Search Documents

By Peter J. Szabo

The mining executive works in a cyclical industry. His employment is subject to the vagaries of the marketplace. Boom and bust has always been the industry's story. "Big oil" failed in its mining effort. This left emotional and financial scars on many mining families. One must remember that mining executives always play a high-stakes game. Given the cyclical nature of the mining industry, mining executives need to take care of their own financial security. The mining executive that does not plan for his financial security in this cyclical business is playing Russian Roulette with his future. Take a look at those people who have reached their later years with the mining industry. One usually finds three categories of people. Those few in the first group have been fortunate enough to have worked for one company. They have survived the winnowing process of cyclicality, political problems, and takeovers. They have reached normal retirement age. For them, the retirement years are usually comfortable. People in the second group have worked for those same mining companies. But these people have been forced out by early retirement. Or they have been laid off for cyclical, takeover, or political reasons. The third group includes those who have held many positions in the mining industry. Probably not until their later years are they fully vested, if at all, in a pension program. The first small group, then, is the exception. The others, unless they have taken care of their financial security, are doomed to later years of financial problems, stress, and unhappiness. Too late in life, many realize the harsh realities of failure to plan and implement a personal financial program. Mining executives go to some of the world's leading mining schools, to learn how to make money. The curriculum is technically strong. Most mining graduates are familiar with the intricacies of discounted cash flow, present value, and the Hoskold formula. But few of these same mining schools require courses on personal financial planning. Such courses could give mining students a realistic foundation and the mechanisms with which to cope with their cyclical profession. An executive has only three sources of money. He can make money at work. He can put his money to work. Or he can get money from charities, such as government programs. Of these three sources of money, money at work has the best chance of providing financial security in later years. The mining executive must think of the day when he will be too old to work and contribute to the market place. At this point, the quantity and quality of his investments will determine whether his later years will be secure. Along with the Mining Engineering Handbook, two key books should be included in the mining executive's library. These are Venita Van Caspel's The Power of Money Dynamics and Benjamin J. Stein's Financial Passages. These books contain the basic concepts of personal financial planning so critical to an individual's financial survival. Venita points out the simple formula that is the key to financial independence: Time + Money + American Free Enterprise (Rate of Return) = Opportunity to Become Financially Independent Chart 1 shows that this is not a trite formula. The chart shows the dramatic effects of compounding over time. The chart also shows at various yields what a $2000 a year Individual Retirement Account (IRA) contribution will accumulate. Chart 1 (from Money magazine) is based on the future value of an ordinary annuity. It shows that the key to amassing a small fortune by the time a person reaches his 50s is starting to save methodically in his 20s. This, coupled with the highest yields consistent with safety of principal will ensure financial security. There are significant effects from compounding money over time. Every year the decision is put off to save for later years will cost a person dearly by the time he reaches his 50s. For example, consider the decision to put off for one year a $2000 IRA investment at a 12% return. Starting it at age 31 instead of 30 will cost the executive almost $100,000 by age 65. What if the executive waits until age 35 to get started with his $2000 a year investment? He will then lose nearly $400,000 by age 65. Stated another way, the executive costs himself this $400,000 simply because he did not invest $167 a month for five years. $167 a month - that's less than an inexpensive second car payment. This $400,000 pool of money could provide the executive a $40,000 a year income at age 65, assuming a 10% return on invest-

Jan 11, 1985

By Peter G. Chamberlain

Many mining engineers considering in-place leaching for the first time are uncertain as to how to evaluate ore bodies for potential leachability. Evidence presented in this report emphasizes the critical role of permeability in such evaluations. Whether an engineer is considering leaching "tight" formations typified by the porphyry copper deposits of the southwest or the permeable uraniferous sandstones of Texas and Wyoming, permeability measurements are the keystone of any testing program. Permeability tests range from cheap and easy to highly expensive and sophisticated operations. Constant head, variable head, and pumping tests all have application in evaluating ore bodies for in-place leaching. Costs of these tests will not unduly deflate the pocket- books of most mining companies. The basic procedures for selecting and running these field tests-including preparing suitable wells--are reviewed for the benefit of newcomers to in-place leaching.

