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By Carroll C. Bailey, William F. Boericke

Mine financing, or providing adequate capital for developing and bringing a mining property into production, is an essential requirement for a successful operation. Today it presents a different picture than even twenty-five years ago. The day appears to be gone when a mining property could pay its own way from grass roots to production. The country has been quite thoroughly combed for surface showings from which sufficient initial profit could be immediately garnered to pay for further development and production facilities. The four M's for success in mining-mineral, market, management, and money-are still essential; but doubled or tripled wage costs and steep advances in cost of equipment and supplies throw increased emphasis on adequate capital funds for bringing in a prospect and making it a producer. Consequently, the old picturesque, although seldom rewarding, grub- staking procedure where a single venturesome citizen might advance funds to a prospector on a fifty-fifty basis for whatever discovery he might find, has largely disappeared. Its place, to some degree, has been taken by the small syndicate of venturesome members who band together for furnishing funds to a group of prospectors for the same general purposes. Such a syndicate has a definite organization and is usually assured of sufficient initial funds, or flow of funds, to carry on work for several years. It is headed by an engineer-promoter who has had considerable field experience as well as personal knowledge of his prospecting crews. For the owner of a potential mining property who has ample capital, the problem is to determine (1) justification for the necessary investment in exploration and development, and (2) the economics of the enterprise as to size and degree of integration of the final operating entity. If the owner of such a property has little or no capital, he also faces these same basic problems but, in addition, must be able to present the findings of fact and persuade the prospective investor that the enterprise will produce

Jan 1, 1959

By John D. Wiebmer

First, a definition of a small scale miner is in order. The US Bureau of Mines classifies him as one who produces 360 t/d (400 stpd) of ore or less. In Canada, he would be refered to as a "junior company." Mexico identifies the small scale miner as one whose gross income from operations is less than $880,000 per year. A small surface mine in India employs less than 400 people, and a small underground mine employs less than 150. Peru considers a small scale miner one who produces less than 54 000 t/y (60,000 stpy) of ore. Obviously, the term is relative. What may be a small mine in one country is a medium or large mine in another. This lack of agreement is understandable since small scale mining does not often cross national boundaries. Rather, its effects are felt at the regional and local levels within each nation. Its importance doesn't lie with any huge contribution to the GNP or balance of trade. Instead, its value is as a local employer and as a frontrunner in geologic exploration.

Jan 2, 1979

By E. J. Wade

My subject is gold price forecasting and monitoring as an important aspect of gold marketing. While I 'm specifically addressing gold, it is understandable that many other commodities could be readily substituted. Gold marketing must be studied as three distinct processes, and it is my intention to cover each of these processes in turn. First I?ll cover the process of gold price monitoring and forecasting in some detail. In order to select a method, or combination of methods, to be used to sell gold a determination of the future price profile is essential. The profitability of the sales effort will be determined, to a large extent, by how accurately the future price behavior of the gold market has been forecast.

Jan 1, 1985

By Thomas Lane Carter

THE history of mining in South Africa differs somewhat from that of other countries in the part taken by the aborigines in the development ?of the mineral deposits. The Spaniards in America, and the fortune-seekers of Australia and New Zealand, found large numbers of natives in these new countries, but the inhabitants did not become willing or efficient workers ill the mines which the white men started. The Kaffirs of South. Africa have not shown the same antipathy to labor, nor do they show any signs of dying out in the presence of the white man's civilization. They are a virile race, and so far the vices of civilization have not killed. them. While it is true that the brain and skill necessary for the exploitation of the mineral resources of this sub-continent-have been supplied by the white race, it is also a fact that most of the rough labor in the development of the mining industry of South Africa has been done by the Kaffirs. The Kaffir tribes differ greatly in their mental and physical capabilities. Compare, for instance, a Zulu of Natal with a Bechuana, or a Xosa of Cape Colony with some of the degenerate tribes of Central or East Africa, and you will find that they have little in common, save that their skin is black and that they do not believe in clothes. As a general rule, the tribe's in the milder, healthier climates are far superior, both in mind and body, to the Kaffirs brought up in the hot malarial sections of Central Africa; and it naturally follows that the black men from the temperate zones of the country, are much finer workmen than the degenerates from less favorable sections: It is universal in South Africa to speak. of the .Kaffirs as " boys." No matter if he is 90 years old, the Kaffir is always a " boy," and in this paper the word " boy " is synonymous with Kaffir.

