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By L. J. Parkinson

IN striking contrast to American mining engineering schools, in Europe a new president, known as the Rektor Magnificus, is elected each year or alternate year. An exception is Italy, where election is for a period of three years. The Rektor, who is elected by the full professors, must also be a professor and full-time member of the faculty. In most cases there is a Senate, composed of 5 to 14 full professors, some elected and some appointed, which controls the Rektor in policy decisions, but in some institutions there is no such controlling body. In the same way deans for each faculty or college are selected at the same intervals from among the full professors concerned.

Jan 1, 1958

By Lewis Smith

CHROMIUM is one of the new metals, but considerable research has been required to determine an approximate record of its production from 1827 until the present. Its use in the form of pure metal is not extensive; of the chromite mined, about one-half is required for making ferrochromium, about two-fifths goes directly into refractories and the remainder is absorbed chiefly by the chemical trades. The industries that demand chromite for such uses are mainly in countries that produce little chromite, while the important chromite-producing countries are not generally consumers. The international flow of chromite is therefore of interest, as yell as the political and commercial control of resources of the metal.

Jan 1, 1931

By P. Sanchez-Mejorada

GEOLOGISTS who are acquainted with the mines of northeastern Mexico realize that the most important lead-silver replacement deposits of the province are confined to a single formation. But since the formation is several hundred meters thick, the author has determined the relative position of the lead mantos in the belief that this information will prove useful in the search for new mines. This article describes the stratigraphic location of lead-silver replacement deposits known in several mines situated in a region comprising part of the states of Coahuila and Nuevo Leon. The area studied extends for 200 km* (125 miles) from east to west and 70 km (45 miles) north to south.

Jan 1, 1958

By W. B. Frank

Events of the mid-1970s have materially affected US coal production and transportation by railroad. Coal, as a replacement or substitute for petroleum fuels, has been hauled in significantly increased tonnages. Concurrent with the new demand, the railroad regulatory environment has undergone major changes, especially in deregulation activity. Those two events have produced considerable litigation regarding coal rates. This paper discusses the factors involved with railroad rates and topics such as revenue adequacy, Ramsey Pricing, stand-alone cost, and differential pricing. In addition, an update on the western railroad merger situation and the implications for coal transportation are presented. The paper concludes with an evaluation of the current regulatory climate and future prospects.

Jan 1, 1985

By F. C. Miller

THE metallurgical fuel of Colorado, Utah, and New Mexico has been a very tardy member in the caravan of western industrial progress. The history of western coke has naturally been closely related to the development of the metallurgy of iron and steel and the precious metals, in the State of Colorado. It was at Leadville, with a population of 300 in 1877, that the Sentinel was published by Richard S. Allen. The Sentinel gave very full accounts of the various mineral discoveries at the new town of Leadville, which found their, way to the more widely circulated journals of the East, and attracted the attention of many people. At the close of 1878, a census showed a total of 5040 persons. The first smelter was established in 1877, at Malta, two miles from Leadville, by A. R. Meyer, but was not successful. It was succeeded by the Harrison Reduction Works, in 1878. The La Plata began with one furnace in June, 1878, and in 1879 had four furnaces in active operation. These furnaces used charcoal for fuel, and, because of hot tops, suffered a tremendous loss in lead and silver. This difficulty was overcome by the erection of 50 single-bank 10-ft. beehive ovens at Crested Butte, Colo., in 1880. The slack coal sent to these ovens was very pure, and yielded a coke carrying as little as 4.5 per cent. ash. Among the pioneers in the Leadville district were Grant, Eddy, James, Billings, Eiler, and Dickson. To these men the West owes the present expansion of its mining industry, and the erection of metallurgical processes for the treatment of precious metals.

