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By R. E. Driscoll

The exploration, geologist of necessity has to have a wide working knowledge of many specialties other than hiw own, First he has to use his own technical background to find a deposit,, of a mineral that is of interest, Once found, his problems are Just beginning, He then has to assume the role of an economist, an accountant, a mining engineer, a chemist, a metallurgist,, a salesman and what-have you, In the economic field, he must determine the marketability of either the ore or the refined mineral. He must gauge the supply and demand for the particular mineral he is interested in and make his best guess as to ultimate cash flow from a deposit over the estimated life of said deposit, He must then assume the role of a mining man and estimate cost of recovery, including an, evaluation of the most economic mining method, cost of supplies and labor, and again estimate a net cash flow. He must then determine amenability of ore to economic metallurgical methods, he must determine the legal status of the property involved and, after analysis of the specific situation, determine the best approach to a deal, After all of this he must sell it to the people who will put up the money and then put his deal together and sell it to the people who own the minerals, if that be necessary. Then he has to sit back, with crossed fingers and crossed legs wondering for some months, and in many cases even years, whether or not he is right. The expenditures required to open up a mine in this day of wild inflation are such that he has to be right, and the responsibilities are awesome.

Jan 1, 1958

By H. Marshall Farrier

In the past few years the world petroleum industry has increasingly felt the weight of changes in the principal economic factors affecting pro¬fits. As a result of, these changes, it has been necessary for many oil companies to acquire certain new facilities in order to strengthen their competitive positions and thereby protect their tremendous investments in crude oil reserves, pipe line facilities, refining operations, and marketing outlets. Principally these needs have been met by new capital outlays. A supplementary, method of acquiring needed facilities, however, has been to obtain existing facilities through complete or partial acquisition of other companies.' properties. It is this method of meeting competitive pressures with which this paper is concerned. This paper presents a statistical breakdown of the mergers and acquisitions which occurred in the oil industry between January 1, 1954, and October 1, 1959, showing the frequency' with which certain types of properties were acquired in each of the years studied. In addition, it discusses the principal economic conditions which stimulated many of these property trans¬fers, comments on the effects of these mergers on the consuming public, and indicates the types of, mergers and the rate at which they may be expected during the next three or four years. The basic data upon which the statistical analysis presented in this paper is based were taken from several published sources. Obviously they are somewhat incomplete because not all mergers and acquisitions were reported However;, a careful search was conducted through, The Wall Street, Journal, The Oil and Gas Journal, Potroleum Week, and The Oil Daily with the result that the data should be reasonably complete and comparable for each of the years studied, It is believed, therefore, that the statistical analysis which' follows provides a reasonably accurate indication of the general trend in mergers and acquisitions during the period studied.

Jan 1, 1960

By D. C. Lynch

While silica ores are generally considered to have little value, those with exceptionally low B and P content have, potentially, significant worth if processed for use in photovoltaics. The sales value of a cubic meter of ?run of the mill? silica sand is $42 per cubic meter (retail and delivered). If the silica sand can be used to produce solar silicon, its value after processing is $34,000 per cubic meter. Factors that impact the suitability of silica for direct processing in production of photovoltaics are examined.

