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By Milan Yekich, Emanuele Cauda, Justin Patts, Cody Wolfe

This study presents the application of low-cost dust monitors (LCDMs) for real-time monitoring of respirable dust in a mining environment. LCDMs significantly enhance data collection by providing continuous, granular and cost-effective dust concentration readings. This case study demonstrates that by deploying LCDMs, mining operators can respond quickly to changes in dust levels, improving occupational safety and air quality management. The results show how such monitoring technologies can be integrated into routine operations to reduce dust exposure and prevent health hazards such as silicosis, especially when coupled with appropriate mitigation strategies.

Nov 1, 2024

By William Gleason

"More than 6,300 people converged on the Colorado Convention Center for the 2017 SME Annual Conference and Expo and 119th National Western Mining Conference in Denver, CO on Feb. 19-22. Many of them crammed in to hear Douglas Silver deliver the keynote address to the conference.Silver is a portfolio manager for Orion Mine Finance, a private-equity fund focused on providing funding to advanced-stage base and precious metal projects and is one of the most respected voices in the field of mineral economics. Prior to joining Orion, he served as chief executive officer and chairman of International Royalty Corp., a global mineral royalty company, which he founded in 2003 and sold in 2011.Those who were hoping that Silver would deliver at least a bit of optimism during his 90-minute presentation got what they came for from the talk titled, “When are commodity prices going to rebound?”It marked the second time Silver has presented the keynote address to SME, the first was in 2008 and was delivered during the height of mining’s super cycle (ME, June 2008). In his 2017 address, Silver looked back on the previous 10 years and the massive contraction of the global economy that resulted from the great recession that began near the end of 2008.It has been a challenging time for the mining industry. About US$1.4 trillion was lost in the global mining stocks from 2011 to Jan. 6, 2016. Major mining companies exceeded $60 billion in write downs between 2012 and 2013 and investors lost confidence in the sector, putting the global mining industry into a bear market that has taken mining equities to historic lows.However, that was then and this is now.Using numerous examples, including rising commodity prices, a steady decline in the U.S. unemployment rate, increases in discretionary income and the Dow Jones Industrial Average, which topped the 20,000 mark for the first time ever in February, Silver theorized the current down cycle is near its end and the demand for metals and other commodities will see a sharp increase by 2025. He also noted that investors are beginning to rotate back into mining equities."

Apr 1, 2017

"The National Mining Hall of Fame and Museum (NMHFM) announced the 2017 National Mining Hall of Fame inductees. This year’s inductees, selected by the National Mining Hall of Fame’s Board of Governors, represent exploration and extraction of new frontiers, environmental stewardship, leadership in formulating U.S. mineral policy, education, and research and development, including the use of computers in planning, designing and managing mineral industry operations. The contributions of these individuals have undoubtedly had a significant and lasting impact on the mineral and mining industry. These individuals were selected for being visionary leaders, innovators, authors, pioneers in corporate social responsibility, and long-standing advocates for the U.S. mining industry.Dr. Thomas V. Falkie, Leonard Harris, Dr. Vincent E. McKelvey, and Gordon R. Parker will join 236 other mining industry luminaries when formally inducted into the National Mining Hall of Fame on Sept. 23, 2017. The 30th Annual Induction Banquet and Ceremony will be held at the Pinnacle Club, Grand Hyatt Hotel in Denver, CO.2017 National Mining Hall of Fame inductees:Dr. Thomas V. Falkie — In a career spanning six decades, Falkie’s accomplishments in industry, academia, government and professional societies demonstrate a pattern of integrity and sustained excellence. His gravitas and management style left highly favorable impressions in every position he held. He was the chairman and president of Berwind Natural Resources Corp.; President of SME; President of the American Institute of Mining, Metallurgy and Petroleum Engineers; Director of the U.S. Bureau of Mines and head of the Department of Mineral Engineering at the Pennsylvania State University. He played major leadership roles in the American Mining Congress, National Coal Association, Mining and Metallurgical Society of America, and the National Mining Association. He served on the board of directors of Foote Minerals and Cyprus-Amax and was very active in the National Academy of Engineering, the SME Foundation and the National Mining Hall of Fame and Museum.Leonard Harris — A highly regarded metallurgist and business executive, Leonard (Len) Harris may be most remembered for the heart he has for the people whose lives were touched by his career. For more than six decades, Harris has been a true pioneer in corporate social responsibility, leading companies to understand that doing the right thing for the local people is also the best path to business success. After an early career in Australia and Ghana, Harris moved to Peru in 1955 to join Cerro de Pasco Corp., owner of several mines with one of the most complex metallurgical operations in the world. Harris was quickly promoted through multiple positions and was ultimately named director of metallurgy."

