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By Margaret Armstrong

The increasing cost of developing new mines and the need to mine more marginal deposits have led mining companies to use more sophisticated estimation methods such as kriging. But until recently, coal mining companies have shown little or no interest in these techniques. However, the stringent quality controls which are now placed on coal have led to a surge in interest in improved estimation methods. This can be seen from the -, number of research projects by private companies and governmental agencies on the application of geostatistics to coal reserve estimation. At present, most of these programs are centered on the problem of estimating the tonnage and the average grade (i.e. ash percent, sulphur content, calorific value, etc.) of the coal in-situ. See, for example, Sabourin (1975), Woods (1976, 1979), Pauncz and Nixon (1979) and Armstrong (1980). These studies show that the established techniques of linear geostatistics can be applied successfully to coal deposits. The study by Woods is particularly interesting because he had access to the actual production figures as well as the initial sample data from the no 2 seam in the Greenside Colliery owned by the Anglo-American Corporation. He showed that the estimates obtained by kriging were consistently closer to the actual production figures than those given by three other estimation methods. This confirms the superiority of kriging as a method of estimating block values for coal. Another advantage of geostatistics is that it can be used to determine the optimal spacing between drill holes. An example of this is given by Armstrong for the coking coal deposit in the Bowen Basin, Australia.

Jan 1, 1981

A panel discussion on carbon-in-pulp processing of gold and silver ores was one of the highlights of the 1981 AIME Annual Meeting in Chicago. The session generated considerable interest and discussion among panelists and the audience. For those unable to attend the panel, the program was recorded and the discussion appears in this two-part report. The panel was co-chaired by Robert S. Shoemaker, vice president of San Francisco Mining Associates, and Laurence D. Hartzog, principal engineer with Bechtel Civil and Minerals Inc., San Francisco, CA. Panel members included: George Potter, consultant, Tucson, AZ; Kenneth B. Hall, metallurgical superintendent, Homestake Mining Co., Lead, SD; and Donald M. Duncan, resident manager, Pinson Mining Co., Winnemucca, NV. There have been several types of carbon-in-pulp adsorption vessels in use, such as the Dorr-type agitator, the simple propeller agitated tank, the Pachuca tank, and, lately, the draft tube-type of agitated tank. Which one of these is best and why? Potter: On the selection of the most appropriate adsorption vessel, there is a considerable difference of opinion that stems largely from the fact that every ore is different. The mesh of grind, the pulp solids, and the apparent viscosity of the pulp as caused by its clay content and chemical conditions all differ. The traditional Dorr agitator with the slow speed center sweep and either peripheral or center column air lifts has worked quite well on the finer grinds of all minus 65 and probably 70-80% minus 200 mesh. Pachuca tanks have also been successful and they may be capable of handling a coarser feed than the traditional Dorr tank. One uranium mill, for example, handles minus 28 mesh sandstone ore in a Pachuca. The most recent development and one that commands consideration is the draft tube agitator in which there is a turbine which closely fits inside a draft tube. Velocity in the tube is carefully calculated to avoid undue shear and thus abrasion of the carbon. The objective in all cases, of course, is to mix the granular carbon, which is typically 6 x 16 mesh, very gently but thoroughly in a slurry with minimum carbon abrasion. I do not know that there is one outstanding choice just yet and I have been unable so far to get information on C-I-P service for ore grinds as coarse as 35 mesh. Duncan: The major advantage of draft tube-type is the ease of startup. At the Pinson plant we installed draft tube-type agitators but it is too early to quote experience with them. We also haven't operated long enough to determine just what our carbon loss is. The advantage, of course, in the draft tube design is that it requires only about one-third the horsepower input of a conventional agitator. If it has no other advantages, it has that. Hall: The type of vessel most suitable