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By Chee Theng

"In 2013, Coeur Mining had more than $55 million in general and administrative (G&A) costs and less than $100 million in cash flow. This year, its G&A costs stand at $30 million, down by more than 40 percent, its all-in sustaining costs have shrunk by more than 30 percent, and its cash flow is above $200 million. To realize this, the company aggressively reduced both its corporate overhead cost and operating cost and repaid more than $300 million in debt.The more robust balance sheet meant the precious-metals producer was well positioned to reap the rewards of an upsurge in commodity prices in the early part of 2016. Its stock price soared from $1.75 in January to $15.98 in August. Although the stock price has since dropped to around $9 due to a stronger dollar and a more hawkish Federal Reserve that recently raised U.S. interest rates, shifting the opportunity-cost argument away from buying gold and silver, Coeur remains attractive to analysts in light of its prudent spending and improved fundamentals.Focus on balanced portfolioCoeur is the largest primary silver producer and one of the largest gold-producing companies in the United States and one of the largest silver companies in the world. Incorporated in 1928, the U.S.-listed company has a total of five operations: three in the United States, one in Mexico and one in Bolivia. About two-thirds of its revenue comes from the United States.The company is conscientious about having a balanced portfolio, so no single mine accounts for more than about 30 percent of its business. Being in three different jurisdictions provides further diversification, and its revenue split of about 60 percent from gold and 40 percent from silver gives it some metals mix. This year, it expects to produce about 466 t (15 million oz) of silver and 10.3 t (330,000 oz) of gold."

Feb 1, 2017

By Jake Gibson

"As one of the most pressing and important political debates of this century, climate change has captured global attention and is forcing governments to take action toward decreasing greenhouse gas (GHG) and carbon emission levels below what was previously thought to be necessary. With the ever-increasing price of diesel fuel, accompanied by the popular topic of carbon taxes and greenhouse gas emissions, the mining industry is looking to industry specialists for assistance. The benefits of a no-idle policy reach far beyond carbon reduction and fuel savings, ranging from decreased maintenance to increased engine life. With products like battery-powered ac systems and diesel-fired heaters, going noidle is easier today than ever before. With both systems being manufactured to withstand the harsh environments of the mining industry, the end user will see a seamless change from conventional, inefficient belt-driven systems to future, standalone mobile equipment HVAC.The history of GHGs and climate changeIn 1896, Svante Arrhenius first claimed that the combustion of fossil fuels may eventually result in enhanced global warming, but not until 1955 did Gilbert Plass draw global attention to global warming by summarizing that adding carbon dioxide to the atmosphere would intercept infrared radiation and thus warm the earth. Then in the early 1960s, Charles Keeling developed modern technology to produce concentration curves for atmospheric CO2 (Fig.1).In 1988, the Intergovernmental Panel on Climate Change (IPCC) was founded by the United Nations after acknowledgment of a rising global annual temperature. The IPCC consists of more than 2,500 scientific and technical experts from more than 60 countries. Because climate change could not be solved by a single country, the Kyoto Protocol was negotiated in 1998, requiring all participating countries to reduce their GHG emissions by at least 5 percent from the 1990 levels. The Protocol was signed by 186 countries in 2001 (since then several countries have retreated from the agreement, including the United States). In 2002, the Bush administration announced a policy for climate change relying on domestic, voluntary actions to reduce the "greenhouse gas intensity" of the United States economy by 18 percent by 2012. The U.S. still attends the Kyoto conference of parties (COPs) but does not participate in negotiations, as it is not bound by its terms."

