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By Natalia Konstantinova, Georgy Novikov, Pavel Rekant, Goergy Cherkashov, Olga Bogdanova

The economic interest of oceanic ferromanganese crusts and nodules is determined by high grades of major, rare and earth rare elements in these types of marine minerals [1]. Modern oceanic ferromanganese deposits have a global distribution with the largest fields in the Pacific Ocean. The Arctic Ocean still remains a poorly explored region. The first ferromanganese deposits from the deep part of the Arctic Ocean were recovered almost at the same time in 2012 both in US and Russian cruises to the Chukchi Borderland (1) and Mendeleev Ridge (2). Preliminary results of mineral deposits from the first area were reported at UMI-2012 by James Hein et al. [2]. We present here the data of ferromanganese deposits from the Mendeleev Ridge.

Sep 1, 2014

By J. Walden, J. Rhoades, R. E. Miller, R. Gibbs, P. Boman

Accelerometers and pressure transducers, mounted in suspension components, can be used to monitor the ride of haulage trucks. Presently, it is difficult to tell what caused a jolt to the truck using either pressure or acceleration data alone. When information from a global positioning system (GPS) is recorded at the same time as shock pressures or acceleration data, the exact location of an event can be determined. Mine management can then determine what caused the jolt to the truck. This research is part of a National Institute for Occupational Safety and Health (NIOSH) project called "Engineering controls for reduction of jolting/jarring injuries in surface mines." NIOSH is investigating how the work environment of haulage truck drivers can be improved. The US Mine Safety and Health Administration (MSHA) notes that, between 1986 and 1995, 60% of the back injuries were to haulage truck drivers in metal/nonmetal surface mining. Personnel from Phelps Dodge suggested that combining acceleration data with information obtained from a GPS could generate results with a variety of uses. Therefore, researchers at the Spokane Research Laboratory (SRL) began investigating how to tie acceleration and GPS data together. It was originally thought that this tool would be used primarily for road and truck maintenance. However, as research progressed, it became apparent that it would also be useful in providing feedback about equipment operations and identifying unusual causes of jolting. Experimental approach Available components that function well by themselves were linked for the purpose of proof of concept. Using a Modular Mining Systems (MMS) product called Vital Signs, SRL researchers took an Aero-Marine Products (AMP) acceleration recorder and hardwired it to MMS Dispatch equipment already installed on a truck. AMP is one of several manufacturers of acceleration recorders frequently used to monitor freight during shipping. MMS Dispatch is used for production accounting and truck dispatching and uses GPS tracking. Through Vital Signs, an analog or digital alarm signal can be recorded. Steve Rhoades, of MMS, wrote unique code that links the Vitals Signs data and GPS location and stores this data in an ASCII log file. SRL researchers installed the equipment in a Caterpillar 793 haul truck. The result was a working prototype. Figures 1 and 2 show the instrument installation in the truck. Discussion From 8:30 pm on Sept. 14, 1998 until 6:50 am on Sept. 15 1998, 899 jolts above a threshold of 2 g (1 g is the acceleration of gravity. It is either 9.81 m/s2 or 32.17 ft/ s2.) were measured on the test truck. Some sections of the haulage road produced most of the events, while

By D Brown, K Markovic

The world is becoming an increasingly complex environment to operate within. Adoption and evolution of technology is occurring at a rapid pace and operating spaces are growing in interconnectedness and interdependency. In mining this is evidenced by the large-scale adoption of autonomous machinery, intelligent systems, Internet of Things (IoT) devices, and robotics to realise benefits in optimisation, productivity, and safety. To enable continual delivery and growth in operational performance, and to realise the aforementioned benefits, a new approach for managing mining and metals is required (Mining Review Africa, 2023). This means that an already talent constrained workforce must learn to manage the complexity inherent, evolving, and growing in the environment (Abenov et al, 2023). A key skill that needs to be further developed and deployed to combat these challenges and to enable robust problem solving is that of systems thinking, which is already practiced in pockets within the mining industry. Experience and learning can be leveraged from other industries and their application of systems thinking to ensure that focus is maintained on areas where the benefits from which will be optimised. With targeted application, a workforce capable of effective systems thinking can be the catalyst to optimisation across mining organisations.

