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By R. G. Cawthorn

The earliest authenticated scientific report of the occurrence of platinum in rocks from the Bushveld Complex appears to be by William Bettel on 10th November 1906. Thereafter, prospecting of the chromite-rich rocks for platinum proved frustrating. I suggest that the resurgence of interest shown by Dr Hans Merensky in 1924 resulted from his realization that newly-panned platinum had a different grain size from that in the chromite layers and indicated a different source rock, which he located and it became known as the Merensky Reef.

Jan 1, 2006

By L J. Ingle, K L. McPhee, A G. Hunt

Iron Road Limited (IRD) is currently developing the Central Eyre Iron Project (CEIP) at Warramboo on the Eyre Peninsula, South Australia. The project consists of a 30 year open pit mine, magnetite processing facilities, standard-gauge railway and deep water, Cape class capable port. Major South Australian government approvals have been received and funding arrangements confirmed.The 4.5 Bt Mineral Resource (3.7 Bt Ore Reserve), the largest in Australia and among the largest globally, is to be mined to produce 24 Mt/a high-grade, 67 per cent Fe, magnetite concentrate. This in-demand, premium product has a P80 of ~100 µm, suitable for both direct sinter feed and an additive in pelletising.The extensively drilled, homogeneous orebody is unique in both geology and mineralogy; only averaging 15 per cent Fe yet coarse-grained with almost negligible phosphorus and sulfur content. This has allowed significant opportunities to tailor the mining method to the orebody, utilising both optimised blasting as first stage comminution, as well as in-pit crushing and conveying (IPCC) to reduce the heavy haulage diesel fleet and optimise the pit shell.Approximately 1 Mt/d of total material, ore and waste, is required to be moved from the pit daily, introducing materials handling challenges, overcome by a flexible IPCC set-up, multiple overland conveyors and an exacting mine plan. Non-conventional waste and tailings storage is utilised to allow for significant water savings, progressive rehabilitation and minimisation of land impact.The processing facilities utilise both the magnetic and density properties of the magnetite to beneficiate the ore. The coarse-grained nature of the ore is exploited to minimise comminution yet still liberate a high quality product. Utilisation of modular construction methods allows risk reduction during construction and reduced pumping requirements during operation.This paper highlights the uniqueness of the CEIP, with focus on the mineralisation of the orebody, and the beneficial impacts this has on both the proposed mining method and processing. Magnetite mining is not new and IRD has used the learnings of others, and input from various vendors and industry experts, utilising knowledge and expertise to engineer an innovative, yet supported, project design.CITATION:McPhee, K L, Hunt, A G and Ingle, L J, 2017. The Central Eyre Iron Project – developing a new iron ore mine in a challenging climate, in Proceedings Iron Ore 2017, pp 613–620 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 24, 2017

By D Connelly

The Iron Road Limited Central Eyre Iron Project (CEIP) area, located on the Eyre Peninsula of South Australia, covers extensive Archaean iron formations that occur as coarse-grained magnetite bearing gneiss. The cumulative strike length, estimated from aeromagnetic data, is at least 95 km.The project is located in a grain growing area 185 km west of the existing iron ore and steel making operations of OneSteel at Whyalla. A narrow gauge railway built to transport agricultural products to the deep-water port of Port Lincoln, 175 km to the south, traverses the project area. A number of well-serviced rural townships are located nearby. Current activities include resource expansion drilling, extensive metallurgical test work, community consultation and a Prefeasibility Study (PFS) that commenced in April 2010.The PFS has encompassed the Central Eyre Iron Project, comprising the three significant iron occurrences (Warramboo, Kopi and Hambidge) and was completed in early 2011. Extensive test work programs and metallurgical modelling confirmed viable process options for the project, using simple off the shelf processing technology.Preconcentration by coarse cobbing yielded promising results, and is the key to reducing not only the capital expenditure but also the operating cost, in particular the power cost, which is the highest operating cost component of a magnetite benefi ciation plant. The ore is also amendable to high pressure grinding rolls (HPGR) processing. This offers a potential for further reduction of the energy requirements.Test work also confirmed that a high grade blast furnace quality concentrate (~68 per cent Fe) can be produced at a relatively coarse grind (P80 106 µm).

