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By A. M. Abouzeid, S. Chander, D. W. Fuerstenau

Today numerous ores contain valuable minerals in finely disseminated form; and although the recovery of these fine mineral particles is generally exceedingly difficult, diminishing raw material resources necessitates the recovery of such mineral values. In many systems, the efficiency of recovering fine particles is still extremely low and often fine particles must be discarded as slimes. However, in recent years, various advances have taken place in the recovery of mineral particles in the very fine size range. In this paper, the background and performance of a number of processes for fine particle processing and separation are reviewed and discussed, particularly from the point of view of how fine particle recovery might be improved.

Jan 1, 1979

By Arthur Taggart

THE following conclusions on the work of the Hardinge mill are based on data furnished to the writer by the Hardinge Conical Mill Co. in the form of the mesh cards hereto appended. Energy units (E. U.) and relative mechanical efficiencies (R. M. E.) are computed by the "volume method" of Stadler.1 Screen apertures used are the average apertures of testing screens of the meshes given. Card 122. June 28, 1912. Vipond Porcupine Mines Co., Ltd., Schumacher, Ont., Canada. Ore from mill bin. Gangue, quartz and basalt. 4.5 ft. by 13 in. ball mill. Capacity, 48 tons per 24 hr. Charge, 4,000 lb. balls. Speed, 33 rev. per minute. Horsepower, 15 to 17. Water, 100 per cent. by weight. (50 per cent. ?) Product deslimed and oversize reground-in pebble mill, see Card 113. Feed to mill through 2-in. mesh.

Jan 7, 1915

By Richard T. Newcomb

Federal and utility industry research has largely ignored coal beneficiation techniques in the implementation of SOx control. This paper accepts the hypothesis that beneficiation cum scrubbing is the cheapest way for the vast majority of seams in the eastern coal provinces to comply with standards. Comparisons are based on point estimates of average beneficiation costs from a model of coal preparation (COBET) designed to simulate four levels of cleaning. The paper describes how economic theory can be applied to derive econometric supply functions from actual data on the geology of minable seams, washability and technical constraints. West Virginia is taken as an example of a producing region. Spatial supply functions are derived empirically from the engineering model simulations.

Jan 1, 1977

By Horace V. Winchell

The St. Helens mining-district, indicated in sketch-map, Fig. 1, is chiefly in Townships 9 and 10 North, Ranges 5 and 6 East of the Willamette meridian, in Skamania county, Wash. There is no railroad or even a wagon-road at present connecting it with any base of supplies; access is usually by wagon-road for about 50 miles from the town of Castle Rock to Spirit lake, and from that point by pony-trail from 6 to 10 miles farther. History. Nearly 20 years ago two German farmers, totally inexperienced in prospecting, penetrated this region upon a hunting-and fishing-trip. Their attention was drawn to numerous joints and crevices filled with black, glistening tourmaline, and con-

Jan 1, 1913

By David M. Parkes, Junie Lindsay

A review of the movement of coal in water is undertaken from a practical rather than a theoretical view point. Installations are described in which coal is transported on gradients down to 2.5' and others which move coal at a water-coal ratio of 1:l by weight. The water cycle of the hydraulic mining system is discussed. In many applications this can be a closed circuit. The coal dewatering system is illustrated, making particular reference to the problems of storage of coal-water mixtures between the mine and the plant. Water treatment is done in thickeners down to 100 ppm which is normally sufficient for re-circulating through high pressure pumps and monitors.

