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"The United Nations, through the secretariat of the United Nations Economic Commission for Europe (UNECE) and its Ad Hoc Group of Experts on Harmonization of Fossil Energy and Mineral Resources Terminology, developed the Framework Classification.The UN Classification applies to fossil energy and mineral reserves and resources located on or below the Earth's surface. It aims to simplify reporting of energy and mineral reserves and resources in a globalized world and is intended to improve global communications regarding remaining quantities of non-renewable fossil energy and mineral resources. The UN Classification is not recognized as a Foreign Code under NI 43-101.SECTION I1.,The United Nations Framework Classification (UNFC-2009) applies to fossil energy and mineral reserves and resources located on or below the Earth' s surface. It serves the needs for classification at a global level (for energy and mineral supply studies), for governments (resources management and policy formulation), for industry (business process management) and for financial reporting.SECTION II2.,The UNFC is a generic system in which quantities are classified on the basis of the three fundamental criteria of economic and social viability (E), field project status and feasibility (F), and geological knowledge (G), using a numerical coding system. Combinations of these criteria create a three-dimensional system. Categories (e.g. El, E2, E3) and, in some cases, sub-categories (e.g. E1.1) are defined for each of the three criteria as set out and defined in Annexes I and II.3 The first set of categories (the E axis) designates the degree of favourability of social and economic conditions in establishing the commercial viability of the project, including consideration of market prices and relevant legal, regulatory, environmental and contractual conditions. The second set (the F axis) designates the maturity of studies and commitments necessary to implement mining plans or development projects. These extend from early exploration efforts before a deposit or accumulation has been confirmed to exist through to a project that is extracting and selling a commodity, and reflect standard value chain management principles. The third set of categories (the G axis) designates the level of confidence in the geological knowledge and potential recoverability of the quantities.4. The categories and sub-categories are the building blocks of the system, and are combined in the form of ""classes"". The UNFC can be visualised in three dimensions, as shown in Figure 1, or represented in a practical two-dimensional abbreviated version as shown in Figure 2."

Jan 1, 2003

By Babbitts and Solder

G. w. Thompson,* Brooklyn, N. Y.—This subject has two aspects, neither of which can be ignored: these are the economic aspect and the technical aspect. Under ordinary conditions, economic law will take care of the conservation of tin. Under present conditions it seems desirable that economic law should still be permitted to operate as far as is practicable. It is true that this law operates rather slowly, and that under war conditions it cannot be depended upon to give our Government the supply it immediately needs. There should, therefore, be a designation of the essential industries by the Government, and tin should be supplied for those needs, letting the non-essential industries take what is left. At the same time, information ought to be forthcoming as to how tin can be conserved; with tin selling at 80 c. per pound, more or less, it is to the interest of every consumer to get the best information he can as to how he can save tin. Economic law would properly punish those who do not study their own interests in this way. I deprecate, therefore, any centralized socialistic effort toward avoiding penalties through failure to observe and obey economic law. In saying this, however, I am not unmindful that it is desirable for our Government to take such control of the tin situation as may be necessary to the prosecution of the war, practically regardless of the effect of such action upon individual industry, which should studiously seek to adjust itself to the new condition. The Government should promulgate such technical information as it can collect, showing how .tin can be conserved, and should urge upon every consumer the exercise of his common sense in self-protection. There is very little danger of any one attempting to hoard or corner tin, in the present state of the market. Most consumers will be glad to live from hand to mouth, covering their sales by purchases, or vice versa. As to the technical aspects: Tin and tin alloys are used to give certain practical and also certain artistic results. The practical factors are those involved in proper adhesion, continuity of surface, protection, the right degree of hardness, proper working qualities, etc. The artistic results are those that appeal purely to the eye or to our cultivated sense of what is desirable. There is no doubt that a great deal of tin could be saved if there were not a demand for certain pleasing effects. Row can this saving be brought about? The users of tin bearing alloys are not the only ones involved in this question. The manufacturers of solder and babbitt have for a long time sought to give certain appearances to their fabricated bars and ingots in order to make them more salable. The user of a solder is very apt to judge of its working qualities by the appearance of the bar; the same thing is true with regard to babbitts. Under ordinary conditions, manufacturers are justified in trying to

