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By S. J. Cook

The subject of capital and the Canadian mining industry is so broad as to be impossible of comprehensive treatment in brief form. The purpose of the present paper therefore will be only to outline in a meagre and somewhat sketchy way the nature and extent of the mineral industry in Canada and to point out those features which are likely to be of general public interest. Canada's mineral industry has a long and creditable production record. The? value of the output per capita rose from $2.23 in 1886 to a maximum of $26.40 in 1920 and the value of the products from ten million dollars in the former year to almost two hundred and twenty-eight million dollars in 1920. Compared with other primary industries and on the basis of the value of production, mining held third place in Canada in 1920, the premier position going to agriculture and the value of forestry production placing that industry second in the list. In the mineral industry, between six and seven thousand properties are operated annually giving employment to up- wards of sixty thousand employees to whom about seventy-five million dollars is paid in salaries and wages. During 1923, seventeen mineral products reached a production value of one million dollars or over in Canada and in order of the values assigned these were: coal, gold, nickel, cement, cop-per, silver, clay products, lead, asbestos, natural gas, stone, zinc, lime, cobalt, sand and gravel, gypsum and salt.

Jan 1, 1924

By W. J. S. Craigen, G. E. Wittur

"In the context of today's continuously changing world, there are many factors which must be considered when attempting to assess the ability of Canada's primary copper producers to remain competitive in the face of increasing competition in world markets. In this paper, we have attempted to document those factors that will have the greatest impact on the future viability of Canada's copper industry, and to suggest possible strategies to fully utilize whatever inherent advantages Canada may have to enhance its competitive position. Technological factors related to the efficiency of precious and by-product metals recovery, energy type and utilization efficiency, production and sale of sulphur by-products, and control of 502 emissions are given high priority in this evaluation of Canada's future needs to remain competitive. Particular emphasis is placed on assessing the relative viability of hydrometallurgical versus pyrometallurgical processes for copper; to address uniquely Canadian conditions and problems. Due consideration is also given to the economic incentives required to allow Canada's copper producers to compete under anticipated world market conditions and to facilitate the continued development of Canada's copper resources. IntroductionWhen we try to assess the viability or competitiveness of any industry the bottom line is still usually, ""Can we produce a pound of product cheaper than the competition?"" Canada's copper industry is certainly no exception. However, as with most resource-based industries dependent upon exports, there are many factors which have a significant effect on the cost components which make up the total cost of producing and selling a pound of copper. It is desirable therefore to have as clear a picture as possible of the cost components, the major factors affecting them, and how they compare with the competition, particularly the third-world copper producers.In this paper we have attempted to provide a brief outlook for world copper markets and a brief overview of Canada's competitive position. We have also attempted to document those factors which will have the greatest impact on future production costs, and have suggested possible initiatives to utilize inherent Canadian advantages to enhance our competitive position. Special emphasis has been placed on technological initiatives designed to make full use of these ""advantages"", to develop superior beneficiation and extraction! refining technologies. Major factors considered in the present study are:"

Jan 1, 1986

By Zihe Ren, Edouard Asselin, Marcus Tomlinson, Tianbi Zhang, Jing Liu

"Raman spectroscopy is used to quantify the extent of disorder in the carbonaceous matter associated with preg-robbing ores. Previous studies of Goldstrike ores showed that the height and width of the peaks for the “D” (disordered) and “G” (graphite) bands, the so-called “Raman ratio” had a strong correlation to the preg-robbing value (PRV) measured for various ore samples. A brief literature review on Raman spectroscopy as it applies to preg-robbing ores is presented. Further, recent studies, presented here, have shown no correlation between the Raman ratio and the PRV for a wide variety of ores. This suggests that the extent of organic carbon crystal disorder is not the main factor in determining preg-robbing characteristics.INTRODUCTION Valuable base metals, such as nickel, cobalt, molybdenum, vanadium and tungsten, are used in a wide range of important technological applications. The demand for many of these metals has increased significantly over the last few decades, driven especially by economic expansion in Asia generally and China in particular. This has led in turn to a large growth in the output of mines in order to satisfy this increasing demand, as shown by the data in Table 1 (USGS, 1994, 2014). These data reflect an even longer trend of growth of these metals, with nickel, for example, showing an average rate of 5.3% per year from 1980 until 2015 (International Nickel Study Group, 2017). This rapid and sustained rate of growth means that annual mine outputs for nickel, tungsten, molybdenum and vanadium have had to double roughly every 11 to 14 years, whilst cobalt mine output has had to double roughly every 7 years, over the period from 1994 until 2014. With the average working life of a nickel mine being between 17 and 22 years (Statista, 2017), this means that from the time a nickel mine opens until it closes, the industry needs to find the equivalent of another three or four mines of a similar output to satisfy this relentless growth in demand for the metal."

