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By Hal M. Lewers

IN the past few years and especially since the beginning of World War No. 2, gold has attained a new, important. and critical place in the international scene, and in world affairs. In the past, as far back as history records, most wars have been waged for the purpose of acquiring it from someone else by conquest. But now, the most titanic struggle of all time is being waged with the avowed purpose of not only destroying it, but of destroying all that it stands for and represents. A tradition dating back to ancient Rome, affirms that battles are fought by men with weapons, but wars arc eventually won by gold. The validity of that tradition is now being subjected to its major test. Hitler has proclaimed that in his new world order, the work dollar or reichsmark, a beautifully engraved paper currency representing only a theory of value, based on unit of work and production, will become the supreme medium of world exchange, and that gold eventually will he valueless and obsolete.

Jan 1, 1942

By R. M. Santmyers

The pigments, whose colors are due primarily to iron exides and iron hydroxides, comprise a variety of yellow, brown, red, and sometimes black paint-coloring agents, both natural and artificially prepared. The natural pigments in this group include ocher, umber, sienna, mineral paints, paint rock, and mortar colors. When the natural color or tinting power--either in the raw state or after treatment--is too weak, these pigments may be "forti- fied" or strengthened. Ocher, umber, and sienna, rhile often described as "iron oxide pigments," are also known as "earthy" rigments. Inasmuch as the iron content of these pigments is, in general, somewhat lower than that of other iron oxide pigments, the ochers, umbers, siennes, and other brown earth pigments are not discussed in the present paper. In addition to a discussion of natural or artificial pigments whose color is due to the presence of iron oxide in some form, this paper contains data on mortar colors, which are medium or low grade pigments used for tinting mortar, cement, and concrete. A great variety of materials are used for theso purposes, including "blue billy" (residue left from roast- ing pyrite), ground slate and shale, and even culm from coal washeries. Dur- ing the past three years, there has been a definite trend among the producers of iron oxide pigments to push the sales of the better grades of colors for tinting mortars. Due to the amount of low-grade coloring matter that is re- quired to impart a strong color to concrete (in soro cases as high as 15 per cent of pigment is necessary) the strength of the cement may be materially impaired. The addition of some 2 per cent of the higher grades of iron oxide to the concrete mix imparts a brighter and stronger colcr, does not weaken the material, and in the end is not as expensive as the low-grade pigments formerly used. Iron oxide pigments occur in nature in various shades and colors, but the red pigments are the most important and account for the larger part of the total red pigments used.3/ The nomenclature of these red pigments is involved and the names given to them are descriptive of the shade rather than of origin, method of produc- tion or chemical composition. In most cases the red pigments under this class may occur naturally or may be produced by heating hydrous iron oxide pigments such as yellow ocher to a sufficiently high temperature to drive off the water of composition. They may also be prepared by fortifying naturally-occurring pigments with stronger natural or synthetic oxides or with coal-tar dyes (e.g. alizarine lake), Most of the mineral reds derive their color from the presence of ferric oxide (Fe2O3), the mineral hematite. This may be present in relatively small percentages, as in the red slates and shales, or it may constitute as much as 90 per cent or more of the material, as in Spanish red. The principal iron oxide pigments used in the manufacture of paint are discussed in the following pages.

May 1, 1932

By Gordon M. Miner

When I was originally invited to speak to this audience on the subject of the future supply of precious metals I was somewhat apprehensive and suggested that the Program Chairman select someone with more credentials. He declined and the results of our conversation gave me cause to reflect and recall the opportunities I have had over the years and how fortunate I have been to be associated with so many successful companies and knowledgeable people affiliated with the precious metals field. I discovered that since 1935, 1 have worked in or visited most of the gold and silver camps in the United States; have been a leaser of a gold mine in Mohave, California; have both lost and made money in the silver futures market; have worked for two of the greatest precious metals companies in the United States - Homestake Mining Company and Hecla Mining Company, have spent a considerable amount of time in precious metal related discussions with men like Don MacLaughlin, Paul Henshaw, Dick Stoehr, Abe Shoemaker, Bill Love, Phil Lindstrom, Simon Strauss, Herbert and Bunker Hunt and many others. It is those exposures and experiences that I draw onto discuss the subject at hand.

