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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 J. A. M. Cano

An extensive research work was developed by Samarco Mineracao S/A to study the quality characteristics of blast furnace pellets produced with high content of MgO. Comparative blast furnace simulation tests were conducted both in Samarco and foreign laboratories. The objective was to evaluate the behavior of high MgO and normal Samarco pellets in the blast furnace operation. Additives such as dolomitic hydrated lime, dunite and magnesite were used for increasing pellet MgO content. The test results showed that pellets produced with high MgO content are similar in quality to normal Samarco Pellets.

Jan 1, 1991

By Paul R. Smith

The theoretical requirements for the flotation d large particles are discussed. A flotation machine is described which has components which meet many of the theoretical requirements for the flotation of large particles. The machine's salient features include multiple fine-bubble attachment, froth level feeding, quiescence, shallow depth, and short flotation time. Test conditions and results are presented for the laboratory flotation of 10 mesh phosphate, 4 mesh potash, and 1/2 inch coal. In addition, test conditions and results of pilot plant flotation of minus 14 plus 35 mesh phosphate and minus 14 plus 150 mesh phosphate are also presented.

Jan 1, 1969

By Ari Jokilaakso, Junjie Shi, Zhuo Chen, Pekka Taskinen, Xiang Gao

The amount of copper flash smelting slag has increased during the recent years along with an increasing slag-to-metal ratio. During slag tapping, some copper sulfide is mechanically entrained. As a result, it is necessary to recover copper matte from the slag by suitable methods. At present, the most common way is slow, controlled cooling in a transfer ladle. However, research on the detailed effects of slow cooling and the function of slag modification is rare. This paper described experiments that were performed at different cooling rates (0.5, 1.5, 3, and 7 °C/min), with and without additive. A detailed characterization of the copper-rich phase and its particle size was subsequentlymade using SEM-EDSmicrographs and image analysis software.With a decrease in cooling rate, the particle size of the copper-rich matte phase became larger. The addition of gypsum and carbon as a slag modifier affected the size of the copper-rich phase slightly, and its chemical composition was modified compared with the experiments without additive.

Jul 31, 2020

By Verya Nasri, Behrouz Esmaeilkhanian, Mohammad Motallebi

The Mount Royal Tunnel (MRT) is a 100-year-old railway tunnel located in Montreal, Canada. The tunnel is approximately 5 km long, 8.7 m wide and 5.5 m high, with a constant 0.6% grade. This existing tunnel will be used by the new Montreal light rail transit network, Réseau Express Métropolitain (REM). This requires the tunnel to be inspected, rehabilitated and made compliant to the recent safety standards. This paper presents the details of the structural inspection and rehabilitation of the tunnel along with the repair methods, addition of a center wall as well as the enlargement of the tunnel section.

Jun 13, 2021

By John S. Cummings

Although there are many geologic situations which might be discussed at a session such as this, as I considered the problem, it became apparent to me that I should discuss a situation which has been of concern to me, and should be of concern to the geologic community. As a result, the questions which I will pose, and the criticisms, have not been arrived at quickly or easily, but have accumulated through time, to the point where I feel discussion is necessary. Very briefly let me say that my criticism of geologic mapping, of conclusions reached, and objectives or lack of such, results from my association with many areas where such studies have been completed, and resultingly my inability to comprehend the system of evidence or logic which supports extensive age-formational designations. The heart of the problem is that many conclusions resulting in geologic designations are based on weak or non-existent evidence, and such should be catagorized as hypotheses. Although the geologic community as a group does not approve or disapprove of such designations, it is evident that many or most of such designations attain a "status", and arc accepted as more or less valid statements. As will be shown, the amount of specific lithologic data provided in some quadrangle mapping projects is exceedingly slim. However, of concern herein is that the type of information presented at any stage is sufficient to warrant conclusions drawn. To see the magnitude of the problem, it is probably necessary to review some basic fundamentals upon which our geologic systems are established. The United States Geological Survey has defined a "formation" as the broad unit of geologic mapping consisting of a large and persistent stratum of one kind of rock. Obviously such a designation allows that a formation could be considered "time variant" in a horizontal as well as in a vertical context. However, other definitions enable a formation to mean units

Jan 1, 1972

By John S. Lagarias

While systems to remove sulfur oxides from flue gases have been used at coal fired power plants since 1931, critical need for flue gas desulfurization has only occurred since the late 1960s following the passage of the Clean Air Act Amendments. Commercial and advanced flue gas desulfurization processes (FGD) are reviewed. Advantages and disadvantages of the processes are discussed. Regulatory requirements leading to the development of FGD systems are identified. The location and operation of coal fired plants may be determined more and more by the regulatory requirements for sludge disposal, waste, water discharge and air emissions.

