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Canadian owned Lake are carriers will be used again this year in an attempt to make up the deficit caused by the two months steel-strike. Buffalo mills need between 5 million and 6 million tons of ore before the Lakes navigation season ends. Mutual Security Program aid will help reactivate Austria's largest iron ore mine. The Erzberg development is one of the moat important in Europe. MSA announced approval of $500,000 in supplemental financing of equipment. Following the war, the Russians stripped the Erzberg and Radmar deposits of equipment. The he Carborundum Corp. is going to build a $2.44 million plant at Akron, NO.. TOP near Niagara Falls for production of rare metals used by the Atomic Energy Commission. A subsidiary, the Carborundum Metals Co., Inc.,, will produce zirconium, hafnium sponge metals. The pyrochlore rich Sukulu Hills in Eastern Uganda will be mined under a pool arrangement including Tinto Mines, Monsanto Chemicals and Frobisher Mines. The combine will be known as the Uganda Development Corp., Pyrochlore is used in the manufacture of heat-resisting. alloys for Jet engines.

Jan 1, 1952

The Office of Price Stabilization broke the copper price loggerhead between the U. S. and Chile when it permitted copper wire and brass mills to add to their ceiling prices 80 pct of the increase in cost of foreign copper above the 27 1/2 cents per pound specified in the agreement with Chile. Another step forward in the processing of taconite seems to have been made with the patenting of a process for the strengthening of taconite pellets. The patent was issued to Fred D. De Vaney and assigne to the Erie Mining Co., of Hibbing, Minn. Strength of the pellets is improved by adding from one to five pounds of starch or sodium silicate. A new iron ore deposit discovered on Vancouver Island will start producing soon, and is expected to yield 2 million tons of magnetite over its span of operation. A new mill will be built by the Argonaut Construction Co., of San Francisco, at the deposits of the Utah Construction Co., its parent organization. The Organization for European Economic Cooperation banned the use of nickel and nickel alloy in the manufacture of about 500 products in an attempt to conserve nonferrous metals in short supply. Some 18 members of the organization have already volunteered to restrict nickel consumption.

Jan 1, 1952

Manganese ore from the Black Rock, Kramer, and Black Jack mines in Tooele and Jaub Counties, Utah, are of acceptable grade, the U. S. Bureau of Mines has announced. Payment of a premium price of 252¢ per lb to the Copper Range Co., of Michigan for the output of its White Pine mine, has been agreed to by the DMPA. The contract will be limited to $28.6 million worth of copper. The agreement follows an RFC loan grant of $57 million to bring the White Pine property into production within three years. Increases of 5 to 6 cents over the Lake copper ceilings have been granted to the Calumet & Helca Consolidated Copper Co., for operation of "high cost" deposits, according to Jess Larson, DMPA administrator. Mr. Larson expects the move to add about one million lb of copper per month to the supply. The agreement can be cancelled on 60 days notice and is terminated automatically in the event copper ceilings are removed.

Jan 1, 1952

Manganese deposits discovered in Maine may solve one of the problems facing the steel industry today. Diamond drilling is scheduled to start in Aroostook County to determine whether the ore is of acceptable grade. The Bureau of Mines estimates the deposit contains several hundred million tons. If true, it means about a 30-year supply. The steel industry presently imports about 90 pct of its needs. Noranda Mines, Ltd., is planning a sulphur-iron plent for Ontario's Niagara Peninsula. Although contracts have not been signed, a substantial agreement has been reached with American Cyanamid, Ltd., whereby the Noranda plant would be constructed adjacent to Cyanamid's chemical plant at an estimated cost of million. The unit would treat approximately 100,000 tons of pyrite concentrate annually. San Manuel Copper Corp., wholly-owned subsidiary of Magma Copper Co., is asking the RFC for a $111.28 million loan for development of a copper orebody in Pinal County, Ariz. The property s said to be capable of producing 10 million tons of ore annually. San Manuel plans to construct facilities for processing 30,000 tons of ore and for smelting 800 tons of concentrate daily. An Aeromagnetic map covering 120 sq miles of the Wichita Mountain area in southwestern Oklahoma indicates a possibility of iron production from titaniferous magnetite deposits of the Raggedy Mountains, northwest of Lawton. The map shows an area in the north central part of the region which may prove favorable to further development.

