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By L. Bloomquist, C. Arnoldi

"This paper describes how Automated Mining Systems (AMS) is evolving the state-of the- art in guidance systems for autonomous underground vehicles. The techniques, tradeoffs, and lessons learned from these systems are described, including the safety regime that has been implemented.First generation autonomous guidance systems for underground vehicles relied on infrastructure for the vehicle to follow. However, there are additional costs associated with that approach.The current generation uses a pair of laser range finders as its only guidance sensors. This system uses a minimum of infrastructure, in the form of a redundant system of location referencing. Advanced steering and drive control algorithms are incorporated into this generation of system.The next generation of infrastructureless guidance systems will be based on a 3D vision sensor, which was originally developed for autonomous Mars rovers and is being adapted for underground mining use. Results of early underground field trials are presented, along with a description of this emerging technology."

Jan 1, 2004

By L. Bloomquist

This paper describes how Automated Mining Systems (AMS) is evolving the state-of-the-art in guidance systems for autonomous underground vehicles. The techniques, trade-offs, and lessons learned from these systems are described, including the safety regime that has been implemented. First generation autonomous guidance systems for underground vehicles relied on infrastructure for the vehicle to follow. However, there are additional costs associated with that approach. The current generation uses a pair of laser range finders as its only guidance sensors. This system uses a minimum of infrastructure, in the form of a redundant system of location referencing. Advanced steering and drive control algorithms are incorporated into this generation of system. The next generation of infrastructureless guidance systems will be based on a 3D vision sensor, which was originally developed for autonomous Mars rovers and is being adapted for underground mining use. Results of early underground field trials are presented, along with a description of this emerging technology.

Jan 1, 2004

By P. V. Avotins, I. Djurkovic, D. R. Nagaraj, M. Grunjic, A. Day

"As part of a major reconstruction and expansion of the Majdanpek Copper Mine, an investigation and optimization of the flotation collector regime was undertaken. The flotation response of the major minerals to various reagents and the effect of pulp chemistry was studied from both a fundamental and practical point of view. These studies led to plant trials and the eventual adoption of a modified collector suite which improved both copper and gold recoveries.INTRODUCTIONThe Majdanpek Copper Mine processes 40,000 tons per day of ore containing about 0.43% cu. In addition to copper, the ore also contains recoverable quantities of molybdenite and gold. The mine has been in operation since 1961 and is the largest in Yugoslavia. It is currently undergoing major reconstruction and expansion. The flowsheet of the Majdanpek concentrator is shown on Figure 1.The ore body is variable in composition and changes in mill feed require proper control of operating variables to achieve the optimum metallurgical results. A detailed study including grindability, flotation response, and solid-liquid separation was carried out on several samples of the ore. Flotation response and the choice of reagent chemistry were found to be very important in achieving the highest recoveries of metal values. An automatic reagent control scheme insured that optimum dosages were used in the plant.The flotation collectors used at the present time include sodium isopropyl xanthate (SIPX), AERO 3302 Promoter and AERO 5415 Promoter. The addition of AERO 5415 to the reagent suite is a recent development and was based on the favorable results obtained in the extensive laboratory testing program conducted to establish the optimum reagent combination and dosages. Subsequent plant tests confirmed that AERO 5415 provided significant improvements in copper and gold recoveries. A description of the mineralogy of the Majdanpek ore and details of laboratory and plant metallurgical data are given in this paper. The chemistry of AERO 5415 Promoter and its interaction with minerals relevant to Majdanpek ore are also discussed."

Jan 1, 1992

By J. P. Cooney

Placer Dome is learning from experience in Latin America, Asia and Africa, as well as in North America, that contributing effectively to sustainable human progress in the areas of its operations presents unending challenges to think creatively, communicate effectively and remain culturally sensitive. People must be better off in terms of their economic circumstances, their social conditions and the quality of their natural environment not only during the life of the mines, but after mines close. Stakeholders, all those who are directly or indirectly affected by a mining project, should be able to participate in decisions which affect them. The development of sustainability strategies, the monitoring of sustainability performance and the implementation of sustainability programs are best done in partnerships with governments, communities, nongovernmental organizations and multilateral development institutions. Ultimately, the success, if not the survival of mining, will depend on our ability to get the sustainability equation correct.

