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By Alexander Darío Huamán Ccorahua, Cayo Fernando Soto Buendía, Jhonatan Raphael Rojas Ventura

Lithium is a top-quality mineral in the energy market, with growing demand. It has many applications in medical, nuclear, and energy industries. The purpose of this article is to quantify and analyze the economic potential and projected global demand for lithium annually. It aims to determine Peru’s (specifically Puno) positioning in the global context in 2025 and 2030. The article also seeks to identify the main regulatory, environmental, and social challenges to sustainably exploit lithium in Peru. The study employs applied research (mixed approach), descriptive-correlational scope, and observational, crosssectional design. The methodology demonstrates the use of statistical techniques to model and make predictions about this energy-transition metal. Academic sources were reviewed to enable a comparative approach and projection into the future of lithium for development in the mining industry. In the last 10 years, lithium demand has grown, noting a 600% increase in the economy and projected annual growth of +26%. Exponential growth in resources is projected, where econometric, R-multivariable and R-linear models estimate that Peru could supply 1.5% in 2025 and 3% in 2030 of global lithium. Estimated growth of 5–15% in socio-environmental conflicts is projected with the start of lithium exploitation (Peru – Puno). The global potential of lithium demonstrates exponential growth. Lithium reserves in Puno - Peru would rank 13th between 2025 and 2030. It is necessary to establish a clear regulatory framework to avoid excessive increase in socio-environmental conflicts.

Feb 1, 2024

By Kent C. Condie

Precambrian terranes in the Rocky Mountain region decrease progressively in age from the Archean Wyoming Province (> 2.5 b.y.) to the late Proterozoic in West Texas (figs. 1,2). Within the Wyoming Province, most dates fall near 2.7 b.y. although some are recorded at 2 3.8, 2.9, and 2.6 b.y. Although Penokean (- 1.8 b.y.) deformation and plutonism are recorded in southeastern Wyoming, most Precambrian rocks south of the Wyoming shear zone, which separates the Archean and Proterozoic provinces, are < 1.76 b. years in age. Supracrustal rocks in Colorado, western Arizona, and northern New Mexico fall in the range of 1.72-1.76 b.y., those in central New Mexico about 1.65 b.y., those in southeastern Arizona and southwestern New Mexico about 1.70 b.y., and those in West Texas 1.1-1.2 b.y. The Wyoming Province is comprised chiefly of 2.7 or 2.9 b.y. tonalitic gneiss terranes intruded by 2.6 b.y. granites in the central and southern parts of the province. Supracrustal rocks are minor and include greenstone belts comprised chiefly of pillow- ed tholeiites and graywackes and remnants of quartzite-shale successions. Metamorphic grade in greenstone-gneiss terranes ranges from upper greenschist to amphibolite facies and in quartzite-gneiss terranes from upper amphibolite to granulite facies.

