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By John R. Bogert

The title of this session is "Wall Street Looks at the Mining Industry," and I am going to attempt to answer the question: Shouldn't Mining Stocks Sell at Higher Price Levels? Or, What Does Wall Street See When Looking at the Mining Industry? Well, it sees a capital intensive business, a technical industry, and a growing industry becoming more vertically integrated. But, at the same time, Wall Street sees a cyclical industry, a fragmented industry of erratic earnings, spotty public relations, a feast-or-famine business where the public usually does not differentiate between coal mining or metal mining, and does not appreciate either the risks or the rewards. As a result, mining stocks generally sell at relatively low price learnings ratios in comparison to other industrial groups. This PIE ratio, the current market price of the capital stock divided by annual earnings per share, is probably the most popular index of a stock's value. The average of the price/ earnings ratios of the 30 stocks comprising the Dow Jones Industrial Average is over 14. This diverse group of stocks is widely regarded as being a cross-section and representative of the industrial companies listed on the New York Stock Exchange. However, in comparison to 14, Asarco and Kennecott shares are currently available for about 8 times annual earnings. Even discounting earnings from South America, the stock of these two companies sells at only 10 times earnings. Of course, Peruvian politics is currently preventing Cerro shares from selling above 6 times earnings, and Chilean politics keeps Anaconda shares at a PIE multiple of 7. However, even in better times, these companies rarely sell above 10 times earnings. American Metal Climax and Newmont sell at only 11 times earnings as does Phelps Dodge and St. Joseph Lead. Few mining companies then have what can be considered a high PIE ratio-a figure higher than

Jan 1, 1970

By Nate Ober, Heath Rushing

"Mining companies want to be in a position to move quickly and seize a favorable market or to keep their key staff productively busy. One of the problems for these companies is the time required to compensate for unavoidable impacts that the mine will have on the natural environment and to gain environmental permits. All too often, circumstances that were favorable when the project was proposed have become less favorable by the time all the hurdles have been cleared.Accordingly, many mining companies are interested in ways they can inject more predictability into their timelines for gaining environmental permits, shorten those timelines, and be more certain of getting the permits they need to carry out their next project.One increasingly popular way to do this is through a relatively new kind of service — the mitigation bank.Mitigation banks purchase property or easements through property that has been impacted by agricultural, industrial or resource activity. They then turn it around from an environmental point of view. This might include restoring streams and wetlands so that fish and aquatic organisms can survive, and animals have habitat and food to flourish.Appropriate native species of plants including trees and shrubs are planted, and steps may be taken to introduce wildlife to the new habitat. In some cases, a special focus is placed on creating habitat for rare and endangered species of plants or animals.The property is inspected by regulatory authorities, coordinated through an interagency review team (IRT). If the property is determined to be effective as natural habitat, the mitigation bank is then issued credits that it can then sell to development projects that are creating an unavoidable permitted environmental impact elsewhere. A mining company, for example, would buy credits to offset the aquatic impacts due to construction of a mine, access roads and other infrastructure — as required by the Section 404 Clean Water Act permit that governs those unavoidable aquatic impacts. The mitigation bank used for offset must have an IRT-approved service area that includes the location of the impacts."

Jan 11, 2017

By Glenn H. Damon

Concern about environmental pollution goes back many centuries, but until recently most efforts to control it have been perfunctory and spasmodic, aimed largely at coal smoke and other visible pollutants. Air pollution is to a large degree a byproduct of our economic development, and scientific knowledge of the causes and character of such pollution is more extensive than the technology to handle the waste byproducts of our industrial civilization. The removal of all constituents foreign to the air from the effluents produced by an industrialized society is obviously impractical at this time. There is widespread difference of opinion regarding acceptable ambient air concentration levels for the Various pollutants produced by combustion processes, but there is basic agreement that the pollution of the atmosphere must be controlled and eventually reduced. The magnitude of the air pollution problem has been increasing rapidly because our expanding economy calls for an ever-increasing consumption of energy, and fossil fuels are a principal source of energy. For example, the consumption of electricity has been increasing at an average annual rate of approximately 8 percent over the last 10 or 1.5 years. Table 1 shows the estimated emission of the principal pollutants into the atmosphere in 1966. The approximately 90 million automobiles, trucks, and buses on American highways contribute the largest proportion of pollutants to the atmosphere, but that fact does not alter the growing problems of the coal industry. You will note that sulfur oxides, particulates, and nitrogen oxides are all products of the combustion of coal. Of these air contaminants, sulfur oxides are now receiving major emphasis in terms of research to develop effective means for control, Table 2 shows that the combustion of coal produces approximately 60 percent of the sulfur oxides discharged to the atmosphere. While the utilization of coal is the principal source of particulate matter, this is not considered as serious a problem as it was in the early part of the century because of technological developments that have produced sound methods for the removal of particulates from waste gas streams.

