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By David B. George

Kennecott Utah Copper adopted Outokumpu Flash Smelting and Kennecott-Outokumpu Flash Converting in 1995, a process based on granulating high grade copper matte. While nickel mattes and very small quantities of copper matte had been commercially granulated for years, no large scale copper matte granulation system had been built. This paper summarizes the history and benefits of copper matte granulation, the Kennecott design basis, the successful operation for over 10 years and potential problems inherent in some matte granulation approaches.

Jan 1, 2006

As a result of the rapid economic growth in Japan, environmental problems have become a national concern in the latter half of the In 1967, the Basic Lair for Environmental Pollution Control was enacted as a fundamental ::olicy in this field. This lair provided compre- hensive guidelines for the action to be taken pollution prevention. The biggest problem n air pollution of those days was that of the sulphur dioxide content of the atmosphere. Based upon the law, the smelters in Japan have struggled hard to solve this difficult problem. Consequently, the ambient SO2 level has been lowered gradually year by year. At present, the ambient SO2 level is nearly equal to that in the atmospheric background. Furthermore, the fixation ratio of sulphur in Japanese copper smelters has attained up to 99.5 per cent.

Jan 1, 1980

By A. E. Isaacson

The U.S. Bureau of Mines is studying the effect of supercritical water, at 400' C and 3,500 psi, and subcritical water, at lower temperatures and pressures, on mixtures of minerals and metals to determine the possible applications of water at high temperature and pressure for processing these materials. This research was conducted using a flow-through bench-scale system. Copper-bearing minerals studied were chalcocite, chalcopyrite, covellite, and cuprite. In general, mixtures of copper minerals and pyrite reacted to form bornite. Intermediate phases formed were chalcopyrite and digenite. Similar reactions occurred between pyrite and metallic copper. A mixture of chalcopyrite and pyrite was inert in supercritical water'. The reaction between cuprite and metallic zinc yielded metallic copper. The cuprite was reduced by hydrogen generated by the reaction between metallic zinc and water. None of the reactions occurred exclusively in supercritical water, but also occurred in water at high temperature and pressure below the critical point. 'Experimental results did show that a dual-reaction process, consisting of solid-state diffusion and fluid transport, was occurring.

Jan 1, 1989

By D. M. Baird

Copper mineralization occurs at several places along the shore of Notre Dame bay, Newfoundland, and at one time formed the basis of a considerable mining industry. The sources of the mineralizing solutions and the structural settings of some of the deposits have not been clearly understood. This paper reports new investigations into the origin and structure of the deposits between Bett's cove and Stocking harbour, in a strip about ten miles long and two miles wide along the western shore of Notre Dame bay. The most complete previous descriptions of the area are those of Snelgrove (1929, 1931, 1938), Douglas, Williams and Rove (1940), and the writer (1947). The discovery of the Bett's Cove deposits took place about 1860, soon after the discovery of the well-known Tilt Cove deposits to the north. Several other small prospects were found between Bett's cove and Stocking harbour between 1880 and 1910. At Bett's cove, active mining began in 1875 and a small smelting plant was built near the mine in 1877. .Mining operations came to an abrupt halt in 1883 after a major cave-in. In 1900, and again in 1906, attempts were made to drain the old workings and reopen the mine but were abandoned long before completion. Total production amounted to about 130,000 tons of hand-picked copper ore which averaged about ten per cent copper, and 2,450 tons of pyrite (Snelgrove, 1938, pp. 52-55).