Jan 1, 1952

The importance, validity, and acceptability of the Paley Report has become the great issue of the minerals industry. A 12-man panel made up of representatives of various facets of the industry sat down at the 1952 Mining Congress Show in Denver in an attempt to clarify the many opinions currently held concerning the report. Howard Young, deputy administrator of the Defense Materials Procurement Administration, noted that the report had caused more discussion and serious thinking than any other government report, He did not subscribe to the "have not" principle, however, but called it a "need more" principle. Horace M. Allbright, president of U. S. Potash Corp., believes industry should continue to develop the report. He cited the editorial appearing in the September, 1952 edition of Bining Engineering,,, "Don't Let It Die," as expressing his feelings. Edward Snyder, president of Combined Metals Reduction Corp., says the statistics used in the report were used to promote a false international policy. He sees the report as a master plan for the development of the superstate. He also stated that the-ore reserves given in the Pales, report represent only 10 pct of what is actually available.

Jan 1, 1952

September steel production established a new record for a 30-day month with 9,034,000 tons. It was the highest of any month since March. Output of ingots and steel for castings was 535,000 tons more than was poured in August 1952, and 373,000 tons over the total for September 1951. Prime Minister Daniel F. Malan touched a gold button to start South Africa' a first uranium plant into production on the premises of the West Rand Consolidated Gold Mine, near Krugersdorp, Transvaal, 25 miles west of Johannesburg. Uranium oxide is being extracted from mine tailing after removal of the gold. Thirteen gold mines in the region are scheduled for uranium production. Defense Materials Procurement Agency signed an agreement-with the Bagdad Copper Corp., Bagdad. Ariz., for expansion of the firm's facilities to enable delivery of at least 27 million lb of copper a year and 91,0000 lb of molybdenite. It is said that the company will spend about E million on the expansion.

Jan 1, 1952

Noranda Mines, of Quebec, signed a contract for construction of a $20 million copper refinery at Gaspe, P.Q. The plant is expected to have a 65500-ton daily capacity for both concentrator and smelter. Extensive drilling. around Gaspe has revealed more than 65 million tons of 1 to 2 pct copper in several deposits. Cerro de Pasco Corp. has called a special stockholders meeting for August 19 to obtain permission to engage in the oil and natural. gas business, in addition to its present production of zinc, lead, copper, silver and other metals. St. Joseph Lead Co. recently entered the oil development field. The United States, Canada and Great Britain have agreed to establish a permanent organization to work on unification of engineering standards. General accord has been reached on drafting standards and practices, screw threads, fittings for gas cylinders, and fits and tolerances. Permanent committees will study these fields. Reconstruction Finance Corn approved the largest sum in its history. for a mining enterprise when it loaned $94 million to San Manuel Copper. Corp., of Pinal County, Ariz. The loan will be used to increase production of copper and molybdenum, in what was described as-the biggest copper deposits in the country. Three large gold mining concerns operating in the Philippines told the Philippine Wage Board that they would be forced to close if they had to boost miners' wages 500 to $2 per day. The companies are Mindanao Mother Lodes, Benguet Consolidated, and Balatoc Mining Co.

Jan 1, 1952

Claims of 16 gold mining companies seeking damages from L-208 will be heard in Court of Claims starting Jan. 26. Earlier this year, judges ruled that 3 gold mining companies could sue for damages from the wartime order closing their mines. Congress later waived the statute of limitations thus permitting other gold miners to get in their claims. Despite power shortages third quarter production of aluminum exceeded that of the previous period by 2.2 pct. However, September production was 16 million lb less than in August. Hewitt-Robbins, Inc. dedicated a new $1 million addition to the company's Buffalo, N. Y. belt conveyor plant. New equipment, including a $220,000 press, will make belts up to 70 in, wide, compared with the former limit of 60 in. Charges of a tin cartel in Malaya are not backed up in the latest U. S. Government report according to the Malayan Tin Bureau. The U. S. mission reported that it "did not discover any evidence of curtailment of tin output by the mining and smelting industries." It noted that guerilla activity had halted exploration and expansion attempts by producers.