Jan 1, 1980

By Walter Nuñez

La finalización de la estimación de reservas de un modelo de mina cuestiona la asertividad del modelo de Mina para la planeación minera. En ese sentido, el presente texto señala la Reconciliación como la comparación real histórica de tonelaje, leyes y contenido fino estimado, entre el modelo de mina y planta concentradora. La reconciliación permite conocer y ajustar mediante el uso de factores, la planeación mensual y anual de los siguientes años de la operación minera, y así cumplir con los compromisos mensuales asumidos de envío de contenido fino desde mina. Así también se muestra el proceso que sigue la explotación minera a tajo abierto en Toquepala, las variables que influyen en la variación de la reconciliación y algunas pautas a considerar para minimizar estos errores de reconciliación entre mina y concentradora.

Sep 19, 2006

By J. W. Thompson

"The Republic of Colombia on December 30, 1919, enacted a new petroleum law. The Act is expressly limited to mineral oil, natural gas, bitumen, wax and fossilized resin and to asphalt intended for export.The law is not only intended to encourage local investors, but to attract foreign capitalists for oil development. Provision is made for a special edition ion of the law in such languages as the Government may deem necessary to give it extensive circulation within the country and abroad. The published editions must contain the provisions of the law relating to alienship and naturalization.All public lands, or what are termed unclaimed lands, are open to flee prospecting for the purpose of discovering the deposits named in the law, A prospector must obtain from the Government a, license which binds him to deliver to the Government topographic plans of the lands prospected, together with reports of their prospective yielding capacity. This license does not vest the li¬censee with any preferential right for contracting or leasing and may be drawn by the Government at any time.If a discovery is made by a licensee of any of the deposits named and he desires to exploit the same, he must present a memorial or application to the Ministry of Public Works, stating:- (a) the location and municipal district in which deposit beds are found; (b) boundaries of the zone of exploitation, which shall not be more than 5,000 or less than 1,000 hectares; (c) the names and nationality of all persons for whom the lease is sought and the action and time within which,they propose to make the exploitation; (d) the name of the corporation and its legal representatives with their residences; (e) if an alien, he must state his willingness to comply with the law relative to alienship and naturalization; (f) agreement to abide by all of the provieions of the law with regard to Government supervision, payment of taxes, rate of lease and causes of forfeiture; (g) the rate of rent or royalty that the applicant offers to pay, together with any other circumstances that may make the proposed lease advantageous to the Nation."

Apr 1, 1920

By J. M. Elder, W. S. Kow

Challenges to new heavy mineral deposit developments are presented. These include land use issues, particle fineness, declining grades, and particle coating, amongst others. Industry responses to these are presented as possible solutions.

Jan 1, 2005

By Arístides Sotomayor

El presente texto señala la importancia del oro a nivel financiero y minero ya que los inversionistas suelen utilizar este metal para obtener ganancias debido al mínimo riesgo existente en la pérdida de su valor comparado con otras divisas. Así, se estima que en el Perú, existen 480 unidades mineras de oro, de las cuales 28 concentran cerca del 90% de la producción nacional, como la Minera Yanacocha, Minera Barrick, Compañía de Minas Buenaventura, Consorcio Minero Horizonte, Aruntani y Aurífera Retamas. Entre las dos regiones que producen mayor cantidad de oro está: Cajamarca y La Libertad ( 38%) y la tercera región es Arequipa, seguida por Madre de Dios (9%).

May 1, 2016

By T. G. Chapman

This paper has been abstracted from a forthcoming Bureau of Mines bulletin on the concentration of copper ores in North America. GENERAL DEVELOPMENTS IN CONCENTRATING COPPER ORES FROM 1912 TO 1932 During the east 20 years the milling of copper ores as practiced in the larger concentrators has chanced to such an extent that comparatively few of the machines in use at the beginning of this period remain in service today. Concentrating Practice in 1912. In 1912 the usual equipment for concentrating copper ores comprised jigs for the coarser sizes, tables and sand vanners for the intermediate sizes, and vanners for the finer crushed and ground material. Rolls operated in series under graded crushing conditions, were in common use for the liberation of the copper minerals; grinding by Chilean or Muntington mills ordinarily was confined to the coarser tailings of jigs and tables.

