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By FRABK HERVEY PETTINGELL

THE stock exchange and its functions is about as well understood by the average individual as the fourth dimension. What is a stock exchange? Divested of the rules and regulations by which it is governed, and the facilities it provides for the convenient handling of securities, it would be in its nude state nothing more or less than a meeting place for brokers. The stock exchange in America dates back to 1752, when a group of merchants of New York established a meeting place at the foot of Broad Street for the purpose of dealing in meal and slaves. The first definite orgarization, however, had its beginning in 1792 when 24 New York brokers signed an agreement not to buy or sell public stock for less than one quarter per cent. commission. From this small group has grown by gradual degrees, the greatest organized security market in the world, namely, the New York Stock Exchange. At the present time there are 27 stock exchanges in the United States and 5 in Canada. Based on the volume of business transacted, the Los Angeles Stock Exchange ranks 6th among them. This is attributable to the fact that strictly speaking Los Angeles has never been a stock exchange town, like some other large cities. Take for instance San Francisco, which supported one stock exchange from 1862 to .1882 and has since supported two. No city, by the way, should tolerate two stock exchanges at the same time. It is an economic folly and a senseless duplication that can be compared with rival telephone companies or competing street railway systems, paralleling each other's lines and always leads to trouble and confusion, and sooner or later one or the other falls by the wayside. While Los Angeles has had stock exchanges of one kind or another since 1896, none of them attracted much attention until 1899 when the present exchange was organized and it did not get well under way until along in 1906.

Jan 1, 1925

By John S. Hutchins

Two potential modified in situ methods are described for recovering the 68% "unrecoverable" hydrocarbons in oil reservoirs. For the 300 billion barrels of conventional light crude a Drip Drainage system is suggested by mining underneath a reservoir and producing from below by controlled gravity flow. For the 200 billion barrels of heavy or viscous oil and tar sands deposits a Flip Flop process is described using surface flooding with hot water saturated with surfactant and weighting additives. Mining engineering description of shafts and tunnels required are included as is discussion of the tunnel proximity to a reservoir. Petroleum engineering flow equations to describe production rates and candidate reserve areas of the U.S. are described. DCF economics are provided to indicate that current oil prices may be sufficient to commercially develop these recovery methods.

Jan 1, 1978

By A. V. De Forest

INSPECTION and test methods of great diversity have been used from the most ancient times to select raw material, control its manufacture, and appraise its finished properties and value. The "miller thumb," expert in grading flour, the vintner's sense of taste, the goldsmith's micro-wear test on a touchstone, the enquiring sniff over the doubtful egg -these are all nondestructive inspection methods, accurate and depend- able, but not readily reduced to numbers in the c.g.s. system. A horse trader inspecting a possible purchase is interested in more than age, size, weight, color. heredity, speed, or drawbar pull which can be reduced to figures. Behavior, temperament, stamina, health-past, present and future---are just as important as the numerically determinate constants.

Jan 1, 1940

By Karl J. C. Harries

"11.1. INTRODUCTIONA royalty is the most common form of interest retained by an owner who is disposing of his property or by a joint venturer who ceases, voluntarily or otherwise, to participate in the joint venture.1 Rarely does a non-participating party have a direct interest in the property and/or assets of a project, except during the period when a non-participating joint venturer may be having his interest diluted.2 In fact, it is most unwise to permit a non-participating party to have such an interest. It may give rise to significant problems that could prevent or substantially delay the development of an orebody and require a considerable amount of time, effort, and money to correct.3In negotiating a royalty, it is important to be aware that there is no law or convention that says, “You just don’t do that in a royalty agreement.” As with any agreement, inventiveness and flexibility on the part of the negotiator are not just assets, but virtual necessities. It is also for this reason that it is essential to read the royalty provisions, particularly the definitions, fully and carefully, especially if you are the recipient. On the other hand, if your inventiveness and flexibility cause your accountant to question the advisability of one of your ideas, pay close attention to him.4 He will, no doubt, have had experience with many royalties, and no competent professional adviser disparages a client’s ideas without good reason. Besides, he will probably be the person who will be determining the royalty or certifying the determination of it. At the very least, he will be auditing your general financial statements, which must, of course, reflect the royalty determination. Heeding his advice not only may make the determination easier but also will probably save you money in professional fees later on. Nevertheless, do not simply accept his comments or recommendations without understanding what they mean, why they have been made with respect to your royalty agreement (sometimes professionals have comments that they make as a matter of course and, even though they may be valid, you should require them to be justified to you), and how they will affect your royalty determination.It is surprising how many corporate payors insist that their standard royalty provisions5 be used as a matter of policy, thereby effectively tying the negotiator’s hands. It is even more surprising, and to professional advisers frightening, how many of the senior employees who insist that such a policy be adhered to, virtually without variation, do not know what is in the standard provisions and would be hard-pressed to explain them to a property owner. If standard provisions are appropriate, by all means use them, but do allow experienced and sensible negotiators some flexibility and make sure that everyone within the corporation who may have to use such provisions – negotiator and supervisor alike – knows what they contain and why they are as they are. For example, there are often good and convincing reasons to describe a deduction in a certain way or to include a certain specific type of deduction. On the other hand, quite often the answer to the question “why?” is that “it has always been there”; this is, or should be, an unacceptable answer. In any event, if you, as the negotiator, appear to know what you are talking about, are familiar and comfortable with your royalty provisions, and are backed up by your boss with the same words or reasoning, a property owner cannot help but be satisfied that you are knowledgeable, even if he still does not agree with your provisions. Finally, if you do use standard provisions, make sure that they are reviewed and updated regularly."