Jan 1, 1952

By Peter Nalle

12.3-1. Reporting. NEED. It seems almost unnecessary to comment on the need for reporting research and development results and activities, and yet much of the difficulty and misunderstanding surrounding a Research and Development (R&D) group results from poor or nonexistent reporting. Certainly no evaluation can be made without reports of results or plans. It is as important to report accurately and fully for the department's own use as it is for external use. Research unreported might as well be considered research undone. This section will discuss, in part, the need for reporting, the general types of reports which may be generated to satisfy the need, and finally, the evaluation of a project as judged by various commonly used standards. PURPOSE. Some specific observations might be appropriate concerning the reporting of R&D results. The requirements and background of the group receiving the report must be considered. A particular report is usually directed towards the background of a particular group, such as ((technical," "operational," "financial," or "marketing." It is essential that the emphasis and coverage be geared to the training of people receiving the report. It should be obvious that the financial department will be less interested in the technical details of the process and more interested in the capital funds and tax implications involved in the project. Operating personnel will be greatly interested in the effects of a new method on mining plans, and so on. This does not mean that the reporting in any way should slight pertinent details, nor should a patronizing attitude be assumed by the writer. However, it is essential that the needs of the reader be recognized. For reports that might have large and varied distribution, it is often feasible to group, either as sections or appendixes, the special details and information of interest only to certain functions within the organization. A

Jan 1, 1968

By Michael Bourassa, Sonja Felderhof, Normand Champigny, Steve Vaughan

Introduction -Comparison of International Reporting Standards (Sonja) -Legal and Due Diligence Requirements for Reporting (Steve) -Flexibility to Recognize International Reporting Standards (Michael) -Obligation of SRO’s to Discipline (Michael) -Impact of Sarbanes Oxley on Reporting (Normand)

Jan 1, 2003

The Committee for Mineral Reserves International Reporting Standards (CRIRSCO) was formed in 1994 to promote development and adoption of international standards for estimation and reporting of exploration results, mineral resources and mineral reserves. The CRIRSCO standards have been accepted by most mining companies and professional societies worldwide. Market regulators from Australia, South Africa and Canada require that these standards be followed when releasing public information. Among these requirements is the use of specific definitions for what constitutes exploration results, mineral resources and mineral reserves. If such information is publicly disclosed in must be estimated by a Competent or Qualified Person. In the United States of America, public disclosures are regulated by the US Securities and Exchange Commission. The SEC does not recognise the CRIRSCO guidelines, and some of the SEC requirements for public release of information are materially different from those applicable in other countries. The CRIRSCO definitions and the Competent Person requirements are reviewed and compared with those of the SEC. The organisation of the SEC and its rule making process are briefly discussed. Ongoing efforts to bring the US regulatory requirements closer to those applicable in other countries are presented, as well as other activities that CRIRSCO is entertaining with the United Nations, the International Accounting Standard Board and other international organisations to reach the objective of worldwide standardisation of reporting procedures.

Jan 1, 2006

Over the last five years the :forward momentum in the Australian resources sector has been dominated by gold production and exploration companies. While reporting of exploration results to shareholders and Stock Exchanges has generally been detailed and responsible, the standards of reporting ore reserves still leaves much to be desired in terms of contemporary investor expectations. Australian gold ore reserve reporting practices are critically examined and suggestions are made as to how gold mining companies can enhance stock market recognition by investors through more informative and useful Reporting.

Jan 1, 1987

By Greg Gosson

"Early efforts to develop formal reporting systems to quantify and classify mineral deposits date back over 100 years. (e.g. Hoover 1909: “Proved, Probable, Prospective Ore”). This was at first driven by mine operators’ need for reliable estimates of what their mines could produce. Disruption of transportation routes by world wars prompted western governments to recognize the need for assessments of strategic sources of metals and minerals that could support domestic industry during times of crisis. Categories were created to quantify mineral potential which were additional to those of mine reserves. Terms such as hypothetical and undiscovered resources entered the lexicon. Capital markets serving the mining industry were traumatized during the latter part of the 20th century by undisciplined and fraudulent disclosure by exploration companies of mineral deposit potential. Government securities regulators pressed for the development of credible reporting codes (e.g. SEC Industry Guide 7: 1981; JORC 1989; SAMREC 1994, CIM 2000). Representative organizations from the major western mining countries generally agreed that there should only be three categories of mineral resources (measured, indicated, and inferred) and two categories of mineral reserves (proven and probable). This was formalized in 1997 with the “Denver Accord”. Acceptance of the standard terminology may have been the easy part, because the challenge for the 21st century is to get general industry acceptance and agreement of the principles behind the definitions of each category. There has been noticeable movement towards this objective in the last few years. This is reflected in part in the updated reporting codes by JORC 2004, CIM 2005; SAMREC 2007; SME 2007; and PERC 2008, and the development of the CRIRSCO International Reporting Template 2007."

