Search Documents

By A. Rai

"This paper provides an overview of the current use of auxiliary ventilation product and the challenges with limited air quantity in dead-end entry or working face. The PVC low frictional factor, low physical constraint and minimum leakage ventilation duct was development with ""made in US and used in US"". The PVC duct development covering operational and total cost of ownership with on-going success will be presented. This paper will discuss mine sites using new PVC vent duct underground and the results from operational and technical side making a difference. INTRODUCTION The Turquoise Ridge Joint Venture (TRJV) is located in northern central Nevada, and is situated within the Basin and Range province, near the northeast end of the Osgood Mountains (see Figure 1). The TRJV mine consists of typical Carlin type- gold mineralization characterized by low strength rock of altered limestone’s, siltstones, and mudstones. The weak nature of the ground facilitates the underhand cut and fill mining methods [3].Mining Method; Underhand cut and fill : The mine uses underhand cut and fill method which has 12’x12’ top cuts and several different size undercuts. The ore body is accessed off of a secondary development heading, utilizing a heading with a cross section of 14W x 14H or 15W x 16H configuration. In the wider and more massive zones, two headings in a production panel may be worked at any one time. Drift round lengths are determined by the type of drilling machine being used. An example of a typical topcut and associated undercut layout is shown in Figure 2. SECONDARY / AUXILIARY VENTILATION IN UNUNDERGROUND METAL MINES The auxiliary ventilation system provides the required air volumes at the face of dead-end developments and production workings, which in many cases may be considered as the primary method of assuring that the air quantity and quality standards in these working areas are satisfied. The Auxiliary fans and ducting systems are usually the primary means of delivering the required air volumes to the face of dead-end developments and production workings. Both centrifugal and axial-flow fans are used in underground auxiliary ventilation systems, usually electric powered. The internally direct driven axial-flow fans tend to be more popular because of their compactness and adaptability to staging. The most commonly used materials for ridged tubing are coated steel, alloyed steel, fiberglass and resin. Flexible (collapsible) ventilation tubing is also used and is usually made from neoprene-coated or nylon material. To add stiffness and reduce collapsibility these fabric ducts can be formed over a steel spring frame. A very important factor in the design of an auxiliary ventilation system is to minimize leakage and reduce the frictional pressure losses along the auxiliary ducting systems by minimizing their friction factors (K)."

Jan 1, 2015

By MAHESH SHRIWAS, CHRISTOPHER PRITCHARD

Ventilation monitoring and control in mines are becoming an integral part of day-to-day activity for maintaining health and safety of miners. The authors evaluate potential real-time monitoring solutions for detecting and reducing diesel particulatematter, mine fires, and dust in situ, and examined the state-of-the-art use of ventilation monitoring and control in underground mines for detecting and reducing air contaminants to acceptable regulatory limit. Authors review relevant documents, including research papers, trade publications, and manufacturers’ website-based information, to identify research gaps. The authors also evaluate contemporary sensors (airflow, gas, dust, silica), control system and software technologies, data transport systems, Industrial Internet of Things, ventilation network simulators, and control devices to identify potential health and safety research gaps. In this study, examples of some mines from Canada, Australia, and the USA are included where ventilation monitoring and controls have been applied. Overall, this review identifies multiple challenges and research gaps in applying mine monitoring and control systems that could be the focus of future research, offering potential improvements to miner safety and health and financial benefits.

May 12, 2020

By Larry A. Haas

The Bureau of Mines is investigating the use of complex gas mixtures, such as would be produced by coal gasification, for reducing iron oxide pellets. A semiempirical model was developed to predict a priori the reduction rate of an iron oxide pellet in a laboratory tube furnace with simulated coal gases at a total pressure of 1 atm. The model uses partial pressures of H2, CO, CO2, CH4 (methane), water vapor, and a temperature-dependent term to predict the rate of reaction. The reduction rate (weight loss per unit of time) was determined with a thermo-gravimetric apparatus (TGA) in the temperature range of 800° to 1,100° C. The ranking of the reductants, in order of decreasing reducing potential, is H2, CO, and CH4 at temperatures between 800° and 1,000° C; however, CH4 became a better reductant than CO at 1,100° C. Water vapor did not decrease the reduction rate as much as did CO2, Carbon deposition was observed at temperatures below 1,000° C with gas mixtures with high CO and low H2 concentrations. With low-Btu gas at 900° C, over 90 pct of the iron oxide was reduced to iron in less than 3 h. This com-pares with a reduction time of 1.5 h with medium-Btu gas and 1 h with reformed natural gases.

