Search Documents

By Ulrich Schwarz-Schampera

Submarine hydrothermal vents and associated mineralization on the Tonga arc have been identified in the summit calderas of two shallow-water volcanoes. The highest temperature vents (up to 270°C) occur at water depths between 430 and 540 meters below sea level (mbsl) near the summit of one volcano at 24°S (volcano 19). Clusters of large barite, anhydrite, and sulfide chimneys on the summit cone are vigorously discharging clear hydrothermal fluids with temperatures on the seawater boiling curve. There is abundant evidence of phase separation and associated gold and base metal precipitates. Pyrite, marcasite, wurtzite-sphalerite, tennantite, and chalcopyrite line the interiors of the highest temperature vents. Acid-sulfate alteration of basalts and basaltic andesites is evidenced by intense silicification and the presence of abundant alunite. One volcano at 21°S (volcano 1) has a chain of explosion craters on the flank of a neovolcanic scoria cone and associated massive pyrite, barite and native sulfur deposits at a water depth of 210 mbsl. Intergrowths of pyrite and enargite are associated with intensely argillic altered basaltic andesites. The reported alteration and Au-enriched mineralization styles of these vent fields are similar to other shallow water hydrothermal systems at island arc volcanoes and contribute to the diversity of seafloor hydrothermal activity in the western Pacific region.

Jan 1, 2010

By Cornel E. J. de Ronde

Volcanic arcs, including both island arc and intra-oceanic arc systems, combined extend for ~22,000 km around the Earth, with the majority (~20,000 km) occurring in the Pacific basin. These arcs are host to over 700 volcanoes of which ~200 are submarine and as such represent great potential for hosting massive sulfide deposits formed at seafloor hydrothermal vent sites. The Kermadec arc extends for ~1,200 km northeastwards from the North Island of New Zealand and forms the southern part of the ~2,500-km-long Tonga-Kermadec intra-oceanic arc system. At least 94 volcanoes are known to exist along this system with 74, or about 80%, being submarine. At least 33 volcanoes occur along the Kermadec part of the arc with all but one (Raoul Island) being submarine. The first sulphides recovered from the entire Tonga-Kermadec arc were in 1996 from the Brothers and Rumble II West volcanoes of the southern Kermadec arc. The 1998 R/V Sonne research cruise recovered a more comprehensive suite of mineralised samples from Brothers, and also found evidence for hydrothermal venting at Monowai, Vulkanolog, Rumble III and Clark volcanoes. The March 1999 NZAPLUME cruise systematically surveyed 260 km of the southern Kermadec arc and found that 7 of 13 volcanoes were hydrothermally active, with the vent fields either located within calderas (e.g., Brothers, Healy, Rumble II West) or atop volcanic cones (e.g., Clark, Tangaroa, Rumble V, Rumble III). The May 2002 NZAPLUME II cruise surveyed a further ~580 km of the mid-segment of the Kermadec arc, from Brothers to volcano 'L', a submarine volcanic edifice 35 km NW of Macauley Island. This cruise surveyed 13 major volcanoes and 8 smaller volcanic edifices and confirmed hydrothermal venting at the Vulkanolog site, and discovered new vent fields atop a volcanic cone within Macauley caldera, immediately offshore Macauley Island, and another at the summit of volcano 'L'. A further new site was found atop a volcanic knoll immediately S of Healy caldera during time-series sampling of the vent sites found during the 1999 cruise. All the vent sites discovered along the Kermadec arc occur in water depths between 1650 and 150 m.

Jan 1, 2002

By Derek V. Ellis

Sediment Quality Guidelines can provide target values that should not be exceeded when seabed deposits are disturbed for mining, waste discharge or other purposes. Three sets of Guidelines have appeared in 1994 and 1995: US NOAA (updated from 1991), Environment Canada (EnvCan) and Equilibrium Partitioning (EqP) developed in the UK from US Water Quality Criteria. The US NOAA and EnvCan Guidelines have been developed by comparing many experimental and site data sets, and have concluded that levels below which effects rarely occur, or above which probably will occur, are useful guidelines. US NOAA uses the terms ERL and ERM for these two levels, and EnvCan TEL and PEL. The EqP concept is that a value can be calculated below which trace metals present cannot raise the concentration in the interstitial water. There are some problems in comparing units, but the comparison shows in general that the EnvCan levels are less than, and down to half of, the US NOAA levels. EqP levels vary but are generally fairly close to US NOAA ERL levels, with one major exception. The EqP level for mercury is far lower than either US NOAAor EnvCan levels, at 0.008 mg kg-1 compared to 0.15 (ERL) and 0.13 (TEL) mg kg-1 respectively. Comments will be solicited on how such differing Guidelines should be used site-specifically for environmental management at mining operations, (1) in the regions for where they were developed, and (2) elsewhere.