Jan 8, 1918

By Frederick Prime

IN this supplementary list no titles to which an * is prefixed have been seen by the compiler; and he will be most thankful to have any omissions or inaccuracies in the list sent to him to be published as a second supplement in the next volume of the Transactions. The author is indebted to Messrs. Robert Clarke, of Cincinnati ; Thomas Macfarland, of Towanda; Professor F. W. Simouds, of Chapel Hill; and Professor J. J. Stevenson, of New York, for valuable assistance. CEDAR POINT IRON COMPANY, BALTIMORE, July 31st, 1880. ALABAMA. Geological Survey of Alabama. Report of Progress for 1877 and 1878 ; by Eugene A. Smith, State Geologist. Montgomery, 1879. 8vo., 139 pp., and 4 maps.

Jan 1, 1880

By J. V. Gluck, Ping-Wang Chiang

The tellurium-rich region of the Sb-TI-Te ternary system was investigated by means of DTA, metallo-graphic, X-ray, and electron beam microprobe techniques on the sections Sb2Te3-T12Te3, SbTlTe2-Te, SbT1Te2-Sb2Te3, and SbTlTe2-T12Te3. The phase behavior of this region is summarized in terms of four ternary invariant reactions and a schematic reaction diagram is suggested. Isopleths for the sections SbT1Te2-Sb2Te3, Sb2Te,-T12Te3, and SbTlTe2-Te were constructed, and a schematic diagram of the projections of the liquidus lines and invariant planes is presented. No evidence was found to support the existence of the ternary compound "SbTlTe3", or pseudo-binary behavior of the section T12Te3-Sb2Te3, as reported by Borisova and Efremova. Electrical conductivity, Seebeck coefficient, and thermal conductivity measurements were made at room temperature on fully annealed samples. 1 HE phase relationships in chalcogenides are often complex and difficult to resolve, particularly since the approach to equilibrium is a rather slow process. For example, the phase diagram of the T1-Te binary system was in doubt until clarified by Rabenau et al.,1 the phase fields at compositions near Bi2Te3 in the Bi-Te binary system have only recently been satisfactorily elucidated by Glatz,2 and there may still be some question as to the extent of the Sb2Te3 field in the Sb-Te system.3-5 In ternary systems, the existence of the compound "AgFeTe2" was the subject of a number of conflicting reports6-8 and the stoichiometry of the composition "AgSbTe2" was in doubt for a period of time.9 Recently, questions have arisen regarding the existence of certain compounds in the ternary systems Bi-Tl-Te10-14 and Sb-Tl-Te.15 The impetus for studies of these latter systems stemmed from the report of Borisova et a1.10 of a congruently melting ternary compound, "BiTlTe3", which apparently had extremely favorable thermoelectric properties for room-temperature cooling applications. Attempts by other investigators to produce the compound or confirm the transport properties proved to be unsuccessful.12-14 Recently, Chiang and Gluck14 reported studies of the phase relations in the tellurium-rich region of the Bi-T1-Te system which indicated that the section T12Te3-Bi2Te3 was not pseudobinary as suggested by Borisova et a1.10 The contention of Spitzer and sykes12 was supported that the composition "BiT1Te3" was multiphase, with the primary constituent actually being BiTlTe2, a compound whose existence has been well demonstrated.16,17 The investigation reported in the present paper was prompted by a later report of Borisova and Efremova15 on a similar study of the section T12Te3-Sb2Te3 from the Sb-T1-Te system. They also claimed this section to be pseudobinary, and that a ternary compound "SbTlTe," was formed peritectically. Some "preliminary" crystallographic data were given for the compound and thermoelectric transport properties were presented. In view of the questions concerning the behavior of the Bi-T1-Te system and the existence of the compound "BiT1Te3" it was suspected that the Sb-T1-Te system might behave in a similar fashion, particularly in light of the known existence of a compound SbT1Te2, iso-structural with BiT1Te2.17 Consequently, an investigation was undertaken to clarify the phase relationships in the tellurium-rich region of the Sb-T1-Te system. It is the purpose of this paper to present the results of this study, including a representation of the phase relations, isopleths for various composition sections, and the determination of some phase compositions and transport properties. EXPERIMENTAL PROCEDURES Commercially available high-purity (99.999+ pct) elements, purchased from the American Smelting and Refining Co., were used for the sample preparation. All samples were made from thoroughly mixed powders of previously prepared master alloys: SbTlTe2, Te, Sb2Te3, and T12Te3. Stoichiometric quantities of the constituents for each 10-g sample were weighed into a specially cleaned fused silica tube and sealed under a vacuum of better than 5 x 10-5 torr. The sealed constituents were fused and reacted at 650° to 750°C for at least 4 hr under continuous agitation in a "rocking" furnace, and the resulting product was air-cooled. The tube was opened and the sample was ground to a powder. A portion of the powder was rebottled in a DTA tube under vacuum, and the rest of the material was similarly resealed in a separate tube, re-fused in the rocking furnace, and again cooled to make the ingots for electrical and microstructural studies. All samples were subjected to further heat treatments as discussed in the section on experimental results. Each DTA tube was made of 7-mm-OD fused silica tubing with a concentric 2-mm-ID depression about 4 mm long formed in the bottom to accommodate a thermocouple. The size of a DTA sample was 0.5 to 1.0 g. An Aminco Thermoanalyzer whose accuracy was within 2°C18 was used for the DTA measurements. The metallographic samples were prepared by conventional techniques. A solution of FeCL dissolved in a methanol-HC1 mixture was found to be the most satisfactory etchant. Electron beam microprobe scanning and point-count examinations were made on polished and unetched samples using an ARL Electron Microprobe at an electron beam voltage of 20 kv. The detectors were set to receive characteristic La1 radiation. Calibration standards of the pure elements were incorporated in each sample mount; quantitative point counts were calibrated by a method similar to Ziebold

