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By John R. Bogert

The title of this session is "Wall Street Looks at the Mining Industry," and I am going to attempt to answer the question: Shouldn't Mining Stocks Sell at Higher Price Levels? Or, What Does Wall Street See When Looking at the Mining Industry? Well, it sees a capital intensive business, a technical industry, and a growing industry becoming more vertically integrated. But, at the same time, Wall Street sees a cyclical industry, a fragmented industry of erratic earnings, spotty public relations, a feast-or-famine business where the public usually does not differentiate between coal mining or metal mining, and does not appreciate either the risks or the rewards. As a result, mining stocks generally sell at relatively low price learnings ratios in comparison to other industrial groups. This PIE ratio, the current market price of the capital stock divided by annual earnings per share, is probably the most popular index of a stock's value. The average of the price/ earnings ratios of the 30 stocks comprising the Dow Jones Industrial Average is over 14. This diverse group of stocks is widely regarded as being a cross-section and representative of the industrial companies listed on the New York Stock Exchange. However, in comparison to 14, Asarco and Kennecott shares are currently available for about 8 times annual earnings. Even discounting earnings from South America, the stock of these two companies sells at only 10 times earnings. Of course, Peruvian politics is currently preventing Cerro shares from selling above 6 times earnings, and Chilean politics keeps Anaconda shares at a PIE multiple of 7. However, even in better times, these companies rarely sell above 10 times earnings. American Metal Climax and Newmont sell at only 11 times earnings as does Phelps Dodge and St. Joseph Lead. Few mining companies then have what can be considered a high PIE ratio-a figure higher than

Jan 1, 1970

By Michael V. Mergentime, Prakash M. Donde

The Nutley Quarry Trunk Sewer Project is a good example of a tunnel that went through difficult and complex ground. The 2 m (7ft.) diameter and 840 m (2,750 ft.)long tunnel passed through soft ground, mixed face, and hard sandstone. The soft ground and mixed face tunneling provided several challenges. During excavation of the tunnel, the Contractor encountered a number of unanticipated large boulders. In addition, the length of the mixed face portion of the tunnel increased by 100%. The Contractor tried various construction techniques to overcome the difficult ground conditions and complete the project. The tunneling progress was slower than expected. The Contractor claimed extra costs for differing site conditions. Through discussions and negotiations between the Contractor, Engineer, and Owner, all of the changed condition claims were settled before the construction of the project was completed. This paper addresses the difficult ground conditions, claims evaluation, and how they were resolved by cooperative efforts between the Contractor and the Owner/Engineer.

Jan 1, 2001

By James W. Bass

Introduction Atmospheric fluidized bed combustion (AFBC) is an improvement over coal-fired boiler design. It offers several advantages over conventional boilers. AFBC can meet sulfur and nitrogen oxide emission regulations without the need for add-on flue gas treatment equipment. The relatively low combustion temperature inhibits ash melting, thus reducing slagging and fouling that can in turn increase a boiler's fuel flexibility. AFBC process The fluidized bed boiler that operates at atmospheric pressure on the fire side (AFBC) is relatively simple and no different in purpose from those pulverized coal boilers used by utilities today. Fluidized bed boilers can generate steam at the pressure and temperature needed by modern steam turbines. Only the firing system is different. In fluidized bed combustion, the fuel can be almost any coal or waste fuel. It is burned in the presence of a bubbling bed of limestone. Air is forced through the bed at a velocity sufficient to support the weight of the bed particles. When the bed is fully fluidized, it bubbles like a boiling liquid. Although the burning coal makes up less than 1% of the fluidized bed, all the bed particles are heated quickly by the turbulence. The calcium in limestone reacts with sulfur dioxide produced in coal combustion to form calcium sulfate in a dry solid state. In this way, sulfur emissions regulations can be met without installing flue gas desulfurization equipment. Boiler tubes submerged in the bed absorb heat directly from the turbulent solids. The heat converts water in the tubes to steam or superheats the steam. Because of the intimate contact of the boiler tubes with the fluidized bed, heat transfer is highly efficient. Consequently, less boiler tubing surface is needed to generate the same amount of steam as in a comparable pulverized coal boiler. The optimum temperature for sulfur capture is relatively low, about 815°C (1500°F) as opposed to 1370°C (2500°F) for pulverized coal boilers. This results in the formation of lower levels of NON. Because operating temperatures are below those that fuse coal ash, a single design can burn a variety of coals without slagging or fouling problems. TVA's AFBC development program Tennessee Valley Authority's (TVA) involvement in AFBC development began in 1974 and has addressed the technical uncertainties through a comprehensive program of design, experimental, and analytical studies. In 1979, TVA and the Electric Power Research Institute (EPRI) developed plans for a 20-MW AFBC pilot plant, a 10-fold scale-up over the next largest test facility. Pilot plant design features TVA constructed the pilot plant at the Shawnee Steam Plant near

