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By B Besa

Australia is a world leader in the design and operation of mines accessed by the decline method. Literature indicates that a number of metalliferous underground mines using the decline system are also increasing steadily. This increase has generated a great deal of interest in underground haulage systems in future due to the huge costs involved in the development of declines. Studies have also shown that the current method of accessing orebodies by the conventional decline method has proved to be expensive, especially for narrow vein deposits. This is because decline development costs are influenced by mine planning and design parameters as well as available haulage systems that the mining engineer can choose from. The current access method suggests that more waste material is being extracted because of the size of decline openings adopted (5.5 mW and 5.5 mH). Also the conventional 1:7 decline gradient and turning radius of 20 m makes decline lengths, as well as the duration of development, excessively longer. This paper discusses results of a mine design case study with monorail technology as a method of accessing and developing the decline. The proposed system is economical, has high advance rates and offers a significant reduction in capital expenditure. The study compares costs, development metres and the duration of decline development using the monorail system with the conventional (truck haulage) access method. Results obtained indicate that the monorail technology has the potential to reduce the decline length by over 62.6 per cent and decline costs by 63 per cent for the case study. The monorail system also reduces the total capital development costs by 22 per cent for the same case study. Due to rapid development resulting from increased advance rates and the shorter decline length coupled with smaller decline openings, the time to access the deposit reduced by 71.8 per cent. This case study demonstrates that the economics of narrow vein deposits can be improved significantly by using the monorail system of decline development.

Jan 1, 2008

By P Holtham, R Dunne, D Stoll

Flash flotation is a process designed to remove coarse, liberated, fast floating minerals from hydrocyclone underflow. Irrespective of liberation, coarse particles would normally remain in a grinding circuit until they are reground fine enough to report to the hydrocyclone overflow. Additionally, minerals of high density also report to hydrocyclone underflow despite being fine in size and/or liberated because hydrocyclones separate on the characteristics of both particle size and density. Dense particles continually reporting to the hydrocyclone underflow can lead to over-grinding and the production of ultra fine particles. These particles exhibit slow flotation kinetics and thus are difficult to float in conventional flotation circuits. Therefore, removing coarse, liberated particles from the hydrocylcone underflow by flash flotation has the potential to improve recovery and can improve dewatering unit operations and reduce grinding costs.The impact on the overall performance of the flotation circuit by removing coarse, fast floating minerals prior to conventional flotation is not well understood. Ultimately, predicting the overall recovery improvement provides the justification for the installation of a flash flotation cell within the milling circuit. This paper will describe attempts to estimate flash flotation recovery improvements to the overall circuit using kinetic data from simplified batch cell flotation tests combined with limn-based modelling techniques.CITATION:Stoll, D, Dunne, R and Holtham, P, 2012. Modelling the impact of flash flotation from batch cell flotation tests using limn, in Proceedings 11th AusIMM Mill OperatorsÆ Conference, pp 179-184 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Oct 29, 2012

By McDougall I, Claoue-Long J

A combination of high precision 40Ar/39Ar and U-Pb dating has been used to determine the age of hydrothermal minerals and host rocks in a number of Lachlan Fold Belt (LFB) gold deposits in New South Wales, Au4 ralii In particular, this investigation demonstrates that the UAr/ Ar technique of K-Ar dating can be used to determine the timing of mineralization in Palaeozoic systems.A close temporal link between mineralization and Late Ordovician to Early Silurian magmatism is indicated by the dating work. Hydrothermal sericite from the Goonumbla p8rph gy Cu deposit and Glendale Au prospect yieldsAt/ Ar step heating ages between 437.9 ¦ 1.1 and 441.2 ¦ 1.1 Ma (16), and4 minjrnum age of about 425 Ma has been obtained by Ar/ Ar dating of hydrothermal amphibole from the Browns Creek Au-Cu skarn deposit. Hydrothermal aluniI8 frog the Gidginbung epithermal Au deposit yields reset 44 Ar/ Ar ages of 401.0 ¦ 1.3 to 417.3 ¦ 1.3 Ma (16). U-Pb dating by ion microprobe on magmatic zircons from the vicinity of the Goonumbla and Gidginbung deposits gives ages of 438 ¦ 3.5 Ma (2 6), and 435 ¦ 2.5 Ma (2 (7) respectimly, W a minimum age of 435 Ma has been obtained by Ar/ Ar dating of magmatic phases from volcanic rocks adjacent to the Browns Creek skarn deposit. Magmatic episodes near the Sheahan-Grants gold skarnpost give ages of 479.2 ¦ 1.1 and 467.9 ¦ 4o1 by 'Ar/ 9Ar dating of magmatic amphibole. Most Ar/3yAr age spectra show the effects of partial Ar loss at between 360-420 Ma, probably due to heating caused by granitoid emplacement.The radiometric dating work in this paper suggests a restricted metallogenic epoch in the Late Ordovician-Early Silurian LFB, NSW, of similar duration to that found in the Andean margin and the western Pacific island arcs around the Pacific Rini.

