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By A. A. Ruitenberg, L. R. Fyffe

"This paper compares several distinct types of mineral deposits associated with different families of granitoid rocks in the New Brunswick Appalachians. Porphyry copper deposit s are associated with late-stage differentiates of Lower to Middle Devonian I-type igneous complexes. Contact metasomatic deposits were formed where these plutons intrude carbonate rocks and they gave rise to vein deposits in fracture zones near wrench faults. The I-type granitoids were emplaced mainly in areas of thin continental crust and locally along prominent faults in areas of thick continental crust.In contrast, tin-tungsten-molybdenum-bearing greisen deposits and skarns, and antimony-bearing quartz veins are associated with predominantly S-stype granitoid complexes ranging in age from Middle Devonian to early Carboniferous. The mineral deposits occur within or along the contacts of very fractionated (specialized) late phases of these intrusive complexes, which are characterized by high K2O/Na2O, Rb/Sr and Rb/Ba, and low Fe, Mg, Zr and Ti contents. These specialized granitoids are in a large wrench fault zone that cuts across thick continental crust in southwestern and central New Brunswick.IntroductionA great variety of igneous intrusions and subvolcanic stocks were emplaced in the New Brunswick Appalachians during the latter stages of and immediately after the Acadian Orogeny (late Lower to Middle Devonian) and during the subsequent Hercynian Orogeny (Carboniferous). The presence or absence and characteristics of mineral deposits associated with these intrusions reflect the level of intrusion, the composition of the associated igneous rocks and the composition of the invaded sequences.Nickel-copper sulphide deposits occur in mafic intrusions in the St. Stephen area of the southwestern Magaguadavic - St. Croix Zone and in the Goodwin Lake area of the northeastern Mirarnichi Zone. Contact metasomatic and vein-type copper-rich base metal sulphide deposits and porphyry copper deposits with or without molybdenum are related mainly to high-level granitoid stocks of intermediate composition in the Matapedia-Tobique and northwest Miramichi zones. Tintungsten - molybdenum deposits with or without base metal sulphide minerals and antimony-uranium deposits are mainly associated with Upper Devonian and Lower Carboniferous biotite-muscovite granites and related 'subvolcanic intrusions that occur in an arc-shaped belt extending from the southwestern Magagaudavic - St. Croix Zone into the central Mirarnichi Zone."

Jan 1, 1982

By V. T. McLemore

"Lindgren (1933) defined a belt of alkaline-igneous rocks associated with large quantities of gold and rare earth elements (REE) that extends from Alaska and British Columbia southward into New Mexico, Texas and eastern Mexico. The North American Cordilleran alkaline-igneous belt since has been exploited for numerous types of mineral deposits. In New Mexico, Mid-Tertiary alkaline to calc-alkaline rocks are found with seven types of deposits in these districts: (1) polymetallic epithermal/mesothermal veins, (2) gold-bearing breccias/quartz veins, (3) Cu-Au, Au and Mo porphyry deposits, (4) skarns and carbonate-hosted deposits, (5) iron skarns and replacement bodies (with some gold), (6) gold placers, and (7) Th-REE (with some U, Nb) epithermal veins. Some of New Mexico’s largest gold and REE deposits are found within this belt. Their origin is not well understood, but a compilation of new data (age dates, isotopic and chemical analyses) allows for a better understanding. The diversity of igneous rocks and associated mineral deposits along this belt suggests that this region is characterized by highly fractionated and differentiated; multiple pulses of magmas and involves both upper mantle and lower crustal sources. Once magmas and metal-rich fluids reached shallow levels, local structures and wall rock compositions determined distribution of and final style of intrusions and resulting mineral deposits. INTRODUCTION Lindgren (1933) was one of the first geologists who noted that a belt of alkaline-igneous rocks extends from Alaska and British Columbia southward into New Mexico, Trans-Pecos Texas, and eastern Mexico (Fig. 1) and that these rocks contain relatively large quantities of gold, fluorine, zirconium, rare earth elements (REE), and other elements. Since then, the North American Cordilleran alkaline-igneous belt has been explored and exploited for numerous types of mineral deposits, especially gold. The North American Cordilleran alkaline belt is a north-south belt of alkaline igneous rocks and crustal thickening, roughly coinciding with the Great Plains physiographic margin with the Basin and Range (Rio Grande rift) and Rocky Mountains physiographic provinces (Mutschler et al., 1985, 1991; Bonham, 1988; Thompson, 1991a; Richards, 1995; McLemore, 1996; Jensen and Barton, 2000; Kelley and Luddington, 2002). Deposits within this belt have produced significant amounts of gold in the United States and Canada and include Cripple Creek, Colorado (702 metric tons of gold production), Black Hills, South Dakota (235 metric tons gold production) and Landsky-Zortman, Montana. In New Mexico, the North American Cordilleran alkaline belt extends from the Sangre de Cristo Mountains near Raton, southward to the Cornudas Mountains, in the northern Trans-Pecos alkaline belt (Fig. 2). The alkaline-igneous related mineral deposits in New Mexico have been referred to as Great Plains Margin (GPM) deposits by North and McLemore (1986, 1988) and McLemore (1996, 2001). Alternative classifications by other workers include Au-Ag-Te veins (Cox and Bagby, 1986; Bliss et al., 1992; Kelley et al., 1998), alkalic-gold or alkaline-igneous related gold deposits (Fulp and Woodward, 1991a; Thompson, 1991a, b; Bonham, 1988; Mutschler et al., 1985, 1991; Richards, 1995), porphyry gold deposits, and the North American Cordilleran belt of alkaline igneous rocks (Woolley, 1987; Mutschler et al., 1991)."