Sep 1, 2024

By W Malone, J Garrett

FLSmidth (FLS) has spent the last 15 years, working with customers and engineering houses to deliver innovative improvements in crusher safety, coupled with the latest, maintenance friendly, crusher design. The key focus being to prevent service personnel from working underneath the crusher during maintenance and obviate the need for personnel to be exposed to suspended loads when performing tasks such as, main shaft installation, for example. Improvements include: full top-service capability to ensure the safest and fastest way to disassemble the crusher for maintenance purposes, which also removes the requirement for a service cart; a selfaligning main shaft which ensures remote assembly is now possible, keeping service personnel well out of harm’s way; And rotable shells, or the ability to perform relines off-station, allows for quick shell ‘swap-over’ without the downtime associated with removing, refitting and curing time associated with epoxy backing. The high flow spider improves large material entry into the crusher, reducing blockages and downtime and therefore maintains crusher capacity. Each size of crusher in the range comes with an option to increase the standard feed opening to a larger one if desired to compensate for ‘blocky’ or ‘elongated’ feed material, a common problem for Pilbara hematite iron ores. Power capability has also been increased with a maximum of 1500 kW, to match the higher throughput capacities being achieved. This due to uprated eccentric speeds and larger discharge annulus. Increased eccentric throws and mantle diameters are also now a reality, when compared to more traditional designed gyratory crushers. To keep up with the improved design features of the Mk V, digitalisation has also been upgraded to maximise performance capabilities to ensure that the most efficient reduction and throughput capacities are achieved, whilst utilising the higher powers now available as standard. Condition monitoring ensures that the crusher is at its optimum operating capability by monitoring and adjusting the crusher settings via feedback from additional sensors, ie main shaft spin, temperature and vibration. Camera monitoring capabilities are available as is an advanced oil contamination monitoring system. As a result of the above design improvements, it will be shown that the Mk V range offers benefits such as: enhanced safety features, increased availability, faster maintenance turnarounds, higher power utilisation, equivalent product size at higher throughput capacities and with Remote operation capabilities. All of which result in a gyratory crusher with higher levels of safety and a lower per tonne operating cost.

Sep 18, 2023

By J. H. Hedges

During the World War Leadville was an important producer of manganese and maganiferous ores for then steel industry. Normally, the market for these ores is limited to the requirements of the local steel mill at Pueblo for low-grade ores used in making, basic pig iron containing 1 to 2 percent Mr and spiegoloison containing 20 percent Mn, but during the war and a brief period of postwar readjustment, a good deal of 25- to 40-percent manganese ore qua shipped to in-stern steel-manufacturing centers. Throughout the active life of the camp, manganiferous iron ore carrying a little silver and lead and sometimes as such as 35 percent Mn was chipped to load smelters for flux. The total reordered production is 936,024 tons of metallurgical ore shinned to steel mills and 2,576,514 tons of fluxing ore, much of it of metallurgical grade.

Jan 1, 1940

By Paul J. Axtell

The results of in-situ geophysical cross-hole tests on improved soil by soil mixing (SM) and jet grouting (JG) are described. This testing was conducted on soil improved by SM and JG columns constructed in the downstream free-field of Tuttle Creek Dam near Manhattan, Kansas as part of the seismic retrofit. Results of similar geophysical testing performed on untreated soil in the vicinity of the Downstream Test Program (DTP) area, as well as beneath the embankment at several locations, are also described and used for comparison purposes. In-situ shear moduli are also compared with those determined in laboratory resonant column tests. The increase in stress wave velocities and associated shear moduli by SM and JG treatment are presented for use in liquefaction potential and seismic deformation analyses of SM or JG treated soil. This data is required to determine the decrease in liquefaction potential and earthquake-induced permanent deformations due to SM or JG with respect to that of untreated soil.

