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By Fathi Habashi

"A process is proposed for the treatment of phosphate rock for the recovery of uranium and the lanthanides. The process assures the production of phosphatic fertilizers without polluting the environment with radioactive material.IntroductionWhile many processes for uranium recovery from phosphoric acid produced by the H2S04 route are known and utilised commercially, little is known about uranium recovery from phosphoric acid produced by the HN03 route1. Advantages of the latter route are both the elimination of the gypsum disposal problem, and the possibility of radium disposal in a controlled way2. Further, the lanthanides originally present in the rock can be recovered if the nitric acid route is used; they will be mostly lost in the gypsum produced by the sulphuric acid route3. In the present work a scheme for the recovery of uranium and the lanthanides from phosphate rock without interfering with the normal route for fertiliser production is proposed using HN03 as a leaching agent. Attention was also given to uranium decay products and their separation so that they might not contaminate the fertiliser4. Further, an attempt was made to defluorinate the leach solution in order to upgrade the fertiliser and at the same time recover the fluorine5. Rapid analytical methods for the determination of uranium, radium, and lanthanides in phosphate rock were developed6,7."

Jan 1, 1997

By B. Haugrud, E. McConaghy, M. Collins, G. Smith

"Laterite ore processed by the Ambatovy Joint Venture in Madagascar is primarily limonitic in nature, containing about 40 to 45 wt.% Fe and 1.1 wt.% Ni. The process selected for treatment of this ore considered the behavior and deportment of iron in each step of the commercial flowsheet. Such considerations included nickel and cobalt recoveries, reagent consumptions, liquid-solid separation characteristics, and both intermediate and final product purities. In this paper, the results for the first three years of commercial operation at Ambatovy are compared with the design parameters, with emphasis on the behavior of iron.INTRODUCTION The main component of nickeliferous laterite ore is iron, and the Ambatovy deposit in Madagascar is no exception. The Ambatovy ore is primarily limonitic in nature, containing about 40 to 45 wt.% Fe and 1.1 wt.% Ni. Since the nickel content of the ore is roughly one fortieth that of iron, successful recovery of nickel depends on close control of the behavior of iron in the selected process. Exploration of the Ambatovy area, which is located to the east of Antananarivo, the capital of Madagascar, dates back to 1960, when the Malagasy Service Géologique carried out a limited pitting and auger-drilling program. Phelps Dodge Corporation (now Freeport-McMoRan Copper & Gold, Inc.) was granted the mining rights to the property in 1995 and carried out significant resource definition, environmental assessment and engineering studies between 1995 and 2001 (Chou, Rooke, Williams, & Hanks, 2000). In 2003, Dynatec Corporation, which was formed in 1997 by the merger of Dynatec International Ltd. and Sherritt International Consultants Inc., signed a joint venture agreement with subsidiaries of Phelps Dodge to evaluate the Ambatovy Nickel Project. Dynatec then became extensively involved in the development of the project, including process selection and pilot plant testing in Fort Saskatchewan (Collins et al., 2004, 2005, 2009; Collins & Vardill, 2005). Dynatec acquired 100% of the project in 2005 and a joint venture between Dynatec, Sumitomo Corporation, Korea Resources Corporation (KORES), and SNC-Lavalin Inc. (SLI) was formed shortly thereafter to provide funding for further development. SLI was responsible for engineering, procurement and construction management of the commercial facilities. Sherritt International Corporation reacquired Dynatec Corporation, including 40% ownership in the Ambatovy Nickel Project, in 2007. The current Ambatovy Joint Venture consists of an integrated nickel and cobalt mining, processing, refining and marketing enterprise between subsidiaries of Sherritt (40% owner and mine and plant operator), Sumitomo Corporation (32.5% owner) and KORES (27.5% owner)."

Jan 1, 2016

By Ben R. Bjorkman

The future is here ? or at least that?s what Mine Planners predicted some 15 years ago ? that by 2004 we would have man-less mines running themselves using space-aged technology. Truthfully, though, there hasn?t been much change in mining methods in the past decade, but thankfully that?s all about to change. The benefits of autonomous ? even Tele-operated mining (especially in narrow-vein ore bodies) are wellknown: increased production hours by eliminating travel time to and from the face, continuous production at the face while crews screen and bolt behind the working equipment, less liability for workers? safety in certain areas, etc. But when plans are put in place to accomplish this vision, things stagnate and production carries on as before. This paper examines the components necessary to make that vision a reality. First we?ll detail the technology required to enable Tele-operation ? even autonomous operation of mining machinery, then we?ll look at what?s wrong with the current way we?re mining, and finally conclude with a critique of the machinery itself.

