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By John C. Smock

George Hammell Cook was born at Hanover, Morris County, New Jersey, January 5, 1818. His early education was obtained in the country school, and he was, for a short time, a teacher in his native town. In 1836 he was engaged, as a civil engineer, in making surveys and locating the line of the Morris and Essex Railroad from Newark to Morristown, and the extension of the road to the Delaware River. Appreciating the advantages of a thorough education, and seeking a wider field of usefulness, he entered the Rensselaer Polytechnic Institute at Troy in 1838, and, was graduated from that .school in 1839. In this institution he heard the lectares of Amos Eaton, the famous teacher, from whom so many of our older scientists caught their inspiration and love for the natural sciences. After graduation, he was employed as a tutor in the school, and subse-

Jan 1, 1890

By R. W. Raymond

IX the death of William H. Scranton, which occurred at Oxford, N. J., June 19, 1889, the Institute has been called once more to mourn the loss of a name from the fast diminishing list of those who constituted its membership in the first year of its existence. But it loses more than a name—a friendly presence and an intellectual force have departed ; a fruitful life has been cut short. Mr. Scranton was born in Belvidere, N. J., on the 13th of January, 1840. He was the eldest son of Colonel George W. Scranton, the

Jan 1, 1890

By R. W. Raymond

The sudden death of Captain Jones, September 28,1889, became known to his fellow-members on the eve of the Ottawa meeting of the Institute; and at that meeting, Mr. Charles Albert Ashburner, of Pittsburgh, expressed with unaffected feeling and unpremeditated eloquence the sorrow of all. Mr. Ashburner subsequently undertook to revise and extend, for in in the Transactions, the remarks he had made at Ottawa; but death surprised him also, in the midst of his labors; and it has become my duty and privilege to prepare from the memoranda he left behind, the present brief and inadequate notice. To me, who knew and loved them both, this task of double sorrow recalls them both, with a peculiar sense of presence and of absence. They seem to speak from another land, not far away, yet not with human voices—like an echo and its echo. William Richard Jones was born in Luzerne county, Pennsylvania, February 23, 1839. His father was Rev. John G. Jones, a Welsh minister, who had immigrated to the United States in 1832. William was the eldest son, and his father's failing health made it necessary for him to begin early the work of self-support. At the age of ten, he was apprenticed to the Crane Iron company, of Catasauqua, and in this humble capacity entered upon the profession in which he was to become famous. Unquestionably, the thorough acquaintance with all details, acquired by working his way from the bottom to the top, was one secret of the conspicuous executive ability which characterized him in the height of his career. According to a letter from Mr. J. H. Geer, Assistant Chief Engineer of the Cambria Iron Company, Mr. Jones entered the service of that company in 1858 or 1859 as a machinist, and continued to work in that capacity until July, 1862, when he enlisted as a private in the 133d Regiment of Pennsylvania Volunteers, in which he afterwards commanded a company. The regiment was mustered out of service in 1863, and Captain Jones re-enlisted in the 194th

Jan 1, 1890

By A. J. Van Der Merwe, J. F. Erasmus

One of the valuation approaches applied to Advanced Exploration Areas and Pre-Development Projects is the so-called ?in situ Mineralization Method? or the ?Yardstick Method?. This method is based on the concept of a known undeveloped Mineral Resource being worth a certain fraction (the ?Yardstick?) of the contained commodity value (?metal in ground?), using commodity prices ruling at the date of valuation. The Yardstick value is derived usually from an average market-based figure obtained from an analysis of recent transactions and is expressed as a monetary value per ounce or per tonne. It maybe modified to accommodate the quality (e.g. grade) and category (e.g. confidence level) of the Mineral Resource/Reserve involved and the time, effort and expenditure expected to be involved in bringing the project to fruition. Some eighteen recent and relevant transactions were analysed, allowing the following general conclusions to be reached: ? a Yardstick with which to value undeveloped PGE mineral resources is likely to range between 0.5% and 2.5% of the in-ground contained metal value ? the expected method of mining (especially with regard to mining costs) and the grade of the mineralization both have a strong influence on the Yardstick ? the status (classification) of the Mineral Resource has some influence on the Yardstick and ? the ruling price of platinum and the regional location of the deposit appear to have insignificant influences on the Yardstick.