Jan 1, 1979

By S. O. Ogden

As most of you have probably surmised from the title of my paper, I am here today to talk with you about the use of diesel engines in the American mining industry and whether or not the free choice to use such equipment will continue to be available to mine operators. Of course, I will present to you my prepared remarks, however, these remarks may be essentially academic in light of a news release, parts of which I would like to read to you. Washington, D. C., The Department of Health, Education, and Welfare today announced proposed new regulations to reduce occupational health risks to workers in the U. S. mining industries by requiring the removal of all diesel powered equipment from American mines by December 31st "While we do not have complete and conclusive information to quantify these health risks we feel it is prudent to undertake this restriction on the use of diesel powered equipment without waiting for the completion of studies that are currently underway to identify and quantify these health risks," said a Department spokesman. HEW has been concerned about the health risks of diesel emissions in the underground coal mines for some time and have investigations underway designed to conclusively demonstrate the nature and magnitude of any health risks. However, HEW has decided to proceed with these regulations without waiting for the final results of these investigations. Further, HEW feels there is sufficient probability that diesel health risks do exist in all mining applications and consequently, the proposed regulations will apply to all surface and underground mining operations. It goes on a little further and indicates that due to the necessity of finalizing these regulations without delay, a period of fifteen days has been provided to receive comments regarding these proposed regulations.

Jan 1, 1978

"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 Andrew Neale

ERIC GUTIERREZ: With that, we'll go ahead with the final speaker of the day, Andrew Neale. Andrew has a master's of science degree in mineral processing from the University of Alberta. He worked at the Falconbridge in Sudbury area, also at Brenda Mines, and then he became part of the Brenda Process Technology group in British Columbia. He joined Freeport in late 1993 in Indonesia, and was involved in process control and automation. He is now the senior manager of metallurgy in New Orleans. He's responsible for designing Freeport's new 100,000-ton-per-day expansion concentrator, which is currently being commissioned. Please welcome Andrew. ANDREW NEALE: With the ongoing explosion in digital computing power, there seems to be no limit to what can be modeled, simulated, and controlled in the mineral processing plant. However, at each stage of development of a control system, it is necessary to complete a cost-benefit analysis for justifying the move to a higher level of control. Incremental improvements in plant performance, while often significant, must be weighed against the costs of implementation and long-term maintenance. This presentation will provide examples of what the author believes are misplaced or misguided process control efforts and make a case for the KISS principle as applied to process control.

Jan 1, 1998

Federal Regulations require that coal producers conduct a written, in-house investigation with every lost time injury accident. Besides their obvious value in accident prevention, competently conducted investigations can provide a number of additional benefits to include positive supervisor involvement, the control of rising worker's compensation costs and a measure of protection from civil/criminal proceedings. The paper describes such topics as MSHA minimum requirements, investigator selection and training, accident site procedures, witness interview techniques and the management review process. The reader is also presented with a number of information resources available through MSHA, the National Safety Council and other sources.

Jan 1, 1995

By M. W. Smith

Pennsylvania has 2500 miles of streams that do not meet water quality standards due to acid mine discharge (AMD), making AMD the greatest cause of water pollution in the state. The problem is mainly caused by abandoned coal mines. Pennsylvania is using a watershed-based approach to abating AMD which includes remining as a key component of a comprehensive restoration strategy. The Tangascootack Creek Watershed was targeted for AMD restoration through remining. Geologic mapping and overburden data were analyzed using Earth Vision software to identify areas of coal reserves which could be remined to improve water quality. Incentives are offered to encourage mining in these designated areas.