Jan 1, 2003

The United StatesÆ reporting standard for the mining industry for securities purposes is contained in the Security and Exchange CommissionÆs Industry Guide 7. It defines proven and probable Reserves using its own definitions, and prohibits the disclosure of quantitative estimates, for all mineralisation other than those two Reserve categories (though disclosure of Measured and Indicated Resources as quantitative mineralised material estimates is now informally allowed). Similarly, it restricts disclosure of value estimates to Reserves only, which SEC policy generally requires to be on an historic cost accounting basis. The SEC does not maintain a formal Competent or Qualified Person policy. In March 1999, the US-based Society of Mining, Metallurgy and Exploration (SME) released an update of its 1991 guidelines for definitions to be used in reporting of Mineral Resources, Reserves and Exploration Information, closely abiding by the 1997 CMMI recommendations. However, without SEC recognition, reporting under the SME and CMMI definitions is effectively barred for US companies. The SEC intends to adopt the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB). This will occur within just a few years, when the convergence project for development of the IFRS has reached a satisfactory point. The US is the largest financial supporter and participator in IASB. The Extractive Industries Standard of the IFRS will likely terminate Industry Guide 7. However, the effect of this international replacement will likely be equally restrictive. This could possibly neutralise the benefit of a CMMI-based global reporting standard. SME, the US society encompassing the widest range of mining industry professionals, does not have a Code of Ethics. It has no mechanism for requiring members to abide by a professional standard. SME is presently looking into possible solutions for this deficiency. US-based professional societies that do have a binding Code of Ethics, generally cater to a single profession, and are not just mining industry related. The American Institute of Professional Geologists (AIPG) and the American Institute of Minerals Appraisers (AIMA) are examples. The SME is considering creating a subsidiary body with an enforceable Code of Ethics. To support a CMMI-based global reporting standard, competent persons will need to work across international borders. A standardised mechanism for qualifying and registering competent persons will be needed. National rules and laws must allow competent persons to easily enter countries to perform their work. State issued licenses are increasingly required for much of the work performed in the US mining industry by engineers, geologists and minerals appraisers (valuers). Such licenses are not required by the SEC for Reserve reporting in the US, may not be required for valuation of mineral properties under certain circumstances, and except for real property valuer licenses, they generally do not have a binding code of conduct. However, state licensing of professionals forms a substantial and increasing barrier to interstate trade in professional services, and can be a prohibitive barrier to professionals from outside the US. Any rationalisation of this confusing patchwork of regulations confronting US minerals industry practitioners will only occur as part of larger, national change, hopefully aimed at compliance with international standards and protocols. The US does not have a valuation standard aimed specifically at the mining industry. The Uniform Standards of Professional Appraisal Practice, the national valuation standards, often must be applied to mineral property valuation, but contains no specific instructions for minerals. The author has campaigned against development of minerals valuation standards proposed by US minerals institutes. Instead he encourages the mining industry worldwide to place its support behind the initiative of the International Valuation Standards Committee (IVSC) to include an extractive industries section in its International Valuation Standards (IVS). This should provide a global set of valuation standards for the mining and petroleum industry within two years. This addition to IVS will provide essential valuation standards reference support for the extractive industries financial reporting standard of the International Accounting Standards Board. The IVS has achieved a high level of acceptance in the developed and lesser developed countries of the world. It provides a comprehensive framework of Generally Accepted Valuation Principles for the valuation profession internationally, for valuation of all property or asset types. IVSC is effectively a sister organisation to IASB. The IASBÆs International Financial Reporting Standards (IFRS), previously known as the International Accounting Standards (IAS), reference and quote IVS in some instructions for determination of fair value. IVSC is a non-governmental organisation (NGO) member of the United Nations and maintains liaison with many important international economic, accounting and financial agencies, such as the OECD, IMF and WTO.