Jan 1, 1990

By D J. Bradshaw, E M. Wightman, C L. Evans, B Triffett

During the commissioning phase of Prominent Hill, periods of reduced recovery were experienced with higher-grade ore blends. This was unexpected and as part of the process to identify the cause, surveys were conducted in May 2009, with two different ore blends (copper grades: 1.94 per cent Cu (blend 1) and 2.49 per cent Cu (blend 2)). Metallurgical performance was assessed in terms of rougher recovery and grade with consideration of both pulp and froth effects. In addition, hydrodynamic measurements (gas hold up, bubble size, superficial gas velocity) as well as measurements of bubble load and top-of-froth grade were taken during the surveys and full mineralogical assessment of selected streams completed to characterise the nature of the differences. The metallurgical results showed that the lower performance was obtained with blend 2 which contained the higher amount of chalcocite and was higher-grade. Analysis of the survey data showed that for both ore blends more than half of the copper loss occurred in the +38 ¦m size fractions. Almost 30 per cent of the copper in the +38 ¦m fractions that reported to the rougher tails during processing of blend 2 was liberated compared to less than five per cent for blend 1. Additionally almost 60 per cent of the copper in the +38 ¦m fraction of blend 2 was chalcocite compared with approximately 20 per cent in blend 1. This paper discusses the sensitivity of the chalcocite-to-surface chemistry effects causing marked reductions in recovery either through reduced pulp recovery or froth phase (detachment) effects. The reagent suite and operating conditions were subsequently changed and the recoveries increased substantially and the sensitivity to ore changes eliminated. It should be noted that subsequent optimisation work, which focused on recovery improvement, has led to copper recoveries of over 90 per cent being achieved.CITATION:Bradshaw, D J, Wightman, E M, Evans, C L and Triffett, B, 2012. Characterising the reasons for the difference in performance of two ore blends in early processing at OZ Minerals Prominent Hill Operation, in Proceedings 11th AusIMM Mill OperatorsÆ Conference, pp 273-278 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Oct 29, 2012

The Lihir deposit in Papua New Guinea (PNG) contains an estimated mineable reserve of 454t (14.6M oz) of gold in refractory sulphide ore. The Lihir Joint Venture has submitted a proposal to the PNG Government to develop an open pit mine and to install a process plant and associated infrastructure facilities on Lihir Island. The proposed process plant will employ whole-ore pressure oxidation technology, has a design capacity of 2.825Mt/a of ore containing 7.20 sulphide sulphur, and is expected to average 19.3t/a (620,000 oz/a) in gold production during its first 12 years of operation.An extensive program of process development testwork and feasibility engineering was completed to establish the process plant design for the Lihir Project. Summary results of this test-work as well as key design criteria, the process flowsheet, and major equipment selected for the commercial plant are presented and discussed.