Jan 1, 1919

By C. E. Lesher

THE Disco* process for the production of low temperature coke and its immediate predecessor, the Wisner or Carbocite process have been described in the voluminous literature of low temperature carbonization.1-4 This paper will describe the development of the process from the first attempt at commercial operation by the American Gas and Electric Co. at Philo, Ohio,' in the 1920's to the successful operation in 1949 by the Disco Co., a division of the Pittsburgh Consolidation Coal Co., of the 1000-ton per day Disco plant near Pittsburgh, see Figs. 1-2. In the 1924 coal industry depression following the hectic post World War I expansion, the northern Appalachian, unionized bituminous coal fields were affected first and foremost, and Western Pennsylvania as hard as any. Competitive market pressure was heaviest on the lower grades of steam coals, notably those from the Panhandle district where ash and sulphur are inherently higher than in the same Pittsburgh coal bed to the east along the rivers. The firm structure of Panhandle coal while favoring the prepared sizes, depressed the usefulness and value of the finer sizes. Panhandle slack and nut slack were marketed with difficulty at consistent, and at times considerable, loss. Many solutions were suggested, and the Pittsburgh Coal Co. investigated all. Lower delivered prices through lower mine costs and more advantageous freight rates were obvious goals, but equally obvious were the difficulties of self attainment of either in any substantial measure. Selling Btu's in pipes was abandoned as an idea after a thorough study of the economics of distribution of what was then, and is even now, the only developed continuous process of complete gasification of bituminous coal-producer gas. Although the coal company purchased huge blocks of electric power, it sold not a car of coal to the central power stations. Public utilities controlled the markets for electric current, and it was found that no matter at how low a cost current might be put on the bus bars by the coal company, distribution to its widely scattered coal mines made such an enterprise practically impossible. Consolidation of underground operations and a huge modernization program of mining operations in the 1920's were but preparation for the introduction of mechanical cleaning of the coal for market, particularly the smaller sizes of steam, gas, and by-

Jan 1, 1952

By Paul D. Tomlingson

Part one of this two-part series covers conceptualizing and developing a maintenance information system. It explains what information is necessary to manage such a system. Next month, part two will discuss using this type of system with administrative information, including error and absentee reports as well as open work files. Introduction There is no doubt that quality, timely, and accurate information can make a solid contribution to maintenance cost reduction objectives. Yet, despite obvious benefits, methods being used to acquire information systems are proving costly, frustrating, and often unsuccessful. Those needing the information are disappointed. Mine managers, hoping to reduce costs with quality information, are instead seeing no system, no savings, and massive spending on information endeavors of questionable benefit. Options Any software vendor will happily sell you his program. Numerous mining organizations, having "gone to the cleaners" themselves, will gladly make their programs available to help cover huge trial and error development costs. Any package can only be a generalization. Any program bought from some other organization must undergo numerous modifications to make it work properly. In the process the initial cost is doubled. Many mining maintenance organizations do not know how to go about the task of conceptualizing, developing, installing, and effectively using a maintenance management information system. Consequently, many have hedged their primary responsibility of specifying what information they want, how they will get it, and how they will use it effectively. Into this void have jumped many who claim they can help. But some may not understand the special information needs of maintenance in the mining industry. By default, the whole scene of maintenance information systems has become confused and in need of clarification. A Starting Point Four broad phases are used to organize the steps by which maintenance acquires an effective maintenance management information system and initiates its use. Conceptualization is an identification of needs, factors that influence development, and an assessment of support for the system. Development is a plan of action for bringing the conceptualized information system to life. Consideration is given to the practical aspects of collecting field data, processing it, and converting it into useful information. Implementation consists of those actions by which the newly developed system is integrated into the organization and put in the hands of its personnel so that its value can be derived. Use addresses the means by which personnel use the information to accomplish maintenance improvement objectives. These phases are preceded by establishing the need for the information system. They are followed by a requirement to measure its success (Fig. 1). Conceptualizing the Information System Responsibilities - The information system user must acquire the system best suited for its use. A step-by-step process is essential to avoid many serious problems than can easily occur. The most important step is to clearly identify its objectives and lay out a course of action to achieve those objectives. The major reason for the failure to achieve information objectives is not carrying out this responsibility. Maintenance cannot delegate the task to data processing. It can obtain technical assistance but it must retain responsibility. Nor can maintenance purchase

