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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 D. M. S. Bhatia

Five sulfide minerals from the Magiwnt mine, southeast Missouri were analyzed for 31 trace elements in over 300 samples by laser microprobe spectrographic analysis of polished sections. The concentration of several trace elements shows a pattern of progressive variation with depth (space) and variation with different paragenetic stages (time) of each mineral. Factor analysis of the geochemical data shows sympathetic correlation both in space and in time of Bi, Cd, Ge, and Sn in galena and sphalerite, and Ni and Co in sphalerite and marcasite.

Jan 1, 1979

By Thomas J. Lien

Granitic Pegmatite deposits are the chief source of commercial feldspar, micas, lithium minerals, tantalum-columbium, beryl, and certain types of kaolin. The output from pegmatite mines in the United States is small compared to other mineral products in terms of bulk or value, and much of it comprises only minor metals and nonmetals. Nevertheless, pegmatite minerals play a vital part in our domestic industrial economy, particularly in the ceramic and electrical industries. Numerous special purpose uses also are important, even though they require small quantities of raw materials. In recent years, realizing the potential importance of the pegmatite minerals, the U.S. Geological Survey, the United States Bureau of Mines, several state Bureaus of Mines, and a few private companies have carried on extensive programs of pegmatite studies in the New England and southeastern states, in the Black Hills area of South Dakota, in the Rocky Mountain region of Wyoming, Colorado, and New Mexico, and in various parts of Washington, Idaho, Utah, Nevada, Arizona, and California. Currently, some of the pegmatite minerals such as micas and spodumene are selectively separated by the flotation process. To a lesser extent a few plants are selectively floating feldspar and quartz. Much of the credit for the above progress goes to the fine work done by U.S. Bureau of Mines (1), and companies such as Foote Minerals (2). Additional research efforts by the New Mexico Bureau of Mines (3) has successfully demonstrated selective separation of micas, beryl, spodumene, lepidolite, microlite, quartz and feldspar from a complex Pegmatite containing all these minerals. Since the nature of the mineralization of various valuable components of a pegmatite deposit is such that selective separation of some of these can be carried out at a coarse size using the Heavy Media Separation technique, it was felt that such a system should be investigated for selective preconcentration of their minerals. It was also felt that of all the :MS systems available, the DYNA WHIRLPOOL (DWP) device which allows a close control and adjustment of specific gravity should provide a means of achieving the above goal. Once the desired preconcentration of one or more of the pegmatite mineral assemblage is achieved, the available selective flotation techniques should provide effective recovery of various minerals into marketable products. This paper presents technical and economic aspects of selective preconcentration of some of the pegmatite minerals followed by selective flotation to produce marketable products.

Jan 1, 1978

By G. M. Clarke

Minerals are certainly where they are found. The undemocratic distribution of the world's mineral wealth has created an incongruous inbalance: mineral-rich, scarcely populated countries supply highly-populated industrialised countries that in turn consume more minerals than they produce. This has been as much a generating force for colonisation, invasion, and war as religion, political ideals, or megalomania. The Industrial Revolution of the seventeenth century was born in Britain, a country with large domestic resources of coal, iron, lead, zinc, copper, tin, etc., as well as a large population. As consumption outstripped production imports filled the gap, particularly from its worldwide colonies. For example, when Canada was founded in 1867 more than 905 of its investments were British financed, and much of these were mineral-based. The British made similar investments in South East Asia, Australasia, the Caribbean, and elsewhere, as did the other industrialised Western European countries hungry for raw materials. Later the United States emerged as a leading industrial power, again due largely to its abundant natural resources. Consumption soon exceeded production and foreign sources were saught. American business went exploring abroad ant many a mineral resource was developed almost totally on the basis of the US market many .thousands of miles away. Closer to home, Canada was also an obvious target for the US with its rich mineral resource base, small population, and geographical juxtaposition, so much so that about the time of the 1914-18 War the US took over from Britain as the major investor in Canada, and this peaked in 1967 when the US accounted for 80% of the country's foreign investment. After the 1939-45 War Japan joined the ranks of the USA and Western Europe as industrialised powers, and they too searched the world for the deposits lacking in their homeland.

