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By Michael Rieber

Mineral economics interfaces the mineral sciences and engineering with finance and economics in the analysis of appropriate questions facing the minerals and energy industries. Its practitioners include those trained in the earth sciences; mining, petroleum, and geological engineering; metallurgy and mineral preparation; as well as finance, information systems, economics, and statistics-most usefully in one or more combinations. Allowing for some overlap, three general areas may be identified: evaluation, economic analysis, and resource appraisal. Evaluation begins with mine investment analysis (exemplified by Gentry and O'Neil, 1984) and process costing, for which the STRAMM Handbook (Anon., 1977) provides a well-known basis for mining and beneficiation. But it extends from property appraisal, often used for the determination of taxes and royalties, through the determination and comparison of transport costs (e.g., Richer and Soo, 1977), and to benefit/cost analyses of externalities. Economic analysis, the subject of this section, is displayed in rigor and extent both theoretically and as applied to commodity classes in Vogely (1985), but it is implicit though apparent throughout Lefond (1983). The text edited by Vogely places minerals in their aggregative context with economic growth and trade, proceeds to the theoretical analysis of minerals and their markets, analyzes the structure and performance of the major mineral sectors, and concludes with policy issues: fuel, nonfuel, and environmental. Resource appraisal employs quantitative methods for the estimation of mineral and energy resources. It moves through geologic, geophysical, and geochemical properties to the identification of estimation procedures for mineral endowment and for the economic measure of stocks and flows of specific minerals (Harris, 1984). It can be used to estimate the probable amount of a specific resource remaining in a given region and has been used to project sites in a specific

Jan 1, 2008

By Georgene Renner, Chee Theng, William Gleason

"In February 2018, drawn in part by the states’ proud mining heritage, SME took its Annual Conference & Expo to Minneapolis, MN for the first time. More than 5,000 people and 554 exhibitors converged on the Minneapolis Convention Center for three days of networking, exhibiting and technical sessions.The state’s mining legacy, one that continues today, is fueled in large part by its vast iron ore resources in the northern part of the state. The historical significance of the mines in the Mesabi Range, otherwise known as the Iron Range north of Lake Superior, cannot be understated. “Mining is a way of life here,” said U.S. Congressman Rick Nolan of Minnesota’s 8th Congressional District. A native of the Iron Range, the three-term U.S. congressman was one of the featured speakers of the opening keynote session. “We like to think we contribute enormously to the well-being of this country and the world. We were the source of the iron ore and steel that helped win two world wars. And we like to think that we are part of the progress that has taken place in the United States ever since.” Nolan kicked off the keynote sessionthat focused on innovation and its part in the mining industry. The session included Rene Aquilar, vice president of corporate affairs and sustainability, Antofagasta Minerals Group; Bob Anderson, vice president for research and development, 3M; Rolf Weberg, executive director, Natural Resources Research Institute, University of Minnesota-Duluth and Christopher Beck, executive vice president and president, Nalco Water. The panel session looked at U.S. and global minerals production, and the importance of the United States to maintain a major role in the minerals industry, both as a producer and as a technology leader. The panel also touched on the global mining industry and the issues that impact mining around the world. Sustainability, the use of water in mining and earning a social license to operate were among the topics discussed by the panel.Speaking of the importance of mining, Nolan conceded that talking about the benefits of mining to the crowded auditorium at the SME conference might be akin to a preacher speaking to the choir, but, following the adage that all politics are local, he continued to illustrate his point by emphasizing the importance of mining to the Great Lakes.“A study by Homeland Security concluded that 13 percent of the nation’s GDP comes out of Lake Superior through the locks at Sault Ste. Marie and most of that is iron ore,” said Nolan. “That study found that, if those locks fail, it would create a national depression. It would put millions of people out of work. That ore and those minerals supply the steel mills, the auto industry, the heavy industrials. They are the heart of our economy. The study concluded that if the states that make up the Great Lakes were a nation, it would be the fourth largest economy in the world.”"

Jan 5, 2018

By B. A. Filas, H. N. Lammers

Responsible environmental, social, and governance (ESG) practices are not new to mining. It is the ESG acronym that has become the “flavor-of-the-day” with the stock markets, accounting firms, and investment strategists. This increased interest from the financial sector has heightened executive awareness and accountability to where corporate leadership and directors are proactively prioritizing ESG issues from the top down within their companies. This paper aims to convey what the authors believe one needs to know to be able to conduct and prepare effective ESG audits and reports. The emphasis is on how ESG fits within the mining sector, some of the ways that many mining companies have been practicing ESG responsibility for decades, the importance of effective communications with stakeholders, and the roles that regulatory and international lending institutions play in enhancing ESG practice on a global scale as a precursor to the discussion on ESG auditing and reporting. Without this background, the ESG audit may become a purely academic exercise.