Jan 7, 1985

By Thomas P. Bispham

INTRODUCTION From the lender's point of view, the greatest period of risk in a project financing occurs during the construction phase. Therefore, most projects are supported during this phase by completion guarantees supplied by some credit-worthy entity; for example, the project sponsors in the case of a joint venture, such as that of W.R. Grace, Hanna Mining, and Liberty Capital; or by a strong contract with a utility or foreign importer/investor, such as the way North American Coal Corporation has structured many of its transactions. THE PROJECT LOAN REQUEST A project financing is a more complex form of term loan than one using an ongoing corporation's balance sheet as a credit base and, therefore, a potential lender will subject the loan request to a more rigorous analysis. To support this effort, the financial institution will require a more detailed information memorandum to evaluate the credit and technical risks of a project - especially since much of the necessary information is not otherwise available. (See also Gibbs and Sroka paper above in this Chapter) A well-prepared information memorandum will impress prospective lenders with the planning ability and general competence of management. Also, the process of preparing the memorandum will help management understand the true extent of the opportunities and limitations of its venture. Appendix A outlines the topics which comprise a complete information memorandum for a loan request. Of some interest to those seeking to sell a currently-operating mining venture, a similar information memorandum should be prepared i.e., covering the same topics discussed here, for the investment banker to use with potential purchasers. For that purpose, though, one might not want to prepare quite as much detail as for a lender. Appendix B outlines the elements of a reserve evaluation and feasibility study, often called the "Bankable Document." Usually, these studies are prepared by independent engineering consultants for use by potential borrowers and sellers. (Potential purchasers will often contract for a similar study for their use in evaluating an acquisition.) ELEMENTS OF A LOAN INFORMATION MEMORANDUM 1. Outline: The information memorandum should begin with a one-page outline covering such topics as: a. The borrower's name, address, and phone number. b. Principal contact at the borrower. c. Amount of the proposed financing. d. Desired pricing and structure of the proposed financing. This should include a description of the amount and source of equity in the proposed financing. e. Use of the proceeds and timing. 2. Summary: The most important information contained in the memorandum should be summarized in two pages. Note - If the borrower is a recently-formed single-purpose company, then elements 3, 4, and 5 will apply to the guarantors of completion and to the project sponsors. 3. The Borrower: This section is a brief biography of the borrower including such topics as date and state of incorporation, founder(s), lines of business, etc. 4. Capitalization: The borrower's current debt and equity position, including leases and trade debt, with amounts, terms, names, and addresses enumerated. Equity owners, and percentage ownership, should be identified. 5. Historical Financial Statements: If available, a minimum of five year's worth of complete historical financial statements

Jan 1, 1985

By Donald W. Scott

Generally speaking, there is nothing very difficult about taking good microgrztphs of photogenic thin sections or grains with a petrographic microscope-camera setup. However, sometimes it is desired to show some detail that cannot be illustrated satisfactorily by the usual micrographs taken with parallel polarized light, with crossed nicols, or even with two micrographs. A simple procedure giving good results has been used at Battelle Memorial Institute for subjects falling into this classification, and it is believed to be of interest, especially to research people who must sell a point to executives through the medium of well-illustrated reports. The following problem illustrates a typical application: It is desired to photograph a thin section of an iron ore to illustrate the character and association of the iron oxides and the individual quartz crystals. A magnification of 75 dia. is acceptable. A micrograph of the field in question (Fig. Ia) was taken with parallel polarized light. Due precaution was taken to provide critical illumination, correct exposure, a sharp focus, a good darkroom technique, and other essential conditions. It illustrates correctly the iron oxides, but it fails to show the individual quartz crystals. A micrograph of the identical field (Fig. Ib) was taken under the same precise conditions, but with crossed nicols. It gives a better idea of the character of the individual quartz crystals but is likely to be misinterpreted unless accompanied by a lengthy descriptive note. This micrograph suggests that the centrally located, large black area is composed entirely of iron oxides. That this' is an incorrect interpretation is evident by reexamining the micrograph of Fig. Ia. The correct interpretation is that the dark area contains quartz crystals oriented with their optical directions parallel to, or nearly parallel to, the vibration directions of the polarizer and analyzer of the microscope. Thus, the executive, or anyone who had not done the work personally, would get no more than a fair interpretation, even if two micrographs were included; and in the interests of both brevity and clarity, one micrograph usually is more desirable. Exactly how many quartz crystals occur in this region cannot be told from the two micrographs, and a printing of the two negatives in register would likewise not show the detail desired. Thus, it is evident that some subjects cannot be satisfactorily illustrated by the usual procedures. In photographing Fig. Ic the light was subdued and, during the entire exposure of 75 sec., the analyzer nicol was rotated uniformly in its mounting from a crossed position to 45° uncrossed position to introduce the desired amount of contrast in the various individual quartz crystals. The true reproduction of the character and association of the iron oxides, and the additional structure and detail in the quartz areas, is apparent. It might be

Jan 1, 1949

By G. W. Josephson

Since the earliest years of recorded history the durability and protective qualities of asphalt and tar have been known and utilized. The mummies of early Egyptian kings were coated with asphaltic materials, and asphalt mastics were common in Babylon. However, according to various authorities, it was not until 1780 that the first forerunner of present-day composition roofing was discovered,l and the large-scale expansion of the industry has taken place since 1900. Historical Background Development was stimulated by the growing popularity of manufactured gas. The by-product tars from these operations accumulated in large waste piles that had no commercial value and were a source of annoyance and expense to the gas companies. These tars were offered at very attractive terms to anyone who would take them away, and the infant "composition" roofing industry benefited accordingly. At first the process consisted simply of dipping sheets of burlap or other fabric in a tank of molten tar or asphalt. The long strip of roofing was rolled up for convenient handling, and the early experimenters soon found that it was necessary to dust the surface of their new "roll roofing" with some kind of material that would prevent the tarred surfaces from sticking together. Any finely divided, low- priced local material like sand or fine gravel served this purpose and from its application the roofing-granule industry grew. As time went on other characteristics of a properly applied mineral surfacing were recognized. As with wooden shingles, tar and asphalt can be ignited by flying embers from near-by fires. It was found that by increasing the largest particle size to the maximum that could be successfully embedded, and by properly controlling the amount of smaller fractions retained in the grade so as to cover the asphalt completely a high degree of resistance to fire was attained. Needless to say, in this early period asphaltic roofing needed such selling points to gain acceptance in a field dominated by wood, slate, and tile. When asphalt is protected from the sun's rays it is extremely durable, but when exposed to sunlight its surface is comparatively rapidly decomposed. Completely covering asphalt roofing with mineral surfacing protects the asphalt and adds materially to the life of the roof—conservatively, 500 per cent. Slate Graftules In the production of split slate shingles a large quantity of waste slate is accumulated, as 60 to go per cent of the rock quarried is discarded. This waste was a continuing burden on the industry. Some was marketed as ground slate flour for filler in paint and linoleum, and there is a record that as early as 1906 two carloads of coarse screenings from slate flour were marketed as granules for surfacing roofing. This new field appeared to the slate Pro-