Jan 1, 2003

By Eugene McAuliffe

In the year 1581, the counselors of King Philip of Spain suggested to that monarch that a canal across the Isthmus of Darien would open the west coast of the South American continent to Spanish miners and explorers, enlarging and expanding the flow of precious metals then just beginning to trickle across the path cut by Spanish Conquistadors, from old Panama to Puerto Bello on the east coast. The King sent out a party of surveyors and explorers under the command of a young engineer, Savadaerro, who returned after two years, reporting upon a location for a canal which was virtually adopted by the French engineers employed by De Lesseps, who in 1877 commenced the work of constructing the Panama Canal-296 years after Sava- daerro's first survey was begun. The suggestion for an Isthmian canal, made to the king at a time when Spain was a proud, virile nation and when that country was contending with England in the fields of discovery and conquest, represents a measure of vision that has never failed to intrigue the imagination. That the young Spanish engineer recommended an undertaking so gigantic in conception that it took three and one-third centuries for its completion from the time it was first visioned matters little. In the day of Philip of Spain,

Jan 1, 1932

By P Taskinen, D Lindberg

The increase in metals demand in the electrifying globe means significant growth in the smelting of copper, nickel, zinc, and lead, produced from primary sulfide sources or using sulfide mattes as the intermediates of the process chains. This means that leaner and complex mineral deposits will be evaluated as ores and are in the future traded in the commodity market for smelting and refining to pure metals. An important issue in the trend is the technology metals, like antimony, tellurium, and gallium, which exist as trace elements in sulfide ores and form no ores of their own. Their recovery becomes important in the coming decades as will be the case with growing slag amounts without use in other industries. The key is to produce environmentally acceptable slags in the smelting operations. It sets new boundary conditions to the treatment of flue dusts. This means that all material streams of smelting and refining must be re-evaluated for the deportments of the main and minority metals. In copper smelting, the recoveries of precious metals are today important for the feasibility of the custom smelters but due to low prices of many minority metals they are discarded in slag landfills. It is one of the emerging issues also in the secondary copper smelting today and once the demand grows, the same question will be faced also in the mining-beneficiation-smelting-refining chain of the primary production of nickel, zinc, and lead. The distributions of many technology metals in the copper and nickel smelting have been recently studied using methods where the chemically bound trace elements in the slag and its phases at the smelting conditions have been studied. Thus, the key data about options for process modifications and additional processing steps are piling up. Short processing routes in the metals smelting and refining are attractive due to their simplicity. At the same time, complexity of many raw materials challenges the fluxing at high oxygen partial pressures in low silica slags with high metal concentrations. The compromise between high primary recovery and safe operation is a demanding task in conditions where slag foaming outside the processing window is evident. The increase in the demand of pure nickel is challenging the raw material basis where low-grade sulfide ores are soon smelted along with nickel laterites to matte. It is a demanding task at high MgO concentrations. The low solubility of MgO in iron silicate slags requires new fluxing strategies and new smelting end points for the operation at reasonable temperatures; the direct nickel matte smelting in one-matte mode may be an option.