Jan 1, 1934

By C. R. Tinsley

Investment activity in the Pacific Rim of Fire has seen a phenomenal surge from epithermal gold exploration. Individual countries are attractive because of lower up-front minerals lease costs (US, Canada), better geological prospectivity (Chile, Indonesia), or cheaper equities (Australia). Since the October 1987 stock-market crash, large companies are shedding minority joint venture interests to focus on core businesses. Some vertical integration is evident in Japanese coal investments in the Pacific Rim. This paper does not cover the aluminum industry oligopoly which is multi-national in character nor does it cover the many Canada to US minerals investments. It will be interesting to see if the new US-Canadian free-trade treaty will reverse that investment flow.

Jan 1, 1990

By Albert H. Fay

The first data compiled by the Bureau of Mines relating to coal- mine accidents in the United States were published in Bulletin 69," in which the total fatalities by years and States were tabulated from 1896 to 1912. Since the publication of Bulletin 69, further research has been conducted, with the result that the bureau is now able to publish for the first time all of the fatal accidents described in the State inspectors' reports by States, causes, and calendar years, from the beginning of inspection service to date. For the anthracite mines of Pennsylvania, there is a continuous record since 1870; the records of the Pennsylvania bituminous mines are continuous from 1877, and, with the exception of one year, the Ohio records are complete from 1874 to date. In fact, the records of all of the States, with few exceptions, are complete; and incomplete data for any year may generally be attributed to the fact that no report was published during that year. The magnitude of the coal-mining industry in the United States is such that too much stress can not be placed on the need of safeguard- ing the three-quarters of a million men employed. Although the figures given herein show an appalling record for past years, they are not published for the purpose of proclaiming the high fatality rate of the past. They are a record of experience covering a period of 45 years, showing causes and results of many accidents in the coal mines of the United States. They represent a diagnosis of the hazard of the mining industry, pointing out the principal physical causes of accidents, and make available a body of uniform facts that will serve as a basis of preventive measures for use in future operations. It is with these great purposes in view that the Bureau of Mines presents the classified data in this report. Classification and study of mine accidents on the basis of number of persons killed is common and very old, but fails to throw enough light upon the problem involved. Many serious accidents in mines have no fatal results, hence in a tabulation of fatalities they are overlooked and the real hazard of the industry is not made clear. An accident does not necessarily include an injury that may result therefrom. Such accidents as the breaking of a hoisting cable, an explosion of powder, gas, or dust, a runaway car or motor are all serious. Although no loss of life results, they should be recorded, investigated, and studied to prevent their repetition. No accurate data for the United States are available showing how far the personal element as related to the miner and his co-worker, the mine foreman, or to the superintendent and others in authority, contributes to accidents. Many accidents are due to inexperience on the part of the miner, his failure to heed orders, a misunderstanding of instructions and last, but not least, carelessness of himself or his fellow worker. A foreman or superintendent may fail to give proper warning regarding the conditions of certain parts of the mine; he may not have inspected certain rooms or entries on the day of a mine accident; the mine may not be properly equipped, or the operator may neglect to comply with the inspector's recommendations. There is, therefore, a personal element on the part of both the operator and the miner that must be considered. Legislation and the enactment of compensation laws will make the operator realize the seriousness of the mine-accident situation, when fatalities and injuries are to be paid for in legal tender of the realm. The miner must be educated and made to realize the dangers he encounters; he must learn that self-preservation and the safety of his fellow workmen should receive his first attention; he should cooperate with his employer, his asso- ciates, and the State mine inspector to the end that the mine hazard may be reduced to a minimum. "Cooperation for safety" should be the watchwords of the operator, miner, State inspectors, and all others in any way interested in the mining industry.

Jan 1, 1916

By Bernard Lewis

This report summarizes fundamental research end technical studies conducted in the Explosives and Physical Sciences Division, Region VIII, of the Bureau of Mines in the 2 years July l, 1950, to June 30, 1952. It is the fifteenth of a series of, ordinarily, annual reports whose aim has been to provide the reader with a resume of the research results that have appeared in published form during each fiscal year under the authorship of members of the staff. These are referred to throughout the report. ACKNOWLEDGMENTS Acknowledgments art, made to the following members of the Division wider whose mediate supervision the described studies were carried out. Stuart R. Brinkley, Jr., chief, Mathematical and Theoretical Physics Section, and special assistant to the chief of the division.