for C-I-P adsorption depends on the type of ore treated and the prevailing operating conditions. In most cases, a deep tank with turbine-type mechanical agitator and low speed tip velocities would be satisfactory. Turbine-type impellers give a positive type of agitation which assures optimum ion contact and reduces short circuiting. Thorough aeration is possible with an air sparge properly located. A mechanical agitator can easily be started up after an outage, but it is usually necessary to drain and wash out a Dorr rake-type or Pachuca before restarting. The turbine-type impeller requires more power, but maintenance costs are negligible if rubber covered impellers are used. Carbon losses are minimal. In smaller plants, Pachuca type agitators provide adequate aeration and agitation. Bob Polak, Occidental Minerals (from the floor): Mr. Hall, you favor the mechanical-type agitator with the preface that the proper design is critical. Could you elaborate on this for us? Hall: The most important thing is low tip speed to prevent carbon attrition. I think the impeller should be sized so that you get a good sweeping action toward the bottom of the tank, across its bottom, up the sides, and back to the center. The advantage of the draft tube is that you get a more positive agitation and you probably get improved aeration too. Polak: Do you know of anyone using an upflow mechanical agitator rather than a downflow unit? Hall: I think that Bob Wilson at Custom Equipment has designed one where he has located the sparge directly beneath the impeller. The air bubbles are broken up by the impeller as the slurry passes through it. The slurry flows upward, outward, down the sides, and, again, back to the center of the tank. I don't know that any tanks of this design are in commercial use. Hans Von Michaelis, Randol International (from the floor): A question to any of the panelists on flat bottom versus conical bottom Pachucas. Hall: I would say the conical bottom would be most suitable in most cases. Some plants have experienced problems with flat bottom Pachucas in that they have a tendency to sand in on the sides of the tank so only the center of the tank is active. Duncan: With our draft tube tank we placed an inverted cone in the center of the tank bottom and blanked off the bottom comer around the circumference of the tank to facilitate movement of the pulp. Other than that, as far as conical bottom tanks are concerned, I'm generally opposed to them because of the cost and height differential. Larry Kramer, Kennecott Minerals Co. (from the floor): Mr. Duncan, you mentioned that the draft tube-type could be agitated with about one-third the horse-power applied to a conventional propellor agitated tank. I have trouble trying to pin down that kind of number. Could you give a bit of rationale as to why that mechanism has a lower horsepower requirement? Duncan: I think it has to do with the fact that below the propeller you have straightening vanes. The pulp, which is flowing vertically downward, is turned and flows upward again without any recirculation. You have an inherently less horse-power requirement in that type of tank. The one-third horsepower requirement is a number I obtained from Lightnin, which supplied us with details of the draft tube. There is probably much more recirculation with a conventional impeller type that is wasted motion. Potter: Last week I saw some agitators in South Africa with short draft tubes and actual turbine-type impellers. This plant was handling 200 kt of ore per month. The tanks were flat bottomed, and the agitation appeared to be quite satisfactory.

Jan 8, 1981

By E. R. Bollinger, N. S. Tanious, R. D. Beckett

The US Bureau of Mines developed hand-made, steel-fiber-reinforced concrete (SFC) blocks for building mine cribs. To ensure wider usage of these cribs, US Steel Mining Co. initiated a joint development and evaluation program with Burrell Construction Co. to mass produce SFC blocks of reasonable dimension, weight, and cost. Small specimens and full-size cribs were evaluated to determine their compressive strength and post failure characteristics. After testing and adjusting of various concrete mixtures, a final formulation was selected that gave a nominal crib strength of 22 MPa (3200 psi) and a nominal modulus of elasticity of 6.9 GPa (1.0 x 106 psi.) These SFC cribs can support 6.4 times as much as a wood crib with the same load-bearing area. The SFC crib was proven to be an economical and effective roof support system through various underground installations.