Jan 1, 1948

By G. W. Josephson

Since the earliest years of recorded history the durability and protective qualities of asphalt and tar have been known and utilized. The mummies of early Egyptian kings were coated with asphaltic materials, and asphalt mastics were common in Babylon. However, according to various authorities, it was not until 1780 that the first forerunner of present-day composition roofing was discovered,l and the large-scale expansion of the industry has taken place since 1900. Historical Background Development was stimulated by the growing popularity of manufactured gas. The by-product tars from these operations accumulated in large waste piles that had no commercial value and were a source of annoyance and expense to the gas companies. These tars were offered at very attractive terms to anyone who would take them away, and the infant "composition" roofing industry benefited accordingly. At first the process consisted simply of dipping sheets of burlap or other fabric in a tank of molten tar or asphalt. The long strip of roofing was rolled up for convenient handling, and the early experimenters soon found that it was necessary to dust the surface of their new "roll roofing" with some kind of material that would prevent the tarred surfaces from sticking together. Any finely divided, low- priced local material like sand or fine gravel served this purpose and from its application the roofing-granule industry grew. As time went on other characteristics of a properly applied mineral surfacing were recognized. As with wooden shingles, tar and asphalt can be ignited by flying embers from near-by fires. It was found that by increasing the largest particle size to the maximum that could be successfully embedded, and by properly controlling the amount of smaller fractions retained in the grade so as to cover the asphalt completely a high degree of resistance to fire was attained. Needless to say, in this early period asphaltic roofing needed such selling points to gain acceptance in a field dominated by wood, slate, and tile. When asphalt is protected from the sun's rays it is extremely durable, but when exposed to sunlight its surface is comparatively rapidly decomposed. Completely covering asphalt roofing with mineral surfacing protects the asphalt and adds materially to the life of the roof—conservatively, 500 per cent. Slate Graftules In the production of split slate shingles a large quantity of waste slate is accumulated, as 60 to go per cent of the rock quarried is discarded. This waste was a continuing burden on the industry. Some was marketed as ground slate flour for filler in paint and linoleum, and there is a record that as early as 1906 two carloads of coarse screenings from slate flour were marketed as granules for surfacing roofing. This new field appeared to the slate Pro-

Jan 1, 1948

By Donald W. Scott

Generally speaking, there is nothing very difficult about taking good microgrztphs of photogenic thin sections or grains with a petrographic microscope-camera setup. However, sometimes it is desired to show some detail that cannot be illustrated satisfactorily by the usual micrographs taken with parallel polarized light, with crossed nicols, or even with two micrographs. A simple procedure giving good results has been used at Battelle Memorial Institute for subjects falling into this classification, and it is believed to be of interest, especially to research people who must sell a point to executives through the medium of well-illustrated reports. The following problem illustrates a typical application: It is desired to photograph a thin section of an iron ore to illustrate the character and association of the iron oxides and the individual quartz crystals. A magnification of 75 dia. is acceptable. A micrograph of the field in question (Fig. Ia) was taken with parallel polarized light. Due precaution was taken to provide critical illumination, correct exposure, a sharp focus, a good darkroom technique, and other essential conditions. It illustrates correctly the iron oxides, but it fails to show the individual quartz crystals. A micrograph of the identical field (Fig. Ib) was taken under the same precise conditions, but with crossed nicols. It gives a better idea of the character of the individual quartz crystals but is likely to be misinterpreted unless accompanied by a lengthy descriptive note. This micrograph suggests that the centrally located, large black area is composed entirely of iron oxides. That this' is an incorrect interpretation is evident by reexamining the micrograph of Fig. Ia. The correct interpretation is that the dark area contains quartz crystals oriented with their optical directions parallel to, or nearly parallel to, the vibration directions of the polarizer and analyzer of the microscope. Thus, the executive, or anyone who had not done the work personally, would get no more than a fair interpretation, even if two micrographs were included; and in the interests of both brevity and clarity, one micrograph usually is more desirable. Exactly how many quartz crystals occur in this region cannot be told from the two micrographs, and a printing of the two negatives in register would likewise not show the detail desired. Thus, it is evident that some subjects cannot be satisfactorily illustrated by the usual procedures. In photographing Fig. Ic the light was subdued and, during the entire exposure of 75 sec., the analyzer nicol was rotated uniformly in its mounting from a crossed position to 45° uncrossed position to introduce the desired amount of contrast in the various individual quartz crystals. The true reproduction of the character and association of the iron oxides, and the additional structure and detail in the quartz areas, is apparent. It might be