Jan 1, 2008

By J. L. Potter

An inert-gas fusion technique was applied by the Bureau of Mines to the oxygen analysis of mixed-fluoride electrolytes used in electrowinning uranium and the rare-earth metals. Method development included: (1) Thermodynamic and experimental evaluation of the temperature required to quantitatively remove oxygen from a fluoride melt; (2) installation of a water and an acid trap to entrain the volatilized fluorides; (3) development of a suitable sample-preparation technique for the heterogeneous fluoride baths in which both pulverizing and pelletizing were necessary to achieve reproducible results; (4) comparison of platinum flux and dry crucible techniques, which showed that the use of platinum was not necessary. The accuracy of the method was evaluated by analyzing fluoride baths containing known amounts of oxygen added as the metal oxide. In the 0.05-to 0.5-percent range, the relative error was about ±5 percent.

Jan 1, 1962

General recognition of the potential benefits of utilizing advanced technology has focussed public attention on the organisation of tertiary education. This has produced a situation where opportunities exist for significant changes to be implemented. The challenges to Mining education in this environment of change are analysed with respect to the setting of education objectives, the role of centres of education, course structures and student access to courses. The scope of the analysis includes formal courses for professional education and technical training, and programmes for continuing education and postgraduate research. Previous significant advances in mining technology illustrate the importance of encouraging the establishment of an extensive involvement with mining education. Education cannot be the sole responsibility of professional academic organizations; significant industry participation is essential. Methods of achieving this interaction are discussed. Major changes in techniques available for disseminating information provide a significant incentive to assess the relevance of existing course structures and restrictions on student access to courses. Establishment of a less rigidly progressive system of education is discussed with respect to the development of the full potential of computer based learning. This will expand the availability of mining education to include remote locations. The practical feasibility of such changes and recognition of the value of education as a commercial resource could also increase overseas involvement in Australian mining education. Benefits of such changes and problems that may develop if accreditation systems are not also changed to take account of new technology are outlined.

Jan 1, 1989

By W. P. Yant

Canister-type gas masks Pave become an essential part of the equipment of many industries, not only for use in .emergencies, but also in performing normal operations of industrial processes and procedures, particularly where ventilation is not practically or economically feasible. They are also used widely for enhancing safety of operations which previous to the development of gas masks had been performed in harmful atmospheres. Since the inception of industrial gas masks the Bureau of Mines has been actively engaged in endeavoring to increase the efficiency and safety of these devices, and this bureau bas become a source of advice to manufacturers in producing devices of good quality and to industry in the proper selection and use of these devices. In order to give first-hand information and keep current with the demands and needs of industry it is necessary to perform investigations from time to time. This report deals with tests of certain types of commercial gas-mask canisters for protection against mercury vapor.