Jan 1, 2013

By William R. Bond, Jim V. Rouse

Introduction The pressure/vacuum (p/v) lysimeter or soil water sampler has become useful for monitoring vadose zone or unsaturated zone water conditions. The soil water sampler was first introduced around 1961. It was used as a monitoring and research device for studies in agriculture and soil contamination around landfills. Since then, it has been used for many purposes. The use of p/v lysimeters at mining facilities to monitor for solution loss is a relatively new idea. The primary purpose of the lysimeter here is to function as an early warning system. It detects leakage through liners of tailings ponds, heap leach pads, and leachate holding ponds. Their use has proven valuable for collecting baseline data and detecting loss of precious leachate fluid. Different lysimeter designs are capable of vadose moisture sampling from near the surface and down to 90 m (300 ft). They are also capable of sampling soil moisture or saturation plume contaminants from areas not accessible by conventional water well installations. The most common installations are usually simple and cost-effective. In many cases, they can be installed without the use of heavy drilling equipment. A properly placed and installed lysimeter can detect solution leaks in several days or weeks. A conventional perimeter monitor well may take months or years to detect a leak of the same magnitude. A discussion on the general design and installation of p/v lysimeters will give an understanding of its versatility. Three case studies of lysimeter installations at mining sites will be examined in detail. Design, Installation, and Sampling Design The basic design of a p/v lysimeter chamber consists of a porous material through which the soil is drawn into a collection chamber. Access tubes run from the unit to the sample station at the ground surface. Most units currently available range from 25 to 76 mm-diam (1 to 3 in.-diam). The sample collection chamber, or body, can vary from 0.6 to 1.8 m (2 to 6 ft) in length. The body can be constructed of PVC casing or Teflon, depending on the installation desired. The collection chamber functions as a holding reservoir for the collected soil moisture. The intake, or porous material, on the lysimeter is the most complex and vulnerable portion of the unit. The pore size selection varies based on the needs of the installation, type of fluid to be sampled, and type of soil material surrounding the unit. Teflon (PTFE) and porous ceramic are used in fabrication of the porous inlet portion. When using a Teflon material, which is hydrophobic, a larger pore size of 70 µm is needed to overcome surface tension and draw water into the collection chamber. It is typically used at sites involving organic contamination, because of its inert properties. Ceramic material is generally hydrophilic, having less surface tension. Therefore, it has a smaller porosity range to conduct the moisture through the porous medium while under vacuum. Pore sizes may be selected from 0.16 to 6 µm, and can be manufactured for the specific needs of the installation. The final major design component of the p/v lysimeter is the access or sampling tubes. The tubes are usually of 6.3-mm-outside-diam. (0.25-in.-outside-diam). They are made of rigid polyethylene or flexible Tygon with a wall thickness of 1.5 mm (0.06 in.). The con-

Jan 4, 1985

By Edward S. Frohling

Va a ser discutida la información que se requiere para un estudio preliminar de viabilidad y la información adicional que se requiere para el estudio final de viabilidad de un nuevo depósito de mineral. El estudio preliminar de viabilidad se realiza con muy poca información y con un mínimo coste para el propietario. Sin embargo, el diseno del informe preliminar es similar al utilizado para el informe final. En este momento, se supone que el resultado del estudio preliminar es favorable y el propietario autoriza el estudio final de viabilidad a una compañía de ingeniería. Se describirá el tipo de organización para completar el estudio final de viabilidad. El informe final incluirá toda la información y datos relativos al nuevo depósito de mineral. La información presentada debe ser entendida lo mismo por el personal financiero que por el técnico.

Jan 1, 1982

By P. Zhang, S. Al-Thyabat

"Phosphate rock contains traces of rare earth elements (REEs) and can be a secondary source of these critical materials as large tonnages of phosphate rock are mined annually. Attention has mostly focused on the extraction of REEs from phosphogypsum, which contains more than 70 percent of the REEs reporting to phosphate concentrate, with only limited work conducted on REE extraction from sand tailings and slime even though they account for 16 percent and 15 percent, respectively, of REEs mined with phosphate matrix.In this work, phosphate flotation tailings were upgraded by gravity separation and froth flotation. Gravity separation was conducted using a laboratory shaking table, while flotation was conducted in a Denver D-12 flotation cell. The concentrated tailings were then leached by nitric acid followed by REE extraction with solvent and ion-exchange resin.The sand tailings were assayed as having 2.6 percent phosphate (P2O5 ) and 198.1 µg/g REEs. It was found that the shaking table could produce tailing concentrate assayed as having 8.6 percent P2O5 and 616 µg/g REEs but with only 20 percent REE recovery, while the froth flotation produced froth concentrate assayed as having 8.1 percent P2O5 and 368.2 µg/g REEs with 63.5 percent REE recovery. Leaching the flotation concentrate with 5.2 M (25 percent) nitric acid followed by extraction with solvent and ion-exchange resin yielded precipitates with REE contents of 0.926 and 0.314 percent, respectively, compared with 0.716 and 0.213 percent when table concentrate was used.IntroductionRare earth elements (REEs) consist of a group of 17 elements: the 15 lanthanides along with yttrium (Y) and scandium (Sc). They are rare not because of their scarcity in the Earth’s crust but because they are rarely found in economic and mineable deposits. REEs are called “seeds of technology” because of their importance to some critical technological industries such as renewable energy, hybrid cars, electronics and batteries. On average, an electric car or a hybrid car contains about 10 kg of REEs (Grasso, 2012; Radhika et al., 2011).REEs are usually categorized into light (LREE) and heavy (HREE). LREEs consist of lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), promethium (Pr), samarium (Sm), europium (Eu), gadolinium (Gd) and scandium (Sc), while HREEs consist of terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu) and yttrium (Y). About 200 minerals contain traces of REEs, but only three are considered economically significant: bastnasite, with the formula La,Ce(CO3)F; monazite, with the formula(Ce,La,Nd,Th)PO4; and xenotime, with the formulaYPO4 (Jordens, Cheng and Waters, 2013)."