Jan 1, 1948

Copper ores are widespread through the Lachlan Geosyncline in New South Wales, but the size of the orebodies is generally small. The largest deposits occur in the Cobar district where an iron-rich copper ore type has been developed in Silurian sediments. Similar de- . posits to the south in the Nymagee-Mt. Hope-Melrose districts are related to quartz feldspar porphyries of probable Upper Silurian age. Deposits to the east in the Tottenham-Girilambone districts are less complex mineralogically and are possibly related to an ultra-basic source.Copper mineralization in the Highlands further to the east is often developed in Ordovician andesite or MiddleUpper Silurian acid volcanic sequences. The deposits in andesite contain considerably less galena than those in the acid extrusives; a small proportion of the mineralization in the latter has texture, mineralogy, and geologic setting analogous to the Captain's Flat copper-Iead-zinc deposit, for which both syngenetic and epigenetic origins have been proposed. Very little copper mineralization occurs within granitic material, even though rocks of this type ranging from Silurian to Carboniferous in age crop out through much of the geosyncline, and the extent of the metal contribution from plutons to the deposits in volcanics is open to question. Numerous deposits are known in the contact zone around Mid-Devonian and Mid-Carboniferous granites, however, and the formation of these orebodies has undoubtedly been influenced by plutonic activity. Small occurrences of copper with associated minor nickel sulphides are developed in a narrow serpentinite belt of possible Lower-Middle Devonian age in the southern section of the Highlands.

Jan 1, 1970

By Both R. A, Daily B

The Patawarta Diapir, located in the northern Flinders Ranges (South Australia), has intruded into late Proterozoic Wilpena Group sedimentary rocks. The diapir contains disrupted blocks of a wide variety of rock types, most of which can be correlated with the Lower Callanna Beds of Willouran age, in a matrix of predominantly carbonate and siltstone breccia. Mafic rocks in the diapir appear to predate intrusion of the diapir. As with many other diapirs in the Flinders Ranges, copper mineralization is present in the diapir and occurs as narrow veins consisting essentially of carbonate with chalcopyrite and pyrite that formed after diapiric intrusion.Fluid inclusion studies demonstrate that the mineralizing fluid was a Na-Ca-K-Cl brine; probably derived by expulsion of interstitial water following emplacement of the diapir, with dissolution of evaporites within the Callanna Beds sediments and enrichment in copper by reaction with these sediments and associated basic igneous rocks. Mineral assemblages combined with fluid inclusion and geochemical data indicate a possible environment of vein formation of T ÿ 165°C, pH ÿ 4.3 ± 0.9 and log fO2 ÿ -47.3 ± 0.5. Sulphur isotope analyses indicate d34Sfluid ÿ 10 per mil, suggesting evaporites in the Proterozoic sediments as the major source of the sulphur but with some additional sulphur from an igneous source, possibly leached from the malic rocks of the diapir.

Jan 1, 1986

By J. H. Puffer

The copper mineralization of the Mesozoic Passaic Formation of New Jersey is typical of copper deposits in eastern North American Mesozoic sediments. Most such deposits are located at the base of the first of several basalt flows that are interbedded with continental, red-bed sediments. The copper mineralization is similar in most respects to that of the Keweenawan Basalts of the Lake Superior area. The first basaltic flow units of the eastern North American Mesozoic basins, and the Keweenawan Basalts, are continental quartz tholeiites of similar chemical composition and copper contents. The copper minerals and associated zeolite facies metamorphic mineral assemblages of these two rock units are also approximately the same. Stoiber and Davidson (1959) suggested that Keweenawan copper was mobilized and concentrated during metamorphism. The evidence pertaining to the Mesozoic copper deposits of New Jersey is consistent with such an interpretation and also with DeVore's (1955) suggestion that ore fluids commonly arise as a result of the mobility of metals under metamorphic conditions. There is additional evidence that final metamorphic concentration of Mesozoic copper was preceded by an initial stage of hydrothermal precipitation related to fluids emitted by basaltic magma.

Jan 1, 1987

By E. D. Gardner

From the standpoint of tonnage and dollar value copper is the most important nonferrous metal mined in North America. The opening of copper mines has had an important bearing on the development and settlement of many sections of the continent. The prosperity of many of the mining States or provinces depends directly upon the copper-mining industry. Normally, about 35,000 men are employed in the copper mines, mills, and smelters of the United States. The United States is the most important producer of copper among the nations; more copper is mined in North America than in any other continent, and for many years the United States alone produced about half of the copper of the world. During the last 10 years increasing production in South America and Africa has reduced the relative importance of North America and the United States.