Jan 1, 1969

PLANS for the World's Engineering Congress in Japan are rapidly taking shape. The Congress itself will be held in Tokyo in the week beginning Oct. 30, and will be followed by a second week of short excursions to points of interest, and this, in turn, by a two weeks' excursion through the Inland Sea and to Manchuria. Aside from the time each may desire to spend in Japan, from 30 to 42 days, according to route, must be allowed for travel from New York to Tokyo and return, with correspondingly' shorter time from intermediate points. The American Express Co., which has been appointed official travel agents by the American committee, has fur-nished the following estimates:

Jan 8, 1928

C. W. WASHBURNE, New York, N. Y. (communication to the Secretary *).-We are indebted to Mr. Pack for his detailed description of a rapid method of estimating the oil reserves in large fields. Although his method will give only a rough approximation of the reserves, nevertheless it is much more reliable than the saturation method. The saturation method should not be used when any other method is available. The paper describes a generalized method, which is especially useful in estimating the total resources of a Nation or State. Properly it is a method of estimating the oil that can be extracted by common methods within a given period of time. It does not account for

Jan 10, 1917

By Elwood Haynes

As in organic nature certain animal and vegetable forms have undergone modifications, and thus, as it were, fitted themselves to live in a new environment, so it has been found possible in certain instances to form new metallic combinations which are practically immune to the natural conditions that exist on the earth at the present time. A few of the metals, such as gold, silver, and the metals of the platinum group, are found native, but the commoner heavy metals are nearly always found in the form of oxides or sulphides. For a number of years I have made experiments with a view to finding certain metallic combinations or alloys which would not only resist oxidation and other harmful influences, but would also possess valuable physical properties, which would render them fit for special service. The first decisive step made in this direction was the discovery of an alloy of nickel and chromium in 1898. The properties of this alloy have already been described in a previous paper.' Immediately following the discovery of the nickel-chromium alloy, I produced an alloy of cobalt and chromium, which has likewise been described in the reference given, but the range of proportion between the cobalt and chromium is so great, and the combination is modified to such a marked degree by the introduction of other substances, that I have felt justified in reading another paper on this subject, describing more fully my researches in this particular direction. As early as 1907 and 1908,I made alloys or combinations of cobalt, chromium, and tungsten; cobalt, chromium, and molyb-