Jan 1, 2015

By R. C. Wallace

In the early explorations of the Northwest, the search for minerals played a not inconsiderable part. The first episode had its disillusioning sequel. Sir Martin Frobisher, in 1576, sailed up that bay in Baffin land now known as Frobisher bay, thinking that he had the coast of Asia on his right hand. He brought back from this expedition a piece of 'black earth' from Hall island, from which an alchemist by coaxing nature, or his own conscience, obtained gold. A second expedition of three ships was fitted out in 1577, and a third of fifteen ships in 1578. The ships were loaded with this 'black earth', which on subsequent investigation was found to be worthless, and interest in minerals for the time being ceased. In 1612 Hall and Baffin went in search of a gold mine near the Arctic circle on the west coast of Greenland, reported to be worked by the Danes. They found old workings, but no ore. To come nearer the Hudson Bay area, it is noteworthy that the charter granted by Charles II to the Hudson Bay Company in 1670, as a result of the explorations of Radisson and Groseillers, was given "-in consideration for their having at their own cost and charges undertaken an expedition to Hudson bay in the northeast parts of America, for the discovery of a new passage to the South sea, and for the finding of some trade for furs, minerals and other considerable commodities, and of their already having made by their undertakings such discoveries as did encourage them to proceed farther in pursuance of the said design, by means whereof there might probably arise great advantage to the King and his Kingdom - ".

Jan 1, 1925

By T. B. Thompson

The Cripple Creek diatreme-intrusive complex is known primarily for its vein telluride-gold ores and, for major veins, their great vertical range (>990m). Less well-documented are the ores dispersed into the wallrocks adjacent to veins, the ores associated with hydrothermal and tectonic breccias, or mineralized zones within fluvial, lacustrine, and volcaniclastic rocks deposited within the diatreme complex. The ore-gangue minerals Here precipitated from oxidized, alkaline fluids that yielded an abundance of carbonate, sulfate, and oxide minerals along with minor base metal sulfide and precious metal telluride-s. Wallrock alteration is quite limited adjacent to veins and somewhat more extensive within hydrothermal and tectonic breccias.

Jan 1, 1991

By E. L. Bruce

EUROPEAN Russia is mainly a great plain, the average elevation of which is only 600 feet above sea level and the maximum elevation less than 1,200 feet (Figure 1). The main divide between the Arctic ocean and the Black sea and Caspian sea is an indistinguishable topographic feature from which the Dneiper and Don rivers flow southward to the Black sea and the Volga river to the Caspian. The valleys of these rivers are but little below the general level (Figure 2). To the south, this great, rolling plain is broken by a low ridge of Precambrian gneisses and intrusive rocks. The Crimea is an upland from which the descent to the Black Sea coast is precipitous (Figure 3). The Ukrainian Soviet Socialist Republic occupies the southern part of the plain. It is the southwestern unit of the Union, bordered by Rumania and Poland on the west and by the Crimean Soviet Socialist Republic on the south.

