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By Douglas D. Donald

The financial analyst's job is to make an objective appraisal of the investment opportunities which exist within the various industries under his supervision within the context of the economic model provided by his firm and the a climate of investor sentiments. Industry analysis is critical. When a major investment trend develops, usually the stock of all companies within the specific industry react in the same direction. I should emphasize here, however, that an investment trend is influenced by the economic outlook, but economics is not the only determinant - investor psychology and arbitrary political factors may be of equal or greater importance. Part of our job is to recognize trends early and determine whether they are valid. Following industry analysis, the analyst must examine the specific companies within that industry since some companies usually react more violently than others to industry trends, whether they be favorable or adverse. To simplify the process of evaluating an investment opportunity, it is convenient to isolate three types of factors which have a bearing on every sort of business although the degree of influence of each factor may vary from industry to industry. These categories are, 1) independent or external factors insofar as they are beyond the control of corporate management, 2) interdependent factors insofar as influence may be exerted by industry-wide action, and 3) dependent factors covering the area of internal decisions which are basically under the control of the individual corporate managers. Although the title of this paper, "The Corporate Use of Cash Flow," is only one segment of the third category, it may be useful to continent on the first two categories as well. The independent factors may be either economic or governmental. The economic factors include cyclicality which may be very high in the case of the basic commodity industries or relatively low as in the case of utilities. Underlying growth rates, another independent factor, may range from the business equipment industry with an annual growth rate of 14% through the electric utility industry with a growth rate of about 7% per year to the

Jan 1, 1970

By A. Spearing

According to a 2000 NIOSH report, about 100 million rock anchors are installed annually in coal mines in the USA. Most coal mines have conditions that are conducive to corrosion of the rock anchor and ancillaries (such as plates), yet the effect of this on the performance of the anchors has not been adequately researched and its effects are not understood or quantified in the USA. There is considerable research into corrosion in civil engineering applications on surface and underground but the corrosion of coal mine rock anchors is not necessarily the same because: ? In underground civil structures, water ingress is usually stopped as part of the construction process. ? Many rock bolts in mines are only partially resin grouted leaving part of the reinforcing member exposed to corrosive conditions. All cable bolts in coal mines are only partially resin grouted. ? Even when mine bolts are fully grouted, shrinkage cracks occur and the rock stresses can change due to adjacent mining that can cause the resin column around the bolt to fracture further under external shear or tensile stresses. Most coal mines therefore have ideal conditions for bolt corrosion.

Jan 1, 2010

By C. E. McFarland, N. W. Kirshenbaum

Cortez Gold Mines is located about 75 miles southwest of Elko, NV. Activity in the mining district dates from 1862. The current operation developed from a 1963 joint venture of Webb Resources, The Bunker Hill Company, Vernon F. Taylor, Jr., and American Exploration & Mining Co. Three years later, the USGS discovered gold on the property following a regional geochemical survey. Drilling in 1966 and 1967 identified 3.4 million st of oxide ore grading 0.28 oz Au/st, and a 1700 st/day countercurrent decantation mill was commissioned in 1969. Heap leaching started in 1971 on low grade ore and continues to the present. The mill was shut down in 1976 following exhaustion of known oxide reserves. Mobile equipment was sold and the proceeds committed to local exploration. In 1980, a new plan of operations was developed starting with existing low grade and newly discovered mill ore. The mill resumed operations in 1981 and has been operating to date. A series of metallurgical innovations, culminating in the commissioning of a new fluid bed roaster in the summer of 1990, has enabled treatment of a series of increasingly refractory ores. Current partners in the venture are Kennecott Corporation, Vernon F. Taylor, Jr., and Placer Dome U.S. Inc., manager of the operation. Idaho Mining Corp. holds a 7.5% carried interest.