Jan 4, 1986

By M. Rice, M. Stanley, J. Marlow

Arizona construction aggregate industry remains in the crosshairs of public debate, caught between the need for aggregate-based building materials and alternative, high-value land-uses. To better manage lands and improve land-use decisions, the Arizona State Land Department has need for a system to assess potential aggregate resources on State Trust lands, and assign dollar values accordingly. Thereafter aggregate values can be compared to residential, commercial, agricultural, recreational, and habitat values -- in a determination of highest and best land-use.

Jan 1, 2002

By G. Deschênes

Following a successful investigation on the Central Zone sample, a cyanidation study was conducted on an ore sample from the AD-MW Zone of Clarence Stream Property, owned by Freewest Resources Canada, to develop a leaching strategy to extract gold. At a grade of 6.48 g/t, gold is present in the forms of aurostibite, free gold and electrum. The ore contains 4.3% berthierite/gudmundite, 1.3% pyrrhotite, 0.7% pyrite, 0.07% stibnite and 0.9% arsenopyrite. Similar to the Central Zone, the extraction of gold from the AD-MW Zone can be performed at atmospheric pressure, pH 10.5 and with a low concentration of cyanide. The grind size had no effect on gold extraction between a P80 of 28 to 71 µm. The oxygen and cyanide requirement significantly increased with a ?ner grind. Consequently, a very close control of cyanide addition is required to minimize passivation of gold. Lead nitrate, added in the pretreatment, increased the extraction of gold by 2.3%. Leaching at pH < 10 improved gold extraction but increased the cyanide consumption by 5%. Passivation of gold occurred when the pretreatment was longer than 2 hours. A longer pretreatment reduced the cyanide consumption by 5%. Mineralogical characterization of the leach residue with no gravity pretreatment prior to leaching indicated the presence of unleached gold grains and passivated gold grains. Removal of coarse gold by gravity increased the extraction by 2.8% (leach residue at 0.74 g/t Au). Increasing the DO to 16 ppm or the lead nitrate from 500 to 1,000 g/t increased the overall gold extraction to 90.4% (leach residue at 0.62 g/t), which is the maximum gold extraction obtained. The leaching parameters were 800 ppm NaCN, DO 16 ppm and pH 10.5 for a duration of 120 hours. The associated cyanide consumption was 4.0 kg/t. Gold leaching was not sensitive to cyanide concentration. Reducing the cyanide concentration to 250 ppm resulted in a gold extraction of 89.5% with a cyanide consumption of 2.6 kg/t.

Jan 1, 2009

By Steve Skelhorn

Edmonton South LRT is the latest expansion of the Subway system in Edmonton, Alberta, Canada: Consisting of twin 5.8m segmental lined tunnels, 280m long, driven by a Lovat EPB machine. The key challenges were as follows. A 6% downhill grade. Tight radius curves of 250m.Overlying structures within 3m of the tunnel. Strata consisting of sand above the water table, glacial tills and bed rock below the water table. Located within The University of Alberta Campus and adjacent to a hospital. Northern Alberta climate with winter temperatures routinely falling below—minus 30 degrees Celsius. This paper provides a case history and outlines the challenges involved in completing this project.

Jan 1, 2005

By James J. Kabat, James A. McDonald

Impregilo/SA Healy JV recently completed this Project using the first slurry shield TBM’s in the United States. The Project used two TBM’s to mine 18,000 feet in sands, gravels, and silty alluvial materials under the Willamette River and downtown Portland, Oregon. This paper discusses alignment and geological conditions, equipment selection and plant setup, and tunnel excavation means and methods, parameters, and results. Extensive hyperbaric operations were required and will also be discussed.