Jan 1, 1938

Sequential and evolutionary changes through time are recognizable in many, perhaps most major families of ore deposits and their geological environments. These changes are additional useful indicators of the evolutionary history of the earth and its tectonic processes. They are important in mineral exploration because they involve consideration of time as a fourth dimension, thereby indicating the most favorable ages, rather than types of rock for investigation. Many of the changes are analogous to those recognized in faunal evolution. Some primitive, unspecialized types of ore deposits occur nearly unchanged through rocks of widely differing age. Others diversify into several, more specialized variants, whereas still others become extinct. The place of these is taken by new, younger types, some of which undergo sudden proliferations and later diversifications of their own. In Archean greenstone belts irrlportant iron, nickel, gold, and base metal deposits occur co-regionally, but in different stratigraphic positions in the same, thick volcano-sedimentary successions. Here their close temporal and spatial associations suggest common genetic exhalative hydrothermal processes. The massive base metal sulfide family of ore deposits provides an excellent example of evolutionary changes, exhibiting distinct variations through both time and space. Deposits belonging to this family span the entire range of time, occurring in rocks of ancient Archean to Recent age, and specific types within the family also span the entire range of spatial environments from ensimatic to ensialic. Moreover there are possible evolutionary metallogenic links between certain types of massive base metal sulfide deposits and other important base metal ores, noteably Mississippi Valley-type and porphyry copper deposits.

Jan 1, 2013

By James E. Adler, Timothy C. Richmond

The Stillwater District is located in south central Montana approximately 75 miles southwest of Billings, the state's largest city. It lies along the northeast front of the Beartooth Mountains and is within the boundaries of the Custer and Galatin National Forests. The first white visitors in the district were the early trappers, who were soon followed by the prospectors. These early prospectors were drawn to the area by gold and silver discoveries at Cooke City in 1870 as well as by the large gossan formation in Verdigris Creek near the west bank of the Stillwater River and by several scattered smaller gossan exposures throughout the area. The first patented mining claims were recorded in September, 1886.

Jan 3, 1974

By Timothy C. Richmond

The Stillwater District is located in south central Montana approximately 75 miles southwest of Billings, the state's largest city. It lies along the northeast front of the Beartooth Mountains and is within the boundaries of the Custer and Gelatin National Forests. The district contains some of the nation's most spectacular mountain scenery. Montana's highest peaks, including 12,799 foot Granite Peak, rise a few miles south of the area. Much of the district is located on a gently undulating plateau which averages 8500 ft. above sea level, broken by hills up to 10,000 feet and slashed by glacially carved canyons, some of which are more than 3,000 feet deep.(Fig. 1) Immediately to the north and east, the land falls away to the Great Plains, stretching unbroken to the Mississippi River. Two major tributaries of the Yellowstone River, the Stillwater and Boulder Rivers, traverse the area and several large streams originate in the district itself. Access to the high mountain country and the adjoining Beartooth Primitive Area is restricted to a few horse and jeep trails continuing from the terminus of improved roads in the bottom of the Stillwater and Boulder Valleys. Hunters, fishermen and cabin owners make intensive use of the area along its improved transportation routes, but hikers seldom venture more than three miles beyond the end of the roads. People from the Billings area are the most frequent visitors.