Jan 1, 1978

By Nicholas J. Grant, Olaf Troili, John Chipman

D. C. Hilty (Union Carbide & Carbon Research Laboratories, Niagara Falls, N. Y.)—How does this effect of silica compare with the effect of silica in combining with the lime in the slag to reduce the activity of CaO, thereby affecting the first equation? John Chipman(authors' reply)-—That is the object of showing this effect for slags of two different basicities. In the more basic, the silica is more firmly tied up in the slag and is less easily reduced. It is therefore less able to interfere with desulphurization. The important point is that silica is acting in two ways. Of course it is an acid and as an acid it ties up lime and in tying

Jan 1, 1952

By F. N. Rhines

STUDIES upon the sintering of metal powders, in the solid state, have led to the proposal that the surface energy of the powder particles provides the driving force that causes points of contact between pairs of particles to grow into broad welds which isolate the residual vacant space into pores that tend to spheroidize and gradually to diminish in total volume.' Investigators differ with regard to the mechanism of the movement of the metal, under the influence of surface energy, to accomplish these changes. One school asserts that there is a mass movement of the metal, referred to as a "viscous flow," while the other school prefers to view the movement as a self diffusion process, wherein individual atoms are, transferred without disturbance of the basic pattern of the crystal lattice. Extensive experimental studies upon the sintering of copper, conducted recently by A. J. Shaler,2 have been in- terpreted by their author as support for the viscous flow mechanism of transport, the theory of which was developed originally by J. Frenkel.3 Duplicating a portion of this work with minor changes, G. C. Kuczynski4 is led to the alternate view, namely, that the initial stages of sintering, at least, proceed as a self-diffusion process. Both of these investigations were designed to deal with an isolated unit of sintering, i.e., with the shrinkage of a single pore, or with the growth of a single point weld. It remains to ascertain the behavior of a typical metal powder compact composed of a large number of particles of varying size and sintering to a body with a multiplicity of pores. The observation of density changes alone during sintering is not sufficient in such a case; it is essential to know how the internal geometry of the compact changes. This has been the object of the present investigation, the results of which are used to support the self-diffusion mechanism of sintering. The present studies consist in the measurement of the number of pores as a function of size and time at temperature during the sintering of a copper compact made from a commercial copper powder lightly pressed and sintered in several different atmospheres. A brief survey was made also of the change in shape of the pores, under the influence of the same variables. All of this was done by direct observation with the microscope. Densities were measured on the same sample. It is found that, while the compact is exhibiting an overall shrink-

Jan 1, 1951

By C. Allen Born

INTRODUCTION As the title of this paper suggests, the author does not believe that risk can be managed. Rather, the objective is to identify the risk which will be present in a given venture and assess the level of that risk which is acceptable. More often than not, the risk which is present is subject to little or no modification. After identifying and measuring the risk a corporation will decide to accept it and proceed in such a way that it will be less exposed, or it will decide not to proceed at all. The exercise for a corporation is different only in degree from everyday judgements made by average people in average situations. However, that word "degree" means that it is considerably more complex on the corporate level. There is good reason for the additional complexity of corporate risk evaluation. The variables influencing a company's decision can be more numerous and the penalties for miscalculation much greater than those normally encountered by an individual. It should be understood that no analysis of risk, certainly not one as brief as the following, can do more than touch on some of the high points. Before examining the sorts of risk which affect the development and operation of specific mines, let us consider the broader aspect of the term with which mining companies, and all other business corporations, must deal. Companies must determine their long-term objectives and strategies within the context of a constantly changing world. To plot their direction they must attempt to read the future by seeking answers to questions such as: How will society evolve? Which businesses will thrive? In which of these should we place our emphasis? If a company hopes to be around five or ten years from now it must make the attempt to answer such questions in order to judge the impact of changing patterns in the evolving business environment. Information is available to allow the lessons of the past to be projected on the future. We have data on birth rates, economic booms and busts, patterns of conflict within and between nations, drought and other forces of nature as well as individual events which cannot be predicted, but which over time, do seem to occur in regular cycles. Ultimately the question "where will we be and what will we be doing a decade from now?" must be answered by one or more senior people with responsibility for the company's future. The compilation and interpretation of hard data by competent support staff, can only be used up to a certain point in determining future corporate strategy since there will be alternative possible futures and a high degree of risk will always remain. At this point those elusive qualities of experience, instinct, and - "gut feeling" - become important factors in choosing a long-term corporate direction. The goals of a company have a significant bearing on its attitude towards risk. This in turn dictates the "hurdle rate of return on investment" which a project decision-maker will require. The hurdle rate is the minimum-discount-percentage-rate applied to forecast cash flows to give a present value of zero to the All-Equity-Funded Investor. The feasibility study for a project is a fundamental tool in the management of risk. An experienced team has an established and well-understood set of ground rules for the preparation and assembly of a feasibility study. The necessary degree of conservation is built in at all levels of study data and, if the project is technically feasible, the hurdle rate becomes a catch-all measure of risk in a base-case project cash flow.