Jan 1, 2014

By J. Gibson

"INTRODUCTION As one of the most pressing and important political debates of this century, climate change has captured global attention and is forcing governments to take action towards decreasing GHG and carbon emission levels below what was previously thought to be necessary. With the ever-increasing price of diesel fuel accompanied by the popular topic of carbon taxes and greenhouse gas emissions, the mining industry is looking to industry specialists for assistance. The benefits of a no-idle policy reach far beyond carbon reduction and fuel savings, ranging from decreased maintenance to increased engine life. With products like battery powered A/C systems and diesel-fired heaters, going no-idle is easier today than ever before. With both systems being manufactured to withstand the harsh environments of the mining industry, the end user will see a seamless change from conventional, inefficient belt-driven systems to future, stand-alone mobile equipment HVAC. THE HISTORY OF GHGS AND CLIMATE CHANGE In 1896 Svante Arrhenius first claimed that the combustion of fossil fuels may eventually result in enhanced global warming, but not until 1955 did Gilbert Plass draw global attention to global warming by summarizing that adding carbon dioxide to the atmosphere would intercept infrared radiation and thus warm the earth. Then in the early 1960’s Charles Keeling developed modern technology to produce concentration curves for atmospheric CO2 (Figure 1). In 1988 the Intergovernmental Panel on Climate Change (IPCC) was founded by the United Nations after acknowledgement of a rising global annual temperature. The IPCC consists of over 2500 scientific and technical experts from more than 60 countries, and because climate change could not be solved by a single country, the Kyoto Protocol was negotiated in 1998 requiring all participating countries to reduce their GHG emissions by at least 5% from the 1990 levels. The Protocol was signed by 186 countries in 2001 (since then several countries have retreated from the agreement, including the United States)."

Jan 1, 2015

By Stephen P. E. Redmond

A 15 km water supply tunnel is being constructed in Buenos Aires, Argentinata expand the capacity of the existing system. Two 4.3 meter diameter Earth Pressure Balance (EPB) tunneling machines operating at times from the same shaft on a congested work site and advancing through sedimentary deposits underlying this wonderful city pose interesting challenges. As of January 1999approximately 50% of the tunnel has been excavated. Combined machine production rates of 1026 m/month have been achieved. Presentations made in prior proceedings can be referenced for details of the overall Project scope and for details of the tendering process. The purpose of this paper is to compliment those presentations by addressing now the execution of the work.

Jan 1, 1999

By Peter W. Willcocks

The Cyanide Regeneration Process (CRP) was developed by Golconda Engineering and Mining Services and installed at Golconda's Beaconsfield Gold Tailings Retreatment Project situated in Tasmania, Australia. The Tailings Project is a 1000 ton per day carbon-in-pulp treatment plant, feed for which consists of tailings material which is dredged from the Tamar River. The pulp is screened to remove debris, then cycloned to form two products. Underflow pulp is stored in a 350 ton bin and cyclone overflow passes to a thickener. The coarse pulp material is fed to the grinding circuit then rejoins the thickened slimes in the cyanide leach circuit. Gold is extracted by carbon-in-pulp techniques. The plant is sited in rolling, hilly country approximately 200 meters from the Tamar River. The residue disposal area is quite small consisting of four dams, totalling 42 acres. The regional climate is cool and wet with little evaporation; therefore, we anticipated a net increase in contained liquor, and subsequent storage problems. Our plan was to remove cyanide from the liquor prior to returning the detoxified solution to the river system. Such treatment was not required until midway through the second year of the project. Initial testwork on sample material indicated that destruction of cyanide by chlorine was the simple solution. Subsequent follow-up on actual plant liquor indicated a huge chlorine requirement due, we believe, to the substantial degradation of vegetable matter plus organic content from the marine environment. The cost of cyanide destruction could not be justified.

Jan 1, 1998

By Stephen L. Chryssoulis

"""Preg-robbing"" of gold by carbonaceous matter during the cyanidation of certain types of carbonaceous gold ores is well documented. Recent studies established that ""preg-robbing"" of gold is not limited to carbonaceous matter. Gold sorbed on the surface of pyrite grains was detected and quantified by TOF-LIMS (Time of Flight Laser Ionization Mass Spectrometry). Crystallites of pyrite from a number of ores from different geological environments have been shown to have gold on their surface apparently sorbed from the ore forming solutions. Surface gold accounts for significant fractions of the gold head assay. Preg-robbing of gold by pyrite from pregnant cyanide solutions was also documented, and accounts for significant losses to tailings. Preventative measures are discussed.1.0 IntroductionThe detection and subsequent quantification of gold sorbed on the surface of pyrite particulates came about during routine determinations of the deportment of gold employing the comprehensive mineralogical approach (Chryssoulis and Cabri, 1990). In some pyritic gold ores it was discovered that the sum of the various forms in which gold ""conventionally"" occurs, was short of the gold assay. The mineralogical procedure used involves the independent determination of each fraction of gold, in other words there is no form of gold which is calculated ""by difference"". The systematic shortfall after having added the forms of gold listed in Table 1 led to the inquiry for the 'missing' gold and its discovery on the surface of pyrite grains, such as crystal facets and fractured surfaces.Preg-robbing of gold by pyrite from pregnant solutions was first described by Lloyd. In his studies, preg-robbing was measured by changes in the solutions/solids gold assays. This paper describes the first application of a direct measurement method for surface gold on pyrite particles from untreated and processed samples, its impact on gold deportment and processing. The advantage of the direct measurement lies in the absence of interference from other forms of gold, leading to more accurate and precise determinations of this unconventional form of gold."

