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"How Wall Street Darling Molycorp Undermined the U.S. Economy, Degraded our National Security and Distorted the Global Economic Balance and How These Falsehoods Continue to be Promoted Even Today INTRODUCTION & SUMMARY In 2007 the Molycorp Mountain Pass rare earth mine was resurrected from its desert-grave in California by its then-owner Chevron Mining. Responding to elevated rare earth prices Chevron began processing on-site rare earth concentrates left over from past mining operations that were terminated in 1998i. Chinese demand had sparked what was being described as a commodities super-cycleii. Commodity prices were on the move. Wall Street smelled opportunity. In 2008 Goldman Sachs, Pegasus Partners, Resource Capital Funds, Traxys North America LLC and Carint Group LLC acquired the mining assets from Chevron. In an environment of ever-declining ethical standards and regulatory consequences the private capital group and their investment bankers would bring Molycorp to market. Molycorp, with its high powered investment banking team of Morgan Stanley and J.P. Morganiii, easily dominated the contest. Molycorp promoted itself, largely based on its past operating history and proven reserves, as the best company to challenge China’s monopoly control over the production of rare earths: a group of elements critical to most advanced technologies and U.S. defense systemsiv. Most of Wall Street’s hottest investment sectors were dependent on these materials: alternative energy, green technologies, computing, personal communications, advanced electronics and defense systems. By late 2010 there were dozens of prospective rare earth start-up ‘mining companies’ seeking capital. Eventually the number of prospective rare earth mining companies seeking capital exceeded 400, despite the reality that supply requirements of this market were disproportionally small when compared to other natural resource sectorsv. In the world of finance ‘smart money’ picks the winners. Consequently just twovi projects attracted nearly all of the capital (Molycorp and Lynas). Wall street picked Molycorpvii. This paper will primarily focus on Molycorp. By early 2010 the words “Molycorp” and “Rare Earths” electrified many people in the mining industry, most non-Chinese manufacturing technology companies, U.S. & allied defense contractors, technocrats in the U.S. national security community and eager investors across most of the world’s stock markets. It was the hottest story of the yearviii. The financial, technology and defense press coverage verged on euphoric: heaping fuel on fuel until the highly combustible Molycorp-pyre cast a long shadow over all of its rivalsix. When the IPO match was lit the spectacular flaming pyre sucked all of the oxygen out of the rare earth spacex. Molycorp was ranked the most lucrative IPO of 2010, resulting in record breaking profits to its private investors and massive returns for its early stock holding investors."

Jan 1, 2017

By Summers D. A.

A mining machine has been designed and fabricated to mine coal from room and pillar operations combining high pressure waterjet cutting and mechanical fragmentation. Waterjets are used to slot the coal face with an advancing plow wedge then breaking out larger coal pieces. The machine has the following advantages: - simply built around a disassembled longwall chock and gathering arm loader apron; - few moving parts which are simply and inexpensively maintained; provides immediate roof support in the face working area; - coal produced is larger, with resulting lower preparation cost; - no dust is generated; - risk of spark generation is virtually eliminated.

Jan 1, 1992

By V. Svalbonas

The process of grinding mill quality assurance brings with it associated truths and myths. When the mill quality assurance process took its first great steps forward in the late 1970s and early 1980s, they were in response to the conditions existing, in our industry, at those times. In the late 1990s, we are faced with different conditions, and problems, and need fresh solutions. Yet the system developed for the early 1980s has produced no new approaches for the late 1990s, becoming instead more hardened and entrenched. This lack of development and actual resistance to research is now costing the industry significant amounts of money in late start-ups and useless scrap loss.

