic considerations. Economic analysis refers to evaluation of the profit generating potential of projects, that is selecting which alternative projects will generate maximum future value possible from available investment capital. Financial analysis, on the other hand, relates to analysis of where money is going to come from to finance various projects. Regardless of the economic potential of a project, if financial analysis indicates that we cannot finance the project, it likely will be shelved for financial reasons even though it may be economically satisfactory. Many evaluators use the terms "economic analysis" and "financial analysis" interchangeably, but this author considers that to be undesirable. Intangible analysis relates to project factors that are difficult to quantify in

Jan 2, 1984

By Lee W. Saperstien

At the heart of the mining process are a number of basic and fundamental tasks whose regular and repeated performance constitute the mining cycle. As will be discussed presently, these tasks are the basic components of the mining system. Section 9, Production Operations, provides the mine designer and engineer with an understanding of these tasks and with sufficient design principles to allow this person to create an efficient mine system. This section is meant to be an introduction and adjunct to subsequent sections that describe specific mining systems. However, sufficient design information is included here for the independent design of mine systems that may not be described elsewhere or for subsequent verification of existing designs. For the purposes of this section, mining subsumes excavation; thus this material applies to any excavation process. Accordingly, this section is written in general enough terms to include both surface and underground mining. It may be used also for civil engineering excavations that often involve the same steps. Obviously, the actual procedures undertaken in any specific mining system will appear to be very different from those taken in any other system. This is certainly true when comparing surface with underground methods. Yet the fundamental principles are often the same. This segment is written to explicate the basics. Wherever appropriate, the section will suggest the differences between the application process to surface or to underground mining.

Jan 1, 2008

By Vhutali Carol Madanda, FHATUWANI SENGANI, François Mulenga

The first introduction of fuzzy theory in the nineteenth century created room for continuous research and application in various fields. Fuzzy set theory has been globally applied in geotechnical engineering, and research in this field continues to date. The fuzzy inference system is considered to be one of the most popular techniques adopted to resolve some of the geomechanical challenges faced in both surface and underground excavations. This paper unpacks fuzzy theory-based approaches in mine geomechanics with the aim of expanding the innovative application of the same approach specifically in tunnel geomechanics. This aim was achieved by conducting a review of recent successful and unsuccessful applications of fuzzy inference systems in underground excavations/tunnelling geomechanics. Indeed, this review has outlined some cardinal points associated with the ability of the technique to solve complex geomechanics problems. However, the success of the technique was accompanied by a few limitations associated with the methodology. Finally, a future outlook associated with the technique has been established.

May 15, 2023

By Stanley Lefond

The health of the industrial minerals industry appears to be improving year by year. In fact, preliminary information suggests that only three commodities (asbestos, bromine, and sulfur-other) failed to show a production gain in 1984 over 1983. In 1983, 10 commodities failed to post gains and six remained constant. The total value of industrial mineral production in 1984 was $16.7 billion, up $1.4 billion from 1983. Cement, clays, gypsum, and crushed stone production increased. Since these are used in housing and construction, this suggests these industries are moving out of their recent doldrums. Barite and clay production also improved in 1984. Local US barite production, however, still has a long way to go to attain the 1981 high of 2.6 Mt (2.9 million st). Barite imports remain high. But they are not as high as the 1982 importation of 2 Mt (2.3 million st). Bentonite production in 1984 increased 20% in volume and 25% in value over the previous year. This suggests improvement in the drilling industry and an increase in demand for iron ore pelletizing grades. All in all, the industrial mineral industry is alive and well. And it shows signs of great improvement in the next few years. Many thanks to those industrial mineral technical committee members for their assistance in assembling this industrial minerals review: M. F. Dibble, H. W. Allen, G. H. Gallup, S. G. Ampian, D. W. L. Spry, H. G. Fleshman, and L. J. Czel.