Jan 1, 1997

By Richard J. Stoehr

Man has mined in all his time on earth about 3 billion ounces of gold. About one-half of this has been mined in the past 35 years. This gold is roughly in 3 large holdings: one-third held as reserves in Central Banks; one-third held as personal reserves; and one-third is in jewelry or other fabricated products. The world per capita availability of mined gold is increasing and there are many factors and forces shaping gold's future. Currently, gold has a favorable exchange ratio and this is encouraging many new gold-mining developments. Production is increasing and new techniques are surfacing. The use of gold in the financial markets is increasing in some unique ways and gold is again fulfilling its role as a universal money, making gold's future predictable. Currently, man is mining gold at the rate of approximately 44 million ounces annually and is therefore adding to the total supply of gold approximately 1.5% of newly mined gold each year. This current production plays a small role in the pricing mechanisms since a very large part of the 3 billion ounces mined in all of history is available to the market in one form or another.

Jan 1, 1984

By R. A. Plumbridge

The Honourable Mr Molefe, Premier of the North- West Province; Or Scot-Russel, Chairman of the CMMI's XV Congress; Mr Loton, Chairman of the CMMI; distinguished guests, ladies and gentlemen. At the outset may I express my sincere appreciation to the organisers of this Congress for their kind invitation to me to participate in the plenary session. May I also thank the CMMI for inviting me to be their fifth distinguished lecturer. This is a signal honour and one which is sincerely appreciated by my Group and myself. The subject of gold is a very emotive one. It conjures up different images in the minds of a wide variety of people. For many of us it is very simply the ultimate metal. In ancient times gold was sought after and treasured; it was the chosen metal for adornment and many of the best preserved artefacts of that time were hand-fashioned from gold which had been won by primitive mining techniques. Gold's rarity and its value was recognised by those who fashioned the earliest gold coins thus underlining gold's special place as a store of value.

Jan 1, 1994

By N. D. Ilankoon

"The use of thiosulfate as an alternative lixiviant for cyanide to treat complex refractory ores followed by the use of ion exchange resins (IX resins) for gold recovery has become an industrial reality. In this study, polyethylenimine (PEI) coated iron oxide magnetic nanoparticles (MNPs) were used to recover gold from the leaching solutions that consist of calcium thiosulfate, copper and gold. The gold loaded MNPs were easily separated from the solution using an external magnetic field. Proposing a novel adsorbent with characteristically easy solid-liquid separation, to recover gold from synthetic thiosulfate leaching solutions and gold elution and reuse of MNPs were the main objectives of this study. Adsorption isotherm studies revealed that the data fitted both Langmuir and Freundlich isotherm models equally well. The maximum adsorption capacity was 18.5 mg/g at pH 8 and 50?C. According to thermodynamic studies the physisorption process was exothermic and spontaneous. Gold and copper elution, and the regeneration and reuse of the nanoparticles were investigated and promising results were obtained. Different elution systems comprising sulfites, chlorides, glycine, EDTA (ethylenediaminetetraacetic acid) and sodium hydroxide were considered. Among them, EDTA for copper elution and NaOH for gold elution were the most efficient eluants. Regeneration and reuse studies revealed that the MNPs can be used for several cycles without significant performance loss. INTRODUCTION Although cyanidation has been used for gold leaching for more than 100 years, some major drawbacks associated with cyanidation have led to a quest for alternative lixiviants for gold leaching. Cyanide is ineffective in treating carbonaceous refractory ores as gold cyanide complex is adsorbed onto the native carbon in the ore itself known as preg-robbing. On the other hand environmental concerns associated with cyanidation drives the need for environmental friendly alternatives for cyanide. As of today, thiosulfate is known to be the most extensively studied and most promising alternative lixiviant for cyanide in both technical and environmental perspectives (Aylmore and Muir 2001, Oraby 2009)."