Jan 1, 2000

By L. Newman, R. Wyrick, R. Berezowsky

The Stillwater Mining Company operates an integrated mines, mill, smelter and base metals refinery complex in Montana, USA for the production of a high-grade platinum group metals (PGM) bearing concentrate, nickel sulphate crystal and cathode copper from the PGM-containing nickel-copper converter matte. The complex was constructed in stages over several years, starting with the mine and the mill, followed by the smelter and finally, a base metals refinery, which was commissioned in 1996. Due to the relatively small quantity of matte production, a straightforward refinery process was initially selected to extract the base metals, which reported to a mixed nickel-copper solution for further treatment off-site, and yielded a high-grade PGM concentrate suitable for treatment in a PGM refinery elsewhere. Subsequently, as a result of increased matte production, the process was modified to separate the nickel and copper, and to produce a nickel sulphate salt and cathode copper. This paper describes the design and operation of the original and the modified processes utilized in the base metals refinery (BMR).

Jan 1, 2004

By Filipe Beretta

This study investigates geophysical logging capacity to predict coal quality. It was analyzed for possible correlation, some parameters determined via laboratory analysis of coal against results for the same parameter derived from wireline logs recorded by a geophysical probe. These probes detect variations in some rock physical properties, such as their natural gamma ray emissions and electrical resistivity. Results showed a strong correlation between natural gamma and ash content, establishing a linear model to estimate ash content from geophysical logging data with a low estimation error (less than 5%). Besides, results showed that there is no correlation between sulphur content or volatile matter and resistivity, neither with natural gamma of the rocks. Ash content derived from gamma ray values can be used as secondary information to evaluate coal quality during resources estimation, using methods such as soft indicator kriging. The methodology is illustrated using a case study at a coal deposit in south of Brazil.

Oct 1, 2009

By Q. Zhang

The necessary capability of the gravity transportation pipeline system for cemented coal gangue backfilling at the Suncun Coal Mine, China, is about 74.4 m3?h-1 according to mining production and working times in the mine. It is estimated that the working velocity and maximum pipe length-backfill depth ratio of the backfill system are 3.82m?s-1 and 5.4, respectively and that the probable backfill capability of the system is 110.18m3?h-1. Results of hydraulic calculations for the backfill transportation system show that the designed backfill system is reliable in flowability and sufficient for backfill capability needs.

May 1, 2007

By Michael Drozd

"The operation of an activated charcoal system has five separate unit operations. These unit operations have common points for CIP, CIL and CIS system, which vary widely in application.The unit operations are:a. Absorptionb. Desorption (Stripping)c. Acid Washingd. Reactivatione. Carbon Handling (carbon transportation, sizing, dewatering, etc.)Cost optimization starts with the basic operating parameters (design philosophy) set down at the time of engineering design. These parameters undergo almost immediate change due to site specific ore requirements, throughput changes, operator requirements or reagent availability.Activated charcoal is sometimes viewed as simple, uncomplicated reagent that requires not optimization. To some extent, this statement is true, but under most circumstances, if the time necessary to optimize the use of activated charcoal is available, the effort is rewarded with significant savings. CPL-Carbon Link has embarked upon a program of supplying technical support with its activated charcoal. Several operations in the United States have undertaken to have CPL-Carbon Link do an operational survey to determine if potential savings are possible. CPL-Carbon Link has offered to do these surveys for projects that are clients or simply would like to have CPL-Carbon Link review their operation. The information accumulated by CPLCarbon Link is being used to attempt to fashion industry standards so that a common reference point can be established for activated charcoal usage."

Jan 1, 2008

By M. Helinski

In the authors? experience inappropriate water management in hydraulic fill masses has been the root cause of most barricade failures. Inappropriate water management can lead to high water pressures, reduced effective stresses and increased barricade stresses (Kuganathan 2002). In addition the high hydraulic conductivity and non-plastic nature of most hydraulic fills makes susceptibility to piping failure (Cowling et al. 1987) a high possibility in many hydraulic backfills where a static water head is available. In order to avert both of these failure mechanisms it is essential to control the elevation of the phreatic surface within the fill mass. This is usually achieved through campaigned filling and resting periods. The duration of filling and resting periods are often estimated using some form of stope drainage simulator. Due to the random nature of many characteristics that influence the fill mass hydraulic conductivity, simulation of hydraulic fill drainage can be difficult. The high consequences of inaccurate phreatic surface estimates combined with the high variability in drainage properties often results in operators taking a conservative approach to this modelling. This conservative approach can lead to significant delays in the filling cycle which can have a major impact on the productivity of many hydraulic fill operations and can often results in an unnecessary movement towards capital intensive paste fill systems. This paper presents a water management technique which combines a simplified drainage model with in-situ monitoring to provide a rational approach to water management. With an accurate drainage model filling operations can be carried out at optimum efficiency without compromising safety. The implementation of this strategy has lead to a significant increase in filling rates at a number of Australian filling operations. A brief case study from one of these sites has been presented.