Jan 1, 2016

By P. K. Chatterjee, G. D. Just

Sublevel open stoping is a low-cost method that has been successfully employed in many large underground mining operations. Where ore body characteristics are suitable, extensive mechanization and the use of large-scale stoping techniques can considerably reduce operating costs. However, careful long-term planning of mine layouts and large capital commitments in development are required prior to production. Implementing precise mine design procedures and carefully controlling operations can result in considerable benefits. This article describes methods to achieve these objectives based largely on mining operations at Mount Isa, where sublevel open stoping has been used since 1932. Ore won by this method accounted for a very large percentage of the total tonnage produced at Mount Isa. Major costs associated with sublevel open stoping can be classified as drilling, explosives and charging, and LHD costs. In this article, analyses of these costs are made with particular reference to stope design. Parameters such as burden, drill hole diameter, explosive density, specific charge, etc., are considered in establishing the interrelationship of unit operating costs, as well as total costs of sublevel open stoping.

Jan 10, 1981

By E. E. Krist

El desmuestre de un criadero tiene un buen número de finalidades. En la fase inicial es necesario definir los límites del yacimiento y el contenido o ley del mineral hasta el punto de que pueda ser establecido si es, de hecho, un yacimiento económico. Igualmente, las muestras tienen que ser generadas de forma tal que las evaluaciones geológicas y metalúrgicas puedan ser Ilevadas a cabo. Finalmente, cuando se conoce la suficiente información concerniente a la geología, mineralogía y metalurgia, puede ser desarrollado un método minero y su plan, y construidas las oportunas plantas metalúrgicas para procesar los minerales a medida que se encuentran disponibles1. Con las minas actuales grandes y complejas a cielo abierto los métodos de desmuestre único deberían de ser inadecuados. La perforación por diamante, la perforación por percusión, pozos subterráneos y galerías, juegan todos conjuntamente un papel parcial en la definición total del yacimiento. En la mina Twin Buttes, de la Anamax Mining Company, el desmuestre y la definición del yacimiento conducirán eventualmente a la existencia de tres plantas metalúrgicas de proceso y, quizá a, una operación de minería subterránea. Fue puesto en marcha un concentrador de sulfuros de 30.000 tons. por día en Septiembre de 1969 y una planta de 10.000 toneladas diarias de lixiviación de óxido fue puesta en servicio en Mayo de 1975. La finalidad de esta presentación es la de exponer históricamente el desmuestre del yacimiento que ha sido Ilevado a cabo en Twin Buttes, describir brevemente el criadero, y exponer los métodos analíticos corrientemente utilizados para ayudar al geólogo, al metalúrgico y al diseñador de la mina en sus respectivas evaluaciones.

Jan 1, 1982

By A. J. Sinclair

Los métodos de desmuestre para estudios de viabilidad dependen de las características geológicas del yacimiento que ha de ser evaluado. Se requiere un estudio geoestadístico preliminar, teniendo en cuenta los aspectos de autocorrelación de las variables sometidas a estudio, con objeto de que el plan de diseño de muestras pueda ser optimizado para producir las estimaciones de ley y tonelaje dentro de los límites de errores establecidos. En general, debe de tenderse a una distribución regular de muestras para ello, y longitudes regulares de las mis¬mas (a partir de los testigos o cortes, por ejemplo) son preferidas con objeto de facilitar los análisis estadísticos. Los planes de desmuestre son modificados y mejorados (bien técnica o económicamente) a medida que avanza el programa y es obtenida información adicional. Las muestras a granel para pruebas metalúrgicas pueden ser evaluadas en término de va¬riaciones señaladas por todas estas muestras en un depósito y la variabilidad de la ley dentro de las mismas. Una atención adecuada sobre estas fuentes de variabilidad asegurará una evaluación adecuada de los resultados de las pruebas piloto de las muestras a granel. Por otro la¬do, un estudio mineralógico general del yacimiento es un requerimiento importante, a veces ignorado, en una evaluación más general pero semicuantitativa de la representatividad de una muestra a granel; y, además, proporciona una información muy útil para optimizar el diseño de la planta.