Jan 1, 1985

By Clarence W. Balke

Small buttons of fused tantalum have been produced by are fusion in a vacuum, by drawing an arc between sticks of pressed tantalum and a tantalum-faced water-cooled copper block. However, ingots of appreciable size can be produced only by the heat-treatment of bars pressed from powder. The following outline covering the production of finished bars of tantalum by the methods of powder metallurgy is also used for the production of columbium, taking into account the difference in the melting points of these two metals. Pressing the Powder With possibly a few exceptions, a pressing operation is one of the essential steps in the practice of powder metallurgy. In fact, the author's experience with a number of high-melting-point metals and with numerous types of hard carbide compositions has led him to believe that this operation is often one of the most important in the entire process, and frequently one of the most difficult to carry out in a satisfactory manner. Defects due to improper pressing can readily lead to a defective finished product. It is the author's opinion that rarely is a bar or other article pressed from metal powder in such a way that all parts of the piece are uniformly pressed. The nearest approach to uniformity of pressing is possibly attained when the powder is contained in a flexible receptacle, such as rubber, and is pressed under a liquid by hydrostatic pressure. However, this method is not generally applicable. Hydraulic pressing in steel dies where one or two punches are forced into the die must usually be resorted to. As the pressure in such a die is built up, the powder begins to cling to the walls of the die with a tenacity dependent upon the nature of the powder, and this results in a bridging action, so that the layers of powder adjacent to the moving punch are pressed more heavily than those further removed in the mass. Frequently, as the pressure is carried higher, there may be a mass slippage of the powder upon itself, with the result that slip cracks are formed within the pressed

Jan 1, 1938

By Clarence W. Balke

Small buttons of fused tantalum have been produced by are fusion in a vacuum, by drawing an arc between sticks of pressed tantalum and a tantalum-faced water-cooled copper block. However, ingots of appreciable size can be produced only by the heat-treatment of bars pressed from powder. The following outline covering the production of finished bars of tantalum by the methods of powder metallurgy is also used for the production of columbium, taking into account the difference in the melting points of these two metals. Pressing the Powder With possibly a few exceptions, a pressing operation is one of the essential steps in the practice of powder metallurgy. In fact, the author's experience with a number of high-melting-point metals and with numerous types of hard carbide compositions has led him to believe that this operation is often one of the most important in the entire process, and frequently one of the most difficult to carry out in a satisfactory manner. Defects due to improper pressing can readily lead to a defective finished product. It is the author's opinion that rarely is a bar or other article pressed from metal powder in such a way that all parts of the piece are uniformly pressed. The nearest approach to uniformity of pressing is possibly attained when the powder is contained in a flexible receptacle, such as rubber, and is pressed under a liquid by hydrostatic pressure. However, this method is not generally applicable. Hydraulic pressing in steel dies where one or two punches are forced into the die must usually be resorted to. As the pressure in such a die is built up, the powder begins to cling to the walls of the die with a tenacity dependent upon the nature of the powder, and this results in a bridging action, so that the layers of powder adjacent to the moving punch are pressed more heavily than those further removed in the mass. Frequently, as the pressure is carried higher, there may be a mass slippage of the powder upon itself, with the result that slip cracks are formed within the pressed

Jan 1, 1938

By Frank C. Greene

Drilling in Missouri in 1944 was nearly treble the rate of 1943 because of continued development of the Tarkio pool in Atchison County and the preparation of a pool in Jackson County for a water-injection project. The pipe line from the Prairie Point gas pool in Platte County was in operation throughout the year of 1944, but several of the shallow oil pools in Cass and Jackson Counties were off production during much of 1944 because of a shortage of help. Table I gives a summary of activities by counties. The total footage drilled was 41,475 .ft., of which 21,187 ft. was by rotary tools and 20,268 ft. by cable tools.