Jan 1, 1999

By Shenghua Yin, Xun Chen, Rongfu Yan, Zepeng Yan, Wei Chen

The application of cemented paste backfill (CPB) with alkali-activated slag and phosphogypsum (ASP) can contribute to the sustainable development of the mining industry. The effects of PG content, NaOH content, solid content, and waste rock-rod milling sand (W/R) ratio on workability, unconfined compressive strength (UCS), and setting time of ASP-CPB were investigated in this paper. The results showed that the workability of ASP-CPB decreased with PG content and NaOH content. Compared to OPC-CPB, ASP-CPB exhibited better workability and higher long-term (7 days and 28 days) strength at predetermined backfill formulations and curing times. The mid-term strength of ASP-CPB first increased and then decreased with PG content, while the short-term strength (3 days) decreased gradually due to the influence of soluble acidic impurities. Excessive NaOH will harm the strength of ASP-CPB, possibly due to the swelling effect of the reaction products (ettringite and sulfate). Strength and setting time increased and decreased with solid contents, respectively. Moreover, the compactness of the mixture has an important effect on strength and workability. The workability and strength of ASP-CPB reached the minimum and maximum values at a W/R ratio of 5:5, respectively. Pollutant index detection indicated that most of the pollutants in ASP-CPB leachate met the discharge standard, which proved that ASP-CPB is an effective method to recover PG. The results of the research will provide theoretical guidance for the efficient recovery of PG resources and support the achievement of safe, clean, and efficient mining.

Nov 17, 2023

By David J. Barr

Public Law 91-190 - January I, 1970 states that, "The purposes of this Act are: To declare a national policy which will encourage productive and enjoyable harmony between man and his environment; to promote efforts which will prevent or eliminate damage to the environment and biosphere and stimulate the health and welfare of man; to enrich the understanding of the ecological systems and natural resources important to the Nation; and to establish a Council on Environmental Duality." The administrative aspects of this National Environmental Policy Act of 1969 have in essence established the requirement that all agencies of the Federal government assess the consequence of their actions with an Environmental Impact Statement. Furthermore, five states have already enacted environmental legislation, and others will surely follow. The Environmental Services Project Director for Dames and Moore has stated in the June issue of that company's publication, "Elements," that, "The nuclear power industry has perhaps been most affected to date by the Act [NEPAL but recent court decisions, legislative trends and general public concern will accelerate the spread of the Act's impact on other industries. Mining and petroleum are already involved in environmental affairs." There can be little doubt that within a very short time all environmental aspects of the minerals industry will be strictly regulated and monitored by some agency of Federal and/or state government. Indeed, it is probable that any future effort to extract natural resources will be contingent upon a favorable review of an Environmental Impact Statement. It is also quite possible that continuation of present operations will have to be justified on the basis of proof of an acceptable environmental impact. It is the objective of this paper to present some ways in which remote sensing technology can be applied toward an efficient collection of environmental data necessary for the preparation of an Environmental Impact Statement.

Jan 1, 1972

By D. Spitty

Mining companies often have many disparate systems and repositories of data in their organization for planning and scheduling outbound mining supply chains. To optimize ore quality, throughput, transport logistics scheduling and delivery to contract, planning teams need to model and manage the value chain accurately and achieve a consolidated, enterprise view of operational performance. Planning teams coordinate a complex series of activities to ensure production forecast accuracy. They also negotiate and execute complex contracts often with disconnected and limited visibility of production forecasts, quality, and variability with little ability to accurately market potential product specifications over longer time horizons. This market is becoming increasingly dynamic, with increasing variability and the time for planning teams to react is decreasing. This is driving the need towards using science to generate the necessary scenarios required to support the decisions made by planners on a frequent basis. Resource-to-Market is a highly flexible, user-configurable supply chain management system for the mining and metal processing industries. This provides an integrated view of the supply chain that supports the dynamic nature of planning in a mining company, embraces variability of elements across the supply chain with the ability to optimize across all the functional areas of the operation to enable optimal decision making for often competing objectives such as throughput, quality, cost, revenue and profit.

