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"How Wall Street Darling Molycorp Undermined the U.S. Economy, Degraded our National Security and Distorted the Global Economic Balance and How These Falsehoods Continue to be Promoted Even Today INTRODUCTION & SUMMARY In 2007 the Molycorp Mountain Pass rare earth mine was resurrected from its desert-grave in California by its then-owner Chevron Mining. Responding to elevated rare earth prices Chevron began processing on-site rare earth concentrates left over from past mining operations that were terminated in 1998i. Chinese demand had sparked what was being described as a commodities super-cycleii. Commodity prices were on the move. Wall Street smelled opportunity. In 2008 Goldman Sachs, Pegasus Partners, Resource Capital Funds, Traxys North America LLC and Carint Group LLC acquired the mining assets from Chevron. In an environment of ever-declining ethical standards and regulatory consequences the private capital group and their investment bankers would bring Molycorp to market. Molycorp, with its high powered investment banking team of Morgan Stanley and J.P. Morganiii, easily dominated the contest. Molycorp promoted itself, largely based on its past operating history and proven reserves, as the best company to challenge China’s monopoly control over the production of rare earths: a group of elements critical to most advanced technologies and U.S. defense systemsiv. Most of Wall Street’s hottest investment sectors were dependent on these materials: alternative energy, green technologies, computing, personal communications, advanced electronics and defense systems. By late 2010 there were dozens of prospective rare earth start-up ‘mining companies’ seeking capital. Eventually the number of prospective rare earth mining companies seeking capital exceeded 400, despite the reality that supply requirements of this market were disproportionally small when compared to other natural resource sectorsv. In the world of finance ‘smart money’ picks the winners. Consequently just twovi projects attracted nearly all of the capital (Molycorp and Lynas). Wall street picked Molycorpvii. This paper will primarily focus on Molycorp. By early 2010 the words “Molycorp” and “Rare Earths” electrified many people in the mining industry, most non-Chinese manufacturing technology companies, U.S. & allied defense contractors, technocrats in the U.S. national security community and eager investors across most of the world’s stock markets. It was the hottest story of the yearviii. The financial, technology and defense press coverage verged on euphoric: heaping fuel on fuel until the highly combustible Molycorp-pyre cast a long shadow over all of its rivalsix. When the IPO match was lit the spectacular flaming pyre sucked all of the oxygen out of the rare earth spacex. Molycorp was ranked the most lucrative IPO of 2010, resulting in record breaking profits to its private investors and massive returns for its early stock holding investors."

Jan 1, 2017

By S. F. Emmons

Jan 1, 1899

By J. J. Jakosky, D. H. Zellers

"IntroductionThe Bureau of Mines has been conducting experiments in underground communication during a period of several years, and a brief summary of what has been done is as follows:During 1919-1920, investigations were conducted with the geophone. This instrument was used extensively during the World War for detecting enemy digging and mining operations, by means of the vibrations transmitted through the earth strata.A preliminary investigation using short wave-length (200 to 300 meters) radio equipment carried out jointly with engineers of the Westinghouse Electric & Mfg, Co. during 1922.The step was to investigate ground conduction signaling, (called T.P.S. in Signal Corps parlance)."

Nov 1, 1924

By W. M. Armstrong

This paper compares research on development efforts in various countries, consideration being given to gross expenditures, manpower involved, source of funds, sector of performance and type of activity. The Canadian R & D activity is then reviewed, particularly as applied to the industrial sector, the problems of applied research in Canada are discussed and some remedies are suggested.

Jan 1, 1968

By M. J. Hrebar

In the summer of 1990, a study was conducted to document large tractor (i.e., Caterpillar Dl1N) utilization in surface coal mining. The tractors were found to be utilized as primary production machines and in combination systems with blast casting and draglines and blast casting and excavator/truck systems. In addition, dozers were used to prebench ahead of a primary dragline system. The study also established ranges and averages for Dl1N operating costs and mechanical availability. Based on simulated production of various tractor dozing applications, the potential for low cost coal stripping was suggested (Hrebar, 1991). A follow-up study, also funded by Caterpillar Inc., was conducted in the summer of 1991 to determine actual production rates in two dozer stripping applications. These actual production rates would then serve as a foundation for estimates of stripping costs. This paper presents the results of the studies in a contour and a cast application.