Jan 1, 1945

APPROXIMATELY 90 per cent of the steel that is melted and refined in the United States and poured into ingots is made in basic open-hearth furnaces, as shown in Table 1-1. The annual ingot capacity of the steel industry reported January 1,1950, by the American Iron and Steel Institute8* was 99,040,160 tons, of which the basic open-hearth process accounted for 85,896,580 tons, 86.7 per cent of the total. The capacity of the individual furnaces varies over a wide range, a large majority falling within limits of 50 to 200 tons (Fig 1-1). Most of the units constructed [ ] since 1942 are in the larger size groups, between 175 and 225 tons capacity.

Jan 1, 1951

US 4,192,852-Precipitation of iron values as a jarosite from a sulfate solution obtained as a byproduct in the hydrometallurgical processing of zinc sulfide ore The solution is cooled, partially neutralized, and clarified. The clarified solution is heated to a temperature of 80 to 100°C in the presence of sodium, potassium, or ammonium ions to precipitate substantially all of the ferric iron as jarosite The precipitate is thickened, filtered, and washed The residual solution may be processed for zinc or other nonferrous metal values R V. Pammenter and C J Haigh, assigned to Electrolytic Zinc Co of Australasia Ltd. Mar. 11, 1980. 16 pp. (423-42) Filed: 5-8-78 (903,524). Priority- Australia, 5-9-77 (PD0030) (Drawings below.)

Jan 1, 1982

By Mario L. Villa

During the year 1941, there was another increase in the production of oil in Argentina, to which the fields in the Comodoro Rivadavia zone in the Territory of Chubut and those of the Provinces of Salta and Mendoza all contributed. The total production for this period reached 22,013,472 bbl., which represents an increase of 6.8 per cent over that of 20,609,538 bbl. in the preceding year. This result is again attributable to the Government oil company, the Yacimientos Petroliferos Fiscales, which had a total production of 14,006,559 bbl. representing an increase of 1,531,904 bbl., or 12.3 per cent over that of the 12,474,655 bbl. of the year before. The other companies

Jan 1, 1942

By Mario L. Villa

During the year 1941, there was another increase in the production of oil in Argentina, to which the fields in the Comodoro Rivadavia zone in the Territory of Chubut and those of the Provinces of Salta and Mendoza all contributed. The total production for this period reached 22,013,472 bbl., which represents an increase of 6.8 per cent over that of 20,609,538 bbl. in the preceding year. This result is again attributable to the Government oil company, the Yacimientos Petroliferos Fiscales, which had a total production of 14,006,559 bbl. representing an increase of 1,531,904 bbl., or 12.3 per cent over that of the 12,474,655 bbl. of the year before. The other companies

Jan 1, 1942

Meeting of Dec. 18, 1914. Charles F. Rand, Karl Eilers, and William L. Saunders were appointed a Committee to audit the accounts of the Institute. The matter of the Committee to investigate the relative merits in metallurgical work of turbo-blowers and the reciprocating blowing engine was laid on the table. Benjamin B. Thayer was elected representative on the Board of Trustees of the United Engineering Society to succeed James F. Kemp. Upon the recommendation of the Committee on Membership, 32 Members, 8 Associates, 3 Juniors were elected, and the status of one Associate was changed to that of Member. Twenty-six members owing dues for from three to six years were dropped from the rolls in accordance with the provisions of the Constitution.