Jan 5, 1985

By Edwin F. Shorey, Richard F. Coon, Steven B. Fradkin

Crosstown Interceptor Phase IA is the first deep tunnel element of the Milwaukee Inline Project. The tunnel contract includes 6,492 meters (m) of 9.1-m-diameter tunnel, two access shafts, and partial lining for structural purposes. The work also includes grouting to be performed as directed by the engineer to provide groundwater infiltration control in lined and unlined reaches of the tunnel. This paper summarizes infiltration observations, progress of the grouting work, and its potential application to the remainder of the Milwaukee project.

Jan 1, 1987

By D. J. Duck

INTRODUCTION Construction of the 3,600,000 kilowatt Third Powerplant at Grand Coulee Dam started in late summer 1967 approximately one year after authorization by Congress. The project was made possible by a treaty with Canada providing for cooperative development of the Columbia River which was signed in 1961 and ratified in 1964. Description of the Work The existing Grand Coulee power complex consisted of a dam and two powerplants with a switchyard serving each plant, one on each bank of the river. See Fig. 1. The switching facilities were connected to transformers at the powerplants by overhead 230-kilovolt and 115-kilovolt tie circuit conductors. [ ]

Jan 1, 1997

By Tim Neil, O&apos

Introduction On the banks of the Columbia River, about halfway between Seattle and Spokane, sits Wenatchee, WA. It calls itself "the apple capital of the world." And it has a gold mining history that dates back to the 1880s. It was just outside Wenatchee - three blocks outside, to be exact-that Asamera recently dedicated its $60 million Cannon underground gold mine. At full production, it is estimated the Cannon mine will yield between 5 and 5.6 t/a (160,000 and 180,000 oz per year) of gold. That would make Cannon the largest North American underground gold mine to be brought into production this year. Cannon should also be among the top 10 of all North American gold producers. Asamera officials project Cannon&apos;s operating costs at about $4.8019 ($150 per oz). At that rate, the mine should also be one of the lower cost and most profitable gold mining operations in North America. One reason for low operating costs is low electric power costs. The Cannon operation will be paying about 2.5 cents per kWh for hydroelectric power supplied by the Bonneville Power Authority. Proven and probable ore reserves at Cannon are in excess of 4.7 Mt (5.2 million st). Reserve grades average 7.29 g/t (0.21 oz per st) of gold in three ore zones, in order of discovery - B, B West, and B North. The ore bodies could have been mined by open-pit methods. But underground mining was chosen for environmental reasons. In addition, the rich B North ore body extends beneath a nearby horse stable and arena. The Cannon mine area comprises some 20 km2 (5000 acres) in Chelan County. The mine site is located at the 305 m (1000 ft) elevation in Dry Gulch at the base of the Cascade Mountains. The initial estimate of mine life for the Cannon operation is eight years, depending on gold prices. But Asamera officials believe the Wenatchee area has excellent potential for future gold discoveries. Asamera, Inc. of Calgary, Alberta, owns 51% of the Cannon property, through its wholly-owned Asamera Minerals (US). Breakwater Resources Ltd. of Vancouver, British Columbia owns 49% of the operation. The Cannon mine is named in honor of longtime Asamera, Inc. executive and current company director, geologist Donald G. Can¬non. It was he who first brought the Wenatchee property to Asamera&apos;s attention and urged the company to pursue it. Asamera is a major explorer and producer of oil and gas. Its Cannon operation is the largest and most significant to date in its mining division, according to Rob¬ert G. Welty. He is Asamera&apos;s chairman and chief executive officer. It should be noted there was an element of serendipity involved in Cannon&apos;s development. The development program be¬gan when geologist Cannon visited the Wenatchee area. He was visit¬ing old mining districts. He liked what he saw. The Cannon property was eventually optioned for ex¬ploration, including a modest drilling program.