Jan 1, 1999

By A. E. Jack Swanson, Brian P. Micke

INTRODUCTION Nevada Goldfields began underground mining development at the Kingston Project in September, 1986, followed by mill start-up in March, 1987. The first gold pour in April followed three years of preparatory work in establishing a North American operational base for the production of precious metals by Golconda Minerals N.L., an Australian mining firm. GENERAL CORPORATE BACKGROUND The Golconda Group of companies was established in early 1983 in Australia. It began operations by successfully retreating tailings at several old gold mining sites throughout Australia. With the limited reserves available for tailings retreatment, Golconda began to look toward the future by conducting a gold exploration program in Australia. However, the continued high price of gold in Australia had limited the possibilities of acquiring good properties at a reasonable cost and consideration was given to looking outside Australia in addition to Golconda's domestic exploration activities. North America was favored because of the proven potential for substantial gold deposits, the established infrastructure which would allow for rapid and cost-effective development of new projects and the advantages of similar political and economic climates. In mid-1984, Golconda established an office in California and began an extensive study of over 100 prospects throughout the United States. Two prospects were identified as a result of this study whch showed merit; one was located at Empire, Colorado and the other at Aurora, Nevada. Negotiations were then successfully undertaken to acquire these two properties. Golconda's U.S. offices were moved to Reno, Nevada in early 1985 to facilitate management of its projects. To operate and manage these projects, a small Canadian company listed on the Vancouver Stock Exchange, Cannon Minerals, was acquired by Golconda and renamed Nevada Goldfields Corporation. The current structure of the company is shown below in Figure 1. A private placement of 2,575,000 shares of common stock at US54.00 per share was arranged by Jacksons Limited of Australia in association with W.I. Carr (U.K.) Limited of London. This placement resulted in US510.3 million being available in May, 1986 for the acquisition and initial development of the Aurora and Empire projects. While the financing was underway, project planning commenced on both the Aurora and Empire projects. The Aurora project was selected as the one to be initially developed because of its relatively advanced stage of development. The

Jan 1, 1987

By W. Irwin

Global warming hitherto viewed as a distant threat to the environment, is now the subject of fierce goo-political debate. The debate centres around the time frame required to achieve environmental compliance, and the cost implications of meeting that objective. Since coal is the fuel of choice for power generation, the priority objective of energy producers is the pursuit of environmental protection measures that allow coal to be burned without any attendant negative impact on the environment. From an environmental point of view, public attention is today firmly focused on the impact that all industrial activity has on the environment, and coal is singled out from other fossil fuels as being the product of an inefficient smokestack industry. Despite coal's poor public image it is unrealistic to suggest as some do, that use of this fossil fuel as a primary energy source should be drastically curtailed. Coal which already generates about 35% of the world's electricity is continuing to increase its share of this rapidly expanding market, and to argue against its use is flying in the face of reality. However, changes are required in the way coal is used in some of the new clean coal technologies, since many include advanced methods of combustion. Indeed changes in the way coal is used is a vital link to the future of coal as a primary source of energy, and increased coal utilization will be directly linked to changes in its use. Discussion of various issues that affect coal utilization are the focus of this paper.

Jan 1, 1998

By M. A. Gibson

Ilmenite-rich lunar deposits can be converted to liquid oxygen to support lunar base operations and space transportation propulsion needs by a Carbotek-developed process. Iron oxide in ilmenite is reduced at elevated temperatures by hydrogen in a fluidized-bed reactor to water vapor which is electrolyzed to product oxygen and recycle hydrogen. Reaction rate, thermodynamic equilibrium, and lunar-gravity fluidization behavior are key factors which have been considered. Fluid-solids behavior has been modeled from data taken at lunar gravity conditions aboard NASA KC-135 flights. Large-scale pilot plant operations are planned to complete the development.

Jan 1, 1991

By C. G. Clifton

The Oatman District produced approximately 2.2 x 10 6 ounces of gold and 0.8 x 10 ounces of silver between 1897 and 1942. A total of 3.8 x 10 tons of ore averaging 0.58 O/T gold and 0.17 O/T silver was extracted from eight major orebodies and a number of lesser deposits. Oatman lies at the center of a trachyte-latite-rhyolite volcanic complex which contains at least one resurgent caldera. The orebodies are typical epithermal quartz-calcite + adularia lode deposits which are very deficient in sulfur. Ore deposition has occurred within dilatant zones on faults which radiate from a common point within-the complex. Fischer-Watt Mining approached the Oatman District with an integrated exploration program utilizing four basic procedures to define the characteristics of past productive areas the results of which were applied to unexplored portions of the vein system. These procedures, listed in their order of usefulness, in defining known and prospective mineralized zones are: vein contouring, detailed alteration mapping, fluid inclusion temperature determinations, and geochemical sampling.

Jan 1, 1980

This United States Bureau of Mines study is based on a review of U.S. mine fire accidents that occurred from 1970 through 1989. Information on these accidents was obtained through investigative reports written by Mine Safety and Health Administration personnel. For this study, 260 mine fire accident reports were examined. A previous Bureau research effort established that fires causing fatalities were more likely to occur in haulage entries than at any other underground location. This study has found that the most prolific source of haulage entry fires was the inadvertent grounding of trolley wires. The largest segment (15 out of 40 trolley wire fires) resulted from not maintaining adequate clearance between the trolley wire and the vehicle. Several novel fire prevention and control ideas have evolved in response to frequently occurring fire-related problems. These included; discriminating power isolation devices, wire cutting devices, more accessible fire extinguishers, vehicle overcurrent protection, and vehicle fire suppression.

