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By Charles White Merrill

Money is one of the most pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common de- nominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the innumerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1964

By Douglas B. Silver

The key to unlocking value is to find opportunity where others have missed it. How does a company find value in a thoroughly explored asset? This article explores the approach taken by one company and the results it achieved from working this problem. The town of Shafter is located on a small bend in the road in west Texas' Big Bend Country. Its past emulates the glory days of so many other mining camps. A discovery was made, fortunes were built and World War II shut down the operation. The Shafter deposit continues to be one of the larg¬est undeveloped primary silver deposits in North America. Gold Fields Mining Co. recognized the area's potential in 1977 and embarked on studies to reopen and develop the district. Gold Fields spent $16 million on the Shafter project. It drilled more than 86,240 m (282,940 ft) in 475 holes, sunk two shafts and developed 1,550 m (5,100 ft) of underground workings. Today, the mothballed 447-kW (600-hp), single-drum Nordberg hoist and permanent production-type, single-compartment headframe continue to crown the shaft. Other buildings onsite house compressors, mine pumps, spare parts, drill core and other supplies. All these items look as though they arrived yesterday. By 1982, Gold Fields had completed an extensive feasibility study with ambitions to. construct a 1.36-kt/d (1,500-stpd) agitated cyanidation mill and base metal gravity circuit. Reserves at Shafter stand at 4.23 Mt (4.67 million st) grading 193.5 g/t (5.65 oz/st) silver. Gold Fields planned to produce 71.5 t/a (2.3 million oz/year) of silver at a head grade of 196.2 g/t (5.73 oz/st) silver with a 77% recovery rate. Cash costs were projected to be $5.54/oz with an anticipated initial and total capital cost of $46.2 million and $51.3 million (1984 dollars), respectively. The study assumed a silver price of $8.60/oz that has not been seen since the Hunt brothers quit buying silver. When silver prices declined, Gold Fields put the property up for sale.

Jan 1, 1999

By George D. Graffin

The first use of graphite is lost in the mists of time. It was used by primitive man to make drawings on the walls of caves and by the Egyptians to decorate pottery. As early as 1400 A.D. graphite crucibles were being made in the Haffnerzell district of Bavaria. Through the Middle Ages graphite was confused with other minerals, especially galena and molybdenite. Two common names that are still used for the mineral are "Plumbago," meaning leadlike, and "Black Lead." The latter name implied that graphite is either composed of lead or at least contains a large percentage of it. Gessner is credited with having recognized it as a separate mineral in 1565, but its composition was not determined until 1779, when Scheele demonstrated that graphite oxidized to carbon dioxide, thus proving its carbon constitution. In 1789, Werner named it "graphite" from the Greek word "graphein," meaning to write. The United States has long relied on foreign countries for its graphite supplies. This reliance has been due more to the lack of suitable domestic graphites than to any particular preference for buying minerals overseas. Ceylon (now Sri Lanka) graphites were imported as early as 1820, and Madagascar graphites have been imported since the properties on that island were opened up about a hundred years later. Mexico has long supplied the United States with most of its requirements for amorphous graphite. Physical Properties and Classification Graphite is found in laminated, flaky aggregates disseminated in schistose rocks. It also occurs in veins and exhibits a foliated or fibrous structure. Graphite is a black lustrous mineral that crystallizes in the hexagonal system, with rhombohedral symmetry. The crystals have tabular form and are six-sided; the faces are commonly striated. The flakes have perfect basal cleavage and are opaque. When well crystallized, the flakes have a black metallic luster while the amorphous material is black and earthy, with a microcrystalline compactness. The flakes feel greasy. Graphite is an excellent conductor of heat and electricity. It melts at approximately 3500°C and sublimes at about 4500°C. It is combustible in the presence of oxygen between 620° and 670°C, but is stable and chemically inert at ordinary temperatures.

