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By M. C. LAKE

THE industrial development of the United States has been stimulated by the presence of high-grade iron ore in the Lake Superior district. These great deposits have been susceptible to economical extraction and are conveniently located for cheap lake vessel transportation to the great consuming centers. The district furnishes from 80 to 85 per cent of the iron ore annually consumed in the United States, and a full understanding of the available supply of this great commodity is so important that it is well to consider whether or not the industrial supremacy and national independence attained as a result of the abundance of cheap ore are permanent. The enormous deposits of high-grade ore available in the Lake Superior district have been the foundation upon which the vast industrial structure of the steel and allied industries has been built. It is extremely important to the country as a whole, and especially to those States and communities now dependent on Lake Superior ore for their prosperity, that their industries shall retain the particular advantages with which they are now endowed, and that a generous supply of high-grade raw material be available for their consumption at a satisfactory cost. The steel industry is so basic and fundamental that any fluctuation in the cost of its finished products as determined by the supply and cost of the raw materials involved in its manufacture will necessarily affect the business of a wide variety of industries which are dependent on it.

Jan 1, 1926

By Forest Mintz

Many oil and gas producers find it advantageous to borrow against the value of their hydrocarbon re- serves. This paper considers the requirements for a reserve based loan and the calculations that a bank would perform to arrive at a loan amount. Three of the most common loan structures, i.e. a term loan, a production payment, and a revolving credit/term loan will be discussed. A typical outline for each type of loan is presented. Finally, a comparison of major considerations in the three financing techniques is shown.

Jan 1, 1982

By Larissa Rodrigues de Carvalho Rocha, Mauro Vivaldino Fernandes, Maurício Covcevich Bagatini, Beatriz Fausta Gandra, Adriano Cesar Carvalhido

O combustível com menor granulometria, denominado small, pode ser carregado juntamente com a carga metálica, em substituição ao coque, no intuito de melhorar as condições de permeabilidade do gás e a redutibilidade da carga no alto-forno. Na Usiminas, o equilíbrio na geração e no consumo desse material limita o seu uso em taxas abaixo da média nacional. Nesse sentido, foi avaliado o efeito do coque verde de petróleo (CVP) em substituição ao small coque no consumo de combustível e na estabilidade operacional do alto-forno. Os resultados do teste industrial indicaram a possibilidade de substituição até 45 kg/t gusa, com manutenção do fuel rate, da permeabilidade e da produtividade do alto-forno.

Oct 1, 2019

By M. Deutsch, E. González, M. Williams

"Uncertainty exists in ultimate-pit limits due to geologic variation and unpredictable economic landscapes. In this work, we show how this uncertainty affects the ultimate pit and how it can be analyzed to improve the mine planning process. A stochastic framework using geostatistical simulation and parametric analysis was used to model the effects of geologic and economic variations on ultimate-pit limits and overall project economics. This analysis was made possible by a new pit optimization implementation that can be automated and set up to calculate ultimate pits for hundreds of different scenarios in a matter of hours. Quantifying ultimate-pit uncertainty early in the mine planning process allows mining engineers to make informed decisions regarding infrastructure placement and to mitigate the possibility of incurring substantial costs to relocate critical mine facilities. Resumen ¦ Existen dudas sobre los límites del pit final por causa de la variación geológica y lo impredecible de los paisajes económicos. En este trabajo les mostramos como esta incertidumbre afecta el pit final y como puede ser analizada para mejorar el proceso de planificación de la mina. Se usó un marco estocástico con simulación geoestadística de análisis paramétrico con el fin de poder hace la modelación de los efectos de las variaciones geológicas y económicas en los límites de pit finales y proyectos económicos en general. Este análisis fue posible gracias a una nueva implementación de optimización de pits que puede ser automatizada y configurada para calcular pits finales para cientos de escenarios diferentes en cuestión de horas. La cuantificación temprana de la falta de certeza en pits finales durante el proceso de planificación permite a los ingenieros de minas tomar decisiones informadas en lo que respecta a la ubicación de infraestructura y en la mitigación de posibles costos sustanciales por causa de la reubicación de instalaciones clave de la mina."

Jan 1, 2015

By E. L. Garton

The Bureau of Mines for a number of years has been conducting an investigation of crude petroleum from producing fields in the United States and the Western Hemisphere and has published a series of reports on these fields. Analyses of crude-oil samples from many oil fields of Oklahoma are given in Bulletin 2913. Analyses of 21 representative crude oils from various producing zones of the Oklahoma City field are given in this report. A close study of the analyses reveals very few differences in the general characteristics and chemical properties of these oils.