Jan 1, 1982

By H. Demirel

This paper deals with concentration of hematitic-limonitic iron ores. The ore sample obtained from Karakuz (Turkey) contain:. about 40-46 I Fe. First, a low intensity magnetic separation process was employed to separate the strongly magnetic particles cf "-10+2 mm" and "-2+0.075 mm" size fractions and magnetic concentrates with 59.1 % Fe aid % 58.0 Fe were obtained respectively. The non-magnetics of both fractions were then fed to a nigh intensity permanent magnetic separator. The Fe contents of "-10+2 nun" and "2+0.075 mm" size fractions were increased from 28.2 to 51.13 and from 35.4 7. to 43.25 respectively after single pass. Easing on these results, it was concluded that the high intensity permanent magnetic separator could he used as a pre-concentrator f.7.1- hematitic-limonitic Karakuz iron ore.

Jan 1, 1991

By Jerome C. Motz

Los tipos, tamaños y número de trituradores empleados en un sistema completo de reducción varían con factores tales como: el volumen de mineral que debe ser procesado, tamaño de la mina, tamaño máximo del todo-uno, dureza del mineral y de su roca soporte y tamano requerido para el producto final. Básicamente, sólo existen tres tipos distintos de equipos de trituración para la etapa primaria. Estos son: machacadoras de mandíbulas, trituradores giratorios y molinos de impactos, y cada uno tiene unas características operativas propias. Las trituradoras de mandíbulas operan por aplastamiento de las rocas entre dos paredes, una fija y otra móvil, en una cavidad determinada. Han sido ensayadas variaciones en la caída y movimiento, pero la mayoría de las máquinas del tipo Blake tienen un ángulo de trituración de aproximadamente 27° entre las mandíbulas fijas y móviles. El principio de trabajo del triturador giratorio es muy simple. Si un cono es montado en un eje vertical y la parte superior del eje se sitúa estacionaria mientras que la parte inferior gira excéntricamente, el cono tendrá también un movimiento excéntrico. Si el cono se coloca en una carcasa conveniente se movers aproximándose y retrocediendo de las paredes que lo contienen a la vez que gira. Si el cono y las paredes de la carcasa son suficientemente robustas y pesadas, cualquier cosa apresada entre ellas será triturada. Al lado de los incrementos de la eficacia desarrollados por las continuas acciones de trituración y el curvado de las caras de trituración, los trituradores del tipo giratorio tienen las siguientes ventajas: 1. La gran abertura de alimentación disponibles en comparación con trituradores de otro tipo. 2. El alto rango de tamaños y capacidades, que se encuentran entre 600 y 6.000 toneladas por hora. 3. Generalmente no es necesario control en la alimentación. Dumpers de 150 a 200 toneladas descargan directamente en las actuales instalaciones.