Jan 1, 1987

By Ted Nye

This paper describes a number of aspects of the design and construction of a driven tunnel which forms part of the Boggo Road Busway project. The driven tunnel is 430m long with an excavated width of 15m and a full tunnel excavation height of 8m. The first section of driven tunnel was excavated under the heritage listed Boggo Road Jail for a length of 120m. The main jail buildings and perimeter walls were built in 1908 and are of brick construction. Ground cover over the tunnel beneath the jail site varied from 5.5m to 8m and as a consequence the predicted settlement values and their potential to cause damage to the buildings were critical to determining and obtaining approval for the selected tunnel alignment. The geology along the driven tunnel alignment was very variable, providing mixed face tunneling conditions and ranging from surface residual soils to high strength rock at depth. The maximum ground cover above the driven tunnel is 20m.

By Russell G. Hood

Rock bolting or anchoring are methods of stabilization which are not being fully utilized in California and probably in other parts of the world due to lack of understanding of the principles, or due to poor results in actual installation. The problem is greater in California because so much of the rock is either soft or badly fractured and broken. Almost any recognized type of rock bolt or anchor will perform successfully is hard, fresh rock, but the problems become many-fold when working in decomposed granites, shales, soft sandstones or other soft, highly-broken rock. There has been an enormous amount of research by manufacturers, consultants, private organizations, and governmental agencies on rock bolting. It would be impossible to discuss all the methods and philosophies of rock bolting in this paper. Therefore, with the indulgence of the experts, I will give only a very generalized coverage on rock bolting techniques. However, My main purpose is to point out some of the problems of rock bolting in soft rock.

Jan 1, 1967

By Barbara C. Schickner

No group has been harder hit by the problems confronting the coal mining industry than small, independent surface mine operators in the eastern US. Burdened by costly government regulations, major capital shortages, declining productivity, high unemployment, and idle and closed mines, many in the industry think the breed will not be able to survive much longer. But there are a few sole owners fighting to remain independent-and succeeding. John Wagner is running a coal stripping operation in northwest Pennsylvania on a unique blend of aggressive management and marketing, support from a team of blue-chip professionals, and some unusual tactics. Though Wagner's approach is hardly an across-the-board formula for survival-he is currently reorganizing under Chapter 11 of the Bankruptcy Reform Act-a look at his operation helps illustrate some of the unique problems confronting eastern surface miners.

Jan 2, 1980

By Daniel Threlfall

The disposal of hazardous chemical wastes will be one of the major environmental issues of the 1980's. Approximately 50 million tons of hazardous wastes are produced yearly. One of the major aspects of the problem is the siting, design and construction of environmentally acceptable disposal facilities to accommodate this huge volume of material. Surface mines have been considered attractive for development as disposal sires for several reasons: 1. Surface mines represent an open pit that can conveniently serve as a repository for wastes. This could represent a significant economic savings when compared with sites on undisturbed lands chat might require extensive excavation or embankment construction.

Jan 1, 1981

By Robert E. Goodwin

As man's need for minerals continues to grow and as the known mineral deposits become depleted, it may be expected that these increased demands will result in greater exploration for additional deposits and at continually increasing depths below the earth's surface. As labor and material costs continue to rise, the need for more economic material handling will be emphasized. The quest for heavier payloads, safely moved at faster speeds from deeper mines, will be vigorously pursued. Strenuous efforts are, therefore, being made in the wire rope industry to develop ropes with greater strength-to-weight ratios than presently available while maintaining the dependability and long life being received from the conventional rope manufactured today. For many years, high quality rope wire has been manufactured from rods of selected steel compositions. Carefully-controlled wire drawing combined with proper heat treatment has resulted in high quality wire and wire rope throughout this period. Refinements in the rod produced from specially-selected high carbon steels combined with the latest improvements in wire drawing and heat treatments have made it possible to manufacture higher strength rope wire of uniform composition and structure that is suitable for use in Special High Strength wire rope.