Jan 1, 1913

By Raymond Moore

THE oil-producing districts of Kansas comprise the northern portion of the so-called Mid-Continent field. As shown in the accompanying map, these districts are located chiefly in the southeastern and south central parts of the state. A considerable area in southeastern Kansas, extending northward nearly to Kansas City, has long been known as oil territory, the productive wells being distributed in patches or spots' of irregular size and shape, the location of which is controlled by conditions of rock structure, and by the texture and porosity of the "sands" beneath: the surface. In south central Kansas, there are a number of producing fields, the location of which appears to be controlled chiefly by well-defined structure. The most important districts are those in Butler County, especially that in the vicinity of El Dorado, which was for a time the most productive district in the entire Mid-Continent field. Recently new production of importance has been brought in the vicinity of Peabody and present development is active to the north across Marion County. Tests in the western parts of Kansas have not been successful in finding new petroleum fields. HISTORY The first well drilled for petroleum, in Kansas, was near the town of Paola, Miami Co., about 40 mi. southwest of Kansas City, in the summer of 1860, only a few months after the completion of the famous "Colonel Drake discovery well in Pennsylvania. Kansas appears to be the second state to engage in a serious attempt to find oil by drilling. The Civil War caused the temporary abandonment, of attempts at oil development in the state.

Jan 2, 1920

Nov. 4, 1952, AIME, Morenci Sub-section, Longfellow Inn, Morenci, Ariz. Nov. 5, AIME, Chicago Section, Chicago Bar Assn., Chicago. Nov. 8-8, New Mexico Mining Assn. and International Mining Days, joint convention, Alvarado Hotel, El Paso. Nov. 7, AIME, Pittsburgh Section, National Open Hearth Steel Committee, off-the-record meeting, Hotel William Penn, Pittsburgh. Nov. 7-8, Birmingham Technical Meeting of Southeast Section, AIME, Birmingham. Nov. 10-11, Eighth Annual Meeting of The Magnesium Assn., Hotel Biltmore, New York City. Nov. 12, AIME. Connecticut Section, Hartford, Conn. Nov. 18, AIME, Buffalo Section, National Open Hearth Steel Committee, Hotel Statler. Buffalo. Nov. 19, AIME, Connecticut Section, Hartford, Conn. Nov. 19, American Mining Congress Coal Div. Conference, Wm. Penn Hotel, Pittsburgh.

Jan 1, 1952

By G. E. Karantzavelos

Anew flotation process to recover alunite from low-grade alunite ores is described. The process begins with run-of-mine ore, reduced to less than 5 mm (0.2 in.), being preconditioned with the reagents before grinding and alunite flotation. From the preconditioning step, ore particles, impregnated with reagents, form pellets that subsequently disintegrate into the pulp during grinding. The second step is basically a standard alunite flotation step. Pilot plant test results show that an alunite concentrate assaying at least 85% alunite and less than 5% silica can be produced. Laboratory and pilot plant results were in excellent agreement, indicating that the new process is a viable means of alunite beneficiation. Plant results, using the new process, were superior to results from conventional alunite flotation procedure.

Jan 1, 1986

By Robert B. Paul

This paper describes the new lead smelter and refinery recently completed by the American Smelting and Refining company in Southeast Missouri.

Jan 1, 1970

By Marvin P. Barnes

The Sacaton open pit copper mine has recently been placed into production. Some problems have been encountered in maintaining grade control due to differences between early block estimates and actual production grade. A study was made using three methods for computing grade for 50' x 50' x 40' size blocks from exploration and development drill holes; 1) The polygonal method, 2) The inverse distance squared method, and 3) The geostatistical kriging method. The results of each were compared against a control block file created by using the assay results of all blast holes drilled in the ore over three benches of the new pit. Results indicate that the kriging technique gave better estimates for grade of individual blocks than did the other two methods for this particular deposit.