Jan 1, 1982

By Thomas D. Kaufmann

Introduction What drives the price of gold? Supply and demand, of course. But in ways far different from the forces that drive the prices of other major metals, such as steel, aluminum, and copper. Gold, in fact, is one of the few commodities where both buyers and sellers are happy when the price goes up. Current production, production costs, and variations in production have little influence on its price. Gold inventories are so tremendous that current production has small impact on the amounts available to the market at any time. Worldwide gold inventory and production The world&apos;s inventories seem to be between 78 and 98 kt (2.5 and 3 billion oz). Since biblical times, the gold miners of the world have produced about 98 kt (3 billion oz), mostly in this century. Only small amounts have been thrown away and most of it - more than 78 kt (2.5 billion oz) - remain in bullion, coins, or jewelry. About 40% is held by central banks and other governmental authorities, 30% by private individuals as bullion or coins, and about 30% as jewelry. Except for some of the jewelry and the few industrial applications, this inventory is constantly available in marketable form at a price. By comparison, gold production is indeed small. The US Bureau of Mines estimates that the world produced 1.5 kt (50 million oz) of gold in 1986. Consequently, production increased world inventories by only 2%. Variations in production have a negligible or very short-term effect on the supply and, consequently, on the markets for gold. Although South Africa mines about 40% to 50% of the world&apos;s annual production, continuing labor strife there does not seem to have ruffled gold prices. Determining gold&apos;s price Gold prices, however, do determine cutoff grades in the mines and, thus, do influence production. Nonetheless, changes in production have little impact on the inventory supply. Consequently, it has small influence on the price of gold on the market. With a fairly stable supply, price changes are driven by changes in its demand. Unlike other metals, very little of the demand for gold comes from industry. Dental, electronic, and other industrial uses for gold consume less than 46.6 t/a (1.5 million oz per year). It would be safe to assume that such uses are less than 124 t/a (4 million oz per year) for the entire world. Variations in the 124 t (4 million oz), compared to a supply of 78 kt (2.5 billion oz) of supply can have only a negligible effect. Production net of industrial uses adds perhaps 1% annually to world inventories. This could, in time, affect markets. The increase, however, is mostly absorbed by population growth - more people wanting to own gold - and by gold being put in more attractive forms, such as coins. As an ancient Lydian king discovered, minting bullion permits

Jan 9, 1987

By Donald A. Bruce

Pregrouting is an extremely important part of many rock tunneling projects. However, poor and unsatisfactory performances have been frequently recorded often with very severe consequences, technically and financially. This paper, based on personal knowledge of several relevant case histories, provides recommendations with respect to specification drafting, drilling, water pressure testing, and grouting methodologies, and cementitious grout mix design principles. Even given that the logistical challenges facing tunnel pregrouting from underground will prevent all the sophistication and innovations of contemporary dam foundation grouting being practically implemented, there is still opportunity and need to change “traditional” approaches.

Jan 1, 2005

By J. A. Botín

In modern mining, the core of mine planning and design is the block model, a simplified representation wherein the ore deposit is divided in a number of virtual rock cubes, each characterized by technical and economics parameters. Mining engineers use this model to design the mine and develop production schedules. Traditionally, sustainability issues are not considered in the mine design, planning and engineering processes but rather are incorporated in the later stages of the feasibility evaluation as necessary expenditures and operating costs. This paper describes the results of a research project aiming to develop a methodology to incorporate sustainability parameters directly into the block model, so that they become an integral part of the design, planning and scheduling processes. It is considered that the incorporation of sustainable parameters into the block model would yield a more responsible mine design and improve mining projects sustainability performance

Feb 27, 2013

By P. Rambalee

A multiple coal fired boiler house provides steam for utility usage in various production plants. Maintaining stable header pressure and boiler availability is of critical importance for downstream consumers. Advanced Process Control comprising of a G2 based expert system and Model Predictive Control was implemented to improve the boiler house performance. The results yielded improvements in the main header pressure stability, reduction in boiler saturation and significant saving in coal consumption. All information used for this document is from a published whitepaper written and led by Prevlen Rambalee (Anglo Platinum) and Gustaf Gous (BluESP) titled, ?Control and Stabilization of a Multiple Boiler Plant: An APC Approach?.

