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By Douglas D. Donald

The financial analyst's job is to make an objective appraisal of the investment opportunities which exist within the various industries under his supervision within the context of the economic model provided by his firm and the a climate of investor sentiments. Industry analysis is critical. When a major investment trend develops, usually the stock of all companies within the specific industry react in the same direction. I should emphasize here, however, that an investment trend is influenced by the economic outlook, but economics is not the only determinant - investor psychology and arbitrary political factors may be of equal or greater importance. Part of our job is to recognize trends early and determine whether they are valid. Following industry analysis, the analyst must examine the specific companies within that industry since some companies usually react more violently than others to industry trends, whether they be favorable or adverse. To simplify the process of evaluating an investment opportunity, it is convenient to isolate three types of factors which have a bearing on every sort of business although the degree of influence of each factor may vary from industry to industry. These categories are, 1) independent or external factors insofar as they are beyond the control of corporate management, 2) interdependent factors insofar as influence may be exerted by industry-wide action, and 3) dependent factors covering the area of internal decisions which are basically under the control of the individual corporate managers. Although the title of this paper, "The Corporate Use of Cash Flow," is only one segment of the third category, it may be useful to continent on the first two categories as well. The independent factors may be either economic or governmental. The economic factors include cyclicality which may be very high in the case of the basic commodity industries or relatively low as in the case of utilities. Underlying growth rates, another independent factor, may range from the business equipment industry with an annual growth rate of 14% through the electric utility industry with a growth rate of about 7% per year to the

Jan 1, 1970

By R. L. Hudak, R. F. Randolph, A. S. Azman

The mining workforce experiences high rates of hazardous noise exposure and hearing loss. However, previous studies have identified specific behavioral and attitudinal barriers that keep miners from effectively acting to prevent their own hearing loss. The National Institute of Occupational Safety and Health (NIOSH) has developed several new hearing loss prevention tools and interventions that specifically target these barriers to prevention. The NIOSH Hearing Loss Simulator addresses motivation to take action and knowledge about the consequences of noise exposure. The QuickFit earplug test device and QuickFitWeb online hearing protection tester address barriers to effective earplug and earmuff use by verifying at least 15 decibels of protection. The NIOSH Roll-Pull-Hold technique helps miners obtain better protection through an easy-to-remember set of steps that improves attenuation by nine decibels. The “Inquiring Ears Want to Know” fact sheet helps miners to understand audiograms and to use them to maintain their hearing health. Each of these interventions can be used within the context of a comprehensive hearing loss prevention program.

Jan 1, 2010

By Michael J. Miller

In the design of a modem mill, a stockpile storage system for raw and/or semi-processed ore has become almost indispensable. This paper discusses the benefits of such stockpile storage as well as the various types of belt conveyor stockpiling units available. Particular attention is given to large radial stackers since they offer the greatest flexibility. Stacker control systems and accessory equipment are briefly discussed. Various alternative reclaiming arrangements for stockpiles are reviewed and a discussion of the advantages and drawbacks of each arrangement is included.

Jan 1, 1979

By Evan J. Owen, Virginia T. McLemore

of high specific gravity, resistant minerals that form from mechanical concentration by waves, currents, and winds in marginal-marine environments. These sediments are enriched in critical minerals such as titanium, zirconium, and REE. Cretaceous beach-placer sandstones are found in the Colorado Plateau of northwestern New Mexico. Originally discovered by airborne radiometric surveys for uranium in the 1950s, these beach-placer sandstones are being re-examined with modern methods as potential sources for critical minerals. Selected beach-placer sandstones have been sampled, mapped with ground radiometric surveys, and analyzed with whole-rock and trace element geochemical methods. Mineralogy is being determined with optical methods, XRD, and EMPA. Zircon, rutile, ilmenite, and monazite are the primary heavy minerals of interest found in the studied deposits. Initial results show that the sandstones contain up to 1.4% total REE, 29.4% TiO2, and an estimated 4.9% ZrO2. Chondrite-normalized REE diagrams show distinct light REE and minor heavy REE enrichment, as well as pronounced negative Eu anomalies for each deposit.