Nov 1, 1908

By W. L. Swager

Tramp (undesirable) elements introduced into iron and steel castings via purchased ferrous scrap are evaluated as to their likely degree of future threat to the quality of castings. Conclusions are based on analysis of literature and on nonmail surveys of foundries, scrap processors, trade and technical associations, and others. The existing tramp-element problem is expected to be persistent, but amenable to improved control by foundries and their suppliers. Four recommendations for action are given.

Jan 1, 1981

By Walter G. Perkins

T SEEMS almost sheer presumption to attempt' to discuss Russia in its present chaotic political and economic condition, and were it not that at least two certain absolute factors are continuously at work, it would be impossible to' even approach the subject with any degree of intelligence. These are the inborn love of peace of the people and the national character of the cooperative movement. The love of peace inborn in the soul of every Russian, the desire to be left alone and to- live his life among his home village surroundings, is probably one of the two greatest factors that will make the continuance of the present conditions of civil war impossible. One army or the other may sweep up and down the country. but the Russian peasant will: remain in his own village if not literally darken out. This love of peace is evidenced by the fact that there is no country where personal safety is greater than in Russia in normal times. I have traveled in many isolated parts, carrying considerable sums of money and persolial equipment that; in itself, would be a fortune to any peasant, and have never even encountered a condition in which the most wildly imaginative person looking for adventure, 01: trouble, could muster up even a suspicion of fear. This statement applies also to Southern Siberia and Northern Turkestan, which are inhabitated by the nomadic tribes of Khirghese origin.

Jan 1, 1920

By Oliver Bowles

A conviction is growing that depressions and other adverse conditions are not entirely unavoidable if a knowledge of past achievements and shortcomings is intelligently, applied in shaping the course of industry. Mineral producers have available a source of such knowledge concerning; their industry in the statistical records of the United States Bureau of Mines, and by scanning, this increasingly exact history can obtain information on which to found a more stable future. This paper contains a brief history, covering more than 50 years, of the activities of the nonmetallic mineral industries as a group, followed by short histories of each of the more important commodities in which are noted the circumstances that lave influenced their development.

Jan 1, 1933

In 1984/85 financial year Australia produced 529 thousand barrels per day (kbd) of crude oil. By far the major contribution (453 kbd) was light waxy oil from offshore Gippsland, Victoria. When these discoveries were made in the latter 1960s, imported oil was available in abundant supply and at low prices. Because of this, the Gippsland producers persuaded Government to control the marketing and pricing of their crude, and thus provide the required security of offtake. Political events in the middle East created supply shortages during the 1970s, and dragged up government selling prices for OPEC crude oil. Thus Arab Light crude that sold for less than US$2/barrel (bl) in 1970 reached $34/bl in 1981. Following the consequent decline in world oil demand, in 1982, Australian refiners sought to evade their obligation to lift Gippsland crude. Hence, in 1983, the Government was forced to introduce a floor quota of 385 kbd of Gippsland crude liftings and to allow producers to export any additional production refiners did not require. On expiry of the old arrangements, Government introduced a partial free market from January 1985, whereby the balance in excess of 350 kbd may be sold to Australian refiners at negotiated prices, or exported as before. In 1984/85 exports were some 90 kbd and will be higher in the current year. About half this total has been exported by BHP, providing valuable experience and lessons which are described in the paper.

Jan 1, 1986

By S Watson, L Martinez

Mine projects are complex opportunities that demand a constant assessment of uncertainty, ie risk and upside potential. This is because the value of a mine project is typically influenced by many underlying economic and physical uncertainties, such as metal/mineral prices, metal/mineral grades, costs, schedules, quantities, and environmental issues, amongst others, which are not known with much certainty at the beginning of the project. But, is uncertainty an enemy or an ally of the mine planner/analyst? To answer this question, this paper first assesses and elaborates upon the general concept of uncertainty. It then looks at the different sources of uncertainty in a mining project, such as the orebody, costs and product price uncertainties, and their effect on the final project value. Next, a general?review?of current mine evaluation techniques highlighting their limitations when dealing with uncertainty is made. Finally, an extended evaluation and risk management framework that addresses the existing uncertainty in the (greenfield/brownfield) mine evaluation process is proposed. One important characteristic of this framework is that it uses and manages uncertainty in order to generate additional value to the project; this is done through operational and managerial flexibility, which allow mine planners to minimise/maximise project risk/upside-potential giving a more realistic estimate of the projectÆs market value - this is shown in practical and simple examples occurring at different stages of a mine project, such as exploration and operation. Final conclusions are provided at the end.CITATION:Martinez, L and Watson, S, 2012. Uncertainty - An important source of (additional) value for mine projects, in Proceedings Project Evaluation 2012 , pp 131-140 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 24, 2012