Jan 1, 1968

By A. E. Ketler

Conventional Atmospheric Monitoring System (AMS) installations for monitoring CO, CH4, O2 and air-velocity throughout underground mines are usually relegated to a modest 3-5 mile extent and with data communication speeds confined to a ponderous 1-5K baud range. New US-MSHA and state regulations require fast reporting of unsafe conditions, and the old 20-30 minute updates are no longer acceptable. To communicate farther and faster has always been a problem, because data reliability degenerates with excessive distances and high speeds. Because of this, very large mines often resort to costly optical-fiber media, using expensive OF cables and repeaters to obtain the necessary coverage. This entails high initial cost, as well as high maintenance and downtime costs to repair or replace broken optical fibers. Rel-Tek has pioneered with its DX-Bus communication data highway, which uses inexpensive twisted-pair telemetry cables, which can now communicate well into the 20-mile extent of the largest mines -- normally a brick wall for low-tech AMS systems. This extended range, enables the use of twisted-pair cables and provides a low cost alternative to OF systems. This paper discusses the DX-Bus, and its latest accomplishment, the ?B-LINK,? a unique high-speed communication repeater that maintains the 19.2K-Baud data rate. On-going innovations to our workhorse Millennia-DX computer software have kept pace with this extra speed/distance phenomenon, resulting in a dually-optimized AMS package: both hardware and software. Cost savings are substantial, and at no sacrifice of reliability ? nearly always at 100%. Sensor updates are measured in seconds, not minutes and hours. Twisted pair copper cable is cheap to purchase and install and a breeze to maintain. Rel-Tek uses the B-LINK's wide branching capabilities to enable the AMS to extend 20-miles both far and wide. Actual experience in large US coal mines -- both longwall and continuous mining operations -- confirms the large mine performance. The ventilation and safety benefits to the mining industry are immeasurable.

Jan 1, 2009

By Frank F. Aplan

Introduction Gravity concentration may be defined as that process where particles of mixed sizes, shapes, and specific gravities are separated from each other by the force of gravity or by centrifugal force. The nature of the process is such that size and shape classification are an inherent part of the process in addition to separation on the basis of specific gravity from whence the process got its name. Mother nature has long practiced this form of mineral concentration by concentrating such heavy and relatively indestructible minerals as gold, platinum, cassiterite, ilmenite, zircon, and diamonds in placer or beach sand deposits. Once freed of their host granitic or other rock through natural weathering processes, these minerals are then subjected to stream or wave action producing a natural classification and concentration of the heavy minerals. Gravity concentration dates back to antiquity and was certainly the first ore concentration process used when selective mining and hand sorting would no longer suffice to produce the quality of concentrate desired. Forerunners of the present day sluice box and panning techniques were undoubtedly used by the ancient Egyptians on the upper Nile to separate gold from stream gravel. By the second century BC the extraction of gold from veins in quartz was well detailed by Agatharchides, but there is evidence that gold was brought into Egypt from the south as early as the XI1 Dynasty (~1900 BC).1 Most assuredly gravity concentration devices were used during the later Bronze Age to separate the heavier tin and copper minerals from their lighter gangue minerals. The Athenians used an elementary form of Rowing film concentration at their lead-silver mines at Laurium,2 and elementary jigging using wicker baskets was also probably developed at this time. Agricola's famous treatise De Re Metallica3 demonstrates that by the 16th century gravity concentration technology was well advanced and a large number of devices had been developed. Chinese