Jan 1, 2002

THE SECRETARY The year 1917 has been a notable one in Institute affairs. The usual activities, including meetings, publications, local section interests, library service, and so-forth, have been continued on at least the same scale as previously, and in addition the resources of the Institute have been placed without stint at the service of the Nation, not only for the active prosecution of the military side of the war, but even more especially in the industrial operations which form the very basis of modern warfare. The officers and directors of the Institute have labored both officially and individually, while the Institute as a body, through committees of, prominent members, and through many individual members, has given freely. Finally, Institute funds have been appropriated to an amount exceeding $5000 to accomplish the cooperation with Government bureaus, and provide committee expenses necessary for performing the services that have been given. The President of the Institute had a very large personal share in many of these activities, which will be described in the following pages, as well as in the President's own report. Many of the Institute's members are giving their whole time for. $1 a year, or less, and especial mention should be made of Herbert C. Hoover, Food Administrator, W. L. Honnold, Head of the Commission for Relief in Belgium, Mark L. Requa, Petroleum Administrator, Edgar Rickard and Charles W. Merrill of the Food Administration, S. A. Taylor of the Fuel Administration, W. L. Saunders, B. B. Thayer and Joseph W. Richards who .are giving a. large share of their time to the Naval Consulting Board, W. Y. Westervelt, W.0. Hotchkiss and Harvey S. Mud of the War Minerals Committee, David W. Brunton of the War Committee of Technical Societies, and hundreds of others whose names are mentioned in the Honor Roll of Members. It has also been a notable year in cooperation with sister-societies. The most important event under this head was the accession of the American Society of Civil Engineers into the fraternity of Founder Societies.

Jan 2, 1918

By AIME AIME

PRACTICALLY all the Section delegates as well as a sprinkling of Institute officers and mere members were on hand for the annual business meeting of the Institute on Monday afternoon of the Annual Meeting. President McAuliffe presided, with C. H. Mathewson as associate chairman. Americo Albala was first called on to discuss the work of the Pan American Institute of Mining Engineering and Geology. C. Will Wright said that the need for such an organization was evident, and a resolution was passed asking the incoming President to appoint a committee to investigate cooperation with that body, of which Mr. Albala is executive secretary.

Jan 1, 1943

During the year this Committee has had the benefit of the services of 75 Committee members, resident in the various States of the Union and in foreign countries, 10 of them representing us abroad. A number of plans for awakening the interest of possible new members have been carried out and the results have been very gratifying. The comparative results for 1913 and 1914 are as shown in the following table: 1913 1914 Applied for membership 630 946 Elected 450 1,006 Accepted election 433 921 When it is remembered that the depression following the outbreak of war in Europe has had more serious effect on the mining industry than almost any other, these results cannot be regarded as anything other than very encouraging. Because of the unsatisfactory conditions still prevailing it will doubtless be difficult to make even as good a showing next year. It is considered, however, that the function of this Committee is not merely to secure new members, having no regard for other than numbers; its true function is to exercise a proper supervision over the growth of the Institute, building it up in those fields in which it is weak, and directing its growth in such a way as to make it most effective in fulfilling its proper function as the national organization representative of the mining profession. The plan of inviting the alumni of the leading mining schools to apply for membership, which was initiated last year, was completed this year, with the exception of one or two schools, notably the University of California, from which we have not been able to obtain a list of alumni. With these exceptions we have now extended to the graduates of all the important mining schools of this country, and several of those abroad, an invitation to apply for membership in the Institute. It. is not thought desirable to repeat this invitation too frequently, and it is therefore suggested that this field be left alone for a year or two, when, if the mining industry experiences a marked revival of interest, it will be well to send out a second letter to the same men.