Jan 1, 1932

By C. R. Kuzell

STAFF: Editor, Gerhard Derge Carnegie lnstitute of Technology Schenley Pork Pittsburgh 13, Pa. Editorial Assistant, M. A. Redmerski Production Editor, Otto T. Johnson THE METALLURGICAL SOCIETY: C. C. Long, President; John Chipman, Past-President; J. S. Smart, Jr., Vice-President, T. D. Jones, Treasurer; R. W. Shearman, Secretary. PUBLICATIONS COMMiTTEE OF THE METALLURGICAL SOCIETY: D. J. Carney, Chairman; Robert Maddin, Past-Chairman; J. H. Hollomon, J. H. Jackson, H. H. Kellogg, T. B. King, F. C. Langen-berg, D. L. McBride, W. O. Philbrook, J. S. Smart, Jr., R. L. Smith, J. D. Sullivan, and F. L. Vogel Review and selection of manuscripts is under the supervision of the following Publications Committees: Extractive Metallurgy Division: H. H. Kellogg, Chairman; T. 8. King, Post-Chairmon; R. P. Hermsdorf, W. A. Krivsky, R. E. Lund, C. L. McCobe, Poul Queneou, A. 5. Russell, M. E. Wadsworth, and W. D. Wilkinson. Institute of Metals Division: R. L. Smith, Choirman; P. A. Beck, I. I. Bessen, J. O. Betterton, Jr., R. S. Davis, J. J. Gilmon, R. 8. Gordon, C. D. Graham, Jr., R. W. Guard, J. C. Gurlond, J. J. Heger, M. Hermon, J. N. Hobstetter, H. H. Johnson, Jr., I. R. Krarner, W. C. Leslie, R. A. Meussner, R. R. Nosh, G. E. Pellissier, T. N. Rhodin, A. U. Seybolt, L. L. Seigle, I. S. Servi, P. G. Shewmon, L. Slifkin, J. K. Stanley, C. D. Starr, and J. Washburn. Iron and Steel Division: F. C. Longenberg, Chairmon; H. L. Bishop, C. W. Sherman, J. 8. Wagstaff, and E. Whittenberger. Published bimonthly by the American lnstitute of Mining, Metallurgical, and Petroleum Engineers, Inc., 29 West 39th Street, New York 18, N. Y. Telephone: PEnnsylvania 6-9220. Subscription $20 per year for nan-AIME members in United States and North, South, and Central America; $25, foreign; $5 far AlME members. Single copies, $4.00, single copies foreign, $5.00. The AlME is not responsible for any statement mode or opinion expressed in its publications . . . Copyright 1960 by the American Institute of Mining, Metallurgical, and Petroleum Engineers, Inc. . . . Registered cable address, AlME New York ...Indexed in Engineering Index, Industrial Arts Index, and Chemical Abstracts ... Second class postage paid at New York, N. Y., and Ann Arbor, Mich. Volume 218, Number 4

Jan 1, 1961

By O. S. Tinkler, K. C. Sole

Approximately 20% of current world copper cathode output is produced using a hydrometallurgical process route, generally referred to as the leach–solvent extraction–electrowinning flowsheet. Since its commercialization in the late 1960s, steady improvements in the performance and efficiency of the solvent-extraction reagents and equipment, combined with significant developments in leaching and electrowinning, have made an ever-widening range of ore types amenable to this technology. Following successful implementation on all major continents, a large proportion of growth in recent years derives from the re-emergence of copper solvent extraction in the Central African Copperbelt. This review provides a brief history of the development and evolution of copper solvent extractants and mixer-settler contactors, and the significance of the Copperbelt region in achieving commercialization and acceptance of the technology. The opportunities and challenges presented by the abundant high-grade oxide ores of the Copperbelt are contrasted with the processing of solutions derived from the low-grade mixed oxide–sulfide ore bodies that are prevalent in other geological regions. The current status of hydrometallurgical copper production in the African Copperbelt, within a global context, and a medium-term outlook for the technology are discussed.

Jul 5, 2023

By James E. Bell, Clyde B. White

"INTRODUCTION The Friedensville district was one of the most important zinc-producing areas in the United States from 1859 to 1893. The ore minerals near the surface were principally calamine and smithsonite, but with depth sphalerite was found in increasing proportions. The ore bodies of the district are reported to have been in chimneys, occurring in folded and faulted beds of Beekmantown limestone of Ordovician age.The Correll was one of five mines near Friedensyille that were exten¬sively exploited. The high-grade ore shoots were mined to a depth of several hundred feet, but it is believed that inability to compete with lower-cost production elsewhere, rather than exhaustion of the ore bodies, compelled the mines to close.There is no record to indicate that any attempt was made during the period of operation to explore for additional ore in the limestone beds down the dip below the mine workings. The possibility that exploration might reveal additional ore in the limestone beds below the known ore shoots led the Bureau of Mines to diamond-drill the Correll property between September 1943 and January 1944."