Jan 1, 1995

By Sabrina Warwas, Thomas Kuhn

"Due to rising prices and increasing demand of raw materials over the last years, marine mineral resources including manganese nodules have become a focus of study for industry and science. Marine ferromanganese nodules consist of micro-layers of different chemical and mineralogical composition which incorporate metals of high economic interest (Ni, Cu, Co, Zn, Mo, Li, rare earth elements; Hein & Koschinsky, 2015).The varying composition of the layers depends on different growth processes, such as hydrogenetic (metal precipitation from the water column under oxic conditions; Mn/Fe = 3), diagenetic (metal precipitation from the sediment pore water) under oxic (Mn/Fe 3-10) or suboxic (Mn/Fe = 10) conditions; (Wegorzewski & Kuhn, 2014) or hydrothermal (metal precipitation from low-temperature hydrothermal fluids; Kuhn et al., 2003).METHODSIn this study, manganese nodules from three different locations of the Atlantic Ocean (Galicia Bank; Vema-Fracture-Zone and Brazilian Basin) were analyzed for their geochemical and mineralogical composition. Detailed information about the samples are given in table 1. The geochemical and mineralogical composition of bulk nodules were determined by XRF, ICP-MS/OES as well as XRD and the single micro-layers by high resolution analyses with electron microprobe and LA-ICP-MS."

Jan 1, 2017

By James R. Hein

Ferromanganese oxyhydroxide crusts (Fe-Mn crusts) precipitate out of cold ambient seawater onto hard-rock surfaces at water depths of about 600-4000 m throughout the ocean basins. Fe-Mn crusts concentrate most elements in the Periodic Table above their mean concentration in the earth's crust (continental plus oceanic crust), except for the major rock-forming oxides and also notably gold and palladium. Tellurium is concentrated greater than any other element relative to its earth's crust mean (about 1 ppb). For example, mean contents of the elements heretofore known to be most enriched in crusts, Mo, Tl, Sb, Co, Mn, Bi, As, Se, and Pb are enriched 100 to 1000 times over their earth's crust mean, whereas the mean Te content in Fe-Mn crusts is enriched about 50,000 times. However, the distribution of Te in the earth is poorly known. Estimates of the mean Te content of the earth's crust range from 0.36 to 10 ppb, with 1 ppb being the most commonly cited mean content (compilations in Levinson, 1974 and Govett, 1983). If we took the highest estimate of 10 ppb, then Te would be enriched in Fe-Mn crusts five times more than the next most enriched element, or 5000 times the estimated maximum mean earth's crust.

Jan 1, 2000

By Charles L. Morgan

In June 1996, the United Nations International Seabed Authority opened shop in Kingston, Jamaica as an autonomous international organization charged with the administration of seabed mineral developments in all areas beyond national jurisdictions. The Authority is a consequence of the 16 November, 1994 entry into force of the 1982 United Nations Convention on the Law of the Sea (UNCLOS) and the 1994 Agreement relating to the Implementation of Part XI of UNCLOS. The total seabed area included within the Authority?s purview has yet to be assessed accurately, but clearly constitutes the largest single jurisdiction on the planet. The Authority is governed by legislative bodies called the Assembly and the Council and an administration called the Secretariat. The Assembly includes representatives of the 132 member states which are currently parties both to UNCLOS and to the 1994 Agreement. These member states directly fund the operations of the Secretariat. They include most of the world?s developed nations, island nations, and others among the 188 independent countries which are members of the United Nations. Notably absent are the United States and Canada, which are the only developed coastal states not represented. The Council is a 36-member subset of the Assembly representatives selected through a somewhat involved process designed to achieve a balanced representation of the specific interests of the members. Ultimate responsibility for the Authority?s actions resides in the Assembly, but most initiatives originate in the Council. Also included in the Authority are two subsidiary advisory bodies, the Finance Committee, which reviews the Secretariat?s budget, and the Legal and Technical Commission, which evaluates claims and drafts technical regulations. The Secretariat itself includes a staff of about 30, including 15 highly qualified and competent attorneys, accountants, engineers, and scientists. Details describing the composition and activities of these bodies can be found at the Authority?s website (http://www.isa.org.jm).