Jan 1, 2010

By D. K. Mynear, J. S. Gardner, S. Mittle, A. A. Campoli

West Virginia, although having adequate solar insolation, has witnessed very little actual solar development to date. The reasons for this lack of development are varied, but the primary obstacles to future development appear to be the absence of state-level policies and regulations promoting growth in the solar industry. West Virginia possesses large tracts of under-utilized land throughout the state created by previous mountaintop mining operations that could theoretically be re-purposed for solar farm development. Accomplishing this task will require not only revisions to the current legislation, but also acceptance by utility companies, landowners, and mining companies. Solar developers will need confidence that they can secure revenue from the electricity and Renewable Energy Certificates (RECs) generated by solar projects. Additionally, solar companies will need assurance they will be protected from any non-related environmental liabilities that could arise in the future. The primary avenue in bringing significant solar development to West Virginia will come through large corporate clients demanding or partnering with utility companies for incorporation of solar options into their energy portfolio to help meet established sustainability goals. This scenario has been witnessed in other states where a large client demands renewable options. Solar development could also represent a means through which mine operators might alleviate some of their reclamation and bonding obligations; where the landowner could supplement income from their underutilized land holdings; and where displaced miners could be repurposed in solar installation/maintenance jobs. Utilizing data from the West Virginia Permit Database, this report identifies several mine sites that hold potential for solar development in the future. INTRODUCTION The diversification of energy sources in the United States (US) has seen major shifts during the past decade resulting from: • A sudden abundance of low-cost natural gas becoming available through advanced horizontal drilling and hydraulic fracturing techniques. • Incentive-driven policies leading to new development in alternative energy. • The emergence of renewable energy sources, proliferated by state and federal level incentives and falling capital costs. Coal was once the primary low-cost fuel source for the generation of electricity in the US for most of the last century, providing approximately 50 percent of the total production capacity. However, within the past decade lower-cost natural gas has overtaken coal as the primary source of fuel used in electricity generation, and renewable sources have steadily grown to account for approximately 10 percent of the overall mix.

Jan 1, 2019

By H. Burton

"The selection of the ultimate pit shell has a major impact on the overall value of a mining project. The size and shape of this pit drives the selection of pushbacks, equipment, and project strategy, each of which are significant in their own right. Optimization of the ultimate pit shape is typically done using the Lerchs-Grossman algorithm with inputs of production costs, commodity prices, and pit slope constraints. This method ensures that every tonne mined is profitable but does not take into consideration the timing of material release. This timing is essential when calculating the Net Present Value (NPV) of the project, which is one of the most popular metrics for valuing deposits. Often, when the mining schedule and discounting are applied, material that was considered profitable before discounting becomes sterilized. The objective of this paper is to show the methodology for improving ultimate pit selection by considering the production schedule. Application of this technique will generally produce a smaller and higher-value pit than using the Lerchs-Grossman algorithm alone. INTRODUCTION The Lerchs-Grossman Algorithm was developed in the 1960s and exists to produce a mathematically optimum shape for open pit mines (1). This algorithm is now an industry leading technique for producing the theoretical optimum shape for open pits and is used in many popular pit optimization and strategic planning software packages, such as GEOVIA’s Whittle. The Lerchs-Grossman (LG) Algorithm is based on graph theory and optimizes on the assumption of non-discounted cash flows. This produces a mathematically optimum shape, but does not consider the timing with which the material will be removed from the ground. This is an important consideration, given that one of the most popular metrics for evaluating mining projects is Net Present Value (NPV) (2), which relies on the timing of cash flows as a major differentiator between options. This paper will discuss issues inherent in the use of ultimate pit selection based on undiscounted economic factors and illustrate a simple technique in Whittle, a leading software package, which can be used to improve the NPV of projects."

Jan 1, 2015

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 D. Anderson Willis, Alan A. Campoli, Douglas Mynear, Seth Mittle, J. Steven Gardner

"The diversification of energy sources in the United States has seen some major shifts during the past decade resulting from:• A sudden abundance of low-cost natural gas becoming available through advanced horizontal drilling and hydraulic fracturing techniques.• Incentive-driven policies leading to new development in alternative energy.• The emergence of alternative energy sources proliferated as a result of state and federal level incentives and falling capital costs.Coal was once recognized as the primary low-cost fuel source for the generation of electricity in the United States for most of the last century, providing upward of 50 percent of the total generation capacity during much of that period. However, within the past decade, lower-cost natural gas has overtaken coal as the primary source of fuel used in electricity generation, and alternative sources have steadily grown to now account for approximately 10 percent of the overall mix.West Virginia and Kentucky have not experienced the full breadth of the fuel shift, and, as of 2016, still obtained approximately 80-90 percent of electric power generation from coal. However, as coal plants are retired, there has been a shift toward natural gas for new power plants constructed in the region. The economics of power generation (i.e., lowcost fuel source) has typically been the major factor in determining shifts from one fuel source or technology to another. However, governmental energy policies and incentives have more recently been used to promote the development of new alternative technologies such as wind and solar energy growth to diversify the energy mix. The implementation of these incentives has provided some needed traction and resulted in driving the cost of manufacturing and installation of these new wind and solar systems downward to be more cost competitive with conventional fossil-fueled power sources. Future shifts in the generation capacity by fuel type will also be inevitable and impossible to project accurately as policies change and innovative technologies evolve. Determining factors may include the expiration of current incentives, decreasing capital costs, future environmental regulations, evolution of energy storage systems, technical challenges associated with increasing intermittent sources of generation and the development of unforeseen technologies. West Virginia and Kentucky have been among the least solar friendly states, ranking 44th and 48th of the 50 states (Fig. 1 for WV). The ranking of other coal producing states are similarly low:• Ohio 20• Pennsylvania 21• Virginia 38• West Virginia 44• Wyoming 45• Kentucky 48• Alabama 50"