Jan 1, 1985

By Peter H. Toepfer

This report presents the factual data obtained by the Bureau of Mines during diamond-drilling investigation of the Sunset copper deposit in the Index mining district, Snohomish County, Wash. The Sunset mine, first produced copper ore in 1902, but its main period of activity was from 1923 through 1930, The mine has produced 263,500 tons of ore, from which 1,500 ounces of gold, 156,000 ounces of silver, and 12,912,000 bounds of copper-were recovered. The mine has, been idle since 1946

Jan 1, 1953

By D. R. Wilburn

This summary of international mineral exploration activities for the year 2013 draws upon information from industry sources, published literature and U.S. Geological Survey (USGS) specialists. The summary provides data on exploration budgets by region and mineral commodity, identifies significant mineral discoveries and areas of mineral exploration, discusses government programs affecting the mineral exploration industry and presents analyses of exploration activities performed by the mineral industry. Three sources of information are reported and analyzed in this annual review of international exploration for the year 2013: 1) budgetary statistics expressed in U.S. nominal dollars provided by SNL Metals & Mining (SNL) of Halifax, NS, Canada (formerly Metals Economics Group (MEG); 2) regional and site-specific exploration activities that took place in 2013 as compiled by the USGS; and 3) regional events that affected exploration activities, including economic, social and political conditions, that were derived from published sources and unpublished discussions with USGS and industry specialists. Commodity and regional compilations are presented in this summary. Because multiple sources are used to develop commodity and regional compilations, reported statistics may vary depending on the source and type of data that are being reported. The SNL data summarize planned company budgets for worldwide exploration activities in 2013 for 20 nonfuel mineral commodities based on surveys returned by companies primarily focused on precious metals (gold, platinum-group metals and silver), base metals (cobalt, copper, lead, molybdenum, nickel, tin and zinc), bulk commodities (coal, iron ore, phosphate and potash), and specialty commodities (diamond, lithium, niobium, rare-earth elements, tantalum and uranium). Information on uranium exploration activities was included in the MEG overview for the first time in 2007. MEG included data on the commodities lithium, niobium, phosphate, potash, rare-earth elements and tantalum for the first time in 2010 because of the increased topical significance of these commodities. Since 1999, companies with exploration budgets of $100,000 and greater were included in the MEG and SNL compilations. SNL budget estimates exclude aluminum, coal, and oil and gas. Budget estimates for iron ore have been compiled since 2011 but reported separately. The post-1999 budget surveys by MEG and SNL cover at least 90 percent of world?s reported nonferrous, nonfuel mineral exploration budgets; the 2013 survey is reported by SNL to cover an estimated 95 percent of these budgets. The 5 percent that is not covered is accounted for by companies that chose not to participate in the SNL survey, private companies that do not publish their budget data, and government-funded exploration activities.

By Greg Nutson, Jeremy Butkovich, Bill Perkins, Hollie Ellis, Paul Bott

"Dynamic soil-structure interaction (DSSI) analyses are becoming more common in bridge designs, especially in seismically active areas. Because of its proximity to two active fault zones, the Evergreen Point west approach bridge replacement will be base isolated, and will be designed using DSSI. The project team completed two independent bridge designs to satisfy peer review requirements. The designs required substantial characterization of the soil dynamic behavior using both laboratory and in-situ testing. The analyses made use of earthquake time histories spectrally matched to conditional mean spectra. This led to reduced, and more realistic seismic demands on the structure, compared to conventional uniform hazard spectrum matching. The bridge analyses suggest that the preliminary bridge design is relatively conservative. This will allow the design team to potentially reduce shaft/column diameters and reinforcement. The design team estimates that the dynamic analysis design could represent a net savings of around $60 to $90 million compared to a conventional design.INTRODUCTIONThe Evergreen Point Bridge conveys State Route (SR) 520 2.6 miles (4.2 kilometers [km]) from Seattle to Medina across Lake Washington. The bridge is located in a seismically active area, and the Washington State Department of Transportation (WSDOT) has determined that the western half of the 1960s-era bridge (the “west approach”) is vulnerable to earthquake damage. WSDOT has begun preliminary design to replace the west approach bridge.The west approach extends about 6,100 feet (1,900 meters [m]) east from Seattle’s Montlake neighborhood, over Union Bay and Foster Island, then into Lake Washington proper (Figure 1). Approximately 5,600 feet (1,700 m) of the replacement bridge would be constructed over water. Subsurface conditions along the bridge alignment consist of 5 to 80 feet (2 to 24 m) of very soft peat and clay, over very dense/hard sand and clay. Multiple pile supported columns support the existing bridge. The new bridge would be supported by 8- to 10- foot-diameter (2.4 to 3.0 m) drilled shafts that extend about 50 feet (15 m) into the underlying very dense/hard soil. To reduce seismic demands on the bridge superstructure, WSDOT has decided to incorporate a base-isolation system into the bridge design."