Jan 1, 1992

By Lawrence Devon Smith

"The concept of risk is well established in the mining industry. It is acknowledged when estimates of reserves are expressed as proven or probable, when mining and metallurgical recoveries are applied to the ore, and when contingencies are added to costs. However, it is difficult to provide a quantitative assessment of risk. The significant sources of risk in a mineral project and how these are addressed in project evaluations are discussed. The discount rate is examined as a fundamental means of reflecting risk in discounted cash flow evaluations. Current industry practice is discussed, and a methodology for the analysis of risk levels is proposed that assesses the constituent components of the discount rate: real interest, mineral project risks, and country risk.IntroductionThis paper examines the components of the discounted cash flow discount rate and proposes a method of estimating project-specific discount rates. The motivation for this work comes from experience of project evaluations in which owners and purchasers had agreed on virtually every aspect of the evaluation except how much the project was worth. Agreement was reached on reserves, grad~, recovery, capital costs, operating costs, taxes, and, by combining these components, even on the fmal cash flow values. The only difference in opinion concerned the discount rate to be used in the calculation of the net present value. Depending on the life of the project, such differences of opinion can cause a variation of more than 50% in the value placed on a project! This is illustrated in Figure 1."

Jan 1, 2003

By Y. Gordon

ABSTRACT A methodology based on a two-stage approach was developed for process technology selection. The first stage includes evaluation of available technologies, followed by shortlisting the best technologies based on mass and energy balance modelling, financial analysis, and risk analysis. The second stage involves detailed analysis using refined input data, mass and energy balance modelling, and capital and operating cost estimation, as well as a more detailed financial analysis. A case study covering the selection of ironmaking technologies for a company in the Russian Federation is presented to illustrate the critical elements of the methodology and the analysis process.

Jan 1, 2014

By George H. Holmes

Beryllium deposits in the northern Virgin Mountains , Clark County , Nev . , and Mohave County , Ariz . , about 70 miles northeast of Las Vegas , were investigated by the Bureau of Mines . The investigation indicated a widespread occurrence of beryllium- bearing pegmatites within an extensive belt of mica - schist . Several deposits with significant beryllium mineral concentrations were encountered . Only a few of the samples analyzed contained more than 1 percent beryllium oxide ( BeO ) ; in many of the samples , no beryllium was reported . The average tenor of samples from the more important occurrences was 0.25 percent BeO . Chrysoberyl is the predominant beryllium mineral in the pegmatite sills ; beryl predominates in the more massive bodies . Minute quantities of cesium and lithium minerals also occur , but no columbium , tantalum , or other rare minerals were found . Ore dressing tests on a composite sample containing 0.28 percent BeO which was representative of the pegmatite sills , indicated an 85 percent recovery of the chrysoberyl ( 70 percent recovery of total BeO ) by gravity concentration in a concentrate containing 17.6 percent BeO .

Jan 1, 1964

By Edward G. Cunney

Track in underground bituminous coal mines was investigated and technology was taken from other industries in order to obtain information on conditions that impair the safety and efficiency of the track and to develop guidelines and useful information on the construction, inspection and maintenance of mine track. Volume 1 contains information on the investigations, observed track conditions, useful technology from railroads and other industries, derivations of track condition descriptors and limits, conclusions, and recommendations. Volume 2, Guidelines, contains recommended standards and practices for mine track. It includes the relation of track conditions to safe speeds; descriptions and limits for measurable track features, such as gage; descriptions of conditions for track components that are normally not measurable, such as subbase soils; construction requirements and techniques; inspection requirements and methods; and methods for managing and performing track maintenance work. It does not repeat the summary or? derivations. Volume 3, Inspection Handbook, summarizes recommended standards and procedures from Volume II and provides related information for ready reference by inspectors in the mines. As a research product to be used in mines, it does not repeat the summary, derivations or references.