Feb 1, 2024

By Gordon R. Haworth

Conditions affecting minerals investments are continuing to change at an increasing rate, and in this paper we will attempt to predict the course of mine financing in the future. We will first review the situation historically and then examine the problems and constraints that are now making the financing task more difficult. Suggested solutions are discussed, and a new method of financing a group of mining projects is hypothesized.

Jan 1, 1977

By Evan J. Owen, Virginia T. McLemore

There are tens of thousands of inactive mine features in 274 mining districts in New Mexico (including coal, uranium, metals, and industrial minerals districts). However, many of these mines have not been inventoried or prioritized for reclamation. Many of these mines have existing mine wastes, generated during mineral production, which could have potential for critical minerals, especially since the actual mineral production was generally for precious and base metals and not critical minerals. The purpose of this project is to characterize and estimate the critical mineral endowment of mine wastes and “beta-test” USGS sampling procedures. This project is important to the state of New Mexico because critical mineral resources must be identified before land exchanges, withdrawals or other land use decisions are made by government officials. Future mining of mine wastes that potentially contain critical minerals will directly benefit the economy of New Mexico. Possible re-mining of mine wastes could clean up these sites and pay for reclamation. Furthermore, this project will include training of younger, professional geologists and students in economic and reclamation geology by the PIs.

Feb 1, 2024

By Karin Bäppler

Mechanized tunnelling is undoubtedly one of the most innovative disciplines in the international construction industry. Technological progress in the planning and production of most modern infrastructure is constantly striving for new records on basis of highly specialized solutions and know-how. Humans and technology have accomplished excellent achievements over the past few years in varied, difficult terrain. New length records are being set with the 64 km long Brenner Base Tunnel and the HS2 Railway system currently under construction in Europe. Cities are building ever longer and more demanding sewer tunnels. The paper highlights some of the challenges, trends and innovations of long-distance tunnelling projects.

Dec 1, 2022

By Alistair James, Mo Shahsavari, Leon Botham

Recent catastrophic failures of heap leach facilities have revealed fundamental weaknesses in prevailing design paradigms, modeling toolkits, and oversight practices that continue to treat heaps as static, free-draining earthworks despite compelling evidence to the contrary. The core proposition advanced in this paper is that heap materials are intrinsically dynamic: their structure, permeability, and shear strength evolve under the sustained influence of irrigation, climate, and geochemical reactions, and these timedependent changes can precipitate abrupt transitions from granular stability to flow-like failure. Drawing on investigations of recent failures at Çöpler Mine in Turkey and Eagle Gold Mine in the Yukon, alongside earlier incidents in Peru, Arizona, Nevada, and Chile, the analysis identifies a recurrent sequence driving catastrophic behavior: progressive weathering elevates fines and suppresses permeability; drainage systems designed for initial conditions become overwhelmed; pore pressures rise heterogeneously within the heap; and static liquefaction initiates rapid mass movement with long runout. Current guidance, including ICOLD and ANCOLD frameworks and ASTM testing standards, provides a necessary foundation but is tailored to tailings and conventional soil mechanics. These documents offer insufficient direction for characterizing timedependent material degradation, quantifying rheology of weathered ore, and modeling post-failure mobility. To address this deficit, the paper proposes an integrated framework combining enhanced characterization, multi-physics numerical modeling that couples hydro-geochemical processes with large-deformation mechanics, and comprehensive monitoring with Trigger Action Response Plans. The conclusion argues for a heap-specific standard that embeds these elements from concept to closure, aiming to materially improve safety performance and reduce the likelihood and consequences of future failures.