Jan 1, 1985

By Betty L. Gibbs

A short course, held during the SME Annual Meeting in Phoenix, AZ in February, focused on software for surface and underground mine modeling. The objectives of the short course were to review techniques for surface and underground mine planning. Mine planning software vendors were invited to demonstrate how their software runs, given a standard data set. Six vendors of mining-specific software participated in the workshop. They were Exploration Computer Services (MINEX 3D), GEMCOM Services, Inc. (PC-MINE), KJRA Systems (VULCAN), Mine Development Associates (SURPAC), Micromine and MINEsoft (TECHBASE). Data set A data set was created to challenge the capabilities of each vendor's software. The criteria used for the data set selection were: • a minimum of 300 drill holes; • the data must include topography, drill hole survey, assay and formation contacts; • the deposit was multimetallic; and • there was the potential to be mined by surface and underground methods. The data set used was an actual, complex copper ore body with a small amount of gold. The ore body was close enough to the surface to be mined by surface techniques. Part of it, though, was also amenable to underground mining. To further complicate the problem, a river ran across the area of the ore body. This presented mine planners with the problem of either moving the river or mining around or below it. The ore body had not been mined, so no data was available for the tons and grade actually produced. Data for the mine planning problem was distributed to each vendor about two months before the short course. They had the opportunity to load the data into their systems, build an ore body model and perform preliminary work. During the first day of the workshop, the vendors received problems concerning the ore body. They went to work on their machines, attempting to show short course participants how their software could help solve the problem.

Jan 1, 1992

By Vas Choudhry

INTRODUCTION Traditionally mineral processing equipment has been procured based on (equipment) specifications prepared by the engineers. As newer materials of construction are being used for equipment manufacture and plant control systems become more sophisticated, the need for thorough and detailed specifications is greater than ever. For example, it is not uncommon to find plants looking at grinding circuits consisting of semiautogenous mills with variable speed, gearless, drives of large horsepower. Technical specifications for the mill, wrap- around motor and control system must, therefore, be carefully prepared to ensure that the respective equipment supplied by vendors meets overall grinding needs. Various engineering and design companies have expended considerable time and effort in developing the specification format. Equipment manufacturers have also given significant effort to developing data sheets aimed at collecting information regarding not only the duty of the equipment, but also the conditions under which it will be operated. As engineers moved from one company to another, the specification format became cross-fertilized and further developed. As a result, specifications on file with various engineers have improved considerably over a period of time. Equipment specifications from earlier projects are commonly used as a basis for tailoring new ones. To keep equipment specifications short, general technical considerations are often compiled as separate specifications. For example, general considerations applicable to the design, manufacture and supply of the mechanical equipment are consolidated under "Standard Requirements for Mechanical Equipment” and included along with that specified for purchase. As the economic feasibility of the project has been established during earlier studies, purchase-related activities can be initiated following completion of the specifications. Procurement itself is a major activity, however, in this chapter only those activities directly related to the purchase of equipment will be discussed. PREPARING EQUIPMENT SPECIFICTION Specification for process equipment or machinery is written in such a way as to define exactly what is required of the equipment. Generally, mechanical

Jan 1, 1986

By Clinton Strachan, Dirk J. A. van Zyl

11.1 INTRODUCTION This chapter outlines some of the selection and design considerations for leach pads and liners. Leach pads and liners are generally chosen to provide the required or desired levels of low permeability and foundation conditions at minimum cost. The selection and design of a particular liner depends upon its anticipated use and performance, and what materials may be available. A leach pad is the firm base for a heap. When geomembrane liners are used, the pad is the firm, compacted foundation upon which the liner is placed. In the case of a clay liner, the clay liner is usually also the pad. It is important to consider the design of a pad or liner in terms of a system. The "leach pad system" consists of the prepared foundation, bedding layer (if used), liner (s), seepage collection or detection layer (if used), and cover layer. Foundation preparation is necessary to ensure a stable base for the rest of the leach pad system. A bedding layer is used to protect a liner from being punctured by large angular fragments in the foundation material. A seepage collection or detection layer, consisting of well-drained material and (sometimes) pipes draining to a collection sump, is included when a double liner is used. A cover layer on top of the liner can serve the following purposes (van Zyl and Strachan, 1986): • Preventing of ultraviolet light exposure to sensitive geomembranes; • Limiting evaporation from compacted clay liners and thereby eliminating cracking of such liners; • More efficient collecting of leachate; and • Protecting the liner from damage during heap construction. Economic evaluations of alternative liners for a project must include the overall system. For example, a geomembrane liner may require different foundation preparation and cover material selection and placement than a clay liner. Liners can be made of compacted clay onsite, amended soil, or geomembranes. Geomembrane is a generic term that has been proposed to replace many terms, including synthetic membranes, polymeric membranes, plastic