Jan 1, 1977

Control of construction projects is the responsibility of the Project Leaders who have the authority to make decisions. Project Controls cost and scheduling systems provide the Leaders with timely information on which to base their decisions.The Client (Owner) will invest up to three per cent of the project cost on Project Controls. To ensure that this investment is effective, the Owner or Manager must have a clear understanding of the information required from the Project controls systems. If appointing a single Managing Contractor, the Owner or Manager must stipulate what is and what is not required from the Project Controls Systems. There are numerous computer programs available for scheduling and cost control and it is important to select systems which best serve the Owner's needs.

Jan 1, 1993

By Côme Carbonneau

The ten -year case history of La Société Québécoise d'Exploration Minière (SOQUEM) is reviewed under the headings of the company's raison d'être, objectives, policies, structure and final goal. A brief analysis of its past operations is presented: aborted efforts, findings and developments. A projection is made of the future earnings, in terms of estimated present value, of its three main discoveries - Louvem , Niobec and Selim.

Jan 1, 1978

By W. Tse, D. Wong

Dense medium separation (DMS) is one of several preconcentration methods used for early waste rejection from run of mine ores at relatively coarse particle sizes prior to additional milling and beneficiation. DMS has been used extensively in the coal, diamond and iron ore industries but lab scale and pilot test work has demonstrated successful separation and upgrading of other minerals such as lead, zinc, copper and lithium based ores using DMS. This paper reviews historical dense media systems, results from the pilot scale Condor DMS system as well as associated laboratory heavy liquid separation (HLS) test work.

Jan 1, 2014

By J. C. Franklin

The Spokane Mining Research Center of the Federal Bureau of Mines is placing major emphasis on chemical stabilization as part of the ground support program. Development of polymeric material suitable for bonding rock fractures around the mine opening is one phase of the program. Some of the problems that must be considered are viscosity, applicability, adhesion, cure times, strength, toxicity, and flammability. Epoxies and polyesters were investigated, but shrinkage in polyesters caused redirected effort toward epoxies. Test results with the latter showed that bonded fractures in mine-roof strata were stronger than the virgin rock. Further tests showed that polymeric materials have good potential for bonding, and in conjunction with polymer roof bolts, are expected to result in an economic and useful new support concept.

Jan 1, 1974

By AIME AIME

AMONG the recent mining and metallurgical developments in England great interest has been shown in the development of an iron-ore field covering 26,0.00 acres in Northamptonshire, containing 500,¬000,000 long tons of ore; and the erection at Corby, by Stewarts & Lloyds, of a modern basic bessemer steel plant and tube works. The entire project was planned to cost about £3,300,000. Many improvements have been made in the varied equipment that is being installed, some of which has set mew records for massiveness. There is, for instance, a new roll crusher, which has been manufactured by Hadfields, Limited, of Sheffield, the largest ever built in England, and weighing 130 tons. This machine, shown in Fig. 1, as erected at the Hadfields shops, is primarily designed to take blocks of iron ore as they come from the steam shovel. The maximum size is 54 by 48 by 36 in., hut occasional pieces slightly larger than this may be accommodated. The capacity is upwards of 500 tons per hour, the product passing to a secon-

Jan 1, 1934

By D. H. Yardley

A major purpose of this contract was to evaluate a variety of dust suppressants to determine their effectiveness in mitigating dust from taconite tailings. During the course of the investigation tailings from pilot-plant tests of Minnesota copper-nickel ores became available and chemical binders were also tested for dust mitigation effectiveness on this mineralogically different material. Field-test plots were established on taconite tailings and wind tunnel laboratory tests conducted. The laboratory tests consisted of comparing treated and untreated samples at wind velocities of 40 mph using a weight-loss method and direct dust emission measurements. It was shown that the emission of fine dust from taconite tailings, in the range of 4.5 microns to 0.85 microns, could be reduced by 99 percent using certain chemical suppressants. It was also demonstrated that a straight water spray on coarse tailings (3/4" to + 10 mesh) reduced dust emission by 95 percent. Although eight different chemicals were tested, most of the tests were made using Coherex, ammonium lignin sulfonate and sodium silicate. These same dust suppressants were used, singly and in combination on almost 75 field-test plots. The Coherex appears to provide the best results in terms of economics and durability. Wind tunnel tests on treated and untreated Cu-Ni tailings demonstrated that applications of dust suppressants reduced fugitive fine dust by better than 99 percent.