Jan 1, 2012

By Peter W. Lipman

Structural and topographic relief in the Sangre de Cristo Mountains of northern New Mexico provides a remarkable cross section through the recently recognized 23-26 m.y.-old Questa caldera and cogenetic volcanic and plutonic rocks. Although largely eroded, remnants of an ash-flow sheet of silicic-alkalic rhyolite and associated more mafic lavas of the Latir volcanic field are preserved as far as 45 km beyond the source caldera. Within the caldera, the tuff ponded to a thickness of 2-3 km and enclosed chaotic megabreccia fragments which slumped from the caldera walls. At the time of ash-flow eruption, the volcanic field was severely deformed along northwest-trending faults related to the Miocene Rio Grande rift, with most intense deformation occurring within the caldera. Strata were steeply tilted and locally overturned along presumably listric faults. Ash- flow tuffs locally underwent secondary flowage over concurrently developing fault scarps and accumulated within structural basins as rheoignimbritic lava flows. Cogenetic batholithic granitic rocks, exposed over an area of 20 x 35 km, range from mesozonal quartz monzonite to epizonal porphyritic granite and aplite, with the shallower and more silicic phases most abundant within the caldera. Compositionally and texturally distinct granitic phases define a highly evolved resurgent intrusion within the caldera, an incomplete ring dike along its southern margin, and a large mass of less fractionated quartz monzonite south of the caldera. A negative Bouguer gravity anomaly is closely confined to the area of ex- posed granitic rocks; it also reflects boundaries of the Questa caldera. The gravity anomaly is interpreted as defining the extent of the underlying batholith, emplaced into lower parts of the volcanic sequence and underlying Precambrian rocks. Paleomagnetic determinations indicate that the granitic rocks were above Curie temperatures at the time of caldera formation and regional listric faulting, yet most are little different in radiometric age from the intensely deformed volcanic rocks. These relations indicate that the batholithic complex represents the source magma body for the volcanic rocks, into which the Questa caldera collapsed, and was largely liquid at the time of regional tectonic disruption. Compositions of the volcanic and plutonic phases changed from early calc-alkaline metaluminous rocks, to weakly peralkaline silicic rhyolite and equivalent afredsonite-acmite granite at the time of the caldera formation, then back to post- caldera calc-riebeckite granitic rocks. Maximum concentrations of alkalis and minor elements such as Rb, Th, U, Nb, Zr, and Y were reached at the time the caldera formed about 25-26 m.y. ago, but the major molybdenum mineralization of the Questa district took place when the late calc-alkaline granitic ring intrusions were emplaced about 23 m.y. ago, along the south margin of the caldera.

Jan 1, 2013

By Jack E. Brockway

As tunnel boring machine technology has expanded, so has its range of application. Tunneling machines (TBM&apos;s) are tackling tasks today that fifteen years ago were considered "inappropriate". A case in point is incline/decline TBM boring. An incline or decline bore presents peculiar design considerations that differentiate it from a horizontal bore. This paper reviews those design considerations as they apply to TBM&apos;s, backup, muck handling and other tunneling subsystems. In addition, several abbreviated case studies are presented. By the review of real life tunneling techniques as well as design considerations, the "appropriateness" of TBM incline/ decline boring today becomes apparent. INCLINE Introduction In contemplating the impact of incline versus horizontal tunnel boring system design, the obvious consideration is gravity. Up-hill boring can be quite different than horizontal boring. Muck, water and machine weight all tend to slide down the incline. In addition, hydraulic and lubrication systems if unaltered, will find their fluids pooled in the lower corners contentedly ignoring such higher elevation items as gears and bearings. In order to address this inherent gravity problem, a review of

Jan 1, 1983

By J. L. Workman

The stability of spoil and highwall slopes are important to successful strip mining. This paper discusses soil parameters of importance in stability analysis. The common mechanisms of spoil failure are discussed. Modes of highwall failure are also outlined. The importance of water to stability is presented. Dragline mining methods most suited to creating spoil and highwall profiles that address stability needs are provided. It is concluded that groundwater and surface runoff must be well controlled, and that it will often be necessary to modify spoil and highwall configurations to achieve a stable overall slope angle.