Jan 1, 2006

By Lewis Carroll

AS he contemplates the numerous good things the hard-working committees have evolved for the 140th Meeting of the Institute, the Editor knows just how the walrus felt when he uttered his memorable, if somewhat lugubrious lines. For there are the Annual Reception and Dinner at the Commodore, 'the Gold Supply Symposium, the luncheons, general and special, and the Annual Institute of Metals Lecture, a Round Table on Iron Ore and a wonderful Informal Dance at the Grand Central Art, Gallery, substantial general sessions, a Smoker-and many other things. -Old, friends and new, reminiscences and confidential chats, horizons pushed back by new information and adjusted perspectives, courage revived and ambitions stimulated-one with a flair for the modernistic might make something-or nothing-of the kaleidoscopic preview 'of the coming Annual Meeting.

Jan 1, 1931

By William H. Bassett

RECENTLY it has become the custom of retiring presidents to talk of the relations of the Institute to its membership and its constituency- and it seems a good precedent to follow. Past-president Smith reviewed our relations to materials and to society in general. Mr. Bradley spoke of the value and use of our publications and of our educational duties. My message will be in regard to the coordination of our various groups of member interests and of service to industry. This Institute has, within its organization, four divisions and fourteen technical committees--each interested in a separate put very definite subject, and each covering a phase of mining engineering interest. These vary from geology and the geophysical methods of prospecting, to the physics of the structure of metals, truly "from the mine to the consumer"-from the preparation for mining to the final use of that which has been mined.

Jan 1, 1931

By S. Stebbins

In 1994 Western Mine Engineering, Inc., (WME), which is now InfoMine USA, Inc., set out to build a suite of stand-alone software programs that would provide their clients the means to estimate the costs of developing and operating mineral exploitation projects. After the first program (Sherpa for Surface Mines) was completed and launched, the developer (me) left WME to form Aventurine Engineering, Inc., in order to complete the series of applications. In the years since, four programs have either been developed or upgraded and enhanced. Applications were produced that estimate the costs of underground mining, placer mining, and project site reclamation. In addition, an application specifically designed to evaluate the economics of these projects, which was based upon a program previously developed for WME by Bill Willoughby of Willoughby & Associates, was redesigned and the code updated to a MicroSoft compatible platform. All these programs follow an engineering-based approach to cost estimating. Instead of relying on rules-of-thumb and statistical averages, they calculate all of the engineering and operational parameters needed to estimate costs. The premise is that the uncertainty associated with cost estimates should lie with the data available for the resource, not the approaches used to design and estimate the associated design parameters. In other words, it is acceptable that items such as the resource grades, deposit dimensions, ore and wall rock characteristics, and mill recovery rates carry with them some uncertainty, but parameters such as loader bucket capacities, truck speeds, pump horsepowers, hoist velocities, and grinding mill diameters can be calculated (although uncertain data might be used in those calculations). No additional uncertainties should be introduced because the cost-estimating procedure relied upon statistical manipulation or anecdotal inaccuracies. To that end, the programs rely upon calculation-based approaches to selecting and sizing machinery, assigning the required workforce, and determining the extent of the consumables needed to recover mineralized material at a rate defined by the client. And while calculation-based software is not unusual, more modern approaches work toward the development, accumulation, and manipulation of data. INITIAL CONDITIONS AND PROJECT GOALS In 2016 we had five separate programs completely disconnected from one another. Each was written in VisualBasic, a language that was falling from favor. In essence, the status in 2016 was a series of stand-alone programs (Figure 1) in which results from one needed to be manually entered as input into another.

