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The 1939 meeting will be held in Salt Lake City, the exact date to be announced later. If you have any suggestions for the place or program, send them to the Secretary at once.

Jan 1, 1938

By Kirtley F. Mather

FROM almost every point of view, petroleum was "strategic mineral number one" during the World War that ended in 1945. Even the spectacular advent of the atomic bomb in the final days of the conflict did not displace it from its position of prime importance, although within a few years uranium will almost certainly be the "number one" material in the minds of military strategists, if it is not even now in that position. But both as fuel and as raw material for chemical industries, petroleum will hold the center of the stage for many years to come. Hardly any other substance illustrates so fully the manner in which science and technology may be combined to achieve the utmost success in contributing to human efficiency and comfort. Fundamental to any understanding of the problems implied by my topic

Jan 1, 1948

By AIME

Generally speaking, the mining industry had a good year in 1948 with most mineral products being produced in record quantities for peacetime standards. The big boys-iron and steel, coal, and petroleum-indicated the industry-wide trend by surpassing 1947 production figures. Although exploration and expansion are being pushed aggressively in all branches of the industry, there is a pronounced trend to engineering and research directed at cutting production costs, improving the product, and finding new markets. These improvement campaigns are making headway; in the bituminous coal industry, 5.43 tons per man employed is the new production record; 83 million tons of iron ore were unloaded at lower Lake ports, breaking another peacetime record; magnesium, due to improvement in manufacturing techniques, now competes on the market with aluminum.

Jan 1, 1949

CLEAR sunny skies that prevailed all through the 175th General Meeting of AIME were not the 1east of the details that resulted from the many months and man-hours of p1anning by the Southern California Local Section. Some 2600 persons left the 1953 Annual Meeting technically enlightened, having had a choice of over 300 papers presented by 400 authors to listen to, learn from, and criticize. During the meeting, Mike Haider turned over the Presidency of AIME for 1953 to Andrew (Drew) Fletcher.

Jan 4, 1953

By Allan B. Bowman

Several years ago a wealthy Chinese business friend of mine purchased an interest in a pro- posed oil well to be drilled a great distance from his home. A few months later it came in as a producer and proved to be a huge success and materially added to his resources. I asked him why a man of his wealth should be so lucky in a venture outside his sphere of knowledge when most people of modest means never seemed to get ahead. His answer was, "Fat Hoy takes a chance." Even though this was his answer, I knew from my association with him that there were other tempering considerations which Mr. Hoy applied before making up his mind to enter any transaction. First, he was a cautious individual. He was also a great believer in details and insisted on knowing everything possible about a situation, and finally, he was what we call a very solid individual with good basic instincts and judgment. This philosophy of Mr. Hoy may be applied to most any business but especially to those engaged in a search for natural resources such as mining where great risks are involved. This article concerns events in the history and growth of Banner Mining Co., with which I have been associated for 27 years in capacities from mine surveyor to vice president. Mr. Hoy's philosophy has played a significant role in the exploration projects of this company over the years, but what is more important, the officers, directors, and controlling interests in Banner have been aggressive in their search for ore reserves.

Jan 6, 1963

MINING ENGINEERING presents the annual membership report of the Society of Mining Engineers; see page 109.

Jan 7, 1963

MINING ENGINEERING presents the annual membership report of the Society of Mining Engineers; see page 147.

Jan 7, 1964

By William M. Gleason

The war in Vietnam stretched into another decade, an American President was at the brink of impeachment, the earth was given its own day, twin tower monuments of American ingenuity were completed in New York and would stand high above the Manhattan skyline for 31 years. Inflation, oil shortages, low commodity prices and America’s 200th birthday were part of the decade — it was the 1970s. For the mining industry, the demands of the decade would be high and the challenges would be significant. Because of the many challenges that lined up in front of it, the mining industry was forced to work smarter and more efficiently. The industry also expanded its borders in search of new resources and struggled along with the rest of the world through a fuel crisis, inflation and a recession.

Jan 1, 2007

By Oscar M. Wicken

Industrial minerals - being the basic materials for much of the industrial activity in the world -suffer or gain in the market place with changes in that activity. The period 1970 and early 1971 has been one of little growth in many of the mineral-consuming industries, particularly those associated with building and construction. Consequently, the production of many commodities revealed little or no increase above 1969 levels. The pick-up of construction activity in the last half of 1971, however, is expected to be at an intensity which will result in an over-all good year; for example, cement shipments may, establish a record. Some industrial minerals products that bucked downward trends were those allied with the agricultural industry. Phosphate rock shipments increased, particularly from Florida which contributes over 400/c of the phosphate rock in the western world. Potash had higher sales and production for the third straight year, which means that inventories are being eased. The catch-all term of ecology is an oft-mentioned theme among industrial minerals suppliers. Specifically, the need for control of dust emissions is adding a heavy capital investment burden to many of the producers; such a burden, in fact, that plants have had to cease operations because the cost of dust collection equipment could not be born. As an order-of-magnitude estimate, dust collection equipment for cement plants can run $2-3 million for a single plant; some estimates are that the total cost of dust collection equipment in a new plant can be approximately 20% of total investment. All minerals processers have dust control expense of greater or lesser proportion.