Jan 2, 1915

BUSTS of James Douglas and his friend, Ben Williams, placed in front of the library at Bisbee, Ariz., were unveiled there on April 8, and the connection of the two men with the development of the. Copper Queen mine was reviewed. Judge Bisbee, the brother-in-law of Ben Wil-liams, secured an option on the Copper Queen claim, financed its development and sent Ben Williams in to build the smelter, which turned out its first copper in November, 1880. Dr. Douglas, who was then superintendent of the Chemi-cal Copper Co., at Phoenixville, Pa., had a refining plant and, looking for more metal to refine, came to Bisbee early in 1881, where he negotiated a contract to refine the Copper Queen copper.

Jan 5, 1928

By E. Mille, R. Geffken

The Mg-Si and Mg-Ge phase diagrams were rede-levtnined by thermal analysis, and the existence of a single congruent melting compound in each system was confirmed. The melting points of the two compounds Mg2Ge and ,Wg2Si were found to be 1117.4° and 1085.0°C respectively. The euteclics for the Mg-Ge system occur at 635.6°C (1.15 at. pcl Ge) and 696. 7°C (64.3 at. pct Ge); for the Mg-Si system the eutectics are at 6376°C (1.16 at. pct Si) and 945.6°C (53.0 al. pcl Si). The phase diagrams and known thermodynamic data were used to calculate activity values for both systems. The activities calculated for the Mg-Ge system agreed very well with those previously published. Partial molar enthalpy values for the Mg-Si systetn were calculated from the phase diagram for the composition region where no experimental values have been reported. THE phase diagram for any system is an important source of thermodynamic data. Steiner, Miller, and Komarek1 have derived equations which permit calculation of the activity in binary systems with an inter-metallic compound! if the liquidus and enthalpy data are known. The thermodynamic properties of the Mg-Ge and Mg-Si systems have recently been determined in this by by an isopiestic method, and it was considered that it would be interesting to compare these directly determined values with those computed from the phase diagram. The basic features of the Mg-Ge and Mg-Si systems are essentially similar. The one intermediate compound present in each system. Mg2X, crystallizes in the antifluorite structure and melts congruently. Raynor4 has accurately determined the temperature and composition of the magnesium-rich eutectic in both the Mg-Ge and Mg-Si systems. Klemm and West-linning5 investigated the entire Mg-Ge liquidus, employing sintered alumina crucibles; the purity of the magnesium and germanium starting materials was not reported. The melt was not stirred, and the temperature was automatically recorded to an accuracy of ±3°C. The authors reported large weight changes due to magnesium evaporation between 50 and 67 at. pct Mg. The Mg-Si system has been studied by a number of investigators, and the results have been compiled by Hansen and Anderko.6 Significant discrepancies exist between the two principle investigations of voge17 and Wohler and Schliephake.8 Two different grades of silicon were used by Vogel, one of 99.2 pct purity and the other quite impure, containing 6 pct Fe and 1.7 pct Al. The magnesium purity was not specified. The melts were contained in graphite crucibles with porcelain thermocouple protection tubes under an atmosphere of hydrogen. Samples weighing 10 g were rapidly heated to 50° to 100°C above the liquidus: held, and then rapidly cooled without stirring. Accuracy was ±1 at. pct which is equivalent to a maximum error in temperature of ±18°C. Wohler and Schliephake used 97.9 pct Mg and 99.48 pct Si. The graphite crucibles contained a stirrer and the 15-g samples were melted under an atmosphere of streaming hydrogen. The samples were chemically analyzed after each run. Because of the scarcity of the data, the impurity of the starting materials, and the resultant uncertainty and inconsistency in the published liquidus values, it was decided to undertake a reevaluation of the Mg-Ge and Mg-Si phase diagrams by thermal analysis. EXPERIMENTAL PROCEDURE Alloys were prepared from 99.99+ pct Mg (Dominion Magnesium Ltd.) with impurities in ppm: 20 Al, 30 Zn, 10 Si, <1 Ni, <1 Cu. <10 Fe; 99.999 pct Ge (United Mineral and Chemical Corp.), and 99.999 pct Si (Wacker Chemie Corp.). All graphite parts were machined from high-density (1.89 g per cu cm) G-grade graphite obtained from Basic Carbon Corp. with a total ash content of 0.04 pct. Boron nitride parts were machined from rods of National-grade H.B.N. boron nitride. All graphite and boron nitride pieces were baked out under running vacuum at 1100°C for 24 hr before us Cylindrical graphite crucibles (1; in. OD, 23/4 in. long, l3/8 in. ID) were tightly closed with threaded graphite covers which had 21/4-in.-long thermocouple wells and 1/4-in.-diam off-center holes for stirrers. The cover and thermocouple well were machined from a single piece of graphite. A stirrer was made from a flat cylindrical graphite plate perforated with five 3/16-in.-diam holes and a 1/2-in.-diam central hole, and was held parallel to the crucible bottom by a 1/4-in.-diam. 4-in.-long graphite rod which screwed into the plate and extended up through a tightly fitting hole in the crucible cover. An iron core enclosed in a glass capsule was attached to the stirrer with an 18-in.-long molybdenum wire, so that the stirrer could be magnetically raised and lowered from outside the system. One crucible and stirrer with essentially the same dimensions given above was made entirely of boron nitride. Chunks of magnesium were premelted, cast into 11/2-in.-diam. rods, and then cut into lengths varying from a to 1 in. A 5/16-in. hole was drilled through the center of each piece to accommodate the thermocouple well and the individual pieces were then cleaned and rinsed with acetone. The total weight of an alloy was 50 to 70 g in the Mg-Ge system and 40 to 60 g in the Mg-Si system. The pure components were weighed to an accuracy