Jan 1, 2019

By C. A. Fisher

THE discovery of petroleum in Pennsylvania in 1859 marked the birth of an industry of paramount importance. Spreading from - Oil Creek, this remarkable industry may be said to have embraced the earth in a little more than half a century. Those who made the discovery little realized its deep significance or far reaching influence on our national life. For over sixty years, during which time this nation has created and developed the oil industry to a high state of efficiency and' carried its activities to all parts of the world, we have' at all times been the leaders in the production of crude oil and in the development of its technology. During the unprecedented growth and expanse of the oil industry there has been an increasing dependency of our basic industries on, petroleum, until at present it has become essential to our national existence. To meet the ever increasing demand for petroleum and its products, we have explored, at one time or another, for their oil possibilities, practically all parts of the sedimentary rock area in the United States. Furthermore, detailed surface and, in many places, subsurface studies have been made of all the promising regions; over 640,000 jewells have 'been drilled for. oil since the beginning of the industry; $12,000,000,000 have been spent in this work; seventeen major fields exceeding 100,000 bbl. daily production and more than a thousand minor pools have been opened up, and 8,000,000,000 bbl. 'of oil have been produced, or an amount nearly equal to the estimated future reserves of the United States made in 1921.

Jan 1, 1925

By Nathaniel Wollman

About nine years ago the President's Materials Policy Co commission under the chairmanship of William Paley released its report entitled "Resources for Freedom." Not long ago the Senate Select Committee on National Water Resources under the chairmanship of Senator Kerr released a study entitled Water Supply and Demand. Both reports contained projections of future water user the report for 1975, and the Select Committee print for 1980 and 2000, It is my task to compare the two reports. In the initial letter from Mr. Kazmann arranging for thus session he suggested that I present "a critical evaluation of the Paley Report's section on water ?ten years later,? which might include a comparison of predicted and actual water-use rates and would spotlight the assumptions which lead to errors in the predictions , . ." It is possible to compare the results of both studies, and it possible to explain art of the differences that can be found between them. The remainder must remain shrouded in doubt, since the Paley Report did not give all details of the methods used in estimating the com¬ponents of water use.

Jan 1, 1961

By R. E. Murray

"It is a gloomy moment in the history of our country. Not in the lifetime of most men has there been so much grave and deep apprehension; never has the future seemed so incalculable as at this time. The domestic economic situation is in chaos. Our dollar is weak throughout the world. Prices are so high as to be utterly impossible. The political cauldron seethes and bubbles with uncertainty. Russia hangs, as usual, like a cloud, dark and silent, upon the horizon. It is a solemn moment. Of our troubles, no man can see the end." By now you, no doubt, are asking, 'Where did Murray get this bit of philosophy?' Well, I obtained it from an editorial entitled. "The Worst of Times", which was published in the Harper's Magazine in 1847. That's right, 1847! The parallelism between the situation in our country at this time and in 1847 is un- canny. But wait, there is one major exception the size of government. To my knowledge, the citizens of 1847 were not stifled by the extreme governmental excesses that we are experiencing today.

Jan 1, 1980

By AIME AIME

AMONG the members of the Institute there are thirty-three who have been members for a half- century or-more Some time ago a professor of psychology made a careful study of a group of unusually brilliant children to determine whether there was any truth in the general belief that a brilliant mind is usually to be found in a physically sub-normal body. He definitely proved the exact opposite and it is now known that children who are above the average in mental capacity are also above the average in physical health and strength.

Jan 1, 1929

By P. W. J. van Rensburg

Our mineral heritage - PRESIDENTIAL ADDRESS given by P. W. J. van Rensburg, Pr. Eng.. B.Sc. (Eng.)(Rand) INTRODUCTION Stone Age people were living in various parts of South Africa as recent,ly as a thousand years ago, when they were displaced by Iron Age people with a culture developed in the far north. These invaders brought farming, building, and the earliest mining developments to the Transvaal, thus ushering in the beginning of our great mineral heritage. It is of particular interest to record that, up to comparatively recent times, some of these people were excavating iron-bearing shale rocks for their smelting furnaces on the Melville Koppies in J ohannesburg. Although the most recent the iron-smelting furnaces discovered on these koppies is estimated to be some five-hundred years old, it believed that these Iron Age people were driven out, and their settlements destroyed, by Zulu impis only one-hundred-and-fifty years ago.