Jun 1, 2019

By A. G. Yapo, T. W. Camm

"All-in sustaining cost is a metric used by mining companies to reflect the cost of gold mining in a consistent format useful to both investors and mining professionals. Cost reporting focused on the direct cost of mining and processing ore was summarized in the non-GAAP cash cost developed by the Gold Institute in 1996. In 2013, a group of mining companies, working with the World Gold Council, developed a more inclusive approach to reporting costs designed to solve the dilemma of showing a more comprehensive reflection of recurring costs involved in producing gold, without discouraging investors. INTRODUCTION Mining today plays a key role in the development of our civilization as a source of essential raw material and provider of essential fuels, producer of jobs, and a factor in support of the international balance of monetary payment (Camm, 2014). Professionals in mining locate, develop, design and manage ore deposits in an environmentally safe and profitable manner. As mineral deposits become increasingly scarce, new challenges face the industry. A current trend is to an increased emphasis on underground mining techniques for deeper deposits. Operations are safer today than before as companies understand better their work environment and the importance of mining responsibly. A continual challenge for the industry is accurately reflecting the costs and selling price of ore. An enduring characteristic of mining is the situation where the market typically determines the price of a commodity; the main control a company has on the bottom line is to control the cost of production. An attempt to bring light and clarity on the cost of their business will give a better idea to investors on the true profitability of the mining business. Gold producers face this struggle to accurately reflect the cost of production while also seeking to attract the interest of the investment community (Hill, 2013). In order to have a consistent format to report on their production costs, leading gold producers through their alliance inside the World Gold Council (WGC), worked on the adoption of a new cost framework: the All-in Sustaining Cost (AISC) and All-in Cost (AIC). Since 1996, the traditional cash cost reporting has focused only on the mining and processing costs incurred in mining an ounce of gold, which included the costs of goods sold (labor, energy, and consumables costs) and royalties (Table 1). But cash cost reporting ignores many important aspects, like sustaining capital, general and administrative expenses, and site rehabilitation at the end of the mine life (Whelan, 2013). The cash cost was used to attract many investors into the business. In fact the high gross margin (sales minus cash costs) has been promoted the past decades by the industry instead of the net or operating margin. As a result, even when the gold price was high, nearly $1900 per ounce in August 2011, gold producers were not reporting excessive profits in their cash flow / income statements, to the disappointment and incomprehension of investors (Milstead, 2014). The truth was simply that the other costs omitted in the traditional cash cost were reducing the apparent profits."