Jan 1, 1948

By Benjamin W. Haynes

This Bureau of Mines publication comprises a compilation of the state of the science in Pacific Ocean manganese nodule mineralogy and elermental composition. The report is divided into three sections: morphology, mineralogy and elemental composition. The nodule morphology section defines what is considered a nodule for the study, and details the external characteristics and internal structure. Nodule mineralogy is discussed in three sections: manganese minerals, iron oxide minerals, and accessory minerals. The major manganese minerals discussed are todorokite, birnessite, and vernadite. The iron oxide minerals are less well known and include feroxyhyte, goethite, and lepidocrocite. Accessory minerals present include quartz, clays, and other silicates and nonsilicates. A discussion on moisture content is also included. The elemental composition section presents data on 74 elements occurring as cations or anions. Summary data, histograms, and interelement correlation coefficients are presented. The elements are grouped as follows: major and minor elements of potential economic interest (8), other major and minor elements (9), elements of environmental interest (8), rare-earth elements (15), precious-metal-group elements (6), radioactive elements (3), other trace elements (17), and anion-forming elements (8). Cross sectional determinations of Ni, Cu, Zn, Co, Pb, Fe, Ce, and Ba are given for a single nodule to show the general tendency of different growth patterns within a nodule because of different element associations and composition.

Jan 1, 1982

By L. E. Green

For shortwall mining to be profitable, the additional capital investment of about $1 million for shortwall roof supports must be offset by decreased total operating costs and/or increased coal production. The Bureau of Mines therefore conducted a demonstration project to compare shortwall and room-and-pillar mining. Daily two-shift production from the bureau of Mines-Beth-Elkhorn Corp. shortwall demonstration n project averaged 975 tons of raw coal, compared with 905 tons from a room-and-pillar unit operating undo r similar conditions. The estimated direct operating costs for the shortwall and room-and-pillar unite were $4.21 and $4.03 pier ton, respectively. The profitability of the shortwall system was found to depend not only on the increased depreciation cost of the powered roof supports and the decreased cost of supplies and materials but also on such factors as the fixed and variable indirect costs and the selling price of the coal. Shortwall mining was demonstrated to be a viable alternative to room-and-pillar mining.

Jan 1, 1977

By A. D. Hammond

Vanadium is a transition metal, ductile and silver-gray. It is harder than most metals and steels and it has a good resistance to corrosion. It is stable against alkalis and sulfuric and hydrochloric acids. Vanadium is oxidized in air at about 660° C (1,220° F), although an oxide layer forms even at room temperature. The chemistry of vanadium is noteworthy for the accessibility of the four adjacent oxidation states, 2-5. In aqueous solution, the colors are lilac V2+, green V3+, blue VO2+ and, at high pH, yellow VO42-. Considered to be as abundant as zinc, metallic vanadium is not found in nature, but it is known to exist in about 65 different minerals. Economically significant examples include patronite (VS4), vanadinite (Pb5(VO4)3Cl), associated to the uranium mineral carnotite (K2(UO2)2(VO4)2?3H2O) and in a vanadium mica called roscoelite K(V3+,Al,Mg)[(Si,Al)4O10] (OH)2. Other important vanadium ore oxides are montroseite (V,Fe)O(OH) and corvusite (Na,Ca,K)V8O2.4H2O. Much of the world?s vanadium mine production comes from magnetite-hosted deposits and, to a lesser extent, sedimentary-hosted sandstone.