Jan 1, 1980

By C. Brown, N. Rayyan, T. H. Dubaniewicz

Lithium-Ion batteries (LIBs) have the potential to go into thermal runaway which introduces a new ignition source in hazardous environments such as gassy underground mines that may contain methane in the surrounding air. Researchers from the National Institute for Occupational Safety and Health (NIOSH) used an accelerating rate calorimeter (ARC) to induce thermal runaway in individual lithium-titanium-oxide (LTO) and lithium-nickel-cobalt-aluminum-oxide (NCA) LIB cells within a sealed enclosure with either no methane, a lean, a stoichiometric, or a rich methane-air mixture in the surrounding canister to determine if these LIB types would ignite the methane, causing an additive effect on overpressures. Canister pressures and maximum temperatures reached by the cells, surrounding air, and exhausted gases were measured in this study and remained consistent with varying methane concentrations.

Feb 1, 2023

By James J. Dowd

The investigation to evaluate the reserves of coking coal in the United States suitable for the manufacture of metallurgical coke is being made by the Bureau of Mines in three parts: (1) To estimate known (measured plus indicated) recoverable reserves of all coking coals; (2) to upgrade marginal coals through effective preparation; and (3) to study the carbonizing properties of coals and coal blends not now widely used for metallurgical coke making. This is the fourth of a series of reports giving the results of studies by counties under phase (1) of the investigation. It covers Armstrong County, Pa., which comprises parts of the Foxburg, Clarion, Brookville, Kittanning, Bural Valley, Smicksburg, Freeport, Elders Ridge, and Indiana quadrangles. (See fig. 1.) A base map for each bed in each quadrangle was made to the scale of 1 inch equals 1,200 feet. Maps of mines, locations of drill holes, bed and total coal thicknesses, and the outcrop of the bed were plotted on the maps. With all available data plotted, isopach lines were drawn to limit areas of known unmined reserves in beds 0 to 14 inches thick, 14 to 28 inches thick, 28 to 42 inches thick, and more than 42 inches thick. These areas of coal reserves also were divided into "measured" and "indicated" categories. All areas in each thickness range and in each category, mined-out areas, areas excluded from the estimate, and areas outside the outcrop were measured by planimeter on the base maps, Estimates of total reserves 14 inches and more thick and maps for individual beds were prepared from these data.

Jan 1, 1951

By Margaret G. Scroger, Luke L. Y. Chang, Bert Phillips

Using the sealed-system technique, isothermal sections at 1000°, 1400°, and 1700°C for the system Co-W-O hare been determined. The equilibrium data were obtained by microscopic and X-ray diffraction examination of samples winch had been equilibrated in pellet form fit sealed capsules and subsequcelly quenched. The only ternary phase in the system is CoWO, which mells congruentlly at approximately 1280°C. At 1000°C, this ternary phase exists in equilihrinm with all the allows and oxide compounds in the hounding binary systems. At 1400°C, liquid forms in thin oxygen-rick region near the CoWO4 composition and only one phase assemblage in the system (W + WO2 + H'5CV7) contains no In order for tungsten to be used to its full potential as a refractory metal. it is necessary that coatings be developed which will preclude oxidation of the metal. It is true that coatings now in use do protect tungsten for short periods at temperatures near 1700 °C. but no coating has been developed which protects adequately at or above this temperature where the use of tungsten is most required. This situation exists despite the great effort in recent years to develop such coatings. and it has become evident that success in this area can be achieved only after a more fundamental knowledge of the thermochemical and therrnophysical propertics of tungsten oxidation and tungsten -metal oxidation is obtained. In our 1aboratories. a project liclrriel. At 1700°C, tungsten is the ouly solid phase which is stctble, and a large range of compositions melt to two liquids, one metallic and one oxidie. The sealed-system method of etjuilibra lion prevents the determination of the partial pressure of oxygen and the total gas pressure orer the condensed phases at equilibrium. This data is not available and can be obtained only by some other method. We can generalize on these unknowns and indicate that both partial pressure of oxygen and total pressure of the gas phase must increase as compositions change from the W-Co binary toward the oxygen apex and as temperatures increase. has been initiated which is directed at providing some of this fundamental information through a study of metal-tungsten-oxygen reactions and equilibria and the properties of any intermediate phases which result. This paper is based on a part of this program in which the system Co-W-O was studied between 1000° and 1700°C. I) RELEVANT INFORMATION FROM THE LITERATURE A) The Notable Lack of High-Temperature Work on Metal-Tungsten-Oxygen Systems. It should be pointed out that there has been no published report (of which we are aware) which deals with the study of a metal-metal-oxygen system at 1700°C. Also, there has been no report on a complete metal-luugsten-oxgen system at any temperature. As a matter of fact. before this program started. The