Jan 1, 2017

By Raymond W. Peterson

The practice of Countertrade and all of its variations has increased dramatically during the last five years in great part due to the worsening world economic situation and the Third World's increasing debt problems. Conventional wisdom has held that the goods finding their way into countertrade will tend to be manufactured goods of ever increasing value added. It is my contention that this has not been the case. The continued depression of most metals and minerals prices has conspired to keep a great number of metals and raw materials in the forefront of countertrade negotiations. The concept that if a country needs hard currency it will simply sell metals into world markets for cash has been significantly modified by countertrade which encourages subsidies for raw materials which are in turn funded by higher prices for the manufactured goods which the country must import. Countertrade is a term that is relatively new to most of us who have been involved in the international trade of metals and minerals, but it is one that we will continue to hear more of in the future. Countertrade as it is generally known today had its beginnings after the Second World War in Eastern Europe. As the shattered economies of Europe struggled to right themselves, a "cashless" system of trade developed. This system included such ancient concepts as barter as well as more modern ones like bilateral clearing agreements. For over 30 years countertrade was confined mainly to the COMECON nations and their various trade protocols with Third World nations. If metals and minerals were involved, there was little disruption of world markets by such examples as Cuba shipping ferronickel and sugar cane to the U.S.S.R. for a host of manufactured goods and oil. As the world's economy began to slow in the late 70's and the debt crisis began in earnest in the early 801s, this all began to change. As more and more nations which had previously been almost totally dependent upon their mineral wealth over-extended themselves in an attempt to industralize, they concurrently found their income from minerals falling, due to the decreased demand and subsequently lower prices available in the marketplace. At first these nations attempted to balance their payments by promoting the sales of their high value-added manufactured goods. We have all heard numerous examples of U.S. companies going to sell their high technology products in Rumania or Yugoslavia and being confronted with counterpurchase requirements for machine tools, shoes or drill bits. When faced with these demands, a number of companies chose not to sell into those markets while others merrily signed up the obligations without much intent to carry them out. The Performance Bonds required were generally minimal, especially when considered in light of the high margin inherent in high tech items; and the penalty clauses were equally small or nonexistent. A third group of companies actually tried to buy the machine tools or drill bits either for their own internal use or resale but found that due to poor quality and high prices, they were faced with a difficult if not impossible task. This is not to say that no one was able to fulfill a countertrade requirement, but the success ratio on these transactions was incredibly low. This was one of the major contributing factors to the reputation that countertrade has gained as a discipline ... "that it is mostly talk and very little action." As this situation slowly evolved, both the countries imposing the countertrade obligation and the exporters assuming the obligation began to realize that something

Jan 1, 1986

By Dennis R. Twining

Recently a mining analyst for a major bank called me to say that during his travels he had encountered an electric utility interested in a new uranium supply. Since we produce uranium as a by-product of phosphate operations rather than as a primary product, he assumed we simply sold our output in the spot market and that a new prospective purchaser would be of interest to us. This assumption was incorrect; the uranium had already been sold on a long term basis at terms more favorable than the currently depressed spot market. From the outset our approach to the marketing of uranium was based on the principle that by-product marketing is not unlike primary product marketing. This was particularly appropriate in the case of uranium, as we were planning a considerable technical and capital commitment to a new business. This illustrates: that the fundamental principle in by-product marketing is to follow a primary product strategy; that the terms "by-product" or "co-product" are creations of accountants; that they have no place in marketing decisions! Traditionally, the term "by-product" has implied that only a secondary marketing effort is required. Recent history has contradicted that view by demonstrating that by-product values can have marked impact on a mine's revenues and costs. In fact, by-product values can spell the difference between success and failure.

Jan 1, 1983

By Richard L. Gordon

At almost no time since the end of World War I has the coal industry been free from serious threats to its competitive position. At present, the critical question is whether the industry can maintain its position in the electric power market and this paper reviews the prospects in this area. Our report is part of a study, supported by Resources for the Future Inc., dealing with coal demand in general. Like most elements of coal economics, it has received much less analysis than problems in other energy sectors--a defect we felt worth correcting. We have concentrated on electric power elements of the market. The nature of the coal market makes this the natural choice. Three markets absorb over 80 per cent of coal production and are considered in our overall work. The completely excluded sectors are largely catchall categories in which coal use is declining anyway. Comparing the three markets included in the overall study, we see: modest growth is the most optimistic forecast for metallurgical coke; export growth depends to a large extent on policies of foreign governments. Electric power use, however, has rapidly grown to absorb over half of coal output and coal's prospects depend almost entirely on continued expansion of this market. Throughout the 1960's the demand for coal used to generate electrical power in the United States grew at an average rate of 6.5 per cent annually. This growth rate will be sustained until at least 1976.

Jan 1, 1971

By A. K. Sinha

Inspite of the growing demands worldwide, thermal coal must compete in the market both in price and quality. The design and performance efficiency of coal preparation plants is thus crucial to the survival and profitability of a coal industry. While the coal recovery influences the cost of production, the quality produced by a preparation plant determines the selling price. Several coal preparation plant simulation models have been developed in recent years to help Improve the performance of coal preparation plants. A research project was recently conducted at Southern Illinois University to evaluate the practical applicability of such a model. The results of this study are presented and discussed.