Jan 1, 1975

By John Croston

IN the closing months of 1936 the copper industry gave every evidence that it was at last on the threshold of an improved era. At the beginning of the year prices stood at 9 1/4¢, which in itself was a great improvement over prices prevailing for the three previous years. Industry generally was showing signs of moving forward in this country, and business was definitely good in certain foreign quarters. The threat of war and prep-arations for rearmament in Europe and Asia acted as a further stimulus purchasing. By midsummer the situation had so improved and stocks to been so reduced that the cartel of foreign producers (including American producers with foreign mines) decided to increase the produc-tion quota to 75 per cent on Aug. 1. Large-scale buying gave continued strength to the price and by Oct. 1 the quota was increased to 80 per cent, and again on Oct. 15, to 85 per cent. Notwithstanding this the price of copper continued its advance and on Nov. 1, with stocks declining con-tinuously, the cartel increased operations to 95 per cent, then to 105 per cent on Nov. 5. In the meantime the domestic producers, because of the great increase in home consumption, had increased their production by nearly one-half. At the close of the year copper sold at 120 per pound, and since the turn of the present year has reached 170. This rapid increase has not been wholly justified. Much of the increase was due to the legitimate demands of recovering industry, but rearmament orders plus accumulation of reserve stocks in case of war, purchases in anticipation of labor strikes and purely speculative activities on the London Metal Exchange accounted for the balance. Certainly in view of the state of industry and the general world price level, it appears unnecessarily high. Talk of a copper shortage is sheer nonsense, the recent condition in the market being created by overbuying, leaving but a small volume for speculative supplies. It takes some months for an increase in mine output to reach the market, but production is again overtaking apparent consumption, stocks have begun to increase, and this, together with the reopening of many small

Jan 1, 1937

By C. Nangolo

Mineral commodity prices comprise one of the key criteria in the selection of mining stocks. We contend that of the three principal elements of mineral commodity prices, spot price, forward price and long-term price, one has a greater impact on the share valuation processes used by investors. This research paper examines the extent to which each of these elements influences the valuation process. The intention is to provide investors in mining stocks with a greater understanding of how fluctuations of commodity prices over time affect the prices of the mining stocks they hold, or intend to sell or buy. Three mineral commodities, gold, silver, and copper, were used as case studies, since market data on these commodities is readily available in the public domain. Nine market indices covering all three mineral commodities were selected. These are based on clearly defined criteria with the intention of eliminating ambiguity and to test for correlation with the three sets of mineral commodity prices. Nine mining companies, which were not the primary drivers of the relevant indices employed in the study, were used to validate the results obtained from the indices in order to avoid duplication of the same correlation during cross-checking. Each commodity price was adjusted for operating costs. For each market index, an average operating cost was calculated from the companies comprising its basket, while each company?s annual operating costs were used for the stocks of the individual companies examined. The data was collected for the period January 2004 to October 2010. This period was further split up into three sub-periods to account for the Global Financial Crisis (GFC) period that started in mid-2008. We conclude that mining stock prices are correlated with mineral commodity prices, but with spot and forward prices exhibiting stronger correlations than long-term price. This finding should be useful for evaluation purposes. Where cash flow methodologies such as discounted cash flow or earnings per share are used to value ordinary shares and commodity prices are required to estimate future cash flows, the findings suggest that spot prices should be used as opposed to long-term prices. The work reported in this paper is part of a current MSc research study at the University of the Witwatersrand.

Jan 1, 2011

By G. B. Gould

Every mathematical statement of a measure of anything (as distinguished from a count') is followed by a qualification—always implied if not explicity stated—-that the statement is only an estimate, which may vary from absolute accuracy within certain limits, according to the accuracy of the measuring instrument. This basic fact, so obvious to engineers, is not so well understood by many that make use of laboratory coal tests. The tolerances that must be allowed in measurements of coal quality are very important in both their commercial and engineering applications—and the significance of these tolerances depends upon the use made of the laboratory coal test. Only in recent years has there been any intensive study of this question of tolerances as applied to measurements of coal quality. There is very little in our published literature on the subject, and what has been published is not readily comprehended by those who sell coal, or buy coal and use it, unless they happen to have made a study of the subject themselves. There is great need for more widespread understanding of what lias been discovered and how it applies to the use of laboratory coal tests. What follows is an attempt to condense into a few pages the results of the major investigations so far reported, and to explain their meaning in simple nontechnical language, with the addition of some recent illustrative experiments. Determining Deviations in Quality It is necessary at the outset to distinguish between: (I) the accuracy with which one test indicates the quality on one lot of coal; and (2) the accuracy with which a test of one lot of coal represents the average quality of a commercial product, of which the buyer will presumably receive a series of shipments—perhaps many thousands of tons. It is necessary to make this distinction because coal is a variable material—a heterogeneous mixture of a variety of components—the quality of which will vary from one lot to another. Therefore an absolutely accurate determination of the quality (if that were possible) of one lot of a coal is an