Jan 1, 1974

By D S Wallis

Northern Australia leads in world-class mineral deposits' is a bold statement. First there must be a starting point. Land north of the Tropic of Capricorn (23¦ 26' 5") will be regarded as Northern Australia covering nearly 40 per cent of the land surface of Australia. As opposed to land south of the Tropic of Capricorn, it should be regarded as Tropical Northern Australia and for the sake of brevity, (TNA) Refer Figure 1. Apart from the tyranny of distance from centres of power and population in the temperate zone, it suffered in the past from the belief that the tropics are unsuited for European workers and from the lack of infrastructure. Outstanding mineral deposits of iron, base metals, gold and diamonds, discovered and developed in the past three decades, provided the substance for the title. There are many world-class mines producing and there are mineral deposits neutralised through Government policy. TNA can maintain its lead in world-class mineral deposits provided Government policy will stop partitioning the land and decreasing that available for exploration. Let's look at what we have that is world-class. In Western TNA iron ore deposits at Paraburdoo, Mt Tom Price, Marandoo, gold at Telfer, diamonds at Argyle. In central TNA uranium at Ranger and Jabiluka, lead-zinc-silver at McArthur River, gold at the Tanami, manganese at Groote Eylandt and bauxite at Gove. In eastern TNA Mt Isa, Hilton, Century zinc-lead, bauxite at Weipa, gold at Kidston, Mt Leyshon, magnesite at Yamba and coal mines in the Bowen Basin. Those mines or deposits stand out yet are only an indication of the numerous lesser mines and of mineral deposits depending for development on market demand and/or changes in Government policy, eg 'The Three Mines' policy. Very large areas of mineral rich structures in the western, central and eastern parts of TNA are concealed below flat lying comparatively young unmineralised sediments. The Great Artisan basin sediments in eastern TNA can and do host oil shale and non metallic minerals. Nearly 40 per cent of western TNA is covered by the Great Sandy Desert. The Canning Track, with a series of 54 wells, was constructed by surveyor Alfred Canning in 1908 - 1910 with great difficulty. It extends 1700 kilometres from Halls Creek in the north to the gold town of Wiluna in the south, through the Great and Little Sandy Deserts. Gold explorers are following favourable structures extending to the north east below the sediments and sand hills covering the track. Half of central TNA's mineral structures are concealed by the Tanami desert and the Cretaceous sediments covering the pastoral regions of the Barkly Tableland and the Daly Waters to Top Springs pastoral areas. The Georgina Basin in the south eastern section is part of the concealment.

Jan 1, 1994

By Hulbert A. Lee

"A REVIEW OF MINERAL DISCOVERIES IN CANADA, and in particular the Canadian Shield, using the physical aspects of overburden reveals a trend in the art of exploration. At an early time of exploration (1847-1954), float and heavy clasts were used successfully to find ore deposits with little knowledge of Quaternary environments. At a later time (1955 to present) , use of Quaternary rock-units for sampling have made possible tracing indicator trains of float, heavy clasts and other ore-type clasts to the source bedrock. The basal till of retreat ice is now recognized as a1l favourable sampling environment and as such has been used to successfully discover hidden orebodies. The esker massive gravel is beginning to be recognized as a favourable environment and use of it has met with technical success. An understanding of those changes that have taken place during the transportation of the material and after its deposition is essential to proper sampling and treatment of the samples from the basal till and the esker massive gravel. Use of float and heavy clasts in search of orebodies is continuing in present-day exploration on the Shield. Lessons learned from it are being incorporated into exploration using favourable Quaternary rock-units for sampling. Hence, both subjects have a need for review and are discussed in this paper."

Jan 1, 1971

By L. B. Sand

Zeolite ores and protores occur in extensive deposits in the western United States. A recent paper1 describes the general geology and mineralogy of these deposits and their geographical distribution. The zeolites are alkali-and silica-rich varieties of mordenite, erionite, chabazite, phillipsite, ferrierite, and clinoptilolite. The zeolites were formed primarily by the alteration of Tertiary pyroclastics and in some cases by the alteration of Tertiary siliceous flows. The altered pyroclastics are of principal economic significance. The volcanic ash and tuff were deposited in restricted basins where saline lakes developed. The pyroclastic layers often are of uniform thickness and macrotexture for miles from the center of the basin and interfinger with detritals toward the edge of the basin. Thus, in addition to unaltered volcanic glass, the gangue minerals in these deposits include some combination of primary minerals in the pyroclastics, alteration products of the glass other than the zeolite of interest, and detrital minerals. The gangue minerals include quartz, cristobalite, tridymite, opal, orthoclase, micro cline, montmorillonite, hornblende, calcite, gypsum, thenardite, and iron oxides. The presence of one or two other zeolites in the layer in some cases also is considered as gangue. There are no quantitative mineralogical descriptions of these deposits in the literature; this: study was undertaken to obtain this information. As the zeolites occur as single crystals, crystal aggregates, zeolite-glass particles and in cemented aggregates, a method of study was chosen which would give the size distribution of the zeolite in these types of association. For this reason dispersion of the rock was achieved with a minimum of grinding action. This excluded those zeolite ores, silicified by hydrothermal altera¬tion which require grinding. A relative index of the ease of disaggregation of the zeolite ores thus is obtained, but the technique does not give absolute size distributions of the zeolite crystals. Samples were selected for analysis which do not necessarily represent the best ore horizon, but do represent a spectrum of zeolite occurrences from significant deposits. They are mordenite, erionite, and phillipsite from Rome, Oregon, clinoptilolite and chabazite from Reese River, Nevada, chabazite (and var. herschelite) from Bowie, Arizona, erionite from Jersey Valley, Nevada, and erionite from Pine Valley, Navada.