Jan 1, 1988

By A. Wahab Khair

There are a number of factors, including mine geometry, local geology, geotechnical properties of overburden materials, surface topography, sequence of overburden strata, and extraction rate, affecting characteristics of surface subsidence imposed by large underground excavation. Among the factors, the first three have the major impact on magnitude and area of influence of final subsidence. Hence, a model has been developed, considering mine geometry and geologic and geotechnical properties of the associated area, to predict maximum possible subsidence and subsidence profile at any cross-section within the subsidence influence zone. Based on extensive field measurements and mechanics of strata behavior, under the action of overburden pressure in the vicinity of the large underground excavation, the vertical plane of influence zone has been divided into five areas: 1) excavated, 2) caved, 3) fractured, 4) highly deformed but continuous, and 5) subsided zones. In the final state of subsidence each area maintains a certain volume expansion/contraction, i.e. a factor which depends on geologic, geotechnical properties of overburden strata and state of stress within the subsidence trough. The cumulative volume expansion and contraction partially compensates for the extracted volume and the difference between the two is reflected as the subsided area in the form of the area within a curve defined by a probability function. The input parameters for the model are mine geometry (i.e. length and width of the panel), depth of cover, and geologic and geotechnical properties of overburden strata (i.e. percentage of hardrock, sandstone and limestone, and soft rock, shale within the overburden strata and Rock Quality Designation). The model calculates angle of draw for the site, expansion factor for each zone utilizing empirical relationships, maximum possible subsidence and plots the subsidence profile curve. The model is developed for a longwall excavation with unique characteristics of prediction of angle of draw and maximum possible subsidence for a given geologic and mining condition at any cross-section within the influence zone of subsidence.

Jan 1, 1986

By Suresh K. Bhatt

A mathematically simulated modeling technique is used in this U.S. Bureau of Mines paper to represent a hypothetical mining operation with existing mining technology and prevalent mining costs. Mining scenarios are prepared and evaluated for potential benefits and costs available through computer-assisted mining. Base criteria, parameters, and methodology are described.

Jan 1, 1991

By Dion Weatherley, Raúl Castro, RENE GOMEZ, Pablo Cid

The study examines the impact of different drawbell geometries on hang-ups during ore extraction in underground mining. Using the discrete element method, the research compares three drawbell geometries: drawer, circular, and El Teniente. The findings indicate that the El Teniente geometry experienced more hang-up events, while the circular geometry had fewer.

Sep 1, 2023

By J. C. Purcupile

In this time of increased coal demand, a faster and safer method for roof support is needed. This report outlines the preparation and testing of a machine which we feel will help answer this need. The results of the tests are encouraging, and indicate that further exploration of the method should be continued.

Jan 1, 1975

By A. J. MacKellar

The economic viability of any project is generally assessed on an evaluation of the total capital constructed costs along with operating costs, owner's costs and market conditions. This paper will be directed to the role that Cost Engineering plays in the development of the capital costs and the cost control techniques applied thereto.

Jan 1, 1975

By Andre Vien, SANDRO DAVID DI, Frank Laroche

In 1994, Claude Bazin presented a novel method for linking size data from milling models to the feed input of flotation models. It was achieved with the simple addition of a metal/mineral distribution–size distribution relationship. This allows grade and recovery predictions from a varying mine plan through product size distribution predictions. 

By Jürgen Brune, Purushotham Tukkaraja

This editorial introduces a special focus issue on mine ventilation innovations. It highlights key areas such as ventilation on demand, automation, thermal management, atmospheric monitoring systems, and prevention of mine fires and explosions. The issue aims to address the critical role of mine ventilation in maintaining the health and safety of miners.