Jan 1, 1953

By George Hope, Brigitte Lacouture

"The Red Dog Mine has increased mill throughput for most years since startup. Although flotation equipment has been added over the last 10 years, the Red Dog metallurgical performance has been restricted by a lack of adequate flotation capacity. Two reduced tonnage trials conducted in 1997 as well as numerous SAG relines have consistently indicated the potential to significantly increase both zinc concentrate recovery and grade with additional flotation capacity. Late in 1999, a new circuit was designed with increased flotation capacity while simplifylng the current circuit, providing for three stages of dilution cleaning, and creating a retreat section. The purpose of the retreat section is to target the more complex particles and allow the chemical environment to be fine tuned for improved iron depression. In total, twentyone (21) Outokumpu OK50 mechanical flotation cells and four (4) 3.66m dia. column cells will be added to the current flotation circuit. The VIP (Value Improvement Program) Mill Optimization project is also addressing thickening, water treatment and power issues and has a total budget of $US105 M. Startup of equipment will be phased in to minimize the impact on current operations and is expected to be complete by the end of Q3-2001.INTRODUCTIONRed Dog Operations started production in November 1989. The mine is located above the arctic circle in northwest Alaska. It is linked by an 80 km road to a port-site facility where the concentrate is stored. Concentrate is shipped to markets throughout the world during the one hundred (100) days of open seas. Typical of sedimentary exhalative deposits, the metallurgy proved to be challenging and coupled with many mechanical shortcomings, the initial few years were very difficult. The start-up issues were slowly resolved and in 1998, a major grinding expansion, the PRI (Production Rate Increase) project, was completed. The project was designed to allow a 40% increase over the 1995 throughput. In 2000 mill throughput was 3,050,000 tonnes to produce a total of 960,000 and 140,000 dry tonnes of zinc and lead concentrates respectively, making Red Dog the largest zinc concentrate producer in the world. To address a shortage of flotation capacity remaining from the PRI grinding expansion, a project designated as the VIP (Value Improvement Program) Mill Optimization project was initiated. The mill optimization project is targeted to produce 1,100,000 tonnes of zinc concentrate at 56% zinc grade and 87% zinc recovery. The project will add twenty-one (21) Outokumpu OK50 (50m3) flotation cells, four (4) 3.66mO column cells and address water treatment, thickening and power generation capacities."

Jan 1, 2002

By Rollie P. Dobyns

The K.M.A. reservoir was discovered to be oil bearing at a depth of 3,719 feet on March 11, 1931. Extensive development, however, was not begun immediately, because the discovery well had a low initial daily oil production, and market conditions for oil were unfavorable. Development of the field progressed slowly for the next 6.5 years. In the latter part of 1937, a wildcat well approximately 2 miles southwest of the discovery well was drilled on a magnetometer high and completed with an initial flowing production of 2,018 barrels of 430 A.P.I.-gravity oil in 12 hours. Rapid development of the southwestern part of the K.M.A. field was begun immediately and continued until over 700 wells were drilled and approximately 12,500 acres proved oil productive. Because of the large size of the entire K.M.A. field, this report is limited in scope to the southwestern part only, and the discussion that follows pertains to this area only. The closing date for production statistics is August 1, 1949. The K.M.A.? structure is a complex anticline having a maximum closure of 250 feet, and the K.M.A. formation is composed of sediments that grade from limestone through sandy lime and limy sand to sandstone with thin streaks of shale. Two "distinct members of the K.M.A. formation, zone I and zone II, are oil productive. Core analyses indicate the average porosity to be 16.5 percent for zone I and 16.1 percent for zone II. A relationship was established from core data, which showed the correlative permeabilities to be 42.1 millidarcys for zone I and 39.5 millidarcys for zone II, whereas the arithmetical averages of the permeabilities were 84 millidarcys for zone I and 216 millidarcys for zone II. Connate-water saturations were 17.5 percent for zone I and 20.0 percent for zone II. The porosity-saturation method, using a thickness-correction factor, was employed to calculate the volume of 168.1 million barrels of stock-tank oil initially in place in the reservoir. Analyses of the reservoir oil indicate that, although the initial reservoir pressure was 1,750 p.s.i., the original reservoir oil was saturated to only 1,300 p.s.i., at which pressure 1 barrel of stock-tank oil contained 525 cubic feet of ea~ in solution.

Jan 1, 1952

By H. H. Heady

This Bureau of Mines report provides specific information regarding the analysis of ores, concentrates, and bullion. It describes analytical services provided by some Federal agencies, and discusses analytical techniques applicable to the precious metals. The appendixes list Bureau of Mines State Liaison Offices and commercial assay laboratories.