Aug 21, 2024

Lead Tariff.--The full House Ways and Means Committee approved H.R. 6089 which will have the effect of reducing the tariff on unwrought lead to 3% ad valorem, with a floor duty of 1.0625 cents per pound, compared with the currently effective rate of 3.5% ad valorem. Consideration is also being given to tariff rates on imports of red lead and litharge from Mexico. A consortium of domestic producers has appealed to the Office of the Special Trade Representative (STR) requesting a return to tariff schedules which were in effect prior to the concessions made effective on January 1. Mexican producers have filed a proposal in favor of lower duties, and the matter now awaits a ruling by the STR. Ferrous Scrap Exports.--After holding public hearings and receiving public comments in May, the Department of Commerce announced that it would not institute formal monitoring of ferrous scrap exports, as requested by the Ferrous Scrap Consumers Coalition. The Department said, however, that it would follow the trend of scrap exports and prices. Ferrous scrap prices are currently low and supplies are reported to be adequate.

Jan 1, 1980

By Keith L. Harris

Real2 gross national product (GNP) grew at a seasonally adjusted annual rate of 1.3% in the fourth quarter and at 2.5% for all of 1986, according to the most recent Department of Commerce estimates table 1). The 1986 GNP growth was the lowest since the recession in 1982, and was slightly below the estimate published in the last issue of Minerals and Materials. Barriers to greater economic growth in 1986 included the Federal budget deficit, the trade deficit, reduced energy-sector investment because of low oil prices, and uncertainty over changes in the Federal tax code.3 Major sectors of the economy responsible for the fourth-quarter growth included real Government purchases of goods and services, up $19.9 billion from the third-quarter level; real net exports, up $12.2 billion; real residential investment, up $3.0 billion; and nonresidential fixed investment, up $1.5 billion. The increase in Government purchases of goods and services was attributed to the S25.1 billion rise in net purchases of farm products by the Commodity Credit Corp-oration. Real personal consumption expenditures and inventory investment declined, however. Personal consumption expenditures declined primarily because of reduced motor vehicle purchases. Despite only modest growth during the fourth quarter, the economy improved significantly because of the narrowing of the trade deficit and growing employment (table 2) while maintaining low unemployment and inflation rates. Business sounded an optimistic note, with planned increases in current-dollar capital spending of 0.9% for 1987 compared with a 1.7% decrease in 1986. While it is primarily the nonmanufacturing industries that expect to increase investment from 1986 levels, some manufacturing industries are increasing investment by significant percentages as well, notably the steelmaking and nonferrous metals industries (table 3).

Jan 1, 1987

Approximately half of all the fuel energy used in the United States is now pro-vided by oil and natural gas. A persistent and rapid growth in energy demand during the last 3 decades has been absorbed largely by the liquid and gaseous rather than solid fuels. In 1948 the energy provided by coal was substantially the same as in 1920. Meanwhile, the use of oil and natural gas each had increased fivefold. On a per capita basis, the change is more significant. Coal consumption has dropped from about 6 tons per person to 4-1/2 tons, while oil has increased from 4-1/3 barrels to 14-1/3, and natural gas from 7,500 cubic feet to about 35,000. These facts would have only academic interest if the United States had unlimited supplies of all fuels. However, while the Nation's reserves of coal are adequate to meet our needs for centuries, those of oil and natural gas appear limited. It is obvious, therefore, that the security of our liquid-fuel position would be greatly enhanced if the supply could be based in an increasing degree on solid fuels, such as coal/and oil shale, which make up more than 95 percent of our fuel reserves, instead of natural oil and gas. In addition, this would create new employment and help to stabilize the market for coal, which may be facing comparatively bleak prospects in the near future unless its position with respect to other fuels is improved.

Jan 1, 1950

By F. W. Gray

IN 1922, the writer communicated to the Institute a paper entitled The Development of the Coal Industry in Canada (1), which summarized the considerations set out in a series of papers (2) concerned with coal-mining in Canada which he had presented in 1920 and 1921. This paper contained a forecast by decades, commencing 1920, of Canadian coal production, importation, consumption, and exports, based on anticipated rate of population increase, and continuation of the gradual increase in the per capita rate of coal consumption in Canada that had taken place every year up to 1920. The following comparative statement brings our the differences between the forecast and actual experience:

Jan 1, 1936

By S. A. Montague

In spite of the many new insulating materials, both synthetic and manufactured, that have been put on the market since the end of World War II, and notwithstanding the many millions of dollars applied to the development of synthetic mica, natural block mica1 is still a most indispensable insulator in various electronic components. It will remain so, barring some spectacular break-through in research that might provide a substitute fully acceptable as a replacement for mica in all of its superior properties. But this is not to say the future for mica is assured, or free from serious problems. Technological advances have created problems requiring a solution to be found if future requirements are to be filled.