Jul 11, 2011

By Elmer Stewart, Richard May

"The Central Mukur deposit was discovered by the Semipalatinsk Geological Exploration Expedition (GEE) during detailed searches from 1977 to 1980. Andas Altyn Ltd., a Kazakhstanian gold mining company acquired the property and commenced mining in 1995. In 1998, Andas-Altyn Ltd. became a wholly owned subsidiary of Eurasia Gold Corporation.The Central Mukur gold project covers a linear series of parallel, discontinuous zones of near surface oxide gold mineralization that covers a distance of 7 kilometers and extends past the property boundaries. The oxide gold mineralization is a result of the regional oxidization of a primary sulfide gold mineralization emplaced in a series of shallow dipping thrust faults. Resources as calculated by the GEE are 3.45 mt at an average grade of 1.84 gmt Au in the C1 +C2 category and 7.52 mt at an average grade of 1.80 gmt Au in the P1 category. The Central Mukur Gold Heap Leach Mine consists of an open pit, heap leach pads, and an ion exchange resin gold recovery plant. Limited gold production (<2,500 ounces/year) has been achieved over the past three years leaching run of mine oxide gold mineralization. Gold recovery utiling cyanide to dissolve the Au and ionic resin technology to recover the Au for the leachate is approximately 60%. Loaded resin is shipped to a treatment plant at Almaty where the gold is stripped from the resin, refined and sold.This paper will describe the geology, mining, and processing of the Central Mukur ore. In addition, it will describe what it is like doing business in Kazakhstan and the transition from a Soviet style operation to a more western style operation.INTRODUCTIONThe Central Mukur Mine is owned and operated by Andas-Altyn Ltd. a Kazakhstanian gold mining company located in northeast Kazakhstan. Andas-Altyn is a wholly owned subsidiary of Eurasia Gold Corp., a Canadian public company listed on the Alberta Stock Exchange. The Central Mukur mine consists of a small open pit, and a heap leach operation that utilizes ion exchange resin to recover gold from pregnant solutions. In addition to the Central Mukur mine, Eurasia also owns the Myaly heap leach gold project which is also operated by Andas- Altyn Ltd."

Jan 1, 1999

By Percy A. Robbins

I. INTRODUCTION. THE central power-station. of the De Beers Consolidated Mines, Ltd., was designed and built under my supervision about five years ago. Since no detailed description of this plant has ever appeared, it may possess sufficient interest to warrant its publication, even at this late date. Although some additions may have been Blade to the plant, the following account, prepared from my notes, and accurate up to May, 1905 (at which time I severed my connection with the De Beers Com¬pany), will, I think, be found substantially correct. Certain local conditions governing the design of this plant should be stated first. If. GENERAL CONSIDERATIONS. The climate is hot and dry. The .region around Kimberley is arid and water is very scarce. The supply obtained from the mines contains so much material in solution that it is unfit for use in boilers or condensers (although tests recently made with a water-softening plant, built by Hans Reisert, of Germany, would indicate that water thus treated is suitable for boilers). And the amount of water required for concentrating about 30,000 tons of ore per day is so large that the question of adequate water-supply for this power-station had to be carefully considered. The rainy season extends from December to April, and the rainfall averages about 15 in. per year. Droughts are frequent; and in some years there is scarcely any rain at all. The water-supply for the town of Kimberley is brought from the Vaal river, 16 miles distant, and pumped into town by a private water company. The charge made for water, which is