Oct 1, 2004

By A. H. A. Robinson

Until quite recently-practically up to the present time-all but an insignificant amount of the copper produced in Canada was shipped abroad in the form of ore, matte, blister, etc., there to undergo the further treatment necessary to bring it to the refined state in which it is required by fabricators of copper. Consequently, Canadian manufacturers were forced to import nearly all the copper required in their business; and a considerable portion of the ultimate value to be derived from a Canadian raw material was lost to the country of its origin. In the early days of Canadian copper mining, when both the production and consumption of copper in Canada were much smaller than now, such a condition of affairs was perhaps economically unavoidable, and, in any case, was not a matte~ of sufficient importance to attract general attention. Later on, however, when there had been large and rapid increases both in the production and consumption of copper in Canada, it formed the basis of much adverse criticism, deserved or not, of producers of Canadian copper-criticism that became intensified during the war and subsequent years. Happily, the chief grounds of complaint have now been removed, and there are today copper refineries in Canada, either operating or under construction, that are capable, in the aggregate, of turning out amounts of refined copper greatly in excess of any indicated Canadian consumption.

Jan 1, 1931

By Donald Leroux, Ralph Dahlke, Dave Scott, Finch. James A., Cesar O. Gomez

"The efficiency of the flotation process depends on how effectively air is dispersed into small bubbles. Bubble surface area flux - the surface area of bubbles per unit time per unit cross-section area of a cell - is emerging as the parameter to characterize gas dispersion. One of the approaches proposed to measure bubble surface area flux in industrial cells is based on the measurement of two variables: gas velocity and gas holdup, using separate sensors. Plant testing of the gas velocity sensor gave evidence of a series of operational problems which may be necessary to correct before attempting to characterize gas dispersion. Problems such as uneven air distribution within a cell and along a bank, faulty air and slurry valves detected during attempts to redistribute air, and poor control of pulp level and gas flow became evident. Detection of these problems from gas velocity measurements is illustrated.INTRODUCTIONBubble surface area flux is considered a key variable in the optimization of flotation circuit performance (Gorain et al., 1997; 1998). The Mineral Processing Group at McGill University has devised and developed a method for estimating bubble surface area flux in industrial flotation cells (Finch et al., 1999). The method is based on measuring gas holdup and superficial gas velocity using two separate sensors and applying drift flux analysis to estimate bubble size (Dobby et al., 1988; Banisi and Finch, 1994). With bubble size and superficial gas velocity known bubble surface area flux can be calculated.This method was selected by Noranda to characterize gas dispersion in cells as part of a program to model and optimize flotation circuit performance. However, initial testing at Brunswick Mine with the gas velocity sensor provided some unexpected results indicating operational problems and equipment malfunctions that needed to be addressed before systematic measurement of gas dispersion could be initiated.The subject of this communication is to illustrate the detection of these problems from gas velocity measurements. The line 3 Zn Cleaner circuit comprising four stages of Denver DR cells was the main subject of analysis, including the effect of correcting these problems on the metallurgical performance of the Zn 3rd cleaner bank of ten DRl 00 cells."

Jan 1, 2001

By Rosaire Emond

Le concept du forage horizontal a été développé voilà de nombreuses années. Différents types de plate-formes permettant le forage horizontal depuis une cheminée ont été conçus par divers manufacturiers ou opérateurs miniers. Entre autres, on connaît bien la griffe de montage Alimak à laquelle peut être fixée une plat-forme sur laquelle est montée une foreuse. En 1992, Ross-Finlay a développé sa propre plate-forme de forage qui à notre opinion améliore la flexibilité du concept du forage horizontal, en augmente la productivité et en diminue le coût d?ensemble tout en assurant une sécurité accrue des travailleurs. Tel que montré à la figure 1, la plate-forme employée à la Mine Kiena est composée d?un toit de protection contre les chutes d?objets et de deux passerelles de forage de forme carrée. Le toit et les passerelles sont fixées à une structure de 6.5 m de longueur équipée de deux assemblages de rouleaux (non montrés à la figure) permettant de faire glisser l?ensemble sur des rails Alimak. L?angle du toit et des passerelles peut être ajusté pour des cheminées dont le pendage varie de 65 degrés à 85 degrés.