Jan 1, 2017

By D Morgan, K Jones

"In March 2015 Northparkes Mines (NPM) installed a process mineralogy facility on-site. The laboratory included a TESCAN TIMA scanning electron microscope (SEM) and was the first SEM facility to be commissioned on a mine site in Australia. While the initial intent of the quantitative mineralogy laboratory was to provide information to drive processing plant improvements, in practice, it has been utilised for so much more and is now serving as an integral link between departments on-site. This multidisciplinary approach to orebody knowledge is a new strategy for NPM whereby all parts of the value chain are aligned towards the common goal of achieving process efficiency and stability while still maintaining high throughputs. The NPM experience is presented as a case study to illustrate how on-site process mineralogy can drive a realignment in business strategy with a common goal of mill optimisation, stability and more realistic forecasting through orebody knowledge and information sharing between disciplines.Citation:Jones, K and Morgan, D, 2016. On-site Process Mineralogy - Linking Departments and Disciplines with the Common Goal of Increasing Plant Performance, in Proceedings 13th AusIMM Mill Operators’ Conference 2016, pp 149–156 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Oct 10, 2016

By L. E. Djingheuzian

"IntroductionIN 1940, in a series of articles, M. W. von Bernewitz(l) reviewed in detail roasting of gold and silver sulphide ores and concentrates. Since that time some significant developments in roasting have taken place, and a number of papers have appeared in the Canadian technical literature, dealing severally with the roasting of a particular ore or concentrate.The purpose of this paper is not only to review some of these Canadian papers and bring the information on Canadian roasting practices to .date, but also to analyse the mechanism of roasting. Hence, it is proposed to start with a study of physico-cl1emical factors fundamental in roasting, the knowledge of which, by creating a sound basis for a proper roaster design, makes good roasting possible.Physico-Chemical FactorsRoasting can be defined as heating sulphide ores in presence of air below fusion points of the constituent minerals, at such temperatures as to convert metallic sulphides to oxides. Hence, roasting is a chemical process.The object of roasting is, by changing, chemically, mineral constituents of sulphide ores, to make the economic recovery of the desired •Constituent metal by a subsequent standard treatment possible. For instance, pyritic ores, containing gold in sub-microscopic form which no amount of grinding would release, are roasted in order, by oxidizing the sulphides, to open up their structures to such an extent as to enable cyanide solutions to come into contact with the gold and dissolve it. The production of porous calcine is, therefore, the object of roasting of refractory auriferous sulphide ores or concentrates. Such a porous calcine may be defined as a desirable calcine, and the roasts which produce desirable calcines can in their turn be termed desirable roasts."

Jan 1, 1952

By Roy A. Grancher

Construction materials indeed face a dilemma...as does the building industry as a whole. A stop & go economy; a severe drop; in housing starts; lingering indecision over just what corrective steps are to be taken or to their degree of commitment; no less basic disagreement in regard to which of the, Nation's problems is really the most pressing -- inflation or recession? Optimism has become a rare quality these days. At moat the cautious view is that this new year will see a long, hard struggle back, with hopes that 1976 at least can truly mark a dual anniversary celebration for the United States and its economic health. Yet the paradox is that once recovery does return, those very construction minerals and materials --which in recent years have experienced the ups and downs of overcapacity, shortage, and now declining demand again-- will once more face the spectre of mass inability to service revived and growing needs for its product. Mounting costs, present marginal expansion investment, and substantial lead times required for new facilities to come into production, could well form a bottleneck to economic upswing. The result again can be another cycle of shortage-induced inflation, and with it continued gyrations within the demand supply relationships of the country's building industries.