Mar 1, 1908

By David G. Van Hersett

The single most unique design feature of the Centralia Coal Mine is the public information program. Just what the heck does public information have to do with the development of a coal mine? The utilities of today have had to build larger and larger plants to keep down the costs of power to the consumer. The large plants require huge amounts of capital, take up large areas of real estate, consume unprecedented amounts of coal, and generate large quantities of waste products which have to be reckoned with. Coal mines supplying these plants have also increased in size and production to meet the power plants&apos; unending appetite for coal. This means the disturbance of great areas of land and significant alterations to the landscape. Today&apos;s public is greatly concerned about the environment in which he is living. The great size of a power plant with its large stacks, coal piles, and the coal mine with its large earth movers, disturbed acreages and the resulting waste products of both operations appears to present a threat to his environment. Because of this,&apos; many power plants and coal mines are having public acceptance problems. This has resulted in the passage of stringent legislation and in some cases brought upon construction delays for major power plants.

Jan 1, 1970

The Century zinc-lead-silver deposit has a geological resource of 118 million tonnes averaging 10.2% zinc, 1.5% lead and 36 g/t silver. It lies approximately 250 krn NNW of Mt Isa in NW Queensland, Australia, and is hosted by middle Proterozoic age siltstones and shales of the Lawn Hill Formation. Within the orebody, most mineralisation occurs selectively within black shale units as fine grained sphalerite and galena lamellae with minor pyrite and siderite. The black shale units are separated by weakly mineralised sideritic siltstone horizons. The deposit is unmetamorphosed and only weakly deformed, displaying excellent lateral stratigraphic and grade continuity. The deposit is mostly overlain by younger Proterozoic sediments and later Cambrian age limestone cover and only a small proportion of the mineralisation crops out. Mineralisation has a subtle surface expression without a classic gossan profile, probably due to the low iron sulphide content of the ore. These factors contributed materially to the length of time between the first recognition of lead-zinc-silver mineralisation in the area by prospectors in the 1880s, to the discovery of the orebody by CRA Exploration Pty Ltd (CRAE) in April 1990. &nbsp; Small scale prospecting and mining continued in the area from the date of the first mining lease in 1887. Post 1950, the deposit area was also included within nine separate regional exploration titles prior to CRAE&apos;s title acquisition in 1987. CRAE&apos;s original exploration strategy was partly pragmatically and partly conceptually inspired, but the eventual discovery only partly conformed to the original conceptual model. The deposit was found higher in the stratigraphy than the original target position, with unexpectedly low total sulphide content relative to other known deposits. &nbsp; The discovery soil anomaly was located by the CRAE&apos;s first regional orientation traverse line in the area, but was not drill tested for three years. The discovery sequence at Century has strong elements of persistence, technical competence and some luck. It demonstrates that even in well explored terrains (by conventional standards) the exploration story can never be said to be over. The foreshadowed development of an economic resource at Century will hopefully inspire continued commitment to &apos;brownfields&apos; exploration by mining companies, and demonstrate to external regulators the&nbsp;importance of genuine multiple land use strategies and the need for continued access to land for exploration and mining purposes.

Jan 1, 1995

By B. N. Everett

The growing role of Colombia as a major supplier of internationally traded steam coal has been widely discussed in the industry. Although Colombian coal has been produced and exported in small quantities for a number of years, Colombia&apos;s position as a major coal exporter began in earnest in 1985 with the first commercial exports from the Cerrejon North Block Project. By way of background: ? The mine is located on the Guajira peninsula in Northeast Colombia, about 90 miles from the coast, as shown in Figure 1. ? In addition to the mine itself, the project involves construction of a dedicated railroad and port, which form a modern, efficient and integrated system. ? The Project is embodied in a 50/50 Association Contract between International Colombia Resources (Intercor), a wholly owned subsidiary of Exxon, and Carbocol, the Colombian state coal company. Intercor and Carbocol share investment and operating expenses equally and Intercor has the additional responsibility of managing operations on behalf of both partners. Each partner is entitled to 50% of the coal produced, and each markets its share separately. ? The project is a multi-seam, truck and shovel operation, based on large reserves (2-3 billion tonnes&apos;) of high quality bituminous coal. ? Exports began in the first quarter of 1985 at modest levels through what we call Early Coal Facilities, designed and constructed apart from the permanent coal handling system. ? Production will increase rapidly in each of the next few years, reaching the design capacity of 15 Mt per year in 1939. Based on available resources, however, the resource will support expansion, and continued growth n production into the 1990s appears feasible.