Jan 1, 1938

By Cade Mweemba, Alex Mwanza, Jackson Sikamo

"The Zambian Copper mining industry as we know it today has its genesis from early in the 20th century in the 1920s. Consistent private sector-driven investment in the industry over a period of over 50 years in exploration, mine development and operation, development of minerals processing facilities, building of infrastructure for pyrometallurgical and hydrometallurgical processing, with attendant support facilities, including building of whole new towns, resulted in copper production going from zero to a peak of 769 000 tons of copper in 1969. At the same time, the industry created jobs to the extent that in 1972 the industry had over 62 000 direct jobs. The industry was nationalized in 1973 and remained in government hands for just over 24 years. During this period, the industry experienced a serious decline in production levels, reaching the lowest level at the dawn of the 21st century in the year 2000 when production was 250 000 tons. In terms of jobs, an average of just under 2000 jobs were lost every year in the 24-year period, reaching just over 22 000 direct jobs in 2000. Following the return of Zambian politics to pluralism and liberalized economic policies, the government decided to privatize the mining industry. The process started in 1996 and by the year 2000 all the mining assets had been privatized. The new investors embarked on serious investment to upgrade the assets and to develop greenfield mining projects. Fourteen years later and investments of over USD 12 billion, the industry production levels increased year- on-year to reach a peak of 763 000 tons in 2013 with direct jobs reaching 90 000. This paper discusses the impact of the mining industry in Zambia on the economy in areas such as employment, support to other industries, direct contribution to the national gross domestic product (GDP), foreign exchange earnings and social amenities. The paper also focuses on the performance of the mines during these periods vis-à-vis mineral availability, mineral grades and complexity, new technologies and human capital. This is looked at particularly in the light of current challenges the industry is facing and makes suggestions on how the industry can be nurtured to continue being a major driver for the Zambian economy and a major player in the international copper mining business."

Jan 1, 2015

ME?s Arizona Conference was held at the Hilton El Conquistador resort in Tucson on Dec. 2 and 3, 2007. The annual conference is organized by the Arizona Conference Board of Directors, which represents SME sections in Arizona and adjacent areas. The conference provides an opportunity for individuals and corporations associated with mining in the region to get together once each year to discuss the status of the industry. The 2007 meeting featured a keynote address, a distinguished lecturer and more than 25 technical papers that were presented in seven sessions. The sessions included environmental, geology, safety, metallurgy, mining, new projects and a special session on Mexico. Topics covered included mine closure, sustainable mining, exploration methods, health and safety issues, mining equipment and drilling. Much of the discussion at the conference concerned major new developments in the region?s copper mining industry. For example, Freeport-McMoRan?s new Safford Mine and BHP Billiton?s Pinto Valley restart were the topics of technical presentations. There was also much discussion among the attendees on the current and future price of copper, community relations, education issues and recruitment concerns. At the time of the conference, the price of copper hovered around $3.30/lb, up considerably from the 61 cents/lb in late 2001, when the industry was being challenged by world market conditions and a weakened domestic economy. Since then, strong demand from China helped push copper prices to record levels that at one time reached as high as $4/lb. The general consensus among the attendees is that the current price of around $3.30/lb will continue through 2008. Most attendees also expect increased corporate investments in the industry to continue. Copper mining in Arizona has been a major industry since the 1800s. In 2007, Arizona was the leading copper-producing state in the United States and produced more than $5 billion worth of copper. The copper mining industry in Arizona also produces byproduct gold, silver and molybdenum. Arizona is the second largest molybdenum producer in the United States.

Jan 1, 2008

Copper nickel separation is performed by mineral processing techniques both pre and post smelting in Copper Cliff at Vale Canada?s Operations. The separation at Clarabelle Mill takes advantage of the ore mineralogy to affect a separation on the rougher concentrate where chalcopyrite and pentlandite exhibit high liberation and high recoveries thus their separation is simple although incomplete. The copper concentrate comprises only 50% of the copper in ore with the remaining copper being separated post smelting in the Matte Separation plant where the slow cooled Bessemer Matte is again treated by mineral processing operations using flotation to separate the chalcocite and heazlewoodite and magnetic separators to remove a metallic nickel alloy. This paper discusses the mineralogy, separation processes and work currently underway to improve the separation of copper from nickel in these plants.

