Search Documents

By A. Deneys

This paper reviews industrial gases used in primary copper production. Copper smelting industrial gas demand has steadily increased since the first commercial oxygenconcentrate smelting in 1952 [1]. In copper production oxygen for smelting is the dominant industrial gas use followed by oxygen for converting. Nitrogen is finding increased use in copper smelters. Nitrogen is used for porous plugs for copper converting and anode refining [2-5]. Nitrogen can be used for concentrate drying [6,7] and is also used in some Ni-Cu smelters as a coolant in Peirce-Smith converting [8,9]. Industrial gas supply options of cryogenic or adsorbent based on-site plant or cryogenic liquid delivery are detailed.

Jan 1, 2007

By Roy A. Grancher

Construction materials indeed face a dilemma...as does the building industry as a whole. A stop & go economy; a severe drop; in housing starts; lingering indecision over just what corrective steps are to be taken or to their degree of commitment; no less basic disagreement in regard to which of the, Nation's problems is really the most pressing -- inflation or recession? Optimism has become a rare quality these days. At moat the cautious view is that this new year will see a long, hard struggle back, with hopes that 1976 at least can truly mark a dual anniversary celebration for the United States and its economic health. Yet the paradox is that once recovery does return, those very construction minerals and materials --which in recent years have experienced the ups and downs of overcapacity, shortage, and now declining demand again-- will once more face the spectre of mass inability to service revived and growing needs for its product. Mounting costs, present marginal expansion investment, and substantial lead times required for new facilities to come into production, could well form a bottleneck to economic upswing. The result again can be another cycle of shortage-induced inflation, and with it continued gyrations within the demand supply relationships of the country's building industries.

Jan 1, 1975

By William Rachunis

This publication describes the construction of 43.64 miles of underground tunnel to be used as an aqueduct, known as the West Delaware aqueduct. In the past, the accident history of tunnel operations has not been favorable, the "rule of thumb" being a death for each mile of progress, according to the meager accident statistics available for the tunnel-driving industry. The accident experience at this project and the use of modern equipment established safety and progress records that were accepted by tunnel people as a record at the time. The city of New York comprises 5 boroughs, with a total population of approximately 8 million people, and uses about 1,210 million gallons of water each day. The water supply for the city is the responsibility of the New York City Board of Water Supply. This organization has constructed an extensive aqueduct system, the Delaware aqueduct, to convey water to the city from the distant mountain and river sources in the Catskill Mountains in the Southern Tier areas of New York State (figs. 1 and 2).

Jan 1, 1962

By Ralph W. Edie

"IntroductionTHIS PAPER deals with chemical and mineralogical changes in wall-rocks associated with pitchblende mineralization in the Gold-fields area of Saskatchewan. The localities at which the rock specimens studied were collected, and descriptions of the various rock-types referred to, are given in a previous paper by the author (5).The geological field work upon which this paper is based was carried out while the writer was employed by the Eldorado Mining and Refining Company during the summers of 1948, 1949 and 1950. The laboratory work§ consisted largely of quantitative spectrographic analyses for both major and minor elements, supplemented by an examination of 250 thin sections of both altered and unaltered rocks.Character of the AlterationHydrothermal alteration, with associated pitchbende mineralization, is widespread in the Goldfields area of Saskatchewan. The most intense alteration is restricted to the immediate vicinity of fault or breccia zones, but large areas are affected to a minor extent.In detail, the relationship between alteration and pitchblende mineralization is complex, as individual veins do not in general have separate alteration halos. Pitchblende generally occurs in gash-like calcite veins or stringers in wide, fractured zones associated with faulting. Large, lenticular and tabular masses of slightly to intensely altered rock occur in the same wide fracture zones as the mineralized veins. However, vein deposition appears to be-long to a later fracturing period, after hydrothermal alteration was more or: less completed. Generally, the veins transect and are confined to highly altered rock, but on the other hand many highly altered zones intersected in diamond drill-core are barren of mineralized veins."