Jan 1, 1949

By G. W. Josephson

SINCE the earliest years of recorded history the durability and protective qualities of asphalt and tar have been known and utilized. The mummies of early Egyptian kings were coated with asphaltic materials, and asphalt mastics were common in Babylon. However, according to various authorities, it was not until 1780 that the first forerunner of present-day composition roofing was discovered,1 and the large-scale expansion of the industry has taken place since 1900. HISTORICAL BACKGROUND Development was stimulated by the growing popularity of manufactured gas. The by-product tars from these operations accumulated in large waste piles that had no commercial value and were a source of annoyance and expense to the gas companies. These tars were offered at very attractive terms to anyone who would take them away, and the infant "composition" roofing industry benefited accordingly. At first the process consisted simply of dipping sheets of burlap or other fabric in a tank of molten tar or asphalt. The long strip of roofing was rolled up for convenient handling, and the early experimenters soon found that it was necessary to dust the surface of their new "roll roofing" with some kind of material that would prevent the tarred surfaces from sticking together. Any finely divided, low priced local material like sand or fine gravel served this purpose and from its application the roofing-granule industry grew. As time went on other characteristics of a properly applied mineral surfacing were recognized. As with wooden shingles, tar and asphalt can be ignited by flying embers from near-by fires. It was found that by increasing the largest particle size to the maximum that could be successfully embedded, and by properly controlling the amount of smaller fractions retained in the grade so as to cover the asphalt completely a Nigh degree of resistance to fire was attained. Needless to say, in this early period asphaltic roofing needed such selling points to gain acceptance in a field dominated by wood, slate, and tile. When asphalt is protected from the sun's rays it is extremely durable, but when exposed to sunlight its surface is comparatively rapidly decomposed. Completely covering asphalt roofing with mineral surfacing protects the asphalt and adds materially to the life of the roof-conservatively, 500 per cent. Slate Granules In the production of split slate shingles a large quantity of waste slate is accumulated, as 60 to go per cent of the rock quarried is discarded. This waste was a continuing burden on the industry. Some was marketed as ground slate flour for filler in paint and linoleum, and there is a record that as early as 1906 two carloads of coarse screenings from slate flour were marketed as granules for surfacing roofing. This new field appeared to the slate pro-

Jan 1, 1944

By G. B. Gould

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

Jan 1, 1938

By G. B. Gould

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

Jan 1, 1938

By L. C. Raymond

Valuations in the mineral industry differ from those of other enterprises because mines and oil wells have a definitive life so cannot be considered a perpetuity. This requires that in any mineral-property evaluation the recovery of invested capital is necessary during the life of the property. Capital writeoffs for nonextractive industries are assumed to be continuously plowed back to sustain the operation and produce yields on the capital invested. The extractive or mineral industry, however, generally attempts to return to the investor both interest and principal during the life of a property. Normally this is done currently and the dividend includes both items. Where the mineral properly possesses large reserves and the life factor approximates a perpetuity, the return on investment is generally comparable to that of industrial stocks. The valuation of a mineral property, at best, is based on educated estimates and judgment factors. This is particularly true as it relates to estimating selling prices over a long term or assessing the quality of management. Also, it is possible to make various assumptions as to rapidity of working out the deposit, varying time for start-up of operations, varying earning rates, so as to obtain different results with the same basic facts. Thus it is not surprising that two engineers, irrespective of their abilities, may not agree exactly even when given the same facts, but their results should be close enough to be used in establishing a fair value for trading purposes. The valuation is no better than the source of basic data and the soundness of judgment factors. Fundamentally the basic principles of mineral valuation are similar for base metals, sulphur, oil, or any other mineral. Each mineral, however, requires an engineer to have a knowledge of such factors as its occurrence, distribution, mining and processing methods, and marketing problems in order to gather and analyze all the facts and data that have a bearing on the earning potential of the property. PRESENTVALUEOFAMINERALPROPERTY In essence the present value of a mineral property is a sum of money in today's dollars that future earnings from the property are worth. It differs