Jan 1, 1978

By S. Todd Mickleborough

The geostatistical technique of conditional simulation is applied to measure the uncertainty in factor of safety predictions for soil slopes where there is incomplete knowledge of the spatial distribution of soil properties. A case study considers a natural clay slope in Canada. The sequential indicator simulation technique is used as a means for generating a series of spatial maps of soil properties for this site. These maps approximate random draws from the conditional probability density function that characterizes existing uncertainty in the spatial distribution. Factor of safety determinations are then made for each simulated map using the simplified-Janbu approach, where the computations are performed with a new computer program that can operate on irregular spatial profiles of soil properties specified on a discrete grid. A unique capability of this approach is the ability to generate the distribution of factor of safety conditional to the type, position, and value of existing site characterization measurements. This capability should reduce uncertainty in FS predictions.

Jan 1, 1993

By Charlotte Abena Benyarku, Albert Buabeng, Eric Stemn

The abstract highlights the increasing use of mobile equipment in mining and its contribution to accidents. The research analyzes injury narratives from Ghanaian surface gold mines to understand the involvement of mobile mining equipment in injuries and explore the use of injury narrative data as a human factors tool. The study identified priority human factor issues, such as operating mobile mining equipment, part removal/installation, and the operator's cabin. The use of Sankey diagrams for multivariable analysis effectively identified specific operator-centered issues that warrant further investigation for improved safety interventions.

Mar 29, 2022

By Weiguo Xie, MARK LAPUTKA

The pyrometallurgical industry plays a vital role in producing metals for our modern life. With growing demand of metals and declining grade of mineable ore, innovations become critical for many mining companies. It is necessary to conduct a review of recent improvements to the pyrometallurgical industry on analytical measurement techniques, process and equipment improvements, and computer-based modeling/simulations. Many of those innovations tend to be applied to wider metals, and not be restricted by a specific metal. Therefore, we tried to cover the wide applications of many improvements to wider range of metals to reflect this trend. The challenge of a lack of robust measurement techniques under high-temperature conditions within a furnace hinders optimization of a pyrometallurgical process. Some future opportunities in the pyrometallurgical industry on analytical measurement techniques, computer modeling, and processes and equipment have also been outlined and discussed.

Jan 26, 2021

"Tell us how you got involved in mining?I was first exposed to mining at a young age, as a consequence of my dad and his passion for the industry and rock collecting. Even though he graduated with a degree in mining engineering from Washington State University, my dad spent most of his career working as a structural engineer for the Boeing Company. At the time, Boeing supported a range of employee activities and clubs, including one devoted to mineral prospecting, small-scale dredging and rock hounding. My dad was extremely active in the Prospectors Club, where as a family, we spent a good part of my youth tramping around the Pacific Northwest digging for mineral specimens and panning for gemstones and gold. On my mother’s side of the family, I had relatives that mined in Dawson City and Fairbanks, AK which left a family legacy of sorts. I loved the stories that my dad and a close buddy of his, who was a geologist, would tell about various operations and towns, as well as the wild times at the annual Northwest Mining Association (NWMA) meeting in Spokane, WA. My first recollection of ever being at a commercial operation was during a tour of the Bunker Hill Mine with my dad when I was 7 or 8 years old; this had to have been shortly before the May 1972 fire at Sunshine. That visit of the mine and processing facilities made a permanent impression on me. While I always knew there was something special about the Silver Valley, I began to understand why. To this day, I still get the same feeling when I visit historic mining districts like Leadville, Morenci, Virginia City, Butte, Silverton and Barkerville. During our summer excursions to Helena, MT to dig sapphires, we would usually make visits to Butte and watch mine operations inside the Berkley Pit and surface activities at the Kelly and Mountain Con. In high school, I did well in math and science and began entertaining thoughts of pursuing a degree in engineering. Above all, I wanted to go to a college in the West that had a good academic reputation, where I could also play football. As a 6-ft, 190-lb nose guard, my options for a Division I scholarship were pretty slim, and there weren’t that many technical schools in the Northwest that were Division II that offered athletic scholarships. As fate would have it, I was unexpectedly contacted by Marv Kay, a legendary coach at the Colorado School of Mines (CSM), and was recruited to play ball. Fortunately, I had a couple of high school friends who were already attending CSM, and I had just secured a summer internship with Asamera Minerals in Wenatchee, WA. It was as if all the stars had aligned, and, with the support of my parents, I made the decision to attend Mines. Despite the stress of getting through CSM during a period when the mining industry was in freefall, it was a great decision to attend Mines, and I’m thankful for all the opportunities, friendships, and faculty mentoring I received as a student"