By Albert H. Fay

The gypsum industry makes significant contribution to the wealth of our nation. This non-metallic mineral ranks in the highest order with America's most precious resources. Evidence of this is borne out by the fact that gypsum is a vitally necessary element in the building, industrial and agricultural industries. In 1967, the United States consumed 14 million tons of this valuable ore. Of .this amount 69% was required by the building industry for the manufacture of building materials. An additional 21% was directed to the industrial market, for the manufacture of Portland Cement and for other industrial uses. The remaining 10% was used for agricultural purposes.

Jan 1, 1969

By Paul M. Tyler

One of the best present-day yardsticks of the material welfare of a nation is its consumption of minerals, The United States, with only 7 percent of the world population, consumes 45 percent of the world wealth, pays the highest real wages, has the shortest working hours, and numbers the largest percentages of home owners among its population, and at the same time its per-capita consumption of minerals is far greater than that of any other nation. In 1937, British India, with roughly twice the population of the United States, used less than 2 percent as much lead, 4 percent as muck zinc, and 13 percent as much copper; even in Europe, which has three times our population and where war preparations have greatly expanded the normal needs of peaceful industries, the aggregate consumption of metals and industrial minerals other than lignite is less than the total for the United States alone. The march of civilization passed from the Stone Age to the Bronze Age before the dawn of history. It may be questioned whether man or monkey first threw stones at an enemy, but only man could have fashioned rough stones into weapons. Eoliths rudely shaped by apelike men are believed by archaeologists to have antedated by hundreds of thousands of years the existence of our own human ancestors. The primitive people that followed the retreating Ice Cap northward in early quaternary period - at least a million years ago - were fairly adept in the shaping of flints and even used a little copper. The Bronze Age, so-called, superseded the Stone Age when, around 8,000 B. C., the news spread that chunk s of natural copper could be pounded into better weapons or cutting implements than ever could be made by chipping stones. The Bronze Age gave place to the Iron Age about 1,000 B, C., and though students of modern history may speak of the Coal Age, the Petroleum Age, and the Automobile Age, and so on, these ages have all been crowded into a brief century and a half. The truth is that we still are in the Iron Age, unless perhaps we choose to call it the Age of Many Metals.

Jan 1, 1940

By William R. Barton

Dimension stones, with their almost infinite variety, have a broad range of properties and uses. Natural stone was beyond doubt the first mineral commodity used by man. Today dimension stone has widened to encompass building exteriors and interiors, decorative and ornamental modes, statuary, monuments, paving, curbing, flagging, roofing, and miscellaneous categories such as blackboards, surface plates, and honestones. For many purposes, it competes with greater or less success with alternate materials such as concrete, metal, brick, plastic, or glass. The almost ubiquitous geographic distribution of stone resources is the basis for a dimension stone producer industry in almost every State and in almost every land. In the United States, alone, dimension stone sold or used by quarries is valued at 2 million to 3 million dollars annually. Mining, finishing, transportation, and use technology have been modernized, resulting in a broader spectrum of stone products and new adaptions in use. Increased efficiencies also have been reflected in costs and prices and, coupled with gains that should be realized from current research, auger well for continued vitality of the ancient and honorable dimension stone craft.

Jan 1, 1968

By F. A. Rutledge

[An a part of the United States Department of the interior program for the development and use of Alaska raw materials, the Bureau of Mines is conducting an investigation of deposits of nonmetallic minerals accessible to the Alaska Railroad for use in building; materials is In the Alaska Railroad-belt area. The results of the investigations, to date, indices that raw materials for the preduction of brick products are in plentiful supply as cloy in the Anchorage area, as fire clay at Sheep Mountain, and as shale in the Healy Creek coal formations near Healy, Alaska.]