Feb 22, 2026

By Enrico Pavese, Tim Kearney, Stefan Lemke

Watertightness is of central importance in hydraulic and underground structures but has always been associated with a risk, as demonstrated by the very high impact that water inflows have on the damage of linings and infrastructure (Howard, 1991; Sandrone and Labiouse, 2011). Concrete is vulnerable to groundwater and chemical contaminants in the soil. These can leach into the pores and cracks of the concrete and degrade its integrity, causing spalling and corroding the reinforcing steel. Moisture migrating into the building can also degrade structural elements over time and lead to mold and other hazards to occupants’ health. In this connection, the demands placed on the setup and detailed design of the seal depending on the negative influence by water on the one hand and on the other hand on the function of a construction in view to its watertightness classification. Thus, the reliable functioning of a seal is of particular significance in the case of traffic tunnels, which are not easily accessible for all subsequent repairs after the construction in seepage water and especially when located in a pressure water zone (risk–cost assessment). Requirements for the long-term efficiency and quality of underground structures have increased in recent decades. Today, the standard lifetime requirement for an underground infrastructure project is 100 to 120 years and, in some cases, even higher. This calls for high increased attention to the durability of the whole structure and of each individual element. Standards, which started as application guidelines given by the manufacturers, are available in the market since the 1980s and are constantly adapted to the current developments in various technical committees. Differentiations are made between: Manufactures application guidelines, case studies or published articles Test standards for the laboratory to guideline the testing procedures (air temperature, type of test equipment, dimensions, test speed, test duration, concentration, type of liquids, monitoring, tolerances, interpretation of results, documentation, etc.), developed by committees based on material and laboratory experts Application standards, which include test standards but also the related minimum performance requirements (values) for material, processing, and quality assurance (practical tolerances), developed by committees based on a wide range of experts (e.g., designers, construction companies, applicators, manufactures, owners, test institutes, quality engineers) and therefore also based on a wide field of experience, different views and up-dated case studies. In the following there are some examples of guidelines and published information’s, ranked according to the year of issue, which are relevant for the development of waterproofing specifications in the tunnel industry:

Jun 13, 2023

By David L. Brostrom, William C. Brice, Perry A. Canton

The business of mineral exploration and development has become much more than simply a problem of locating orebodies and designing mines. Favorable economic analysis of mining and processing feasibility is no longer sufficient to justify the development of a mine. New laws, enacted by virtually every level of government, require comprehensive land use planning, environmental analysis, mineland reclamation, mine safety studies, and many other considerations. This profusion of new laws says in effect, that the mining company is no longer responsible only to its stockholders. Mineral development today can be compared to a partnership. As in all partnerships, the risks and liabilities as well as the benefits are held jointly by all the participants. In addition to the mining operator, this partnership consists of the public, through its many levels of government, interest groups, and individual citizens. Therefore, you'd better know your partner very well - his responsibilities and capabilities. Mining is considered a high risk venture. The risk on the part of the operator and the lending institutions has long been recognized. The risk that the public and its government take in these mining ventures has now been recognized also. The people and their government have learned that they inherit, through abandonment or forfeiture, the mistakes and problems of individuals and companies regarding these natural resources. In looking through the "Mining Engineering Handbook" recently published by the Society of Mining Engineers, I noted that in their discussion of liability for excavations, the authors quoted from the book of Exodus, 20th chap., where Moses said to his people: "When a man leaves a pit open, or when a man digs a pit and does not cover it, and an ox or an ass falls into it, the owner of the pit shall make it good; he shall give money to its owner, and the dead beast

Jan 1, 1974

By Daniel Hodouin

Artificial neural networks (ANN) are of growing interest in a wide variety of applications. Pattern recognition, speech processing, financial analysis, signal processing and process control are at present the most successful ones. This paper is an attempt to illustrate the potentiality of ANN applied to mineral processing. An introduction to the technology of ANN is first proposed to describe the various components and to explain the various phases encountered in setting up a network. Then examples are given to illustrate the use of ANN dynamic modelling of mineral processing units or plants and in process control.