Jan 1, 1994

By I Grewal, M Lundt

Dense medium separation (DMS) is one of several preconcentration methods used for early waste rejection from run-of-mine ores at relatively coarse particle sizes prior to additional milling and beneficiation. DMS has been used extensively in the coal, diamonds, mineral sands, base metals and iron ore industries to produce either a final product or as a preconcentration step. Laboratory scale and pilot test work at the Met-Solve laboratory in Canada has demonstrated successful separation and upgrading of other minerals such as lead, zinc, copper and lithium based ores using DMS.This paper reviews historical dense media systems, results from the pilot-scale multi-stage DMS Separator “Condor” system, as well as production plants and associated laboratory heavy liquid separation (HLS) test work on various minerals. The mineral systems tested included a lithium bearing ore and a fluorspar ore. Other minerals were tested but are not reported in this paper.Pilot plant test work on a fluorspar ore showed that 41.6% of the mass could be rejected to the tailings stream while 95.3% of the CaF2 was recoverable to the product stream. On a spodumene sample that was tested, it was possible to reject 55% of the mass to tailings while recovering over 90% of the lithium.In recent market conditions and with the decreasing grades in existing ores, preconcentration should be a consideration to maximise the value of certain operations.CITATION:Lundt, M and Grewal, I, 2017. Dense media separation – a valuable process for preconcentration, in Proceedings MetPlant 2017, pp 122–130 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 11, 2017

The sixth international symposium on mining with fill nearly coincides with the 25th anniversary of the Jubilee Symposium on Mine Filling. That symposium, held in August 1973 in Mount Isa, in part to commemorate the 80th anniversary of The Australasian Institute of Mining and Metallurgy, was the first in what has turned out to be a very successful series of symposia. Subsequent symposia were held in Sudbury, Canada (1978), Lulea, Sweden (1983), Montreal, Canada (1989) and Johannesburg, South Africa (1993). The series of symposia has now become an established part of the mining industry calendar, and it will be interesting to see which country is given the honour, and accepts the challenge, to organise the next symposium.One way of predicting the future, or some small part of it, is to revisit where we have already been with a view to determining the existence of any trends that may impact on the future. An historical review of filling practice and research, with special emphasis on Australian experience in particular and worldwide in general over the previous 25 years, will enable me to address the historical and predictive objectives. Controversy can always be achieved by producing a best of list; it can be guaranteed that everyone will disagree with at least one of the nominations. On this occasion, the best contributions by individuals or groups in a number of areas of mine fill technology, over the last 25 years, will be the basis for the nominal awards. The controversy can be increased by posing a number of questions that, hopefully, some of the authors will address during their presentations. I imagine the social functions will be busy enough, but the questions may just add to the cut and thrust of the debate.

Jan 1, 1998

By U Singh

This paper presents the evolution of the studies and strategic plans to extend the life of operations at the Savage River iron ore project in north-western Tasmania. The current Life-of-Mine (LOM) plan for the Savage River operations is based on a series of open pits. Drilling has confirmed high-grade extensions of the magnetite resource at depths that exceed practical limits for open pit mining. Grange Resources Limited, the owner of the operation, is investigating underground options – not only to extend the LOM plan but also to maintain peak production at a reduced operating cost while reducing greenhouse gas emissions into the future. What makes this project unique is that it requires introducing a productive and cost-effective mining method to exploit a challenging geotechnical and geometrical orebody in an area of high rainfall. To support the study efforts, the development of an exploration decline, underground drilling programs, and an exploratory drive excavated into the orebody for geotechnical investigation was key to providing the necessary data for a pre-feasibility study (PFS). This paper describes the pragmatic approach and processes to developing the underground mining options study through data collection and then integrating these options into the open pit plans to optimise an overall strategic plan for the Savage River operations. The learnings for operators from this experience are how the technical and pragmatic approaches were aligned to develop the strategic plans, and the importance of timely investment in gathering the necessary data.

Mar 29, 2023

The Que River and Hellyer polymetallic massive sulphide ore bodies are located 3 kilometres apart in the Cambrian Mount Read volcanics of Western Tasmania. Both deposits are classic examples of the Kuroko volcanogenic style. Base and precious metal rich hydrothermal solutions rose through a deep fracture system and vented on the sea floor, causing sulphides to accumu- late in adjacent topographic lows. Together the preproduction geological resource is approximately 23 million tonnes at greater than 18% zinc plus lead, with economically significant silver and gold. Exploration by Aberfoyle in the Mount Read volcanics com- menced in 1970. Que River was discovered in 1973 following a comprehensive data review, a regional stream geochemical survey and a helicopter-borne electromagnetic survey. Production began in 1981, and the mine is currently producing 300,000 tonnes per year. The ore is sold to the Electrolytic Zinc Company of Aus- tralasia Ltd mill at Rosebery. Ten years of extensive geological mapping, soil geochemistry, and induced polarisation, combined with continual study of the Que River orebody and its host rocks, formed a strong frame- work for the discovery of the Hellyer deposit, which was found as a result of drilling .a subtle time domain electromagnetic anomaly in 1983. Hellyer is currently being mined at a rate of 250,000 tonnes per year, with the ore being concentrated at Aber- foyle's converted Cleveland tin mill. Treatment of 1 million tonnes per year will begin in early 1989 at a new mill located near the Hellyer site.