Jan 10, 1973

Continued discussion of the paper of R. W. Raymond, presented at the Cleveland meeting, October, 1912, and printed in Bulletin. No. 70, October, 1912, pp. 1111 to 1122. See also discussion printed in Bulletin No. 74, February, 1913, pp. 319 to 329. R. B. BRINSMADE, Puebla, Puebla., Mexico (communication to the Secretary *) :-Though I heartily approve of several minor points emphasized by Dr. Raymond (such as the general desirability of local administration, rather than Federal, and the evils inseparable from the Federal Apex Law), I feel obliged to dissent from his four final propositions. As Dr. G. 0. Smith has already discussed these propositions from the standpoint of the experience of other countries, I shall base my criticism upon certain general economic principles, which will be grouped under the following five topics: 1. The dual theory of property. 2. The essential factors in fixing prices. 3. The relation of land ownership to the distribution of wealth. 4. The relation of land ownership to speculation and development. 5. The relation of land ownership to the political power. I shall give here only a brief outline of these topics, as they are fully treated in the standard treatises on political economy.1

Jan 5, 1913

By R. W. Raymond

(Cleveland Meeting, October, 1912.) UNDER the names of Conservation, Social Justice, the New Nationalism, and Progressive Democracy, many earnest reformers are calling for a new system of Federal government to replace the one which they ascribe to our fathers, and declare to have been outgrown. They are proposing the lease by the United States of certain natural resources on the public domain, for the profit of the U. S. Treasury, instead of the sale of such resources to private citizens or associations of citizens. In the present paper, I shall try to show that this notion is neither new nor good. It is clear that the United States is owner, as well as sovereign, of public lands acquired through conquest or purchase from other nations, as it was owner of the public lands expressly ceded to it by the original thirteen States. Its policy with regard to such lands involves, therefore, two entirely distinct questions: What shall it do as owner ? and, What shall it do as sovereign ? The latter question, it must be confessed, has played but a small part in our history. All the prerogatives of sovereignty which were not explicitly conferred upon the Federal government by the original States were retained by them. The ownership or control of precious or other metals or minerals in the earth, for instance, was thus reserved to the several sovereign States. New York, South Carolina, and other States have passed laws on this subject, without regard to Federal authority. As new States have been successively admitted to the Union, the tacitly accepted theory has been,. that they thereby acquired all the reserved rights of the original States. These newer States largely outnumber the first. thirteen; and it is inconceivable that they would submit to any deprivation of sovereignty based on historical grounds. One of them-Texas-came into the Union by its own voluntary

Oct 1, 1912

By AIME AIME

FREDERICK WORTHEN BRADLEY, the newly elected president of the Institute, may be said to be the prototype of the men who have built up the great mining industry of the West. He was born in Nevada County, Cal., on Feb. 21, 1863, and studied mining at the University of California from 1882 to 1884, as a member of the Class of 1885. He was in contact with the mining industry from his earliest years and in his reminiscences which we published last month, he told of meeting Thomas Mein and H. C. Perkins in 1877. Beginning as assayer and roustabout at the Eagle Bird mine, in Nevada county, Mr. Bradley was a deputy mineral surveyor in 1886 and 1887 and superintendent of the Spanish mine from 1885 to 1890. There he made a record of mining gold ore at 65 cents per ton that was not only astounding in that day when modern large scale mining had not yet been developed but is still a mark to shoot at. As a result he was called in 1890 to be assistant manager of the Bunker Hill and Sullivan and was made manager in 1893. In 1897, he was elected to the presidency of the company, a position he still holds. H. C. Perkins and D. O. Mills, the largest stockholders in the Bunker Hill and Sullivan Co. took over the Tacoma smelter in 1898, feeding it with concentrate from the Coeur d'Alene and Douglas Island mines but also doing a gen-era1 smelting business. Mr. Bradley was put in as president of the Smelting company, and held that position until the plant was sold to the American Smelting Securities Co. in 1905.