Jan 1, 1975

By D. M. Schubert

As a clean and renewable energy carrier, hydrogen is an important component of most alternative energy portfolios. Hydrogen combines very high energy content by weight with excellent environmental attributes. Since hydrogen reacts with oxygen to produce only water with release of energy, it can be used to power fuel cells, combustion engines, and turbines, without production of greenhouse gases at point of use. However, because of its low volumetric density, storing pure hydrogen is impractical. Thus implementation of hydrogen technologies requires materials that can safely store and release large amounts of hydrogen (1,2). In recent years, the U.S. Department of Energy (DOE) and other governmental agencies around the world sponsored extensive research on hydrogen storage materials, including those based on boron. These efforts have resulted in significant advances in hydrogen storage technologies. Boron materials stand out as leading candidates for hydrogen storage among the many options investigated. Combining excellent hydrogen densities, release rates, and safety characteristics, some boron materials can hold substantially more hydrogen by weight and volume than even pure liquid hydrogen (3-5).

Jan 1, 2010

By Travis A. Davidsavor, David A. Provost

A segment of high-pressure steel petroleum pipeline needed to be replaced on a hillside and beneath a waterway within an existing right-of-way containing multiple petroleum pipelines. The pipeline replacement required excavation of sedimentary rock to allow placement of the new pipe. As a result of an existing right-of-way limitation, steep slopes, and hard rock, blasting would be required as close as 7.8 meters (25 feet) from two operating pipelines.

Feb 1, 2020

By R. V. Ramani

"In Part 1 of this two-part paper the characteristics of mine disasters and their effects are presented with case studies from coal, metal and non-metal mines leading to an amplification of their causes and opportunities for control. The disasters discussed encompass those which threaten the health and the safety of miners and those which affect the general population. In Part 2 of the paper, which will be published in the November 1995 issue of Natural Resources Forum, the approaches to hazard and disaster control are reviewed with particular attention to laws and regulations to promote health and safety at the workplace, and general welfare in mining communities. Further, a systems approach to disaster control is outlined.The mining industry is one of the three basic industries the other two being agriculture, and wildlife and fisheries. It is the process of mining which makes available the riches of the earth - the energy and mineral resources - to benefit humanity. In fact the progress of the human race through the ages is indelibly attached to prowess in exploiting these riches. The stone, iron and bronze ages are markers not just of a time in history but achievements of monumental proportions in the mining and beneficiation of natural resources. Even in agriculture, the remarkable success stories are associated with the prudent use of mined products to enhance production and productivity. The significance of a thriving mining industry to the wealth and security of a nation is therefore unquestioned.Unfortunately, the public's image of the mining industry is often associated with the mining disasters which receive wide coverage in the local and national media. Mine disasters command tremendous attention because of their infrequent occurrence and the extent of human suffering involved. Whether it is an explosion or a fire, or the opening or closing of a mine, the lives of people are touched by the personal and societal impacts of these events.Courts of inquiry of mining disasters have often concluded that the disaster situation was ever present and could have been detected with diligent search. In addition human error has been identified as one of the most frequent immediate causes for the precipitation of the disaster. For the most part, then, mining disasters are caused by man."

Dec 1, 1996

By G. L. Palmer

"Abstract- ln 1986, anomalous sampling results for heavy minerals were obtained at various sites in Namaqualand on the west coast of the Cape Province. Drilling in 1987 at Graauwduinen penetrated up to 35 meters of heavy mineral-bearing Tertiary sands which extend several kilometers inland from the coast. The heavy mineral suite includes ilmenite, rutile, leucoxene, zircon and monazite, along with garnet, pyroxene and amphibole. Three deposits are recognized, two of which comprise the resource to be mined by Namakwa Sands Limited, a recently formed Anglo American Corporation subsidiary company.Mineable reserves in excess of 500 million tonnes have been delineated, sufficient to sustain mining for over 35 years at projected production rates. During the feasibility study, on-site investigations included test mining at various sites to assess mineability and to provide material for metallurgical testing in a pilot plant located at the site. Ilmenite produced at the mine will be smelted at a new facility to be built at Saldanha Bay . Saleable products comprise titania-rich slag, pig iron, zircon and rutile.During the exploration phase, company environmental guidelines were established and monitored. The feasibility study incorporated a Class 1 Environmental Impact Report, the contents of which were made public following the principles of the Integrated Environmental Management legislation."