Jan 12, 1985

By B. R. Waples

The first reaction in organizing a project of magnitude is that it&apos;s the same as smaller projects -- just bigger. This is not totally correct. The industry&apos;s record of completing big-money jobs on time and within budget is not outstanding. From a personal point of view, my question is: What is the project size at which controls are lost? Is it controls? Is it the number of pieces of equipment? Is it the number of decisions to be made? The slowness of communications? Or is it a combination of all of these? In working on multimillion-dollar jobs, the percentage of overrun seems to be lower or show an underrun when the following basics are followed: 1) Preplanning is intensified 2) Data gathering is complete 3) Approach is optimized 4) Planning is realistically scheduled 5) Changes are minimized 6) Decisions are expedited

Jan 1, 1982

By Fred D. Fox

Introduction Abandoned mill tailings deposits can be found throughout the northern Black Hills of South Dakota, indicative of mining activities that originated during the great gold rush days of 1875. The Refuse Act of 1899 attempted to regulate the deposit of debris from mines and stamp works. But, in most cases, huge volumes of mine and milling wastes were disposed of in ways no longer considered environmentally acceptable. Restoration of gold mill tailings deposits is a relatively new practice to the Black Hills area. This discussion will present an overview of the environmental setting, environmental problems associated with past tailings disposal practices, practices being implemented to solve these problems, and prospects related to present the future tailings disposal practices. Environmental Setting An understanding of climatic characteristics, geology, surface and ground water hydrology conditions, and the physical and chemical characteristics of selected mill tailings deposits will aid in understanding environmental problems associated with tailings disposal and restoration. Climate The Black Hills region is in the middle latitudes, which have a

Jan 11, 1984

By Atta Ur Rehman, Kwame Awuah-Offei

This work evaluated the effect of bucket orientation and operating parameters on resistive forces and penetration for rubber tire loaders. The work used a 1:16 scale LHD model to test a rubber tire loader (RTL) bucket operating at different levels of tractive effort, speed, digging height, and rake angles in a full factorial design experiment. The work repeated the test on two different muck piles with different particle sizes and used generalized regression modeling to test the association of rake angle, tractive effort, speed, and digging height on penetration and resistive forces for RTL buckets. The results show that speed and tractive effort are more important in explaining RTL penetration and resistive forces than height above the floor and rake angle. Speed, tractive effort, and height above the floor are positively correlated to bucket penetration, whereas the rake angle is negatively correlated to penetration. Similarly, speed, tractive effort, rake angle, and height above the floor are all positively correlated to resistive forces incurred during initial penetration. The observation that the combined effect of speed and tractive effort is negatively correlated to penetration and resistive forces is a novel contribution that enhances our understanding of RTL loading. The results also show that the effect of speed, tractive effort, and height above the floor all change with changes in particle sizes. This work adds to the literature on the effect of rake angle, height above the floor, tractive effort, and speed on penetration and resistive forces for rubber tire loaders.

Aug 24, 2020

By Timothy D. Arnold

Barrick Gold’s Bullfrog underground mine, near Beatty, NV, was established as an after-thought to the main open pit. As open pit ore dwindles, the underground mining became increasingly more important as an ore source, and to the overall economics of the project. This situation is similar to many other mines. Today, there is a move towards underground mining in the United States. There are inherent problems in starting and operating underground mines in the shadow of any open-pit operation. Several attempts were made at the Bullfrog Mine for productive increases. Some were successful, while others were not.

Jan 1, 1996

By Gunter Swoboda, Harald Wagner

Until a few years ago tunnel construction was based exclusively on experience. In recent years, however, numerical models have increasingly become an integrated part of tunnel design [2]. These models permit good evaluation of the tunnel&apos;s support behavior even before it is designed. In particular, numerical methods are highly suited for the development of new construction methods. The prerequisite for this is the application of high-performance pre- and postprocessors, permitting the design engineer to come to a quick interpretation of the analysis results. In future, 3D analysis will take on increasing significance, for which reason this paper also deals with this type of models.