Jan 1, 2007

By W. P. Arnott

This paper presents real time photoacoustic measurements of diesel-soot black-carbon (BC or EC) and Dusttrak nephelometer total carbon (TC) concentrations in a Nevada gold mine. Comparisons with time-integrated filter-based measurements of EC and TC accomplished using the NIOSH 5040 method were found to be 50% smaller than the integrated real time measurements. This work was initiated primarily as a demonstration project for the usefulness of photoacoustic instruments in measuring BC in the mine environment. Real time black carbon measurements are very useful for determining miner exposure, for providing feedback in mine ventilation systems, and for quantifying machine specific emission rates to understand the operating conditions for specific machines that produce greatest black carbon concentrations. This paper reports real time measurements of DPM from a loaded and empty hauler as it is operated in a drift with a 12% grade. The photoacoustic instruments were demonstrated to be satisfactory for BC measurements in the mine environment.

Jan 1, 2009

By 1980, the U.S. mining community had reached a broad consensus regarding coal pillar design. The pillar load could be estimated from tributary area theory, and the pillar strength from empirical formulas and laboratory coal strength testing. Then the growth of longwall mining required new thinking. Recently, powerful design methods have emerged from analysis of large data bases of real-world pillar successes and failures. These include the Analysis of Retreat Mining Pillar Stability (ARMPS), the Analysis of Longwall Pillar Stability (ALPS), the Mark-Bieniawski rectangular pillar strength formula, and guidelines for preventing massive pillar collapses. Sophisticated numerical models have also helped transform the pillar design landscape. In the process, our understanding of pillar mechanics has been greatly enriched.

Jan 1, 1999

By S. J. Schatzel

Longwall coal mine operators in the US are required to ventilate multi-panel longwall districts but may have little or no knowledge about what happens to the ventilation air between the inlet evaluation points (IEPs), bleeder evaluation points (BEPs), and bleeder fans. The effectiveness of bleeder performance can directly influence the ability of a ventilation system to remove and dilute coal bed methane emissions. Consequently, the performance of coal mine bleeders is an important aspect of underground worker safety. U.S. coal mining stakeholders have acknowledged their belief that the T- junction split at the longwall face tailgate corner is very important in controlling the distribution of ventilation air. The percentage of air directed inby towards the bleeders and bleeder fan and outby to the submains is often not well-defined and can vary over the life of a longwall panel. To obtain direct measurements of bleeder performance, a tracer gas, sulfur hexafluoride (SF6), was released into the intake air stream along the panline of active longwall panels and in the bleeder/gob ventilation air inlets of an inactive panel. Tracer gas sampling was conducted underground using tube bundles attached to permissible vacuum pumps in the gateroads, former gateroads, and bleeders. Surface tracer gas monitoring was also conducted from operating gob boreholes and from bleeder fans. Testing was performed on multiple longwall panels which included various phases of longwall development and variable path lengths of ventilation air transport to bleeder fan installations. The applied methodology defines and describes coal bed gas pathways, rates, and volumes of movement at the bleeder/gob interfaces, and indicates flow rates for air/gas mixtures within these gobs. These findings are reported for three stages of longwall extraction using direct field-based measurements. Changes in the T-junction ventilation air distribution over the life of a longwall panel and its variable effect on panel ventilation airflow are discussed. These findings will assess the effectiveness of commonly applied ventilation strategies for improving air distribution and ventilation controls to meet statutory requirements and to achieve the desired ventilation patterns through multiple phases of longwall panel extraction.

Jan 1, 2011

By Steve Kral

About 500 mineral-processing professionals from around the world gathered in San Francisco, CA in Oct. 22-27, 1995 for the XIX International Mineral Processing Congress (IMPC). Following the theme “Leading Mineral Processing into the 21st Century Through Advanced Technology,”186 speakers from 28 countries covered research and development activities and innovative processes. Subjects included comminution and simulation control, physical and chemical processing, flotation practices and fundamentals, precious metals processing and mineral waste and the environment.

Jan 1, 1996

By R. D. Hagni, P. A. Shivdasan

Cathodoluminescence microscopy (CLM) is uniquely applicable to the study of carbonatite-related fluorspar ore deposits. The mineralogy of the carbonatites, sodic and potassic fenites, marbles, quartzites, and fluorite ores are readily determined and characterized. Calcite, dolomite, apatite, fluorite were deposited dominantly under high temperature conditions and they exhibit strong cathodoluminescence (CL). Three types of carbonatites have been recognized at the Okorusu, Namibia carbonatite complex and fluorspar mines by field mapping and laboratory CLM. The main carbonatite intrusion is fine grained and consists mainly of calcite. A later phase of pegmatitic carbonatite consists of calcite, magnetite, Fe-rich pyroxene, apatite, and pyrochlore. Pyroxene carbonatites were recognized mainly through their study by CLM.

