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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 D. Grobbelaar, A. Cichowicz, D. J. Birch

The Q-coda method for estimating the quality factor Q(f)= Qo(f)n was used to characterize seismic wave attenuation in a region of the Kaapvaal Craton that includes the mining areas of the Bushveld Complex and Witwatersrand Basin. Seismic waveform data, collected by locally distant stations of the South African National Seismograph Network (SANSN), consisted of mining-related events with magnitudes ranging from ML 1.8 to ML 4. Q was calculated for nine different source-receiver pairs spanning the study region. A weighted average Q based on the number of available data gave an estimated attenuation relation for the study region of Q(f) = 327 f 0.81.

Jan 1, 2015

By D. Michael Holloway

The California Department of Transportation (CALTRANS) evaluated several pile foundation schemes for supporting the structures along the realignment of Interstate 880. The project replaces the double-decked (Cypress) viaduct collapsed in Oakland, California during the 1989 Loma Prieta Earthquake. Structural support demands led to the selection of steel pipe piles (16-, 24-, and 42-inch-(406-, 610- and 1067-mm-)diameter), filled with concrete and steel reinforcement. Deep penetrations required through layers of very dense/cemented sands in some locations, caused serious drivability and pile integrity concerns. The need for large pile driving hammers and large diameter steel pipe piles pushed the engineers well beyond local experience. Such questions as the feasibility of driving the pipes closed-ended through dense upper strata and quantifying the effects of installation on the long-term capacities of the piles led Caltrans to develop a comprehensive pile test program to address the design and construction issues effectively. The results were furnished to prospective bidders on the production stages of the ensuing contracts.

Jan 1, 1995

Stope back conditions in the cut-and-fill stopes at New Broken Hill Consolidated Limited often deteriorate to such an extent that, because conventional rockbolts are not able to maintain safe working conditions, square-set timber is installed. An attempt to eliminate this costly procedure has involved the use of long grouted rockbolts using high tensile prestressing wire. These bolts were developed in conjunction with the prestressing engineers of BBR (Aust.). This form of support has improved the back conditions, maintained safe working conditions, and delayed the introduction of timber in a number of stopes.Production from these stopes has been maintained at its previous level (at a rate approximately double that of a comparable timber stope).

Jan 1, 1974

By Edgardo Fogli, Mario Lampiano, Antonio Nicola

The project is located in the northern region of the People’s Republic of China and was awarded to Impregilo, as sponsor of the Wan Long Joint Venture, in September1997. The project consists of four tunnels for a total length of 88,700 m, with an excavation diameter of about 4.9 m. The lining is made of honeycomb pre-cast segments, connected by PVC dowels and the joints are sealed with elastomeric gaskets. The geology is mainly Limestone, Dolomite and Sandstone. Karst cavities are abundant and are often in-filled with plastic red clay. This has adversely affected the TBM’s progress. Four double shield telescopic TBMs were mobilized to cope with the very tight construction schedule and, at the end of November 2000, more than 80% of the tunnel has been bored. The article analyses the TBMs’ productions in the various geological conditions and the results of different technical solutions adopted at the project.

Jan 1, 2001

By R. M. Graves, C. B. McKenzie, D. Barbour, D. W. Desnoyers

"Abstract -The prospective Tulks volcanic belt hosts five significant massive sulfide deposits, Tulks Prospect, Tulks East, Jack's Pond, Daniel's Pond and Victoria Mine, as well as numerous showings and indications throughout its 70 km outcrop length. Regionally, the 498 Ma sequence consists dominantly of felsic pyroclastic rocks and flows with interbedded mafic volcanic units and fine­ grained sediments, commonly graphitic. Contemporaneous granitoid rocks occur in the south half of the belt. Rocks usually display a strong NE-SW, steeply dipping, penetrative foliation and other shear-related high-strain fabrics. Facing directions are normally northwest, although there is local evidence of folding. Sulfide bodies and their alteration systems are deformed and shape-modified in the style of ambient strain.The Tulks, Tulks East and Jack's Pond prospects appear to occupy a similar stratigraphic level, on or near the contact between a thick felsic pile and an overlying broad, conductive package of graphitic sedimentary rocks. AU are pyritic deposits with well-developed footwall alteration systems. The Tulks prospect comprises four polymetallic lenses totalling 750 000 t. Three lenses constituting more than 6 000 000 t of sulfide mineralization are indicated at Tulks East but only the 210 000 t ""B"" lens contains significant base metals. Jack's Pond consists of a very extensive, zoned alteration complex in which four lenses of massive to semi-rnassive pyrite + chalcopyrite are known.The central part of the system, characterized by Mg chlorite and carbonate, is enveloped by pervasive sericitization and capped by intensely silicified and pyritized volcanics. The sulfide lenses are interpreted as part of the footwall zone and are beneath that part of the system most likely to host polymetallic massive sulfides.Daniel's Pond differs from the other prospects in such fundamental ways as metal content, associated alteration and structural setting. The deposit comprises strongly tectonized, Ag-rich, Zn-Pb mineralization distinguished by a pronounced Ba-As-Sb signature. Mineralization is confined to a narrow, north-south high-strain zone which separates unstrained mafic volcanic rocks to the east from well-foliated felsic rocks. The deposit Jacks an extensive alteration halo and at its north end is associated with a lens of barren, undeformed massive pyrite.The Victoria Mine deposit, the most cupriferous of the five, is related to a moderately dipping structure that separates well-foliated Tulks volcanic rocks from an overlying, Jess deformed volcanic­ sedimentary sequence that may be as young as 462 Ma. The structure is also the locus of black chlorite, dolomite and quartz alteration. Structurally remobilized precursor sulfide mineralization is one possible source for the deposit."