Jan 1, 2018

By Timothy W. Ellis

Wire Bonding is the dominant IC interconnection process presently used in the semiconductor assembly industry (1). The flexibility, adaptability and cost of wire bonding will continue to keep it as the key process for the interconnection of integrated circuits to substrates. However, wire bonding still has certain technological hurdles to overcome if it is to continue following the semiconductor roadmap (2). Particular issues which need to be addressed include low overall tensile strength, low elastic modulus, low shear per unit area and mechanical loop stability of Gold based micro-alloys. The ability to produce ?Deformation Process Metal-Metal Matrix Composites? (DMMCs) is based upon the deformation nature of immissible metallic systems. For reference, the Gold (Au)-Molybdenum (Mo) phase diagram is shown in Figure 1 (3). By inspection of the diagram, Au has a very low solubility for Mo, while Mo has essentially no solubility for Au. This is the metallurgical analog of oil and water. In the Au-Mo case, this is particularly troublesome when producing precursor ingots of the alloy to be formed into wire products. In Table 1, the melting points and densities are shown for Au and Mo. As shown, the melting point of Mo is significantly higher than Au, and is very close to the boiling point of Au (2856°C). However, Au?s density is higher than that of Mo. As such, conventional casting techniques are not suitable, since solid Mo would float off the surface of an Au melt thus depleting the matrix of its alloy addition. In this work, two-phase composite wires were produced by deformation processing to develop an interconnection wire with elevated tensile strength, modulus and shear to those commonly available in the market (4). This technology has been used previously in the production of high strength electrical conductors particularly for high field pulsed magnets (5).

Oct 1, 2003

By G. W. Poling, G. W. Hawthorn

"""Unassayable gold and platinum group metals"" have come into vogue in the 70sand 80s in certain jurisdictions as a means of perpetrating fraud. Usual arguments are that a particular ore is not amenable to ""conventional fire assaying"". Explanations for unassayable gold usually revolve around: evaporation of micron-size gold; vaporization of organic gold complexes; volatization of gold halides; alloying of gold with PGM's which prevents fusion or alloying which prevents collection .This paper reviews several of the myths and truths of gold and PGM assaying with the knowledge that not a single mine operatesin thefree world producing gold from unassayable ore.INTRODUCTIONAccurate analyses of exploration data and estimation of ore reserves are two of the most important functions of professional geologists and engineers in mine development. The problems encountered become particularly acute when dealing with precious metal values where very low grade deposits (in the range of 0.0 I Troy oz per ton or - 0.2 ppm (g/t) by weight) sometimes are economic or constitute ""ore"". To emphasize this ""scarcity effect"", a gold assay of 0.4 g/t (0.01 T oz/st) would result from the presence of a single 420 J.tm (35 mesh) gold flake (which weighs I milligram) in a 5 kilogram siliceous sample.The current high gold price and the prospects of high profit margins awaiting exploitation of even very low grade gold deposits, has spawned a sizeable group of incompetent or fraudulent gold assayers. These ""assayers"" will often report significant precious metal values where no such values occur. Failures of legitimate assay labs to confirm these ""significant"" assays are often attributed, by the charlatan, to their capability of detecting ""unassayable gold"" while the check assayer cannot. Geologists and engineers lacking detailed knowledge of sampling and assaying techniques are often hard-pressed to convince a gold-fever aroused company executive or investor-client to abandon a property on which attention-grabbling values have been reported, often by more than one laboratory. Professionals engaged in such evaluations must acquire an understanding of contemporary precious metal sampling and assaying techniques . Only then can they determine whether misrepresentation of values have been perpetrated"

Jan 1, 1989

By Michael M. Kimberley

Gold is sufficiently valuable that concentrations as small as 1 p.p.m. may support low-cost mining. Mindful of this, Sunoco Energy Development Company (Sunedco) obtained fire-assay analyses on some sulfide-rich sandstone encountered during routine drilling. Initial fire-assay values from independent laboratories indicated some significant gold values and independent analysis by atomic-absorption spectroscopy also indicated detectable gold at economically interesting concentrations. Sunoco geologists realized the potential for spurious results inherent in both fire assaying and atomic-absorption spectroscopy. Fire assaying that relies on gold measurement by weight requires perfect separation of gold from all other elements, Imperfect separation may artificially enhance apparent gold concentrations. Atomic-absorption-spectroscopy (AAS) measurements are potentially subject to interferences from other elements. For example, Beamish and Van Loon (1977, p.4) report AAS measurements of 4 p.p.m. Au to be characteristic of completely barren soil samples when samples are prepared by standard dissolution in HC1 to form solutions of about 10,000 p.p.m. total cations (mostly Na, Ca, Mg, Al, and Fe) .