Jan 1, 1972

By John K. Gustafson

The title of my talk is "The Gold Miner and the Future of Gold." This title might just as accurately have been stated as "Gold and the Future of the Gold Miner." Since prehistoric times gold has been sought by mankind for its beauty and its unusual physical and chemical properties. Early in the dawn of civilization it became the ultimate unit of value and lubricated trade between peoples. For at least 6000 years, gold has been used to barter for other commodities. It has been prospected for, treasured, made into works of art and personal adornment, and from time to time has been the object of conquest. Because of its predominant role in recent centuries as a basis for money, economists began to think of it solely in these terms. Annoyed by the disciplinary pressure of gold on the money manager's desire to manipulate money, the famous economist, John Maynard Keynes, characterized it as a "barbaric relic of the past", a characterization repeated by William McChesney Martin, Jr., when he was head of the Federal Reserve Bank. Gold, however, has physical and chemical properties that make it one of the most useful metals in the modern world.' It is the most ductile metal known. An ounce of gold, for example, can be drawn into a continuous wire over 35 miles long. It also is so malleable that an ounce of gold can be beaten into films ten one-millionths of an inch thick sufficient to cover 68 sq ft of surface. It has a density of 19.3 and is so heavy that 1 cu ft of gold weighs more than half a ton. Gold is nonmagnetic and has a high electric conductivity, only slightly less than silver and copper. Gold is so inert to all the chemicals found in nature that gold coins and jewelry buried beneath the soil or at the bottom of the sea for thousands of years appear to be as bright and perfect as when they were first immersed. Finally, gold has an extremely high reflectivity both to light and infrared rays. Because of these qualities, in addition to its rare beauty, industrial and artistic uses of gold have been growing rapidly. On a world basis, a recent study estimated that in 1960 about 750 tons of gold were used for fabrication, and that the amount had grown to about 1296 tons in 1968. My objective in this talk is to discuss with you the present and future supply of and demand for gold on a worldwide basis and the effect these forces are likely to have on the price the miner can expect to receive for the gold he produces. This is a highly controversial and risky subject to discuss before any audience. Nevertheless, it is a subject that I live with constantly as Chairman of the

Jan 1, 1972

Although the mining industry faced ever-increasing risks and uncertainties in 1974, it nevertheless pushed ahead with considerable rapidity in exploring and developing new orebodies-while expanding and improving the technologies of mining and exploration. Prepared by the SME Mining and Exploration Division, this section of the annual review covers the pertinent worldwide developments in the fields of geochemistry, geology, geological engineering, open pit mining, underground mining, rock mechanics, operations research, and solution mining.

Jan 2, 1975

By John F. Frawley

This article in all probability will raise some serious doubts as to whether the coal industry-without a national, long-range commitment to coal-can, or should, attempt to meet the capital demands necessary to double coal production in the next 10 years. AMAX Coal, incidentally, doubled its annual coal productive capacity in the past five years from 11 million tons in 1969 to 22 million tons in 1974. Our 1973 annual report stated that we were aiming to triple our 1973 capacity to 50 million tpy by 1978.

Jan 5, 1975

By Alphonse C. Van Besien, Arcy A., L. T. Larson, D&apos Shock, J. W. Peters, Ted H. Eyde, Dermot Ross-Brown, David L. Campbell, W. W. Dudley, John P. Bunch

Over the last several years, unfavorable economic and political pressures on open-pit mining have placed the industry in a generally defensive position. As a consequence, there have been changes in the traditional organizational and production methods to increase operating efficiency. For example, staff groups that were once used almost exclusively for production support are now being organized as mining/environmental specialists. These specialized groups are responsible for obtaining mining permits and insuring compliance with existing permit requirements. Permit issurance and renewal continues to grow as a major budget item in open-pit operations.