Jan 1, 1996

By William L. Young

There is an old saying in Canada: "Mines are made as much as discovered." What follows is Young&apos;s perception of his experience developing and financing the Cochrane Hill gold mine project. In 1974, I came back from rutile and zircon exploration and mining in Australia. I became interested in a copper, lead, and zinc project in the Bathurst District, New Brunswick. Much field work had already been done but I was convinced that a reinterpretation of the geophysical work left room to enlarge on the known mineralization. So, with my own money I put a property deal together, found an underwriter willing to raise $100,000, and had a lawyer produce a prospectus. The prospectus was ultimately accepted for filing by the Ontario Securities Commission and I acquired funding and began work. It did not take many drill holes to determine that the interpretation was not geologically valid. However, while drilling was going on, geophysical and geochemical explorations indicated interesting anomalous zones elsewhere on the property. But by now the base metal market climate had soured and the $50,000 I had left was not enough to evaluate the new results. So I decided to farm out the property. A data folio was produced and the property was optioned to a major mining company, with Northumberland Mines Ltd. retaining a 20% free, carried interest. By 1976, the market for junior issues was so bad no under¬writer would even talk to a geologist and I still had the $50,000 in the bank and was looking for something to initiate. A Project That Went Nowhere Market research indicated that the Toronto area imported fine calcium carbonate fillers from Georgia, Alabama, and Vermont. I was aware of the specs and the fact that there is a large marble belt in Eastern Ontario. After some prospecting, I found an interesting deposit. The product was slightly high in silica and low on brightness. Research work eliminated the silica and corrected the brightness. So, with insufficient money we launched a feasibility study. This included diamond drilling, bulk sampling, special fine grinding and air classification tests, and an in-depth market survey. Our product was as good or better than those on the market. Our advantage was that delivery could be made by a two-hour truck haul to the customer. The present system of rail delivery had many problems, especially in winter. Despite everything looking rosy, we ran into a stone wall. The underwriters were singularly unimpressed because the public saw little glamour in a substance most people had never heard of. The issue would have been difficult-if not impossible-to sell. Banks and government agencies took the position that if we could get long term take-or-pay contracts then they would lend the required capital. None of the suppliers, however, would even consider a contract until production had begun and they could evaluate the production material. It was a classic "catch 22" situation. I have gone into this in some detail to show how tough the industrial mineral market can be. We eventually optioned this calcium carbonate property to a major corporation. The option agreement would give us a free, carried 15% and the right to buy up to 40% for contributing 25% of the production costs. But the experience left my company in poor financial shape. To survive, I think the entrepreneur-geologist must always have at least one project in reserve, an emergency plan. I had been searching out a new project to work on, after the calcium carbonate option was wrapped up. It was gold. Gold intrigued me and I knew quite a bit about Nova Scotian gold. I felt that with any rise in price, many of the former high-grade gold mines would have interesting potential for the larger, low grade portions of the deposits. That is how I happened on Cochrane Hill, where much work had been done in the early 1970s when gold as $4.82/g ($150/ oz). This time my timing was good. No sooner had Northumberland signed an option agreement than gold prices started to rise. In six months, they went to $27.331g ($850/oz). Even so, financing gold prospects in early 1980 was still not easy. It had been years since gold financing had been undertaken. A whole new generation of investors, with no knowledge of gold mining, had grown up. So, with accounting and legal council, we decided on a semiprivate "seed money" offering. Under the new Ontario Securities Act, this was a new-and partly tax sheltered-concept. At the time, it was very innovative.

Jan 6, 1982

By George H. Willis

In the second half of the nineteenth century, bimetallism progressively replaced by gold standard. After World War I and 1931-33 depression, gold mainly reserved for official international transactions and internal use restricted. Changes since 1971 have shrunk official international use of gold. International payments deficits and surpluses now financed by private and official credit, rarely by gold. Historical review covers evolution of: (1) internal and external private use, (2) internal official use, (3) external official use, (4) role in IMF and (5) use as unit of account.

Jan 1, 1978

By J. C. Haptonstall

The Bismark Mine is located in northern Chihuahua, 150 km southwest of Ciudad Juarez. The ore deposit was discovered in 1979, and was placed in production in 1992. The production rate is about 2400 tpd from an ore reserve of 8.5M tonnes. Grades average about 8 % Zn, 0.5 % Pb, 0.2 % Cu and 50 g Ag per tonne. Substantial inflows of water into the under-ground mine complicate the operation. Complex metallurgy poses another challenge for the operators. Bismark was operated through a joint venture, Minera Bismark, S.A. de C.V., with U.S. and Mexican partners, but since early 1993, it is wholly Mexican-owned and operated.

Jan 1, 1994