Jan 1, 1953

By Kimio Itagaki

The distribution ratios of Ag, Pb, As, Sb and Bi for the Cu2S-FeS or Ni3S2-FeS matte / FeOx SiO2, FeOx-SiO2-CaO or FeOx-CaO slag equilibration in a MgO crucible were determined experimentally at 1523~1573K under controlled partial pressures of S2 and O2 at given PSO2 of 10.1, 50.7 and 101.3 kPa (0.1, 0.5 and 1 atm) and be observed dependency of distribution ratio on the matte grade, SO2 pressure and slag basicity were analyzed on the basis of thermodynamics,

Jan 1, 2003

By R. Sellaro

It has long been understood that extended occupational exposures to respirable mine dusts can lead to chronic lung disease. In underground coal mines, coal workers pneumoconiosis (CWP) and silicosis are major concerns. While there have been many studies aimed at understanding total dust concentrations and silica content associated with different mining conditions (e.g., locations/occupations within a mine, cutting methods, geologic strata), little research has been completed to more comprehensively characterize respirable dust (i.e., by distributions of particle composition, size or shape). For such analysis, scanning electron microscopy with energy dispersive X-ray (SEM-EDX) may represent a powerful tool. This article is a preliminary investigation of SEM-EDX to characterize respirable dust from an underground coal mine in Central Appalachia. Samples were collected from various locations in the study mine, and individual dust particles were identified and classified by mineral type. A continuous personal dust monitor was also used to estimate respirable dust concentrations during sampling. This data was compared to particle densities observed under the SEM. Dust is generally defined as small, solid particles with an effective diameter between 1 and 100 µm. In underground coal mines, dust is produced by a variety of activities such as coal and rock cutting, materials handling, haulage and from a variety of materials. While the coal itself is primarily made up of organic carbon, it is estimated that as much as 60 percent of coal mine dust consists of mineral matter, including clays, metal oxides and sulfides, carbonates, quartz, phosphates and heavy minerals (WHO, 1997). Mineral matter may be ingrained in the coal seam or associated with adjacent or interlying strata, and may also be contributed by specific activities such as rock dusting. When dust is generated or made airborne, suspended particles tend to settle slowly with gravitational forces, but can remain airborne for extended periods of time depending on environmental conditions such as air velocity (Courtney et al., 1986) and particle properties such as size (ISO, 1995; WHO, 1999). Thus, miners working underground are routinely subject to occupational dust exposures ? with highly variable characteristics between and even within mines.

By L. S. Allen, R. L. Caldwell, W. R. Mills

Borehole models used in the study of nuclear well logging are reviewed and the merit of heterogeneous us homogeneous formation simulation is discussed. .A heterogeneous model for simulating sandstone formations of variable porosity is described. Simulation adequacy was checked by steady-state and pulsed-neutron measurements. INTRODUCTION In the course of developing new methods of nuclear well logging, the problem of testing new logging instruments under controlled conditions always arises. This testing is usually done in wells of known lithology, porosity and fluid saturation, or in laboratory test facilities which simulate the borehole environment. Although the former approach is possibly more satisfying, it is frequently difficult or inconvenient to find wells with enough variation in the cited parameters for a truly comprehensive study, On the other hand. laboratow- test facilities can simulate a wide variety of formation and borehole conditions if care is exercised to maintain adequate simulation under all conditions. Workers concerned with the development of nuclear well logging methods have reported several types of research facilities in the past. Tittle, et a1 used cubical tanks filled with Ottawa silica sand to study the steady-state behavior of thermal and epithemal neutrons in simulated sandstone logging environments.1 In addition to the effects of fresh vs salt water, a wide variety of casing sizes and compositions were investigated. Tittman also used a large tank of Ottawa sand to measure the slowing down length of sio2;2 for making the same measurement in CaCO3, however, an assembly of solid Vermont marble blocks was used. More recently a very useful and carefully planned test pit for nuclear logs was constructed under the auspices of the API.3 This facility consists of three massive limestone sections, each 6-ft thick and more than 5 ft in diameter. The blocks are buried, one on top of the other, in a concrete- lined pit having a total depth of 24 ft. Each section is made of a different limestone to achieve porosity variation, the selection being Carthage (2 per cent), Indiana (19 per cent) and Austin (26 per cent). The blocks are traversed by a 7 7/8-in. diameter borehole and are saturated with fresh water. Great care was taken to insure total saturation of the stone. Homogeneous mixtures and materials have not been used exclusively for simulating earth formations. Tittle, et a1 4 showed that a heterogeneous lattice of water and graphite could be used to simulate Liquid furfural with very little effecton measured thermal and epi thermal neutron distributions. Subsequently, a lattice-type model for simulating limestone earth formations was designed and built by Berry This limestone model was constructed of 7/8- x 11/4- x 36411. marble rods glued together with a plastic resin to form a 36-x 42- x 42in. cube. The cube was honeycombed vertically with 7/8- x 7/8- x 3641-1. holes for porosity and had a 111/2-in. diameter hole in the center to serve as the borehole. Lower porosities were simulated by placing marble rods in the square holes. The finished cube was used with the borehole vertical and set in a tank to hold liquid for filling the holes in the rock matrix. A second type of heterogeneous borehole model has been proposed by Kukharenko, et a1.6= In this concept the model is composed entirely of solid material. The hydrogen equivalent of formation fluids is simulated by making the model of alternating layers of dense rock and celluloid. Additional hydrogen is included by drilling vertical holes in the rock sections and filling them with solid forms of hydrogeneous material. The volume of the holes is equal to the volume of the celluloid layers, so an axial and radial dispersion of the hydrogeneous material is thus obtained. One such model was composed of alternate 50 mm-thick sand layers and 2 mm-thick celluloid sheets. Approximately 200 appropriately spaced plastic tubes were used in each sand section. The plastic tubes were filled with paraffin for additional hydrogen concentration. This arrangement yielded a model with a water-equivalent hydrogen concentration of 10 per cent. Experimental data taken in this model and in a model consisting of the same material but homogeneously dispersed showed that the heterogeneous system adequately