Dec 1, 2013

By L A. Martinez Tipe, J McKibben, S Barry

"Metal prices are central to a mineral investment decision and have a profound impact on the financial performance of companies in the mining industry. At its most basic level, metal prices are influenced by the disequilibrium between international metal volume supply and demand. That is, the commodity price is a regulator that equates international metal supply and demand where inventories act as a buffer between the emergence of this disequilibrium and its dissolution through a price change.From this viewpoint, mining companies are required to forecast metal and bulk commodity prices when evaluating minerals projects through discounted cash flow (DCF) analysis. While supply-demand models are instructive, many companies use historical prices, spot prices, futures/forward pricing and consensus opinion (or a combination of all of these) to develop price forecasts.This paper discusses the definition, fundamentals and differences between futures/forward and consensus pricing and the appropriateness of each in a DCF model for mine project economic evaluation.Our results demonstrate that great care is required when using either futures/forward or consensus pricing and that the decision to use one rather than the other requires consideration of other important elements in the DCF model (ie the risk-adjusted discount rate).CITATION:Martinez Tipe, L A, McKibben, J and Barry, S, 2016. Metal prices and the differences between forward and consensus pricing – which one is better for use in a discounted cash flow model?, in Proceedings Project Evaluation 2016, pp 149–158 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 8, 2016

By Arthur L. Murray

"While serving as surgeon with rescue car No 11 of the U. S. Bureau of Mines, the writer visited the principal metal-mining camps of Utah during the latter part of 1919. In visiting the mines, meeting and conversing with miners, and talking over the medical situation with physicians in the various camps, the number of cases of lead poisoning encountered was great enough to attract attention.With a view to procuring more definite information as to the number and distribution of cases of lead poisoning throughout the State, a study of the records of the State Board of Health was undertaken. Utah had no ordinance re¬quiring the reporting of occupational diseases, so it was not possible to secure data an cases A study of the mortality records by years gave the following results.:Year Deaths from lead poisoning.1910,11911,01912,21913,11914,61915,41916,11917,31918,11919,2These few deaths would seem to indicate a fairly low case rate, but when it is realized that lead poisoning is rarely an immediate cause of death and that the train of sequelae in this disease frequently leads to chronic involvemeets of the digestive, nervous, circulatory or genito-urinary systems, it is apparent that the number of deaths showing lead poisoning as the cause can not be taken as an index of the cases prevalent. The time elapsing between the presence of the active signs of lead poisoning and the terminal illness from pathologic conditions excited by lead absorption may be years, and the initial cause, lead poisoning, is frequently lost sight if entirely, hence the death certificate shows no evidence of the primary cause."

Aug 1, 1921

By C. Birch

"The purpose of this study was to establish the impact of discount rates on cut-off grades for narrow tabular gold deposits as characterized by the goldfields of the Witwatersrand Basin in South Africa. There are various methods available for determining the cut-off grade, from simple breakeven calculations to sophisticated software packages that consider a variety of inputs to optimize the cut-off grade. For this study a simple financial model was created in Microsoft Excel® that links the ore flow, block listing, and the cash flow. This allows the cut-off grade to be optimized considering how the cost of capital and chosen discount rate affect the cash flow.The discounted cash flow (DCF) and resultant net present value (NPV) are a widely used valuation method for production properties according to the South African Code for the Reporting of Mineral Asset Valuation (SAMVAL Code). The financial model in this study utilizes the Solver function, as well as simple Microsoft Excel spreadsheet formulae to optimize the NPV. Solver was chosen as it is a standard feature in Excel and thus no additional software costs are incurred beyond the basic Microsoft Office suite. For the purpose of this study, just narrow tabular gold deposits of the Witwatersrand Basin were considered. An example of a typical ore block listing, as well as the costing figures, was obtained from an operating gold mine. The results obtained from the study financial model were compared to the current cut-off grades obtained from the mine using their proprietary optimizer program, and were found to be comparable. The methodology utilized for this study thus appears valid.The cut-off grade was optimized considering the cash flow, which includes the variable mineral resource royalty tax, the variable gold income tax, as well as the discount rate. By comparing the resultant NPVs using discount rates of zero, 9%, and 12%, the impact of the discount rate on cut-off grades, resultant life of mine, and average mining grades (AMG) could be compared for the example ore block listing. The South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code) does not require operations to state if a discount rate was considered in determining mineable reserves. Mining companies approach the question of applying discount rates in determining their cut-off grades, and thus mine planning strategy, in different ways. Due to the negative impact that optimizing purely on NPV has on the life of mine, some choose to optimize only on profit. Other companies have reverted to utilizing pay limits as their primary grade planning strategy. The calculated cut-off grade is then considered to be another planning indicator rather than a hard determination of mineable reserves."