Oct 1, 2001

By Neil Westoll

But First, An Overview of the Selwyn Basin and Its Resources ?World-renowned sedimentary-exhalative (SEDEX) deposits of zinc, lead, silver +/-barite ?Significant reserves/resources remain and vast tracts of prospective stratigraphyremain under-explored and untested. ?More details are at the Yukon Geological Survey?s Selwyn Basin Metallogenysite:http://www.geology.gov.yk.ca/metallogeny/selwyn/ Overview of Metal Price and Demand Trends ?The pace of economic change in China has been extremely rapid since the start of economic reforms just over 25 years ago. According to official statistics, economic growth has averaged 9.5% over the past two decades and seems likely to continue at that pace for some time. National income has been doubling every eight years. Such an increase in output represents one of the most sustained and rapid economic transformations seen in the world economy in the past 50 years.? Organization for Economic Co-operation and Development 16-Dec-2005

May 1, 2006

By C. Dirscherl, M. Combes

"Declining ore grade, leading to increased material transport and plant throughput requirements, is one of the major challenges in the current mining environment. This is accompanied by rising energy and labor costs, decreasing plant productivity and the requirement for highest plant availability. Siemens’ answer is the latest gearless drive technology for grinding and conveying. Gearless drive solutions are surpassing the mechanical limits of conventional drive systems serving to utilize the principle of economies of scale. By elimination of various components of the drive train the maintenance activities and spare parts inventories are reduced. The advantages are culminating in the incomparable availability of the Siemens’ gearless drive technology of 99.46 to 99.71% - as confirmed by real operational data from the Antapaccay mine in Peru. It was the first plant worldwide to use gearless drives for both applications.INTRODUCTION – THE GEARLESS PRINCIPLE The principle idea behind a gearless drive system is to reduce the number of components and diversity of parts. Especially those components that are at the edge of current manufacturing or power limits are eliminated. The used equipment provides the possibility to scale up and increase the power transmitted to the driven machine. This finally results in a possible increase of throughput respectively transported or processed material. In order to apply this principle of simplification we will take a look at the components of a conventional drive system consisting of: - Driven equipment (mill, conveyor, slurry pump) - Components altering the rated speed (gearboxes, girth gear / pinion) - The electric motor - Starting devices for the motor (VSD, CCV, LRS, clutch), which are necessary because a direct across-the-line start of high power motors with load would result in a significant drop in the line supply voltage - Alternatively a variable speed drive (VSD) or cycloconverter (CCV) to utilize the possibility of speed variation during operation - The electrical supply system (cables, switchgear, transformers, protection equipment)"

Jan 1, 2014

By W. E. Roscoe, H. Agnerian

The contour method can be used to estimate the mineral resources of a mineralized body. It relies on geological interpretation and allows the geologist to determine the plunge of a mineralized ore shoot along the dipping plane of the mineralized body. The technique is best applied to estimate tonnage and average grade of relatively planar bodies, i.e., where the two dimensions of the mineralized body are much greater than the third dimension, such as Archean lode gold vein deposits or mantos of massive sulphide mineralization, based on exploration drilling. For these types of deposits, the contour method can provide a clear view of the “mineralization landscape” with “peaks” and “valleys” along the plane of the mineralized vein. The technique also reduces the “nugget effect” of local high values commonly present in gold deposits. With sufficient drill hole information, the contour method may be used to estimate the tonnage and average grade of individual blocks within a mineral deposit. General procedures for the contour method are described in this paper, along with examples and explanatory notes.

Jan 1, 2002

By G. Hausen, H. Micka

"Modern signal and power electronics made adjustable-speed AC drives technically feasible and reliable and economically attractive. Cycloconverters are discussed as a proven technology for mine hoists. \IntroductionUntil rather recent technical and commercial advances in power and signal electronics, DC motors were used almost exclusively for applications requiring continuously adjustable operating speeds and torques. More recently, the significantly higher efficiency and the accordingly lower operating costs of AC motors gained importance. An effective and efficient speed control of AC motors requires the control of AC voltage and frequency. Table 1 shows typical applications of adjustable-speed AC drives.CycloconvertersOf particular interest to the mining industry are cycloconverters for hoist drives. The cycloconverter represents by far the simplest, most efficient and most economical means of converting a constant-voltage, constant-frequency supply into an adjustable-voltage, adjustable-frequency supply as required for the speed control of AC drives operating in the frequency range to half of the utility frequency.Cycloconverters feeding synchronous motors or induction motors are ideally suited for slow-speed direct-coupled drives."