Jan 1, 1969

By Philip R. Strand

Vermiculite is the name used for those micaceous minerals with a ferromagnesian aluminum silicate composition and the unique property of exfoliating to a low density material when heated. Commercially, the exfoliated products are also called vermiculite, or more exactly, expanded vermiculite. In its exfoliated state, vermiculite serves many markets, chief among them construction, agriculture, horticulture, and general industry. Composition and Properties Vermiculite, in a natural state, has the characteristic mica habit, splits readily into thin laminae, flexible but inelastic. In a mineralogical sense, vermiculite is a hydrated silicate with no exact chemical composition. The structural formula for a macroscopic, trioctahedral vermiculite may be written: [ ] The structure of vermiculite is basically that of a talc, and it could be regarded as a trioctahedral member of the smectite group. Macroscopically, vermiculite displays the prominent monoclinic crystal faces that are commonly marked by lines at 60° and 120°. Hardness varies from 1.5 to 2.8 or more; specific gravities are between 2.1 and 2.8; color is amber, bronze, brown, dark green, or black. When heated quickly to an elevated tempera¬ture, vermiculite expands by exfoliating at right angles to the cleavage, into wormlike pieces (the name vermiculite is derived from the Latin `vermiculare,&apos; to breed worms). This characteristic of expansion, the basis for commercial use of the mineral, is the result of the mechanical separation of the layers by the rapid conversion of contained water to steam. The increase in bulk volume of commercial grades is 8 to 12 times, but individual flakes may expand as much as 30 times. All expansion occurs at right angles to the basal cleavage. Vermiculite may also be expanded by a number of chemical processes such as soaking in hydrogen peroxide, weak acids, and other electrolytes. There is a color change during expansion that is dependent upon the composition of the vermiculite and furnace atmospheres. Heating in an oxidizing atmosphere produces dull gray colors. The iron is generally not oxidized during chemical expansion. The exfoliation of the vermiculite crystal results in large pores being formed between groups of platelets. Thus exfoliation can make available a large increase in void volume without significantly changing the surface area of the platelets. This characteristic is important in the chemical carrier applications of vermiculite. Although there has been much research on the chemical and structural composition of vermiculite, an exact formula and composition cannot be described. This is to be expected since vermiculite derives from a number of different mineral sources. As has been proposed, vermiculite is not a single mineral species, but families of related minerals. Additionally, commercial interest in the end product has resulted in the name vermiculite being applied to the very voluminous, bloated products from calcination of baueritized (bleached) phlogopite. This has also resulted in many names for the specific vermiculite found in a particular deposit. All of this difficulty arises from the nature of its crystal chemistry. Consequently, vermiculite is now thought of as several related variable mineral series rather than a group of related species. The vermiculites have a common silica tetrahedral sheet structure with separating ions. It is now generally agreed that vermiculites must also be regarded as true clay minerals. The properties of the mineral, such as cation exchange capacity, organic complexing ability, and vari-