Jan 1, 1962

By J. M. Whiting

"North America has entered a period when greatly increased attention must be given to energy .supply and demand by government, industry and individuals. Such increasing concern about energy will be a long-term phenomenon, accompanied by continuing examination of future resource development and utilization. Those engaged in or associated with mining, a major energy consumer, are likely to experience a variety of problems which are associated with the end of an era of low-cost, virtually unlimited energy supply. Their efforts, furthermore, may be subjected to escalating public and government scrutiny, involvement and control. However, ever-growing recognition of the real and urgent necessity to systematically develop new energy supplies within Canada and the United States will provide unusual challenges and opportunities for those companies and individuals with mining expertise. The vast deposits of coal, tar sands and oil shale provide a relative certainty of supply which only stands to gain in attractive ness with time. In order to benefit from this aspect of certain supply, nevertheless, synthetic fuels will have to be produced at a tolerable cost. This will always require excellent process design and engineering. As synfuels development expands to any significant production level, however, and Jess than ideal reserves are scheduled, the usual geologic-productivity complexities encountered in making ore out of low-value rock will tend to become of prime concern. It is for this reason that the services of experienced mining personnel will be in growing demand in energy production."

Jan 1, 1973

By Bernard Lewis

During the past 10 years the technical investigations conducted by the Explosives Division of the Mine and Explosives Bureau of the Bureau of Mines have been described in a series of summarizing reports prepared by Wilbur I. Huff, consulting explosives chemist of the Bureau. These reports covered the…

Dec 1, 1947

By Henry Kreisinger

Some of the investigations conducted by the Bureau of Mines have for their object the collecting and disseminating of information regarding methods by which the fuels of the country may be most efficiently used. As the analysis of flue gases tends to develop better methods of firing, which in turn reduces waste of fuel, the Bureau of Mines in this bulletin presents for the benefit of those in charge of boiler plants and all other persons interested detailed information on methods of sampling and analyzing flue gases, and on the utilization of the analyses in promoting boiler-room economy. This bulletin is intended to be a companion to Technical Paper 80,a and is written in plain and nontechnical language, as far as possible, so that it may be readily understood by persons who have not had the advantage of a technical education. Whenever possible, illustrations of apparatus and methods of handling have been used rather than elaborate descriptions.

Jan 1, 1915

By S. F. Burks

"This paper develops themes explained at two SAIMM platinum conferences. Optimization techniques can be used to significantly increase the value of mining businesses by enabling better long-term planning decisions. Open pit and underground mine design, mine scheduling, cut-off grade and blending, stockpiling, and the linking of these to flexible elements of the metallurgical recovery processes are all evaluated together. Transport or sale of intermediate products and the requirements of the product metal markets can also be considered. Experience shows that net present value (NPV) can be increased significantly, usually even before the expenditure of significant amounts of project capital. Recent studies of NPV have aimed to simultaneously evaluate the impact of the optimized financial solution on the non-financial features of a project or operation.The case study presented comprised a commercially orientated review of the prefeasibility study designs and cost estimates of a platinum group metal (PGM) project in South Africa, followed by value chain optimization and sustainability studies of the project carried out simultaneously to identify potential value uplifts to be gained and guide the owners’ team going forward into the feasibility study phase. Some of the major aspects of the project that were found to have significant potential to add value included enhancement of the business model by the application of activitybased costing and theory of constraints, focus on the highest net value portions of the orebody in the early years of production, enhanced and optimized scheduling of the underground mining operation, application of dynamic grind and percentage mass recovery from ore to flotation concentrate (also known as percentage mass pull) to optimize revenue, application of elevated cut-off grades early in the life of mine, matching of the mining and processing capacity, expansion of the operation subject to capital availability, and installation of downstream processing facilities subject to regional third-party capacities.The investigation of non-financial project features focused on demonstrating that a financially optimized solution could also have a number of other benefits. These are mentioned briefly in the paper, which aims to present the status of the project at an early stage of its development."