Jan 1, 1967

By Charles E. Locke

DEPRESSION in all lines of the mineral industry except gold, which began in 1930 and continued, even worse, through 1931, had its effect on ore concentration. Construction was limited to the completion of plants already begun. Every possible economy was adopted. Changes and improvements involving expense were postponed. Research was largely abandoned. Operations became highly efficient and costs were cut down, although this did not necessarily mean a lower cost per ton because of the greatly reduced capacity at which mills were run. Lower metal prices caused the operators to seek the optimum ratio of concentration and grade of concentrates looking toward maximum economic recovery; that is, net profit. In the crushing field no marked changes occurred. The Symons cone crusher for intermediate work is in use almost everywhere. Its manufacturers claim that 900 machines have been installed in 21 countries, replacing two previous steps of crushing and yielding a product sufficiently fine to form a satisfactory feed for rod mills and ball mills. A new Telsmith crusher has appeared which has curved jaws something like the Symons cone and consequently the same advantage as the latter.

Jan 1, 1932

By William F. Lawrence

Due to the immense volumes of municipal wastes that are generated in this nation every year, it has become imperative that effective measures be developed to utilize all or portions of these materials in a productive and efficient manner. Nany larger municipalities employ incineration to reduce the bulk of material to be removed to disposal sites: but, even after incineration, approximately one-fourth of the original waste material in the form of non-combustible residue and flyash remain. It has been found that the flyash fraction of the incinerator residue contains varying amounts of copper, silver, gold, aluminum, iron and titanium along with many other important metals. The serious loss of these natural resources contained within the flyash and the monetary expense of current disposal methods present a serious and rapidly increasing problem to the public and to the Federal Government. The growing emphasis upon environmental control, rapidly increasing urban population and "convenience packaging" 'with its attendant increased waste production has led to the initiation of a broad range of studies concerning municipal waste. For example, the U. S. Bureau of I-lines is investigating all aspects of the incineration of municipal waste under its solid waste disposal program.l "In-house" studies range from improved incinerator design to potential recovery and recycling of the various components within the incinerator residue. A major portion of the latter research is being performed at the U. S. Bureau of ;-lines, College Park, Maryland facility while grants for specific areas of study have been issued to several universities and research institutes. In addition, the Department of Health, Education and Welfare has supported programs examining the potential recovery of paper; glass, metals and other components of unincinerated refuse followed by disposal in sanitary landfills.

Jan 1, 1971

By Bruce Cantrell, K. L. Rubow

"INTRODOCTIONMeasurement of the contribution of diesel exhaust to respirable aerosol in mine environments has become increasingly important because of current concerns over the occupational health effects resulting from exposure to diesel emissions. In response to this, the U.S. Bureau of Mines is developing and evaluating new sampling methods for measuring diesel aerosol in underground mines. Two such techniques are being studied by the Bureau, size selective sampling and Chemical Mass Balance (CMB) modeling. These techniques use measurable physical or chemical characteristics of a mine aerosol sample to infer the amount of diesel particulate material contained in the sample.Size selective sampling is being adapted for measurement of diesel aerosol by the Particle Technology Laboratory (PTL) of the University of Minnesota under sponsorship by the Bureau. 1 It is based on the premise that diesel and mineral dust aerosol can be physically separated by size and collected during sampling using inertial impaction. An independent effort by the National Institute for Occupational Safety and Health to develop a size selective sampling technique was also sponsored by the Bureau.The second technique, CMB modeling, is being developed by the Bureau as an alternative measurement technique to referee the results obtained using size selective sampling.3 It compares measured trace element ""finger prints"" of aerosol sources with similar profiles of mine aerosol samples. From these, the portions of the sample contributed by each source can be determined. Results of these investigations in underground coal mines have confirmed that diesel and coal dust aerosol are of different size and can be measured separately using size selective sampling techniques.A major difference in diesel usage among underground mines is the requirement for exhaust gas cooling systems in coal and gassy noncoal mines. Nongassy mines usually employ limited exhaust conditioning in the form of catalytic converters, which have limited effect on primary exhaust particulate. The cooling system in most general use in gassy mines is the water scrubber. This device has little effect on most of the gases but removes particulate material from the exhaust. 5 Because of this, exhaust aerosol characteristics in nongassy mines are expected to be different. To see if size selective sampling techniques can be used in such mines, the Bureau and the University of Minnesota conducted a second study in three metal and nonmetal mines, two nongassy and one rated as gassy."