Jan 2, 1977

By R. D. Brown

"Finance Minister Donald Macdonald's budget of May 25, 1976 featured a restructuring of the anti-inflation profit controls and a grab bag of tax changes, some of direct interest to the mining industry. All Canadian taxpayers now will be permitted to write off immediately 100% of mineral and oil and gas exploration expenses included after• May 25, 1976 and before July 1 1979. The cost of acquitting Canadian resource property after May 6, 197.4 from a federal or provincial government will now clearly be included in Canadian development expense, and provincial drilling and exploration incentives received after May 25, 1976 will not reduce exploration and development expense for federal income tax purposes. Under tough new anti-inflation profit controls, all controlled businesses, except distributions, will essentially have one uniform set of rules for• determining allowable profit margins; this allowable margin will be determined by product line or by over-all net margin and will be 85% of the higher of the margin obtained in the five years preceding October• 13, 1975 or the one year preceding May 1, 1976. The basic capital cost allowance system is to continue, but many rates will be revised. The ability to offset losses created through claiming capital cost allowances on leased equipment, etc. against other income will be ended with respect to transactions entered into a/te1• budget night. Miscellaneous other tax changes will raise the low rate base for Canadian-controlled private corporations to $750,000 increase retitement plan contribution limits and reduce the rate of branch tax imposed on branches of corporations resident in a country with which Canada has a comprehensive tax treaty to equal the withholding tax rate on dividends under that treaty."

Jan 1, 1976

Jan 7, 1976

By R. D. Brown

In his March 31, 1977 budget, Finance Minister Macdonald has attempted the delicate balancing act of stimulating the economy without reinforcing the inflationary pressures which Canada is continuing to experience. Several tax changes of benefit to the mining industry, as well as measures designed to encourage oil exploration in frontier areas, are among the budget proposals. Additional earned depletion of 66- 2 /3 %, which may be offset against income from any source, will be available on drilling costs in excess of $5 million incurred between March 31, 1977 and April 1, 1980 in connection with an exploratory well in Canada, including the continental shelf . Other changes include more favourable treatment of resource property dispositions, less restrictive rules r elating to "successor corporations" , increased capital-cost allowance on railway spur lines, the inclusion of certain production royalties in Canadian development expenses and the application of the lower "manufacturing and processing" tax rate to sulphur production. To encourage business capital spending, the 5% federal investment tax credit it to be extended an additional three years to mid 1980 and broadened to include spending on scientific research and development. The rate of credit will also be selectively increased on a regional basis, to 7.5 % in certain designated areas in Saskatchewan, Manitoba. Northern. Ontario and Quebec, and to 10% in the Atlantic provinces and the Gaspe.

Jan 1, 1977

By R. D. Brown

In the spring of 1977, Revenue Canada announced its intention to proceed in 1978 with a plan to impute a taxable benefit on interest-free and low-interest loans provided to employees. Such loan arrangements are often an important aspect of the compensation packages provided by many companies to their employees. Since the original announcement, there have been many submissions to Revenue Canada opposing this change, and the Finance Minister has now brought down a compromise solution with the introduction of a proposed amendment to the Income Tax Act. The amendment, which would not take effect until the 1979 taxation year, would require an employee, a shareholder or a related person to include a benefit in income measured as the difference between the interest on any such loan computed at bank prime rate and any interest actually paid. Only the amount of such a benefit in excess of $500 in a particular year would be required to be included in income. Of particular interest is the exclusion from these benefit rules of loans up to $50,000 in respect of the purchase of a house on the relocation of an employee and loans provided for the purchase of shares of an employer corporation.

Jan 1, 1978

By R. D. Browns

In his Budget Speech on March 31, 1 977, the Honourable Donald S. Macdonald expressed concern about the financing of investments through new equity issues. He mentioned the need to render more attractive participation in the equity market by investors in all in come brackets. One of the measures introduced in the budget to accomplish this goal is the proposal to increase the dividend gross-up and tax credit in respect of most dividends received by an individual from Canadian companies. The following comments and tables serve to illustrate the impact of this particular proposal.

Jan 1, 1977

For the sixth year in a row, the value of nonfuel mineral raw materials produced in the United States set a new record, reaching almost $17 billion in 1977. Data provided by the Bureau of Mines show that the 1977 value of domestic nonfuel mineral production exceeded the 1976 value, $16.7 billion, by 2 percent. The $17 billion worth of minerals was the basis for approximately $770 bill ion worth of processed materials of mineral origin. Output of metals decreased $360 mil lion in 1977, while that of nonmetals increased $670 million. Of the 22 metals produced, output of 12 increased, and the value of 13 increased. Among the 46 nonmetallic minerals produced, the quantity of 27 increased, and the value of 34 increased.

Jan 1, 1978

For the US coal industry, 1978 was a nightmarish recurrence of 1977 as the United Mine Workers strike cut into production during the first three months of 1978, followed by the strike against the Norfolk and Western Railway during the summer and early autumn. Coking coal production was floored by the one-two punch of environmental constraints on US coke ovens and competition from low-cost, high-quality imports. At the same time, US ex orts of coal fell to their lowest level since 1962. And in the face of all of this, steam coal consumption was sluggish as utilities burned huge amounts of oil to conserve coal stockpiles during the UMW strike. This was followed by decreased electrical demands due to mild summer weather in many parts of the country and dramatically improved availability of hydroelectric power.

Jan 5, 1979