Jan 1, 1994

By Paul F. Ziemkiewicz, Aaron Noble, Christopher R. Vass

The conventional rare earth element (REE) industry has historically sought to develop ore deposits where geologic processes have produced mineralized zones with commercially attractive REE concentrations. These deposits are extremely uncommon, particularly in the USA. Given the criticality of these materials and the need for sustainable domestic supply, the current research seeks to leverage other autogenous processes that lead to concentrated REE resources. One such process is the generation of acid mine drainage (AMD). AMD is very common in many coal mining districts and results from the exposure and oxidation of pyrite during mining. During the generation and migration of AMD, liberated sulfuric acid mobilizes several metal ions including REEs. Treatment of AMD is required under U.S.C §1251, the Clean Water Act, and often consists of neutralization, oxidation, and metal hydroxide precipitation. To investigate the deportment of REEs during this process, a field sampling campaign was undertaken, whereby the concentration of REEs in AMD and AMD precipitates was measured directly. In the nine sites evaluated in this study, the REE concentrations of the precipitates varied from 29 to 1286 ppm with an average of 517 ppm among the sampled sites. The individual elements were enriched compared with the associated bulk Northern Appalachian (NAPP) coal material by factors ranging from 3 to 15. Furthermore, the distribution of REEs in all precipitate samples favored the heavy REEs (HREEs) when compared with traditional REE ores. This research represents the first part of multi-part research endeavor to characterize, classify, and determine the practicality of refining REEs from AMD and its by-products.

By Richard Morland

Some simple and fundamental objectives To challenge and inspire our people to embrace safety as a value ?A stand for safety as a value ?A stand for our people ?A stand by our people ?Prevent harm to our people ?Eliminate suffering for individuals, families, friends, colleagues

May 1, 2010

By J. E. Carrasco, J. D. Stinnette, R. A. Alvarez

"Chuquicamata Underground Mine is one of the main projects for the Chilean government copper company (CODELCO). Underground mine project has been under construction since 2013 and presents a solution for the lower production levels of the open pit and prolongs the life of the mine for the next 40 years. Currently, around 2000 workers operate in the mine daily. Dozens of trucks and heavy machines drives through all main routes and access in the mine. As a mine under construction not all the infrastructure necessary to operate safely in the mine has been completed. Risk of a truck or fixed facility fire is always a challenge to keep under control. One important part of fire simulation relays on what we can do prevent a fire and what can be done with the existing infrastructure to control a declared fire and start evacuation plans. This study has been made as a feasible emergency plan to implement, in this case, of a mine under construction, were limited resources are available. Several fire scenarios have been made to support all the emergency plan strategy and a detailed step by step procedure indicates what the elements of a fire emergency plan and risk analysis are.INTRODUCTIONThe main objective of this study is to describe the importance of fire risk analyses (FRAs) and different methods to be used before commencing fire simulation and methodology steps utilized for a fire emergency plan strategy (EPS) at the Chuquicamata underground mine. It also describes how to classify zones which are going to be affected by fumes and gases propagation derived from the exact location of a fire event. Fire simulation study is helpful to determine the impact on a ventilation system with the main purpose of providing relevant information to complement emergency plans and stablished control techniques in ventilation design and its operation. Most fire simulation studies only concentrates in simulation techniques on itself. But what is the next following step in developing an emergency plan? How can we evaluate, classify and treat risky areas? This study is focused mainly in the phases before and after a fire simulation process. Phases corresponds to a good FRA and how output data can be used for an EPS."

Jan 1, 2019

By J. de Bakker

It hardly needs to be repeated that if coal is to continue as America’s premier source of cheap energy, it is absolutely necessary that the carbon dioxide from its combustion somehow be sequestered. A promising method proposed to accomplish this is the “indirect” carbonation of serpentine in a concentrated magnesium chloride brine. Indirect carbonation could be also applied to precipitate magnesium in lateritic nickel processing: this would not only solve magnesium-control problems in laterite hydrometallurgy, but also reduce its energy requirements and create CO2-sequestration credits. Fifty-five percent of the electricity generated in the United States comes from coal-fired power plants, and American coal reserves can last over 500 years at 1990-level consumption1. Coal is therefore both abundant and cheap: it could (and in fact probably will) continue to be an affordable source of energy, both for producing electricity and as a feedstock for liquid hydrocarbon production by Fischer-Tropsch reactions. As a result, it is important to find a workable method of permanently sequestering CO2.