Jan 1, 1938

By G. B. Gould

Every mathematical statement of a measure of anything (as distinguished from a count') is followed by a qualification—always implied if not explicity stated—-that the statement is only an estimate, which may vary from absolute accuracy within certain limits, according to the accuracy of the measuring instrument. This basic fact, so obvious to engineers, is not so well understood by many that make use of laboratory coal tests. The tolerances that must be allowed in measurements of coal quality are very important in both their commercial and engineering applications—and the significance of these tolerances depends upon the use made of the laboratory coal test. Only in recent years has there been any intensive study of this question of tolerances as applied to measurements of coal quality. There is very little in our published literature on the subject, and what has been published is not readily comprehended by those who sell coal, or buy coal and use it, unless they happen to have made a study of the subject themselves. There is great need for more widespread understanding of what lias been discovered and how it applies to the use of laboratory coal tests. What follows is an attempt to condense into a few pages the results of the major investigations so far reported, and to explain their meaning in simple nontechnical language, with the addition of some recent illustrative experiments. Determining Deviations in Quality It is necessary at the outset to distinguish between: (I) the accuracy with which one test indicates the quality on one lot of coal; and (2) the accuracy with which a test of one lot of coal represents the average quality of a commercial product, of which the buyer will presumably receive a series of shipments—perhaps many thousands of tons. It is necessary to make this distinction because coal is a variable material—a heterogeneous mixture of a variety of components—the quality of which will vary from one lot to another. Therefore an absolutely accurate determination of the quality (if that were possible) of one lot of a coal is an

Jan 1, 1938

By C. A. Herbert

WITHIN the past few years, considerable development has been made in the coal-mining industry in Illinois and Indiana and it is the purpose of the authors to record its most important phases. Perhaps the two most striking features are the entry into the producing fields of certain large consumers of coal and the magnitude of some of the new operations. Mines are now being equipped by the. Chicago & Northwestern R. R., the Chicago,. Burlington & Quincy R. R., the Standard Oil Co., of Indiana, and the Union Electric Light & Power Co. of St. Louis. Besides, the U. S. Steel Corpn. has increased its coal-mining activities by commencing operations on its large holdings northeast of Benton, Franklin Co., Ill. Until recent years, the supply of coal has commonly been adequate and prices have generally been favorable, especially to large consumers, as the magnitude of their purchases enabled them to obtain satisfactory quotations from producers. In fact, most consumers of coal have believed that they could buy their fuel more satisfactorily in the open market than they could produce it themselves. The entry of the United States into the war was accompanied by various disarrangements of industrial conditions, and a demand for coal in excess of the supply seemed likely to be experienced for an indefinite period. Under these circumstances it seemed that the greatest assurance of a supply of fuel was its production by the operation of mines. In the case of the Chicago & Northwestern R. R. and the U. S. Steel Corpn. the production of coal has been carried on for many years with satisfactory results, but the C. B. & Q. R. R., the Union Electric Light & Power Co. and the Standard Oil Co. of Indiana had not been producers of coal, at least in this district. Apparently the most impressive feature of the newest mines is their capacity, for in some cases it is planned that production shall be in the neighborhood of 1000 tons per hr. There are mine, now in this field having nearly that output, but these were not planned for such