Jan 4, 1915

Rossiter Worthington Raymond, Ph.D., LL. D-1840 to 1918.-Dr. Rossiter W. Raymond, Past President, Honorary Member and Secretary Emeritus, died suddenly of heart failure at his home, 123 Henry'St., Brooklyn, N. Y., on the evening of Tuesday, Dec. 31, 1918. He was one of the founders of the Institute and its second President. A Memorial 'Service will be held on Monday afternoon, Feb. 17. James Douglas.- The Institute suffered a second very severe loss by the death of Dr. James Douglas, Honorary Member, Past President (having served as President for two years), and in three separate respects the greatest benefactor of the Institute: first, in raising funds by volun¬tary subscription and his own personal gifts to pay the Institute's share of the money owed on the land on which the Engineering Societies Build¬ing now stands; second, as original donor to Engineering Societies Library; and third, by his bequest of $100,000 for the maintenance of the library of the American Institute of Mining Engineers. A resolution regarding the death of Dr. Douglas was passed by the Board of Directors and at the meeting of the Institute on Sept. 4, 1918, in Colorado, at which time a memorial service was held in the thea¬ter of the Hotel Broadmoor, attended by about 400 members and guests. A copy of the resolution was prepared and sent to the family. A bronze tablet is now being prepared and will be placed in the Members' Room and unveiled at the February meeting. A biography and portrait of Dr. Douglas was published in the September, 1918, Bulletin. There is also placed in the Engineering Societies Library an oil portrait of Dr. Douglas which had his own approval and was presented by him. American Institute of Metals.--During the Spring of the year, plans were completed with the American Institute of Metals whereby this society became the Institute of Metals Division of the American Insti¬tute of Mining Engineers. This body was a dignified aggregation of metallurgists which had been in existence for about 11 years. A bronze tablet commemorating the American Institute of Metals is now being placed in the Members' Room of the Institute, and during the year 1919 the Bulletin will bear the following title: "Bulletin of the American Institute of Mining Engineers, with which is consolidated the American Institute of Metals." Visits to Local Sections.-During the year President Jennings made visits to six of the Local Sections, on three of which occasions he was accompanied by the First Vice-president and the Secretary. First Vice-president Goodale made five visitations and the Secretary made eight.

Jan 1, 1923

By AIME AIME

T HE Board of Directors of the A. I. M. E. held a meeting at Institute headquarters on Jan. 28, 1921. There were present 10 directors and 14 guests, the secretary and the assistant secretary. The following actions of the Executive and Finance Committees were approved: Wilkes-Barre Meeting, Sept. 12 to 17, 1921; authorization of Oregon Section; authorization of Upper Peninsula Section; appointment of Philip W. Henry and Thomas H. Leggett on special committee on Code of Ethics; and presentation of five copies of Raymond Memorial Volume to T. A. Rickard, who edited it. The By-Laws of the Ohio Section were approved. The resolutions in reference to the payment of certain contributions and assessments to the Library Board of the United Engineering Societies, adopted by the Board of Directors on June 27, 1919, were rescinded, and the resolution adopted that the income of the James Douglas Trust of $100,000 be paid over to the Library or otherwise applied by it for the purpose of maintaining the Scientific Library of this Institute in such manner as may be deemed advisable in furtherance of the purposes of such trust, and that said income shall be paid on account of and included in. the assessment levied by the United Engineering Societies on the Institute for the maintenance of the joint libraries of the Founder Societies.

Jan 1, 1921

By AIME AIME

QUALITY and size do not ordinarily go hand in hand, but there is good evidence that both these attributes reached a new peak at the Annual Meeting of the Institute in New York just concluded. Certainly, the total attendance of 2500 was far above any yet attained, as might be expected with the recent rapid growth of Institute member- ship. General comment indicates that the quality of the papers also was notable, though not measurable by so definite a yardstick as attendance. During the meeting 49 technical sessions were held, at which more than 250 formal papers were presented. In addition, there were some thirty special meetings of committees, Divisions, and other Institute groups. In reporting the Annual Meeting eleven years ago the statement was made that "unless the Engineering Societies should build for themselves a new building it is probable that no meeting can be larger," and "the fifth floor, where a buffet lunch is served each day, has reached its full capacity and it seems quite evident that any future development of Institute meetings must be along the lines of quality, not size." Unfortunately the angel to succeed Andrew Carnegie, who financed the building of the present home of the Institute 35 years ago, has not yet ' appeared. Even if some one would merely build another elevator or two in the present building it would help. Fortunately, the modern auditorium of the American Radiator & Standard

Jan 1, 1940