Feb 23, 2014

By Jodi Banta

Thanks to strong industry support and longstanding partnerships, the University of Arizona has provided extensive pre-college mining education and outreach for more than a decade. These efforts to promote mining-related degree programs and the wide variety of indemand career opportunities reach thousands of middle and high school students and hundreds of teachers every year. The School of Mining Engineering & Mineral Resources is constantly looking at ways to help students overcome barriers into degree programs. But competition among degree programs for talent is fierce, and outreach has not made a big enough difference in the number of students pursuing mining engineering degrees. With workforce shortages threatening to undermine the industry, more is needed. The Bureau of Labor Statistics estimates 500 new mining engineering jobs each year, and according to a study by Deloitte (2023) nearly 50 percent of skilled engineers will reach retirement age in the next decade. At the same time, the 14 accredited mining or mineral engineering degree programs in the United States are producing fewer than 200 graduates annually (Society of Mining Professors and Society for Mining, Metallurgy & Exploration, 2021). To better understand mining’s competitive position, the School of Mining Engineering & Mineral Resources conducted a comprehensive study to determine (1) how prospective college students, parents and educators perceive the industry, related careers and the mining engineering degree, (2) factors affecting students’ choices of degrees and career plans and (3) the roles parents and educators play and how they influence students. This article is the first of two installments to discuss the results. This installment focuses on what students, parents and educators think about mining and where they get those impressions, as well as the role parents and educators play in influencing students’ choices of careers and degrees. The second installment, scheduled for publication in a later issue of Mining Engineering, looks at what students are seeking in their degrees and careers, and how mining compares with other degrees and industries.

Sep 1, 2025

By William E. Saegart

Copper has been mined in the Philippines since at least as early as the Ming dynasty (1368 A.D. to 1644 A. D.). The principal source areas of this early production were in Camarines Norte (Paracale), in the Mountain Province, which now boasts the largest number of Philippine porphyry copper deposits, in Masbate and in Surigao, The Spanish Era began in 1521. Although they were primarily interested in gold, the Spaniards operated several copper mines including the San Remigio mine on Panay and the Lepanto mine in northern Luzon, beginning in 1842 and 1865 respectively. Prior to World War II most of the Philippine copper production was supplied by these same two mines together with the Hixbar mine, Rapu Rapu Island which began operation in 1939. The Hixbar and San Remigio mines are cupriferous pyrite deposits and the Lepanto is a vein-¬form replacement deposit (Kinkel et al. ,I 1956). No significant copper production was derived from porphyry copper occurrences prior to world War II.

Jan 1, 1976

By Jackson G. Jenkins

Magma Copper Company's San Manuel SX-EW facility has operated since May, 1986. The original facility had a design capacity of 25,000 tons per year of electrowon copper cathode produced by processing pregnant leach solution from an open pit/heap leach operation. In 1988, the plant was expanded to 50,000 tons per year to incorporate processing in-situ leach solutions. This paper focuses primarily on the heap leaching area with regard to exploration, testing, feasibility, permitting, design and construction, and operating practices. Research utilizing surfactant leaching aids to enhance copper recovery is also discussed.

Jan 1, 1993

By S. K. Palm

The commercial life of a mineral product can be long, but like hitech electronic and software products that soar in sales one day to become obsolete and forgotten a few months or years, mineral products have a life cycle. They are invented, commercialized and eventually decline and disappear from commerce. Diatomite and perlite are produced from mined minerals, but almost none of the products in these industries spring from the earth in finished form. Straight calcined diatomite was invented over 100 years ago and flux calcined diatomite just a few years later. The expansion properties of perlite were discovered and first exploited about 75 years ago. Some applications for diatomite have disappeared or currently face competition from newer products. Dry cleaning was once the second-largest application for diatomite but disappeared over 30 years ago. Both the beer and wine filtration markets for diatomite face increased competition from membrane filters. A pipeline of new, proprietary products is critical to the future of the industry.