Jan 1, 1988

By J. Sammut, T. G. Joseph, R. Andreev, M. Curley

"Decisions regarding mining method and subsequent choice of excavator must take into account the quantitative factors of productivity, availability, and capital, operating, and maintenance costs. Dig performance was compared between a hydraulic excavator (HE) and electric rope shovel (RS) of similar size class (i.e., use the same amount of energy to excavate a unit quantity of the same material from a mining face), focusing on the quantitative factors above. Machine performance, normalized to bucket capacity, was assessed as a function of hours of service (60,000 hours per machine). Results showed higher production rates for the HE of similar capacity and age. In general, the RS exhibited lower service cost per volume capacity, though it had higher capital cost. The RS became more cost effective than the HE of similar capacity within approximately 30,000 hours of service. ¦ KEYWORDS Cost, Electric rope shovel (RS), Excavation, Hydraulic excavator (HE), Surface mining RÉSUMÉ Les décisions concernant la méthode minière à adopter et le choix ultérieur d’un engin d’ex¬cavation doivent tenir compte des facteurs quantitatifs de la productivité, de la disponibilité ainsi que des coûts d’investissement, d’exploitation et d’entretien. Cette étude compare les performances en termes d’excavation d’une excavatrice hydraulique et d’une pelle électrique à câbles de même taille (qui utili¬sent par exemple la même quantité d’énergie pour creuser une quantité unitaire du même matériau dans un front de taille), en se concentrant sur les facteurs quantitatifs susmentionnés. La performance de la machine, normalisée à la contenance du godet de volume unitaire, est évaluée en fonction des heures de service (60 000 heures d’activité par machine). Les résultats montrent des taux de production plus élevés pour l’excavatrice hydraulique d’une capacité et d’une ancienneté similaires. De manière générale, la pelle électrique à câbles affiche un coût d’entretien par capacité volumique inférieur, mais son coût d’in¬vestissement est plus élevé. La pelle électrique à câbles devient plus rentable que l’excavatrice hydrau¬lique d’une même capacité au bout d’environ 30 000 heures de fonctionnement. ¦ MOTS CLÉS coût, excavation, excavatrice hydraulique, exploitation à ciel ouvert, pelle électrique à cablesINTRODUCTION The most common excavating tools in surface mining operations are the hydraulic excavator (HE) and electric rope shovel (RS). In general, electric RSs are more reliable and cheaper to maintain (P&H Mining Equipment, 2007), but where complicated geological conditions exist, HEs are preferred because they are generally considered to be more mobile."

Jan 1, 2019

By Luis Bernal, Pertti Lamberg

"SkimAir®, Outotec’s Flash Flotation unit, is placed in the grinding circuit to float the valuable liberated mineral particles from the circulating load of the grinding process while still relatively coarse. Esperanza copper-gold deposit located near Sierra Gorda, Chile, hosts 535 Mtn ore grading 0.57 % copper, 0.27 g/t gold. A series of laboratory and pilot flotation tests were conducted to find out the flotation performance of different ore types both with and without the Flash Flotation. This data was used in modeling and simulating to find the optimal flow sheet for the highest Au and Cu recoveries with required Cu concentrate grade. Simulations with the HSC Chemistry 6.1 software showed that with the SkimAir® and Flash Cleaning it is possible to achieve the required copper grade of 27% Cu with 5% higher recovery for gold and 2% higher recovery for copper compared to the circuit without the Flash Flotation. The pilot tests with simulations were the back up for the installation of four Outotec SkimAir® SK 2400 Flash Cells in the Esperanza circuit for the processing 95.000 tpd of copper-gold ore.INTRODUCTIONEsperanza copper-gold deposit is located near the town of Sierra Gorda, 2nd Administrative Region in Chile. Deposit hosts 535 Mtn ore grading 0.57 % copper, 0.27 g/t gold. The main copper minerals are chalcopyrite and bornite. Gold is carried by native gold and solid solution of copper.Antofagasta Minerals S.A. conducted a series of flotation studies at SGS Minerals Services. The studies included both laboratory and pilot scale work. In the pilot scale study the applicability of the Flash Flotation technology was studied with High-grade Andesite and High-grade Porphyry samples (SGS Mineral Services). The Flash Flotation technology gave significantly higher recovery for gold than the conventional flotation circuit. The recoveries for copper were slightly higher using the conventional flotation."