Jan 1, 1993

By A. D. Davis, C. J. Webb, C. S. Johnson, J. L. Porter

The abandoned Belle Eldridge Mine near Deadwood, South Dakota, is on land controlled by the U.S. Bureau of Land Management (BLM) property. The mine produced primarily lead and zinc during the first half of the twentieth century. The BLM has expressed concern about acidic drainage as well as elevated arsenic levels in tailings and waste rock at the site. The mine site was evaluated for remediation in 1998 and 1999. Recent reclamation and remediation work included substantial regrading of waste rock, removal of material where metal loading were of concern, and re-routing of drainage from an adit. Trenching at the site shoed a greater volume than originally calculated during site characterization. Material was removed to a repository that was constructed at a nearby drainage divide. Because of physical hazards, the BLM has decided to remove some historic structures. However, a search of mine records and an inventory of archival materials were complete to preserve the history of the site.

Jan 1, 2002

By R. P. Stahura

Conveyors are the lifeline of mining and processing operations. They continuously supply materials to and carry finished products and waste away from operations. When conveyors are running at less than maximum efficiency, the operation&apos;s productivity is in trouble. Inefficient conveyors suffer carryback, leading to the buildup of materials on idlers and other expensive components. They spill and leak material at loading zones and conveyor transfer points. This causes accumulations that can damage the belt, wear moving components and increase both clean-up labor and maintenance expenses. They wander or mistrack, spilling material and endangering personnel and conveyor components. And through these inefficiencies, they multiply the operation&apos;s hidden costs. These added expenses occur in lost production, increased downtime for service and maintenance and replacement costs for prematurely worn equip¬ment. In addition, the attitude that inefficiency is "good enough" is recognized elsewhere in the organization. As a result, other departments relax or operate at less than peak performance. Quality goes down along with employee morale. Costs of inefficient conveyors A key to efficiency is handling a product as few times as is necessary. That means conveyors should be loaded, track true to the unloading point and then be unloaded, all without material escape or waste motion. An inefficient conveyor is often signaled by accumulations of DURT - material that has escaped from the system and is now at large in the plant. This DURT adds costs to an operation that are uncounted and, perhaps, uncountable.

Jan 1, 1992

By E. D. Attanasi, J. H. DeYoung

Mineral exploration activity in the US suffered through another depressed year in 1984. And continued strength in precious metals (and possibly industrial minerals) exploration failed to make up for declines in other minerals. 1984 offered little solace for the explorationist. But some new data on mineral exploration provided better statistics for analysts of US mineral exploration trends. The Society of Economic Geologists (SEG) published data from its survey of 1980,1981, and 1982 exploration by US and Canadian companies - 96 companies responded (Barber and Muessig, 1984). In addition, a Mining Engineering (April 1984 p. 345) article by Emerson and Ivosevic presented their data on annual exploration expenditures in the US for gold and for all minerals from 1961 through 1983. A review of 1984 domestic exploration and development activities reported in several industry journals indicates that almost 90% of those projects were directed at gold and silver deposits. Statistics on 1984 exploration expenditures are not available. But some industry observers believe that precious metals accounted for an even larger share of industry&apos;s exploration budget in 1984 than in 1983. According to the data of Emerson and Ivosevic (ME, April 1984, p. 349), gold exploration expendi-

Jan 5, 1985

By Euclid P. Worden

INTRODUCTION Today, conventional raise boring is an accepted method of development in underground mines and on major construction projects. Over the years that this technique, and its associated machines and tools, have been under development, many articles have been written on the subject. To a great extent, these papers have reported operating results of one or more specific projects or have been generalized reviews of state-of-the-art machines and tools. This paper is intended as a review of the technique from an operational standpoint. Conventional raise boring, as opposed to the related variants box hole drilling and underground blast hole drilling, is a two step process consisting of the pilot hole drilling and reaming cycles. This author has covered the subject of pilot hole drilling in another article (1) . A good review of the current machines and equipment has been presented by Monroe (2) and an overall review of this entire technology was published by E&MJ (3) and Mining Journal, April, 1983 (4) . The subject of the reaming cycle is presented here together with some of the technical aspects of how the drilling tools are intended to be used. OPERATIONS Bit Change After the pilot bit has broken through at the end of the pilot hole cycle, a changeover takes place at both the machine and

Jan 1, 1985