Feb 1, 2023

By Willard C. Lacy

A mining operation begins with prospecting and exploration-stages with long periods of investment and high risk of failure. However, success in exploration ultimately determines survival of the mining industry. Prospecting and exploration may discover evidence of a mineral occurrence and outline its size and character, but ore deposits that support mining are "made" through the collective efforts of project geologists, geophysicists, geochemists, metallurgists, engineers, chemists, lawyers, and even politicians (Joralemon, 1975). Some deposits may go through multiple cycles of rejection and recommendation, discovery and development, decline and abandonment, rediscovery and development, etc., as economic, technological, or political conditions change or geologic understanding is improved. Peters (1987, p. 233) graphically illustrates the normal life cycle of a mine and the position of exploration in the cycle (Fig. 4.0.1). During the past fifty years, mineral exploration has evolved from comparing evidence of mineralization of prospects with that of known deposits to a more quantitative science employing many facets of geochemistry, geophysics, multispectral sensing from space, computer data storage, analysis, modeling, and most importantly, a better understanding of ore genesis. This modem approach to exploration began in the late 1940s and continues to develop. Exploration efforts peaked in the 1960s with emphasis upon the search for porphyry copper deposits, Mississippi Valley lead-zinc deposits, and volcanogenic massive sulfide copper-lead-zinc deposits. It peaked again in the middle and late 1980s with emphasis upon micron-size disseminated gold and epithermal and stratiform precious metal deposits.

Jan 1, 2008

Contributions made by mining have played a much more significant role in the development of civilization than is generally conceded by historians or recognized by ordinary citizens. In modern society, mined products pervade all industry and the lives of all civilized people. Early man relied largely on stone and ceramics, and eventually metals, to fashion tools and weapons. Civilization was advanced by discoveries such as abundant supplies of high-quality flint in northern France and southern England and firesetting to break rock. Middle Eastern cultures flourished not only because of agriculture and trade, but also because of mineral-rich deposits nearby. The earliest miners date back perhaps to 300,000 BC; their quest was for nonmetallic minerals (chert, flint, obsidian) suitable for utensils and eventually for weapons. Other rocks and minerals (ceramics, clay, salt, meteoric iron) attracted the miners for jewelry, cosmetics, construction materials, food seasoning, and coinage. At first, their excavations were confined to the surface, either pits or placers. But by about 40,000 BC, mine workings had been extended underground as short adits or shafts, and by 8000 BC as elaborate interconnected openings 300 ft (90 m) in depth. Metallurgical separation of metals from their ores and their subsequent fabrication evolved gradually over the centuries, copper being the first liberated (c. 7000 BC) followed by lead, silver, gold, and iron. Man enhanced both the sophistication of his

Jan 1, 2008

By Andrew McGrath, Geraldine Lyons, Sarah Barcelona

In the dynamic and challenging modern industry landscape, understanding and unleashing the true role and contribution of technical teams is crucial to business success. The cyclical nature of industries has led to shifts in the technical professional’s place within the organization and the technical skills that are desired most. This paper reframes the pivotal role that technical professionals play within complex operating assets to maximize value and realize full potential. This investigation focuses on the Rio Tinto Kennecott Technical group’s cultural journey, which is underpinned by an investment in its people. The conflict between legacy industry beliefs and the necessity for cultural change emerges. This is illustrated by a deep dive into the evolving case study of Kennecott’s Bingham Canyon Open Pit Mine Technical team. Here, a multi-faceted approach to cultural change is helping to unlock the team’s contribution to the life extension of an aging asset. Guided by a vision and strategic roadmap, this approach is part way through a 5-year implementation period and is yielding encouraging business outcomes.

Feb 1, 2024

By Richard J. Stoehr

Man has mined in all his time on earth about 3 billion ounces of gold. About one-half of this has been mined in the past 35 years. This gold is roughly in 3 large holdings: one-third held as reserves in Central Banks; one-third held as personal reserves; and one-third is in jewelry or other fabricated products. The world per capita availability of mined gold is increasing and there are many factors and forces shaping gold's future. Currently, gold has a favorable exchange ratio and this is encouraging many new gold-mining developments. Production is increasing and new techniques are surfacing. The use of gold in the financial markets is increasing in some unique ways and gold is again fulfilling its role as a universal money, making gold's future predictable. Currently, man is mining gold at the rate of approximately 44 million ounces annually and is therefore adding to the total supply of gold approximately 1.5% of newly mined gold each year. This current production plays a small role in the pricing mechanisms since a very large part of the 3 billion ounces mined in all of history is available to the market in one form or another.