Jan 8, 2017

By Bruce Watzman

Can the United States mining industry achieve its long-stated goal of zero fatalities ? and what will it take to do so? Does it require new laws and regulations, as some propose, and a continuation of the commandand- control model that has been born out of more than 40 years of regulation and enforcement under the Federal Mine Safety and Health Act of 1969? Or, is it time to consider a new model to manage safety and health and drive continuous, sustained improvement? These are questions that many are debating as mine safety performance, while improved, appears mired in a trough where improvement followed by declines seems to have become the rule rather than the exception. Without doubt, U.S. mines have made significant progress in safety performance during the last four decades, yet the stalled decline in fatality numbers, the industry?s report card of its success or failure, has led some to question whether the industry will achieve zero fatalities in U.S. mining by relying solely on the Mine Act?s framework and implementing its regulations. These are questions the CEO-led task force, set up by the National Mining Association (NMA), considered as it sought to identify impediments to zero fatalities posed by the current regulatory regime. Out of that effort came CORESafety, a common safety and health framework that relies on a management system approach to improve safety and health performance. The goal of CORESafety is to achieve zero fatalities and a 50-percent reduction in the rate of injuries in U.S. mining within five years ? 0:50:5. CORESafety is built on the plan-do-checkact model, which has been successfully deployed by industries, mining and nonmining alike, to drive continuous improvement in safety and health performance. The improvements in safety performance that can be achieved by shifting from a command-and-control regulatory approach to a risk-based systems approach built on the plando- check-act model have been documented in numerous industries. For example, the United Kingdom quarrying industry (Fig. 1), not satisfied with the number of reportable accidents being experienced 1995-2000, established a hard target of a 50-percent reduction in the number of reportable accidents during the period 2001- 2005. Having met this target, the industry then established a further target zero for the period 2006-2010. The mechanism to achieve these reductions? The plan-do-check-act model.

Jan 1, 2014

"The National Mining Hall of Fame and Museum (NMHFM) announced the class of 2019 National Mining Hall of Fame inductees. This year’s inductees, selected by the National Mining Hall of Fame’s Board of Governors, represent exceptional financial acumen in assembling several operations that formed the basis of a successful American mining company; conception and development of equipment which contributed to improved efficiency and mine safety; and unrelenting advocacy for the U.S. mining industry and its workers. These individuals, selected for being determined, forward-thinking innovators, doers and leaders have propelled the industry toward vastly improved safety and social responsibility.The Prazen Living Legend of Mining Award, named for renowned mining artist Gary Prazen, will also be presented at the ceremony. This award recognizes an individual or organization for significant and sustained commitment to educating the public about the relationship of mining to our everyday lives through educational materials, programming, and outreach.2019 National Mining Hall of Fame inducteesFrank Calandra, Jr. has devoted more than 50 years to the mining industry and he is an icon in ground control technology for the mining, tunneling and civil construction industries.From the ground up, his passion, sweat equity and shrewd business acumen have grown Frank Calandra, Inc. (FCI) and Jennmar from a single plant in Pennsylvania to a world-class enterprise with 25 plants employing thousands globally. As evidenced by Calandra’s more than 20 patents on ground control devices (not to mention the additional 80 patents his companies hold), his innovation and commitment to safety have made underground mining safer and more efficient. In the late 1970s and early 1980s, Calandra was instrumental in upgrading American Society for Testing and Materials (ASTM) standards in roof control for both state and federal regulations. Through his work with industry associations such as the National Mining Association, National Coal Council and Center for Energy and Economic Development, among others, Calandra has contributed his time, expertise and financial support to ensure a balanced political and regulatory climate for mining. Calandra is an inductee of the West Virginia Coal Hall of Fame."