Jan 1, 1994

By TUIJA MONONEN, LUDGER BENIGHAUS, CHRISTINA BENIGHAUS, Virginia del Rio, SARI KAUPPI, JUHA M. KOTILAINEN, JAVIER GÓMEZ, JARI LYYTIMÄKI

The understanding of public debates over mineral exploration and mining largely originates from exceptional situations such as mining accidents of conflicts. Less is known about how mining is portrayed and understood under more conventional settings. What storylines dominate the local day-to-day public debate? This article presents results from a comparative case study focusing on newspaper coverage of mineral exploration and mining in three European countries representing different geological and socio-economic contexts. Newspaper articles from the Geyer-Erzgebirge region in Germany, the Andalusia region in Spain, and Northern Finland are studied. The sample looks into the period between September 2018 and February 2020 and shows that regional newspapers report about mining issues relatively intensively even in the absence of major accidents or other media events causing peaks of attention. The tone of the articles is generally neutral to positive towards mining activities, reflecting the specific local settings, historical experiences, and future expectations. Despite the different contexts of the three countries, there were considerable similarities to the topics highlighted, including common themes of mining revival, mining events and social interaction, history of mining, and damages related to mining. Past, present, and future employment opportunities related directly or indirectly to the mining sector are key storylines. Another recurrent underlying theme is the need to balance environment and safety risks and socio-economic prosperity, typically covered through ordinary disputes among the mining sector, public authorities, regional non-governmental organizations, and local initiatives.

Jul 6, 2021

By A. J. Dudzik

In 2006 Arch Materials initiated the development of an underground limestone mining complex. The decision to proceed with the project was the end result of several years of market research and geological reconnaissance. The scope of the project included the construction of two declines to the mining horizons located approximately 900 feet below the surface, the means and methods of this phase will be the primary focus of this discussion. The design, fabrication and erection of a state of the art crushing and screening processing plant which when completed will have the primary crushing located on the mine level allowing uniformly sized material to be brought to the surface by means of a highly efficient conveyor system and a surface portion of the plant where material would be additionally processed, screened and stockpiled into specific product types. Also included in the scope of the project is the construction of offices, warehouse and shop facilities necessary to support the operations, commercial sales and distribution of the finished products.

Jan 1, 2010

The last decade has seen the use of powerful computerized Mine-Wide Monitoring (MWM) systems for detecting hazardous conditions in underground coal mines. Recently, the U.S. Bureau of Mines and Jim Walter Resources, Inc. (JWR) expanded the scope of MWM system to include ground control. Single-point extensometers were installed in each of 30 intersections along a tailgate entry. These instruments monitored the rate of roof sag, a sensitive indicator of roof instability. Data were collected by the mine's own computerized MWM system. The paper describes the successful integration of ground control instruments into MWM, the data reduction procedures, and the identification of several hazardous areas.

Jan 1, 1994

By H. Nagel, A. P. Schissler

"INTRODUCTION Anadarko Petroleum Corporation (Anadarko) owns a region of oil shale properties acquired as part of the original Union Pacific Land Grant of the 1800’s in southern Wyoming. These holdings are greater than 2 million acres and occur throughout the Green River Formation in southwestern Wyoming. One area was prioritized for further study by Anadarko Minerals called the Kinney Rim in the Washakie Basin due to low environmental impact, proximity to infrastructure, high ore grade, and low mining cost. The area is a low-overburden oil shale resource that can be developed using surface mining methods, processed by conventional surface retort, and placing waste rock disposal back on the bench for a design capacity of 10,000 barrel per day. The purpose of this papers is to present the results of environmental analysis and timeline, the mine plan, and surface ore processing to offer a resource-ready energy source.Mineral rights for the Kinney Rim area are owned by Anadarko, the United States Bureau of Land Management (BLM) and the State of Wyoming. Mining of oil shale for this study targets Anadarko owned mineral resources.GEOLOGY The study area is in the Green River and Washakie Basins in western Wyoming. The host geologic member is the Laney Oil Shale. Figure 2 illustrates the Laney shale within a generalized lithologic cross section.OIL SHALE LEASING The proposed Kinney Rim oil shale mining project is located in an area dominated by a 1 square mile checkerboard landownership pattern with every other section typically administered by Bureau of Land Management (BLM) and Anadarko. Surface and mineral ownership is a split estate legal entity. The immediate Kinney Rim mine plan is all on Anadarko sections."