Jan 1, 1981

By J. Y. Foley, K. Eden, A. E. Grosz, C. J. Giles, J. E. Grosz

"Portions of the Icy Cape placer Au district have been described and exploited since the early 1900s. Industrial studies of Au-bearing garnetrich intervals established a 3.5 million troy ounce resource in the western half of the district. This estimate is not compliant with CIM and SME definition standards for Mineral Resources and Mineral Reserves. We note high variability in the textures of sediments and their heavy mineral (HM) content and composition in the district, probably as a function of the depositional environment. Sediments are medium- to fine-grained sands with a valuable HM assemblage that averages 26.0% in a range of 1.1– 72.6%. Valuable heavy minerals (VHMs) garnet, magnetite, ilmenite, rutile, and zircon, but excluding Au, average 7.9% in a range of 1.0–37.6% of the HM assemblage. Trace quantities of uraninite, thorite, monazite, xenotime, and others are noted. Garnets have an average Y content of 726 ppm with a range of 0–2150 ppm. Energy-dispersive X-ray fluorescence confirms compositions commensurate with Ca, Al, and Mg silicates. We provide empirical analytical data and note high variability in the textures, HM content, and compositions as a probable function of depositional environment. Icy Cape District land and resources are owned by the Alaska Mental Health Trust Authority and managed by the Trust Land Office (TLO). IntroductionThe Icy Cape Heavy Minerals (HM) District in Alaska subtends more than 200 km2 fronting the Pacific Ocean and backing to the foot of the Robinson Mountains at about 1700 m above sea level. We classify the district into geomorphic provinces; the eastern region as deltaic (Figure 1) and the western region as coastal plain (Figure 2), based on geomorphologic expressions. The coastal plain is entirely built up of unconsolidated outwash sediments and ancient beach sand deposits."

Jan 1, 2017

By J. Y. Foley, K. Eden, A. E. Grosz, C. J. Giles, J. E. Grosz

"Portions of the Icy Cape placer Au district have been described and exploited since the early 1900s. Industrial studies of Au-bearing garnetrich intervals established a 3.5 million troy ounce resource in the western half of the district. This estimate is not compliant with CIM and SME definition standards for Mineral Resources and Mineral Reserves. We note high variability in the textures of sediments and their heavy mineral (HM) content and composition in the district, probably as a function of the depositional environment. Sediments are medium- to fine-grained sands with a valuable HM assemblage that averages 26.0% in a range of 1.1– 72.6%. Valuable heavy minerals (VHMs) garnet, magnetite, ilmenite, rutile, and zircon, but excluding Au, average 7.9% in a range of 1.0–37.6% of the HM assemblage. Trace quantities of uraninite, thorite, monazite, xenotime, and others are noted. Garnets have an average Y content of 726 ppm with a range of 0–2150 ppm. Energy-dispersive X-ray fluorescence confirms compositions commensurate with Ca, Al, and Mg silicates. We provide empirical analytical data and note high variability in the textures, HM content, and compositions as a probable function of depositional environment. Icy Cape District land and resources are owned by the Alaska Mental Health Trust Authority and managed by the Trust Land Office (TLO). IntroductionThe Icy Cape Heavy Minerals (HM) District in Alaska subtends more than 200 km2 fronting the Pacific Ocean and backing to the foot of the Robinson Mountains at about 1700 m above sea level. We classify the district into geomorphic provinces; the eastern region as deltaic (Figure 1) and the western region as coastal plain (Figure 2), based on geomorphologic expressions. The coastal plain is entirely built up of unconsolidated outwash sediments and ancient beach sand deposits."