Jan 9, 1919

By Joan Weinberg

Real gross national product (GNP) grew at a seasonally adjusted annual rate of 2.2% in the third quarter, down from a revised 3.0% in the second quarter, according to preliminary data from the U.S. Department of Commerce (table 1). The slowdown in the rate of growth was attributed to the summer drought, a larger trade deficit, and a decline in Federal spending for defense. Exports slowed from the second quarter, as the dollar, compared with other industrial country currencies, edged up. Imports of both consumer goods and capital goods rose sharply, with consumers buying more foreign cars, computers, and electrical machinery. Although net exports of goods and services deteriorated slightly from the second quarter, the U.S. trade position continues to be much improved from 1987 and first quarter, 1988. Business spending for new plant and equipment rose at a 4.6% pace, well below that recorded earlier in the year. The 3.5% increase in consumer expenditure was accounted for mainly by nondurable goods and services; expenditure for durable goods--those products lasting more than 3 years--rose only 0.4%. Inflation, as measured by the fixed-weighted GNP price index, rose at an annual rate of 4.9% in the third quarter. Prices rose slightly less than they had in the second quarter, when inflation reached a 6-year high. In September, 1988, the President signed a U.S.-Canada free trade agreement (FTA) which will eliminate all tariffs and most nontariff barriers between the two countries by 1999, thereby creating the world's largest open market. In 1987, U.S.-Canadian bilateral trade totaled $161 billion. The expansion of trade is expected to generate 5% higher growth for Canada and up to 1 % higher growth for the United States by the end of the century. The higher growth for the United States translates into an estimated 750,000 jobs, and $2.4 billion in exports. Canadian parliamentary approval of the agreement is still required before the treaty can take effect. The debate in Parliament is continuing, and the issue is not expected to be resolved until after the November 21 election.

Jan 1, 1988

By IPMI Educational and Scientific Foundation

It is with great pleasure that we announce the availability of this fourth issue of the IPMI Journal, a publication of the International Precious Metals Educational and Scientific Foundation. This digital peer reviewed publication has been created as a vehicle for the sharing of technical information related to the science and technology of precious metals. Since 1976, the International Precious Metals Institute has championed the exchange of information of critical importance to the precious metals scientific and commercial communities through its various communications vehicles. This has included instructional videos, annual conference symposia, special topic committee meetings, regional seminars, and professional and student achievement awards. Due to the breadth of important topics related to all aspects of precious metals, it has been the vision of the IPMI to provide a publication available to the general public that would become a key source of pertinent topics containing high quality publications by experts in their fields of study. Historically, the IPMI has attracted world renowned experts in many fields (including Nobel Laureates Henry Taube, Ei-ishi Negishi, Robert Grubs, Professor Ben Feringa, and David MacMillan) in the dissemination of discoveries, inventions, and industry proven practices. Such information has a total value greater than the sum of its parts as seemingly unrelated innovations from distinct focus areas can be adapted to solve problems. Because of this important characteristic of information exchange, we have decided to create a digital journal, available to the general public, that will not only communicate state of the art discoveries and sound practices, but will also review historical communications from the IPMI’s archives that have value and use even in today’s environment. On behalf of the members and leaders of the IPMI, we hope you will find value in this new publication.

Dec 1, 2021

By John C. Bowling

Many recent mine developments in North America are located in remote northern regions with extreme winter temperatures in the range of -20oF to -60°F. In addition, many locations are subject to very heavy snowfall. This paper discusses some of the key considerations in the planning and design of mine plant buildings, particularly concentrators, located in these regions. SUMMARY & CONCLUSIONS The subject is considered under three main headings: I. Building Out line and Structural Frame 2. Wall and Roof Materials 3. Foundations The plan outline of a mine plant building will naturally be governed by the scope and layout of the process equipment it contains. The selection of roof profile, on the other hand, will generally depend upon a number of factors extraneous to the process e.g. snow conditions. When these factors are considered for concentrators in cold locations, a flat or stepped roof will usually be more economical and suitable than a sloping roof. The materials normally used for the structural framework of concentrators are the same as used for other industrial buildings, namely steel, concrete and wood. Structural steel, however, is the most commonly used material for concentrators in