Jan 1, 2016

By P. C. Dagneau

QUEBEC CARTIER MINING COMPANY was incorporated in 1957 to explore and develop low grade iron are deposits in Northeastern Quebec. Four separate deposits were located and identified as being of ore quality and size to support commercial development. Said deposits were located at Lac Jeannine, Mount-Wright, Fire Lake and Mount-Reed. In 1970, in preparation for the replacement of the depleting Lac Jeannine are reserves, construction of an SS-mile railway extension was initiated, towards the newly selected mine site at Mount-Wright. This orebody was selected because the physical and chemical characteristics of the ore were very much similar to those of Lac Jeannine, as well as its huge reserves, estimated at more than one billion tons. In addition to the railroad extension, a mine, concentrator and related facilities were constructed and the new town of Fermont was created. Total investment for the Mount-Wright project exceeded $700 million and initial production commenced in 1976. Quebec Cartier is presently (1992) the leading producer and seller of iron ore in North America at 15,5 million tons and employs some 2,300 people.

Jan 1, 1993

By R. D. Brown

"Finance Minister Donald Macdonald's budget of May 25, 1976 featured a restructuring of the anti-inflation profit controls and a grab bag of tax changes, some of direct interest to the mining industry. All Canadian taxpayers now will be permitted to write off immediately 100% of mineral and oil and gas exploration expenses included after• May 25, 1976 and before July 1 1979. The cost of acquitting Canadian resource property after May 6, 197.4 from a federal or provincial government will now clearly be included in Canadian development expense, and provincial drilling and exploration incentives received after May 25, 1976 will not reduce exploration and development expense for federal income tax purposes. Under tough new anti-inflation profit controls, all controlled businesses, except distributions, will essentially have one uniform set of rules for• determining allowable profit margins; this allowable margin will be determined by product line or by over-all net margin and will be 85% of the higher of the margin obtained in the five years preceding October• 13, 1975 or the one year preceding May 1, 1976. The basic capital cost allowance system is to continue, but many rates will be revised. The ability to offset losses created through claiming capital cost allowances on leased equipment, etc. against other income will be ended with respect to transactions entered into a/te1• budget night. Miscellaneous other tax changes will raise the low rate base for Canadian-controlled private corporations to $750,000 increase retitement plan contribution limits and reduce the rate of branch tax imposed on branches of corporations resident in a country with which Canada has a comprehensive tax treaty to equal the withholding tax rate on dividends under that treaty."

Jan 1, 1976

By M. B. Bransford

A calculation procedure was evolved by the Bureau of Mines for determining the heat-transfer characteristics of dilute gas-solid mixtures in an externally heated tube. The procedure accounts for differences in gas and particle velocities and covers a range of particle sizes. Heat transfer coefficients obtained by the calculation procedure are compared with values reported in the literature.

Jan 1, 1970

By R. L. Merek

There were 63 fatalities in the California petroleum industry in 1929, the largest number in any year since 1923 and an increase of 34.0 per cent over 1928, when 47 men lost their lives in the drilling, producing, manufacturing, and marketing divisions of the industry. It will be observed from the accompanying chart that after following a consistent decline for 4 years, the fatality curve turned upward in 1923 and advanced sharply in 1929. Although this increase in fatalities coincided with a period of intensive development it tends to indicate some laxness in the industry during a period of increased hazards. Intensive drilling campaigns are usually started hurriedly and conducted with a great demand for speed, and the result is that accident-prevention work is too often relegated to a position of minor importance.

Jan 1, 1930

By R. L. Marek

There were 63 fatalities in the California petroleum industry in 1929, the largest number in any year since 1923 and an increase of 34.0 per cent over 1928, when 47 men lost their lives in the drilling, producing, manufacturing, and marketing divisions of the industry. It will be observed from the accompanying chart that after following a consistent decline for 4 years, the fatality curve turned upward in 1923 and advanced sharply in 1929. Although this increase in fatalitics coincided with a period of intensive development it tends to indicate some laxness in the industry during a period of increased hazards. Intensive drilling campaigns are usually started hurriedly and conducted with a great demand for speed, and the result is that accident-prevention work is too often relegated to a position of minor importance. [ ]

Jan 1, 1930

At the Waikato North Head Ironsand operation, NZ Steel Mining Ltd is using a Bucket Wheel Excavator û shiftable conveyor mining system to excavate Titanomagnetite bearing sand and clay. The system utilises two Bucket Wheel Excavators with a two level shiftable bench conveyor and common trunk conveyor to deliver the material to a processing plant. The system was commissioned in November 1984 and has proved itself to be a high capacity, low cost method of excavating. Techniques of handling high sand faces have been developed and the conveyor layouts are going through a process of change to cope with the variable geo technical conditions and remain within: the characteristics of the excavators. The safety requirements for operating the system have been of a high standard and the experience has increased the confidence of the Company and the Mines Department Inspector's, for the first Bucket Wheel Excavator Mining system in New Zealand.

Jan 1, 1986