Jan 1, 1965

By Peter Hayes, Evgueni Jak, Taufiq Hidayat, David Grimsey, Denis Shishin

"An integrated nickel flash smelter is operated with Peirce-Smith converters at the Kalgoorlie Nickel Smelter. To improve the partitioning of arsenic between slag waste and matte product, an option to modify the slag–matte chemistry by addition of CaO was analysed. A combination of plant sample analysis, high-temperature laboratory experiments and thermodynamic modeling was carried out to evaluate the process options. The high-temperature experiments involved the re-equilibration of industrial matte-slag samples at 1225 °C and P(SO2) = 0.12 atm, rapid quenching in water, and direct measurement of phase compositions using electron probe X-ray microanalysis (EPMA) and Laser Ablation Inductively Coupled Plasma Mass Spectrometry (LAICPMS). A private thermodynamic database for nickel sulfide smelting and converting was used together with the FactSage thermochemical software package to assist in the analysis of the distribution of elements between slag and matte as a function of CaO addition. The thermodynamic predictions combined with experimental data obtained in this study can be used to characterise the effect of CaO fluxing on the slag–matte thermochemistry during the nickel sulfide converting.INTRODUCTION At the Kalgoorlie Nickel Smelter (KNS), nickel sulfide concentrate is processed in an Outotec-type flash furnace to produce nickel matte containing +47 wt% Ni. Separation of nickel matte and waste slag from the flash smelting is enhanced through settling in the electric arc -heated zone attached to the flash furnace. The flash furnace matte is further processed in a Peirce-Smith converter to produce Ni-rich matte containing +66 wt% Ni (Crundwell, Moats, Ramachandran, Robinson, & Davenport, 2011). Iron silicate-based slag is used in the converting process at KNS. Most of the arsenic is contained in the final matte and very little of the arsenic partitions into the slag. Previous work by Font et al (Font, Hino, & Itagaki, 2003) shows that the distribution ratio of arsenic between calcium ferrite slag and nickel-matte (LAsslag/matte) is significantly higher than that between iron silicate slag and nickel-matte, where LAsslag/matte = (wt pct As in slag)/{wt pct As in matte} (1)"

Jan 1, 2017

By Robert W. Holliday

Natural resources are the reservoir from which society draws its material sustenance. Although there is a growing awareness of the need for aesthetic resources such as space for recreation and natural beauty, the basic resources are soil, air, water, and minerals including fuel. Minera's and all sources of energy gain in relative importance with advancing technology and expanding industrilization. In the highly industrialized economy of the United States, almost every aspect of man's life is touched in some way by a product of, the mineral; industries. Agriculture owes much of its productivity to mineral-based fertilizers, insecticides, and mechanical equipment. Modern construction, manufacturing, communications, and transportation are all dependent on nonmetallic minerals, metals, and fuels. Throughout history, those nations with access to minerals, and the technology for using them, have gained ascendency. Before World War II the leading powers also were, leading coal producers. In order of declining rank the five leading' coal producers were the United States, the United Kingdom, Germany, the USSR, and Japan. That the military victory went to the side with the greater' capacity to convert iron and coal into tools of industry, and weapons, is' more than coincidence. It is a fundamental' fact of existence. It is axiomatic that the United States must have a continually increasing supply of minerals if we are to meet the needs of our burgeoning population for a comfortable standard of living and for national security.

Jan 1, 1968