Jan 1, 1986

By R. E. Grant

THE Cerro de Pasco Railway Co., owned and operated by the Corporation, is a common carrier whose chief functions are transportation of ore and concentrates from the mines at Cerro de Pasco to the smelter in Oroya, and haulage of coal from the coal mines at Goyllarisquisga to the coal washery at Fundicion. Connecting with the Peruvian Central Railway at Oroya, the C. de P. Railway maintains joint, daily freight and passenger service from Lima and the port of Callao to Cerro de Pasco, terminal of the C. de P. main line and gateway to the Huanuco Valley. Extending from Oroya to Cerro de Pasco the main line is a standard-gauge roadbed of 70-lb. rail, 132 km. long with a maximum compensated grade of 2.25 per cent and a curvature of 16°, climbing from an elevation of 12,272 ft. above sea level at Oroya, lowest station on the line, to 14,208 ft. at Cerro de Pasco. The highest point reached by the C. de P. is on the coal branch at Alcacocha where the rails are 14,385 ft. above the sea.

Jan 1, 1945

By P. Gelfi, J. Vanderbeek, J. Enriquez

"The Cerro Verde copper-molybdenum mining complex is located near Arequipa, Peru. A 108,000 t/d copper concentrator (C1 concentrator) commenced operation in late 2006 and was debottlenecked to a 120,000 t/d capacity in 2011. A feasibility study, initiated in May 2010, assessed the potential for expanding the processing rate of the large Cerro Verde sulfide reserve via the installation of a second, stand-alone, concentrator (C2 concentrator) capable of processing a nominal 240,000 t/d ore. The feasibility study was successful and the project advanced through engineering, permitting and construction. Ramp up to nameplate capacity was ahead of schedule. The overall project was completed on schedule and within budget. The details of the project and supporting components are described. The design philosophy and design basis of the concentrator facilities are discussed as are factors that influenced the concentrator layout. Risk mitigation features included in the design are reviewed. The factors that drove the successful and rapid ramp up to nameplate capacity are discussed. Operational experiences in the first year of plant operation and project lessons learned are described. INTRODUCTION/BACKGROUND Sociedad Minera Cerro Verde S.A.A. (SMCV) operates a copper mine near Arequipa in southern Peru. Small scale operations operated intermittently until 1970 when the deposit reverted to the ownership of Minero Perú S.A (Peruvian government). Minero Perú S.A. commenced mining and processing of oxide reserves in 1972 and placed an SX-EW plant into production in 1976. The ownership of the property has changed hands several times over the years. Minero Perú sold Cerro Verde to Cyprus Climax Metals in 1994. Cyprus was acquired by Phelps Dodge in 1999. Freeport-McMoRan (FCX) acquired Phelps Dodge in 2007. Several studies were undertaken during the 1990’s that tried to establish the economic justification to process the large primary sulfide resource that underlies the surface oxide deposit. None of these studies produced an economic conclusion until a feasibility study was completed by Phelps Dodge and SMCV in 2004. This study provided the economic justification for the construction of a 108,000 t/d concentrator during 2005 and 2006. The key to the success of this study was identifying a water source that was sufficient to support processing economies of scale. Concentrator operations commenced in late 2006. The original design production rate of 108,000 t/d was achieved on a 30 day moving average basis on the 266th day after ore was first introduced. During 2009, studies and evaluations were performed that had the objective of addressing observed concentrator bottlenecks to allow a production rate of 120,000 t/d to be achieved. The 120,000 t/d figure represents the sustainable production limits associated with the installed primary crusher and tailing thickeners which would have been prohibitively expensive to upgrade. Debottlenecking activities were implemented during 2010 allowing sustained production rates of 120,000 t/d to be achieved."