Jan 1, 1986

By Charles T. Steuart

The Arkansas Novaculite of Devonian and Mississippian age is the most distinctive formation in the central Ouachita Mountains of Arkansas from the standpoint of both topography and lithology. The formation typically forms precipitous, narrow ridges (hogbacks) which reflect the steepness of dip and the resistance and thickness of the rock units. The Arkansas Novaculite varies from less than 200 feet thick in the north to locally over 800 feet thick in the south and outcrops over an east-west distance of 360 km (200 miles) in the Ouachita Mountains of Arkansas and Oklahoma. Most of the rocks of the formation are highly siliceous with novaculite predominating, and lesser quantities of chert, siliceous shale, conglomerate and rarely sandstone. Novaculite is commonly defined as a homogeneous mostly white rock, translucent on thin edges with a dull to waxy luster and composed almost entirely of microcrystalline quartz. The word novaculite comes from the Latin word novacula, meaning razor hone. This term was first used by Richard Kirwan in his mineralogy text of 1784. The origin of novaculite remains controversial but we believe it was a primary silica derived mostly from the alteration of submarine volcanic-rich materials, with numerous fine biogenic components and some minor clastics (derived mostly from foreland facies via turbidity currents) and deposited as an amorphous siliceous ooze in the deep Ouachita trough. It was subsequently converted to microcrystalline quartz during diagenesis by the compaction of the overlying rocks and the intense Late Paleozoic Ouachita Mountain tectonism. In the central and southern portions of the region three divisions of the formation have been defined: a Lower Division predominantly of light-colored novaculite; a Middle Division of interbedded dark chert and shale; and an Upper Division of massive often calcareous novaculite. In the northern exposures the formation is thinner and contains more black chert and shale, chert-shale conglom¬erate, sandstone and less novaculite. The massive novaculite of the Upper and Lower Divisions is a source of high purity silica (99+%). Indians were the first to use novaculite. They made their various tools and hunting implements from the weathered broken rock until they learned the quarrying techniques. The first white men in the area recognized the use of novaculite for sharpening their tools and knives: previously whetstones were obtained in small quantities from Europe. To this day whetstone is quarried mostly in areas which the Indians and possibly the Spanish previously worked. Some of the current mining practices have changed very little from those of the early quarryman. In areas where the novaculite of the Upper Division is poorly cemented, this friable tripolitic material has found applications in such uses as an abrasive, as a filler or extender in paints, plastics and other purposes. Some of the dense novaculite is suitable as a filler in fire bricks and also in plastics. Because some of it has the tendency to decrepitate when heated not all novaculite can be used for these applications. Several quarry operators are crushing novaculite for road, concrete, and other aggregate. This use was formerly rather limited due to the abrasiveness of the novaculite on crushing and screening equipment. Further potential uses of novaculite are speculative but include application of high purity silica in the production of silicon metal for solar cells, seed or "growing", and fusing quartz for electronics.

Jan 1, 1985

By T. R. Ellis

The vast majority of valuations produced for mineral properties using the net present value method provide an estimate of Investment Value or Use Value. Such an estimate can be a long way from the price that the property would sell at if placed on the market. Indicators from the market need to be used to validate or modify the net present value calculation. The comparable sales and replacement cost approaches used in the appraisal of urban buildings generally fail us in the appraisal of mineral properties. Other methods of sales analysis are introduced. Guidelines for what a minerals appraisal report should contain are presented.

Jan 1, 2000

By Donald L. Everhart

Economic geologists faced with the task of evaluating phosphate rock deposits find it necessary to deal with a unique and a lengthy list of geologic, chemical, and economic factors before they can determine whether the deposit does, or does not, constitute "ore". The underlying fact is that phosphate rock concentrate sells at a price per ton that is among the lowest for all mineral commodities. A recent going price for a standard grade (i.e. 72% BPL) phosphate rock concentrate F.O.B. Tampa is $6.00 per long ton. This compares with sand and gravel's price of about $5.00 and $8.00, respectively, per ton. In the case of many, if not the great majority of mineral deposits, the evaluating geologist needs to concern himself principally with the fundamental and classic considerations of tonnage and grade. Barring some very unusual metallurgical problem any geologist that finds say 50 million tons of 1% copper rock, or substantial tonnages of 0.7% U308 sandstone, pretty well knows he has an ore body! Certainly the evaluation of phosphate rock starts with tonnage and grade. Any rock with less than about 10% P205 in the ground is generally ruled out as ore, on the basis of grade alone. Since nearly all phosphate rock operations must be of the large-tonnage, low-unit-value type, the tonnage of new reserves, to be considered as "ore", ought to be in the 100-million + class. But having outlined' a deposit of phosphate rock having acceptable