Mar 1, 2019

By Paul Culvenor, Brad Gyngell

Large language models (LLMs) have generated a lot of hype since ChatGPT was released in early 2023. In essence, they allow people to interact with computer systems through natural language and have the ability to generate highly complex text, images and videos (Patil and Gudivada, 2024). It is clear that this technology has significant potential, however most mining companies have not yet found practical applications for it within their operations. In this paper, we present a range of such applications along with the tactical considerations associated with developing and implementing them. We have identified use cases across a variety of operational and functional areas within the mining industry and evaluated them based on their potential business value and ease of implementation. Firstly, we provide an overview of how LLMs work and a review of how LLMs are being applied in other industries to provide best practice inspiration for mining. Next, we present a list of possible applications in mining and a critical assessment of each use case. This section also includes a technical deep dive into the different methodologies for developing the technologies as well as an analysis of barriers to adoption within mining organizations. Finally, we share a discussion of the potential path forward for LLMs in mining and the impact they could have on the industry. We analyze the potential differences between early adopters and laggards in the artificial intelligence (AI) space. This research draws on interviews and surveys with artificial intelligence experts as well as mining subject matter experts to connect cutting edge thought leadership with the specific problems faced by our industry.

Feb 1, 2025

By Kanhaiya Mishra, Phanil. K. Mandal, S. K. Behera, P. S. Paul, Prashant Singh, C. N. Ghosh

The techno-economic and social benefits of cemented paste backfill (CPB) resulted in its wide acceptance by the mining industry. The Ordinary Portland Cement (OPC) remains the key binder but to diminish its economical constraints, suitability of alternate binders has been examined worldwide. The present study aimed to investigate the effect of partial replacement of OPC with fly ash on the CPB’s strength and to determine the most optimal mix to achieve the required strength (1 MPa at 28 days of curing) at the most cost-effective way using the Bayesian network (BN). The CPB mixes were prepared at 72 wt.% solid concentration with mill tailings (87–91%), OPC (6–13%), and fly ash (0–4%), and instantly after mixing, fresh (slump, bleeding, density) CPB properties were measured. The strength was tested at 7, 14, 28, and 56 days of curing and initially analysed through traditional model. The traditional models follow the aleatory principle and are considered not appropriate for geotechnical engineering. Hence, the BN model was developed and tested. The reliability of two classifiers in learning model structure was compared which gives Naïve Bayes as the highest reliable tool. The CPB’s strength is most sensitive to the OPC content. The most consistent mix(s) is mill tailings: 87–88%, OPC: 9–11%, fly ash: 1–4%. Adding fly ash at 89–91wt% mill tailings possesses high failure probability of the CPB. The collinearity test indicates that the fines percentage and chemical composition of CPB’s ingredients are highly correlated with its slump, bleeding, and strength development.

Jul 14, 2022

By L. R. McCullough

To compete in Today's Market, Mine Managers have two, often conflicting tasks. They are to improve productivity, allowing the mines to compete in our world markets and to improve the environment in which our miners must work. To Maintain and improve the environment to ever increasing acceptable levels requires monitoring. In years passed this required considerable labor, which was provided by the Ventilation Department. They continuously took manual samples using hand-held instruments, sampling gas level such as CO for fire and methane for explosive risks. In addition they took continuous air velocity readings with hand-held instruments which allow them to calculate the ventilation air movement in each area of the Mine. This manual gathering of information was not only expensive and slow but marginal at best. It was marginal because the gas sampling was sporadic rather than continuous, as sample reading taken in one part of the mine would likely not be repeated for another 8 hours. If problems did occur, they likely went unobserved until they reached crisis proportion.

Jan 1, 1990

By Brian F. Osborne

A continuous on-line particle size analysis system for solid/liquid suspensions is described. The basic sensor utilizes a centrifugal principle to separate particles according to size, the resultant separation being measured by means of beta-ray attenuation. Results obtained when analyzing a variety of materials at sizes from 65 mesh (210 microns) to 20 microns are discussed in de- tail. Accuracies better than 2% are demonstrated. The effects of particle specific gravity, and mixtures of materials of diverse specific gravities, are discussed from a practical and theoretical viewpoint. It is demonstrated that particle specific gravity has a minimal effect on the size reading obtained. This renders the instrument suitable for handling materials where the ratio of light to heavy component may change. The design of the first commercial installation of this instrument is described in detail. This installation will be capable of analyzing three streams in sequence, measurement at three particle sizes being effected on each stream.