Jan 1, 2009

By Ken Witherly

Modern airborne EM surveys typically acquire more data than is processed or analyzed at the time of acquisition Suitable additional processing can provide more diagnostic information, thereby allowing for more effective ranking and hopefully, follow-up of outcomes

Apr 1, 2005

By Kevin M. Ansdell, Irvine R. Annesley, Christine L. Mckechnie

The U-Th-REE mineralization at Fraser Lakes Zone B is hosted by granitic pegmatites and leucogranites, which lie along the deformed contact between Paleoproterozoic metasedimentary gneiss of the Wollaston Group and Archean orthogneiss, approximately 25 km from the southeastern edge of the Athabasca Basin. The pegmatites/leucogranites are subcordant to concordant with the regional foliation and are concentrated within a northeast-plunging antiformal fold nose, the study area, which lies west of Fraser Lakes. The mineralized pegmatites/leucogranites in the western part of the study area (Group A) are typically enriched in U (± Th) with Th/U ~1, and contain uraninite, thorite, zircon, and allanite. Those intruding the central part of the study area (Group B) are generally enriched in Th and LREE, with Th/U >2, and contain monazite, thorite (commonly U-enriched), and zircon. The pegmatites and leucogranites in Group A tend to be slightly enriched in SiO2 and depleted in TiO2 relative to those in Group B and are interpreted to represent more evolved crustal melts. Both groups are peraluminous and show varied chemistry. Partial melting (~850ºC and 9 kbar) of a metasedimentary rock-dominated source, entrainment of accessory minerals as xenocrysts, and assimilation-fractional crystallization processes combined to enrich the granitic pegmatites/leucogranites in U, Th, and REE elements. Transfer of melt from the source region to the crystallization sites was assisted by deformation within and along major structural zones, such as the folded Archean-Paleoproterozoic discontinuity. The character of mineralization and structural control in the study area is reminiscent of the alaskite-hosted deposits at Rössing, Namibia.

Jan 1, 2013

By G. Couture

"The Glencore Raglan mine Concentrator, located in Quebec’s Nunavik region, has been in operation since 1997. The nickel metallurgical plant was originally designed to process 100 tonnes per hour of ore to produce 130 000 tonnes of nickel concentrate per year at 16% Ni. The increased grinding capacity and the discovery of rich ore bodies have increased the annual production to more than 190 000 tonnes of concentrate at 19% Ni. In 2014, the Metallurgical group, with support from BBA, implemented an expert control system on the flotation circuit. This project was initiated to cope with the high variability of the concentrator’s feed. Increasing the plant recovery and final concentrate grade were also important project objectives. The implementation of the expert system ensures better control of concentrate inventory while maintaining maximum plant throughput. This paper describes the successful implementation of the new control system, the control technology selection and the flotation circuit optimization. It will also discuss the performances obtained with this new approach and the improved process stability.IntroductionThe Raglan Mine is located in Northern Quebec along the 62th parallel. It has been in operation since 1997 and was originally designed to produce 130 000 tonnes of concentrate annually at 16% Ni. The increasing of the grinding capacity and the discovery of rich ore bodies have increased the annual production to more than 190 000 tonnes of concentrate between 18 and 20% Ni."

Jan 1, 2015

By Gordon Sproule

THE papers presented to the Institute, and published in the BULLETIN, in the past three years, may be classified as follows: Geology, Mining, and Milling 89 or 58.5 per cent Smelting, Refining, and Refractories 17 " 11.2 " Mechanical and Physical Metallurgy 7 " 4.6 " General (Economics, Welfare, etc.) 39 " 25.7 " Total 152 100 These figure~ should be excuse enou.gh for. the present paper. As indicated by the title it is proposed: I.-To review briefly some of the more recent developments of Physical Metallurgy; and 11.-To show how Physical Metallurgy functions as the link between mining and production metallurgy on the one hand, and consumption engineering on the other hand. Io these days of specialization, papers of the kind being considered mostly gravitate to the American Society for Metals, the American Society for Testing Materials, the Institute of Metals, and the Iron and Steel Institute. In proof that there is a place for the newest and most specialized of these societies, the American Society for Metals, it may be said that in the Montreal Chapter there are 200 active members, and in the Ontario Chapter more than 200. Yet the overshadowing glamour of the mining industry proper, and the publicity it receives, result in an almost continuous dearth of students in metallurgical engineering at our universities. There are more jobs than graduates.