Jan 1, 1959

By L. C. Raymond

Valuations in the mineral industry differ from those of other enterprises because mines and oil wells have a definite life so cannot be considered a perpetuity. This requires that in any mineral-property evaluation the recovery of invested capital is necessary during the life of the property. Capital writeoffs for nonextractive industries are assumed to be continuously plowed back to sustain the operation and produce yields on the capital invested. The extractive or mineral industry, however, generally attempts to return to the investor both interest and principal during the life of a property. Normally this is done currently and the dividend includes both items. Where the mineral properly possesses large reserves and the life factor approximates a perpetuity, the return on investment is generally comparable to that of industrial stocks. The valuation of a mineral property, at best, is based on educated estimates and judgment factors. This is particularly true as it relates to estimating selling prices over a long term or assessing the quality of management. Also, it is possible to make various assumptions as to rapidity of working out the deposit, varying time for start-up of operations, varying earning rates, so as to obtain different results with the same basic facts. Thus it is not surprising that two engineers, irrespective of their abilities, may not agree exactly even when given the same facts, but their results should be close enough to be used in establishing a fair value for trading purposes. The valuation is no better than the source of basic data and the soundness of judgment factors. Fundamentally the basic principles of mineral valuation are similar for base metals, sulphur, oil, or any other mineral. Each mineral, however, requires an engineer to have a knowledge of such factors as its occurrence, distribution, mining and processing methods, and marketing problems in order to gather and analyze all the facts and data that have a bearing on the earning potential of the property. PRESENT VALUE OF A MINERAL PROPERTY In essence the present value of a mineral property is a sum of money in today's dollars that future earnings from the property are worth. It differs

Jan 1, 1964

By R. J. Roman

Introduction This paper attempts to describe the characteristics of the industrial minerals segment of the minerals industry that make it different from the other segments. Also described are the trends, strengths, and shortcomings in the industrial minerals segment. This may help professionals in the minerals industry determine if there is a place for them in industrial minerals. Industry Overview It is difficult to generalize when describing the industrial minerals industry. Some products, such as cement and potash, are produced exclusively by large, well capitalized and technically sophisticated companies. Others, such as sand and gravel, are generally produced by small, family-owned companies operating on a shoestring budget. Still other products, such as feldspar, are produced by both types of companies. Not only are the companies vastly different, the products and marketing of their products are also different. Industrial mineral products are sold based on their physical characteristics (abrasives), or their chemical characteristics (trona), or both (glass sand). Marketing can be direct by the producing plant, a corporate office handling products form several plants, or through distributors. The geologic, mining, and processing skills needed can be minimal or sophisticated. There can even be large differences in the technical skills needed in two plants producing the same product. One feldspar producer may only need to mine and grind his ore, while another may use a delicate flotation process. One easy generalization is that there are industrial mineral operations in all geographic locations. A second is that industrial minerals offers more opportunities to entrepreneurs than the metals field because of the variety in the sizes and types of operations. Industry Growth Industrial minerals must be considered a mature industry. Consequently, little exciting growth can be expected. Over the past 30 years, industry sales have grown at a rate of 6.2%, compared to a 6.7% growth rate of the GNP (Kliff, 1978). A 3.8% growth rate has been forecast for the remainder of this century. The fortunes of those plants producing a product for local consumption will depend on the prosperity of the local economy. The fortunes of those plants that sell into the national market will depend on their competitiveness in their industry. Major industrial mineral products are shown in Table 1. The first three commodities account for 66% of the industrial minerals market. Typically, deposits of stone, sand and gravel, and the limestone, silica, and clay needed for cement are easy to find and mine. Role of Mining Engineers and Geologists Because a sophisticated techcical knowledge of geology or mining is not required, very few geologists and mining engineers are employed in industrial minerals. Geologists working for these companies function less as geologists than managers and executives dealing with permitting and land acquisition. Likewise, mining is done mostly by open-pit methods. It is generally supervised by an individual experienced in the operation and maintenance of heavy equipment, not a mining engineer trained in rock mechanics or computer methods of mine planning. What of the geologists and mining engineers employed by the industrial minerals industry? Many gained their positions as a result of their experience dealing with the regulatory agencies that control the operations of all mines and mills. Their technical expertise in geology or mining becomes only a side benefit. Finding and mining industrial minerals does not generally require the concentrated efforts of geologists and mining engineers. But the processing of the ores does

Jan 2, 1985

By Rush Greenslade

The oil and gas lease is the basic contract of the oil and gas industry; it is the foundation stone upon which the producing industry, particularly, is based. As the industry is precarious and highly speculative, the foundation contract should be of the utmost integrity and certainty. But right there an anomaly exists; the oil and gas lease is the most obscure, most uncertain, doubtful contract in the realm of law today. That is a condition that must be considered when taking oil and gas leases, and when buying, selling, and holding them. It may fairly be asked why should this industry rest upon so insecure a foundation. Why should not the oil industry rest upon the contract that is the basis of all industry, the warranty deed? There are many contributing reasons, but the principal one is business expediency. The Anglo-Saxon idea of ownership of land is that every land owner owns from the center of the earth to the sky—all that is above and all that is below—consequently the oil and gas are owned by the person who owns the surface. That idea is not exactly true with reference to oil and gas, for many states have adopted the doctrine that oil and gas are like wild animals; they are fugacious and migratory and belong to the man that traps them. But, except for that doctrine, we believe that oil and gas are owned by the owner of the surface, wherein we differ from the Latin-American countries where the mineral rights are owned by the government. The United States was settled largely by homesteading. The owners of land were, in the main, farmers, who did not have the means or the faith to drill for oil or gas. The operators or speculators did not want to buy the land on the mere possibility of finding oil; hence a compromise resulted by which the land owner gave the speculator or the operator what he called an oil and gas lease, or a right to go upon his land and drill for oil and gas. What is supposed to be the first oil lease placed on record reads as follows: Agreed this 4th day of July, a.d. 1853, with J. D. Angier of Cherrytree township in the county of Venango Pennsylvania that he shall repair up and keep in order the old oil springs on land in said Cherrytree township, or dig and make new springs, and the expense to be deducted out of the proceeds of the oil, and the balance, if any, to be