Jan 1, 2017

By W. J. Langford

"Conventional design criteria assume that the fracture strength of a structural material exceeds its yield strength. Fracture below the design load is not expected, y et many structures have failed in this way. The causes of the fractures are almost always discontinuities such as cracks and welding defects. Linear Elastic Fracture Mechanics (LEFM or simply 'fracture mechanics') provides an analytical framework for assessing the influence of sharp defects on the load-bearing capability of a structure. Fracture mechanics techniques have reached the point of acceptance by ASME Design Codes for nuclear components, and ASTM Standards now include well-defined rules for measuring fracture toughness. Starting with a simple equation which relates applied stress and crack size, the influence of the material's thickness and yield strength can be calculated. Thus, the size of defect which will cause failure under the applied stress may be determined. Armed with this information, the metallurgist can assess the safety of a structure from the viewpoints of non-destructive testing standards, construction standards and conditions of operation throughout its service life."

Jan 1, 1976

By M. F. Goudge

MAGNESIA refractories and magnesium metal are both essential war commodities. The need for magnesium, which had just made its debut as a commercial metal a few years before the outbreak of the present war, is widely known because this new and valuable light metal has already received much publicity. Less widely known but equally important in the war effort are magnesia refractories. They are indispensable to the efficient functioning of the great metallurgical plants producing steel, nickel, copper, and other metals, where, because of their resistance to extreme high temperature and chemical attack, they are used in lining the furnaces, which are operated at a white heat. The demand for refractories in the metallurgical industries rose rapidly upon the outbreak of war, and now, in consequence of the continued great expansion under way in the manufacture of steel, nickel, copper, and other metals, the need for magnesia is greater than ever. Since 1915, part of the Canadian requirements of basic refractories has been supplied from the deposits of magnesitic dolomite in Argenteuil county, Quebec. The products from these deposits are excellent for many uses, but the magnesitic dolomite has too high a content of silica and lime to be used in making a type of magnesia brick required in nickel converters, and in the roofs of reverberatory furnaces used in the copper and steel industries. There is now a large and growing demand in Canada for bricks and shapes for these uses. This demand has always been supplied from the United States. Makers of these products in the United States, in turn, formerly imported most of the necessary high-grade, dead-burned magnesia from Austria and Manchuria. Not only are these sources closed, but refractory chrome ore from the Philippines is no longer available and chrome refractories may have to be in large part replaced by magnesia.

Jan 1, 1942

By L. F. Haven

"The desirable shovel speed-torque curves are described, along with the characteristics of the more important electrical components used to approximate these curves. A particular shovel regulator system combining these components is discussed in detail and some of the advantages and disadvantages of the system are given.INTRODUCTIONIN 1959, STATIC CONTROL was for the first time successfully applied, installed and operated on a mining machine in North America. Since that time, a great deal has been learned about this control by the people maintaining these machines as well as by the de-signers.In 1961, the first SCR (Silicon Controlled Rectifier) or thyristor control system was installed on an excavator. This control differed from the earlier static control in that thyristor excitors supplied the generator fields directly. The development of thyristors of a sufficient rating to supply amounts of phase-controlled power to the generator fields eliminated the bulky Mag. Amp. -Rectifier combination previously used."

Jan 1, 1969

By J. Ji

Oxygen requirement during acidic pressure oxidation of sulphide concentrates can he as high as 800 kg/(m3.h) in the first compartment of an autoclave when the total oxidation residence time is shortened to 30 minutes. To achieve such a high oxygen transfer rate while maintaining satisfactory oxygen utilization, a pilot plant campaign was launched at the Placer Dome Research Centre in 1998 to measure the oxygen mass transfer coefficient in a 5 m3 pressure vessel at a total pressure close to 500 psig with a 30 HP gassing agitator. Maximum oxygen flowrate to the pressure vessel was designed at 3 600 kg/h. In this paper, a great deal of information is provided on the gassing agitator, pressure vessel. measurement procedure and results. Without oxygen sparging, the oxygen mass transfer coefficient is 2 600 h-1 with a mixing power input of 5.0 kW/m3 in solution. With oxygen sparging, the oxygen mass transfer coefficient increases to 3 500 h-1 with a mixing power input of 4.0 kW/m3 in solution.