Sep 1, 2012

By Jun Xiao, Xiaodong Li, Chunming He, Daixiong Chen

"Benzohydroxamic acid with double dentate can react with copper to form cyclic hydroxyl oxime acid copper chelate, indicating a good selectivity for copper oxide minerals flotation, especially for malachite. The flotation results of the pure malachite mineral show a strong synergistic collecting effect between hydroximic acid and xanthate at a ratio of 3.5:1, achieving a malachite recovery of 95.5% when certain sodium sulphide is used as a sulphidizing agent in the optimal pH range. Thanks to the synergistic collecting effect, the flotation recovery of malachite of a real refractory ore flotation ,can reach over 92% under the optimum condition, a 12% higher than the recovery achieved with the conventional collectors. In industrial application, the flotation of the copper oxide minerals is improved , leading to a high efficiency utilization of copper oxide resources.INTRODUCTIONBeneficiation of copper oxide ore is one of the recognized challenges in mineral processing industry. Copper oxide ore is a vital component of copper resource in the world, which has abundant reserves. Majority of sulphide deposits has oxidized zone on the top, and some deposits are oxidized to become the large and medium-sized oxide deposits (Willam & Chavez, 2001). Most copper oxide ores have problems in processing such as high slime consumption, poor floatability, complex ore property and low flotation recovery, so it is of great significance in beneficiation of copper oxide ores to develop an efficient collector, especially for malachite (Fu & Gu, 1997; Wen, 2010; Riet, Kier & Elford, 1980). At present, sulphidization-xanthate flotation is the most important method for treating copper oxide ore. In recent years, due to the decreasing ore grade, the utilization of refractory copper oxide ore draws more and more attention (Zhou, 2003), except for sulphidization-xanthate method, chelating flotation method (Lu, 2009), chemical beneficiation method (Lenormed, Salman & Yoon, 1979), microwave radiation flotation method, hydrothermal sulphidization-flotation method (Mao, Wen & Fang, 2014) and ammonia leaching of sulphide precipitation-flotation method (Lekang, Stevik & Bomo, 2003) have occurred."

Jan 1, 2016

By John V. Beall

There is an underlying surge to mining in the Philippines." So said A. R. "Ham" Reed, general manager Itogon-Suyoc Mines, Inc., to this reporter last November. Itogon-Suyoc is a small company with a struggling gold mine, a mixed sulfide mine and some prospects. In the Republic of Philippines (ROP), politics, which have an effect on mining, create some uncertainties. By July 1974, no mining company may have more than 40% foreign ownership. The ownership provision is a matter of concern to such important companies as Atlas and Benguet Consolidated and is generally considered a deterrent to new foreign investment. Under these circumstances, Reed's comments are of interest. On foreign prospectors: Don't come in cold; find a Philippine partner or buy into a company already here. Physical conditions of exploration are tough-terrain, communications -but the mineral potential is excellent.