Jan 1, 1932

By D. Imeson, T. Grammatikopoulos, G. Pearse, M. Aghamirian, C. Mohns

"Spodumene mineral is a source of lithium for lithium ion batteries. Thus, the production of a spodumene concentrate with an approximate grade of 6% Li2O is targeted. Traditionally, spodumene is concentrated by froth flotation using fatty acid as the collector. Amine collector can also be used to float mica ahead of spodumene as required or feldspar from the spodumene tailings. Slimes have a negative effect on spodumene flotation and they are commonly separated by scrubbing and de-sliming prior to spodumene flotation. The main losses in spodumene flotation typically occur in cyclone overflow, scrubbing slimes, spodumene flotation tailings and mica concentrate. In recent years, dense media separation (DMS) is the main concentrating process in Australian spodumene operations. In these operations, DMS is efficient at generating coarse grain concentrates and rejecting large portions of silicate gangue, thereby directly reducing the milling cost. The ore should be crushed to 3/8” or coarser while further crushing is possibly necessary on the middling particles to scalp further spodumene. The DMS feed should be classified to remove fines (typically -0.5 mm particles). The final middlings and undersize fractions could then be processed by flotation. The main requirement in DMS operations is to have good spodumene liberation at relatively large grain size. This paper reviews the most significant DMS and flotation parameters in spodumene beneficiation. The treatments of different minerals in the spodumene ore are also addressed.INTRODUCTION A number of laboratory/pilot plant programs have been recently conducted at the SGS Lakefield site, sponsored by different clients. The main objective has been to develop a process flowsheet to generate a spodumene concentrate containing 6.0% or higher Li2O (~75% spodumene) suitable for producing lithium carbonate by a hydrometallurgical process. Depending on spodumene liberation size, dense media separation (DMS) can be an attractive option to produce a final high grade concentrate and to reduce the mass to be treated in the flotation circuit. In such a case, crushing would typically be performed in stages, with DMS separation to recover a spodumene concentrate and reject gangue minerals following each stage. DMS middlings and -0.5 mm fines can be processed by flotation to further recover spodumene. In the flotation process, coarse stage grinding minimizes the grinding cost and formation of slimes. In the majority of cases, a grind size (K80) of approximately 200 microns is sufficient for flotation. After primary grinding, mica, if present in an appreciable amount, should be floated to minimize interference with spodumene flotation. Desliming after scrubbing and high density conditioning are the key process operations prior to spodumene flotation. Spodumene can then be floated from silicate gangue minerals with a fatty acid or a mixture of fatty acid and petroleum sulfonate at slightly alkaline pH. Subsequently, feldspars can then be floated from the spodumene tailings."

Jan 1, 2012

By John Chadwick

In the drive for faster development advance rates, railbound systems can be advantageous, in the right application. Skanska BS, the contractor to mine-owner VSK Mining, is driving an adit access deep into the Volouské Urchy Mountain in Slovakia to access the Gemerská Poloma talc deposit, some 70 km (43 miles) west of Ko?ice, the economic and cultural center of eastern Slovakia. Skanska began driving the Stolna Elisabeth drift in February 2007, extending 25 kg/m (50 lb/yd) rails (with 750 mm or 30 in. between sleepers) into the mountain to provide the main haulage to bring talc ore and waste out of the new mine once it gets into production. It will also be used for personnel transport, and is now almost complete. As a second egress and for ventilation, a 2.5-m- (8.2-ft-) diameter shaft of about 300-m (984-ft) depth will be sunk from surface down into the orebody. Stolna Elisabeth is a 4.2-km- (2.6-mile-) long drift mined at a cross section of some 11 m2 (118 sq ft). The finished profile is 3.2-m- (10.5-ft-) wide by 3.6-m- (11.8-ft-) high. It has been developed on a very slight incline so that water runs down it to the portal. The portal is 450 m (1,476 ft) above sea level and the end of the tunnel is 475 m (1,558 ft) above sea level. Much of the rock through which it has been developed is magnesite with a compressive strength of 150 MPA. The drilling jumbo is an Atlas Copco twin-boom Boomer 282 Raildrill drilling 42- to 45-mm- (1.6- to 1.7-in.-) diameter holes to a maximum length of 2.5 m (8.2 ft), depending on ground conditions. This is a drill jumbo that Skanska has used successfully on a number of projects during its life. The condition of the rock through which this drift has been driven is extremely variable. Five classifications of A1 and A2 and B1, B2 and [ ] B3, where A1 is the most competent rock and B3 is the worst, have been established. The amount of support used, of which more later is determined by the classification of ground conditions. At the time of the author?s visit, the project it was about 40 days ahead of schedule, thanks to high advance rates. For instance 6 m/day (20 ft/d) was the plan for the advance to be achieved in B1 rock, but sometimes the crews have achieved 8 m/day (26 ft/d) ? which is the average for the whole project ? in those conditions. In A1 the best advance rate achieved is 12 m/day (39 ft/d). The loading unit is a Häggloader 9HR-B on crawler tracks with a pony track to run on the rails. This allows the unit to be towed up and down the drift along the rails. To load from the face, the Häggloader lowers the foot of its onboard conveyor system to the floor and the backhoe pushes material on to it. This digging arm-conveyor combination produces uninterrupted, optimal volume loading of the haulage unit, without spill ? a technique offering load capacities as high as 180 m3/h (6,356 cu ft/hour). Further-more, as an electrically powered machine, it offers great