Jan 1, 1966

By Fred Delabbio, Sverker Hartwig

As openpit copper operations transition from surface mines to underground, the speed of underground infrastructure construction prior to production is critical for maximizing the value of the project. Typically, the preferred underground bulk mining method is block caving. In preparation for future underground projects, Rio Tinto made the strategic decision to invest in a step-change program that would develop system solutions to reduce the construction time of block caves. The program focused on improving safety and doubling or more the construction speed of both vertical shafts and horizontal infrastructure compared to existing drill-and-blast rates. After an extensive selection process, Rio Tinto selected the Atlas Copco mobile miner machine as one of the concepts to proceed with for construction of horizontal infrastructure for access and footprint. In addition to un-derground drilling and hauling equipment, Atlas Copco?s Robbins mobile miner concept (a previous attempt at horizontal mechanical excavation) completed trials at Mount Isa, Pasminco and Taisei. Rio Tinto selected the new Atlas Copco mobile miner machine concept for a number of reasons including the use of proven technology from the three previous mobile miner machines and other commercial products, as well as the ability to install complete ground support typical with high rock stress conditions at approximately 1,500 to 2,000 m (4,900 to 6,500 ft) depth. Atlas Copco, with support from Rowa, the Swiss company that specializes in back up systems for tunnel boring machines (TBM), is advancing the detail design of the access version of a tunneling system on behalf of Rio Tinto. Because of the different requirements between an excavation system for access tunnels and that for tunnels on the footprint, two different versions of the mobile miner machine technology were envisioned. The access and the footprint versions of the Atlas Copco mobile miner machine share a majority of key technologies and systems. Therefore, it was possible to conduct a performance conformation test using a full-scale version of the access machine that would also mitigate the technical risks for the footprint version. To alleviate confusion, this article focuses on the access version of the Atlas

Jul 1, 2010

By V M. Silva, P A. A Martins, V O. Matthew, A L. S Fonseca, E B. Cunha, A J. D Ferrari, E M. S Silva, A C. Silva, D R. T Vilela

The Anglo American phosphate mine is located in the Brazilian state of Goiás and possesses one of Brazil’s most important phosphate rock deposits, with the site being the country’s second largest producer of phosphate rock concentrate. Despite the site having been in operation since 1979, the mining team only started using explosives in 2004 when rocks with greater hardness started to appear in the mine’s geological profile. Rock excavation was previously performed mechanically. Until 2013, only rocks with high hardness were blasted, this following the standard drilling grid that was defined in 2004 without any changes in the blast parameters. The aim of this paper is to show how fragmentation optimisation has yielded positive results at all stages of the production chain, from the mine to the mill passing through an impact hammer crusher, a rod mill and ball mill, operating in close circuit with hydrocyclones.While incorporating the mine to mill holistic approach during the operational integration, the focus was on defining the blasting domains and respective optimal fragmentation and measuring the benefits of blasting in terms of reduction in energy and grinding media consumed in the comminution processes. In the first stage, the blasting team made changes to the blasting parameters and assessed the effects of these changes on fragmentation using computer software and on-site measurements. This generated a database that made it possible to divide the mine into blasting domains. For the second stage, teams from the plant, geology, mine planning and operation departments jointly made comparisons between the performance when processing stockpiles, which only included high hardness blasted ore (20–30 per cent of blasted ore). Changing the drilling grid’s size from 3.0 m × 3.8 m to 2.0 m × 2.6 m for high hardness rock with the presence of silicates resulted in a 40 per cent reduction in the P80 for the blasted material (from 459 to 278 mm), while changing the grid from 3.0 m × 3.8 m to 2.6 m × 3.2 m for high hardness rock without the presence of silicates generated a reduction of 25 per cent (from 270 to 204 mm). There were gains observed from the measurements at the mineral processing plant in terms of specific energy spent on comminution and on the consumption of grinding bodies in the rod mill. There was a measured reduction of circulating load during secondary grinding and a reduction in slime generation.CITATION:Silva, A C, Martins, P A A, Silva, E M S, Fonseca, A L S, Ferrari, A J D, Cunha, E B, Silva, V M, Matthew, V O and Vilela, D R T, 2015. Fragmentation optimisation – adopting mine to mill for reducing costs and increasing productivity, in Proceedings 11th International Symposium on Rock Fragmentation by Blasting, pp 363–368 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 24, 2015