Jan 1, 1976

REFERENCES AND FOOTNOTES 1. U.S. Department of the Interior, Office of Surface Mining. Surface Coal Mining Reclamation: 10 Years of Progress: 1977-1987. Washington, D.C. August 3, 1987.48 pp. (For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington D.C. 20402.) 2. The Rural Abandoned Mine Program (RAMP), authorized by Section 406 of SMCRA, provides for the control and prevention o f erosion and sediment damages from unreclaimed abandoned mine lands. 3. The Small Operator Assistance Program (SOAP), authorized by Section 401(b)(1) and 507(c) of SMCRA authorizes up to 10 percent of the fees collected for the Abandoned Mine Reclamation Fund to be used for technical assistance to help qualified small mine operators obtain techincal data needed for permit applications. Operators who produce fewer than 300,000 tons of coal per year are eligible for assistance. 4. OSM regulations 30 CFR 816.42 and 817.42 require water from areas distrubed by mining activities be in compliance with all applicable state and federal water-quality laws and effluent limitations for coal mining established by the U.S. Environmental Protection Agency. 5. Sourse: Abandoned Mine Lands Fee Collection System, Data from OSM-1 form. 6. Sourse: Abandoned Mine Lands Fee Collection System, Data from OSM-1 form. 7. Source: OSM Field Office Annual Reports. 8. Johnson, W. and G.C. Miller, Abandoned Coal-Mine Lands: nature, extent, and cost of reclamation. U. S. Bureau of Mines, 1979,29 pp. PHOTOGRAPHIC CREDITS Front cover, pp. i, 1, 2 bottom, 7 right, 10 bottom left, l 1 top, l l bottom right, 12 top, 13 bottom, 14 bottom right, 15,16 bottom, 17 top, 17 bottom right, 18 bottom, 19, 20 bottom, 21 top, 22, 23, 24 bottom, 25 bottom, 26 bottom left, 26 bottom right, 27, 28, 29 top, 30 bottom, 32 bottom right, 33 top, 34 top, 35 top left, 35 bottom left, 35 bottom right, 36 top, 37, top right, 37 bottom, 38 bottom, 39, 41, 42 top, 43 bottom, 44 bottom left, 44 bottom right, 45, 46, 47, and 53: Chuck Meyers, OSM. Page 2 top and center: Tony Fuhs. Page 3: John Sharkowicz, OSM. Page 6 left: North American Coal Corp. Pages 6 right, 7 left, l l bottom left, 13 top left, 13 top right, 17 bottom left, 21 bottom, 25 top left, 25 top right, 29 bottom, 30 center, 32 top, 32 bottom left, and 38 top: Bob Welch, OSM. Page 10 top left: Donald Stump, OSM. Pages 10 right, 14 top right, 14 center right, 18 top, and 44 top: Ron Hill, EPA. Page 12 bottom: Texas Utilities Co. Pages 16 top, 20 top, 24 top: Tennessee Valley Authority. Page 26 top right and 26 center left: Richard Dick, U.S. Bureau of Mines. Pages 30 top, 33 bottom left, 33 bottom right, 35 top right, 36 bottom, 37 top left, 40 top, 40 bottom, 42 bottom, 43 top left, and 43 top right: Jim Boyer, OSM. Page 31 top left, and 31 top right: Bruce Wage, Western Energy Co. Page 31 bottom: Rex Wilson, OSM. Page 34 bottom: West Virginia Division of Abandoned Mine Lands. Page 35 center: William Weist, Jr., OSM.

Jan 1, 1992

By J. J. Forbes

Problems connected with the incidence, effects, determination, and control of dusts are still much before the public, although more information is available to the layman than when Bulletin 400, of which this publication is a revision,5 was issued in 1937. Bulletin 400 attempted to assemble information in convenient form on various phases of the dust problem, largely in the mining and allied industries. This revision includes data that have accumulated since 1937 and some that appeared previous thereto but were not available to the authors at that time. The literature on this subject is so voluminous that no attempt has been made to include all published material or all types of dust diseases, but only to assemble some of the more outstanding data on several aspects of the subject.