Jan 1, 2017

By Butler I. K, Nicholson P. M

There are four main types of base metal and gold mineralisation recognised in the central Pine Creek Geosyncline. These are stratiform, polymetallic veins, stockwork/concordant gold-quartz veins and unconformity related uranium-gold-platinoid mineralisation. The stratigraphy of the central Palaeoproterozoic Pine Creek Geosyncline has been simplified into three groups comprising the Batchelor, Frances Creek and Finniss River Groups in ascending order. Stratiform mineralisation occurs within the Frances Creek Group. The earliest mineralisation is found adjacent to circular faults ringing basement highs. Higher in the stratigraphy, stratiform mineralisation is often associated with zones of high compression in the vicinity of basement highs. A synsedimentary-diagenetic origin for stratiform mineralisation is proposed. Polymetallic vein mineralisation occurs within the Frances Creek and Finniss River Groups. Its composition changes systematically through the stratigraphy similar to the stratiform mineralisation. The mineralisation is structurally controlled and usually occurs in the vicinity of basement highs. Stockwork-concordant gold-quartz vein mineralisation is hosted by the upper Frances Creek and Finniss River Groups. It occurs within compressional zones and along the Pine Creek Structure corridor around, above and particularly between basement highs. Mineable reserves occur in thick continuous semi concordant quartz-sulphide veins and/or stockworks. Unconformity related uranium-gold-platinoid mineralisation shows a close spatial relationship with the Palaeoproterozoic/Mesoproterozoic unconformity. The mineralisation is localised by structures formed during Mesoproterozoic deposition and is commonly adjacent to Archaean basement or its remobilised equivalents. The type of mineralisation (stratifom/polymetallic vein) is a reflection of local stress regimes, structure and physio-chemical conditions. An initial phase of stratiform mineralisation is postulated to have occurred with the first significant marine transgression in a tensional regime. A second phase occurred later during a compressive regime. "Ihermochemical sulphate reduction of mineralising fluids by hydrocarbons is invoked as the precipitation mechanism for the polymetallic vein type of mineralisation. Hydrocarbon generation is postulated to have occurred within the Frances Creek Group, in many places contemporaneously with the movement of mineralising fluids and basin compression. Polymetallic veins formed from the interaction of mineralising fluids and hydrocarbons which were trapped in suitable structures. An abundant, continuing supply of hydrocarbons was necessary to form significant deposits. Where these conditions were not net, the mineralising fluids largely continued their ascent to the near surface environment to form stratiform deposits. The stockwork/concordant gold-quartz vein mineralisation is a later event and occurred during the relaxation of compressional defonnation after deposition of the 1-inniss River Group.

Jan 1, 1994

By W. W. Simpson, S. A. N. Sheya

A procedure was developed by the U.S. Bureau of Mines for recovering gold, silver, cobalt, copper, and zinc from a massive sulfide ore by a hydro-metallurgical process. The procedure consists of (1) oxygen pressure leaching; (2) iron, arsenic, and copper removal from the leach solution by precipitation; (3) selective extraction of cobalt and zinc from solution; (4) electrodeposition of the cobalt and zinc from the strip liquor; and (5) cyanidation of the pressure leach residue to recover gold and silver. The results are discussed in terms of efficiency of metal recovery and conclusions drawn as to possible benefits and broad applications of the process.

Jan 1, 1990

The first mining in Western Australia probably commenced some 40 000 years ago when Aborigines arrived and began quarrying stone for tools and weapons, and ochre for decoration. The earliest documented mining by European settlers took place in 1850 on a small lead vein in the bed of the Murchison River, reported by the explorer A C Gregory. However, it was the discovery of gold in the Kimberley region in 1885 that first drew wider attention to the State's mineral potential.

Jan 1, 1992

By W. J. Millard

VAGUE rumors and stories have been heard, from time to time, about the diamond and gold deposits of southern Venezuela. It is perhaps appropriate, at this time of revived interest in gold mining, to publish a few facts in regard to this country, which has been undergoing exploration since the fifteenth century. Gold and diamonds are found principally in the State of Bolivar which lies in southeastern Venezuela and is bounded by British Guiana on the east and Brazil on the south (see Fig. 1). The famous Mt. Roraima is situated at a point where these three countries meet in a common point (see Fig. 2). Some gold is also found in the southern part of the territory of Amacuro. Good oil prospects exist in the northern part of this same territory. Diamonds are found on the Caroni river from Rio Paragua to the village of Guri. Another small district is on the headwaters of the Cuyuni river. Quartz veins containing gold are chiefly exploited in

Jan 1, 1931

By Charles White Merrill

Money is one of the most .pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common denominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the in- numerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1959

By Charles White Merrill

Money is one of the most pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common de- nominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the innumerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1964