Jan 1, 1984

By S. Schade, G. Möllemann, C. Niestroj

"Mining environments, whether open-pit or underground, pose difficult conditions for any sensor system. However, the ever-increasing need for automation requires the application and use of sensor systems in order to gather relevant information required for process automation. Ultra-Wideband radio (UWB) is a robust technology well-suited for underground applications. These applications include positioning and communication. This paper introduces UWB and presents results from measurement campaigns in harsh environments. Using filtering and sensor fusion precise and robust positioning can be achieved even in confinements of underground mining environments. INTRODUCTION Indoor positioning systems (IPS) are gaining ever more importance. Especially in light of ongoing efforts to reach the goals of what was coined as Industry 4.0 by the German government, the development of IPS is inevitable. According to a recent report about the “Global Indoor Location Market Outlook 2019” a growth from $ 597 million in 2014 to $ 3961.8 million by 2019 is expected [1]. Hence, there is also an economic incentive to pursue this topic. The mining industry is profiting from this development as well, since IPS are the basis for the automation of especially mobile mining equipment. Ideally, indoor positioning systems offer to position the equipment continuously and, what’s more, even in real-time [2]. Different approaches are available for IPS. The difference of these systems lie in terms of accuracy, cost, precision, technology, scalability, robustness and security. [3] At the Institute of Advanced Mining Technologies (AMT) of RWTH Aachen University, research suggests that one of the more auspicious approaches for IPS in the mining sector is the employment of ultra-wideband (UWB) radio technology. Because of this, there has been ongoing research into the best way to introduce UWB technology for the application in underground environments. The research started with an indoor positioning application, which only consisted of the UWB system. In the course of this, different algorithms were developed to enhance the system’s performance for the use in the mining industry. This led to the idea of sensor fusion in which the information of the UWB system are combined with infrastructure-independent technologies like inertial navigation systems (INS) and image-based technologies."

Jan 1, 2017

By George H. Willis

In the second half of the nineteenth century, bimetallism progressively replaced by gold standard. After World War I and 1931-33 depression, gold mainly reserved for official international transactions and internal use restricted. Changes since 1971 have shrunk official international use of gold. International payments deficits and surpluses now financed by private and official credit, rarely by gold. Historical review covers evolution of: (1) internal and external private use, (2) internal official use, (3) external official use, (4) role in IMF and (5) use as unit of account.

Jan 1, 1978

By Meyer Klein

Decision theory is the formal theory of the logic of decisions in view of the decision maker's objectives, preferences, I beliefs, and available information, It usually deals with weighty economic problems involving irrevocable (or costly to reverse) decisions. Capital investment planning problems constitute an instance par excellence for application of the decision theory concepts. Decision theory as it is presently conceived has evolved in recent years. At first it concentrated on decisions in the face of total lack of information and on games with intelligent adversaries. The results of these efforts proved theoretically interesting, but practically of little applicability. In the last few years, stress has shifted to the introduction of subjective probabilities and preferences, and the results have been eminently successful in applications both in government and with- in business firms in the resolution of complex problems.

Jan 1, 1970

By Staff

Minerals contribute to U.S. gross domestic product (GDP) at several levels - from mining and processing to the manufacturing of finished products. In 2010, the estimated real GDP of the United States increased by 2.8 percent compared with 2009 and the estimated nominal GDP was about $14.6 trillion (Table 1).Trends in various sectors of the domestic economy are often rejected in mineral production and consumption rates. For instance, continued declines in the construction industry during 2010 were rejected in further reductions in the production and consumption of cement, construction sand and gravel, crushed stone and gypsum, which are used almost exclusively in construction. Performances in other sectors were mixed and less easily characterized. Recovery from the economic decline of 2008-2009 became apparent in 2010, as prices for many mineral commodities continued to rise with increasing demand for those materials or the products in which they are found.