Jan 1, 1991

By George Mandarakas, Johan van Zyl, Karl-Heinz Becker

The world’s climate today has changed compared to 10 or 20 years ago. Many countries face water shortages; water sourcing for mining activities has become harder to secure. ESG’s focus on the industry has made us more aware of the need to preserve and responsibly use the water needed for wet processing in our milling and sorting activities. In a recent greenfield project in South Australia, 10 Gigalitres per annum would be required to process 5Mtpa of magnetite [1]. Published information indicates that the mining industry consumes approximately 12 EJ per year—or 3.5% of total global final energy consumption globally [2] or 3.33 trillion kilowatt hrs. This energy consumption is significant, considering the critical role mining plays in extracting and processing essential minerals for economic development and human progress. The perception of the mining industry is that not only does it consume significant power, but it also consumes a lot of the freshwater in the world. In fact, it consumes approximately 5% [3] of the total freshwater demand. According to the Intergovernmental Panel on Climate Change (IPCC), by 2050, 60% of the world’s population will be living in countries that are classed as water-stressed [3]. As more and more emphasis is placed on renewable energy sources, the amount of water used in mineral processing will increase because more and more raw materials require a water-intensive process. This increases the pressure on the mining industry to try and find water-saving initiatives. As part of this review, recent advancements in magnets have enabled magnetite processing facilities to achieve between 30 to 40% dry gangue material rejection before the wet beneficiation process (grinding and sorting). This reduction in energy consumption allows the reduction of energy consumption. Secondly, there is less material ground in the mills, which requires less water for mineral downstream processing.

Feb 1, 2025

By D. W. Park

Artificial intelligence has emerged over the past two decades as an important problem-solving tool including techniques such as expert systems, neural networks, tree classification, fuzzy logic, genetic algorithms, etc. These methods can be employed to solve rock mechanics and ground control problems associated with the highly complex nature of rock masses and ground conditions. A current study at the University of Alabama focuses on development of an artificial intelligence system for real-time interpretation of the data collected from longwall monitoring stations, and development of an early warning system for prediction of undesired conditions and prevention of longwall-mine instability problems. This paper describes a ground control management system using UALSAS (The University of Alabama Longwall Stability Analysis System), which is being developed to facilitate maintenance, on-line analysis, prediction, and includes an early warning system. A detailed framework of computer algorithms and their applications are also discussed. The successful application of these artificial intelligence techniques will contribute to a safer and healthier mining environment.

Jan 1, 1995

By W. J. Spat

Political risk is an integral part of the mining business in Northern Andean countries. Peru, Ecuador, Colombia, and Venezuela all have a higher than average political risk compared with other South American countries. Successful operations in such contexts require: 1. Good political risk information; 2. A thoroughgoing political risk management plan; and 3. A strategy to deal with political risk perception on the part of the investing public. Obtaining quality political risk information, developing a political risk management plan, and addressing political risk perception are the foci of this work.

Jan 1, 1999

By Naoko Shimazaki, Andre Xavier

Over 10 million tourists have visited Vietnam in 2016. Travel and tourism accounted for 9.3% of the country’s Gross Domestic Product (GDP) in 2014. At the same time, as with many other resource-rich developing countries, Vietnam has been developing its extractive resources sector as a means of promoting the country’s social and economic development. In 2015, mining was the third largest contributor to GDP, and accounted for 8% of Vietnam’s gross domestic product. Vietnam is the third largest mineral producer in SE Asia. Although it produces zinc, nickel, bauxite, and manganese, coal mining is its most developed sector. The country has over two hundred coal mines, and total reserves of approximately 6 billion tons. Quang Nihn Province, where the World Heritage Site Ha Long Bay is located, is a very important tourism destination. It is also a coal-rich region where mining extraction and processing have been active since the early 20th century. Vietnam is signatory of the United Nations Sustainable Development Goals (SDGs). The country is aware of the importance and the challenges involved in managing the extractive sector in a way that does not undermine its tourism industry and yet that contributes to the country’s sustainable development. To this end Vietnam is taking actions towards implementing more advanced coal-mining extraction and processing techniques. The country is furthermore promoting a responsible mining sector, and is investing in programs that foster environmental protection and sustainable tourism. This paper examines the case of the Ha Long Bay region and the project involved in relocating the Hong Gai coal preparatory factory from a seafront area to a mountainside area. This paper provides a preliminary review of the initiatives adopted by the government of Vietnam to address the existing challenges that have resulted from a focus on promoting the country’s socio-economic development through the exploration of its rich coal endowment. Furthermore, it also describes Vietnam’s legal and policy frameworks. In conclusion this study identified that Vietnam has drafted a National Action Plan to implement the Sustainable Development Goals. The country is also taking an integrated approach to implementing the SDGs agenda and that it is assigning responsibility to a variety of ministries to achieve SDGs’ specific targets. Furthermore the country is changing policies and the legal framework in order to facilitating the execution of the work of agencies that are responsible for implementation, regulation and enforcement. In this respect, the approval of the National Action Plan on Sustainable Development Goals is another important step in that direction. While the decision of supplying its internal market with high quality coal helps minimize negative environmental impacts in Vietnam, exporting low quality coal to other countries does not help resolve the problem of CO2 emissions globally. With respect to the 2030 Agenda, this may be considered a temporary solution since to achieve the SDG goals, Vietnam will have to consider other sources of cleaner energy in order to align with the Sustainable Development Goals # 7 on affordable and clean energy.