May 1, 2007

By Johnna Muinonen

"The Thompson Mill processes ores from the Thompson and Birchtree Mines. While the Thompson ore has very little magnesium containing gangue, the Birchtree orebody consists of veins of massive sulphide in a rock matrix that contains a high proportion of magnesium silicate minerals. A significant fraction of the magnesium is floatable, which lead to MgO levels varying from 3-11 wt% in the Birchtree concentrate. The magnesium in the concentrate causes a higher operating temperature in the smelter, reducing furnace life.Birchtree ore represented 20-30% of the mill ore receipts prior to October 2003. Since then the fraction of Birchtree ore has increased to 50%. A reduction of the MgO in concentrate to less than 3% in the total mill concentrate was required to allow safe and economic smelter operation.In October of 2002 a miniplant was set up to simulate the Birchtree plant circuit. Several flow sheet modifications were tested that led to a proposal for a circuit having increased cleaning capacity for the scavenger concentrate and a recleaner on this concentrate. Addition of CMC in rougher cleaner feed was also found to be required. The solution was confirmed through pilot plant testing in the mill in December of 2002. A full-scale installation was designed, engineered, and installed between February and September of 2003 with commissioning in September and October of 2003. Target metallurgy was achieved one week after start-up on slurry to coincide with the Birchtree Mine tonnage increase. This paper highlights the development, design and commissioning stages of the project.The new MgO rejection circuit has successfully allowed the processing of Birchtree ores producing concentrate consistently below 3% MgO. In addition, the new circuit increased overall nickel recovery in the mill.INTRODUCTIONThe Thompson Nickel Belt located approximately 700km north of Winnipeg was discovered in the early 1950’s. Inco first produced nickel from the area in 1960. Over the years the mill has processed several ores from different ore bodies in the area. Currently the Thompson Mill processes two significantly different ores from two mines, Thompson and Birchtree. The Thompson ore is a massive sulphide orebody hosted in schist, containing feldspars, quartz and biotite. Thompson Ore is characterized by high nickel recoveries and clean, low MgO containing concentrates (<2.5% MgO). The Birchtree ore is ultramafic and contains a high percentage of Mg-silicates such as serpentine, chlorite, biotite, amphiboles and talc. Some of these Mg-silicates report to the nickel concentrate and prior to commissioning of the MgO rejection circuit the Birchtree nickel concentrate typically contained 5-8% MgO"

Jan 1, 2006

By K. V. Konigsmann

"The results of Mr. Klymowsky's research confirm the essential role played by oxidation products in the flotation of base metal sulphides. They invite a discussion on the subject of aeration which I may open by a brief description of the development and current practice of aeration. The first installation of pre-flotation aeration in Canadian milling practice was undertaken during the years 1928 and 29 at the then new Noranda Mill. C.G. McLachlan and his collaborators demonstrated that the flotation differential between chalcopyrite and iron sulphides was enhanced by aeration in soda ash alkaline pulps. The ores treated contained more than 80 per cent sulphides. It was proposed already then that the products of mineral oxidation assisted copper and retarded iron sulphides, at least pyrrhotite flotation. The concentration of thiosulphates was used as a measure of the progress of oxidation. Several papers by C.G. McLachlan elaborate on this subject.The aerator was also used as classifier since it was held that aeration, i.e. controlled oxidation, should go hand in hand with creation of new mineral surfaces. Grinding mills and aerators were placed in closed circuit. Figure 1. This aeration was essential for successful separation at Noranda.Following the application of aeration at Noranda the technique was applied to existing mills in N.W. Quebec. Impressive improvements in concentrate grades and recoveries were obtained. It was observedthat the zinc flotation benefitted from aeration as much as the preceding copper float. In the late forties and fifties the aerator classifier was installed in new mills associated with the Noranda group. A diagrammatic sketch of the Quemont flow-sheet (figure 2) may serve as a typical example."