Jan 1, 1992

By Clifford W. Schultz

Four native copper ores, two conglomerate and two amygdaloidal, were tested to determine their amenability to sorting. One of them, a conglomerate ore from the Kingston mine, showed a high sortability as evidenced by an 80 pct recovery of copper in the minus 6-, plus 1/2-inch size range. Using the Kingston as a case example, the cost of mining and concentrating was estimated for a standard case and five optional cases involving varying degrees of sorting. This analysis indi¬cates that the production cost per pound of copper can be reduced on the order of 1 to 1-1/2 cents per pound along with a significant decrease in capital investment.

Jan 1, 1975

By Ray Brainard

The subsurface investigation for the Reach 4 Tunnel was expected to be completed in a single phase. This assumed that data from two nearby previous tunnels, combined with limited new subsurface information and surface mapping would be sufficient to characterize the rock behavior. Unforeseen rock conditions and complex faulting led to the recommendation for a second phase. This decision was not reached easily, as much of the follow-on work required helicopter support, and associated costs. The second phase of drilling found significantly more variability than the first phase and led to a very different and better understanding of the geologic and geotechnical conditions, and rock characterization.

By Randal J. Barnes

There are many methods available for the estimation of geologic parameters (Popoff, 1966; Barnes, 1980). In the last decade a new and relatively sophisticated technique using statistical theory has emerged: geostatistical kriging (David, 1977; Journal and Huijbregts, 1978; Rendu, 1978). An interesting property of geostatistical estimation is that when a geologic parameter is estimated for a given volume, not only is the estimate generated but an associated measure of certainty is produced as well. This statistical measure of estimation confidence is called the estimation variance. While the concept of an estimation variance is universally considered to be a good idea, mining engineers and geologists do not currently have the tools to incorporate it into their planning and quantitative analysis. This paper attempts to develop and present some of the necessary tools required to incorporate estimation uncertainty into mine planning. Geologic uncertainty is portrayed as an economic business risk. This risk is objectively characterized, and-the associated cost is quantified. Geologic delineation sampling is viewed in this light as an economic commodity with an associated cost and value. A coal mine planning example is used as a focus in this presentation. The data used is real, though it has been modified to maintain data security and project anonymity.

Jan 1, 1986

By Russell K. McFarland, Gloria T. Saxton

Introduction The March 1969 issue of Civil Engineering contained on article entitled "BART" Subway Construction: Planning and Costs" authoried by Thomas R. Kuesel. This article describes in some detail the innovations developed in planning and management to undertake the design and construction of the BART Project. This 75 mile long system contained 17 miles of urban tunnels and 13 subsurface stations. Within this article Mr. Kuesel very nicely listed the cost of the 70,000 linearfeet of bored tunnel, 23,380 linearfeet of cut and cover tunnel, and the costs of the thirteen underground stations. Ten years subsequent to the publishing of Mr. Kuesels article, it is very sobering to realize that San Francisco obtained a bargain of a magnitude that we are just beginning to realize. Table 1 is a listing of tunneled line sections taken from the paper. The average cost shown in this figure, including sections constructed under compressed air is $1,620 per foot of tunnel, with bid dates ranging from June 1966 thru October 1968. This average cost translated to about $16 million per double track mile of twin tunnel system.