Jan 1, 1924

The Enquirer of October 13, 1835 carried a letter signed "G," calling attention to the great number of Virginians who were leaving the state and to the lack of enterprise shown in not developing the ample natural resources available. He mentioned coal in particular and in closing said: "Besides the coal mines owned by individuals, the Black Heath company of colliers are carrying on extensive operations. Owing to the derangement of the currency, and the immense expenses incurred in boring and sinking new shafts, I understand that their dividends have not yet been so large, as they may be confidently expected in future.-Another company, under the title of the Midlothian Coal Mining Company, is now about being organized by the Messrs. Wooldridges of Chesterfield, for the purpose of establishing an extensive coal business. Having examined the lands embraced in the charter and the principles upon which the company is designed to be organized, I am persuaded that more productive stock can no where be found. The charter embraces a space nearly equal to a mile square, adjoining the mines of the Black Heath company, those of Mr. N. Mills, and those of Stone Henge, which space must contain coal of great thickness of excellent quality, as the strata of coal of those other mines pass through it; exhibiting a field so extensive, that centuries may elapse before it is exhausted. A shaft has been sunk on these lands, from which a very large quantity of the best coal is being raised. The terms of the charter require the Proprietors to sell one-half of these lands and mines, from the sale of which they will appropriate $100,000 as permanent capital, to purchase hands and engines, and to sink other shafts to work the property and thus going into operation with such decided advantages, as to produce a profit as great as a reasonable man should desire. Here is an opportunity for investing capital, which I think should satisfy the wishes of many Virginians who speak of emigrating. Will they not embrace it?-I have confined my remarks to the coal mines, because they are in the heart of our State, and their operations are familiar to many who can verify the statements. I might extend them to the other mineral treasures of our State; but if I do so, they must be reserved for another number, this being longer than I intended, and perhaps longer than you can conveniently find room for in your crowded columns. G." In January 1828 the Tuckahoe Canal Company was authorized to construct a canal along Tuckahoe Creek, from the James River up the stream about five miles; later this was amended to allow the use of the stream with a depth of water of two feet, no tow path was required, or provided: A toll of one cent per bushel was collected and the canal company made large profits. The service was so poor that in December 18, 1835, John G.,

Jan 1, 1942

By D. A. Gulley, L. J. MacDonnell, William A. Vogely

INTRODUCTION Environmental impacts are most commonly associated with air and water pollution. Not- withstanding this fact, to many people the primary disruption caused by mineral extraction is the change in the character of the locale. That is, the environmental impact of mining includes, but is not limited to, the generation of residuals. The dramatic transformation of wilderness or rural land often creates strong reactions to mineral development. Thus, the basic issues of land use management are a useful addition to environmental discussion. In this section, we take up a discussion of federal, state, and local land use management regimes, along with a brief introduction to the potential role of economic analysis. Elsewhere in this volume, land management issues are discussed from other orientations, and the interested reader may wish to look there as well. Locatable Minerals on Federal Lands Legislation and Administration: Access to hard-rock minerals on the public lands is governed by the General Mining Law of 1872. This law declares that "valuable mineral deposits in land belonging to the United States . . . are hereby declared to be free and open to exploration and purchase . . . ." In order to initiate rights, prospectors are required to physically stake claims of specified sizes and shapes following basic procedures set by federal law which may be supplemented by the individual states. Rights to these claims are protected at the exploration stage so long as actual possession is maintained and diligent exploration activity is underway. If a valuable mineral deposit is discovered on the claim, the claimholder earns the exclusive right of possession as against private parties so long as the claim is properly maintained. To maintain this exclusive right the claimholder must per- form $100 worth of labor or improvements, known as assessment work, on each claim every year and make related annual filings with the U. S. Department of the Interior. If the existence of a valuable mineral deposit can be demonstrated, and other legal requirements are met, the claimholder may receive a patent giving full title to the claimed land, including the surface in most cases. The purchase price is either $2.50 or $5 .OO per acre. The Mining Law has remained largely un- changed by legislative amendment during its now more than 100-vear existence. However, while the law itself has not changed, its interpretation and administration have changed considerably. Written at a time of rapid western expansion of the U.S. following the Civil War, the intent of the law was to promote mineral development by inviting unrestricted prospecting and by selling the lands containing mineral deposits at a minimal charge. As federal land policy shifted from one of rapid disposal into private ownership to one of retention and management for a number of uses, mineral patenting requirements have been administered more strictly. The most critical issue concerns what must be demonstrated to establish the existence of a valuable mineral deposit. The so-called "prudent man" standard was established in the case of Castle v. Womble (19 L.D. 455 (1894)):