Jan 1, 2011

By Eugene Guccione

The US mining industry today is fighting for its existence. We are plagued by the shortage of materials, of equipment, of fuels, of capital, of manpower. If we solve those shortages, we are then frustrated in our attempts to open a new mine or, perish the thought, a new smelter. If we manage to make a profit, demagogues will accuse us of stealing from consumers; and, if we do not make a profit and have to shut down, the same demagogues will accuse us of creating unemployment. Meanwhile, in every aspect of our business - from research, exploration and development, to production, marketing and selling - we are hindered in every way by the bipartisan mismanagement and crippling controls of a government bureaucracy gone amok. We are fighting a war on every front. Some of you realize that ours is a war of ideas. In order to win, our industry must make its ideas heard. But to be heard, we must have something to say - which means: we must know our case logically and consistently, all the way down to essential principles. A principle is a primary truth applicable to a great number of instances. A principle is like a road map: it shows you all the possible alternatives for getting from where you are to where you want to go. Although practically everybody recognizes the usefulness of a map and the need to consult it to find the best way' to get from one city to another, most people are not as careful in charting the course of their life, or the course of their industry, or the course of their nation. And so they act blindly, at random, by the whim of the moment, and get nowhere fast.

Jan 1, 1975

By COLIN A. LAWRENCE, Anthony Del Vescovo

All Rights Reserved. Printed in the United States of America. Information contained in this work has been obtained by SME, Inc. from sources believed to be reliable. However, neither SME nor its authors guarantee the accuracy or completeness of any information published herein, and neither SME nor its authors shall be responsible for any errors, omissions, or damages arising out of use of this information. This work is published with the understanding that SME and its authors are supplying information but are not attempting to render engineering or other professional services. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Any statement or views presented here are those of individual authors and are not necessarily those of the SME. The mention of trade names for commercial products does not imply the approval or endorsement of SME.

Dec 1, 2017

By Gregg Davidson, Lonnie Jacobs, Brett Zernich, Alan Howard, Robert Pintabona

All Rights Reserved. Printed in the United States of America. Information contained in this work has been obtained by SME, Inc. from sources believed to be reliable. However, neither SME nor its authors guarantee the accuracy or completeness of any information published herein, and neither SME nor its authors shall be responsible for any errors, omissions, or damages arising out of use of this information. This work is published with the understanding that SME and its authors are supplying information but are not attempting to render engineering or other professional services. If such services are required, the assistance of an appropriate professional should be sought. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Any statement or views presented here are those of the authors and are not necessarily those of SME. The mention of trade names for commercial products does not imply the approval or endorsement of SME.

Dec 1, 2014

By Alan K. Burton

Massive increases in the productive capability of open pit nines after World. War II were in a large part made possible by the introduction of ever larger trucks and the supply of a seemingly bottomless ocean of inexpensive and readily accessible oil. Over a period of about 25 years, a variety of technological developments permitted a tenfold truck payload increase, from about 32 tonnes (35 tons) to 320 tonnes (350 tons). There is no, doubt that this was a remarkable achievement resulting in impressive benefits of scale as well as the ability to control what would otherwise have become an intolerable traffic congestion problem in today's large open pit mines. It became fashionable and economically possible during this time to mine large quantities of low grade material and to tolerate very high stripping ratios. As tine has gone by and as easier to get at and higher grade deposits have been depleted, ore grades have tended to decline while stripping ratios have increased. The alternative to reduced revenues has been an ever increasing demand to step up production which in turn has led to a continuing demand for ever larger and larger trucks. While a larger truck has had the effect of reducing the cost of the operator per unit of material moved and of reducing traffic congestion, it has not specifically addressed the subject of fuel cost.

Jan 1, 1981

By Scott G. Britton

Mine exploitation is a broad subject whose focus is the technical skills or efforts needed for the extraction of mineral from a known ore body. Mine exploitation can be considered the very core of the mining engineering discipline. It begins at the conclusion of the exploration and development stages of mining and ends when the ore body is exhausted and the mine (or mines)closes and is reclaimed. Section 8 on mine exploitation is comprised of seven chapters: (1) classification of mining methods, (2) mine surveying and mapping, 3) systems engineering, (4) computer methods, (5) labor relations and training, (6) management and administration, and (7) mine closure, sealing, and abandonment. Each chapter focuses its efforts towards providing detailed and useful information for the engineer on basic mine exploitation principles. The information can be applied to a broad range of mining problems without regard to mineral type or mining method.