Jan 1, 1971

By S M. Stewart

Industry, especially extractive industry, must now give serious attention to the impact its operations have on the natural environment and on the economic, social, and cultural context within which it operates.   While this obligation is statutorily managed, there has been a recent shift towards a culture of self responsibility. Industry is now talking about earning its ôsocial licence to operateö and the importance of maintaining the ôtriple bottom lineö, thus adding environmental and social performance to the usual financial criteria used to measure organisational performance. The social context within which companies operate has also become more sensitive with industry responding to a growing public expectation that it conduct itself in a way that strives for sustainability by operating and developing in a way that meets the needs of the present without compromising the ability of future generations to meet their own needs.   There are glowing accounts of industries engaging and collaborating with the communities within which they are based. In amongst these are also some disasters which result from cultural assumptions, industry created dependencies and the failure to attain community buy-in despite significant investment by the industry involved.   There are also remarkable stories of communities, and action groups within communities, being a significant catalyst for positive change of their natural, cultural and social environment. In amongst these stories there are also accounts of long and drawn out battles; adversarial situations where no one wins; a litany of mistrust, tricks and tactics, with the better resourced party ultimately achieving its primary objectives at the cost of the other (and at the cost of any potential fruitful, mutual relationships).   So what makes the difference in achieving the positive rather than negative outcomes? The answer lies in the way the outcomes are achieved. Building relationships based on good communication, respect for divergent views, mutual understanding, and the development of trust and empathy, makes it possible to identify shared goals and objectives that best meet the needs of all parties.   Research indicates the mining industry is making good progress in developing policy and commitment to community development and engagement but that, ætranslating commitments into improved practices at the site level remains one of the industryÆs toughest challengesÆ. (Australian Government - Community Engagement and Development Handbook October 2006 @ page 49.)   This paper considers the merits of a process of community collaboration and what it has to offer in terms of meeting that challenge.

Jan 1, 2007

By T. Faulkner, S. A. Richards

"The Scale-Distance formula is one of the primary means of determining the maximum amount of explosives that can be safely detonated at one time by a single delay. This paper describes a method of applying the Scale-Distance formula to the entire mining area using gridded surfaces. Using this technique, the operator can better determine the economic impact of nearby structures on the mine plan. INTRODUCTION As the surface mining of coal and stone encroaches near populated areas, precautions must be taken to minimize blast vibration damage to protected structures. The common method employed to minimize vibration damage is not to reduce the total amount of explosive in the hole (which would negatively affect fragmentation), but rather to introduce delays to reduce the amount of explosive detonated at any point in time. The Scale-Distance formula, an industry-accepted standard, may be used to calculate the maximum weight of explosive that can be detonated at one time without damaging the structure. This information may then be used to determine the number of delays required for each hole. Detonators make up a large part of the cost of blasting. At roughly $15 per detonator an additional detonator in the hole can be significant. It is normal to set off hundreds of holes at in one shot. An additional detonator in each hole can cost additional thousands of dollars per shot. The number of detonators is also a function of the depth of the holes and the hole spacing. Being able to accurately forecast the economic impact of blasting near structures improves a company’s ability to make informed decisions on how to approach property owners. Operators basically have three options when dealing with property owners: 1. Buy the property and blast without restriction 2. Negotiate with property owner for a waiver to allow unrestricted blasting 3. Comply with the legal blasting restrictions This paper proposes a method for the engineer to forecast for all points in the proposed mining area the impact of nearby structures upon the blast design. Being able to create a contour map and ultimately estimate the number of delays required for the entire forecasted mining area, the engineer can create accurate economic forecasts of the cost of blasting. The objective is to reduce the level of uncertainty in the forecast of the blast component portion of the forecast."

Jan 1, 2016

By T. A. Laser

"INTRODUCTION A positive workplace environmental, health, and safety (EHS) culture affords organizations and corporations many benefits, including increased trust and employee morale, sustainable EHS performance improvements, and reliable productivity and profit margin growth. Unfortunately, many leaders and EHS professionals struggle daily to achieve and maintain positive workplace cultures and consistent business results. While lack of management support, corporate or employee buy-in, resources, and time are common factors that conflict with an EHS culture and safe work behaviors and processes, there are many other actions that threaten the positive attributes of an organization’s culture. Often these culture killers are not recognized, or worse yet, ignored because they are considered taboo. For example, voicing observations or questioning long-held management practices or process that were initially designed to promote EHS values, but no longer do so. Unfortunately, this could be viewed as challenging authority, not being a team player or even not valuing EHS. And for those that speak up, the potential for negative consequences can be real impediments to positive change. Having an open mind, constantly striving to identify culture killers, and putting forth the effort to eliminate them are the first steps to begin reaping the benefits of having a sound workplace culture. This paper helps readers to: • Recognize culture killers that negatively impact fostering and maintaining sustainable EHS cultures in the workplace. • Understand how to prevent, avoid, and respond to culture killers, before they wreak havoc in your organization. • Assess EHS culture strength, and implement plans to continuously improve it. The desire to draw boundaries around concepts, put things into boxes, and nail down requirements for something that is virtually impossible to solidify for any length of time is quite fascinating! These desires can pose challenges when trying to define what the perfect EHS culture should look like. The very act of trying to define our culture tends to create silos, and these silos, in turn, can become “culture killers”. The following is one of the most common culture killers. UNBALANCED ORGANIZATIONS TRIGGER CULTURE KILLERS Unbalanced organizations occur when an organization’s constantly shifting focus forces other important needs to take a back seat--until the focus changes again. This balancing act can be detrimental and lead to catastrophic results including low morale, lack of trust, employee dissatisfaction, high turnover, increased incidents, poor profit margins, loss of market share, and ultimately into organization-wide failure."