Jan 1, 2007

The Technical Programme Committee-Metals Technology of The South African Institute of Mining and Metallurgy, in association with its Vaal Triangle Branch, held a one-day colloquium on 18th April, 1989, the theme being 'Ferous Pyrometalurgy: A Challenge for South Africa'. The venue was the Auditorium 100 at the campus of the Vaal Triangle Technikon in Vanderbijlpark. Project and contract management A Project and Contract Management Conference is to be held on 19th and 20th September, 1989, at the C SIR, Pretoria. Powder metallurgy The PM 90 exhibition is to be held in Wembley, London, from 2nd to 6th July, 1990. The wide range of powders, processing machinery, and powder-metallurgy components at the exhibition will reflect the growth in this highly specialist industry. Castings and forgings Exhibition organizers, FMJ International Publications Ltd, are set to build upon the success of Castings & Forgings '88, which was held as a joint event with Pat- Cast '88. Castings & Forgings '89-with Pat-Cast '89- has already generated a high level of interest, which has been reflected in the demand for stands. Furnaces FURNACES '90, the eighth in this series of exhibitions for the thermal-processing industry, will be held in Solihul, West Midlands, England, on 6th and 7th March, 1990.

Jan 1, 1989

The Wattle Dam gold mine, located near Kambalda in the Goldfi elds region of Western Australia has recently progressed to an underground operation and is now believed to be Australia's highest grade operating gold mine. At end of March 2010, the deposit had reserves of 132 000 t @ 20.8 g/t for 88 000 oz and by the end of June 2010 had produced 110 000 oz from open-pit and underground mining. The Wattle Dam main lode is characterised by very coarse gold mineralisation. Gold occurs as cm to decimetre fracture fi ll veinlets, shear surface coatings and erratic fl akey clusters. The gold has no quartz or silica association and lacks adjacent low-grade mineralisation or alteration assemblage. Geologically it appears atypical of Archaean lode gold deposits and may represent an extreme end member of the type. Definition of the lode is largely dependent on effective geological identification of the host lode zone and an understanding of the erratic distribution and grade behaviour of a high-nugget, coarse gold deposit. Dependence on assay data to defi ne the lode zone would result in the deposit being mined incorrectly and much of the deposit being left unexploited. This paper discusses the geology, coarse gold characteristics and defi nition methods which are used to successfully defi ne and mine the deposit.

Aug 1, 2010

By Michael Robert Hodson

I. Introduction The free market cash price of aluminium in the third quarter of 1985 is approximately $1000/tonne, well below the short as well as the long run marginal costs of production. The current disparity between marginal costs and price, as well as the pattern of prices since their high level in 1980, has led many economists to question whether prices are governed by the 'fundamentals'. Prices, some would argue, are the result of speculation; and speculation is irrational, little influenced by the fundamentals of the industry. The object of this paper is first to examine the relation between the fundamentals and price. A number of simple models are formulated and some empirical evidence is given to show that prices are not very different from costs. There are good reasons why costs and prices have fallen since 1980. Second, the connection is drawn between the fundamentals and speculation. To do this the concept of 'rational expectations' is defined and applied to a model of the aluminium industry. Then speculation is introduced into the model and the characteristics of the solution are examined. The object is to discover the new factors that determine prices and the basic change in the nature of the solution that is caused by speculation. 2. Prices and the Simple Supply-Demand Model Consider a simple model of the aluminium industry. Demand, D, is determined by economic activity, A, given exogenously, and inversely by the price, P. Supply, Q, is determined by the inverse of the rnarginal cost curve, and so varies inversely with exogenous factor costs, C, and directly with price. Price is determined by the equality of supply and demand. Given the equilibrium level of demand, price in this model is equal to the rnarginal cost of producing the required level of demand, P = MC (Dl. Algebraically, [ ] How well does this simple model explain the change in prices during the last five years? Table I shows the LME cash price and the estimated marginal cost of producing consumption during the second quarters of 1980 through 1985. The figures in the table show that price and the marginal cost of supplying demand both fell between 1980 and 1982, rose in 1983 and by 1985 had fallen again. Only in 1984 is the direction of change different. And during the 1980 to 1985 period, marginal costs fell by approximately $560/tonne while the LME cash price fell by $678/tonne. There is a correspondence between the fundamentals of cost and price over most of the individual years and the period as a whole.

Jan 1, 1986