Jan 1, 2008

By William A. Hustrulid

The subject of surface mine development is large. This section covers the fundamental concepts involved in both the open pit mining of thick or steeply dipping deposits as well as the strip mining of thin, shallow, and relatively flat-lying seams or beds. Design involves the marrying of geometries, ore and waste characteristics, equipment, and economics so that the desired result is achieved. Generally, there are many possible combinations from which to choose. For example, extraction over a short time period requires one strategy while quite another is applied for longer times. Variations in supply and demand require some flexibility of operation. Customer requirements impose certain constraints regarding the set of possible designs. Over recent years, planning and operating considerations for surface mining imposed by environmental requirements have increased markedly. There have, at the same time, been enormous advances made in the design aids available to the mine planner. Computer simulation of the various options, whether it be for mine design or equipment selection, provides detailed information for decision making in real time. A significant challenge to the engineer/planner is how to best use the aids avail-able. Because of the widespread use of commercially available and in-house computer software by industry, this section does not deal with the details of planning (for basic coverage of mine development, see Section 7). Rather, some of the basic concepts are stressed. The principles involved in equipment sizing and selection are discussed. A highly important but sometimes over-looked aspect of planning, haul road design, is also covered. For surface mining operations of the future, in-pit crushing and conveying will become even more important. Some of the considerations for application evaluation are included. The section concludes with some future concepts for surface mining.

Jan 1, 2008

By H. Ehnes

"“Industry 4.0” – “Mining 4.0” - perhaps you have already heard of these terms? These keywords signify the next stage of industrial production. The internet and production technologies are growing closer together. Machines can communicate with one another, wherever they may happen to be located. The “Internet of Things” is the appropriate term. But what does SAFETY 7.0 mean? It is both brand new and traditional at the same time. It also has to do with the success of companies, with efficient production. And yet there is a great deal more at stake. It has to do with our lives and our safety – the supreme commodity in this world. What exactly SAFETY 7.0 means, what the number 0 stands for and the meaning of the number 7, and what this all has to do with mining will be explained in the following article. Mining is a fascinating undertaking. Mining is indispensable for a country’s economic development, whatever that may concern: infrastructure, energy supplies or raw materials for industrial production. Mining has brought forth many technological developments and innovations that can currently be found in our daily lives. Mining is impressive, grandiose and repeatedly fascinates mankind with its immense dimensions. Miners throughout the world still work hard and, for this reason, are bound to one another in a special way. In mining, every man looks out for the other; you have to be able to rely on each other. That creates a strong bond. The other side of the coin is that mining and disasters belong to normality in the media and thus also in our perception. Accidents at work and even catastrophes occur in mining, quarries, or raw material operations almost on a daily basis somewhere in the world. They are often associated with extremely serious injuries, or even a fatal outcome, for the miners affected and, in turn, dramatic consequences for the families of those involved. It could be in China, India, Russia, or somewhere in Africa, Asia or America – it mostly does not happen in front of our door or in our neighbour- hood. Perhaps because of this in the daily concert of negative headlines, we do not register these catastrophes any more in our minds. We write them off under the heading “Nothing special”, since there are, day in day out, more terrible news items about wars, civil wars, famines, or ecological disasters. Things only really change if there is a dramatic number of deaths or when we are personally affected, close by in the vicinity, or can witness the rescue action live. In Europe, these three mining disasters in particular have recently generated media resonance:"

Jan 1, 2016

By Donald W. Breck

Zeolites were first recognized as a new group of minerals by Cronstedt with the discovery of stilbite in 1756. The word zeolite was coined from the two Greek words meaning "to boil" and "a stone" because of the loss of water when heated in the mineralogist's blow pipe. (1) In 1845 it was discovered that certain soils have the power of retaining ammonium Salts. (2) These were the first ion exchange experiments. Later it was discovered that it was the hydrated silicates in the soil that produced this phenomenon and several years later a paper was published dealing with the action of dilute salt solutions on silicates which showed that this base exchange principal, which we now call cation exchange, is reversible. The quantitative cation exchange behavior of zeolite minerals, such as chabazite, was studied. As a result any aluminosilicate which exhibited the property of ion exchange was referred to as a "zeolite;" even today the term has been applied to clay minerals as well as synthetic organic ion exchange resins.

Jan 1, 1973

By D. Robert Weir, M. J. H. Ruscoe, R. M. Berezowsky, M. A. Clegg

The metallurgical processing involved in the produc-tion of the new Canadian one dollar coin is reviewed starting with the hydrometallurgical production of pure nickel powder, followed by the powder metallurgy process for the production of nickel strip and coinage blanks, and concluding with the Aureate bronze electroplating and heat treatment procedure. Coinage requirements are then reviewed with regard to economic, public acceptance, and service requirements. Finally the properties of Aureate nickel coinage are presented in the light of the many and varied coinage requirements, and it is concluded that the new Canadian dollar coin exceeds the requirements admirably.

Jan 1, 1990