Jan 1, 1981

By Peter E. Price

Salt dome hosted metallic sulfide deposits are the product of a complex evolutionary system involving halokinesis, cap rock development and diagenesis, and the generation, migration, and accumulation of basinal brines and hydrocarbons. Hydrocarbons play an important role in: (1) the production of calcite cap rock which hosts some of the metallic sulfide and sulfur concentrations, and (2) the generation of the reduced sulfur available for metallic sulfide precipitation and sulfur formation. Hydrocarbons and related fluids also are involved in the transporta¬tion and remobilization of the metals. Hydrocarbon consumption, in the course of cap rock development and sulfide mineralization at Hockley dome, is estimated to have been 6.4 million barrels of oil or 114 million cubic feet of methane. Mineral textures, including cap-rock banding, sulfide bands in anhydrite, and fine sulfide mineral banding indicate both episodic fluid influx and fluid compositional differences through time. Features such as pyrite "shells" and sphalerite and marcasite hemispheres may have been localized by hydrocarbon droplets and /or bacterial colonies. Marcasite mineralization in shallow strata above and flanking Hockley dome is best developed over the western and southern parts of the dome. This pattern mimics the known distribution of sulfide mineralization, which is dominantly marcasite, in the underlying cap rock. The iron sulfide paragenetic sequence in the sediments is pyritohedral and cubic + pyrithohedral pyrite followed by marcasite which is encrusted by cubic pyrite. Sulfur isotopic averages for the three stages are +20.8, -20.2, and +6.4 per mil, respectively. These values generally coincide with cap rock sulfate (+20 per mil), cap rock hosted metallic sulfides (-20 to +4 per mil), and sulfur in hydrocarbons (+5.8 per mil). Hydrocarbon compositions indicate provincial variations in oil composition and generation history. Long Point and Boling domes, which have an intergrown sulfide-sulfate-sulfur mineral assemblage indicative of mixed reducing-oxidizing environment, contain oils that are less mature than Hockley dome which appears to be more mineralogically segregated. Sterane biomarker compositions of the oils at Hockley, Long Point and Boling domes indicate a local, dominantly terrestrial source. An oil sample from supracap sandstones on the northeast flank of Hockley dome contained over 750 ppm combined Fe, Zn, Pb, and Co, indicating that hydrocarbons are carrying or remobilizing metals. Cap rock calcite and anhydrite also exhibit provincial variations in strontium isotopic ratios. Calcite and anhydrite cap rocks from several sulfide mineralized domes in the Houston diapir province have strontium isotopic ratios that are more radiogenic than Jurassic sea water (>0.7078). A calcite sample within massive sulfides at Winnfield dome also has a high 87Sr/86Sr ratio (0.7085). Variations in strontium isotopic ratios with strontium content indicate the mixing of at least three Sr-bearing fluids in the cap rock environment, one of which may have been the metal carrier. Anhydrite residues from diapiric salt have strontium ratios up to 0.7100, considerably more radiogenic than Jurassic seawater. These high ratios indicate either that salt and anhydrite recrystallized sometime post-Jurassic in the presence of a fluid with a high 87Sr/86Sr ratio, or that they precipitated in the Jurassic from a fluid with a higher 87Sr/86Sr ratio than Jurassic seawater. Salt domes with cap rocks containing metallic sulfides have only been found in basins that have geopressured zones. Waters from geopressured zones in the vicinity of mineralized salt domes have salinities that are two or more times higher and iron and base metal concentrations that are three to one thousand times higher, than geopressured fluids from other parts of the basin.

Jan 1, 2013

By K. Chief

American Indian lands contain a vast amount of renewable and non-renewable resources that have consequently been mined (Smith and Frehner). Therefore, it is understandable that tribes are concerned about environmental impacts from mining and their ability to minimize and mitigate these impacts. This has created a need to better understand mining and its environmental impacts. The University of Arizona Superfund Research Program Mining educational modules developed educational modules for tribal colleges focusing on environmental impacts of mining, remediation of mining wastes, and sociocultural impacts of mining. Educational modules are independently packaged units of study designed to enhance the learning process and can be modified and adapted to different learning scenarios and objectives. In addition to providing specialized knowledge, the modules feature hands-on activities, incorporation of technology, student involvement, discussion, and exchange of ideas. Modules will aim incorporate traditional ecological knowledge and approaches that promote effective science learning for native students. Modules are designed to augment existing associates of science programs (e.g. biology, chemistry) currently offered at tribal colleges and can be modified for use in K-12 education and for non-tribal audiences.