Jan 1, 1988

By K Saito, M Hasegawa

Removing sulfur and phosphorus from molten iron can be expressed by the following reactions, respectively. [S]Fe + (O2-)slag = (S2-)slag + [O]Fe [P]Fe + (3/2) (O2-)slag + (5/2) (FeO)slag = (PO43-)slag + (5/2) Fe(liquid) These equations indicate that desulfurisation and dephosphorisation have opposite oxygen potential conditions. If a small amount of desulfurisation slag not removed is carried over to dephosphorisation process, the reaction of sulfur mentioned above proceeds toward left hand resulting in increasing sulfur content in molten iron. For better understanding of such re-sulfurisation reaction in hot metal pre-treatments, the present study aimed at evaluating the effect of iron oxide on the sulfur distribution ratio between slag and hot metal. To measure sulfide capacities and FeO activities simultaneously at temperatures below the melting point of pure iron, CaO-SiO2-FeO and CaO-Al2O3-FeO ternary molten slags were brought into equilibria with copper-iron-sulfur liquid alloys, and the equilibrium oxygen partial pressures were determined with an electrochemical technique involving the stabilised zirconia solid electrolyte. The experimental results showed that the sulfide capacity increased with an increase in FeO content, and this trend was consistent with the fact that FeO was basic. Although the addition of FeO raised the FeO activity and oxygen potential, the calculated value for sulfur distribution ratio between slag and hot metal increased with increasing FeO content.

Jun 19, 2024

By C Boyle

Brockman 2 mine is located in the Pilbara of Western Australia and is operated by Rio Tinto Iron Ore. Mineralisation is hosted by synclines where there is structural complexity to focus fluid flow. Mineralisation is hosted by the Brockman Iron Formation. Mining is on 10 m benches and blastholes spaced at 6 - 8 m apart are geologically logged, sampled by shovel cuts, and assayed using X-ray fluorescence for ten chemical variables. Blast blocks are digitised by mine geologists to assign destinations of material within blasts. Resource evaluation drilling is on a spacing of 50 m × 50 m across known mineralisation and consists of recent reverse circulation drilling and older open hole percussion drilling. Sampling of resource evaluation drilling is by rotary splitters or riffle splitters, and assaying is by X-ray fluorescence for ten chemical variables. Ordinary kriging of resource evaluation produces a long-term resource model. This study examines whether mine planning would be improved by using a blasthole estimate to extrapolate grades into deeper benches and merging the blasthole estimate with the long-term model made using resource evaluation drilling. The two estimates are merged into one model using an inverse weighting based on kriging variance. However, reconciliation results in a test bench show the original estimate made using resource evaluation drilling more closely matches mine geology block outs than does the merged model. This is due to a local trend of more high grade and higher iron grades of high grade in the area. The blasthole estimate of deeper benches must use extrapolation and it is diffi cult to take local trends into account. In contrast, the estimation using resource evaluation drilling is mainly interpolation and is better able to handle local trends.

Jul 11, 2011

By Takasaki Y, Ohzeki S, Hotta H

TO measure high temperature properties of blast furnace burdens ( the change of gas permeability accompanied by contraction, soft- ening and melting ) which govern the gas flow and its distribution, a series of experiments were carried out under simulated blast furnace conditions, using sinter, acid pellets and self -fluxing pellets. 1) The high temperature properties are affected by the ore's reducibility ( up to 1000 -1200¦C ), and the composition, and volume of gangue before reduction. Generally, the burde- ns with high basicity ( Ca0/Si02 ), high reduc- ibility and low volume of gangue have good high temperature properties. Good high temperature properties are : a high temperature at which the gas permeability rapidly decreases, a high melting point and a low maximum pressure drop. 2) Using acid pellets, slow-down of red- uction rate occurs around 1000¦C because the pellet forms a dense metallic shell, while its slag core, resulting from a FeO, Si02 and A1203 reaction, has a lower melting point. 3) The addition of MgO sources improves high temperature properties both of sinter and Pellets.