Jan 1, 2015

By J. D. McAteer

It is widely agreed throughout the mining community that federal mine safety and health legislation administered by the Mine Safety and Health Administration (MSHA) deserves significant credit for the past quarter-century's remarkable improvements in miner safety and health. Recently, however, it has been suggested that the mining industry in the United States has now evolved to a point that current mine safety and health law may be obsolete. This proposition deserves attention. Today, I propose to give it the close logical scrutiny that is its due. I conclude that the obsolescence of current mine safety and health law is not supported by the evidence. The existing mine safety and health law continues to serve as a critically important supplement to mine operators' safety programs at a modest cost to the taxpayer. At the same time, trends in a changing industry do call for responsive adaptations in the Federal mine safety and health program. I will argue that timely and appropriate responses to changing needs can be accomplished within the framework of existing legislation, provided federal officials avail themselves of the flexibility provided by existing law.

Jan 1, 1996

By W. Hustrulid

"In recognition of his inspiring dedication to the mining industry through education, research contributions and dissemination of practical knowledge, exceptional leadership and excellence in mining engineering practice and for his lecture, “You can't make a silk purse out of a sow's ear.” Recipient of the 2002 D.C. Jackling Award Introduction It is always difficult to decide on the most appropriate title to give to a paper or talk. It is a particularly difficult decision in the case of the Jackling Lecture, because the title becomes part of the award citation. I hope that the significance of this unusual title will become crystal clear as you read the pages that follow. However, to assist you in this journey, I will provide the following few words of guidance. In making a cake, you need the proper ingredients. If one or more of them are missing, it will not be a cake. In addition, the quality of the cake depends on the quality of the ingredients. In my lecture, the "cake" is the U.S. mining industry of the future. A national perspective President George W. Bush in his State of the Union Address (Bush, 2002) delivered on January 29, 2002, defined three national objectives: •win the war on terrorism, •protect the homeland and •revitalize the economy. Under the heading "revitalize the economy," he indicated the importance of "good jobs" and "energy production" by saying: "Good jobs begin with good schools. Good jobs also depend on reliable and affordable energy. This Congress must act to encourage conservation, promote technology, build infrastructure and it must act to increase energy production at home so America is less dependent on foreign oil." I wish that he would have broadened his focus and stated instead that: "This Congress must act to encourage conservation, promote technology, build infrastructure, and it must act to increase materials production at home so America is less dependent on foreign sources." With regard to jobs, all jobs are not equal. To paraphrase John Reeves of MidContinent Resources (Reeves, 2002): "If our nation is to prosper, we all cannot make a living by doing each other's wash. Some of us, at least, must be actively engaged in the primary production of raw materials from the riches of the earth and other Americans must turn those materials into consumer products." The unfortunate trend in our country has been to neglect the primary production of basic materials, even those coming next in line. We have left those responsibilities to others while we concentrate instead on performing various services, i.e., doing each other's wash and flipping burgers. This cannot continue. It must be remembered, especially by those in leadership positions, that all "jobs" are not created equal. Some jobs are much more essential to the security and wellbeing of our country than others. We must be sure that the important ones are in place. We cannot produce the basic materials that our nation requires without access to those materials. This leads to my Proposition 1: You cannot have a viable mining industry without a clearly enunciated, positive U.S. materials policy. Background regarding U.S. materials policy Resources for freedom. In January 1951, President Truman created the President's Materials Policy Commission, with William S. Paley as chairman. As expressed in the invitation letter from the president to Paley: This commission, within the executive office of the president, is to study the broader and longer-range aspects of the nation's materials problems as distinct from the immediate defense needs. The task of the commission is to make an objective inquiry into all major aspects of the problem of assuring an adequate supply of production materials for our long-range needs and to make recommendations that will assist me in formulating a comprehensive policy on such materials. The commission should study, together with any other aspects deemed by it to be pertinent, such questions relating to production materials as: - the long-range requirements outlook; - the long-range supply outlook; - the prospect and estimated extent of shortages; - the consistency and adequacy of existing government policies, plans and programs; and - the consistency and adequacy of private industry practices.