Jan 1, 2000

By ?. V. Kabanov

n considered operation hydraulic and kinematic circuits of deep-water installation for sampling a ground from a sea-bottom are submitted. Control by setters is made remotely from a service station with the help of a system of telemechanics. Migration of apparatus along a bottom is ensured with the help of force of a response of a jet and Archimedean force. The mathematical exposition of the device composed and computer simulation is Design parameters are defined and static performances are obtained. Operation is in a stage of manufacture of working drawings. There are patents of Russia.

Jan 1, 2005

By J. W. Jamieson

"The future of the marine mining industry is tied to the resource potential of the seafloor. Everything from economic feasibility, policy decisions and environmental impact assessments to extraction techniques and mining tool design rely on an understanding of the size, composition, and distribution of the deposits. Development and regulatory decisions must ultimately be tied to not only the grade and tonnage estimates of individual deposits or groups of deposits, but also an understanding of the uncertainty of these estimates. Here, we will discuss how seafloor massive sulfide (SMS) deposit grades and tonnages are evaluated, and the sources of the uncertainties associated with these values.TONNAGE UNCERTAINTYFirst-order tonnage (size) estimates for SMS deposits are primarily determined from calculating the volumes of material that occurs as positive bathymetric features on the seafloor. The extent of sulfide mineralization on the seafloor can be determined either from visual surveys (camera-tow, remotely-operated vehicle (ROV), or human-occupied submersible surveys) or from volume calculations of bathymetric features identified from digital elevation models of the seafloor, or a combination of both methods. For bathymetric models to be used to identify deposits in the absence of visual groundtruthing, data resolution of 1 m or less is generally required to confidently identify a feature as being hydrothermal in origin (as opposed to a volcanic or tectonic feature), and therefore near-bottom multibeam data acquisition (e.g., using autonomous underwater vehicle (AUVs) or remotely operated vehicles (ROVs) is required (Fig. 1). Specific characteristics of bathymetric features, such as shape, slope angles and surface roughness can be used to identify features of hydrothermal origin (Fig. 1). However, so far, bathymetric features mapped at a resolution of ~1 m cannot be relied upon to unambiguously distinguish a sulfide mound, and the additional use of multiple AUVmounted sensors, such as magnetometers, which can be used to detect hydrothermal upflow zones, or self-potential sensors, which detect electrical fields related to the oxidation of sulfide minerals, can increase the confidence that a bathymetric feature is indeed a sulfide body, without the need for expensive and time-consuming visual surveys (c.f. Petersen et al., this volume)."

Jan 1, 2017

By Richard H. T. Garnett

Diamonds were discovered on the coast of Namibia in 1907 but it was not until 1962 that the first gems were produced from offshore by a barge employing an airlift. Geophysical surveys and a sampling program were initiated and an understanding of the diamond distribution was gained. Several vessels, some with multiple airlifts, were used until the early 1970's. Some spectacular production results were achieved, but generally the systems failed to retrieve the gravels efficiently from beneath the overburden and off the bedrock. Various companies continued working with mixed outcomes until the mid-1980's, when new regulations were enacted by the authorities. The local Southern sea conditions dictate the present mining methods which are now applied over several hundred kilometers of the west coast. In shallow waters divers operate from small vessels, suctioning the diamondiferous gravels to surface with gravel pumps. In water depths of up to 50 m airlifts of various designs continue to be utilized with recovery plants installed on the vessels. Beyond 100 m depths a remote controlled, tracked, vehicle is used, together with a large drill mounted on swell compensator. Each system is deployed from a separate ocean-going vessel. Production of diamonds from the offshore is rising rapidly, with expectations of further increases. The coastline is likely to be the scene of new developments in marine mining techniques.