Jan 1, 1990

By Fred Heivilin

A symposium on the characterization and toxicology of mineral dusts was held Sept. 19 and20 in Washington, D.C. The symposium was held to update the minerals industry, the health community, government agencies and academia on the technical, health and regulatory aspects of minerals to be evaluated by the International Agency for Research on Cancer (IARC).In October 1996, the IARC met in Lyon, France, to discuss and prepare “Volume 68 of the IARC Mono-graphs on the Evaluation of Carcinogenic Risks to Humans on Silica, Silicates, Dusts and Organic Fibers.”

Jan 1, 1996

By Michael Rieber

Mineral economics interfaces the mineral sciences and engineering with finance and economics in the analysis of appropriate questions facing the minerals and energy industries. Its practitioners include those trained in the earth sciences; mining, petroleum, and geological engineering; metallurgy and mineral preparation; as well as finance, information systems, economics, and statistics-most usefully in one or more combinations. Allowing for some overlap, three general areas may be identified: evaluation, economic analysis, and resource appraisal. Evaluation begins with mine investment analysis (exemplified by Gentry and O'Neil, 1984) and process costing, for which the STRAMM Handbook (Anon., 1977) provides a well-known basis for mining and beneficiation. But it extends from property appraisal, often used for the determination of taxes and royalties, through the determination and comparison of transport costs (e.g., Richer and Soo, 1977), and to benefit/cost analyses of externalities. Economic analysis, the subject of this section, is displayed in rigor and extent both theoretically and as applied to commodity classes in Vogely (1985), but it is implicit though apparent throughout Lefond (1983). The text edited by Vogely places minerals in their aggregative context with economic growth and trade, proceeds to the theoretical analysis of minerals and their markets, analyzes the structure and performance of the major mineral sectors, and concludes with policy issues: fuel, nonfuel, and environmental. Resource appraisal employs quantitative methods for the estimation of mineral and energy resources. It moves through geologic, geophysical, and geochemical properties to the identification of estimation procedures for mineral endowment and for the economic measure of stocks and flows of specific minerals (Harris, 1984). It can be used to estimate the probable amount of a specific resource remaining in a given region and has been used to project sites in a specific

Jan 1, 2008

By W. M. Myers

MINERAL Economics is the most recent profession to be recognized as a separate division of the mineral industries. It has originated from the increasing awareness of the importance of the economic aspects of industries concerned with discovery, extraction, and utilization of minerals. It is concerned with the interrelated fields of economics and technology. The individual trained in economics alone cannot qualify. The curriculum in the School of Mineral Industries at The Pennsylvania State College was approved in May 1946, and enrollment begun in September of that year. Due to the transfer of advanced students from other courses, particularly metallurgy and electrical engineering, it was possible to graduate the first seniors in June 1947. The next class was graduated in February 1948. From experience derived from placing these graduates in industry, and from information supplied by prospective employers, valuable data have been obtained in the organization and operation of the course of study.