Mar 2, 2022

By J. A. Haggman

In a country richly endowed in mineral wealth, Climax Arimco Mining Corporation's (CAMC) Dinkidi porphyry Au?Cu deposit in Nueva Vizcaya province, Philippines, represents the most significant mineral discovery in the country in recent times. The deposit is located within a belt of young intrusive and volcanic rocks in the Sierra Madre mountain chain of north Luzon a region previously unassociated with porphyry-style mineralization. Since 1989, drilling of the Dinkidi deposit has outlined a resource of 124 million tonnes of 1.0 g/t gold and 0.41 % copper. Regional exploration throughout CAMC's 37,000 hectare FTAA has identified a further sixteen potential porphyry-related deposits. A new mining law was passed in March 1995 but prior to that CAMC had the first Financial and Technical Assistance Agreement (FTAA) granted by the Philippine government allowing 100% foreign ownership of mining projects.

Jan 1, 1997

By D. M. Urich

This paper is a follow-up on a previous paper presented at the A.I.M.E. Meeting in Chicago, Illinois, on February 17, 1965, by Mr. D. Kelly Campbell. Mr. Campbell's paper was presented prior to the operation of the Eveleth Taconite-Company's Plant, and this paper outlines and reports on the operation and performance of the Plant after the first nineteen months of operation.

Jan 1, 1967

By T. M. Storer

Much has been written and many discussions held on the virtues (and evils?) of a Company-owned motor fleet. Almost invariably these dialogues take a generalized form and thereby lose something since the individual circumstances, geography and philosophy - particularly in diverse industries, is never quite the same. In considering the nature of my remarks today, I felt a departure from the general approach might be in order, and in lieu of that, will attempt to present a concise picture of how we in the Lehigh Portland Cement Company view this problem and the steps we have taken in our efforts to solve it. At the outset a word may be in order about the Lehigh Company itself, what we do, and the problems that confront us specifically as well as the cement industry at large. We are primarily a manufacturer of portland cement operating 10 plants with a total annual capacity of about 23,000,000 barrels. We market this material in 30 states, shipping both from the plants directly as well as through a system of 18 distribution terminals. About 150,000 truckloads of cement are shipped to customers each year.

Jan 1, 1969

By Donald R. Simon

Money... not many subjects are as personal or as emotional. Hessiod said it well in 700 B.C. "Money is life to us wretched mortals". Are you getting paid enough? Does your company reward its top people? Does coal or copper pay more? Production or engineering? How is the synfuels industry going to influence mining salaries? Do high salaries attract and retain the best people? Do modern compensation systems ensure fairness or destroy entrepreneurial spirit? With our tax system and high standard of living why are we so salary conscious? Salary is not only important for what it can purchase but it is also a yardstick, measuring how well we are doing. We all need money to pay the bills and maintain our standard-of-living, but once we reach a certain point the psychological ramifications become more important than the purely practical side. Even necessary payments like the mortgage and the car are a function of our egos. Are our choices of cars and homes based on simple transportation and shelter?

Jan 1, 1980

Satisfactory means of managing growth in boom towns is a concern in mineral, energy and other large industrial developments. This session will include examinations of socioeconomic impacts, major issues such as social disruption, case studies, methods of managing growth, and concerns involving Indian lands. Innovative methods will be offered to assist the public, government, and industry in finding solutions to managing growth in rapidly growing communities.

Jan 1, 1979

By D. S. Dinsmoor

Boron, estimated to comprise about 0.001 percent of the earth's crust (Fleischer 10), as an element is never found free in nature, although its compounds are found in many localities. the borates are the most important. Sassolite (B(OH)3) and boracite (Mg6C12B1406), non-borates, are-of-minor importance. The crystal structures of most natural borates are still unknown. A classification based solely on the ratio of boron to the total number of cations has been devised (Palache 28). This classification divides the borates into four, sub-groups; anhydrous borates, hydrated borates, borates containing hydroxyl or halogen and compound borates. Only four or five minerals of the hydrated borates group have ever been used commercially. In more recent years, the sodium borates have comprised all but a 'small fraction of all borates used. Borax, the hydrated borate compound, is the most important of all boron compounds. It has been used so long and so often that the layman often confuses borax and boron and, applies the terms synonymously.

Jan 1, 1958