Jan 1, 2004

"Developing markets for western metallurgical coal have continued to stimulate considerable exploration activity in the Rocky Mountain foothills and to influence major segments of a wide-ranging carbonization R&D pro-gram. Adjunct studies have included expanded petrographie investigations.Coal preparation has• been principally directed toward utilization of prepared small coal and was, like much of the year's combustion work, strongly influenced by concern over atmospheric pollution. Particular attention has been given to desulphurization and to the suppression of pollutants in combustion systems.In the area of non-fuel utilization of coal, interest has centered on plant nutrients and on a series of coal-based carbons which, inter alia, possess utility as filtration media.Other projects included the development of improved sampling and analytical methods, investigations into the effect of storage on coal proper-ties and R&D in solids pipelining. In addition, a significant volume of basic 'uncommitted' research has been maintained."

Jan 1, 1968

By J. S. Fox

Major-element data for unaltered, unmineralized felsic host rocks from a number of stratigraphically simple, massive volcanogenic Zn-Cu(-Pb) sulphide deposits of low metamorphic grade have been compiled. The petrochemical affinities of these host rocks have been determined (by standard means and by discriminant analysis) and compared. This comparison indicates that volcanogenic deposits in felsic terrains are not restricted to the classical calc-alkaline rock association as previously thought, but can actually be hosted by rocks showing a range of iron content. There is a positive correlation between differentiation trend and are tenor. Zn-Cu ores usually have iron-rich felsic hosts (most Canadian Shield deposits); Pb-Zn -Cu ores have iron-poor felsic hosts (Japanese, Iberian and Tasmanian deposits). This parallels the antipathetic relationship between iron content and background lead levels evident in young, unmineralized, island arcs as well as in many older belts. Correlations between differentiation trend on one hand and massive ore mineralogy and the relative proportions of various rock type (including rhyolite, quartz-porphyry and coarse pyroclastic rocks) on the other are also evident. It is concluded that the recognition of a calc-alkaline differentiation trend cannot be used as a prospecting guide, as has previously been proposed. However, in view of the above correlations, the recognition of a given trend may aid in the formulation of an effective exploration philosophy.

Jan 1, 1979

By Paul W. Kingston

In New Brunswick, during the 1970's, rocks of the Lower Carboniferous Windsor Group in the Moncton Basin of the Fundy Epieugeosyncline have been the target of intense exploration and drilling programs. Sylvinite ore was discovered in three structural basins of the Moncton Basin near Sussex through a drilling program sponsored jointly by the Federal Department of Regional Economic Expansion and the New Brunswick Department of Natural Resources. In 1973, exploration and development rights to the western end of the Moncton Basin were awarded to the Potash Company of America. One high-grade sylvinite unit, varying between 15 and 70feet in true thickness, with a strike length in excess of 5 miles, is located near the stratigraphic top of the assymetric, semi-diapiric, locally overturned anticline. Late in 1975, exploration and development rights to the Marchbank Syncline were awarded to International Minerals and Chemical Corporation (Canada) Limited. To date, a stratigraphic evaporite sequence, forming the semi-diapiric core of the syncline, has been shown to contain one major high-grade sylvinite unit averaging 70 feet in true thickness over a strike length in excess of 2 miles. Both properties appear to have potential considerably in excess of that revealed by the exploratory drilling, and both, because of numerous mineralogical, structural and stratigraphic similarities, are thought to be depositionally contemporaneous. Both potash deposits lie within 50 miles of the Saint John all-weather deepwater port, thus affording easy access to eastern and mid-western U.S. markets. Further opportunities for potash exploration in New Brunswick are considered excellent, as there are large untested areas with favourable geology and known potassium water anomalies and negative gravity anomalies occurring in the Moncton and Cumberland basins, and in the Central Basin of New Brunswick.