Jan 1, 1970

By Edward F. Nagle

Instrumentation engineers have recently devised practical methods of metering the net solids flowing in a hydraulic mixture. The solids flow rate is determined by measuring the specific gravity and the flow rate of the mixture. T e specific gravity is measured by a variation of the bubbler system. The flow measurement is made by a somewhat unorthodox orifice requiring field calibrations. The linear mixture flow signal is then multiplied by the specific gravity signal, which is directly proportional to the percentage of solids in the mixture, to produce a linear solids Slow rate signal. The computations in this system are performed by Sorteberg pneumatic relays. Having obtained this measurement, integration and automatic control of hydraulic solids flow are available. This system is useful in mining, drilling and dredging industries. It provides maintenance of the net solids flow rate and reduces power consumption. Automatic control will provide rapid stabilization of net solids flow rate and release operators from making menual adjustments. The advantages of this application are economy of operation and increased pump efficiency, This paper describes a hydraulic solids flowmeter system installed aboard a dredge. Its purpose is twofolds:- 1. 20 provide a summation of the net solids flowing 2. To make available a practical guide for the drag tender operator. (Dwg. GSD-2219)

Jan 1, 1958

By M. Akser, F. L. Pirkle, B. W. Stratford, B. Ipekoglu

To date, no ilmenite, rutile and zircon deposits of commercial importance have been reported in Turkey. However, information from recent reconnaissance activities indicates the possibility of an economically viable heavy-mineral deposit in the vicinity of Ormanli, which is located northwest of Istanbul along Turkey's Black Sea Coast. Consequently, beach coil sand-dune samples were collected from that area for additional analysis. Laboratory methodologies drat were designed to simulate standard industrial heavy-mineral plant practices were used to analyze and evaluate the samples. Based on these analyses and current market needs, none of the deposits in the Ormanli area qualify as a commercial heavy-mineral deposit.

Jan 1, 1997

By J. C. Fox, V. L. Ketellapper

The Summitville Mine, located in the mountains of Southwest Colorado, is an abandoned gold mine. From 1984 to 1992, Summitville was mined for gold using an open pit heap leaching technology. During this period, the volume of acid mine drainage released from the mine significantly increased. This was attributed to the development of the mine pits, the waste rock piles, the heap leach pad, and increased discharges from the drainage adit. The release of this acid mine drainage resulted in the destruction of the aquatic ecosystem for more than twenty miles downstream of the mine. Beginning in 1993, plans were implemented to reduce the amount of acid mine drainage released from the mine. The majority of this work has been completed at the mine. This work includes removal of the Cropsy Waste Pile, closure of the Heap Leach Pad, and revegetation of disturbed areas. Significant improvements to water quality downstream of the mine have occurred resulting from mine reclamation. Aquatic life has returned to portions of the previously mining impacted areas. This study discusses the actions taken to reduce the amount of acid mine drainage generated at the Summitville Mine, the costs of these actions and the resulting reduction in metal loadings. Over 250 samples taken at over 10 locations since 1993 form the basis of this evaluation. Copper loading is analyzed as an indicator of the effectiveness of the actions taken.

Jan 1, 2002

By B. Pollack, L. G. Stevens

INTRODUCTION In other chapters of this volume many of the important technical aspects in the design of concentration and dewatering circuits have been discussed. This chapter will deal with the steps necessary to bring that information together in order to produce the specifications necessary to purchase the equipment and complete the design. It deals with the plant as a whole rather than just concentration and dewatering, since the steps are essentially the same. Prerequisites to Engineering Design Feasibility studies will have been completed and design parameters established prior to the start of the engineering design stages for a metallurgical plant. The data base for the feasibility studies will have included laboratory and/or pilot plant test work, historical data, proposed plant site data such as climatology, topographic mapping, geological and geotechnical information. These studies will have established the general project design criteria as well as the process design criteria leading to the preparation of preliminary flowsheet ( s) and/or alternative process flowsheets. These will have incorporated metallurgical and material balances, allowing identification of major equipment items, and development of preliminary plant site plot plans. Preliminary technical and economic assessments and recommendations will have been prepared during this phase for Owner's review and evaluation of the technical, physical, and cost effectiveness of the overall project and its component process, process facilities, and supporting facilities elements. After Ownert s approval and decision to proceed, the engineering design can be initiated, using the above information as the basis. Engineering Design Phase The engineering design of metallurgical plants and their elements are generally developed in two sequential stages, namely: (1) Basic ("Front end") Engineering Design (2) Detail Engineering Design Figure 1 relates these engineering stages to the entire program from feasibility through construction.