Jan 4, 1969

By G. Hoffmeyer, I. Ream

"Several copper projects exclusively utilizing in-situ recovery methods are currently under development in Arizona. Favorable conditions for In-Situ Copper Recovery (ISCR) include a saturated orebody, fracture hosted mineralization, hydraulic conductivity sufficient to effectively inject and recover solutions using wells, and a relatively flat background hydraulic gradient. Safe operation of an ISCR project requires that the operator have the ability to induce and maintain localized hydraulic gradients, thereby controlling the movement of injected and recovered solutions. Benefits of ISCR include reduced initial capital, and a greatly reduced environmental footprint. THE ISCR METHOD EXPLAINED The method chosen to extract a mineral from a deposit is driven by characteristics such as its size, grade and depth of burial. Large lower grade deposits that require significant excavation to access using surface methods are potential candidates for in-situ recovery. ISCR may also be ideal for smaller deposits due to the lower initial capital. However, regardless of the size of the deposit, certain hydrogeologic conditions must be present for ISCR to be successful. In-situ recovery methods do not require excavations of rock from the surface or underground, resulting in a dramatic reduction in surface disturbance when compared to conventional mining. With the ISCR method, what is visible above ground is the processing plant, well heads, piping, process solution impoundments and evaporation ponds. There are no waste rock piles, tailings impoundments, leach pads, or impacts associated with blasting and hauling. Other benefits include reduced initial capital, reduced dust and noise, and lower water use. Early testing of the in-situ copper recovery method by Occidental on the Van Dyke deposit east of Phoenix and by Kennecott at Safford Arizona in the 1970s produced encouraging results, but the permitting regime for a large-scale operation was not yet in place. Additional testing and commercial application of in-situ copper recovery techniques have expanded since the 1980s, most commonly in conjunction with open pit or underground mining operations. For example, several operations in Arizona (San Manuel, Miami East and Tohono) have used in-situ techniques to extract additional copper following conventional mining from parts of the deposits adjacent to open pits or underground workings. Where the rock has been broken up by conventional methods, the method is called “in-place” leaching. The US government has also been involved in assessing in-situ techniques. For example, joint research was conducted by the US Bureau of Mines and industry on the Santa Cruz deposit in Arizona; and both federal and state agencies have been involved to establish the comprehensive permitting regime that exists today. Currently there are several projects in Arizona being evaluated as stand-alone ISCR operations."

Jan 1, 2016

By S. Acar, M. Botz

Introduction In 2007, Newmont Mining Corporation will begin construction of a milling and cyanidation leaching circuit for the Yanacocha site in Peru. Ore to be processed in the circuit contains a relatively high level of cyanide-soluble copper, and as a result, leach solutions are expected to contain elevated levels of copper and WAD cyanide. As the means of controlling copper levels in leach solution, a circuit will be installed to precipitate copper sulfide from barren solution using sodium hydrosulfide. In addition, a circuit will be installed to recover cyanide from barren solution, with recovered cyanide to be returned to the leaching circuit and treated solution to be utilized as make-up in existing heap leaching facilities. As needed to support design of the copper precipitation and cyanide recovery circuits, pilot testing was conducted in 2005 to determine preferred operating conditions and evaluate the performance of the processes. This paper presents results from the pilot testing where 99% copper reduction was achieved and 95% to 98% cyanide recovery was achieved.

Jan 1, 2007

By S. N. Dixon

"Maximizing the value of each tonne of processed ore is the goal for all operations. Cyanidation processing of gold-copper ores has been challenging since its first use in 1889. The current practice treats a bleed or the total flow of mill solution to recover copper as copper sulfide (by sulfidization, acidification, recycling, and thickening), or to recover the cyanide (by acidification-volatilizationneutralization). The process presented uses the adsorption of copper cyanide by carbon and the selective elution of copper from carbon to concentrate copper into a smaller stream. Copper contained in the smaller stream is precipitated as copper cyanide.RÉSUMÉ Toutes les exploitations ont pour objectif commun d’optimiser la valeur de chaque tonne de minerai traité. Depuis sa première utilisation en 1889, la méthode de traitement par cyanuration des minerais aurifère et cuprifère s’est révélée complexe. La pratique actuelle traite la saignée ou le débit total d’une solution de traitement du concentrateur pour récupérer le cuivre sous la forme de sulfure de cuivre (par sulfuration, acidification, recyclage et épaississement), ou pour récupérer le cyanure (par acidification, volatilisation et neutralisation). Le procédé présenté dans cet article utilise l’adsorption sur charbon actif de la solution de cyanure de cuivre et l’élution sélective du cuivre depuis le charbon pour concentrer le cuivre en un plus petit jet. Le cuivre contenu dans ce plus petit jet est précipité sous forme de cyanure de cuivre."