Jan 1, 1979

By M. Girard, E. Bourricaudy, M. Ashbury, M. Canizares, A. Mezei

Liquid-solid separation and slurry handleability relate directly to commercial plant ramp-up success or lack thereof. The paper provides a well-proven approach for testing, scale-up and commercial application of difficult processes. Emphasis is placed on practical applications of rheological concepts developed both academically and empirically. The cause-effect relationship between the process chemistry and possible physical implications on the metallurgical plant operability is presented in a simple, direct form. Examples include recent results in areas of mineral processing and extractive metallurgy. Technical process risk factors and their mitigation are included in the discussion.

Jan 1, 2011

By A. G. B. Hayes, C. L. Renzoni

"AbstractThis paper provides a rough outline of economic expectations for the near future and then goes on to discuss their effect on the expected demand for metals, using zinc, copper, nickel and aluminum as detailed examples.IntroductionMINING, as you are all painfully aware, is a cyclical business. We believe that it will remain so as long as there are economic cycles.The fortunes of the industry are tied to those sectors of the economy where decisions can be postponed until more favourable times: automobiles, housing, appliances, inventory building and capital spending. Over the past two years, while U.S. GNP fell by 3.8%, automobile production declined by 31 %, from 9.7 million units in 1973 to 6.7 million in 1975. Housing starts plummeted some 43% from 2.1 million units in 1973 to 1.2 million in 1975. Little wonder that U.S. copper consumption fell by 37% and zinc consumption by 38% over the same period.With the rest of the world's economies moving in unison with that of the United States, it is also not surprising that times have been tough for mining.Arthur Burns, chairman of the U.S. Federal Reserve, contends that each recession sows the seeds of its own recovery. The worse the recession, the better the subsequent recovery. If this is true, then the lot of the mining industry should improve significantly over the next two to three years."

Jan 1, 1977

By G. Van Weert, O. Wang

"As part of a general review of processing double refractory ores through Barrick Gold’s autoclaves / CIL facility at Goldstrike, blanking the preg robbing native carbon in the process solids with hard (m.p. 55 - 60 º C) paraffin wax was studied, specifically in relation to pressure oxidation. The improvement in CIL gold extraction was found to depend on the wax addition point, with hot, dry contacting of the ore in the presence of wax - prior to POX - yielding the largest, most consistent improvement in gold extraction.INTRODUCTIONDouble refractory gold ores present two barriers to gold extraction. The first is generally a physical barrier: the gold is encapsulated or dispersed in a matrix which is impervious to the gold lixiviant. In most cases, including Carlin Trend, NV, deposits, this involves a pyrite or arsenopyrite matrix, although minor gold may also be dispersed in competent silica (quartz) or iron oxides. Gold can be rendered accessible by oxidative destruction of such sulphide matrices. At Goldstrike this is practised by roasting and autoclave oxidation (Thomas, 1994). It is the latter route to which this paper refers.The second barrier refers to the actual gold recovery. Gold may be extracted from the pressure oxidized solids with cyanide, forming a gold cyanide complex. One characteristic of this complex is that it adsorbs on graphitic surfaces. This is taken advantage of on a large scale by gold millers, who use manmade activated, i.e., graphitized carbon particles to remove the gold from solution during leaching: the Carbon-In-Leach, or CIL process. The gold cyanide bearing carbon particles are larger than the ore solids and can be separately recovered by screening. Goldstrike uses the CIL technology to recover gold. The second barrier becomes problematic when the ore naturally contains graphitic orcarbonaceous material, hereafter referred to as native carbon (versus the man-made activated carbon). This material may also adsorb gold cyanide in competition with the activated carbon. Since the native carbon is ground with the ore it is much smaller than the activated carbon. Any competition between the two carbons may produce a loss of gold from the pregnant leach liquor to the process tailings. This phenomenon is called “preg robbing”. Goldstrike ores come from the Carlin trend, which is known for the occurrence of native carbon (Adams & Burger, 1998; Schmitz, Duyvesteyn, Johnson, Enloe & McMullen, 2001; Tretbar, 2004)."