Jan 1, 1977

By B. E. Thompson, H. B. Fuqua

For a very brief description of the North Texas area, and the general geological features with which it is associated, the reader is referred to the opening paragraph of last year's summary1. A more complete discussion of the structure of the area, together with other interesting data concerning it, has been published recently by the Bureau of Economic Geology at the University of Texas2. It has been impossible for the authors to isolate the statistics for production for each of the many small pools of this district, as such statistics are not kept by operators except by counties or arbitrary divisions of counties. The total number of wells drilled in Archer, Wichita and Clay counties also has been subject to some estimate, as many of the shallower holes are not reported. While both routine development in proven or semiproven areas and exploratory drilling during 1935 showed an increase over the year 1934, the discovery of new producing areas of importance did not show improvement over that period. Several extremely local productive spots within semiproven areas were found in Archer, Cooke and Wilbarger counties; and extensions to older producing areas were developed in Archer, Baylor, Cooke, Montague, Wichita and Wilbarger counties. In Archer County, the Grace and Woods No. 1 Archer County (Fee), 4 miles northwest of Archer City, in the Thomas Glass survey, encountered a sand from 2836 to 2845 ft. of Pennsylvanian (lower Canyon) age, which showed an initial yield of 75 bbl. daily. While its production is of negligible importance, it is given special mention in this review because of the fact that it is producing from a new and deeper horizon than has been previously exploited in the county. Little deep development occurred in the district during the year. The Walter Gant No. 2 C. M. Worsham in J. M. Swisher survey, about 14 miles east of Henrietta, in Clay County, was abandoned at 5127 ft. in

Jan 1, 1936

By H. B. Fuqua, B. E. Thompson

For a very brief description of the North Texas area, and the general geological features with which it is associated, the reader is referred to the opening paragraph of last year's summary1. A more complete discussion of the structure of the area, together with other interesting data concerning it, has been published recently by the Bureau of Economic Geology at the University of Texas2. It has been impossible for the authors to isolate the statistics for production for each of the many small pools of this district, as such statistics are not kept by operators except by counties or arbitrary divisions of counties. The total number of wells drilled in Archer, Wichita and Clay counties also has been subject to some estimate, as many of the shallower holes are not reported. While both routine development in proven or semiproven areas and exploratory drilling during 1935 showed an increase over the year 1934, the discovery of new producing areas of importance did not show improvement over that period. Several extremely local productive spots within semiproven areas were found in Archer, Cooke and Wilbarger counties; and extensions to older producing areas were developed in Archer, Baylor, Cooke, Montague, Wichita and Wilbarger counties. In Archer County, the Grace and Woods No. 1 Archer County (Fee), 4 miles northwest of Archer City, in the Thomas Glass survey, encountered a sand from 2836 to 2845 ft. of Pennsylvanian (lower Canyon) age, which showed an initial yield of 75 bbl. daily. While its production is of negligible importance, it is given special mention in this review because of the fact that it is producing from a new and deeper horizon than has been previously exploited in the county. Little deep development occurred in the district during the year. The Walter Gant No. 2 C. M. Worsham in J. M. Swisher survey, about 14 miles east of Henrietta, in Clay County, was abandoned at 5127 ft. in