Jan 1, 2001

By Manuel Arnáiz, Pedro R. Sola, Rogelio Baudot, Manuel Herrera, Carlos S. Oteo

The aim of this paper is to describe and analyze the ground treatment performed between January and May 2002 in order to increase safety during excavation and reduce instability problems along 180 m of tunnel, during the construction works associated with line 10 extension to the Madrid Metro. The tunnel was excavated using the traditional Madrid Method and in the section considered in this paper layers of sand were detected around the tunnel crown area with a significant presence of water, the in?ow of which needed to be controlled with a minimum impact on the surrounding environment.

Jan 1, 2003

By K. Park

Coupled influence of sulphidizers and xanthates on the electrokinetic property and flotation behavior of malachite was systematically examined via electrophoretic mobility measurements and microflotation tests. The electrophoretic mobility results for the malachite before and after surface modification with different types (Na2S and (NH4)2S) and amounts (1×10-7?1×10-4 moles/g) of sulphidizers, showed that the isoelectric points (IEP) of malachite differed at the low dosage level depending on the type of the sulphidizer, which ranged between 5 and 9.5. However, the IEP values were observed to be shifted from high to low pH values with increasing amount of sulphidizers and finally ranged between 3 and 4, indicating that the sulphidizers played a different role on changing the surface property of malachite. In order to further understand the effect of sulphidizers on the electrokinetic property and flotation behavior of malachite in a sulphidizer+xanthate system, flotation tests were carried out with malachite sulphidized with Na2S and (NH4)2S (adsorptive amount=8×10-5 moles/g) at different bulk xanthate concentrations. The results showed that the flotability of (NH4)2S-treated malachite was greater than Na2S-treated one over the entire xanthate concentration investigated, indicating that the type of sulphidizers played important role in malachite flotation; however, no obvious correlation between electrokinetic property and flotability of malachite was observed.

Feb 27, 2013

By D. Bradbury

Sufco coal mine, a subsidiary of Arch Western Bituminous Group, recently purchased a reverse osmosis (RO) system. The systems intent was to remove impurities in the water being mixed with the hydraulic oil to maintain the viability of critical longwall hydraulic systems and to prevent degradation. This project not only ensured hydraulic components from corrosion, but also revealed a cost savings by reducing the percentage of hydraulic oil mixed with the RO water. SUFCO WATER TREATMENT HISTORY Sufco coal mine has been in operation for approximately 70 years. Old works extend up to 15 miles one way, not including adjacent mined out longwall panels. Due to the geologic conditions and strata, water treatment has been as simple as putting water in at a high point of a mined out area and recovering it at a low point to discharge. Doing this reduces the total suspended solids (TSS) to less than 25 parts per million (ppm) and the total dissolved solids (TDS) less than 1,200 ppm which complies with Sufco?s water discharge permit. Even though the requirements for the permit were met, the water is still corrosive in nature. A portion of this water is piped back into the fireline (makeup) water system. It is then boosted to pressures of up to 500 psi to support mining sections, belt systems, equipment, fire fighting systems and the longwall.

Jan 1, 2011

By Nathaniel Arbiter

In contrast to pyrometallurgy&apos;s 6000year history in metals production, hydrometallurgy is of relatively recent origin. The earliest reference to it was in the 16th century, with the first applications to copper in the 17th and 18th centuries. In the 19th century, increased demands for pure metal resulted in the development of electrolytic refining, and early in this century electrowinning. The rapid growth in copper production in the 20th century, particularly in the United States and Chile, stimulated the development of new technology for leaching and for the recovery of copper from leach solutions. In the past 25 years, solvent extraction has become a major factor by permitting novel leaching technology that produces dilute or complex solutions. In addition, solvents other than sulfuric acid, and chemical methods for precipitating copper metal are now of increasing interest. These are trends that should grow in importance with the need to process lower grade and more complex materials. The evolution of copper hydrometallurgy is reviewed. Key factors in recent major developments are presented with details of specific operations and with trends for the future indicated. The relative importance of copper hydrometallurgy is compared with that of pyrometallurgy in the light of probable changes in ore supplies and character.

Jan 1, 1994

By Georgene Renner

At the beginning of the 1990s, Communism fell and signaled the end of the Cold War. The world rejoiced but also watched and waited to see how those countries would restructure themselves. The 1990 SME Annual Meeting was held at the Salt Palace Center in Salt Lake City, UT. The keynote session featured Alistair Frame, chairman of RTZ; Paul Queneau, professor of metallurgy at the University of Utah; and TS Ary, director of the U.S. Bureau of Mines. The SME Board of Directors voted to hire a Manager of Public Information and Education to be the GEM Program coordinator. This person was to collect and disseminate information that could be used by individual members and Local Sections to interface with government personnel and the general public.