Jan 1, 1992

By Kristian Drivenes, Steinar L. Ellefmo, Kurt Aasly, Ben Snook, Przemyslaw B. Kowalczuk, Rolf Arne Kleiv

"Since Ellefmo et al. (2014) published resource estimates of undiscovered seafloor massive sulfides (SMS) on the Arctic Mid-Ocean Ridge (AMOR), there has been an increased focus on establishing new knowledge about exploitation technologies for such deposits. This also includes understanding the process mineralogical properties of typical SMS deposits.The part of the AMOR that lies between Jan Mayen and the Svalbard Islands and is located within Norwegian jurisdiction and, as such, investigating the potential for mineral production from hydrothermal vent fields has been seen as strategic. The AMOR has been explored for active hydrothermal vent fields since early 2000s (Pedersen et al., 2010b). One of the active vent fields discovered, Loki´s Castle, is located in the northern part of Mohn´s Ridge. This vent field was first described by Pedersen et al., (2010a) and consists of two mounds, each approximately 100-150 m diameter and 20-30 meters high, hosting several active chimneys, up to 11 m high.Loki´s Castle has been selected as a case site in order to study the properties of typical SMS occurrences with respect to possible future deep-sea mining activities. As part of the MarMine cruise in 2016, the Loki Castle was visited and sampled for e.g. mineral characterization and mineral processing analyses. In total, more than 500 kg rock samples were collected using ROVs, and intended for further research (Ludvigsen et al., 2016). In addition to sampling mineralized rock fragments, survey data like bathymetry, magnetics and Underwater Hyperspectral Imaging (UHI) was collected using Automated Underwater Vehicle (AUV)."

Jan 1, 2017

An extensive ferromanganese nodule field south of New Zealand (Fig. 1) has existed beneath the flow of the Deep Western Boundary Current (DWBC) and Antarctic Circumpolar Current (ACC) for at least the past 15 m.y. West of 174°E, between 59°S and 48°S, the field is 300-500 km wide, but east of 174°E, where current flow impinges on the eastern slope of the Campbell Plateau, the field narrows from ca. 200 km at 55°S to ca. 120 km at 51°S. This narrowing coincides with deflection of current flow eastwards, and consequent reduction in bottom-current velocity and eddy kinetic energy. Based on sea floor photographs, dredge samples and 3.5 kHz profile data, six distinct seafloor substrates are delineated, forming broadly parallel zones eastwards from the lowermost Campbell Slope (Fig. 2).

Jan 1, 2003

By Glen Smith

Nautilus Minerals is the world leader in exploration and development of deep ocean seafloor massive sulphide (SMS) resources. The company is currently focused on generating its resource pipeline in the Western Pacific and its first development project for recovery of high-grade copper, gold and silver mineralisation from its Solwara 1 site in the Bismarck Sea, Papua New Guinea. The Solwara 1 site is located at a water depth of 1,600 ? 1,800 meters. Over 150 SMS seafloor surface samples have been collected from chimney structures during dives made by remote operated vehicles (ROVs). In order to obtain an understanding of the sub-surface mineralisation, Nautilus carried out 4 drilling programs between 2006 and 2010 which allowed the calculation of a Canadian NI43-101 compliant resource estimate. The initial 2006 campaign was based on conventional offshore surface driven drill equipment. In conjunction with the subsea remote technology industry, Nautilus subsequently developed an ROV operated seafloor drill system with improved drill core recovery and efficiency. This technology was developed further with a 2010 - 2011 drill program to increase the available geological knowledge at Solwara 1 and adjacent prospects. his paper will provide an overview of Nautilus? SMS drilling requirements and recap the evolution of drilling technology and operations undertaken at Solwara 1 from 2006 to 2011. The paper will also discuss the potential of further developments in drilling techniques and equipment to increase or improve drilling depth, efficiency and data quality.

Jan 1, 2011

By Valery M. Yubko

"The conceptual basis of the developed model is based on the ideas that evolution of geological-geomorphological structure of the CCZ is controlled by four types of geologic factors: geodynamic, sedimentary, volcano-tectonic and erosion-lithodynamic. In terms of time span two factors (geodynamic and sedimentary) can be considered as permanent and the other two as sporadic.The geodynamic factor is responsible for two interrelated geological processes. One is going under conditions of the axial zones of spreading centers and results in formation of the CCZ basement. Historically this process is considered as a starting point for each of the heterochronous fragments of the CCZ. The second one controls gradual shifting towards the Pacific Plate (Hawaiian direction) and subsidence to greater depths of the neogenic fragments (basement). Thus, those processes control basic topography, geomorphology and the seabed depth within the CCZ.Volcanogenic-hydrothermal activity of the EPR is one of the main sources of the ore components, which finally compose manganese nodules as a result of complicated processes of their dissemination and transportation to the bottom in dissolved and organically bound forms.The role of the other constant factor (sedimentary) is displayed in two ways. Firstly, initial relief is smoothed under the influence of this factor, which, subsequently, makes favorable conditions for manganese nodules formation. Secondly, it favors transportation of the majority of the ore components, participating in manganese nodules formation into zones of active nodules formation."