Aug 1, 2019

By Steve Kral

"The mining industry is a tough business. The obstacles faced in attempting to run a mine - much less build a new one - go beyond an orebody’s geology. There was a time when commodity prices dictated whether or not to build or expand a mine. Today, though, the challenges faced by miners include social responsibility, environmental regulations and a myriad of needed permits on several governmental levels that every miner knows will be challenged by opponents every step of the way. With all of those challenges, and others not mentioned here, it’s a wonder anyone would stay in the industry. But they do. In fact, more than 2,100 mining professionals from around the world gathered in Reno, NV last December for the American Exploration and Mining Association’s (AEMA) annual conference. That is an impressive number, considering that commodity prices remain in the doldrums, preventing companies from building many new mines and limiting expansions at existing ones. Even so, attending such a conference allows these mining industry pros to learn new and more efficient ways to operate their mines and plants through the dozens of technical presentations the conference offered. And mingling with their peers provided another avenue for learning. The AEMA conference also attracted many of the industry’s leading equipment and service providers (228 exhibitors in 246 booths). Technical presentationsThe AMEA meeting is known for its variety of high quality technical presentations and the 2014 conference was no exception. Some of the topics include new technologies in surface and underground mining, explorers and emerging producers, mine closure and remediation, regulations and reserves reporting, hydrology and new innovations in mining. Here is a sample of some of the presentations."

Jan 1, 2014

By Todd Loudin

A majority of the chemical process industry uses lime in either a powder or liquid form. Engineering and maintenance personnel often face a long and potentially expensive trial-and-error period in order to find the best process equipment to handle lime. Limestone is mined from a quarry in the form of calcium carbonate (CaCO3). Then, it is crushed and fed into a kiln at approximately 1,093° C (2,000° F), where the carbon dioxide is burned off (calcining) to make calcium oxide (CaO).

Jan 1, 2010

By Peter Zhang, Todd Minoski, Gabriel Esterhuizen, Jack Trackemas, Berk Tulu, Morgan Sears

Roof stability in the belt entry is critical for safe and continuous production of coal during longwall mining. Previous studies of roof falls that occurred in belt entries have shown that the roof falls were largely associated with high in situ and longwall-induced horizontal stresses [1,2,3,4]. To properly support the roof in a belt entry, it is important to understand how longwall-induced horizontal stress changes can affect roof stability in the belt entry. Monitoring of horizontal stress changes was conducted in the belt entries of two Pittsburgh seam longwall panels oriented unfavorably to the major horizontal stress. Numerical models were also set up to investigate how horizontal stress concentrates and relieves in the belt-entry roof near the face as panel orientation changes. Both measurements and modeling results show that high horizontal stress concentrates in the belt entry roof within about 15 m outby the face. The study demonstrates that longwall-induced differential horizontal stress can be used to evaluate the horizontal stress concentration factors. The horizontal stress concentration factors change with panel orientation, resulting in high stress concentrations at orientations between 20 and 110° and low stress concentrations between 130 and 180°. Roof support strategies are given for the belt entries under the influence of high horizontal stress. For unfavorably oriented panels in weak roof conditions, supplementary support should be installed during development, and cable bolts should be anchored into a stable roof horizon. The bolting pattern should be designed to cover both entry corners and the entry center to prevent potential roof cutters and sagging.

Jan 1, 2023

By Wei Victor Liu, Na Zhang, Chengkai Fan, Bei Jiang

This study used artificial neural networks (ANNs) coupled with Gaussian mixture modeling (GMM) to analyze truck haulage data from openpit mines. The proposed weighted ensemble models performed better than benchmark models in predicting truck productivity, providing a new means of solving complex data and improving mine planning and decision-making.

Jun 1, 2023

By S. J. Schatzel, J. D. Addis, V. Gangrade

In longwall mining, ventilation is considered one of the more effective means of controlling gases and dust. In order to study longwall ventilation in a controlled environment, U.S. National Institute for Occupational Safety and Health (NIOSH) researchers built a unique physical model called the longwall instrumented aerodynamic model (LIAM). The LIAM is a 1:30 scale physical model geometrically designed to simulate a single longwall panel. It has an 8.94 by 4.88 m (29 by 16 ft) footprint with a simulated face length of 220 m (720 ft) in full scale. LIAM is built with critical details of the face, gob and mining machinery, and scaled to preserve the physical and dynamic similitude. This paper discusses the gob-face interaction, airflow patterns within the gob, and airflow dynamics on the face for varying roof caving characteristics. Results are discussed to show the impact of caving behind the shields on longwall ventilation.