Jan 1, 2007

By Antonio Raschillà

On the 2nd of June 2007 SELI S.p.A. started the excavation of Beles Tailrace Tunnel (Ethiopia). The new 8,07 m diameter DS Universal TBM utilized for the tunnel excavation was manufactured by SELI S.p.A. and allowed the installation of 30 cm thick concrete lining, contemporaneously with the excavation of 7,200 m of tunnel. The greatest part of the tunnel alignment was excavated in hard and sound basal-tic rocks. The paper describes the main steps of the tunnelling operations which led to a remarkably rapid excavation, with a peak production of 36 m / day and a final break-through achieved 46 days ahead of the contractual deadline. Furthermore the paper describes the work and logistic organization that was set up to efficiently perform the mechanized excavation in the very remote area of the project.

By Gerald C. Smith

Introduction Newmont Mining Corp.&apos;s Carlin Gold Mining Co. mines gold ore and waste material from four open-pit mines in Northeastern Nevada. Combined production rate is 24.5 Mt/a (27 million stpy). The company is producing gold bullion from the 2.4 kt/d (2600 stpd) Carlin Mill No. 1. and the 2.3 kt/d (2600 stpd) Maggie Creek heap leaching plant. In August 1985, the 6.3 kt/d (7000 stpd) Carlin Mill No. 2 at Gold Quarry came on-line. The total combined throughput of 11.2 kt/d (12,000 stpd) will make Carlin Gold Mining one of the largest US gold producers. Feasibility studies are underway to increase the total gold out-put from Gold Quarry. This will be done by adding a continuous dump-leaching process that will recover gold from lower grade ore. History In 1961, Newmont exploration geologists located claims in the Lynn Creek mining district near Carlin, NV. An exploration drilling program revealed significant gold mineralization. A stepped-up drilling program revealed an ore body with an estimated 10 Mt (11 million st) of ore containing 109 t (3.5 million oz) of gold. Test results in 1963 allowed metallurgists to develop the flowsheet and design for a 1.8-kt/d (2000-stpd) countercurrent decantation (CCD) cyanide plant. Carlin Gold Mining Co. was formed to operate the property. Carlin purchased its first mining equipment in 1965. This consisted of two Bucyrus-Erie 2.7 m3 (3.5 cu yd) shovels and nine 27.2 t (30 st) Wabco Haulpak trucks, two Inger¬soll-Rand track-mounted drills, one Chicago Pneumatic T-650 rotary drill, one rubber tired Michigan 280 dozer, one Caterpillar D-8 36A track dozer, one Caterpillar 16 motor grader, and the necessary ancillary equipment. The fleet was capable of mining 3.2 Mt/a (3.5 mil¬lion stpy) working two eight-hour shifts, five days a week. In 1967, one P&H 1500 3.8 m3(5 cu yd) diesel electrical shovel and three 59 t (65 st) Dart trucks were added to the fleet, along with a Chicago Pneumatic rubber tire mounted rotary drill. This equipment addition increased the mining capabilities to 5.7 Mt/a (6.3 million stpy). Three separate pits, the Main, East, and West, within a 1.6-km (1-mile) radius of the Carlin mill were being mined. The crew consisted of 46 hourly men and three supervisors. This equals 497 t/ total hourly manshift (548 st) or 407 t/total manshift (515 st). Rising gold prices in the early 1970s allowed lower grade deposits to be mined at greater distances from the mill. The Boot-strap pit, 19.3 km (12 miles) north of Carlin, was started in 1973. Two Hough 45.4 t (50 st) front-end loaders, four Wabco Haulpak 45.4 t (50 st) trucks, and a second track type D-8H dozer were added. The higher grade ore was trucked to the Carlin mill using three

Jan 11, 1985

By Christopher J. Bambridge, Lee Seng Hoor

The Stormwater Management and Road Tunnel (SMART) Tunnel is a world first in the use of tunnel space transmitting both road and water through the same spatial envelope. The unique aspect of the SMART project is that the highway decks are used periodically for the conveyance of water. This aspect of the project has posed its own technical challenges that have been overcome in the design stage of the work allowing the project to be taken forward to construction with confidence in the systems to be Installed in the tunnel.

Jan 1, 2005