At the meeting of the Board of Directors of the Institute on Jan. 26, 1917, the following actions were taken: Messrs. A. C. Clark, Lawrence Addicks and G. D. Van Arsdale were appointed Tellers to count ballots for Officers and Directors. Messrs. T. T. Read, V. S. Harper, and. E. J. Hall were appointed Tellers to count ballots on revised spelling. The Finance Committee's audit for the year 1916 was approved and ordered filed. The Report of the Finance Committee upon the method of raising this Institute's share of the deficit on the additions to the building was approved and accepted. Upon the recommendation of the Secretary, increases in the salaries of some of the employees were approved. The St. Louis Section received an appropriation of $200 for the year 1917. The Columbia Section received an appropriation of $150 for the year 1917. The Montana Section received an appropriation of $100 for the year 1917. The Colorado Section received an appropriation of $175 for the year 1917. The Utah Section received an appropriation of $125 for the year 1917. The Puget Sound Section received a set of Transactions in standard binding. The International Engineering Congress received a loan of $300 until the Congress can realize upon some of its assets.

Jan 3, 1917

CONTENTS PAGE BAIN, EDGAR C.-The Nature of Martensite. Discussed by Ancel St. John, Henry S. Rawdon, Jerome Alexander, Howard Scott 1 FEILD, ALEXANDER L.-Effect of Zirconium on Hot-rolling Properties of High-sulfur Steels and the Occurrence of Zirconium Sulfide. Discussed by Beram D. Saklatwalla, Bradley. Stoughton, Andrew M'Cance, George F. Comstock, Alexander L. Feild 12 SAUVEUR, ALBERT and KRIVOBOK, V. N.-Use of Sodium Picrate in Revealing Dendritic Segregation in Iron Alloys. Discussed by George F. Comstock, John H. Hall 17 KINNEY, C. L., JR.-Economic Significance of Metalloids in Basic Pig Iron in Basil Open-hearth Practice. Discussed by V. J. Pazzetti, George B. Waterhouse, C. L. Kinney, Jr 19 NEAD, J. H.-Absorption of Sulfur from Producer Gas in Open-hearth Furnaces.. Discussed by George B. Waterhouse, C. L. Kinney, Jr 26 PRIESTLY, WILLIAM J.-Effect on Steel of Variations in Rate of Cooling in Ingot Molds. Discussed by Emil Gathmann, Paul E. McKinney, George A. Dornin. 27 MONYPENNY, JOHN H. G.-Stainless Steel, with Particular Reference to the Milder Varieties (Stainless Iron). Discussed by P. A. E.-Armstrong, Beram D. Saklatwalla 33 ROYSTER, P. H., and JOSEPH, T. L.-Effect of Coke Combustibility on Stock Descent in Blast Furnaces. Discussed by Ralph H. Sweetser,. Richard Franchot, Sidney Cornell, T. L. Joseph 41 DAVIS, F. W., and BOLE, G. A.-Observations on Requirements of Refractories for Open Hearth. Discussed by C. L. Kinney, Jr., L. F. Reinartz, P. E. McKinney 46