Feb 23, 2014

By C. N. Logan

The Southern Company is one of the nation's largest electric utilities and is the parent firm of five operating companies: Alabama Power, Georgia Power, Gulf Power, Mississippi Power and Savannah Electric and Power. Another subsidiary is Southern Company Services (SCS) which provides engineering and technical sup-port to the five operating companies. This technical support includes the procurement and supply of over 40.9 Mt (45 million st) of coal annually for the 22 coal fired plants in the system. Approximately 80 percent of this tonnage is purchased under long term contracts and the remaining 20 percent is purchased on the spot market. The coal is principally supplied from Alabama, Illinois Basin and the eastern Appalachian coal fields. Most of the coal is delivered by unit train and barge but one plant in Alabama receives all its coal by truck and conveyor belt.

Jan 1, 1990

By I. D. Lindley

The Wild Dog vein gold deposit in East New Britain Province, Papua New Guinea, forms part of a recently discovered 26 km zone of auriferous quartz vein mineralisation. The deposit, which was discovered in July 1983, has no silt anomaly, and a panned concentrate anomaly and float train restricted to within 500 m and 800 m respectively, of the discovery outcrop. Discovery of the Wild Dog deposit was a result of the methodical followup of regional panning which, as followup progressed, was replaced in importance by float sampling. Of the sampling methods used during the exploration leading to discovery, panning and float followup provided immediate indications of the presence of mineralisation. This high degree of spontaneity of followup is not provided by geochemical techniques, and has obvious advantages in high cost exploration for precious metal deposits in remote locations.

Jan 1, 1988

By A. J. Getz

The paper reviews the status of the major precious metals projects in Australia, Papua New Guinea, Indonesia, the Philippines, and New Zealand. The projects may be at the stage of exploration, development, operation, or expansion. The paper covers project location, reserves, method of resource exploitation, anticipated production, and other unique conditions.

Jan 1, 1990

By T. Tamagawa

A gaseous chlorination process for hydrometallurgical treatment of a chalcopyrite concentrate was investigated. The overall process is visualized to consist of low temperature chlorination-selective oxidation, followed by aqueous chloride leaching and SX-EW for producing electrolytic copper elemental sulfur and ferric oxide. In this article, the chlorination phase of the processes is described. Initially, the chlorination behavior of chalcopyrite-concentrate micro-pellets was investigated using a small batch-type fluidized bed reactor. The optimum conditions thereby established was used in continuous chlorination tests. The chlorinated products thus prepared were used in the selective oxidation phase of the investigation.

Jan 1, 1999

By James C. Hower, B. K. Parekh

Introduction The purpose of coal preparation is to improve the quality of coal to make it suitable for a specific purpose by (1) cleaning to remove inorganic impurities; (2) sizing-crushing or screening, or both; and (3) special treatment, such as dedusting. The properties and quantities of impurities in coal are of major importance in the design and operation of steam generating equipment. Although boilers are often designed and equipped to use a wide range of coals, no boiler will perform equally well with all types of coals. All coals have certain properties that place limitations on their most advantageous use. These limitations are especially stringent for many of the older installations. Because of a general lowering of quality of raw coal in recent years, the need for coal cleaning has significantly increased. Among the factors contributing to the need for increased coal preparation are (1) increased demand for quality brought on by market and environmental requirements; (2) increased extraneous dilution caused by mine, health, and safety laws; and (3) depletion of the higher-quality coal seams. The major characteristics of coal and impurities from the standpoint of mechanical cleaning are particle size composition, generally called size consist; density differences; the relative friability of the coal and its associated impurities; hardness; and strength. Some of the other factors related to preparation are petrographic composition and rank. RANK CLASSIFICATION Coal is a general designation for a great number of solid organic minerals with different compositions and properties; all are rather rich in carbon and have a dark color, generally black. Next to mineral oil and kerogen, coal is the most important reservoir of carbon in the world. Carbon is an indispensable necessity of life as well as the main source of energy. Coals are found in stratified deposits, sometimes at great depths. All coals owe their origins to slow decomposition and chemical conversion of immense masses of organic material. As found in seams, coal is a heterogeneous mixture of organic and inorganic materials. Not only are there large differences in the properties of coal originating from different seams, but also in coal removed from different locations in a single seam. A genetic relationship exists between peats, brown coals, lignites, biturninous coals, and anthracites. As a whole, the process of coal formation, or coalification, proceeds as a continuous transformation of plant material, each phase characterized by a degree of coalification, or rank. As a measure of this rank, the carbon content or some related parameter can be used.