Jan 1, 1979

By G. T. Lineberry, W. J. Wiehagen

A paradigm shift As market economists, mine managers are interested in "staying in business" and even "prospering." Bottom-line results are the "order of the day." Concern for bottom-line results can invoke questions such as how much was produced, at what cost, and was anyone injured? While these questions will always carry everyday emphasis at the mine, they are fundamentally lacking in that they often appear, especially to lower levels of management and to the production worker, as pre-eminent concerns. Driven by market economics, many organizations have decentralized, outsourced, downsized, restructured and formed new coalitions. Investments in new technology and a concentration on productivity have been an essential part of these changes, contributing to improvements in both safety and efficiency. A reason for (and, perhaps a result of) these improvements has been the development of a highly experienced and flexible work force. This situation presents an interesting opportunity to modify a few paradigms about work life in general, and perhaps a few paradigms about how we invest in the miner, in particular. Studying these issues now night offer some interesting opportunities for the Future, as the foundations for the next generation of mine workers are laid. With the average "experienced" U.S. miner five to fifteen years from retirement, perhaps a key determinant of future success in the world market might be how well we make the transition from today's work force to the work force of tomorrow. We can ill afford to wait a few more years to tap into the special knowledge residing within a veteran mining work Force. The Work Crew Performance Model (WCPM) is one approach to defining, capturing and transferring this expertise. The WCPM suggests a paradigm shift, moving from a focus on products (quantity) to a focus on the process (quality). It also involves a slight change in the process -- a different way to think and work. Of great importance, it entails a belief and a commitment to people within the organization; a commitment to collect simple (but interesting) data; exploration for insightful ways to plot and integrate that data; and finally the search for creative methods to reinvest that knowledge back into the organization, that is, back into the work force. As a way of thinking, the WCPM subordinates information about how much is produced daily or how many were injured over a year's time to concern and detail for how the individual's and the work crew's performance contribute toward meeting organizational goals. Drawing upon the expertise within members of that work crew to address and solve operational problems is one approach for meeting organizational goals. This everyday focus on how we work is hypothesized by the WCPM to make the difference between a good section supervisor and the average one; an exemplar continuous-miner operator and the run-of-the-mill one; a mining crew that produces consistently high quantities, but, inadvertently, degrades the production of other units. The WCPM permits objective and reliable performance data to be collected. This data then can be used to define variability within tasks of work crew members; to relate observed variability to a cost consequence; and to more meaningfully analyze performance through the integration of traditional analytical tools, such as the production simulator, CONSIM, with a recommended behavioral approach, the WCPM. Basis for engineering test Most equipment selections and purchases involve a field trial test of the system. Technology is routinely bench tested at the manufacturer's facility, government agencies and the mine site. The WCPM suggests a similar, but more practical, method for testing the performance of a work system -a test for how technology is used (by people) at the work site. It implies learning from veteran mining personnel that have gone well "beyond the book." This approach to learning and to integrating training with everyday work life can help answer questions such as: What constitutes desirable perfor¬mance as, for examples, a shuttle-car operator, a miner operator or a bulldozer operator; what characterizes exem¬plary performance within the context of the work system, the technology and the work crew; how can investments in the worker he linked to measurable results within the organiza¬tion? This paper explores these questions and makes recom¬mendations for enhancing the cost-linkages between invest¬ments in people and the mine's monthly cost sheets.

Jan 1, 1996

By Harrison H. Roberts

A. We are aware that many who are in the audience have perhaps heard before some of the material which will be presented. Since our firm is more closely associated with the heavy construction industry our experience is more oriented in that direction. Notwithstanding this, the subject your program committee has asked us to present centers mainly in the earth-moving field. We find a common denominator between say, the stripping of a site to uncover an ore-body which will be developed by open-pit methods, and that of excavating & transporting materials for an embankment dam, airport or other project. Both are earth-moving problems and we offer for your consideration a means of determining the most favorable method, equipment selection and resultant cost. We do considerable studies involving rock excavation for tunnels, underground powerhouses, inclined and vertical shafts for penstocks, muck-removal, electrical cable & other related underground work. Hence, we believe we speak the same language.

Jan 1, 1972

By Richard C. Marshall

The heightened concern over the environment which has developed in recent years has caused activities on National Forest lands to come under more intense public scrutiny. This has been especially true for activities oriented toward the production of commodities. Cattle grazing, mining, timber harvesting, and oil and gas leasing and drilling have all been increasingly subject to appeal and litigation. As a result, environmental analyses being conducted by the Forest Service have become more comprehensive, and measures to reduce or eliminate adverse impacts on resources have been given more attention. The costs of such environmental mitigation measures can be significant even when viewed in the context of the millions of dollars a company may spend, for example, to develop a mine. Using the Montanore Project in northwestern Montana as a case study, this paper examines the costs of alleviating some of the detrimental effects which may occur as a result of a mining operation. Although many of the general issues that have been raised about Montanore are common to other mineral projects, the scale of the project, as well as the fact that the ore body is within a wilderness area, the site is in grizzly bear habitat, and the surface waters are considered to be pristine, all combine to make Montanore particularly challenging from an environ- mental standpoint. Much of the information which follows is contained in the most recent version of the Draft Environmental Impact Statement (DEIS) which is scheduled to be published in several weeks. Based on agency and public comments, some of the information presented in the paper will change before the Final Environmental Impact Statement is issued in 1991.