Jan 5, 1924

By Otto Ruhl

The Oronogo-Webb City-Duenweg district is in the northeastern part of the Tri-State zinc and, lead field. Its metal-mining history dates from the early 1850's. For some years prior to 1918 it ranked as the leading producing area of the entire Tri-State field, but by 1920 most of its mines had been abandoned and allowed to fill with water. Its mine operators had-been attracted, to the newly discovered and richer deposits around Picher, Okla. In 1943, the Orenogo Mutual Mining Co. was exploiting the Oronogo Circle deposit in the northern end of the district, and the Federal Mining & Smelting Co. was preparing to mine on its holdings in the southern part near Duenweg. The area between these two operating units ranked as the largest single block of ore reserves under water in the Tri-State field. In 1942, engineers of the Bureau of Mines, in collaboration with the William Stewart Engineering Co. of Joplin, collected all available mine maps, mine reports, and logs of old drill holes in the inundated area. From a careful study an appraisal of these data, the reserves in the block were calculated at 20,647,800 tons of ore containing 606,440 tons of 60-percent zinc concentrates and 46,970 tons of 80-percent lead concentrates. The ore was estimated to contain 1.76 percent recoverable zinc and 0.18 percent recoverable lead.

Jan 1, 1949

By Steven C. Goddard

Since the passage of the Federal Coal Mine Health and Safety Act of 1969, the need for improved duet control methods has become imperative. It has been proposed that one promising dust control technique would be the application of water through the cutter drum. In November of 1972, the Jeffrey Mining Machinery Co., who had been pursuing the development of wet drum miners since 1969, completed the manufacture of a 120M HELIMINER which had sprays in front of the cutting bits on a fixed width drum. On June 27, 1973 Jeffrey and the Bureau of Mines signed the contract numbered B0232060 for the purpose of evaluating "the effectiveness of respirable dust control on a Jeffrey 120M HELIMINER by use of water piped through the head." This evaluation, as described by the contract, was to be accomplished by the collection and analysis of dust samples at various locations of an operating mine production section.

Jan 1, 1974

By P. H. Dudley

A Discussion of the Paper of Prof. Howe. (Bi-Monthly Bulletin, No. 14, March, 1907, pp. 169 to 274.) P. H. DUDLEY, New York, N. Y. (communication to the Secretary*) :-The characteristics of Prof. Howe's metallurgical papers are, that he is able, from the mass of confusing evidence on the subject, to make an analysis and present hypothetical and essential principles in concrete form for consideration and discussion. I can appreciate, from the practical side of the subject, the arduous labor of collecting and investigating the data that is essential to prepare the paper. Much of the data necessarily came from material of preceding years. of manufacture in which there was allowed time for chemical reactions of the recarburizer, and for the elimination of the oxidation-products before teeming the ingots. This condition gave a favorable tinge-element to free the metal from slag- and other impurities, but, in allowing the. ingot to cool before charging in the furnace, the time-element entered as a detrimental factor in the development of the pipe or shrinkage-cavities, which gave an ingot-structure deficient in soundness. The interpretations from such material must be made with due allowances for the methods of manufacture, and must be given proper weight, as general facts, in subsequent arguments. The difficulties under which investigators labor are not easily surmounted in differentiating between reliable and unreliable data incident to variables of methods of manufacture, chemical composition of the alloys of steel, mediocre practice and that of the highest state of the art. Modern practice and large outputs in Bessemer steel have reversed the effects of the time-element-by cutting short the chemical reactions of the recarburizer and the elimination of

Jan 5, 1908

By L. C. IlsLey

The United States Bureau of Mines has been conducting investigations of electrical equipment curing a period of more than 25 years in an endeavor to encourage the development of safer electrical equipment for coal mines. In order to conduct these investigations in an orderly manner they are carried out under a published schedule of tests known as Schedule 20, which specifies detailed requirements for motors, controllers, etc., and fees covering the various inspections and tests made as part of a routine investigation.

Jan 1, 1937

By Kássio Nogueira Cançado

O objetivo desse trabalho é analisar a eficiência de um forno de aquecimento de barras quantificando o impacto de paradas não programadas na linha de produção. Para isso foram realizados 3 balanços energéticos durante um período de 7 horas. O primeiro balanço foi realizado em um intervalo com registro de paradas, o segundo no período subsequente sem ocorrência de paradas e o terceiro englobando o período total produção analisado (balanço 1 + balanço 2). Tomando-se como referência o resultado do balanço energético sem ocorrência de paradas temos duas situações: a eficiência do forno no período com ocorrência de paradas apresentou uma queda de 27% em relação ao período sem paradas, em relação ao período total de produção a redução foi de 20%. Esses resultados permitiram fazer a projeção, que se a produção ocorresse sem paradas, o potencial de redução seria aproximadamente 15% no tempo total de produção com uma redução de aproximadamente 23% no consumo de combustível. Portanto, destaca-se a importância de um plano de manutenção eficiente, com o objetivo de minimizar o tempo de linha de produção parada e o consumo de combustível, além de aumentar à qualidade aquecimento a vida útil do equipamento térmico.