By Felipe Calizaya, Sekhar Bhattacharyya

Noise-induced hearing loss (NIHL) is prevalent in mechanized underground mines. Federal regulations are often not complied with effectively. Miners are also prone to ignoring administrative guidelines and/or personal protective equipment for hearing conservation. As a result, quality of life among experienced miners plummets while occupational risks increase at workplaces. This research focused on auxiliary fans used in underground mines. These fans work at high rotational speed and generate extremely high levels of noise in close proximity to miners. Silencers used are often of little effect due to poor maintenance. A new silencer is tried in the laboratory with the objective of easy maintenance and resulting reduction of noise exposure for miners.

By William Gleason

The world has seen unprecedented economic changes in recent years, starting with the stock market collapse of 2008 and the great recession that followed. With these changes, the mining industry, like others, has been forced to find ways to adapt to the shifting and sometimes volatile conditions. It has been a bumpy ride that has not been easy. Prices for most commodities have been in a decline in the past several quarters ? albeit still well above the average prices of 10 years ago ? as the costs of production have been on a steady incline for the past 10 years. Adding to the concern was the report in April that China, which had grown at an average pace of 10 percent/year, for the past decade, slowed to less than 8 percent gross domestic product (GDP) growth this year, catching many off guard. Even gold, once the safe haven for investors during rocky times, stumbled in April of this year, losing 7 percent of its value in two days. So what?s an investor to do ? and how can companies still attract financing? For the first time in 10 years, SME, in conjunction with the New York Local Section of SME, attempted to clear the waters of the mining finance sector with a conference focused on ?Current Trends in Mining Finance.? Held at City University of New York, Graduate Center, April 29-30, the two-day conference attracted 148 attendees and was intended for senior executives and mining industry specialists, covering a range of important topics and trends through 17 panels with about 50 speakers. The presentations came from representatives from some of the most influential companies in the mining and financial sectors, including Citi, Nomura, Societe Generale, Caterpillar, Newmont Mining Corp., Ernst & Young, Export Development Canada (EDC), KPMG, HSBC, Tocqueville Asset Management, BNP Paribas, Revett Minerals, Royal Gold, Environ and ERM.

Jul 1, 2013

Choosing the right valve for corrosive, abrasive slurry applications requires exacting analysis and a comprehensive understanding of the complete slurry process. Within the realm of flow control in abrasive and corrosive slurry applications, there is no room for a one-size-fits-all approach. To ensure minimal maintenance, maximum uptime and the lowest overall cost of ownership, the slurry processing toolbox must contain countless alloy and elastomeric pairings ? each carefully targeted to the particular process medium and conditions. This materials selection process is best tackled by turning to expert slurry application engineers and valve product managers who work closely with customers to specify the optimal valve for the given parameters. ?When plant operators and design engineers apply conventional valves in abrasive applications or use metal seated valves or simply apply the wrong valve for a particular flow control situation, it typically leads to rapid valve failure, the potential for hazardous leakage, unexpected shutdowns and costly downtime,? said Cal Cobb, valve products manager for Weir Minerals North America, manufacturer of Isogate slurry valves for service in mining, minerals processing and metallurgical environments.

Jan 1, 2011

By L. Galarza

"INTRODUCTION Beneficiation of ores and minerals in a concentrator plant requires a significant amount of water [1] for the grinding and particle separation processes; most of it ends up being recirculated for reuse, slurry pumps are used after crushing and grinding feeding the ore to a classifier to separate fine-grained material (less than 5 mm) from coarse-grained material requiring further grinding. The lower ore grades [2] in the past couple of decades have demanded an increase on power size and efficiency of process machines to maintain a competitive plant throughput; Hydro-cyclone feed pumps to control both under and over milling or grinding are not the exception; Fig. 1 shows a conventional drive train [3] comprising an (1) asynchronous motor (also known as squirrel cage induction motor = SCIM), a high speed coupling (2), a gear reducer (3) and a low speed coupling (4) attached to the shaft of the pump (5), to accommodate the motor rated speed (typically 1800 rpm) to the process requirements (in the range of 250 rpm to 350 rpm), requiring additional components related to the gearbox: instrumentation, maintenance, disposable lubricants and filters, spare parts, thus reduces the overall system efficiency ultimately reflected into CAPEX and OPEX.WHY VARIABLE SPEED DRIVES FOR CYCLONE FEED PUMPS Hydrocyclones or commonly referred as “cyclones” are one of the most important devices in the minerals industry [4]; almost universally used in close-circuit grinding because of their high capacity and relative efficiency, the evolution of Power Electronics made affordable the use of Medium Voltage - Variable Frequency Converters (VFC) for Cyclone Feed pumps in combination with induction motors larger than 500hp (373kW) to gain multiple benefits: - Soft start with minimum electrical utility disturbance = inrush current mitigation - Full Torque available at zero speed for overload startup with pulp solidification after long still stand periods, superior to any other reduced voltage starting method. - Optimum and constant pump speed (independent of the electrical network or load condition), compared to across the line SCIM operation - Flexible Motor Voltage and Speed regardless of the power distribution Voltage and Frequency - Improved Power Factor (close to unitary), over the entire operating speed range"