Jan 1, 1986

By John C. Brower

Bolivia is nor a major gold producer but has produced continuously since pre Inca times. Production reached a peak in 1964 of about 4,000,000 grams and is currently about 1,000,000 grams. Production is mainly from the Tipuani River valley north of La Paz and is derived from Pleistocene basin fill: the Cangalli conglomerate and overlying terraces. Abandoned Pleistocene lake terraces south of La Paz in the Oruro area are another source of gold whose potential have not been realized. In both the Tipuani and Oruro areas, primitive hand methods are the principal means of production, with the exception of a single modern dredge. In spite of a long history of production, probably very little of the gold potential has been mined.

Jan 1, 1979

By William H. Mount

INTRODUCTION The requirements of mine ventilation demand the constant attention of the mine operator. Just as the physical mine structure changes with time, the ventilation requirements of a particular mine change considerably from season to season and even from day to day. No ventilation system can remain adequate indefinitely; and all systems require monitoring and adjustments to achieve proper ventilation. Instead of being given fore- thought and planning, mine-ventilation systems too of- ten are erected hastily, merely to correct an already un- healthy situation. The usual result is an inefficient and costly system that, in some instances, may prove in- effective in providing fresh air to the point of need. The ventilation of mines is a combination of both art and science. The fluid that must be moved is in- visible; its properties change drastically with temperature, barometric pressure, and humidity; and the methods of measurement are not precise. In part, ventilation engineering must rely upon the art of good industrial ventilation experience and sometimes even the trial-and- error method. However, the properties of air can be determined with relatively inexpensive equipment; with some care, measurement accuracies within 5% of the actual values can be obtained. Thus the art of ventilation gradually is being supplanted by improved engineering practices. Although the direction of flow and the volume may not be predicted correctly by airflow equations in every situation, it is better to try to predict the behavior of a given ventilation before installation than to proceed blindly with a system design. When used with the discretion that comes from education and experience, the basic laws of ventilation can provide sub-stantial insight into the design of an air-handling system; and they can prevent wasteful or even dangerous designs from being installed. Since the mine operators who read this text will have varying amounts of exposure to ventilation theory, the basic laws of airflow and of mechanical ventilation are presented in the first section. The emphasis has been placed on the interpretation and use of fan characteristic curves that are supplied by fan manufacturers. Considerable information can be obtained from these fan curves, particularly when they are used with a graphic model of the mine, drift, or duct in which the fan or fans are to be installed. A few minutes spent comparing the various characteristic curves can help the designer obtain the correct fan for the job. However, the under- standing of a few fundamentals is necessary; and this text has been prepared to provide ample and understandable information in a "how-to" style. In subsequent sections of this text, more down-to- earth subjects will be covered, including the problems of air recirculation, relative merits of installing fans in series or in parallel, expected maintenance requirements (vibration, lubrication intervals, etc.), fan noise and some remedies, effect of an inlet bell on the fan per- formance, basic air-measurement techniques and equipment, and similar miscellaneous items. Although this text is not intended to be a comprehensive bible of mine ventilation, it has been prepared as a guide that provides some useful information to individuals responsible for the quality of the underground environment. Every person working underground is en- titled to the safest environment that can be provided within the limitations of existing technology and at a reasonable cost. Adequate ventilation is well within both limits, provided that the system is designed intelligently, in conjunction with the mining plan, and not as an after-