Mar 21, 2022

By Philip G. Meikle

The Bureau of Mines Coal Mining Technology program has developed new concepts aimed at improving the efficiency of underground coal product ion. Conceptual designs have resulted in equipment prototypes, some of which are currently undergoing proof-of-concept evaluations at Bureau and cooperator facilities. Several of these systems and concepts are described.

Jan 1, 1984

By L. K. Marshall

The importance of high quality underground mine ventilation is readily apparent. The principles of primary and auxiliary mine ventilation, however, are sometimes less readily apparent. The first article in this two-part series discusses some general aspects of primary and auxiliary ventilation. Next month's article will detail considerations involved with auxiliary mine ventilation.

Jan 1, 1982

By Lingyun Zou, Xinghai Lei, Tiezheng Li, Yifei Song, Nan Wang, Yang Li

The stability of key strata is of utmost importance in ensuring safe and effective coal seam mining operations. To minimize disturbance impacts on these strata and ensure their stability, it is crucial to assess the degree of disturbance caused by mining activities. This study proposes the evaluation index “disturbance degree of key stratum (KSDD)” and establishes a quantitative KSDD criterion to measure the degree of disturbance on key strata. To facilitate the assessment process, an intelligent calculation system for KSDD is developed. The classification criteria are derived by combining the measured three-zone heights from multiple mines. The reliability and accuracy of the KSDD quantitative criterion are validated using field measurement data. Furthermore, the KSDD quantitative criterion is applied to the Meihuajing mining area No. 23, and the distribution characteristics of KSDD are analyzed. The findings of this study can serve as a valuable reference for reducing disturbance and enhancing the stability of key strata during subsequent mining operations. Overall, this work contributes to the field of ground control in coal seam mining by providing a comprehensive approach to assess and mitigate the disturbance caused by mining activities on key strata.

Mar 8, 2024

By NILAMADHABA SAHU, Gajanan U. Kapure, Pankaj Kumar, Sunil Kumar Tripathy

Chromite ore processing tailings and low-grade manganese ores are typically considered waste due to their limited or negligible utility, leading to environmental and storage concerns. Researchers globally have explored various methods to utilize or upgrade these wastes, particularly because dumping chromite ore has been linked to severe health issues through Cr(VI) leaching. Individually, these ores lack economic value, and there has not been research on simultaneously reducing both low-grade ores. In this study, the focus lies on smelting these ores together, aiming to create a precursor alloy for 200 series stainless steel scrap. Initial research indicated the potential for scrap formation, validated through lab experiments with varying coke rate, basicity, and holding time. The investigation discovered that smelting this combination could yield a metal product comprising 59% Fe, 24.93% Cr, 7.56% Mn, 0.62% Ni, and 0.93% Si. The optimum basicity was found to be 0.6 with 80% recovery. Notably, this process eliminates intermediate steps in 200 series stainless steel production, potentially reducing overall CO2 emissions. This proposed method represents a cleaner, sustainable approach to repurpose these two waste ores, projecting a net profit of USD 330 per ton.

Jan 10, 2024

By W. Hitchcock

To enable the analysis of stability for a mine feasibility study a variety of geotechnical engineering parameters need to be obtained. At the early stage of a project it is usual for those responsible for the study to require a wide spatial distribution of RC holes in order to define a resource at the lowest possible cost. By the time a geotechnical study has commenced drilling priorities have usually switched to improving the definition of a resource, by drilling with diamond coring methods in the central area of the main orebody. The usual timing for geotechnical data collection is therefore after a wide distribution of holes have been drilled but which contain little geotechnical information. Conventional methods employed usually involve estimation methods, including book values and examination of disturbed core, or expensive additional drilling. With downhole geophysical methods we can economically take advantage of existing holes to obtain continuous values for density, defect orientation and ranking, elastic modulus values, unconfined compressive strength estimates and fracture frequency. This paper presents the results of a geophysical study and discusses the advantages and potential pitfalls of the method as compared to conventional methods of data collection.

Jan 1, 1999