Jan 1, 1971

By Anthony W. Garson

Good morning, ladies and gentlemen: It is a pleasure to be here this morning as a representative of Dean Witter Reynolds; one of the foremost international investment firms in North America. My colleague, Hugh Wilmer (who will be speaking to you a little later), and I are involved as research analysts in the research and writing of published reports containing recommendations on the buying or selling of North American and South African gold and silver mining shares. Our talk this morning will focus on the gold mining operating costs of North American and South African gold producers. However, I am not going to bore you with reams of statistics on the operating costs of large numbers of gold mining operations; how meaningful would this data be to you? Instead, I will discuss what the investor should look for, and how he should use this knowledge in making his investment decision.

Jan 1, 1984

By Jerry G. Rose

This paper addresses a process by which both the disposal and utilization of preparation plant coal refuse can be simultaneously accomplished with an attendant benefit of significantly increasing the percentage of extractable coal. A laboratory study is described in which coal refuse was successfully utilized as an aggregate in low cost concrete (coal-crete) mixes under simulated mine environments. Coal-crete specimens with compressive strengths of 14,000 kPa (2,000 psi) were consistently produced. A construction sequence and mining plans are offered for placing the low-cost coal-crete pillars in accessible areas in room-and-pillar mines so that a Substantial portion of the remaining coal pillars could be extracted. The method could be applicable in areas where mining procedures do not permit pillar extraction because of possible surface subsidence, roof problems, or other conditions. Possible structural difficulties with the coal-crete pillar support system are discussed. Using a discounted cash flow analysis, the economic feasibility of mining with the coal-crete pillar system is investigated. The cost of the coal-crete pillar system is compared to the cost of a mining system which would have less coal recovery. The analysis indicates that although at higher coal selling prices the coal-crete mining system may yield an acceptable rate of return, the alternative of leaving the coal pillars is more attractive at the present time.

Jan 1, 1977

By Jr. Mason

Eminent Domain is the power of the government or municipality to take property for public use without the consent or acceptance of the owner. Typically the agency taking the property will make an offer on the property, hoping that the owner will immediately accept and allow work to begin. If a mutual resolution regarding the property value cannot be reached, however, the municipality will condemn the premises and institute a condemnation action in a court of law, which is when the problems begin. The power of the government to take the subject property is limited by the Federal and State constitutional duty to pay "just compensation" for the property.

Jan 1, 1989

By Sheldon P. Wimpfen

Sand and gravel has been, and will continue to be, our principal construction material. Most of us are familiar with the patterns of past growth. Today we will examine the present status of this vital industry. We shall also attempt to look into the future to see where it is going and to evaluate the constraints that are being imposed. Natural aggregates are among the lowest in value of all bulk industrial minerals. From the processing point of view, sand and gravel production is relatively simple since the products are sized materials obtained from a deposit of satisfactory physical soundness. They can be used either loose or bound to provide bulk, strength, or protection. One of the main uses of coarse aggregate is in concrete as a filling material. As a general rule, the coarse aggregate constitutes about three-quarters of the volume of concrete. The other main use for aggregate is as a roadstone or roadbase to provide protective and stabilizing bulk beneath the road surface. Also it is used in a mixture with petroleum products as the wearing course on top. The sand and gravel industry is geographically widespread. In general, the output of operations is directly proportional to the amount of construction in any area. A wide variety of other aggregates compete with sand and gravel, including crushed stone, blast-furnace slag, clinker, and artificial and natural lightweight materials.

Jan 1, 1972

By J. J. Fallon

Las Vegas is a place of many distractions. It is difficult for one to apply himself to sophisticated technical matters in the midst of gambling, liquor, scantily clad young ladies and the top entertainment available in the United States. But, I know that the men and women of SME are made of stronger stuff and will not be tempted by these things.

Jan 1, 1989