Jan 1, 2012

By J. I. Carroll, J. A. Walker

"Abstract - Camelback is a small (=200 000 tonnes), moderate grade (5%-7% Zn+Pb), volcanogenic massive sulfide deposit, which occurs within the Nepisiguit Falls Formation of the Ordovician Tetagouche Group. The host rocks are tuffaceous sedimentary rocks (Little Falls member) that overlie quartz-feldspar porphyritic tufflavas (Grand Falls member). The hanging-wall sequence comprises rhyolite of the Flat Landing Brook Formation, overlain by the Forty Mile Brook tholeiitic basalt. A dike of unaltered andesite was intersected beneath the massive sulfides, but was not found in the hanging-wall sequence in the vicinity of the deposit. The stratiform part of the deposit is made up of two, steeply south dipping, subparallel massive lenses that average approximately 4 m in thickness. Each lens is zoned, with an upper part consisting mainly of a pyrite and a basal part containing pyrite, sphalerite, and galena, with Ag values. The Au content in the massive sulfides is low (average = 52 ppb for 271 samples), but tends to be enriched in the massive pyrite near the top of each lens. Oxide facies iron formation is spatially associated with the massive sulfides, and has been traced up to 1800 m along strike. Footwall hydrothermal alteration is typical of VMS systems, and is characterized by depletion in K2O and Na2O, and enrichment in MgO and Fe2O3T with proximity to massive sulfides. The massive lenses are underlain by intensely chloritic, fine-grained, tuffaceous sedimentary rocks containing locally significant sulfide (chalcopyrite > pyrite > pyrrhotite) veins, which are interpreted to represent feeder zone mineralization. Unlike many VMS deposits, there is no evidence of silicification beneath the massive sulfides at the top of the feeder zone. The oxygen isotopic compositions (d18O = -1.5‰ to -0.3‰) of hydrothermal chlorite coupled with sulfur isotopic compositions (d34S ˜ 12‰) of the massive sulfides suggest that seawater was the dominant fluid in the hydrothermal system. Normalized rare earth element diagrams show flat Ce profiles and positive Eu anomalies, indicating that modified seawater was involved in ore formation; i.e., high-temperature (=350ºC), acidic, and reduced prior to entrainment into the hydrothermal cell. Although, seawater was the dominant fluid in the sulfide-forming system, d34S values of stringer zone sulfides (8.5‰) coupled with elevated Sn (400 ppm) in one massive sulfide sample indicate that there was at least some magmatic component in the hydrothermal cell."

Jan 1, 2006

By N. Campbell, W. T. Orvine

The metalliferous deposits of British Columbia are largely confined to that portion of the Cordilleran province lying west of the Rocky Mountain trench. Massive sulphides in the coastal area carry important copper •values together with lead and zinc and are composed mainly of pyrite which replaces schists or shear zones. The massive sulphide ore of the interior, on the other hand, contains lead and zinc with little copper. Pyrrhotite rather than pyrite is... the dominant metallic and deposition took place through selective replacement of sedimentary beds.

Jan 1, 1960

By R. P. D. Graham

It is almost exactly two hundred years since the foundations of the mining and metallurgical industries in Canada were laid. There '."'as nothing spectacular about this early start. It had to do with the most basic phases of these industries-the mining of coal and iron ore, and the manufacture of cast and wrought iron. At several points along the coast of Cape Breton island, coal seams may be seen outcropping quite conspicuously, and it is probable that they had been observed, and possibly worked in a small way, in very early times. However that may be, these coal seams have the distinction of being the first in North America of which there is any printed record, reference to them appearing in a volume by Nicolas Denys which was published in Paris in 1672. Regular coal mining in the district did not commence until about fifty years later, however. The metallurgists started their operations along the north shore of the St. Lawrence river. Here, at many points between Montreal and Quebec, are to be found deposits of bog iron ore, and in 1 730 a furnace for smelting such ore was established on the St. Maurice river. The St. Maurice forges continued in operation until 1880, and throughout that long period they were famed for the fine quality of castings produced, and also for a-superior wrought iron.

Jan 1, 1924

By E. S. Malloch

THE Great War forced the peoples of the world to recognize the importance of the wise development and use of the world's natural resources. Not the least, and perhaps the most, important, is the world's fuel supply- solid, liquid, and gaseous. Without fuel our civilization would be impossible, and mankind would of necessity have to congregate in the torrid zones of the earth's surface for at least six months of every year. Of the three classes of fuels the solid ones are the most plentiful, as well as being the most widely distributed, since few countries are entirely devoid of solid fuels of one kind or another. Until a hundred years ago wood was the fuel most generally used in this country, but since then coal has supplanted wood as a fuel in all its uses, except in the outlying districts and among the farming communities. For many years the supply of coal was thought to be unlimited, but as years went by more thought and study were given to the world's coal resources, until today not only are the limits known, but in one instance at least their depletion is predicted to be almost within the age of living men, unless more provident methods are put into practice for their winning and utilization.