Jan 1, 2009

Presented in this volume are the basic mining techniques and production operations associated with underground bituminous coal mining. Chapter 2, "Multiflow Process Charts", presents, in sketch form, a description of the various operations characteristic of conventional and continuous mining. In order to focus attention upon the major components and operations in each work cycle, certain items are not shown in the sketches, e. g., machine electrical cables, brattice, and rib posts. The elapsed time shown for each sketch is considered representative for the various work elements summarized by the sketch. More detailed work element times can be found in Chapter 3, "Typical Work Cycle Times", and Chapter 4. "Standard Time Data".

Jan 1, 1971

By A. Singh, K. Bisaka, G. Marape, T. Mokgomola

This paper investigated the pre-concentration amenability of sovite (carbonatite) ore to enhance the grade of rare earth elements (REE) bearing minerals by rejecting calcite, and to improve total rare earth elements (TREE) recovery using gravity and magnetic separation. A high proportion of calcite affects downstream processes like leaching due to high acid consumption. Multiple flowsheets combining gravity and magnetic separation were employed to target > 60% TREEs recovery to the final concentrate and > 60% calcite rejection to the tailings. Head analysis of the feed showed the sample’s main constituents as Fe (15.61%), Ca (16.04%), SiO2 (7.13%), and lastly TREEs (1.12%). Mineralogy liberation data at 2mm top size indicated poor liberation of TREEs, with the majority of minerals displaying < 30% mass greater than 80% liberated. Grain size distribution data showed that the majority of REE minerals are fine grained and report to the < 20 μm size class. Calcite liberation mineralogy showed < 60% mass greater than 80% liberation.A combination of a single-stage shaking table with a wet high intensity magnetic separator at a magnetic intensity of 7520 G was found to be the optimum flowsheet. For a shaking table feed with P80 of 150 μm followed by tails regrind to P80 of 45 μm as feed to wet high intensity magnetic separator, the overall mass balance results showed that 60.5% TREEs are recovered to the concentrate while 63.0% calcite is rejected to the tails. However, due to the fine-grained nature of This paper investigated the pre-concentration amenability of sovite (carbonatite) ore to enhance the grade of rare earth elements (REE) bearing minerals by rejecting calcite, and to improve total rare earth elements (TREE) recovery using gravity and magnetic separation. A high proportion of calcite affects downstream processes like leaching due to high acid consumption. Multiple flowsheets combining gravity and magnetic separation were employed to target > 60% TREEs recovery to the final concentrate and > 60% calcite rejection to the tailings. Head analysis of the feed showed the sample’s main constituents as Fe (15.61%), Ca (16.04%), SiO2 (7.13%), and lastly TREEs (1.12%). Mineralogy liberation data at 2mm top size indicated poor liberation of TREEs, with the majority of minerals displaying < 30% mass greater than 80% liberated. Grain size distribution data showed that the majority of REE minerals are fine grained and report to the < 20 μm size class. Calcite liberation mineralogy showed < 60% mass greater than 80% liberation.A combination of a single-stage shaking table with a wet high intensity magnetic separator at a magnetic intensity of 7520 G was found to be the optimum flowsheet. For a shaking table feed with P80 of 150 μm followed by tails regrind to P80 of 45 μm as feed to wet high intensity magnetic separator, the overall mass balance results showed that 60.5% TREEs are recovered to the concentrate while 63.0% calcite is rejected to the tails. However, due to the fine-grained nature of TREEs, no flowsheet improved their grade.