Jan 1, 1936

By A. J. Teplitz, R. J. Goodwin

A new type water shut-off for use in air drilling has been developed. The method has been 99 to 100 per rent effective in several different formations of inter-ranular-type porosity. Since costs for materials, time and equipment used are relatively small, the process should extend economies of air drilling to many new areas. The treatment involves a new technique for forming a water-inroluble precipitate within the pores of a rock. Advantage it taken of the difference in mobility of a liquid and a gas in porous media to achieve the greatest volume of precipitate in a given pore. Reactants selected for the laboratory (2nd field tests were aluminum sulfate solution and gaseous ammonia. This process has been tested in both intergranular and fractured-type porosities. It has consistently shut-of between 99 and 100 per cent of the water flowing from formations having intergranular-type porosity and perrlreuhilities ranging from a few millidarcise to over a darcy The treatment is not particularly suitable for shutting-off water from fractured formations although plugging of the order of 50 per cent or greater has been achieved in all such applications. Among advantages of the treatment are: (I) no reaction waiting rime after a relatively short placement time, (2) a low mate-rials cost of about $3/f1 of hole treated, (3) use of common service-type equipment for treatment, and (4) no unusual requirements for mixing and placement. INTRODUCTION In rotary drilling with air or gas it has been possible to increase bit life by tenfold and more than double rate of penetration over corresponding performance when drilling with mud. These factors have amounted to as much as 22 per cent savings on total cost of drilling a well. However, these advantages are rapidly lost when water is encountered in an air- or gas-drilled well because water interferes with the removal of cuttings from the hole and also gives rise to other difficulties. In attempting to combat water troubles, operators have commonly resorted to such measures as mist drilling, treatment with cement or chemicals, converting to conventional mud drilling, or setting casing. In many cases these measures have either been costly or ineffective. In an effort to overcome this problem, studies were undertaken to develop an effective and economical water shut-off technique for use in formations possessing inter-granular-type porosity. Extensive laboratory experimentation finally led to a unique method for producing a water-insoluble precipitate within the pores of a sandstone. The unique part of the treatment is use of a liquid and a gas to form the precipitate, and in this case the reactants used were aluminum sulfate solution and gaseous ammonia. The reaction between these two materials is shown in the following equation. Al2 (SO1)3 - 18 H20 6NH2? saturated Water- Solution Cat 2A1(OH)3 . n H20 3(NH4)2SO • n H20 Solid Solid That is, a solid precipitate consisting of aluminum hydroxide and ammonium sulfate is formed when ammonia reacts with aqueous aluminum sulfate. The aluminum hydroxide is insoluble in water and the ammonium sulfate, though soluble, can only be removed from the formation pores by diffusion—an extremely slow process. Although the precipitate formed by the reaction is not particularly firm, great strength is not needed for a precipitate to bridge and plug intergran-ular-type porosity. A flow path in such a system is extremely tortuous and involves a great variety of pore

By A. B. Cummins

THE past year has been of unusual interest for industrial minerals. It is increasingly evident that requirements for these raw materials move with general economic trends. Thus, with a peak year in the construction, chemical and petroleum industries, the nonmetallic mineral industries have been brought into the complex maze of an economy in which military spending is in the billions and in which the national income and wholesale commodity prices reached new levels. Many industrial minerals are of first rank essentiality in the defense effort and its supporting industries, and since some of these are of limited supply and others dependent on imports, the problems of procurement, distribution and conservation of available supplies make a complicated pattern. Despite some drawbacks and weak spots, the industrial mineral industries have, in general, met the national situation with great credit and many new production records have been set. The general accomplishment in 1951 should be one of satisfaction with confidence for the future. Difficulties, unsolved problems and uncertainties should not obscure the general trend which many consider optimistic. Prices in the main have been upward, in line with the inflation spiral, but nonmetallics appear with some exceptions to be behind the general increases. Labor difficulties have not been serious throughout the year. Retarding influences in expansions and planning have been the uncertainty of the Korean and international situations and a lack of confidence by many in the government economic program and its ultimate impact on the economic structure. It must also be kept in mind that stockpiling, unless all-out war develops, reaches a level and then ceases to be a major sustaining factor in the mineral markets. In accordance with the Defense Production Act of 1950 various control agencies have been set up to establish the desired rate of stockpile acquisitions. The objectives are subject to change depending on availabilities and needs-military, industrial, and civilian. In some minerals there has been disagreement on actual stockpile requirements, and there is some feeling that the needs of defense might be better met if more funds went into the development of new sources of supply of scarce raw materials and more materials were released to industry at this time. Nonmetallic minerals on the strategic and critical list of the Munitions Board as of July 1951 were: Group I; asbestos, some types; bauxite, refractory grade; beryl; celestite; chromite, chemical and refractory grades; columbite; corundum; diamonds, industrial; fluorspar, acid grade; graphite, some types; kyanite; manganese ore, battery and chemical grades; mica, some types; quartz crystals; rare earths; sapphire and ruby; talc, steatite, block; and Group II; bauxite, abrasive; cryolite, natural; diamond dies; graphite, crystalline fines; iodine; mica, muscovite block, stained and lower; rutile; selenium; talc, steatite, ground; zirconium ore, zircon. Details on the current status of stockpiling inventories are not available. The Defense Minerals Exploration Administration has, since April, executed 39 contracts for the exploration of nonmetallic minerals, including twenty for mica, seven for beryl-mica, six for asbestos, three for sulphur and one each for monazite, steatite talc and fluorspar. Total value of these contracts came to $892,059, of which the Government's participation amounts to $689,247. There were on hand at year's end another 97 applications for exploration aid on nonmetallic minerals in twenty different