Jan 1, 1950

By A. Galibois, M. Fiset, T. Vo Van

"RÉSUMÉUn groupe de 22 objets prov enant des Forges du St-Maurice a été étudié de façon systématique par analyse chimique et examen métallographique afin de préciser leurs caractéristiques et d'en évaluer la qualité métallurgique.La plupart des échantillons de fe r forgé et d'acier sont hétérogènes tant au niveau structural que composition chimique. L'examen de quelques produits fin is a mont ré qu 'on appliquait des traitements superficiels bien que le contrôle métallurgique fût plutôt empirique.AbstractA group of 22 specimens originating from ""Les Forges du St Maurice"" has been systematically studied by chemical analysis and metallographic examination in order to determine their characteristics and to evaluate their metallurgical quality.The bulk of the forged iron and steel samples are heterogeneous from both their microstructure and their chemical composition. Observation of a few finish products has permitted to establish that surface heat treating was applied although its metallurgical control was rather empirical."

Jan 1, 1984

By H. W. Gillett, E. L. Mack

Prior to 1911 the literature on melting brass by electricity consisted entirely-save for some suggestions made in patent literature but not actually worked out-of a few observations by farseeing men ' on the theoretical advantages of melting brass and other nonferrous alloys in electric furnaces. Roeber was the first to see and clearly state the possible advantages of the electric furnace in brass melting. The same factors tha.t make it desirable to manufacture special steels in the electric furnace rather than in crucibles, he declared, apply to brass as well. He pointed out the possibility of using larger melting units, of eliminating crucible cost, of readily controlling the purity of the product. and of nearly eliminating the loss of zinc. "The replacement of the • old crucible process is sure to come," he said; "perhaps it will come in two years, but it will, necessarily, in ten years .... The inevitable advance along this industrial line will have great influence in the metal world and will also provide, in large cities, a new kind of load for the central station." The years 1905 to 1910 may be termed the purely theoretical period of the development of the electric brass furnace, though the Conley furnace was tried out e:xperimenta.lly about 1910 and a few heats were made in an induction furnace. 2 In December, 1911, the American Chemical Society held a symposium on mineral wastes, at which Bassett s discussed the zinc· losses that attend making brass in fuel-fired furnaces.

Jan 1, 1922

By J. D. Davis

THIS-report gives results of in investigation of the carbonizing properties of 18 coals, including 2 from Alaska, 12 from British Columbia, 3 from Washington, and 1 from Utah. Each coal was carbonized in the standard 13-inch Bureau of Mines-American Gas Association (BM-AGA) retort at 900° C. Plastic properties were determined by the Gieseler and Davis methods, and agglutinating and free-swelling properties were determined by standard methods. Expanding properties were measured in the Bureau of Mines sole-heated oven. From the results of the tests on these single coals, three coals from the Crowsnest area in British Columbia, representing Elk River Nos. 4, 9, and 10, were selected for blending with the Utah coal, which was from the Lower Sunnyside bed, Horse Canyon mine, Emery County. Lower Sunnyside also was blended with Wilkeson -Nos. 2 and 3 (Washington) coals, Pocahontas No. 3 from McDowell County, W. Va., and the Oklahoma low-volatile coal used in the blend carbonized at, the Provo, (Utah) coke plant at the time this investigation was started. Most of the blends contained 3 percent hard pitch, which is the proportion used at the Provo plant. The blends were also carbonized in 13-inch BM AGA retorts at 900° C. High-volatile B coal from the No. 3 bed, Evan-Jones mine, Lower Matanuska, Valley, Alaska, yielded poorly fused coke or char. M-bed coal from the Chickaloon mine, Upper Matanuska. Valley, Alaska, ranked as medium-volatile bituminous and coked strongly. It expanded 39.6 percent in the sole-heated oven at a. charge density of 55.5 pounds per cubic foot..

Jan 1, 1952

By Walter F. Atkins

Fair market value, in the legal sense , is the price which a prudent and knowledgeable buyer and a prudent and knowledgeable seller, acting without constraint or compulsion , will agree upon to exchange an asset. In the ordinary commercial or engineering usage, the term may imply simply the market value or a reasonable and equitable price. The engineer evaluator who is called upon to express an opinion about the fair market value of an asset may be able to base his estimate on the sale price of similar assets or on the market values of stock. Frequently such indicators of value are not available and the evaluator must devise other means of appraisal. Mineral resource properties may be thought of as having value by virtue of the existing or potential ability to produce at a profit. Conventional procedures permit the computation of the present value of future revenues having due regard for the time value of money and the risks attendant upon the realization of the venture. Such computations have gained wide acceptance as a basis for the estimation of fair market value.

Jan 1, 1977