Jan 1, 2017

By J. R. Boldt, C. M. Kleemann, V. N. Mackiw, B. Meddings, J. A. MacLellan, E. J. Maney, D. E. Halter, D. J. I. Evans, J. Honkasalo, M. F. Dufour

The technology employed in the processing of nickel- and cobalt¬bearing ores is a continually developing process for utilizing the natu¬ral resources available at a given time. Most of the nickel-bearing ores of commercial importance fall under the category of sulfide or lateritic ores. While the occurrences of both types of ore have been known for over a century, until 1960 sulfide ores largely from Cana¬dian mines have constituted the chief source of production for com¬mercial nickel in the Free World. Sulfide ores are readily amenable to some physical means of concentration, but the lateritic ores are not readily concentrated, and to compete economically with the sulfide ores only the high-grade garnierite ores (a type of lateritic ore) found in New Caledonia were processed to any great extent up to the time of World War II. Around 1960, a gradual shift in emphasis towards latetitic ores as a commercial source of nickel became evident. See Fig. 1. New discoveries of sulfide ores, usually located underground, had not kept pace with the steadily increasing demand for nickel. The lateritic ores, found near the surface of the earth, could be readily surveyed and mined. Lower cost processes were being developed for the extrac¬tion of nickel from lateritic ores and for a time it appeared that, based on pre-OPEC economics, the lower grade lateritic ores-down to 1.2% nickel-could satisfy an increasing share of the world demand for nickel. The sharp increase in the price of crude oil in the 1970s, however, slapped an economic damper on the lateritic ores. Processes for treat¬ing lateritic ores consume large amounts of energy; as the nickel industry entered its deep recessionary period in 1981-83, nickel pro¬duction from lateritic ores became less and less profitable than from sulfide ores. At the same time, new sulfide ores were discovered and brought into production, notably in Australia and South Africa. The chapters in Section 17 were prepared in 1973. Recent improvements in mineral dressing techniques since then include Inco's pyrrhotite separation process which can remove additional pyrrhotite from nickel concentrates, resulting in reduced sulfur dioxide emission from the Sudbury smelter, by some 25%. The chapters in this section dealing with nickel are grouped in line with the two broad categories of nickel ores. Starting with the description of nickel and cobalt ores in Chapter 2, Chapter 3 deals with the processing of sulfide ores, and Chapter 4 deals largely with lateritic ores. The intermediate steps to produce a suitable feed for extraction plants and refineries are similar in principle within the same categories, although dissimilar between sulfide and lateritic ores. Thus Inco in Canada employs flotation and so does Western Mining Corp. in Australia, although Inco's plants were started before World War II, and that of Western Mining only recently in the late 1960s. Treatment subsequent to the ore dressing step, however, shows some interesting differences. The earlier parts deal mostly with established and conventional practices, leaning heavily on pyrometallurgy in both

Jan 1, 1985

By H. V. Scotland III

Lafarge Corporation's Texas Quarry, in Baltimore MD, achieved a substantial expansion of pit reserves by removing an inactive underground mine. The day lighting program, designed, and completed in 1997, open pit mined more than 400 meters of room and pillar workings which were originally developed to recover high brightness Calcium Carbonate. The project proved to be a challenge throughout its course as the pit plan was modified and successful daylighting techniques were developed to remove the mine without adversely affecting the safety of the operation, quality of the stone recovered, or negatively impacting the surrounding community. The design parameters and techniques developed and implemented at Texas may prove of interest to other operators as they are faced with daylighting opportunities. This article will detail the challenges we faced and the solutions which made the project a success.