Jan 1, 2018

By M. J. Bunyard, I. Mullany

"The pressures on mine operators are varied and constantly increasing, declining ore grades, more remote locations and increasing environmental concerns. The challenge facing the mining industry is to find new ways to process ores which are more efficient and less costly and to control them better. This requires a fundamental rethink in the way in which projects are developed, it is no longer good enough to just copy what has been done before. The process starts with the surfacing of the primary underlying constraints for the project and the establishment of new design principles to address these. The generation of new design criteria and processing options follows the well-established path of brainstorm, focus, brainstorm, refocus and economic evaluation. The aim is process intensification, doing more with less, as early as possible and better use of plant data. The methodology requires a complete geometallurgical understanding of the orebody to facilitate the evaluation of viable processing options. Examples of early stage processing considered are blast optimization and ore sorting to reject waste and reduce processing costs. Mine to mill integration, which starts with the optimization of blasting for separation, offers another way to significantly reduce operating costs and increase efficiencies.VALUE MODEL The mining industry has, over the past decade, experienced an unprecedented cycle of increased commodity prices and investments in new mining and processing capacity followed by a market collapse and fall in prices and confidence. Whilst there are now some signs of a return to investment in new capacity, the metals and mining industry is still wrestling with eroding margins and investor demand that companies achieve the full value of their assets. Metals and mining companies must work on all available levers to deflate their costs back to more manageable levels and capture the full value for their products. Levers include optimizing external spending, re-thinking make vs buy trade-offs, debottlenecking, improving availability and operating time of key equipment, more accurate and agile planning processes, value-in-use optimization, and tighter performance management. Figure 1 is a diagrammatic representation of a company’s value model. The three goals of a successful mining enterprise are social acceptance, environmental acceptance and sound financial returns to shareholders. Some of the KPI’s used to measure the success or not of achieving these goals are shown in the translation layer."

Jan 1, 2017

"INTRODUCTION In recent years, there has been increasing focus on environmental and social impacts of the extractive industries, climate change and resource scarcity. The concept of the circular economy aims to replaces the “take-make-dispose” economic model with one that eliminates waste of all kinds and is restorative by design. Such closed-loop systems implicitly aim to reduce the quantity of primary extracted materials entering the economy, thereby affecting supply and demand dynamics, hence mining industry economics. For the metals industry, the ability to engage in, or adapt to the circular economy can be heavily affected by industry structure and geographical factors. Eco-efficiency initiatives that reduce waste and environmental impact may help the mining and metals industry align with some of the goals of the circular economy. This paper focuses on base metals, and explores case studies in copper, lead and zinc. It analyzes primary and secondary metal production, and recycling. It examines company structures and how these affect engagement with the circular economy. CIRCULAR ECONOMY PRINCIPLES Ellen MacArthur Foundation (2012) describes the circular economy as “an industrial system that is restorative or regenerative by intention and design”, which “replaces the ‘end-of-life’ concept with restoration”, and “aims for the elimination of waste through the superior design of materials, products, systems, and, within this, business models”. The concept is systems focused. For materials such as metals, a series of loops are considered, including maintenance of devices, reuse, refurbishment and recycling. Potential methodologies to achieve circular economy outcomes include disassembly and reassembly of manufactured goods, leasing rather than buying major appliances, and converting to renewable energy sources. The circular economy is partially aligned with the principles of eco-efficiency, which relate to reducing the environmental impact per unit of a material produced. PRIMARY AND SECONDARY METAL PRODUCTION Base metals (copper, lead, zinc and nickel) are essential ingredients in modern economies and are key commodities produced by the global mining industry. Metal production can be categorized as primary or secondary. Primary metal comes from the processing, smelting and refining of metal content extracted from ores, while secondary production comes from metals recovered from recycled streams (e.g. recycled lead-acid batteries, copper wire scrap, etc.). Metals are stored in natural, anthropogenic in-use and anthropogenic waste stocks. An example of the stocks, flows and processes associated with global copper extraction and use is shown in Figure 1."