Jan 1, 1991

By S. R. Titley

Carbonate-hosted massive sulfide (60%) ores of the western Cordillera compose a distinct class of deposits although they vary widely in detail and perhaps genesis. They have been important sources of lead, zinc, copper, silver, gold, and more rarely, molybdenum, tin, and tungsten in complex mineral assemblages usually dominated by pyrite. They occur as concordant stratiform bodies, as discordant mantos, and as chimneys crossing tens of meters of section; many are associated with faults and breccia bodies. Environments of formation of carbonate hosts range from craton basin to shelf with ages from Proterozoic to Cretaceous; in many instances, dating has shown mineralization to be significantly younger than hosts. Temperatures of formation determined for many deposits are high (200°-400°) and many districts are centers of igneous activity manifested by dikes, sills, and stocks. However, direct cause and effect relationships have been difficult to establish. Many important problems attend the renewed interest and study of these deposits and include questions of metal-sulfur sources, metallization processes and histories, geological controls at all scales, and relationships to broader patterns of metallogeny.

Jan 1, 1985

By J. R. Patts, J. P. Rider, J. A. Organiscak, A. B. Cecala

"NIOSH recently completed a 15-month study at an underground limestone mine crusher booth which evaluated three research parameters: (1) the effectiveness of a single-filter filtration and pressurization system for improving the air quality inside the operator booth, (2) comparing the effectiveness of ? > 99 and ? > 95 experimental prototype filters in the system, and (3) evaluating the use of three different pressure monitoring devices to determine the performance of the filtration and pressurization system over time. The protection factor was quantified monthly using particle counters in the respirable dust range (0.3–10 µm), and gravimetric dust samples were gathered at the beginning and end of the overall study. Under static conditions and after outlier removal, the single-filter filtration unit installed offered a protection factor between 8 and 216, depending on the filter type and loading condition. The particle counting analysis shows that the ? > 95 filter offers a protection factor greater than 4-times that of the ? > 99 filter when evaluated over 60 minutes. The booth pressure monitors provided data that proved to be a valid indicator of system performance over time. INTRODUCTION Designed and installed correctly, enclosed cabs, operator booths and control rooms offer mine workers protection from physical hazards, such as flying rock, debris, and noise, as well as a more comfortable environment in regards to temperature and humidity [1]. But while it may be easier to quantify whether the A/C unit is working (measuring the temperature) or observe whether the cab offers protection from flying debris, it can be somewhat more difficult to quantify its performance in reducing respirable dust hazards. For over 15 years, NIOSH has been conducting applied research to improve the air quality inside of enclosed cabs of mobile equipment [2-5]. This work has led to the identification and mathematical modeling of enclosed cab filtration systems [6]. The same principles that govern the performance of filtration systems on mobile equipment are applicable to stationary enclosures such as operator booths and control rooms [1, 7]. Stationary enclosures are similar to enclosed cabs; however, the volume of the work area can be significantly larger. In addition, workers who perform their duties in stationary enclosures tend to stay within the room for a greater percentage of the day, as opposed to workers on mobile equipment who may enter and exit frequently. Structural integrity can be easier to maintain as well, as there is typically less vibration and stress placed on these compartments as compared to mobile equipment. In addition to offering protection from dust and flying debris, enclosures must ensure that workers have a healthy supply of fresh air to avoid elevated levels of CO2, which are known to cause headache and dizziness, impairing cognitive function. The American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) states that enclosures should have no more than 1,100 ppm of CO2 when outside levels are 400 ppm [8]. In addition, the American Society of Agricultural and Biological Engineering (ASABE) recommends a minimum airflow for enclosed cabs of at least 42.5 m3/hr (25.0 cfm) per person [9] to ensure an acceptable level of CO2."

Jan 1, 2017

By Angelina Anani, Nilufer K. B. Akbulut, Sefiu O. Adewuyi

Crucial information about safety, design and operation from ground movement data can be utilized in underground mines. Communicating the information and exploring new findings can be a challenge, however, in a decade where there is an ever-increasing volume and velocity of data due to advancements in mining technologies. This challenge escalates for geotechnical data as they are multidimensional, depending on the space and the rate at which they take place. To tackle this challenge, geotechnical engineers should focus on using simple yet compelling visualization of rock mass data in 3D. Competent visualizations of ground conditions as a trigger action and response plan (TARP) could ease the communication of safety concerns and the exploration of rock mass displacement and strain surrounding an opening at an underground mine. Therefore, this study focuses on using scientific visualization methods by rendering geotechnical data over the surface of a 3D mesh model to display TARP levels. The study was conducted at the East Decline of the San Xavier (SX) Underground Mine, a laboratory mine operated by the University of Arizona. The project aims to produce visualizations that optimize the use of geotechnical data in near-real time.