Nov 6, 2024

This report has been prepared in response to a request by the Bureau of Land Management (BLM) Fairbanks Alaska District Office that the Bureau of Mines quantitatively assess the potential supply of minerals from undiscovered deposits in the White Mountains National Recreation Area (WMNRA) and the western part of the North Steese National Conservation Area (SNCA) in Alaska. The assessment will be used to assist in future land-use decision-making. Resource Management Plans (RMPs) for the WMNRA and the SNCA were approved by the BLM in 1986. These plans imposed significant restrictions on new mineral development in the two areas. The level of public concern regarding these actions, especially on the part of the mining industry, has spurred BLM to seek additional information about the potential supply of minerals from the two areas with assistance from the Bureau of Mines. The assessment focuses on an area within the WMNRA and the SNCA which has been administratively closed to mineral entry. The study area encompassed approximately 1.24 million acres and included all of the WMNRA and the western portion of the North SNCA (fig. ES-1). Three quantitative estimates of the potential supply of minerals from the study area were developed: 1) For all lands in the study area, assuming that they are open to mineral entry-the baseline analysis; 2) For those lands which have been closed to mineral entry; and 3) For eleven prospective mineral activity areas, assuming that all are open to mineral entry.

Jan 1, 1989

By Sam Kangwa, Thomson Sinkala

In the mining industry, drilling accuracy has a significant effect on the economy of operations. In this paper, results from the Nkana Division of the former Zambia Consolidated Copper Mines are presented. For the stope investigated, it was found that the extra operational costs alone were 462% of the planned costs! Clearly, there is more than good reason to pay attention to drilling of good quality holes.

Jan 1, 2004

By J. H. Archibald

"IntroductionShot-saws are used for sawing rock throughout the dimension stone industry especially in granite quarry mills. Shot-saws, as currently designed, have an inherent wear problem which leads to slow cutting rates and repetitive blade changes which consumes much time. Because the saw blades are made from steel the abrasive shot used with them is limited to a certain hardness which effects the over-all efficiency of the sawing operation. Suggestions are made toward optimization of blade design and the sawing process. Blade DesignA common steel blade design is shown in Figure I. Note the perforations in the blade. These perforations or holes in the blade serve two or three purposes. The most obvious reason is to allow the abrasive shot a pocket in which to collect at the bottom of the blade, so that it can be distributed from these pockets into the cutting zone underneath the blade. The abrasive is fed to the saw in a slurry and usually comes in from the top. The blade must then cut a kerf wider than itself in order that the abrasive grains have a path leading from the top of the blade, down along its sides, and finally reaching the pockets and cutting zones. This circuitous path followed by the abrasive leads to side wear on the blades and high friction which can lead to blade buckling in severe cases. However, the fluidized path of the abrasives down the sides of the blade serves another purpose which is a positive gain if conditions are properly controlled. The abrasive slurry interacts with the perforations of the blade, the blade itself and the rock. This gap and the perforations in the blade, which are fluid filled, are sites of constant shearing motion. Eddy currents form in these gaps and pockets which tend to stabilize the blade by setting up balanced hydrodynamic forces which otherwise might not form in a non-perforated blade. A stable blade produces a more uniform cut in the rock. The third and final reason for the perforations are to allow the blade to wear in such a fashion that new pockets are always being formed and, consequently, new cutting surfaces between these pockets are also formed."