Jan 1, 1991

By CAIJUN CHEN, MING ZHANG, ZHENWEI WU, FENG ZHOU, BOQUAN LI, XILIANG ZHANG, ZHOU PU

Traveling grate is a widely used process for iron ore pellet production; however, the thermal state of pellets in drying section is still unclear. In this study, the temperature distribution of drying section was investigated using computational fluid dynamics (CFD). Based on the calculated results of airflow velocity, space temperature distribution, and the temperature change of pellets, it concluded that there is a coupling effect in drying section in traveling grate. The gas with higher temperature in DDD transfers heat to UDD through the gap of the insulation board, and the temperature gradient of the pellet bed changed before reaching the insulation board. The characteristics of pellet bed expected to appear in DDD was displayed in UDD in advance. Moreover, a contrast experiment was conducted to verify the model.

Feb 1, 2021

By CAIJUN CHEN, MING ZHANG, ZHENWEI WU, FENG ZHOU, BOQUAN LI, XILIANG ZHANG, ZHOU PU

Traveling grate is a widely used process for iron ore pellet production, but the thermal state of pellets in the drying section is still unclear. In this study, the temperature distribution of the drying section was investigated using computational fluid dynamics (CFD). The results indicate there is a coupling effect in the drying section of a traveling grate. Gas with higher temperature in down-draught drying (DDD) transfers heat to the up-draught drying (UDD) through the gap of the insulation board, and the temperature gradient of the pellet bed changes before reaching the insulation board. The characteristics of pellet bed expected to appear in DDD are displayed in UDD in advance. To verify the model, a contrast experiment was conducted.

By Ewald H. Kurt

The story of America's progressing standard of living is the story of machines. The automobile, the airplane and the telephone for example have made our transportation and communication systems what they are today. Even they depend in turn on another machine -- the rock drill. By making it possible to economically mine and quarry minerals in large quantities, this versatile machine supports virtually every American industry relying on the earth for its buried raw materials. And, like all machines, the rock drill's mechanical evolution was stimulated by production demands placed upon it. All percussion drills are mechanized versions of the original drilling unit -- man, Figure - illustrates a double jack team at work before the turn of the century. The man with the sledge hammer is the impact device while the man sitting is the rotation mechanism and feed motor. The first drifter drills (Figure 2) performed the same function but with increased mechanical efficiency. A piston controlled by a valve produced impact. A built-in ratcheting mechanism provided rotation and a hand-cranked screw provided feed thrust. As the industrial revolution proceeded into the twentieth century, the demand for raw materials stimulated refinements of all recovery machinery, including rock drills. As drills became heavier and more powerful, a mounting (or carrier) had to be provided to move the drill from hole to hole. This resulted in the development of the wagon drill (Figure 3). Propelled by muscle power, the wagon drill was for years the standard tool of the surface drilling industry (Figure 4). As drills penetrated faster and as labor increased in cost, the time consumed in nondrilling peripheral operations had to be