Jan 1, 1928

By M. R. Campbell

"IntroductionON THE LAST DAY of December, 1951, a half-century of steel production was completed in the open hearth department of Dominion Iron & Steel, Limited, in Sydney, Nova Scotia.During that period, almost every known variation of basic steel making practice was used in working out a steel making process which would overcome the difficult metallurgical problems imposed by the use of Cape Breton coal and Wabana ore.This paper is presented as a brief review of these steel making practices, setting forth the fundamental metallurgical factors involved in their success or failure.Establishing the IndustryThe story of steel production at Sydney is closely interwoven with that of coal. The steel industry owes its inception to a desire on the part of the Dominion Coal Company, which was incorporated in 1893, to improve its marketing position by increasing sales of slack coal and providing a year-round demand for its product. Accordingly, the Dominion Iron and Steel Company, Limited, was incorporated on March 30th, 1899, with Mr. H. M. Whitney -who was President of the Dominion Coal Company -as its first President. The new Company was given powers to manufacture and process iron and steel, and to mine all minerals, including coal.A strong inducement to the industry was the bounty offered by the Dominion Government for the production of both iron and steel."

Jan 1, 1952

By Trevor Harris, Martin Harris

"This paper evaluates the effect of grind size on the flotation performance of a platinum ore from the UG2 reef of the Bushveld Igneous Complex, in South Africa. The study was conducted on the Mintek Flotation Pilot Plant Facility, located in Johannesburg, and represented a thorough evaluation of the application of the flotation modelling methodology developed jointly by the University of Cape Town and the Julius Kruttschnitt Mineral Research Centre at the University of Queensland through the AMIRA P9 Project. A simulation model of the pilot plant data was successfully implemented, providing a set of circuit modelling parameters that appeared to be both consistent and well correlated to measurable characteristics of the ore and the pilot circuit operating conditions. The findings indicate that the methodology that was used could well provide a useful framework for developing optimisation criteria for industrial flotation circuits in combination with appropriate feed grind size and regrind size targets.INTRODUCTIONIt has long been recognised that the size distribution of an ore is one of the most important factors in the determination of the performance of a flotation process. It therefore follows that the optimisation of a flotation plant cannot be considered without due recognition of the interdependence of this process with the process of comminution. There are numerous qualitative guidelines for the selection of an optimum grind target for a particular operation. Mineralogical analysis can readily provide information on liberation as a function of grind, and the desirable particle size range for optimum mineral flotation is well established in both theory and practice (see for example Trahar, 198 1). For some operations, meeting these two criteria simultaneously is relatively simple. For the majority of operations, such mineralogically “easy” deposits, if they ever existed, have long been exhausted, and the optimum grind represents a highly complex compromise between liberation and overgrinding of both desirable minerals and gangue. This is particularly true for circuits that include regrind stages, where both primary and secondary (and sometime even tertiary) grind targets must be specified. As has been pointed out in a recent paper by Bazin and Hodouin (2001), there is little or no information in the literature to assist plant engineers in the selection of optimum grind targets for complex ore deposits, so current practice is primarily based on rules-of-thumb and experience. This problem is further compounded by the fact that once grind targets have been selected for a particular operation, the assessment and adjustment of these targets based on plant surveys is extremely difficult, time consuming and expensive, and is often not attempted unless the plant significantly underperforms relative to expectation. It is therefore clear that the development of a practical quantitative approach to this problem is a high priority for flotation research and development studies."

Jan 1, 2002

By A. H. C. A. Zimmerman

WE have just heard what must be regarded as a thoughtful, constructive and somewhat painful analysis of the financial function of our industry. While thinking about this, it is interesting to reflect on the conditions which have stunted the growth of the financial side of our affairs. Mining must be regarded as a wealthy business. •while immeasurable grub takes and development budgets have been lost, there can be little argument that a productive ore-body nearly always produces the type of wealth that breeds some extravagance. I recognize that this statement can be attacked from many sides, but an historical comparison with a commercial enterprise involving similar investment will demonstrate what I mean. However, these old times are be-ginning to disappear for a variety of reasons. High amongst these are: ( l) Increased costs of exploration. (2) Remoteness of many new finds. (3) Fixed or declining metal prices (particularly when expressed in constant dollars). ( 4) Constant demands for higher wages.

Jan 1, 1962