Jan 1, 2016

By William O. Vanderburg

This paper gives the results of a reconnaissance of the mining districts in Humboldt County, Nev., made during the month of June, 19373/. During the field work, virtually all the mining districts in the county were visited and many data were obtained on a number of active and inactive properties. No attempt has boon made to include in this report all the properties in the various mining districts, and it should be emphasized that whether or not a property is mentioned herein has no being on its merit. The report covers the location of the various mining; districts, types of deposit, information on past operations and current activity, and general information likely to be useful to operators, investors, and others interested in mining. The geology of the deposits is discussed only briefly. The names of the various mining districts mentioned in this report are those generally used when they were organized for purposes of record and regulation. As organized, the districts embraced largo areas with no definite boundaries, and the names have little significance.

Jan 1, 1938

By E Mare

Recent highly publicised incidences of disastrous containment failures, none more pertinent than the 2019 iron ore tailings dam failure in Brumadinho, have focused the world’s attention squarely on the often-challenging subject of tailings storage. Unwanted ultrafines, that are deemed to be unworthy of further treatment or not to have further saleable value, are therefore a significant issue for mine owners looking to reduce risks and perceptions associated with long-term storage of tailings. In this context, there are strong drivers to identify safer approaches to ultrafine tailings management, especially if it can also lead to increased revenue, together with better water stewardship and environmental outcomes. The better management of tailings needs to be considered from both containment challenge and processing opportunity perspectives. This paper focuses on the latter, reviewing from a technical and economic perspective, the feasibility of more extensive processing and/or reprocessing of specifically iron ore tailings, in a bid to reduce the overall volume for management in long-term storage. Herein the opportunity lies in recovery processing, as much as enhanced thickening and/or mechanical dewatering, and therefore the paper discusses both issues as equally important sides of the same coin. Recent interest in iron ore ultrafines processing and reprocessing studies suggests that the enhanced processing of iron ore tailings offers multiple perceived advantages. Apart from a potential reduction in tailings volume, associated with safer containment, lower environmental impact and improved water management, the prospect of increased revenue from additional Fe recovery presents supplementary motivation for iron ore players to embrace this approach, as further elaborated in this paper.

Nov 8, 2021

By D. Harrington

Ventilation of underground workings consists in establishment of such control of air currents that the underground workers may work in safety, with maximum comfort and efficiency, and without impairment of health; and requires that the mine openings may be made subject to such control of air flow as to remove from these workings at ordinary times harmful gases and dusts, and that, at time of emergency, such as fire or explosion, there may be maintained as much or as little air flow as may be desired covering portions of the mine or the mine in its entirety. Control of air flow is the keystone of any ventilating structure, and this very essential feature is obtainable only by the installation of mechanically-operated fans, together with other;. ventilating devices such as doors, over-casts, regulators, etc. Every mine, large or small, coal or metal, should from the outset be equipped with a fan. While much has been written about natural ventilation and many claims made that in specific mines there is sufficient natural air flow, there are few if any mines, coal or metal, where natural ventilation supplies anything like adequately safe or healthful conditions for underground workers even at ordinary times; and at a time of mine fire or explosion, mines depending upon natural ventilation are practically helpless, and certainly are decidedly dangerous to those unfortunates forced to be in them. While ventilation has practically always been deemed an integral part of coal mining, metal mines have rarely paid much, if any, attention to air circulation until forced to do so by occurrence of some untoward condition or accident. Yet metal mines actually have as great need of efficient circulation of air as have coal mines. The coal mine must remove the dangerous explosive gas, methane, also fumes from explosives and, in occasional places, other gases such as carbon dioxide or nitrogen.

Jan 1, 1933

By E. H. Burroughs

This bulletin is the fourth in the series of petroleum bibliographies being published by the Bureau of Mines, the three preceding, Bulletins 149, 165, and 180, being compilations for the years 1915, 1916, and 1917, respectively. In this bulletin the same general plan has been followed in arranging the references, but a few changes and additions have been made in the classification, the more important changes being in the classes "Geology and Origin" and "Refining and Refineries." Dl1'ring the year German periodicals were not available, and, as in the bibliography for 1917, references to articles in foreign journals that were not available have been taken' from other sources and credit given to those sources.

Jan 1, 1921

By Brian M. Harney

The technique of remote sensing, used for many years by earth scientists, is being applied to the detection and monitoring of air pollution. Instrumentation being developed is of a very diverse nature and is effective, Fn varying degrees, at ranges from 1,000 meters to the altitude of a space satellite. This paper describes a number of the recent developments in this new field. Instruments based on spectroscopic, laser, and photographic systems are discussed. Sensors are being developed which utilize correlation spectrometry, interferometry, Raman scattering, Mie scattering, laser line absorption, and simple photographic detection.

Jan 1, 1973