Jan 1, 1977

By W. M. Kidd, P. J. Duport

INTRODUCTION The enquiry of the Royal Commission on Health and Safety of Workers in Mines of 1976, known as the Ham Commission after its chairman, Dr. J. Ham , now president of the University of Toronto, was one of the activities surrounding the upturn in the fortunes of the Canadian uranium industry and its markets in the mid-seventies. Although the regulation and licensing of Canada's ten major mine/mill facilities employing six thousand or more uranium mines is a federal concern under the Atomic Energy Control Act, this Commission, which paid particular attention to health and safety in uranium mines, was appointed by the Province of Ontario. Further provincial enquiries in British Columbia, Saskatchewan and Newfoundland have been aimed at quantifying, reducing or eliminating the environmental and health impact of uranium production. This work has created a mosaic of provincial regulation in what is essentially a field of federal jurisdiction. Various organizations of the federal government related to its regulatory function in the uranium industry are outlined in Figure 1 showing the matrices of regulatory, advisory and research activities associated with the exploitation of Canadian uranium resources. A more detailed examination [ ] of the governmental (federal and provincial) activities, commissions, etc., in the Canadian uranium industry indicates a definite parallelism of effort, if not of scale between the two levels of government in the execution of their roles in occupational and environmental health and safety and is presented here to explain the complex stage onto which the Canadian Institute for Radiation Safety has just entered. The development of the Institute and its precursors together with current and planned research activities are described. BACKGROUND Traditionally and constitutionally, natural resource exploitation and its regulation is under provincial jurisdiction; however, the uranium industry has been under federal control since the Second World War when security measures necessitated the creation of the Atomic Energy Control Board (AECB). Health and safety aspects, in terms of inspection, compliance and environmental monitoring are performed on behalf of the AECB by provincial labour inspectors (Saskatchewan and Ontario) and Ministries of Environment. Non-radiation health and safety matters are also enforced under the federal Canada Labour Code by provincial inspectors. In support of licensing and standard-setting functions, major research programs have been initiated and expanded at both the AECB and the Canada Centre for Mineral and Energy Technology (CANMET), formerly the Mines Branch of the Federal Department of Energy, Mines and Resources). CANMET established a Mining Research Laboratory at Elliot Lake, Ontario in 1965 to conduct research and development aimed at improving production capability, providing information on the security of uranium supply and investigating the hazards of mining and their implications for the health and safety of the miners. The provincial route in assessing the costs and benefits of uranium production has attempted to be far more conclusive in nature. While some on-going studies are funded, periodic inquiries by Royal Commission have become the accepted practice. Six such inquiries have been conducted in four provinces and widely differing policies have resulted from their findings and recommendations. For example, while the government of British Columbia in the Fall of 1980 declared a seven-year moratorium on(2) uranium mining and exploration in the province, the province of Ontario's crown utility "Ontario Hydro" financed the rehabilitation of a mine/mill complex at Elliot Lake. The latter instance is not surprising considering that the final report of Ontario's "Royal Commission on Electric Power Planning",(3) concluded that nuclear energy has a continuing role to play in the expansion of Ontario Hydro.

Jan 1, 1981

By Paul Eimon

The 1981 Fall field trip of the Denver Region Exploration Geologists' Society focuses on Creede. That is appropriate - because significant mining history has been made and is being made in this off-the-beaten track, high-country mining district. Creede is one of the few Colorado bonanza towns which was big in the 19th Century, had its ups and downs, and produced almost continuously since its discovery. Creede is important to geologists for its: precious and base metal production, current exploration activity, and research into near-surface hydrothermal systems. United States Geological Survey research and field geologists zeroed in on Creede some 25 years ago and their steady, consistent work is now being spotlighted and appreciated.

Jan 1, 1981

By D. A. Meyer

The long and arduous process of bringing aggregate produced in Mexico to the Gulf Coast of the United States really began in the 1970s when the first exploratory trips were taken by Vulcan's geologists. It was not until the middle of the 1980s that all of the elements of the project seemed favorable and the largest capital investment in Vulcan's history was given the green light. The history of the project will be covered along with a discussion of the role that market forecasting played in the process. Is this the first of many or a once in a lifetime project? In July 1987, Vulcan and its joint venture partner broke ground in Mexico for a world-class limestone quarry and crushed stone production facility. This project is the largest ever undertaken by Vulcan's Construction Materials Group, with a total cost of over 200 million dollars -a cost shared equally by Vulcan and its joint venture partner, Ingenieros Civiles Associados, or ICA, a diversified Mexican company which is also the largest construction firm in Latin America.