Jan 1, 1999

By XUEWEN WANG, Changda Zhang, Huaguang Wang, Mingyu Wang, Bin Hu

The copper smelting process produces plenty of copper slag every year, which is a hazardous solid waste, but a secondary resource. In the present study, the extraction of copper, nickel, and cobalt from copper slag was investigated through the process of sulfation roasting–water leaching and the process of sulfation roasting–sulfate decomposition roasting–water leaching respectively. Compared with the process of sulfation roasting–water leaching, the process of sulfation roasting–sulfate decomposition roasting–water leaching is a better choice, which could not only get almost the same leaching of copper, nickel, and cobalt as the former process, but has a lower leaching of iron and aluminum. For the process of sulfation roasting–sulfate decomposition roasting–water leaching, the leaching of Cu, Ni, and Co reached up to 74.2%, 71.1%, and 69.6% respectively, under the optimal conditions including sulfation roasted with 80 wt% sulfuric acid addition at 200 °C for 60 min and sulfate decomposition roasted at 650 °C for 60 min, followed by water leached at 90 °C for 30min with a liquid–solid ratio of 2 ml/g. The leaching of Fe and Al was only 4.9% and 17.6%.

May 4, 2020

By Mike O’Brien, Rob Croll

The Evolution of AngloGold -Incorporated in 1944 under the name of Vaal Reefs Exploration and Mining Company Limited -Name changed to AngloGold Limited in 1998 as the vehicle consolidating the gold interests of Anglo American Corporation -Diversification (geographic and orebody) through the sale of low-margin, deep level, short-life assets and the acquisition of higher margin, open-pit and shallow underground operations

Jan 1, 2003

By William Gleason

"Once the primary fuel source for the United States and the economic backbone for communities from Appalachia to Wyoming, coal has been on a steady decline since the mid 1990s, and is now at the center of political debate in the United States.The political spectrum of the United States is divided on the future of coal and its place in the energy sector. The coal mining industry and the communities that rely on coal have increasingly been pitted against forces that wish to regulate coal to the history books.In 2008, President Obama launched what many have called his war on coal, and during his eight years in office, he pushed through numerous pieces of regulations and legislation and that he said were aimed at reducing carbon emissions, but that others viewed as direct assaults on the domestic coal industry. Obama led the United States delegation to Paris to sign the Paris Accord in 2016, a 196-country agreement pledging that the United States would do its part to reduce carbon emissions. His administration also instituted clean air, power and water regulations that added extra environmental burdens to many industries, but perhaps none more so than the coal industry.In this month’s lead feature, “A study of U.S. coal mine closures since 1994” (page 18), the impact of the war on coal, and other factors, can be seen in text and figures. Author Jacob Brinkman and coauthors Jay Schafler and Catherine Johnson scoured the data of the U.S. Energy Information Administration (EIA) and the U.S. Mine Safety and Health Administration (MSHA) to show how coal production and mines have been impacted since 1994 and how the years 1994 to 2000 and 2008 to 2016 were particularly hard on the industry.For example, in 1994 there were 2,354 coal mines in the United States. Currently, there are 1,035 mines in operation.In 2016, then candidate Donald Trump promised to end the war on coal and to put coal miners back to work. In 2017, President Trump has followed up on those promises. He announced plans to withdraw the United States from the Paris Accord, signed an executive order designed to undo the Clean Power Plan put in place by President Obama, halted the research on the health effects of mountaintop removal coal mining, directed the U.S. Environmental Protection Agency (EPA) to revise the guidelines of waste water from power plants and has touted that more than 1,000 coal miners have returned to work since he was elected."

Jan 9, 2017