Jan 1, 1973

By James W. Estep

The sulphur shortage that has occurred in the past two years has directed attention more and more toward sour natural gas reserves, Wellhead values of sour gas vary widely depending upon the acid gas composition, location, market conditions, and necessary processing charges. Preparation of a saleable residue gas is considerably more involved and expensive than that normally encountered in treating a sweet gas. Recent revisions in sales gas specifications have increased capital costs and processing charges. The presence of hydrogen sulphide and carbon dioxide in a natural gas contributes to shrinkage factors that may approach 50%. Fuel required by the gas sweetening process and sulphur slant tail gas incineration also contributes to a further reduction in the volume of residue gas available for sale. The additional processing facilities involving gas sweetening, mercaptan removal, expanded utilities, sulphur recovery and sulphur handling, all demand additional operating and maintenance staff. A favorable sulphur market under certain conditions may justify the processing of sour gas whereby sulphur is either a by-product or a co-product, Five typical cases involving different compositions of sour gas are presented for evaluation. Capital costs, operating problems, and operating costs are presented in detail for full economic evaluation

Jan 1, 1967

By Sotiris N. Kamenopoulos, Zach Agioutantis

Rare earth elements (REEs) are considered critical minerals for industrial and defense sectors. REEs are not as rare as the word “rare” portrays; yet, the exploitable and/or profitable deposits of REEs may be found only in certain geographical areas. The political and social conditions characterizing these areas may not always be in favor of mining operations. These conditions are imposing the need for extra consideration on the geopolitical constraints prior to any decision-making and before any mining project begins. This study assesses the risk related to mining projects for areas that feature REE deposits based on a geopolitical viewpoint. Probable ranking differences between the current assessment and a 2015 assessment are discussed. The comparative indicators used and the appraisal procedure applied in this comparison are based on a number of different geopolitical indicators. Several ranking changes occurred between 2015 and 2019.

Miners really are an optimistic bunch. Even with the dark clouds hanging over the global industry, mining professionals still turn out in droves at industry conferences. In February, more than 7,200 professionals attended SME?s Annual Meeting in Denver, CO, a record. And the following week, more than 30,000 people converged on Toronto, ON, Canada for the Prospectors and Developers Association of Canada (PDAC) meeting. For many small and junior mining and exploration companies the PDAC conference is a place to find potential investors in their projects. The Investors Exchange attracts several hundred companies, each showing off their properties to the many money types who wander the hall during the four-day conference.

Jan 1, 2013

By M. E. Rossi

This paper discusses the use of Conditional Simulation (CS) models to provide mill feed grade profiles for different time periods. The conventional approach of classifying block estimates as ore or waste generally does not adequately represent dilution, lost ore and the anticipated grade control data, including variability of mill feed from the pit and possible stockpiles. The detailed simulation of grade control practices can be done, but at the Pre- or Feasibility stage of the project may be impractical, since drawing dig limits on multiple benches is tedious and time consuming. Using the Feasibility Grade Control (FGC) method as developed by the Centre for Computational Geostatistics (CCG, University of Alberta-Edmonton), the CS models can be processed quickly to establish dilution and lost ore, and predict daily or short-term feed to the mill. The simulated nodes can be aggregated into selective mining units with adequate representation of likely geometries to be recovered from the pit, to mimic anticipated selectivity. An example from a large copper deposit is shown. The study provides an estimated stream of tonnages and grades fed to the plant by mining periods of interest and based on a specific mine design and schedule. The resulting cash flows support the economic and financial analyses of the Feasibility Study; also leads to improving mine schedules; and aids in developing blending schemes if necessary. INTRODUCTION The conventional approach of separating mineralized material into ore or waste categories does not always include a realistic amount of dilution and ore loss. Also, often it does not provide a good estimate of the grade that will be fed to the mill. If the grade control estimates are unbiased, they will over the long run represent the long-term average of grades fed to the mill; but the anticipated variability of mill feed from the pit and stockpile sources may be misrepresented. Some references on traditional grade control implementations can be found in Chunnett (1982); Davis et al. (1989); Srivastava et al. (1992); and Nowak (1992). Alternative methods based on economic variables improved significantly on the purely grade-based control methods, see Douglas et al. (1994). Further developments involved the use of geostatistical conditional simulations (CS) and profit models, which in several cases have been successfully implemented (Aguilar and Rossi, 1996; Rossi, 1997; Deutsch et al., 2000; Norrena and Deutsch, 2002; Neufeld, 2005; Jewbali and Dimitrakopoulos, 2009). But they can be impractical, mostly due to the lack of understanding of the methodology involved; even if semi-automatic dig limit drawing is implemented, there is always a need for is tedious and time consuming checking and corrections, even if using a single profit model derived from the simulated grades.

Jan 1, 2019

By R. L. Pearson

The 1987-88 Denver Brown Cloud Study was performed to determine the sources of the particle cloud which forms over Denver each winter. The study was organized under the leadership of Colorado Governor Roy Romer , EPA Region VIII and the Greater Denver Chamber of Commerce. The study was sponsored by over 40 organizations representing governmental agencies, the natural gas industry, the coal industry, utilities, oil companies, railroads, the motor vehicle industry, and other Denver area companies and organizations. The cost of the study was $1.5 million which was raised almost entirely from private sources. The study team was headed by Dr. John Watson of the Desert Research Institute of the University of Nevada. Dr. Watson is a recognized expert in conducting studies of this type.

Jan 1, 1990