Jan 1, 1982

By J. E. Hoffman, Massimo Maccagni, T. J. Keefe, Marco Olper, O&apos

The problem relating to the use of insoluble anodes in acidic and highly aggressive environments has still not been definitely solved, and it is therefore a recurring subject of discussion. The fields of application in which insoluble anodes play a fundamental role are mainly in the electrolytic extraction of metals, in cathodic protection with impressed current, and in the production of oxidized halogenated salts. Based on the foregoing, B.U.S Engitec Servizi Ambientali (BESA) developed an electrode suitable for the use in the above-mentioned system. The basic component of the BESA anode is a bimetallic wire made of a copper rod (core) covered by a thin layer of valve metal, to be chosen between tantalum (Ta) and niobium (Nb). The wires, coated with suitable catalyst (PbO2, Pt or others) are inserted in a plastic frame and fixed to a current feeder by means of a screw, ensuring an optimal contact. Experimental data on the operating conditions, such as kind of electrolyte, current density, electrode potential, corrosion tests and fields of possible application, are described.

Jan 1, 1993

By Roger G. Rowe

The Crandon deposit, located in northern Wisconsin, is a 65.8 million ton Precambrian volcanogenic massive sulfide deposit which averages 1.4% copper and 5.8% zinc. The deposit is classic in origin, mineralogy and shape. Comprehensive understanding of the geology of both the deposit and the project site has been fundamental to the credibility and success of Project feasibility studies and regulatory permit preparation. Mine development in the current investment and regulatory climate requires thorough and timely application of geologic tools. From 1977-1980 geologic activities were focused on the typical objectives of orebody delineation, reserve estimation, depositional geology, and general site investigation. Results from these programs formed the basis for the Project's preliminary feasibility studies. Since 1981 further geologic investigations have provided criteria for project design, site management, and operational permitting. Activities have included mine entry position definition drilling, developing geostatistical reserve modeling, large diameter (150 mm) core drilling for mill pilot samples, rock mecha¬nics testing, and evaluation of the glacial overburden/deposit geohydrology for computer simulation.

Jan 1, 1983

By R. G. Sinclair, E. Sangine, S. M. Fortier, J. Brainard, K. Stone

"The U.S. Geological Survey and Natural Resources Canada conducted a study on the net import reliance of each North American country, and the impact of North American trade on the net import reliance of 12 nonfuel mineral commodities that are associated with advanced technology products: cadmium, cobalt, gallium, germanium, graphite, indium, lithium, nickel, rare earth elements, selenium, silver and tellurium. The combined results for North America, using 2014 data, showed greatly reduced net import reliance for nearly all of the commodities evaluated, which is largely the result of pooling the resources of production and recovery in Canada and Mexico of materials that are consumed in the United States. This study highlights the mitigation of potential supply risk for critical materials that results from trade within the North American trade bloc. IntroductionMultiple metrics and definitions exist for what constitutes a critical material, but there is broad acknowledgment that a mineral commodity may be considered critical if, among other factors, its production is geographically concentrated, if it has few or no substitutes, or if the country of origin is politically unstable. Numerous governmental and independent researchers have proposed methods of investigating criticality, with differing priorities such as economic resilience or strategic military supplies (European Commission, 2014; Graedel et al., 2015; U.S. National Science and Technology Council Subcommittee on Critical and Strategic Mineral Supply Chains, 2016). While criticality really depends on who is asking the question, and despite the differing priorities, there are several commodities that are commonly found to be of concern. In particular, some critical or potentially critical materials are used increasingly in advanced technologies, or they have complicated supply chains because they are coproduced or are produced in controlled markets.Commodities for which imports are required to satisfy domestic demand are those for which the importing country is net import reliant. Net import reliance (NIR) in this study is calculated as the amount of imported material, including changes in stockpiles, minus exports and is expressed as a percentage of domestic consumption:"

Jan 7, 2018

By William C. Howe

This paper describes the technical status of the atmospheric pressure fluidized bed combustion (AFBC) process for utility steam generation. Major areas where AFBC development work is needed are discussed. Various approaches to solving these key issues are identified and the ongoing research and development programs addressing the key development areas are described. Other significant programs pertaining to the development of AFBC for utility steam generation are also discussed and needs for future work identified.