Sep 1, 2025

By D. R. Spears

As part of its mission to develop technology to assure a continuing supply of minerals, the US Bureau of Mines has investigated the flocculation of a Stillwater, MT, chromite ore. The ore was flocculated at different solids contents and at different stirring speeds to determine the importance and effect of hydrodynamic factors. In acidic and basic pH, the chromite ore was flocculated with high molecular weight polyacrylamides differing in the degree of hydrolysis. Polyacrylamides were found to bind to chromite ore particles through hydrogen bonding. The anionicity of the polymer and the pH affected the degree of polymer-particle interaction, which in turn affected polymer conformation at the surface. A polymer conformation with many loops and tails was used to explain high flocculation efficiency. It was found that such a conformation could compensate for poor hydrodynamic conditions.

Jan 1, 1992

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 Ian Sherrell, Christian Cardoso, Henri Vepsäläinen, Guillermo Bermudez

Performance of mixing mechanisms in flotation cells is paramount, as inefficiencies can lead to financial losses through valuable minerals lost to tailings. Technological advancements have been implemented in flotation cells to optimize performance, but regardless of the efficacy of these developments, room for improvement may persist. Since its launch in 2005, FloatForce® has set a high industry standard for flotation mixing mechanisms. However, current mining trends call for sustainability-driven developments while improving metallurgical performance. Metso has recently introduced FloatForce®+, the latest iteration of FloatForce, developed through extensive laboratory, pilot, and industrial testing, aligning with mining sustainability trends. It has been designed to maximize recovery, reduce power draw and optimize manufacturing materials. This development stems from a redesigned rotor profile paired with a harmonizing stator configuration. This paper presents the development journey of Metso’s latest patented flotation mixing mechanism, an advancement to improve metallurgical performance at a high sustainable standard in flotation cells. The theory, CFD modeling and test work are discussed in detail.

Feb 1, 2025

By L. L. Chasko, D. W. Alexander

Researchers from the National Institute for Occupational Safety and Health’s Office of Mine Safety and Health Research conducted an assessment of the effects that ground control mesh might have on rock and float coal dust distribution in a coal mine. The increased use of mesh to control roof and rib spall introduces additional elevated surfaces on which rock or coal dust can collect. It is possible to increase the potential for dust explosion propagation if any float coal dust is not adequately inerted. In addition, the mesh may interfere with the collection of representative dust samples when using the pan-and-brush sampling method developed by the U.S. Bureau of Mines and used by the Mine Safety and Health Administration for band sampling. This study estimates the additional coal or rock dust that could accumulate on mesh and develops a means to collect representative dust samples from meshed entries.

Jan 1, 2014

By L. L. Chasko, D. W. Alexander

Los investigadores del National Institute for Occupational Safety and Health’s Office of Mine Safety and Health Research han evaluado los efectos que la malla de control de suelos podría tener en la distribución de polvo flotante de roca y carbón en minas de carbón. El creciente uso de mallas para controlar el desconchado o caída de material del techo y las vigas introduce superficies elevadas adicionales para recolectar el polvo de roca o de carbón. Es posible que el potencial para la propagación de explosión del polvo se incremente si el polvo flotante de carbón no es convertido en inerte de manera adecuada. Adicionalmente, la malla podría interferir con la recolección de muestras representativas de polvo cuando se usa el método de recipiente y brocha desarrollado por la U.S. Bureau of Mines y usada por la Mine Safety and Health Administration para muestreo de banda. Este estudia hace una estimación del polvo de roca o carbón adicional que pudiera acumularse en la malla y desarrolla un método para recolectar muestras de polvo representativas atrapado en las mallas.

Jan 1, 2014

By Peter McKenna

Different reefs being extracted from a mine will, in all likelihood, have significantly different semi-variogram models - and these will probably vary from geozone to geozone. As errors of estimation are dependent on the semi- variogram parameters, it follows, if a mine samples all reefs in all sections using the same sampling grid pattern, that estimation errors (or limits of confidence) will not be the same throughout the mine. This may be an undesirable situation! A geostatistical study of the relative merits of alternative sampling arrangements has been carried out by considering different reefs in different sections of a South African gold mine.

Jan 1, 1989