Jan 1, 1980

By I Swane, R Rait, A Robertson

Geochemical assessment of mine waste materials prior to commencement of a proposed mining operation is a fundamental component of mine feasibility studies and the regulatory approvals process. Static and kinetic geochemical test methodologies are widely used to predict the geochemical nature of mine waste materials and to develop strategies for managing potentially æhostileÆ materials. These data can also be integrated with data from other fundamental studies such as hydrogeology to predict specific environmental outcomes and potential impacts at mine closure and post-closure.A case study is presented for a proposed open pit gold mine in Mongolia, which illustrates how geochemical, hydrogeological and groundwater quality data can be used as part of a geochemical modelling process to predict the final pit lake water quality over time. A series of static and kinetic test geochemical test programs were completed and acquired data integrated with hydrogeological and groundwater quality data provided by the proponent. A widely used geochemical modelling program (PHREEQC) was used to develop the geochemical model and predict water chemistry in the pit void after mine closure. Sensitivity analyses were completed to explore the effects on the model output of groundwater to leachate water ratio, pit wall rock type and climate.Modelling has indicated that pit void water should be pH circum-neutral at mine closure and should remain within Mongolian and World Bank water quality guideline limits under the modelled simulation most likely to occur in the field. Final void water salinity is expected to increase eight fold over 14 years after end of mine life due to a continuous flux of salts (particularly sulfate salts) into the pit lake whilst the pit lake volume will remain relatively constant due to evaporation and a slow recharge rate. Dissolved metal and sulfate salt concentrations in pit water are also predicted to increase over time and could be moderately elevated compared to applied water quality guideline values. Some of the metal concentrations, however, may be lower as these would be expected to precipitate at circum-neutral pH and greater. Recommended additional assessment work on the project when mining commences includes determining the magnitude of adsorption and co-precipitation of metals occurring in the pit void water/sludge system.CITATION:Robertson, A, Rait, R and Swane, I, 2013. Geochemical assessment of mine waste materials and prediction of final pit lake water quality at a proposed gold mine in Mongolia, in Proceedings The Second AusIMM International Geometallurgy Conference (GeoMet) 2013 , pp 165-170 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 29, 2013

Blasthole cone samples are used for grade control in most of the iron ore mines of the Pilbara of Western Australia. This method of sampling is straightforward when the target sampling interval matches the mining bench height but is problematic when the blasted bench is 'flitch' mined in two or more passes. Crucially, the sampler needs to decide which part of the blast cone represents the upper and lower flitches to be mined. This sampling selection decision is usually made by assuming a certain proportion represents the subdrill component of a sampling face in a blasthole cone and the two flitches are split equally from the remaining portion. In this study of a West Australian channel iron deposit, sampling experiments were carried out to determine the actual proportions of a sampling face in a blasthole cone by spray painting the blast cones at flitch and subdrill boundaries during the drilling process. Measurements were then taken to assess the differences between assumed sampling face proportions and actual proportions. A set of paired samples was also collected from a number of blastholes with one set using the assumed proportions of each flitch for each sample, while the other set sampled the actual proportions, which were identified from the cone painting process.

Mar 1, 2010

By Miles M. J, Sandy D. A

It has long been known that drilling and blasting operations have a direct influence over productivity and costs of subsequent operations. If mine management is to effectively optimise blasting operations, good information is required on the operating costs of each of the affected operations, together with knowledge of how they are influenced by blasting. In practice it is not possible to do enough repeats of a full scale production blasting experiment to make a statistically significant analysis of the results. By monitoring each blast and subsequent operations in as much detail as possible, enough data will be available to effectively measure the effect of blasting on costs. This gives management an insight into the blast performance and is the first step towards optimisation. An Integrated Blast-related Cost Reporting System has been developed at the Rossing Mine Open Pit, which calculates the total mining cost for each blast. In assessing the total mining cost for each blast, use was made of an.integrated planning and management information system to collect relevant production variables, current operating costs and survey data. An automatic image analysis system was employed to measure the fragmentation of the blasted material in the back of haul trucks. A shovel monitoring system is also under development for use in assessing the muckpile diggability and, in conjunction with an appraisal of shovel component reliability, to estimate the maintenance cost under various digging conditions.