Jan 1, 1929

By E. DeGolyer

PROSPECTING for new deposits is a part of the ordinary routine business of the petroleum industry to an extent that is not true for any other mineral industry. The health of the industry depends upon whether we are successful or unsuccessful. How many know what it costs to find oil today and what it has cost in the past? Very few, I will wager. The industry is not well informed upon this extremely important point. We cannot deal in averages for lack of information. Does it cost more or less than previously? Prospect wells are increasingly deeper and, since the introduction of the core drill, prospecting techniques have required increasingly expensive field oper-

Jan 1, 1939

By Wallace E. Pratt

UNDER the stimulus of war psychology the American public has grown confused and jittery in its thinking on the subject of this nation's petroleum resources. This confusion arises from the failure of the average citizen, and even of many leaders in government, in our armed forces, and in the petroleum industry itself, to distinguish between our proved reserves of petroleum in the several oil-producing states and the total petroleum re- sources available to this nation. Leaders and public alike examine the accepted estimates of our proved reserves and thoughtlessly conclude that these estimates represent the total of our petroleum resources. Our fears are aggravated if we turn to the statistics on oil-finding and observe that the discovery of new reserves has waned decidedly in recent years. This confusion is dangerous because, under its influence, ill - considered policies spring up and flourish, choking out the most valuable fruits of the long experience of the American petroleum industry.

Jan 1, 1944

By Cornelius F. Kelley

AT the Annual Meeting of the A.1.M.E. last February, Cornelius F. Kelley, chairman of the Anaconda Copper Mining Co., was presented with the Charles F. Rand Memorial Medal for "conspicuous success as administrative head of great enter- prises engaged in the production of nonferrous metals at home and abroad; for inspiring leadership of an organization that has trained able engineers for service wherever ores are mined and metals are recovered; and for enhancing the prestige of metal mining in the financial and industrial world." Mr. Kelley's acceptance speech follows: I am not unmindful of the fact that the distinction is not to be considered a personal one, but that by the language of the citation itself it is rather a recognition of the service that has been performed by the many trained men of an industrial organization that in the arts of mining and metallurgy and in the fabrication of metal products has performed a distinct service to the industry and to mankind. In that spirit, the award is accepted, and on behalf of the organization I represent and myself, I thank you and assure you that the honor is deeply appreciated.

Jan 1, 1944

By MATT RENAUD, Mustafa Kumral

As high-quality mineral deposits are thoroughly exploited, mines of the future will have to move towards more remote and lower quality projects. With these projects comes an increased business risk to the operator. Even now, mining companies often turn to foreign countries for new deposits to produce, introducing the concept of country risk into their portfolio. Furthermore, feasibility studies often fail to accurately quantify the risks associated with various projects, and as such, this study proposes a technique of risk quantification which can both aid mining companies to evaluate the viability of investment and assist in risk disclosure to public investors for the mining industry of the future. This paper aims to quantify the effects of country risk on the valuation of potential mining projects, using a combination of modular and risk-weighting techniques to evaluate the country risk premium (CRP) required to obtain capital for operation of risky foreign mining projects. The techniques proposed in this paper are demonstrated using fictional examples and then evaluated for accuracy against a recently developed debt-funded precious metal project in a country in the Americas.

Sep 30, 2021

By MATT RENAUD, Mustafa Kumral

Mining corporations have spread their operations worldwide in the last few decades. The reason behind widening operations geographically can be seen as it being part of a risk diversification strategy. Given that the technical, financial and social risks are high, favorable deposits, taxation regimes and legislative frameworks create incentives for international mining operations. On the other hand, international mining activities add the risks of permitting, investing, operating and decommissioning to the corporations. These risks could emerge from defaulting, corruption, resource nationalism, social license to operate, and political and legislative uncertainties and instabilities.