Jan 1, 1936

By David D. Davidson

Commodities remain hot for the time being, but for how much longer? The bulls point to global economic growth lead by China?s insatiable demand for raw materials. To further emphasis the bullish view they point to the emergence of India for follow through demand. The bears remain convinced China?s growth is unsustainable and with higher interest rates and high oil prices, the United States economy is poised to slow. Both groups can make a convincing argument and both will be proven right in the fullness of time. Profitability and balance sheet strength for the mining industry has rarely been better. Is this a time to be bold or cautious? In this paper, the author will address the dilemma facing today?s management as they pursue growth and try to minimize risk.

Apr 1, 2005

By Khosrow Ebrahimi

We document the occurrence, mineralogy and firing properties of magnesite from hydrothermal deposits in the upper Cretaceous ophiolites of Eastern Iran. These deposits occur as thin veins of nearly pure cryptocrystalline magnesite with only trace amounts of quartz, calcite, and dolomite. Ratios of CaO/SiO2 in the bulk ore are variable. The composition of dead-burned magnesite from these deposits, calcined at different temperatures and durations, is predictable from phase equilibria. Textures of the calcined magnesite were studied by SEM; results show that the principal impurites produced during calcination are forsterite, monticellite, merwinite, dicalcium and tricalcium silicates, and that these are located principally at triple junctions of the periclase crystals. The size of periclase crystals increased with temperature and duration of calcination and the amount of periclase-periclase grain contacts was reduced by increasing the concentration of impurities in the starting products. EPMA show: 1) that CaO and FeO contents in periclase increase steadily with an increase in the CaO/SiO2 ratio and the FeO content of the bulk ore, respectively, and 2) that limited solid solution exists between impurites. This study demonstrates that high quality dead-burned magnesia refractories can be produced from the Iranian magnesite with low CaO, SiO2 and FeO contents.

May 1, 2004

By Seppo Lähteenmäki, Pertti Koivistoinen, Jaakko Levanaho

"This paper describes the benefits and disadvantages of fully autogenous grinding when compared to grinding with steel grinding media. The study is a real case study based on a low tonnage, high grade mining project in a remote location in a developing country. The study compares the capital and operating costs of using either SAG mill, Ball mill, Crusher (SABC) or fully autogenous (AG) grinding circuits and produces an economical analysis of the project for both options. The economics have been developed for the overall project, including mining, processing, environmental and the infrastructure as well as for the additional cost of constructing a fully autogenous grinding circuit instead of the original plan of a SAG Mill, Ball Mill circuit.The paper also describes the development of the autogenous grinding circuit at Outokumpu Oy, Pyhäsalmi mine. This experience was used to design the autogenous grinding circuit for the case study. Pyhäsalmi Concentrator has over 30 years of experience in operating autogenous grinding circuits and therefore provides a sound base for the new circuit design.INTRODUCTIONGrinding of ore using steel grinding media is currently the most commonly used method in the mining industry. Autogenous grinding, ore replaces iron media, is also common especially in Europe and Africa. Iron ore industry in North America uses autogenous grinding in primary and/or secondary stages extensively. In gold, copper and other base metal industries, autogenous grinding is not as common, although there are operations where pebble grinding is or has been used in the secondary grinding stage. There are many variations of autogenous grinding in use in the mining industry. These variations include different mill sizes, mill length to diameter ratios, ore lump sizes, screening and pebble crushing configurations."

Jan 1, 2000

By J. Mackintosh Bell

External trade strongly influences the well being of all nations. In the modern economic mechanism, no country is so well endowed that it has not to import commodities from others and to export its products in turn to make good its deficiencies, to rectify or improve its financial structure. From the standpoint of international commerce, Canada is strategically well placed. On the south she is bounded by the richest country in the world. On the east she faces the Atlantic, on the west the Pacific. On both coasts there are fine harbours to which lead great lines of railway that span the continent. Canada is now fifth among the exporting nations of the world. For disposal abroad, she has enormous quantities of primary commodities and substantial amounts of manufactured goods as well. But she is far from being self-sustaining. She is unusually dependent on foreign trade, not only because of the commodities she has to sell but because of the lack of many essential articles she does not or cannot produce. To Canada, external commerce is vastly more important than internal trade. The wealth of nations is decided by their ability to produce more than they need, to sell more than they buy, and to build up favourable balances resulting from trade or services. With few countries, however, are returns perennially satisfactory. Fruitful periods are followed by leaner years. In times of prosperity foreign credits are increased, monetary systems strengthened, reserves accumulated to withstand recurring days of strain. Today, the foundations of financial systems are being re-examined, "dogmas hitherto accepted as canonical are being questioned" . It is not only in Europe and America that men search for illumination in problems arising from monetary restrictions.

Jan 1, 1933