Jan 1, 1973

By Mario E. Rossi

The full economic evaluation of a mining project requires a block model that provides an estimate of the tons and grades of available resources. The model must be representative of the mineralization to be found at the time of mining for specified extraction periods and within acceptable error margins. In an operating mine, there may be a reasonable understanding and estimates of actual dilution and ore loss. This paper discusses the issue from the perspective of a project at a feasibility or preproduction level of development. Three types of dilution are discussed. Internal dilution (or change of support) is function of the spatial distribution of the mineralization and its relation to the operation?s selectivity. Geologic contact dilution is the unavoidable mixture at contacts or boundaries of material with different geologic characteristics, grades, or metallurgical performance. Operational planned and unplanned dilution should also be considered, sometimes incorporated by factoring the resource model, but more accurately by mimicking the grade control process. The resource estimation process always carries uncertainty, which is sometimes significant, and usually caused by several factors. These include quantity and quality of drill hole information; quantity and quality of geologic data; grade estimation methodology; dilution and mining recovery factors applied; etc. A key decision is to whether estimate as accurately as possible the in-situ geologic resource or to estimate the tons and grade of the material to be fed to the processing plant. The geologic modeling and grade estimation methods used are conditioned by this decision.

May 1, 2009

By S. Rajeswari, D. Gopi

"Pitting corrosion inhibition of 304 stainless steel (SS) in groundwater with a ternary inhibitor mixture (phosphonic acid + bivalent cation + various surfactants) was studied with different environmental variables such as temperature, pH, dissolved oxygen and chloride ions. Critical pitting potential and corrosion potential were calculated for these test media using electrochemical techniques. Under the tested condition, the localized corrosion resistance of 304 SS was determined and the results are discussed. IntroductionPitting corrosion of metals and alloys is a major cause of failure in chemical processing desalination plants, scrubber for flue gas desulphurization (FGD) plants, water storage tanks and pipelines, petroleum refineries, etc.Heat exchangers and condensers in inland thermal and nuclear powerplants utilize groundwater as a coolant, but materials of construction are generally prone to localized corrosion.Localized corrosion attack can be initiated when the passive film on the metal is disrupted. The presence of certain aggressive anions such as chlorides (Cl-) can migrate to the actively corroding area and stabilize pitting corrosion. Attention has been focussed on improving the resistance of stainless steel against localizedcorrosion in aqueous environments.One of the most accepted methods of avoiding corrosion is by the addition of chemicals (inhibitors). Over the past two decades, some phosphonic acids have been explored due to their good corrosion inhibition efficiency and low toxicity (Fang et al., 1993; Karman et al., 1998; Rajendran et al., 1998; Gopi and Rajeswari, 2000a). Bivalent cations like Zn2+ are often applied as additives to inhibit the metal dissolution (Sekine and Hirakawa, 1986; Aruna Bahadur, 1998)."

Jan 1, 2003

By L. Parthasarathy, S. K. Pan, M. P. Srivastava

"Total iron ore reserves in India, as reported by the Indian Bureau of mines, are 23.6 billion tons. Hematite iron ore reserves constitute about 45 % of the total reserve. If we go by the National Steel Policy-2005 projections, India’s supply of hematite iron ore would not last more than 40 years. Laboratory investigations were carried out for the development of a process flow sheet for treating low grade as well as Banded Hematite Quartzite (BHQ) iron ore. The purpose of these investigations was to aim for better resource utilization.Beneficiation studies were conducted on samples of low grade and siliceous iron ore from the Dalli mines, a captive mine of the Bhilai Steel Plant and BHQ ore from Southern states of India. The process flowsheet, developed for upgrading of low grade iron ore, incorporates wet screening of the ore at 0.5 mm, followed by grinding of the +0.5 mm fraction to below 0.5 mm. The whole –0.5 mm fraction, after grinding, was treated in a conventional hydro-cyclone and stub cyclone followed by treatment in Wet High Intensity Magnetic Separator (WHIMS). This resulted in a concentrate product having >66% Fe content from a feed containing 55.5% Fe with an iron recovery of 48 %. The process flowsheet developed for treating BHQ ore in the laboratory resulted in an increase in iron grade in the concentrate from 43.4 to 61.3 Fe % with a yield of 51.7 % .INTRODUCTIONThe classification of Indian iron ore resources have been made compatible with United Nations Framework Classification (UNFC), which is more scientific and has been adopted in most countries in the world. Iron ore reserves and resources estimated using the UNFC classification system, as of April 01,2000 are about 12,906 million tons of hematite ore and 10,628 million tons of magnetite ore. The Indian Bureau of Mines (IBM) has given a breakdown of these reserves by designation as either lumps or fines of hematite iron ore (Table 1). The percentage of the reserves reported lumps and fines are 42 and 34% of the total reserves respectively. High grade iron ore is less than 10% of the total reserve."