Jan 1, 2018

By Thomas D. Kaufmann

Introduction Mining has always been sensitive to the fluctuating income of downstream customer industries. The industry is now becoming more vulnerable to booms and busts as economic pulsations increase and demand for mining products shows little or no long-term growth. As the general economy has become more cyclical in the last decade, the capital-intensive primary industries have become more aware that timing as well as preparation of survival plans are vital in investment decisions. Strangely, however, some of us have not yet included the business cycle in our feasibility studies. Cyclic prices and volumes and fluctuations in profits and cash flows do not fit our linear models. The increased cyclical nature of our economy is recent and poorly understood. Forecasting peaks and troughs is still more an art than a science. Nevertheless, avoiding business cycle parameters can lead to error in value estimation and contingency planning of new projects. Metal and Mineral Industries More than half the iron and steel, aluminum, copper, lead, zinc, manganese, tin, nickel, molybdenum, cobalt, and chrome that we mine, smelt, upgrade, and recycle goes to construction, transportation, capital goods, and consumer durable industries. All are cyclical. Their products are consumed slowly, so replacement can be postponed in recessions. Purchases of such goods are usually financed by debt, and their customers are sensitive to highly cyclical changes in interest rates. During prosperous periods, people tend to buy capital goods despite high interest rates. Upstream industries also tend to be whipsawed by inventory cycles. With high interest rates and good transportation, downstream fabricators can lighten their inventories during recessions. They know that upstream suppliers can deliver supplies and raw materials immediately, And, with the advent of electronic accounting, the fabricator with timely inventory information can afford to hold fewer contingency stocks. Likewise, when recovery returns, inventories surge back through industry pipelines, accelerating demands on primary supplies. The price elasticity of most primary products is low. Their share of the value of finished products of the industries they supply is generally small. The 60 kg (130 lb) of aluminum in a car is vital. But whether it costs $80 or $130 will not visibly influence the demand for an automobile. With low elasticities of demand, the primary producer is hit with decreases (or increases) in prices and in sales volume, during recessions as well as recoveries.

Jan 6, 1984

By Jerry B. Newby

The outstanding features in Pennsylvania and New York during the past year were the buying of acreage for water-flooding in other Pennsylyania fields than the Bradford and Allegany districts, the wide adoption and use of the five-spot plan of development and water-flooding in the Bradford and Allegany districts, the discovery of gas production in the Onondaga lime in southwestern New York and the opening of the T. W. Phillips Gas & Oil Co. Fifth Sand pool in Butler County, Pennsylvania. Water-flooding has occurred in many other fields than the Bradford, Pa., and Allegany, N. Y., fields. In some the flood was a natural encroachment of edge water, in others the water was introduced into the productive sand through wells either accidentally or intentionally. Most of these floods have not been commercially successful. There has been some interest aroused in the Clarendon field, Warren County, Pennsylvania, by a new and apparently successful flood and other floods have been begun. Five-spotting in the Bradford and Allegany fields is the plan of water-flood development under which the area to be drilled is laid off in a grid of equal-sized squares with water intakes located at each corner of the squares and oil wells located in the centers of the squares. So far there are two five-spot water floods that are, beyond doubt,, commercial successes. There were 600 acres under five-spot flooding at the end of 1928, as against 150 at the end of 1927. By the end of 1929 there will be a total of between 1200 and 1500 acres five-spotted unless a low market for Pennsylvania grade crude oil develops. An increase of 6000 bbl. in average daily production is expected to accompany this development in 1929. The Belmont-Quadrangle Drilling Corpn. found the Onondaga lime or a higher strata at 3995 ft. north of Bolivar, Cattaraugus Country, N. Y., and a number of miles from any other important gas production. When drilled to 4006 ft. the well yielded 3,500,000 cu. ft. of gas and when shut in 1700 Ib. rock pressure. The one oil pool opened in 1928 was in Buffalo township, Butler County, Pa., in October, when the T. W. Phillips Gas & Oil Co. completed a wildcat well in the Fifth sand at 700 bbl. a day, which by the end of