Jan 1, 1993

By R. B. Alke

Request to Mine Beneath Bridge The Jabs Run Bridge is a reinforced portland concrete arch filled bridge located on WV Bouts 7 near Pentress, WV. The bridge has a span of 22.9 m (meters) and a height of 4 m above normal pool elevation to the underside of the center of the arch (See Pig 1). The bridge is a two lane structure with a width of 6.86 m. The structure is over 50 years old Wing been built in 1929 and is owned by the Department (WV Department of Highways).

Jan 1, 1984

By E. W. Lithgow

Commercial volumes of nickeliferous laterite ores overlie part of a 90 km long belt of peridotites in central Dominican Republic. Protores are serpentinized harzburgites and dunites, with lesser serpentinite. The ore mineralogy consists mostly of goethite, serpentine-group minerals, quartz and poorly crystallized, x- ray amorphous materials. Minor constituents are hematite, gibbsite, olivine and enstatite. In the Ore Dressing plant the mine feed is subjected initially to proper sizing and blending to produce a homogenized mix. Subsequent drying and upgrading, by selective crushing and screening of rock fragments through a Barmac circuit, complete preparation of the ore for pyrometallurgical processing.

Jan 1, 1993

By James E. Lawver

Part I describes the general geology of the Florida deposits. As the lucrative Bone Valley Formation is depleted, replacement production will move progressively into areas of total Hawthorn production. The reserves of the immediate future are a mixture of two distinct ore types referred to as the upper (high grade) zone and the lower (low grade) zone. The upper zone is somewhat similar to the Bone Valley Formation that has been Florida's source of production for the past 100 years and will respond favorably to present beneficiation practices. By contrast, the lower zone ore contains significant quantities of dolomite that must be removed in order to produce an acceptable grade pebble or flotation sized product. Part II reviews past practice and describes future trends in mining and ore transportation. This presentation (Part III) is confined to the problems of beneficiation, waste disposal, and environmental regulation.

Jan 1, 1983

By Xingjian Gao

The mechanical properties of a low carbon low alloy steel in the austenite and _-ferrite regions have been examined by thermal-tensile tests using a Gleeble-1500D system at temperatures in the range 600oC to 1300oC and at a strain rate of 10-3/s; these being the conditions that apply to the unbending operation during the continuous casting of steel. The yield strength and tensile strength of steel decreased with increasing test temperature and the embrittlement zone occurred in the temperature range 800oC to 970oC. In the embrittlement zone, the fracture surfaces and microstructures of the tensile specimens were examined by scanning electron microscope. The results showed that the cause of the embrittlement at 950oC in which the minimum %R of A was around 36% is the second phase particles precipitated along the _ grain boundary during deformation leading to inter-granular brittle fracture.

Jan 1, 2010

By J. Starwood

Post-super-cycle mining executives must exploit every aspect of the value chain to deliver continued value to stakeholders. Integrating enterprise-wide information technology with value-chain-wide operational technology, known as IT-OT integration, is essential to extracting optimal results from the value chain. Mining companies trail other industries with respect to IT-OT integration across the value chain. Manual data consolidation and value chain optimization using spreadsheets and human intelligence are widespread practices within the industry. Increasing automation with smart devices and controllers means the volume and velocity of data will soon increase beyond human abilities. Enterprise Architecture provides a method for aligning information technology with the business operating model to successfully implement IT-OT integration. A Value Realization Framework (VRF) provides a means for predictable traceable value realization from IT investments and assets. With these principles, frameworks, models, methods, and techniques, mining organizations can accomplish IT-OT integration that provides their executives with a strategic value-chain-aligned platform for sustained value realization over the long term.