Jan 1, 1953

By GEORGE S. POPE

This bulletin is the third of a series a showing the results of ment purchases of coal according to specifications as to its quality and giving typical forms of proposals for supplying coal and general information relating to government coal purchases . Numerous calls for authentic information concerning the purchase of coal according to its heat value attest a growing interest in the subject. Many of the commodities of life have long been purchased according to specifications requiring chemical or physical tests , or both, to determine whether the material delivered meets the requirements , the price to be paid depending on the results of the tests . Until recent years coal consumers purchased coal merely on the statement of the dealer as to its quality , relying on his integrity and on the reputation of the mine or district from which the coal was obtained. It is surprising that the important question whether value was being received for the money expended was not sooner seriously considered . The purchase of coal by specification is an important step toward the conservation of our national mineral resources , for it results in an increased use of the lower grades of coal. The poorer coals find a market by competing with the better grades , not as to the price per ton but as to the cost of an equal number of heat units. This paper gives in detail the results of government purchases of coal for the fiscal year 1908–9 and the list of contracts with abstracts of specifications for the fiscal year 1909–10 , and summarizes the information on this subject obtained by the Survey. It is hoped that this information will promote a better understanding of the specification method of purchasing coal and furnish data valuable alike to coal dealers and coal consumers , so that equitable contracts can be more readily made.

Jan 1, 1910

By R. Heiser, J. Vendetti, B. P. Connor, E. J. Haas

"DISCLAIMER The findings and conclusions in this paper are those of the authors and do not necessarily represent the views of the National Institute for Occupational Safety and Health. Reference to specific brand names does not imply endorsement by the National Institute for Occupational Safety and Health. ABSTRACT Health and safety indicators help mine sites predict the likelihood of an event, advance initiatives to control risks, and track progress. Although useful to encourage organizations to work together, executing such risk assessments comes with challenges. This paper focuses on one trona mine’s experience in the development and implementation of a field level risk assessment program to help its entire organization understand and manage risk to an acceptable level. Through a transformational process of ongoing support and communication, Solvay Green River fostered a culture of trust and safety grounded in risk assessment, safety interactions, and hazard correction. The application of consistent risk assessment (RA) tools was critical to create a participatory workforce that not only talks about safety, but actively identifies energies that contribute to hazards and potential incidents. In this paper, reflecting on the mine’s process of RA implementation provides examples of likely barriers that sites may encounter when trying to document and manage risks. As discussed, consistent efforts to establish a participatory risk management program are worth the initial struggle to ultimately reduce incidents. INTRODUCTION Work-related health and safety (H&S) incidents often account for lost days on the job, contributing to organizational/financial and personal/social burdens [1-2]. Accompanying research demonstrates that risk and ambiguity around risk contribute to almost every decision that individuals make throughout the day [3-4]. In response, understanding individual attitudes toward risk has been unquestionably linked to predicting H&S behavior [5]. Although an obvious need exists to identify more comprehensive methods to assess and mitigate potential hazards, some argue that risk management is not given adequate attention in occupational H&S [6]. Additionally, research suggests that a current lack of knowledge, skills, and motivation are primary barriers to mitigating workplace risks [3-6]. Therefore, enhancing knowledge and awareness around risk-based decisions, including individuals’ abilities to understand, measure, and assign levels of risk to determine an appropriate response, is increasingly important in hazardous environments to predict and prevent incidents. This paper focuses on tailored approaches to field level risk assessment (FLRA), measurement, and common barriers to participating in such activities. The authors use a trona mine in Green River, Wyoming, as a case study to illustrate how the organization overcame widespread and site-specific challenges to implement a proactive risk management program. By discussing the mine’s tailored FLRA program, this case study contributes to the literature by first, providing examples of critical components that need to be in place to ensure successful risk management and second, context for continuous quality improvement that can foster a higher level of trust and empowerment on site."

Jan 1, 2017

By Joseph D. Davis, GEORGE S. POPE

This bulletin is the fourth of a series a showing the results of the purchase of coal by the Government under specifications. The work of inspecting and analyzing coal delivered on Government contracts was transferred to the Bureau of Mines by an act of Congress effective July 1, 1910. It had been carried on for several years before that date by the technologic branch of the United States Geological Survey. The purchase of coal on the dealer's statement as to quality or on the reputation of the mine or district producing the coal is gradually being discontinued. At present most coal-purchasing contracts make definite provision regarding the desired heating value of a coal and the composition as shown by analysis. The heating value is usually expressed in British thermal units" and the composition specified is that shown by proximate" analysis. The price to be paid for delivered coal is made to depend on whether the analyses and heating-value tests of samples representing the delivery show the quality to be above or below the quality set forth in the contract. Large coal consumers are beginning to appreciate more and more the importance of the cost of power as a factor in the cost of producing a finished article. The endeavor to increase the efficiency and the economical operation of a power plant calls for an intimate knowledge of the quality of the coal being used. The purchase of coal under specifications insures the purchaser getting what he pays for and the coal being of the quality guaranteed. In addition, the analyses and tests of the delivered coal furnish data whereby the power-plant results can be comprehensively studied and a continuous check maintained on the conditions of operation.