Jan 1, 2017

By C Tapia Cortez, C Sammut, S Saydam, J Coulton

‘Like every other commodity, the value of the metals is subject to variation’ (Ricardo, 1817). Mineral commodity price uncertainties have always been a significant issue in mining business due to the close relation between global economic conditions and commodity prices, which commonly generates significant and unexpected price fluctuations. Price forecasts have been driven by economic theory, which states that in the long-run market will be balanced and that prices tend to the marginal cost of production. However, this theory has been misunderstood in the mining industry and future prices through time, in real terms, are assumed to be unchanged. This is unrealistic due to regardless of the cycling nature of economy and the omission of uncertainties. Furthermore, using historical data in traditional price forecast approaches does not guarantee realistic predictions as past events will not necessarily be repeated at the same intervals and with the same intensity. Mining, finance and economic sectors have made significant research efforts to predict prices and control uncertainties through classic linear, Gaussian and probabilistic simulation approaches. However, by definition, uncertainties cannot be measured or accurately modelled. Uncertainties can be identified to measure and manage the associated risks; therefore, uncertainties in mining projects have been historically misinterpreted, erroneously measured and poorly controlled. It is widely known that supply and demand functions drive market prices. While technological development noticeably influences supply, demand is strongly driven by psychological factors, mainly related to customer preferences and lifestyle expectations. Thus, human behaviour is one, or if not, the most important variable to determine commodity prices in a competitive market. During the last decades, alternative methodologies have been used to study uncertainties in human, environmental and market behaviours. Chaos theory, fractals, artificial intelligence and econophysics have been widely and successfully used to investigate complex dynamic systems to address uncertainties over time in the fields of neurosciences, meteorology, aviation and market trading. The application of these techniques in the market suggests a more realistic approach to the business environment. Through the combination of the methodologies above a novel long-run price uncertainties simulation approach that emphasise the differences between risks and uncertainties is proposed in this paper. CITATION:Tapia Cortez, C, Saydam, S, Coulton, J and Sammut, C, 2015. Copper price uncertainties – chaos theory to manage risks in mining projects, in Proceedings Third International Future Mining Conference, pp 261–272 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 4, 2015