Jan 1, 2008

By S. Xu

Magnesium alloy AM50 is of interest to automotive cradle application because of it excellent castability and good ductility. In this work, microstructure and mechanical properties of both low pressure die cast (LPDC) and high pressure die cast (HPDC) AM50 test bars are characterized. Microstructure was examined using optical microscope, scanning electron microscope (SEM) and transmission electron microscope (TEM). Phase identifications were performed using energy dispersive x-ray spectrometer (EDS) and TEM diffraction. It has been found that LPDC produces much coarser microstructure than HPDC. At the same time, the HPDC samples are more heterogeneous in microstructure and composition close to grain boundaries. Particles with various dimensions and morphologies of two different intermetallic phases, Mg17A112 and A18Mn5, were found in all the samples. Mechanical tests were performed under conditions similar to those related to an engine cradle application. LPDC samples show lower strength but better creep resistance than HPDC mainly due to the difference in grain sizes and grain boundary microstructure between LPDC and HPDC. Creep curves are well described by the empirical Andrade equation. Tensile-compressive yield and creep asymmetries were found in AM50, i.e. better deformation resistance in tension than in compression. The average yield asymmetry ratio for all the samples is 0.87. Microstructural examinations on the samples tested in tension, compression and creep showed that the deformation mechanisms in AM50 were slip plus twining at temperatures up to 125°C. The examinations indicate the important role of twining in the asymmetry phenomenon. The creep results indicate that dynamic precipitation of the Mg17A112 phase during testing is not the mechanism directly responsible for the creep asymmetry in AM50.

Jan 1, 2004

By Buse Florian

This paper presents the specific features of the large-scale production and transportation systems (LSPTS), describing the main notions and characteristics of the LSPTS elements. A methodologically unitary approach of the formulation, formalization and solution of the problems regarding the planning of the LSPTS structure development is offered, based on the system description by the aggregation-decomposition method, as weil as on the complex of interreloted models for the planning optimization. The paper describes the characteristics of the complex of dynamic models for investments, utilized in solving the planning problems of the LSPTS structure development.

Oct 1, 2009

By I. Dimitrov, S. R. McCutcheon

"Industrial-grade limestone is found in both the Lower Silurian La Vieille Formation and Upper Silurian LaPlante Formation of the Chaleurs Group in northern New Brunswick. Currently, between 150 000 and 200 000 tonnes of limestone are produced per year from the proximal facies of the LaPlante Formation at the Sormany quarry of Elmtree Resources Ltd., located west of Bathurst.The proximal facies of the LaPlante Formation was deposited on the margins of tectonically uplifted Ordovician terranes. This facies comprises stromatoporoidal-algal bindstone intercalated with wackestone, packstone, and floatstone in variable proportions. The distal facies comprises calcareous shale and minor limestone deposited deeper offshore.Folding and faulting related to Middle Devonian Acadian tectonism have caused an increase in the apparent thickness of the limestone sequences, especially adjacent to the regional Rocky Brook-Millstream fault. Structural and stratigraphic observations indicate that some of the limestone bodies in the area have been tectonically displaced from their site of deposition.A variety of prospecting techniques was used to locate new limestone resources, including geological mapping, airborne and ground electromagnetic surveys, and satellite remote sensing. Clastic rock units above and below the LaPlante Formation have distinctive properties that help to trace the intervening limestone along strike. Because of water-saturated glacial cover, thick vegetation, and the small size of targets, airborne geophysical methods did not prove effective in delineating limestone beds, but aeromagnetic surveys helped map the underlying clastic unit. The remote-sensing data and especially high-resolution digital elevation models helped in identification of karst topography related to limestone."