Jan 1, 1978

By H. Gerry Stephenson, Devin Castendyk

"One of the most important environmental issues associated with contemporary openpit mining is the closure of mine pit lakes, and the perpetual legacy these lakes can potentially generate. Ideally, successful pit lake closure includes the following:• The water quality within the pit lake, plus surface water and ground water discharging from the pit lake, meets premining or other acceptable water quality conditions of the receiving environment. • The termination of all active treatment processes.• The return of the pit lake to the government for long-term care and maintenance.• The release of the mining company from all future liabilities associated with the pit lake.• The return of the environmental bond to the mining company.• The reuse of the pit lake for some post-closure, beneficial purpose.The achievement of these goals is known as walk away pit lake closure.Peer-reviewed publications of successful walk away, pit lake closure provide mining companies with the ability to address public concerns regarding the safety of pit lakes which commonly occur during the permitting, operations, and closure phases of mining. To date, most published work on walk away, pit lake closure work has occurred in the coal mining sector in Germany and Australia (McCullough et al., 2009; Jones and McCullough, 2011; Kumar et al., 2013; Schultz et al., 2013). In North America, examples of walk away, pit lake closure are not widely discussed in the literature despite there being excellent examples from the coal mining sector in Alberta, Canada (e.g. Pleasure Island, Black Diamond, East Pit, Sphynx, Robb, Lovette, Siltstone and Sterling), and from the iron mining sector in Minnesota in the United States (e.g. Portsmouth Lake, see MNDNR, 2018). Although seldom included in discussions of pit lakes from the metal and coal mining sectors, the aggregate and fabricated-stone mining sectors also produce pit lakes, and there are numerous examples throughout North America where these pit lakes have been successfully closed and transformed into post-mining resources (Vandenberg, 2018; Crossman, 2019). The difficulty of finding these good examples in the literature makes it challenging for companies to respond to public and regulatory questions regarding pit lake closure and reuse. As such, there is a pressing need to document the motivations and approaches used in examples of successful, walk away, pit lake closure in North America so that the mining industry, at large, can learn from these examples and can better address public concerns."

Aug 1, 2019

Those involved in the mining and minerals industry really are an optimistic bunch. Faced with an economic downturn that has spread across the globe ? one, some say, that crept up on everyone ? mining professionals remain hopeful that the industry will return. An example of that optimism is the attendance at two of the industry?s key conferences and exhibitions. In February, more than 4,200 people attended the SME Annual Meeting and Exhibit in Denver, CO. And a week later, in Toronto, Ontario, more than 18,000 were on hand for the Prospectors and Developers Association of Canada?s (PDAC) meeting. Both are respectable numbers and run contrary to meeting attendance figures during previous downturns when attendance and the numbers of exhibitors fell off significantly. Like other downturns, this most recent one has resulted in massive layoffs, curtailments of production and outright closures. Exploration has been hard hit and many junior mining and exploration companies will either disappear or be swallowed up by others. Gold is its usual self The PDAC generally attracts the gold mining and exploration sectors. So that might explain some of the optimism at the meeting. Unlike base metals and construction materials, gold, not surprisingly, is doing well. And most of the companies in the Investors Exchange at PDAC were involved with gold. While the balance sheets for most base metals companies look bad, gold companies appear to be not as hard hit. Gold is doing what it usually does during a downturn ? act as a safe haven while the value of other assets collapse worldwide. Governments around the world are preparing to pour trillions of dollars in an attempt to resuscitate their economies. This will likely lead to inflation, some experts at the PDAC convention said, which will be good for gold. And gold mining companies are also benefiting from lower production costs. The result is that some gold watchers believe gold could reach $64/g ($2,000/oz) at some point.

Jan 1, 2009