Jan 1, 2015

By Robert Klug, Nils Engelke

"In order to extract proportionately small quantities of valuable minerals, mining companies move large amounts of earth. A resulting waste product of this process has traditionally been stored in a semi-liquid phase known as tailings, typically stored in a large pond created by an earthen dam at the low end of a drainage basin. It is generally expected that these dams are stable enough to withstand the pressure of the stored material. Unfortunately, history shows us that this is not always the case. The Baia Mare dam in Romania failed in 2000, causing tragic and prolonged environmental damage to several major European rivers. The Bento Rodrigues dam in Brazil failed on Nov. 5, 2015, and that event resulted in the loss of 16 lives.In hard rock mining, many minerals are imbedded within the ore. As part of the mining process, valuable minerals are extracted from the ore; often, the mineral content is only a fraction of the total ore volume processed. To extract the minerals, the ore is typically crushed and pulverized into very fine particles, then wetted to form slurries. The minerals are extracted from the slurries through a series of flotation and/or sedimentation steps with the aid of water-soluble separation chemicals typically known as reagents. Following the mineral extraction, the resulting residual wetted ore cuttings are labeled as tailings. At the end of the extraction process, the tailings are in a thick semi-fluid sludge state, often with trace elements of the extraction reagents.Historically, these tailings are deposited in giant basins or sludge ponds, where they pose a great threat to the environment while binding large volumes of waste process water.Process water recovery and achievingdry tailingsCurrent generation engineering studies, trials and successful field implementation have shown that an alternate process known as dry stacking is practical. The dry stacking process deposits dewatered tailings into containment areas that are smaller in overall footprint and significantly safer by reducing the transfer of reagents into the tailings storage area. In addition to achieving the dry tailing benefits mentioned, it is possible to recover valuable process water while dewatering the tailings sludge utilizing modern separation technology."

Jan 4, 2018

By William Gleason

For the first time in many years, the Liebherr Group chose to host its annual conference for the international construction trade press in the United States. The reason for the move is simple ? mining. Like other large corporations, especially those in the construction fields, Liebherr felt the effects of the global economic crisis that began in 2008. The slowdown in the housing market was especially hard on Liebherr?s mobile crane and earth moving divisions. The mining division, however, while affected by crashing commodity prices that led to cancelled orders and the loss of financing for some customers, was not battered as badly as the other divisions. And now, with the price of commodities once again on the rise, it seems that it will be Liebherr?s largest machines that lead the family-owned company to better days. ?We can report that our generally optimistic view during the crisis has proved adequate,? said Joachim Janka, president of Liebherr mining equipment, at the conference in Williamsburg, VA, just down the road from the company?s mining truck division global headquarters in Newport News, VA. ?Since the third quarter of 2009, our mining equipment activities have been recording once more a strong and steady demand. This has already yielded a substantial increase in market shares for our product lines of large mining shovels as well as for mining trucks.?

Jan 1, 2011

At the 25th Peruvian Mining Convention, the start-up of Antamina was called ?the mining event of the year.? Antamina, one of the largestcopper-zinc mines in the world, began operations in May 2001.Augusto Baertl is Executive Chairman of Compañía Minera Antamina, the operating company. He said in a convention address that Antamina would be in full production in 2002. ?I would like to stress that Antamina is, in every respect, a highly stringent operation, as it intends to be the Peruvianmine of the future,? Baertl said. ?Antamina has set the target of being, and remaining throughout time, a model mine as to technology, environmental practices and social responsibility.? [ ] In the areas of technology and operations, Baertl noted that ?we have incorporated the best engineering design available and state-of-the art technology for mining, grinding and transportation processes, among others.? In the environmental area, he said that ?we have carried out careful environ-mental impact studies and have incorporated modern technologies and methods to control and minimize any environmental impact.? In the social field, Baertl noted that ?our relationship with neighboring communities is being developed under the premises of the social responsibility philosophy.? These include popular consultation processes, environmental committees and conciliation discussion committees. The purpose, he said, is to encourage communities located within the area of influence of the project to find and lead by themselves their path toward sustainable development, beyond the life of the operation itself.?