By Simon D. Strauss

This article is part of a presentation Strauss made Dec. 3, 1988 at the sixth annual American Mining Hall of Fame (AMHofF) banquet in Tucson, AZ. At the banquet, the Mining Club of the Southwest honored Strauss by naming him the 1988 recipient to the AMHofF. (Industry newswatch, page 6). Introduction In the last two decades, there have been two previous periods of sharply rising copper prices. One was in 1973-74; the other in 1979-80. In both cases, a short period of high copper prices was followed by steep and prolonged periods of low prices. In the language of the market analyst, the high prices were called spikes. Is it likely, then, that three or four years from now the present price of copper will show up as a spike in the charts? There are substantial differences between the current position and the markets of 1973-74 and 1979-80. In 1973-74, US copper prices were subject to government-imposed price ceilings of $0.60 per lb through early December, 1973. These were increased to $0.68 per lb through May, 1974. Meanwhile, mines outside the United States were free of restraint. Rising demand in London pushed the price above $1 per lb in the third quarter of 1973. In early April 1974, it reached a peak of $1.50 a lb. In May of that year, the US ceilings were removed and the domestic price began to rise. What were the causes of this price strength? While ceilings held the domestic price below the world market, domestic consumers acquired all the tonnage offered by US mines. Meanwhile, in the world market, buyers feared prolonged shortages. The Club of Rome had warned that world economic growth would be limited by impending depletion of mineral resources. There was al so concern about a copper cartel that might increase copper prices even more. In early 1974, at a special United Nations session, developing-country spokesmen warned the industrialized world to expect high commodity prices. Also adding to the concerns of copper buyers was the fear that when US wage contracts expired in mid-1974, protracted strikes might ensue. The combined effect of this atmosphere was that consumers accumulated large amounts of copper, far above their normal carry. By midsummer, the position changed radically. While some strikes did occur in the United States, they proved short-lived. The most significant development was a massive economic recession. The energy crisis was causing enormous dislocations in the world economy. Construction activities were sharply reduced and automobile sales plummeted. Public confidence was shaken. Copper sales fell precipitately as consumers decided to draw down their swollen inventories. The price came down too. In April 1974, the London price- as noted-was $1.50 per lb. By the end of the year, it was down to $0.57 per lb. In 1973-74, the copper price rise was fed by fears of shortages, cartels, and strikes. In 1979-80, the market rose on the strength of good demand plus political and military instability. The price rise was also fed by inflationary trends, exemplified by speculation in precious metals. Prior to this second spike in copper prices, the market had been depressed despite economic recovery. Despite reduced US output, copper production in the rest of the world was increasing. Though consumption was rising, surplus stocks reached unprecedented levels. At the end of 1977, the aggregate of stocks at the refineries and in the exchange warehouses was 1.5 Mt (1.67 million st). That was more than three months' shipments at then rates of consumption. In 1978, the statistical position improved. Shipments of refined copper that year were 8% greater than in 1977. The result was reduced visible stocks but -just as was to be the case in 1984-86 - the price remained depressed. In 1979, an even sharper drop in visible stocks occurred as shipments rose by another 4%. This time, though, the price responded. In December 1978, the price in current dollars had been less than $0.70 per lb. By the end of 1979, it was above $1 per lb. And in the first quarter of 1980, it averaged more than $1.20 per lb. Military and political developments were a factor. The hostage crisis in Iran was followed by the Soviet invasion of Afghanistan. To many, it appeared that war might result if the Soviets pushed on into Pakistan. At the same time, speculation drove gold and silver prices to incredible levels. As silver prices rose above $40 per oz), copper above $1 per lb did not seem unreasonable. Then, in March 1980, the precious metals price boom collapsed. Copper prices also retreated, though not as much. In February 1980, the copperprice averaged $1.32 per lb. By December, it had dropped to $0.85 per lb. In 1981 and 1982, the decline continued. The present copper situation Why is the current situation different from these two previous episodes of high prices? First of all, today's inventories are far lower than they were in either 1974 or 1980, when the price declines began. The stocks at refineries and in exchange warehouses are substantially less than they were then. More significantly, consumers today have very limited holdings compared with stocks they carried in 1974 and 1980. Even if faced with a downturn in their own business, copper consumers will not be able to stay out of the market. To the extent they have any business at all, they will have to buy copper. And on the supply side, there is also a significant difference. The year 1988 has been unusual. US production is up sharply, responding to higher prices. But production is little changed in the rest of the Free World. Indeed, several of the major producing countries have mined less copper this year than in 1987 despite the prices increases. Peru has had labor problems that have cut its output. Zambia and Zaire suffer from shortages of expatriate technicians, not to mention spare parts. They also suffer from the failure to maintain equipment or perform adequate development. In Chile, the two largest mines, Chuquicamata and El Teniente, have not met their production targets. Chuquicamata is struggling with high arsenic content in its ore. And, in late 1987, severe rockbursts hampered operations at El Teniente. In addition, depletion of some mines in Australia and South Africa has offset rising output at other properties. Indeed, when final mine output figures for 1988 become available, it may well be

Jan 1, 1989

By William R. Yernberg

SME’s Arizona Conference was held at the Doubletree Hotel at Reid Park in Tucson on Dec. 5and 6, 2004. The annual conference is organized by the Arizona Conference Board of Directors, which represents SME sections in Arizona and adjacent areas. The conference provides an opportunity for individuals and corporations associated with mining in the region to get together each year to discuss the status of the industry. The meeting featured a keynote address and more than30 technical papers. Two years ago, the U.S. copper industry was facing on a run for two years now,” and “both precious metal and base metal prices are going up.” The increases in metal prices were attributed to development in China and other Asian countries. “With a population of 1.6 billion, China has recently created 80 million jobs,” said Silver.

Jan 1, 2005

By F. Milton Lewis

In 1977 a paper was presented which reviewed the cost trends in producing copper by conventional processes for five years, 1972 through 1976. In this paper these costs have been updated to include the years 1977 and 1978.

Jan 1, 1979