Jan 1, 1929

By D. W. Scott, D. G. Minnes

Introduction Ontario's diverse industrial mineral resource base includes structural minerals such as sand and gravel, crushed stone, building stone, clay, shale, limestone, and dolostone. These resources are used to produce aggregates, brick, metallurgical stone, fillers, cement, lime, and other construction materials. The majority of the operations are in deposits of Palezoic and Quaternary age in southern Ontario, close to the major markets. Province-wide, there were more than 140 Mt (154 million st) of aggregates produced in 1985. About 115 Mt (128 million st) of that was produced in southern Ontario with the rest being largely from Crown land in northern Ontario. Structural industrial minerals account for more than 80% of the value of total industrial mineral production. The remaining 20% is accounted for by the nonstructural minerals, such as salt, which is produced in the southwestern part of the province. A host of other nonstructural industrial minerals are known. Production, though, is currently restricted to calcite, gypsum, quartz, talc, nepheline syenite, and byproduct metallurgical sulfur products (Fig. 1). Major production is close to the large markets of urbanized southern Ontario and the northeastern and northcentral US. With an abundant variety of industrial mineral resources and the large population within 650 km (400 miles) of most deposits, the market offers great potential. Ontario's nine million people accounted for about 35% of Canada's entire $476.3 billion gross domestic product in 1985. This equates to about one-third of the nation's buying power being within a 200-km (125-mile) radius of Toronto. This major concentration of industrial and economic activity has resulted in a well-developed industrial minerals industry that fulfills most of the structural industrial minerals demand in Ontario. Nonstructural industrial minerals are similarly well placed to compete in this high demand area. Although Ontario manufacturers still import some of these materials, Ontario products are achieving significant market share. And, they serve the needs of neighboring provinces and states. Present production and trends Ontario has traditionally produced significant amounts of industrial minerals. This produc¬tion had a value of $956 million in 1984 (Table 1). Structural materials production in 1985 and 1986 approached or exceeded levels not seen since the early 1970s. Many new products have been developed using these raw materials. The industry is becoming concentrated in the hands of several large companies, mainly four large cement com-

Jan 12, 1987

By Elmer R. Kaiser

G. A. Vissac (Consulting Engineer, Vancouver, B. C.) —Some of the data presented in this paper, in connection with cost studies of washed coals, should be clarified and qualified. Washing a raw coal down to a low ash content may mean higher losses in refuse, but the cost of the operation may be more than compensated by the increased value of the resultant product. However, careful engineering and accurate machinery are required to insure maximum profits. Washing at a low gravity separation demands a very accurate automatic process, chiefly when the small sizes of coal are being handled. Coal consumers today are buying mostly on a Btu basis, cognizant of the fact that low ash contents result in lower installation costs and in savings in handling and transportation charges. The attached Table X gives the actual balance sheets of the various cleaning operations corresponding to various ash contents for the two coals presented in the paper, using the old technique of a two-products separation. or the new technique, now commonly used in Europe, of a three-way separation made possible by new methods and new equipment. Savings in capital costs, handling, and transportation have been calculated on the basis of a delivered cost f.O.b. plant of $10.00 per ton of coal at 16.5 pct ash (actual 1953 average price reported by Consolidated Edison, N. Y.), and of $3.50 at the mine also for 16.5 pct ash coal. In both cases this corresponds to values of 126 and 4.26 per 1 pct of combustible and per ton, respectively, on delivered and on at the mine prices. As an example, the middle western coal at 16.5 pct ash, raw, washed down to 4 pct ash in a two-way process will give 53.75 pct of clean coal at 4 pct ash and 46.25 pct of refuse at 31 pct ash. The value of the losses will be 0.4625x(100—31)x0.042 = $1.34. Add the cost of washing, capital, and operation, which is $0.35. The total cost will then be $1.69. But with a three-ways separation we will have 53.75 pct of first-grade coal at 4 pct ash, 37.25 pct second-

Jan 1, 1955