Jan 1, 2001

By William Gleason

"In a time that seems to be dominated with nothing but bad news coming from the mining industry, there is a success story that has been quietly happening in Southwestern Wyoming for more than 60 years, and it is one that is likely to continue for many decades to come.Beneath the wind swept high desert plains of Sweetwater County, WY, about 32 km (20 miles) west of Green River, lies the Green River Basin where five companies, including Tata Chemicals North America (TCNA), are mining the world’s largest known deposit of trona and, in turn, are collectively producing 15.3 Mt/a (17 million stpy) of soda ash.“We have a long-term growth story that has been, and will continue to be a steady earner for many years to come,” said J. Martin Keighley, managing director of TCNA who has been in charge of the mine, formerly known as General Chemical Industrial Products Inc., for Tata Chemicals for about three years.According to the U.S. Bureau of Land Management (BLM), Keighley is safe with his prediction of future success. The BLM estimates that there are enough reserves in the Green River Basin to last another 2,000 years. Currently, four trona beds in the Green River Basin are being mined and in all, there are 25 major trona beds that occur within the Wilkins Peak Member of the Upper Eocene Age Green River Formation. The trona deposit as a whole covers about 2,500 km2 (1,000 sq miles) within the Green River Basin.And imagine, this economic mainstay in the region was discovered accidently.Prior to 1948, soda ash, the salable commodity that comes from trona and is used in a host of products including glass and detergent, was produced synthetically. In 1938, an oil and gas exploration team working in the Green River Basin came away with a find that would change the soda ash industry and the physical and employment landscape of southwestern Wyoming forever. Within 10 years, the communities of Green River and Rock Springs, which were built largely on the back of coal mining and railroads, had another commodity beneath their feet."

Jul 1, 2016

By Chee Theng

"Mining professionals are a resilient lot. Sure, copper prices are dismal, permitting processes seem interminable and the top mining companies are shedding jobs like a Shetland sheepdog sheds hair. All the more reason to hone technical skills, reconnect with old contacts and get one’s finger on the pulse of the industry.More than 400 did just that in the balmy sunshine and among the saguaro cactus of the Tucson venue of the SME Arizona Conference.Giving the keynote speech was Patrick Merrin, vice president at Hudbay Minerals (see box), while the luncheon speaker was University Distinguished Professor Mary Poulton, director of the Lowell Institute for Mineral Resources at The University of Arizona.“Attendance was great, especially given the copper price,” said Ta Li, vice president of business development at Tetra Tech and 2001 SME President. “The luncheon speaker was one of the better ones in recent years. Her talk contained a lot of fresh ideas, and practical versus theoretical concepts.”Talk about values, not economicsPraise was unanimous for Poulton, who gave a thought-provoking talk on “The New Face of Mining: The Culture Change for Compatible Mining.” Corporate social responsibility has been embraced by the metals mining industry, and it’s being done right, she said. “So why do we have more conflict? Why are there more protests? Why does permitting take longer and longer?” Poulton made a case for an approach based on compatible, rather than sustainable, mining to present a new face of mining that can be compatible with communities, cultures and the environment, and still be profitable. When the mining industry starts to talk about compatibility between what it is doing and what “me,” as the consumer, wants, what “we,” as citizens of a community, want, and what’s good for the “world,” we’re going to see the next culture change happen, she concluded."

Jan 1, 2015

By F. H. Buttner

Commodity currency intrigues most of us because of the problems it offers to solve for the Third and the First Worlds. What problems might be solved, if commodity currency were to be adopted in the Third World? That is really the question we are probing here right now. It would take a while to think through all their subtle consequences of this question, but, off the top, it might well have at least three important impacts. Most important of these to this audience is relief from unfair Third World competition. Second, it might well liberate Third World economies from financial indebtedness to the First World and give them freedom from the liquidity limitations. The third benefit is that it might help relieve World trade tensions. All three benefits are interrelated. We could start our speculations on the application of commodity currency from anyone of these starting points. But let us use the starting point most important to you, unfair competition to the U.S. mining industry. From there we might wind up with some thoughts on things you, yourselves, can do to improve things.

Jan 1, 1978