Jan 1, 2003

By Steve Kral

"Liebherr, as most anyone involved with the global mining industry knows, is one of the world’s largest makers of mining and construction heavy equipment. The familyowned company has been around since the 1940s and, according to Stefan Heissler, by the end of next year, will employ about 44,500 people worldwide. Heissler is a member of the board of directors of Liebherr International AG.It all started for the Switzerland-based company when Hans Liebherr first recognized a need for heavy equipment in the construction industry, Heissler said. His first product, introduced in 1949, was the TK10, a mobile crane that, at the time, was a groundbreaking innovation to the heavy construction industry. From there, the company began its growth into a world-leading heavy equipment manufacturer that always relied on innovation.In October, Liebherr gathered a group of mining and construction magazine editors in Leoben, Austria to take a look at the company’s latest addition to the global mining and construction markets. On the mining side, Liebherr provided a demonstration of its T-236 100-t (110-st) haul truck and the PR- 766 50-st (55-st) crawler tractor. The one-day demonstration took place at the Erzberg iron mine near Leoben, where both machines are being proven.The Erzberg Mine, operated by VA Ersberg, has been in operation for about 1,300 years and is said to be Europe’s largest surface mine. It employs about 230 people and mines about 12 Mt/a (13,200 million stpy) of ore, producing about 3 Mt/a (3.3 million stpy) of fine-grained iron ore.T-236 rigid-frame truckThe new T-236 rigid-frame dump truck, with a diesel electric drive system, is Liebherr’s entry into the 100-t (110-st) class and is the first in this class with a four-corner, oilimmersed braking system. The haul truck was first introduced during the 2016 MinExpo in Las Vegas, NV. The unit has since successfully completed its testing phase and is currently in its first field operation trials at the Erzberg iron mine in Austria."

Jan 12, 2017

By Jan Reimann

Increasing individualization with smaller quantities, growing competition from low-wage countries, and the continuous drive towards digitalization are the challenges that industrial companies in high-wage countries must face. The example of the Flender One gearbox modular system demonstrates how consistent standardization and digitalization are the enablers for AI, and thus already enable new business models and business approaches today.

Feb 22, 2026

By L. Alan Weakly

The Powder River Basin of northeastern Wyoming and southcentral Montana contains the largest strip minable reserve of compliance coal (0.27 kg or 0.6 or less Ibs of sulfur per million Btu) in the United States. In mining parlance, it is the mother lode. Wyoming's portion of the Basin is called the Southern Powder River Basin (SPRB). It has been the nation's top coal producer for the past nine years. And based on 1997 production statistics and estimated strippable compliance coal reserves, Wyoming should remain the nation's top producer for the next 51 plus years. In August 1994, ME featured 10 articles that covered all aspects of coal production in the SPRB. In this issue, five authors update the 1994 articles and provide a pre- diction of what the Basin will look like at the turn of the century. In addition to this article, the titles and authors of the other five articles include: ? "Geology of Wyoming's Powder River Basin coal field," by Gary B. Glass and Robert M. Lyman. ? "Coal quality challenges in the Powder River Basin," by Sharon Roness, Richard A. Turpin and Robert A. Young. ? "Markets for Southern Powder River Basin coal," by , Patti J. Best and Patrick W. Wright. ? "Evolution of mining equipment in the Powder River Basin," by Kenneth R. Miller and James L. Long. ? "Hauling coal into the 21st century," by Dave Willis and Will Cunningham.

Jan 1, 1998

By K. Brady

Making progress on sustainable development will require greater attention to the management of materials produced from mine exploration through use to reuse, recovery and recycling. Material stewardship is a concept that embodies the range of activities required for optimal and appropriate use of minerals and metals in society. The following paper provides an overview of some recent initiatives that promote the stewardship of minerals and metals in society. The initiatives described are being conducted by organisations ? the International Zinc Association, the Canadian Copper & Brass Development Association and the International Council on Mining & Metals. These associations illustrate stewardship activities at three different levels: - an international association representing companies that produce a range of minerals and metals; - an international commodity association; and - a regional association. For each initiative, information is presented on its development, scope and outlook. This paper draws heavily from work of the associations but the viewpoints are the responsibility of the authors.

Jan 1, 2007

By J. Hunter

The Highland Uranium Project in Wyoming is an in-situ leach (ISL) facility owned and operated by Power Resources Inc. It is the largest uranium producer in the U.S. and the largest uranium producer by ISL in the western world. With its limited capital investment and low operating costs, the ISL technique has been demonstrated to be an effective and environmentally sensitive method for recovering minerals from these low grade and otherwise uneconomic orebodies.

Jan 1, 1996

By David J. Hatem, K. Bhattarai

The increasing popularity of alternative methods in delivery of underground infrastructure projects has given rise to innovative and collaborative contracting strategies to allocate and manage the unique risks associated with the work. This paper presents approaches and recent examples of how risk has been dealt with using various alternative delivery methods, including Progressive Design Build (PDB) and Construction Manager/General Contractor (CM/GC). Based on the experience gained from these examples, recommendations for an innovative and collaborative risk baselining approach using contingency sharing are presented that should advance the overall goals of equitable risk sharing and compensation.

Jun 13, 2023