Jan 1, 2017

By Peter A. Rona

Investigations of the Gorda Ridge within the proclaimed U.S. Exclusive Economic Zone off northern California and southern Oregon, and the Mid-Atlantic Ridge extending along the center of the Atlantic Ocean, have received new impetus from the discovery of hot black smokers, sizeable polymetallic massive sulfide deposits, and vent animals at the Mid-Atlantic Ridge by the NOAA VENTS Program in 1985. Prior to that time, the oceanographic community focused investigations of seafloor venting at the faster-spreading oceanic ridges of the Pacific Ocean including the East Pacific Rise, the Galapagos spreading center and the Juan de Fuca Ridge because a consensus held that the faster spreading rates at these ridges were necessary to supply the heat to drive black smoker-type venting. As the only oceanic ridge in the Pacific with slow-spreading characteristics, the Gorda Ridge is an outlier of the slow-spreading ridge system that extends through the Atlantic Ocean and western Indian Ocean comprising more than half the 55,000-kilometer-length of the globe-encircling oceanic ridge system. In response to recent discoveries at the Mid-Atlantic Ridge the oceanographic community is shifting more of its activity to investigation of hydrothermal venting and related processes at slow-spreading oceanic ridges. The discovery cruise by a team of NOAA and university scientists followed by

Jan 1, 1988

By Carsten Rühlemann, David Friedmann, Bernd Friedrich, Thomas Kuhn

"This paper explores the option of direct reduction smelting of the nodules from the German license area in the equatorial NE Pacific in a submerged arc furnace (SAF). An optimized slag design is proposed to separate the larger Mn-bearing stream from the valuable metals (i.e. Ni, Cu, Co, Mo). The slag optimization allows a maximum of Mn to be retained in the manganese-silicate slag on the one hand and a maximized metal recovery in a FeNiCuCo alloy on the other. This way, the goal is to make use of the complete nodules (“zero-waste”) instead of extracting only the metals Ni, Cu, and Co, which make up about 3 wt%. The process closely relates to the “Inco Process” by the Ocean Management Inc. (OMI) of the late 1970s, which was a consortium of INCO (International Nickel Company, CAN; today Vale Canada), Preussag AG & Metallgesellschaft AG (GER), DOMCO (JPN), and Sedco (USA). However, the manganese containing slag is investigated in more detail to recover FeMn, FeMnSi and/or SiMn. To optimize the process modern tools such as thermo-chemical modeling in FactSage™ have been used. [1,2]Polymetallic deep-sea manganese nodules may offer a decreased dependency of raw material imports for Germany and the EU. Currently, four European countries (United Kingdom, Belgium, Germany, and France and an Eastern European consortium (InterOcean Metal)) hold exploration licences for these nodules in international waters in the equatorial NE-Pacific. The license areas each cover 75 000 km2 of the seafloor and are located in the Clarion Clipperton Fracture Zone (CCZ) south east off Hawaii at water-depths between 4000 and 6000 m. The nodules may be used as a resource for industrially important metals such as Cu, Ni, Mn as well as for technology metals like Co, Mo, V and Zn. The average chemical composition of nodules from the German license area is presented in Table 1. [3,4]"

Jan 1, 2017

Recent focus by terrestrial mineral explorers (and investors) on cobalt has increasingly highlighted the future critical need for this metal, with new-age batteries being the primary utilisation. We present an overview of the world’s current terrestrial cobalt resources and put this in perspective of currently known seabed resources, particularly polymetallic nodule and crust deposits. We focus on comparison of the key exploration, development and exploitation risks for such deposits, and provide a framework for financial evaluation and appraisal.