Feb 23, 2014

By M. Neven, R. A. Steane, E. Lam

"The Key Lake uranium mill is located in Northern Saskatchewan. It treats a high grade, complex uranium and metal sulphide ore. The plant and process are in many respects unique, because commercial treatment of this type of uranium ore had never been done before. The process and engineering design was based on extensive laboratory test results. A pilot plant testing stage was omitted because of confidence in the test results and time constraints to bring the plant into production.The bench scale testwork on exploration drill core samples along with preparation of the feasibility study and environmental impact statement were carried out between 1976 and 1979. The contract for detailed engineering was awarded to Wright Engineers of Vancouver in late 1980 and in August of 1981 following a public inquiry, approval to proceed with construction was granted.Construction began immediately, and during the winter the foundations for many of the plant buildings were poured and by the beginning of the following winter the buildings had been erected and installation of equipment began. Despite a six month construction worker strike in 1982, the crushing plant started up in June of 1983 and ore processing commenced in October of that year, approximately 3 months behind the original schedule.This paper describes the mill design and compares the expected performance, with the operating experience. Emphasis is directed towards flowsheet and equipment changes made since start-up, operational difficulties encountered and further improvements envisaged. Auxiliary systems are only discussed where they directly affect mill operation."

Jan 1, 1986

By Jean J. Tancous

Chromium recovery from wet-blue offal trimmings and shavings can be done with substantial chemical cost gains by incineration at 600° C for 5 hr. Pretreating the offal with 0.5 M Na2C03 and air-drying prior to incineration produce Cr04 .By simply incinerating the offal, without pretreatment, an ash containing water insoluble Cr203 was produced. The Cr203 in the ash was purified by leaching with water. Chromium and crude protein were efficiently extracted from offal using 5 pct Na103, 5 pct H2S04, and 3 pct NaCl at 40° C. This procedure was effective but expensive. Satisfactory leather as to odor, appearance and shrinkage temperature was made from chromium recovered from wet-blue offal by incineration and by extraction. Chromium conservation is possible by recycling chromium liquors and by precipitating chromium from spent tanning liquors prior to combining these liquors with other tannery wastes. Combining chromium liquors with other wastes introduces contaminants that make chromium recovery and reuse difficult. Leaching sludges with H2SO4 produced marginal chemical cost gains. Leather tanned with these solutions had satisfactory shrinkage temperature but the sludge odors and iron contamination were objectionable.

Jan 1, 1979

By David H. Carlson

The paper presents background information including data on diesel exhaust pollutants, amounts produced and standards, a desscription of mine characteristics that affect air monitoring techniques and a review of portable measurement techniques and instruments for gas and particulate matter sampling. A general review of the laboratory and field research being conducted at Michigan Technological University in the area of diesel emissions is presented. The facilities involved with this research are also described. These are the Experimental Mine, the diesel dilution tunnel test cell, the Mine Air Monitoring Lab (MAML), the portable instruments and the production mines used.

Jan 1, 1979

By Orica

Unlicking the Possibilities ISEE Digital Detonator Workshop New Orleans, LA Wednesday, February 4, 2004

Jan 1, 2004

Currently raw brown coal is fired in the Latrotx; 'ahcc th,iki~, Lanying with it two major penalties, (a) boiler efficiency of 65 - 70 per cent (in terms of GCV), (b) much higher boiler cost than for black coal. Drying the coal, in energy-efficient, and cost-efficient manner, opens the way to efficiencies of order 88 per cent and enables the lower cost black coal type boilers to be used. With the higher boiler efficiency goes much higher combustion temperatures and the effect of this on radiative heat transfer is a major factor in reducing boiler cost. In a fluidised-bed combustor the temperature is controlled to 800C - 900C. In a pulverised fuel combustor higher temperatures are however achieved and can increase boiler fouling due to the salt content of the coal. This is a problem which needs to be solved. Victoria has the prospect of lifting efficiency from 28/29 per cent to 35 per cent, of reducing carbon dioxide output correspondingly and reducing cost of power stations. So far as gasification is concerned, efficient removal of liquid water from the coal is important to the overall efficiency.