Jan 1, 1912

By John R. Reigart

The Tri-State district, as its name indicates, is composed of portions of three States, the southeastern corner of Kansas, the northeastern corner of Oklahoma, and an adjacent strip of Missouri east of these portions of Kansas and Oklahoma. An area approximately 40 miles long in a northeasterly-southwesterly direction, and 30 miles wide at right angles thereto, containing minable occurrences of ore at widely scattered locations, comprises the district. However, what has been and is the main productive area, is a strip about 35 miles long and 10 miles wide, which begins at Miami, Okla., as its southern extremity and runs in a northeasterly direction through Commerce, Picher, and Hockerville, Okla., Baxter Springs and Galena, Kans., and Joplin, Webb City-Carterville and Carthage, Mo. Almost the entire present production comes from the area between Commerce and Baxter Springs.

Jan 1, 1932

By Dennis S. Kostick

Salt is a universal mineral commodity used by virtually every person in the world. Although a very common mineral today, at one time, it was considered as precious as gold in certain cultures. This study traces the material flow of salt from its origin through the postconsumer phase of usage. The final disposition of salt in the estimated 14,000 different uses, grouped into several macrocategories, is traced from the dispersive loss of salt into the environment to the ultimate disposal of salt-base products into the waste stream after consumption. The base year for this study is 1990, in which an estimated 196 million short tons of municipal solid waste was discarded by the U.S. population. Approximately three-fourths of domestic salt consumed is released to the environment and unrecovered while about one-fourth is discharged to landfills and incinerators as products derived from salt. Cumulative historical domestic production, trade, and consumption data have been compiled to illustrate the long-term trends within the U.S. salt industry and the cumulative contribution that highway deicing salt has had on the environment.

Jan 1, 1993

By Steve Brace

Electronic detonators have been commercially available to the mining industry worldwide for over ten years. It is estimated that total cumulative global sales will have reached 25 million units by the time of the Conference in February 2004. This is below 0.2% of all detonator types sold during this period. Perhaps 20 million will have been used underground in South African gold, diamond and platinum mines. These will have been produced by South African companies, in South Africa for South African customers. Here efforts have met with greater success and in 2003 fully 5 million, or 3% of local detonators sold, could be of an electronic type. However, it is estimated that about US$7.00 (R50.00) has been expended on R & D, manufacturing facilities and marketing, for each unit so far sold. Large sums of money continue to be spent. Despite the apparent success in South Africa, is it justified? Electronic initiation systems have not produced significant technical benefits to the end-user underground nor corporate profits to the supplier. Some doubt they ever will (even from the large surface operations where the price per unit is much higher). A conclusion might be that they have failed. In 1998 Smit and Pistorius wrote a paper titled “Implications of the Dominant Design in Electronic Initiation Systems in the South African Mining Industry”. This ISEE paper seeks to summarise and review the conclusions of the earlier work. These were: that a dominant design had not yet emerged; the type of connector and the way in which detonators are connected and programmed would be a strong determinant influencing the development of a “winning” product; technical aspects rarely solely determine which becomes the dominant design (marketing, social and economic factors often have a strong influence); electronic initiation systems were an emerging technology for the underground gold mining industry in South Africa and because it was under severe cost pressure the mines would look to them to raise productivity and hence profits; finally, as a dominant design begins to emerge, one could expect a number of players to exit from the industry.

Jan 1, 2004

By Donald W. Gentry

This section deals with one of the most fascinating aspects of mining the evaluation of mine investment opportunities. Be-fore proceeding further, it is important to clarify the meaning of some fundamental terms used frequently in the text. 6.0.1.1 Mine Valuation vs. Evaluation The words "valuation" and "evaluation" in a mining context are often used interchangeably. However, for the purposes of this section, a distinction is made between the two terms in accordance with commonly accepted practice. The word valuation in a mining project context has the rather narrow meaning of placing a dollar or other currency value on the worth of the project as a whole. In other words, the value of a mining project refers to a measure of the desirability of ownership of that property. As such, the major item of interest is, "what is the mine worth?," or `what is the value of the mine?" The value of a mining project may actually be determined in the marketplace at any specific point in time, or it may be estimated by one of several methods. The topic of mine valuation is discussed in more detail in Chapter 6.1. The word evaluation in a mining project context connotes the broader meaning of determining the numerical values of all

Jan 1, 2008