Jan 1, 2007

By R. W. Lawrence, J. B. Austin, P. B. Marchant, J. T. Chapman

"Biohydrometallurgy is the use of microbiological reactions to assist in the extraction of metals. Bioleaching offers an innovative alternative for the treatment of refractory gold-bearing sulphides (1). One particular cost advantage of bioleaching is the potential to enhance gold extraction after only partial sulphide oxidation. The apparent selective sulphide oxidation is more prevalent where the refractory gold is associated with arsenic and antimony (2). Oxidation of the pyrite minerals and arsenopyrite at different oxidation rates can result in high gold extractions at relatively low levels of sulphide oxidation due to preferential, or selective, oxidation of the arsenic mineral. Arsenic extraction rates in a bioleach process typically exceed the iron extraction rate. Therefore, in concentrates in which the precious metals are principally associated with arsenic minerals, liberation of the precious metals may be possible with high recoveries and less than complete sulphide oxidation. The capital and operating cost advantages of partial sulphide oxidation are inherently obvious and are briefly illustrated herein.Ultra fine milling (UFM) is another alternative for enhancing gold extraction from refractory sulphides. Some refractory gold is simply particle size sensitive and UFM can improve gold extraction without the need for costly sulphide oxidation (3). Fine grinding technology for enhanced gold recovery developed by Metprotech, South Africa, is currently producing 2 - 4 micron ground product using a single pass, stirred ball mill. Proper application engineering has ensured that plug flow occurs through the mill. Plug flow from the feed inlet at the bottom of the reactor ensures that short circuiting of feed does not occur and as a result, the mill product does not require classification.A combination of UFM as a pretreatment for bioleaching could provide a mechanism for enhanced selective sulphide biooxidation and/or increased overall gold extraction following biooxidation due to improved particle liberation ( 4). The effect of UFM on biooxidation costs will be discussed. Only sulphide concentrates are considered herein for application of UFM in combination with biooxidation."

Jan 1, 1990

By D. Kidby, A. Briggs

"Vitrokele ™ is a synthetic adsorbent, using chelating groups on large polystyrene beads, developed in Canada over 7 years ago, and first commercialised in 1985 to recover noxious metals from plating wastes.Pilot plant trials have been performed in Australia and Canada to demonstrate the recovery of cyanide and removal of metal cyanide complexes from gold plant effluent using Vitrokele1 M 912. The pilot plants comprise a simple adsorption train (similar to a CIP circuit) followed by complete elution facilities, so that loaded Vitrokele™ can be stripped and returned to the adsorption circuit.An account of these campaigns is provided, showing the reduction of total CN levels from over 200 ppm to less than 0.5 ppm and Cu levels from approximately 100 ppm to less than 0.3 ppm in treated tailings.Comparisons between pilot plant results and laboratory test data are given and probable future work on the process and its application to the gold mining industry is discussed.INTRODUCTIONThrough millions of years of evolution, life forms have developed specialised molecules with exceptionally high affinity and selectivity for various metals such as iron, cobalt, zinc and copper.In the early 80's professors at the Faculty of Medicine of McGill University engaged in research on the extremely efficient ways that living cells captured trace metals essential for life.As research progressed, it became evident that the special molecules used by biological systems to capture metals could be synthesized to capture selected metals with similar efficiency from water or other solutions.The technology was first commercialised in 1985 to recover noxious metals from plating wastes with compositions applying the special molecules (chelating groups) on vitreous particles (hence Vitrokele™). To date approximately three commercial Vitrokele™ plants have been installed for treating plating waters in Ontario and Quebec."

Jan 1, 1992

By Sydney H. Ball

It is a peculiar anomaly that while the world uses the term "rich as a gold mine" as the superlative figure of speech descriptive of wealth, the shares of gold mines are not as popular investments in America as certain of them should be. One of the most able of Manhattan&apos;s bankers is a director in an investment trust with a portfolio the value of which has gone the way of other such portfolios. Luckily a couple of years ago a few hundred shares of Homestake were purchased, and since then the trust has not only received therefrom satisfactory dividends but has benefitted from a large appreciation in their value. At each directors&apos; meeting, however, the banker in question, Cato-like, suggests the sale of these shares, gold shares being, in his opinion, too speculative to be included in the portfolio of any trust. A short time ago the financial pages of one of our great metropolitan papers featured an article listing the corporations still paying dividends at the 1929 rate. Gold-mining shares were, the article stated, excluded, although in reality every gold mine on the New York Stock Exchange paid higher dividends in 1932 than in 1929. This &apos;Alice in Wonderland&apos; treatment of the gold-mining shares is admittedly a bit confusing to those of us who believe that the shares of certain gold-mining companies have a rightful place in any well diversified portfolio. It should, however, here be recorded that whereas, fifty years ago, in America, gold-mining shares were considered by the public as instruments of nefarious gambling, now shares of the better gold mines are sought by astute investors. In England for well over a generation their value as sound investments has been widely recognized.

Jan 1, 1933