Jan 1, 1993

By David A. Larson

Preliminary laboratory experiments have been conducted by the Bureau of Mines to define the influence of bit geometry on methane ignitions as a step toward establishing safer mining-machine operating parameters. The experimental system was designed to simulate the operation of a continuous mining machine, using a drum-type cutterhead of normal diameter with a narrow cross section, permitting full-diameter drum cutting tests to be run on material representative of sandstone lenses (or inclusions) in coal seams. Two conical bit types were tested at shallow depths of cut with three drum speeds. Bits that rotated in the mounting block during testing did not produce ignitions. The ignition frequency for used bits was three to four times greater than for new bits at the same kerf depth.

Jan 1, 1983

By Albert W. Deurbrouck

The preparation characteristics of the coals of Buchanan County, Va., are described in this Bureau of Mines report. Twenty-one samples ,,,ere collected from 9 coalbeds in the county. Of these samples 13 were of metallurgical quality as received, and 8 required some upgrading to provide acceptable products. In general, the coals were of low to medium ash and sulfur content, and ranked as medium-to high-volatile bituminous. In 1963, production in the county was in excess of 13 million tons, of which 2.2 million tons were mechanically cleaned.

Jan 1, 1966

By Don Rose

INTRODUCTION A number of tunnels supported and permanently lined by steel-fiber-reinforced shotcrete (SFRS) have been built in North America in the 1980s. The material is more economical than, and technically equal or superior to, conventional shotcrete using wire mesh. The design and construction of SFRS-lined tunnels is straightforward, and only a few new design principles, laboratory tests or construction equipment modifications appear necessary in order to use this material. Modern tunnel Contractors may use cyclic drill-and-blast methods on some tunnels, with intermittent shotcreting as part of an orderly cycle. The Dry Mix method is most suitable for cyclic, intermittent, relatively small-scale shotcreting. However, modern Contractors excavating tunnels continuously using large long Tunnel Boring Machines (TBMs) or Roadheaders may prefer Wet Mix shotcreting on a mass production basis. In either case, the use of steel-fiber-rein¬forced shotcrete (SFRS) promotes the rapid and economical excavation of tunnels. The addition of microsilica will improve SFRS properties and reduce rebound, and is expected to become standard practice with SFRS in North America, as it now is in Scandinavia. HISTORICAL REVIEW Steel-fiber-reinforced shotcrete (SFRS) at the present time (1985) is essentially conventional shotcrete with straight or deformed steel fibers added, and in general SFRS for tunnel linings encounters the same problems that conventional shotcrete does. Shotcrete history is well known. The use of sprayed plaster on wire frames for mounting animal skins by Carl Akeley of the Smithsonian

Jan 1, 1985

What is your personal view and assessment of the overall health of the industry in the current global economy? The economic outlook remains soft for the near future and, although the global economy is showing signs of recovery, uncertainty has tempered the pace of recovery. In addition to uncertainty, we are still facing significant economic challenges in many parts of the world, including Europe and the United States. The rapid expansion of China?s economy has recently slowed, further contributing to the sense of uncertainty in the overall health of the global economy. This situation is both a blessing and a curse, depending on which sector of the mining industry we are considering. For example, coal, industrial minerals, aggregates, base metal and precious metals markets are impacted by different forces and drivers and will experience different outcomes within the same economic environment. Let me give a few concrete examples to illustrate this concept. The prevailing economic uncertainty that I have just described tends to drive investors toward safe havens. Gold has historically been viewed as a safe haven and as long as investors shy away from traditional investments, gold prices will remain high and gold mining companies will continue to expand and invest capital in their operations. The same sluggish economy that drives gold prices higher has the opposite effect on other segments of the minerals industry. A great example of this is industrial minerals and aggregates used in construction. The markets that consume these minerals have contracted significantly over the past five years. The outlook for this segment is poor, as the glut of available housing continues to inhibit demand for new construction and, thus, many industrial minerals. In addition to this, the federal government?s lack of political will to enact long-term legislation funding transportation and infrastructure projects continues to be a drag on the U.S. aggregates industry.

Jan 1, 2013