Jan 1, 1952

By Georges Caraghiaur

INTRODUCTION A small, independent mining enterprise (SIME) is an independently owned and operated business concern engaged primarily in mineral development, from the exploration to the production stage. By definition, a SIME is not dominant in its field and has no long-term financial backing. It is not a major producer of minerals, nor is it a petroleum company, a government organization or a subsidiary of such organizations. A SIME may or may not be listed on stock exchanges. The SIME is also called small miner, junior mining company, speculative mining company, and penny-stock mining company. The survival and growth of a SIME is most often controlled by an independently minded entrepreneur, who not only conceives and carries out new projects, but is materially affected by the success or failure of these projects. Usually, a SIME does not have a large or constant cash flow. Such a lack of long-term financial backing forces the SIME to meet the challenge of finding capital for its activities on a step-by-step basis. Its survival strategy is thus based on finding funds at the right time, of the right type and in the right quantities. The purpose of this paper is to show that the type of venture in which a SIME is involved affects the difficulty of raising new capital and the choice of possible sources of funds. The Small, Independent Mining Enterprise (SIME) The SIME is not a figment of the imagination of financial speculators. In Canada, there are more than 1,800 small mineral enterprises which spend on the average less than $1,000,000 per year on activity which is directed at bringing forth new mineral supply. In the United States, 64% of the non-fuel mining operations are conducted by nine or fewer men, and the coal industry is characterized by several thousand smaller independent producers, still predominantly family owned or controlled. In Chile, 80% of the mines can be classified as small mines. In the Philippines, approximately 60% of metal mining operations are classified as small mines. The SIME is actively engaged in mining all over the world, and very much so in the Pacific Rim. The Mineral Supply Process The whole process of bringing forth new mineral supply involves a dynamic sequence of activities, ranging from the initial exploration for a mineral occurrence to the production of a marketable product. A typical sequence is outlined in Figure 1. At the grass-roots exploration stage, a series of geological, geophysical and geochemical tests is aimed at locating a mineral occurrence. Especially in the early phases of such activities, the uncertainty (risk) surrounding a venture is high, since only general geological information exists on which to base a judgement of the economic viability of the venture. Such risk is attractive to few investors. As the information-gathering process continues, uncertainty diminishes. Once exploration efforts result in the discovery of a mineral occurrence, i.e. when indications of mineralization and mineable widths are obtained by drilling, there is still uncertainty concerning the extent of mineralization and the probability of having located an economic mineral deposit. The expected return on investment at such a stage may well be negative but the slight possibility of a very high positive return will make a number of financial sources available to an exploration company. At the development stage, much of the uncertainty

Jan 1, 1985