Jan 1, 1948

By Samuel H. Dolbear

THE value of a mine is basically dependent on its capacity to yield profits. Since the ore must be mined, treated, and sold, some of it in various future years. there is a risk involved as to future costs, selling price, and working conditions. It cannot be expected that the economic condition existing at the time of valuation will continue unchanged for long periods in the future. During the past 20 years, mineral production in the United States has been conducted under a changing economy in many respects more exacting than that applied to other businesses. There have been increased production incentives, technical aid, exploration of privately owned mineral deposits by government at federal expense, and liberal loans for development and equipment, with risk partially assumed by government.. Some of these benefits have been counterbalanced by price ceilings, consumption controls, and stimulation of competition from foreign producers who have been offered the same advantages extended to American operators. For the present, mines will operate under a government policy directed toward reducing federal aid and control. The tenure of this change will depend upon future elections and the status of foreign relations. War and threat of war are now of the most vital significance to the mineral industries. Other factors which influence cost of production, markets, and price of mine output might be classified as Acts of God or Acts of Government. In some countries expropriation and the difficulty of exporting earnings or investment returns are risks that must be considered by foreign capital. Recognizing that this retards American investment in foreign countries, the Mutual Security Agency offers insurance against such expropriation and guarantees the convertibility of capital and profits. Since it is impossible to predict with certainty either cost of production or selling prices of metals for long periods, some assumptions must be made as to profits in the future. The basic assumption must be that the price of the company's product will vary in proportion to changes in operating cost. There is often a lag in this reaction, however, for prices of minerals are generally more sensitive to declines and less sensitive to increases than are costs. This reflects in part the resistance of labor to downward wage revision and a corresponding alertness in realizing its share of price advances. Some labor contracts include automatic adjustments to metal prices. Notwithstanding the complexity of the, problems involved and the difficulty of weighing their effect on value, such risks may be appraised with reasonable accuracy and a rate of earnings adopted that is compatible with the risk. It is, of course, possible to revert to a yardstick of value such as the commodity dollar, which has been advocated from time to time, but while revaluation in 1933 disturbed public confidence, the theoretical gold dollar continues to be the standard of greatest stability. Its gain or loss in purchasing power is reflected ultimately in cost of production and selling price of the mine product. At present 35 dollars are allocated to one ounce of gold. Measurement of Risk In the application of the Hoskold and most other formulae, a yearly dividend rate commensurate with the risk involved is set aside out of annual earnings. If the risk is great, this rate may be 15 to 25 pct of the amount invested. The remainder is placed in a sinking fund invested in safe securities such as high grade bonds or conservative equities, and the interest or dividends from these securities are added to the sinking fund. The sum of these sinking fund payments and the compounded interest at the end of the mine life is taken as the value of the mine. Admittedly the decision as to the size of the risk rate is the most difficult element in valuation and one requiring the most exacting consideration. It is necessary to look years ahead in an effort to determine future costs, market prices, demand, competition which may develop, including that of substitutes, and other influences common to the mine and to the region in which it is situated. Another phase of risk is the enactment of unfavorable legislation, taxes, and what appears to be an alarming spread of nationalization and expropriation. Capital is sometimes borrowed from the government to finance strategic production. Such loans may be collectable only out of production and involve no liability otherwise. Valuation in these cases must recognize the effect of such a reduction in liability. Offsetting some of these risks are the possibilities of mechanization and other cost-reducing discoveries, improvements in mining and treatment methods, new uses for minerals and metals, and normal growth of markets. In this paper, the terms risk rate, dividend rate, and speculative rate are synonymous. Safe rate and redemption rate are also used interchangeably. These alternatives are used here because they are commonly found in the literature on mine valuation. In Michigan, the State Tax Commission has long employed a risk rate of 6 pct in its valuation of iron mines. There the outline of reserves is well established and operating costs and conditions are based on adequate experience. The following comment on rates appears in the report of the Minnesota Interior commission on Iron Ore Taxation submitted to the Minnesota Legislature of 1941.1 Most engineers agree that 7 percent for the specu-lative rate is "an absolute minimum". C. K. Leith in

Jan 1, 1954

By W. Keith Buck

This paper defines the discipline of mineral economics. By example, it describes the application of the tools of economic analysis to mineral problems - to problems in the areas of: mineral resource analysis and forecasting, mineral industry activity from exploration to distribution and marketing, mineral commodity analysis, and mineral policy analysis and policy formulation - all in a regional, national or international context.

Jan 1, 1972

By Elmer W. Pehrson

NINETEEN FORTY-SIX was an eventful year for the mineral industries. Perhaps the most significant development was the socialization of industry in Great Britain, initiated in 1945 but carried to fruition in the coal industry in 1946. On Jan. 1, 1947, management of the coal industry will be vested in a National Coal Board, responsible to the Ministry of Fuel and Power. A sum of £164,660,000 has been provided to compensate private owners for assets transferred to the Board. The British coal industry has been a problem for many years. Production has declined to a point where serious shortages of fuel for domestic needs have developed. Exports have dwindled to a small fraction of the previous trade. Costs have increased greatly, and quality has deteriorated. The industry's physical plant has not kept pace with the rapidly mounting wage scales in recent years. Some claim that the best and most accessible coal reserves of Britain are heavily depleted. The industry has been harassed by difficult labor problems, including bad morale among the workers and a shrinking labor force.

Jan 1, 1947