Oct 30, 2017

By Mark Laffoon

Gold Fields Operating Co.-Chimney Creek has conducted numerous ore reserve modeling studies In order to optimize the estimates of the gold grades and tonnage distributions. Improved models continue to be produced for the major pits which Increase confidence levels required by Gold Fields management and provide the basis for more accurate long and intermediate term mine planning. Various kriging and non-kriging estimation techniques are used at Gold Fields -Chimney Creek Mine. This paper reviews the modeling histories and, current procedures used to construct these models with particular emphasis on the North Pit deposit.

Jan 1, 1991

By Galen H. Clevenger, MARTINUS H. CARON

Although there are exceptions, oxidized silver ores containing the higher oxides of manganese are generally refractory to hydrometallurgical methods of treatment. When these ores are of high enough grade they can be smelted; indeed, some rather low-grade ores of this type have been smelted at a profit because of their fluxing value. In the past, when these ores could not be smelted, they either were not treated or were treated at low efficiency, generally by cyanidation. The need for thorough investigation of the problem was therefore evident for some time before the writers began their research. The problem of treating manganese-silver ores seems to have been recognized first about 35 years ago by C. W. Goodale in applying pan amalgamation at Tombstone, Ariz. He attributed the low extraction of silver to the fouling of the mercury by manganese rather than to the presence of a refractory compound of manganese and·silver. Although definite knowledge as to the cause of the poor extraction of silver was lacking, a more or less effective preliminary treatment, that is, a chloridizing roast, was applied. E. M. Hamilton, in 1909, was perhaps the first to define clearly the problem as it affects the cyanidation of silver ores and to suggest possible methods of preliminary treatment. Most of the work done in the interval between the appearance of Hamilton's paper and the assumption of the investigation by the authors was in the nature of routine tests covering suggestions already made rather than of research directed to a fundamental study of the problem. No practical application has so far been made of any of these proposed processes. The investigation described in this bulletin has proved that there s a refractory compound of manganese and silver-probably a manganite- insoluble in cyanide solution and other common solvents for silver. Although this compound has not been isolated from natural ores, it has been made synthetically, and shows all the characteristics of the natural product. Furthermore the authors have shown definitely that heating in air a relatively small amount of a silver compound with a large excess of silica (in the proportions ordinarily occurring in a commercial silver ore) renders

Jan 1, 1925

By D. Royston

Gold ores containing antimony suffer from poor recoveries of gold in cyanidation due to the impact of antimony on the cyanidation process. Techniques such as lowering the pH for cyanidation can improve gold recovery, nevertheless a limit can be reached where high cyanide consumption makes traditional processing uneconomic. The paper outlines a process for the pre-treatment of gold-antimony concentrates to remove the antimony resulting in a low-antimony content gold-bearing residue suitable for efficient treatment for gold recovery through cyanidation. This hydrometallurgical process produces a by-product credit of commercial grade antimony trioxide as Senarmontite that can significantly offset the cost of the pre-treatment.

Jan 1, 2007

By L. Kilburn

A survey of 281 mineral exploration agreements examines the ratios among three ways that may be used to purchase an interest in a mineral property, viz: pay cash, pay shams and make future expenditures on the property. The dollar value of the future expenditures exceeds that of cash or shams by about nine times in most of the 110 agreements that contain cash-expenditure or share-expenditure components. Results suggest that cash and shams are treated about the same in terms of value. Buyers and sellers haw opposing priorities for the way that they prefer to purchase a mineral property. These opposing priorities should give rise to a perceived 50:50 balance between cash/share payment and future expenditures to satisfy the idealized situation described by most definitions of fair market value (FMV). This balance between cash/share payments and future expenditures appears to be rationalized in negotiations to a FMV when expenditures are nine times greater than cash and/or payments. On this basis, it is proposed that the FMV of a property may be determined by aggregating the dollar amount of the cash/share payments plus one-ninth the dollar value of future expenditures, as set forth in the respective purchase agreement, and proportionately applying such aggregate to full property value.

Nov 1, 2005