Jan 1, 1995

By J. A. Pontius

The Cresson Deposit is located in central Colorado within the historic Cripple Creek Mining District. The deposit has moved from its initial discovery in 1990 to full production in less than five years (current reserve nearly two million ounces). This accomplishment required a great deal of cooperative teamwork between the exploration, development, permitting and corporate groups. Nowhere was this cooperation more evident than in the construction of the geologic block model. The detailed modeling of gold and its metallurgical characteristics formed the foundation upon which critical financial and design decisions were based.

Jan 1, 1995

By J. A. Pagliero, R. T. Quiroz, S. H. Castro

Selected voltammograms in tetraborate buffer solutions in the presence of ethyl xanthate or isopropyl xanthate at pH 9.3, for chalcocite, covellite, chalcopyrite, and enargite mineral electrodes, are presented. The concept of critical Eh of dixanthogen condensation (Ehc) is introduced, and the line of Ehc is thermodynamically defined in plots of log [X i] vs Eh, for methyl, ethyl, propyl, and butyl xanthates. A reaction scheme of xanthate oxidation in four steps, involving the dixanthogen condensation step, is proposed. A first attempt to interpret mineral flotation from a more general point of view is made. The electrochemical mechanism of dixanthogen formation and condensation is considered as a particular case of a more general and relevant phenomenon, which is the decomposition of the collector giving hydrophobic colloidal forms, whose associative behavior in bulk solution and at the mineral/solution interface is governed by colloid chemistry.

Jan 1, 1989

By Patrick Scott, Germán Schmeda, Morgan Mullins, Liam Knudsen, Bradley S. Van Gosen, Carma A. San Juan, Nicholas A. Karl, Jeffrey L. Mauk, Clayton Forbush

The objective of the US Geological Survey’s mineral deposit database project (USMIN) is to develop a comprehensive twentyfirst century geospatial database that is the authoritative source of the most important mines, mineral deposits, and mineral districts of the US. Since May 2017, the project has focused on critical minerals. Data for critical minerals that are produced as products are relatively robust, whereas data for critical minerals that may be recovered as byproducts are commonly of much poorer quality. Similarly, more is known about critical minerals that occur in conventional deposits than where those critical minerals occur in unconventional deposits. For example, rare earth elements occur principally in deposits hosted by alkaline igneous rocks, but there is potential for their production from phosphate rock mining, which is less documented. Lithium (Li) has been recovered from pegmatites and brines, but other Li-bearing deposit types have been delineated that may go into production. Cobalt may be produced as a byproduct or coproduct from a wide range ofmineral deposit types, whereas rheniumis a byproduct of copper ore. Significant opportunities for research exist that could help identify new sources of critical minerals, and may also help increase production and recovery from existing sources.

Feb 8, 2021

By J. R. Koehler

Yield pillar-based gate road designs oftentimes fail to provide mine operators with adequate ground control because of the unknowing misemployment of "critically" sized pillars. A "critical" pillar is one that is too large to either yield nonviolently or yield before the roof and floor sustain permanent damage, but is too small to support full abutment loads. To demonstrate the critical pillar concept, a field study of a tapering gate road was conducted by the U.S. Bureau of Mines at the Sunnyside Coal Mines, Sunnyside, UT. Extreme pillar stresses and associated coal bumps characterize the response to first panel mining of a 16.8-m wide critical design. Significantly lower pillar stresses, early yielding of the pillar and adjacent panel rib, and an absence of coal bumps suggest that a narrower 12.2-m-wide design more closely approaches proper yield pillar dimensions. Probehole drilling of several 1 O.6-m-wide pillars revealed low stress levels and substantial pillar and panel rib yielding prior to abutment onset, indicating a properly functioning yield pillar design.

Jan 1, 1995