Jan 1, 1990

By B C. McLellan

The decline of ore grades on land, increasing demand and high prices for various minerals have led to an increased interest in mining the deep ocean sea floor. The potential deep ocean reserves are vast and in some circumstances the grades are high enough to consider mining. However, the consequences of such mining are as yet uncertain. This paper will present the results of a comparative assessment of life cycle impacts of deep ocean minerals. Two alternative extraction technologies from different deep ocean resource types were examined and key commodities are considered. Initial results indicate that the energy requirements will be higher than the average land-based resources, but may fall within the range of the deepest terrestrial mines.CITATION:McLellan, B C, 2015. Comparative life cycle impacts of deep ocean minerals and land-based counterparts, in Proceedings Third International Future Mining Conference, pp 253–260 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 4, 2015

By Lee H. G, El-Rahaiby S. K

The literature relating to reduction of sulphides by carbon using lime as sulphur-absorbent is reviewed. A stage-wise thermodynamic model is employed to evaluate the practical feasibility of the direct reduction smelting of galena (PbS) concentrates with a carbon reductant in the presence of lime; a coke-rate of 65 kg/ton Pb is predicted by the model. The experimental data on the reduction of PbS:4CaO:4C mixtures under nitrogen were correlated by means of a finite difference numerical method and the values of the intrinsic rate constant I1 were derived. The results for the uncatalysed reduction are represented satisfactorily with log I1 = 1.247(±0.522) - 5540(±610)T-1.The catalysed PbS:4CaO:4C mixtures contained 2.5 wt% of ternary (K, Li, Na)2CO3 catalyst. For the catalysed reduction it was found that log I1 = 3.981 (±0.301) -7790(±353)T-1, where I1 (in both relations) is expressed in moles.(g.C.)-1.atm-1.s -I. The catalytic enhancement faclor was found to be quite large in the 1068 to 1262°K temperature range investigated here.

Jan 1, 1991

By P K. Banerjee, S Kumar

Indian iron ores with less than 62 per cent Fe are currently unexploited, except for a few sectors which export them to foreign countries. It is anticipated that by 2012 the countryÆs domestic steel production is likely to rise to the tune of 60 million tonnes per annum. To meet this requirement, it is necessary to utilise not only the existing high-grade deposits but it is also necessary to look into exploiting the leftover iron ores of lower grades. Hence, reserves with Fe content 62 per cent and below (particularly the ores with In the present paper, an attempt has been made to beneficiate three different types of low-grade iron ores selected from three different parts (states) of the country. In the paper, alternative routes for beneficiation and effective utilisation have been tested using different techniques in the laboratory in an attempt to match their (Al2O3/SiO2) ratio after thorough characterisation and liberation studies. The paper also encompasses the geological formations, occurrences and distribution of Indian iron ores as well as highlighting the problems associated with the fines, possible metallurgical routes, and their market segregation from the perspective of end users.

Jan 1, 2007

Times are changing for the mining industry. Civil society is demanding that miners pay more attention to the ways they impact on, and engage with, communities around their mines. Miners, in turn, are being forced to adapt and learn new social skills for which they were not originally trained. They are doing so in the middle of a broad resources boom, which is adding short-term operating challenges at the same time as miners need to be developing thoughtful solutions to longer term community issues. This paper examines a number of the issues that now loom on the horizon of mining companies. These include: human resources challenges and the crisis in minerals education; continuing community and social expectations of the resources industry and the impacts they will have, for example, on product stewardship, greenhouse gas emissions and the use of increasingly precious water resources; and current impediments to mineral exploration spending.It is concluded that the greatest challenge for the minerals industry is to develop a stronger cadre of local leaders and for the larger global miners to empower their local management to take on stronger public leadership responsibilities. There is a need for executive leadership to remember both the longer term and shorter term cyclical nature of the mining industry in developing solutions to community problems. Above all there is a compelling case for mining industry leaders to be more actively engaged with the wider community in the resolution of these issues.

Jan 1, 2005

It is a sad commentary on human nature that for every successful, unscrupulous entrepreneur you need a multitude of incautious, greedy investors. One wonders whether is will be ever possible to completely protect investors from their reckless gambling instincts, which are so widely encouraged elsewhere in society.

Jan 1, 1989