Jan 1, 1985

By Dale W. Norris, John A. L. Campbell

INTRODUCTION Optimization, as measured by productivity gains, is being achieved in our nation's preparation plants principally by automation, economy of scale, and reducing maintenance. Increased tonnage per unit of investment, a1 so a measure of optimization, is being achieved by breaking with tradition and increasing plant utilization, while simultaneously improving on equipment re1iabi1ity. Improved qua1ity, another measure of optimization, is being attained through technical innovation. This review will concentrate on state-of-the- art unit operations and processes, and will not discuss emerging new technologies which are covered in detail in other presentations of this symposium. It is recognized that much of what will be discussed in this paper is not unique to the fine coal circuit, but is equally applicable to the entire preparation plant. However, the areas reviewed are the principal means being used today to optimize an existing preparation plant's fine coal circuit. Prior to designing and optimizing a fine coal cleaning circuit, the question that must first be answered is, "Do we even want a fine coal circuit? This is a much more complex question than is readily apparent, as most of you recognize. It can be argued either way. In the final analysis the "bottom line" will hold (Blackmore, 1982). If your sales contract a1 lows it, and the selling price can justify it, you most assuredly want to build a fine coal circuit into your preparation plant. In general today, most new preparation plants do have fine coal cleaning circuits. The purpose of fine coal cleaning has changed with time. Some of the early applications of fine coal cleaning were to prevent stream pollution rather than to prepare a product for market (Merrill a Pennington, 1962). During the 50's, 60's and into the 70's the principal thrust of fine coal cleaning was in metallurgical coal preparation. More recently, the emphasis of the 80's is on steam coal processing. There is no consensus on what is fine coal. Traditionally, fine coal would be anything below 1/4" in size. Because of the advances being made in intermediate coal cleaning processes, i.e. heavy media cyclones and jig cleaning, this discussion will define fine coal as -28 mesh (Aplan, 1987). Figure 1 is a plot of the size ranges of a large number of U.S. bituminous coals. In general the -28 mesh fraction of a bituminous coal will be between 7% and 18% of the ROM feed with reported ranges of 5% to 40% (Aplan, 1987). Consequently, traditional fine coal cleaning is general 1 y involved with a re1 actively mi nor portion of the coal feed. Every effort is taken both in terms of mining and preparation to keep it that way because of the high cost of cleaning fines. The move away from this posture, namely, the techniques to fine grind coal to liberate pyrite is probably the biggest challenge facing fine coal processing today.

Jan 1, 1988

By R. Carpenter, H. Muntanion, P. Kleespies, E. Flood, M. Tansey

Abstract - BHP Minerals discovered the Archean lode gold ULU deposit on the western margin of the High Lake Volcanic Belt in 1989. The greenschist to amphibolite facies mafic volcanic and sedimentary rocks on the property are folded into a 5 km-long anticline. There is a close spatial association of Au-As zones to the trace of this F2 ULU anticline. The largest of these auriferous zones, the Flood zone, is localized at the core of the fold. The southeast-trending Flood zone consists of several anastomosing lenses that have been traced for 435 m on surface. Overall, it dips steeply (70° to 80°) to the southwest and has been intersected to depths below 600 m. The hosting high-iron tholeitic basalt displays a lower amphibolite mineral assemblage of ferrohornblende + plagioclase + ilmenite with accessory quartz and epidote. Alteration minerals include biotite, chlorite, hornblende, actinolite-tremolite, and potassium feldspar (microcline) with minor calcite, epidote, tourmaline, and titanite. The highest gold values occur where brecciated basaltic wall-rock clasts are replaced by acicular arsenopyrite + quartz + K-feldspar. BHP Minerals completed 54,783 m of both exploration and resource development drilling before selling the ULU property to Echo Bay Mines in 1995. Development of ULU as a satellite deposit to Echo Bay’s Lupin mine began in 1996. A -15% ramp was extended to the 155-meter level, and 16,011 m of underground drilling were completed before the decline in gold prices forced a suspension of activities at ULU in August 1997. The current owners, Wolfden Resources Inc., drilled 18,569 m in 2004 to increase confidence in the resource blocks. Following this drill program, a revised resource calculated by an independent consultant determined that the ULU deposit contains an inferred/indicated mineral resource of 1,130,000 t grading 11.34 g/t gold (373,748 oz) to the 360-m level. The portal was re-opened in 2005 and a prefeasibility study is underway.

Jan 1, 2004