Jan 1, 2018

By H. I. Chesalova, M. Ye. Melnikov, A. M. Asavin

The discovery of iron-manganese ores on the surface of underwater mountains was made more than a half century ago. During this time the basic ideas about the thermodynamics of the processes of hydrochemical reactions in the sea water have been developed by scientists and are revealed in geochemical and mineralogical differences between the deposits from the seamounts and the nodules of the sea bottom. The distribution of the dissolved metals, oxygen, carbonic acid and organic matter in the overlying ocean waters of seamounts in the deep ocean to depths more than 5,000 m has been studied in some detail (e.g. J.R. Hein, P. Halbach. G.B. Baturin, Ye.M., S.I. Andreev, L.I. Anikeyeva, [1-6]). In recent years scientists from YUZMORGEOLOGY have completed detailed geological survey work on the Magellan Seamounts in the Pacific Ocean. The results of drilling the ore body and geophysical and photo surveys have also been described [4]. Previous ideas about the general covering of seamount surfaces with iron-manganese crusts have been changed based on ground-truth surveys. This study examines the complex concentric-zone or spotty arrangement of the most densely covered sections, the strong dependence of the thickness of crust on the geomorphologic features, and the potential influence of the underlying substratum. One established geochemical heterogeneity in the composition of ores, also frequently inversely proportional power dependence on directions was observed. The development of a numerical model of the formation of the ore crust on the seamounts is currently a high priority.

Sep 24, 2006

By Odyssey Marine Exploration

Odyssey is a world leader in marine exploration and has undertaken expeditions in varying environments throughout the world addressing many commercial and regulatory demands. Odyssey works in a variety of settings such as shallow coastal territorial waters, abyssal plains in exclusive economic zones, and high seas in international waters on projects involving mineral exploration, environmental analysis, oceanographic survey, and recovery operations. Odyssey Marine Exploration (Odyssey) excels in adaptively managing programs from initial concept through realization of commercial goals while successfully satisfying the regulatory and engineering demands of deep sea projects. This poster presentation reveals best practices throughout a project life cycle and presents case studies in areas including but not limited to: • Research practices to identify and define valuable subsea resources • Project planning and licensing to achieve project goals and meet regulatory requirements • Optimizing offshore operations to achieve desired results • Designing projects to support processing and commercial programs

Jan 1, 2018

By Amy Gartman

"Seafloor hydrothermal systems result in the emission of abundant particles and nanoparticles into seawater1. Many of the elements in these particles settle locally, although some are transported distally to the global ocean2. Although broad similarities exist, the mineralogy, size and therefore reactivity of particles emitted varies between sites in the global ocean, and even within sites at the same vent field. The particle geochemistry of these vent fields is a critical but little understood component both from a perspective of baseline characterization and potential environmental impacts.The mining of seafloor massive sulfides formed from hydrothermal venting will generate a new class of particulates in the deep ocean. Broadly, black smoke and SMS tailings exhibit similarities including abundant Cu, Fe and Zn sulfides, and a large number of submicron particles. In addition to the major minerals, minor minerals including As, Bi, and Pb are present, especially in back arc settings. However despite broad similarities, natural “black smoke” and crushed sulfides created during mining operations differ significantly in size class, morphology, abundance, and reactivity. A comparison of these two classes of particulates will be presented, including chemical composition and reactivity to dissolution and oxidation."

Jan 1, 2017

By Philomene Verlaan

This study examines the possible relationships between compositional variability in non-hydrothermal manganese nodules and large-scale environmental parameters. In the central SW Pacific (145-180° W and 20-O° S) the level of primary productivity, the rates and proportions of carbonate, silica and organic matter supply to the sediments, and the position of the seafloor relative to the Calcium Carbonate Compensation Depth (CCD) appear to directly influence nodule composition. Four zones of nodule composition are apparent. These zones correlate fairly well with the level of primary productivity in surface waters, as estimated by satellite-based measurement of chlorophyll content. The observed correlations between surface productivity and nodule composition are consistent with the contention that the dominant source of several transition metals in these deposits (i.e , Mn, Ni, Cu. and Zn) is provided by removal of fine-grained particulate matter from the water column by biological means. Subsequent decay of organic matter in sediments augments the content of these metals in the nodules through oxic and sub-oxic diagenesis. The opposite behavior of Fe and Co content may in part result from mineralogical and dilution effects.

Jan 1, 2000