Jan 1, 1975

By Klaus M. Zeitler

INTRODUCTION One cannot discuss the subject of "Raising Capital in the 1990s" without having a crystal ball and a reliable fortune teller. This discusses "Raising Capital for the 1990sW, which is what Metal1 Mining Corporation did in 1987. We raised (3166 million in an IPO (initial public offering) that was originally planned for only some (375 million. Why did we raise this money? How did we do it, and why was this IPO so successful? The answer to the first question requires a description of the promoter and principal shareholder of Metal1 Mining Corporation, Metallgesellschaft AG. This West Germany company was founded over 100 years ago in Frankfurt as a trading house for non-ferrous metals. It has developed into one of the world&apos;s leading firms in the non-ferrous metals industry. The company&apos;s worldwide activities in all areas of that business include mining, smelting and refining, the trading of ore, base and precious metals, the production of semi-fabricated and finished metal products, and the provision of engineering, construction and transportation services. Metallgesellschaft AG has also diversified into many other areas, the most significant of which are manufacturing, the production of chemicals, the development and application of technical and chemical processes, the planning and construction of industrial plants, and activities associated with finance, insurance, shipping and freight forwarding, and the provision of barter and countertrade services. The company maintains a network of more than 100 offices around the world; it employs some 25,000 people in its worldwide activities. [Selected financial data, as of September 30, 1987: (MetaUgesellschafl AG) Working Capital DM 8%.6 million CDNS 672.8 million Long Term Debt DM 568.0 million CDNS 426.2 million Sales DM 14.9 billion CDNS 11.2 billion Net Income DM 87.7 million CDN$ 65.8 million Market Capitalization at April 27, 1987: (Metallgesellschafi AG) Outstanding Shares ~,6oo,o0o DM 1,875 million CDNS 1,407 million] For the fiscal year ended September 30, 1987, Metallgesellschaft AG had, on a consolidated basis, net sales of DM13.3 billion, net income of DM100 million and total assets of about DM7.0 billion. Metallgesellschaft AG established the American Metal Company, a predecessor of AMAX Inc. one of the largest ventures undertaken by Metallgesellschaft AG then was the acquisition, through the American Metal Company, of a majority share in the Mexican Penoles mine, a large lead and silver deposit. METALLGESELLSCHAFT AG Figure 1 depicts an overview of Metallgesellschaft AG before and at the time the initial public offering of Metall Mining Corporation&apos;s shares took place. It shows that mining was far from the centre of Metallgesellschaft&apos;s activities. Therefore, it could not expect to receive an extraordinary amount of board attention. Thus, mining investments not only had to compare well with other mining opportunities, but were in fierce competition with projects from other divisions. In addition, mining was sub-divided into two separate departments -- domestic and international. These two departments had different management styles and diverging interests which resulted in a minimum co-operation between them. The domestic mining department was primarily interested in the survival of the local mines. These mines were characterized by rising operating costs and declining ore grades. It took a special commitment and continued ingenuity to develop and adjust to local conditions, and modern mining and processing technology, in order to remain competitive, or at least survive within the international mining industry. Local management

Jan 1, 1990