Jan 1, 1992

By Richard I. Barnhisel

At the Sinclair Study Site it was found that the deeper the soil the greater the yield of corn, soybeans, wheat, alfalfa, and timothy. Yields at this location were generally lower than those at the Alston Surface Mine. At Alston the non-prime land treatments generally produced greater yields for all crops than did the prime farmland treatments, however, the intermediate soil thickness, 20 cm topsoil over 40 cm of subsoil, gave the best yields, provided it's subsoil had been limed. From a chemical point of view, acidic spoils do not need to be buried by 120 cm or 4 feet of soil, provided adequate lime is applied to these spoils as a barrier prior to placement of good quality topsoil and only forage crops are to be grown. The burial depth must be increased to as much as 75 cm when grain crops such as corn or soybeans are to be grown. This response to burial depth appears to be related to water storage needed by the crop and not due to toxic effects of the spoils. A conventional farm tractor-mounted subsoiler increased yields of soybeans and corn the first one or two years, but the effect was diminished with time. Subsoiling did not produce significant increases for alfalfa or wheat. However, ripping with a bulldozer produced significant yield responses, especially for corn and soybeans, that have lasted for at least three years. The ripping effectively reduced the bulk density at least within the zones through which the ripper had passed. Liming the upper 20 cm of subsoil significantly increased yields of alfalfa, corn, and soybeans. There also appeared to be an interaction between this lime treatment and soil depth. Yields of some grain and forage crops may be high enough to meet target levels for bond release for prime farmland. Based on the present study, one should not expect corn yields to be high enough to meet bond release. This statement should not be considered final since the experiment is not complete.

Jan 1, 1983

By Thomas Kuhn, Carsten Ruehlemann, Christina Heller, Anna Wegorzewski

The commercial extraction of metals from manganese nodules on an industrial scale requires more than 50% of the investment necessary to realize manganese nodule mining. This is mainly due to the fact that a completely new metallurgical processing scheme for the extraction of both base metals (Ni, Cu, Co) and high-tech metals (Mo, Li, Ga) has to be developed and upgraded to industrial scale. There are a number of conventional processing technologies that combine hydro- and pyro-metallurgical approaches such as the INCO and CUPRION processes which have been developed in the 1970s and 1980s. Today, new approaches based on selective leaching with chelating agents and bioleaching try to minimize energy consumption and waste production. All of these extraction methods require knowledge how the metals are structurally bound in the manganese oxides. In this contribution we will review the current knowledge about the mineralogy of iron and manganese minerals in the different marine oxide deposits, present our results, and discuss the possible consequences for metal extraction.

Sep 1, 2014

By Jason Ryan, Stephen Harria

Q.E.D. (QED) is a blast design and evaluation model that allows full three-dimensional design specification including the development of unique “live” terrains and an unlimited variety of complex charge configurations. QED’s analysis package allows the examination of likely outcomes resulting from changing various design variables in terms of vibration, fragmentation, rock-mass damage and muck-pile profile. Especially applicable to use cautious blasting applications, QED’s damage model uses vibration to estimate rock damage beyond excavation boundaries. This relates directly to operations such as Yucca Mountain Nuclear Waste Repository in Nevada, where damage beyond the excavation perimeter must be tightly controlled. The U.S. Department of Energy (DOE) h as b een studying a site at Yucca Mountain, NV to determine its suitability for long term storage of nuclear waste. The main mechanism of waste isolation will be the natural barrier of the host rock Total Systems Performance Assessment (ISPA) is used to model the excavation design and its behavior over time. Of importance to TSPA is quantifying the condition of the rock-mass before and after excavation. Ideally, there should be no excavation-induced changes to the rock-mass’ structure (removing the requirement to model the effects). At the least it may be possible to keep excavation-induced damage far enough away from waste packages so that modeling of these effects will not be required. QED can calculate a prediction of the extents of blast induced damage to the rock-mass. By using this metric as a design parameter, it may be possible to complete excavation of the repository more rapidly and inexpensively than previously thought, without jeopardizing the structural integrity of the waste containment areas or requiring blast damage to be modeled by the TSPA. This paper will explain the structure of the QED blast modeling system and show the analysis of historical data from Yucca Mountain. Processing of the historical data and the subsequent results will demonstrate how blast modeling can be used on an ongoing basis to assist the excavation process at Yucca Mountain.

Jan 1, 2000

By Guangqing Zhang

The paper presents results of a systematic study of synthesis of titanium oxycarbide and its chlorination. Titanium oxycarbide was produced by carbothermal reduction of titania in hydrogen, argon and helium. Formation of titanium oxycarbide started at 1200°C in all gases. The reduction was the fastest in hydrogen. Formation of titanium oxycarbide in hydrogen was close to completion in 120 min at 1300°C, 60 min at 1400°C and less than 30 min at 1500°C. Reduction in argon and helium progressed at a similar rate and reached 90-95% after 300 min at 1400-1500°C. The chlorination of titanium oxycarbide was ignited at 150-200°C. Chlorine partial pressure and gas flow rate strongly affected the chlorination rate. Chlorination of titanium oxycarbide produced with carbon to titania molar ratio 2.5 at 235-400°C was close to 100% in 30 min.

Jan 1, 2009