Jan 1, 2017

By K. Mayhew, K. Murray

The CESL Copper Process was developed as a hydrometallurgical alternative to smelting and refining for copper sulphide concentrates. As the majority of such concentrates contain appreciable gold and silver values, effective recovery of these metals is essential to the economics of this technology. Unfortunately, conventional cyanide processing cannot be used on the residue from the copper process, clue to its unusual characteristics when compared with naturally occurring gold and silver ores. An abundance of elemental sulphur, as well as the presence of cyanide soluble copper, leads to the formation of both thiocyanate and copper cyanide which is detrimental to process economics clue to excessive cyanide consumption. This, however, can be reduced to acceptable levels by process innovations such as pressure cyanidation and cyanide recovery. This paper outlines the successful application of the CESL Gold Process to various gold-bearing copper concentrates from bench to demonstration scale.

Jan 1, 2011

The fate of generations yet unborn lies in man&apos;s hands. Shall it be prosperity, a high standard of living, and the development of spiritual values; or ruin, misery, and a reversion to jungle law? World affairs move in high gear, at high tension, in many directions. Each nation fears the other fellow- races, crosses the white line on curves, skids, takes its half in the center; and the devil take the hindmost. For one, the United States is on the horns of dilemma; it must insure a flow of raw materials of industry and world-wide markets in order that the American people may maintain high standards of living, but the commitments of the United States cannot be fulfilled without trimming present standards of comfort and convenience back to the level of perhaps a quarter of a century ago. A way must be found to retreat without anarchy at home as well as abroad. Everything is relative and all things change, and change is the essence of civilization. It is now clear that man has not kept pace with changes of all kinds, some of them overnight, during the past 50 years. Conventionality has led to stagnation; man now seeks learning of all kinds at an accelerated pace, but men should not be educated beyond their native intelligence for they must be able to apply their education. There must be a resolute action now on 10 great challenges in regard to conservation of human and ma-

Jan 1, 1950

By Elsa Olivetti

Life cycle assessment (LCA) is used increasingly as a tool to provide quantitative metrics of environmental impact and inform early stage materials selection decisions. One common challenge in LCA stems from allocation of burden when multiple adjacent products share some of the same processes. A critical example of this is the partitioning of benefit or burden at product disposition in open-loop recycling scenarios. This work reviews the challenge of allocation and investigates the various methods proposed for allocating end-of-life (EOL) burden. Specifically this work examines whether these methods lead to different results and explores the trends in allocation method bias for or against particular materials classes.

Jan 1, 2010

By L. Blain

In practice, geochemical analyses can be grouped in two broad categories according to their aim. Those that seek to determine the exact chemical composition of geological materials fall under the heading of assays, whereas applied geochemistry concerns itself with the detection of anomaly contrasts. Recent trends have blurred the distinction between both approaches for many users, as methods that were traditionally used for assays are being adopted in applied geochemistry and assays make increasing use of instrumental techniques. Nevertheless. it is important to keep a clear distinction between the two types of analyses because it has immediate practical consequences, cost is the most obvious, as well as fundamental implications. In the broadest terms, the goal of geochemistry is to strike an optimal balance between throughput and accuracy, at the lowest reasonable cost, while assays strive for accuracy. Traditionally, complete silicate analysis has been the concern of assayers whereas exploration geochemists have been more interested in base metal analyses where acid extractions of the elements, without dissolution of the silicate matrix, has been the norm. This kind of distinction is less realistic now, especially with the growth in lithogeochemical studies, and some overlap in methodology is unavoidable. However, where such overlaps occur the distinction remains in the emphasis of the work. A commonly used example is that although HF acid preparations are used by both, the emphasis in applied geochemistry is on sample throughput and batch analysis, whereas assayers are more concerned with the range of elements to be determined (Thompson and Walsh, 1983).

Jan 1, 1993

By C. L. Reichardt

Mining companies are increasingly looking to the developing world for the next generation of mining projects, often in countries that have little or no previous history of large-scale mining. One of the major challenges for such projects is hiring?and retaining?personnel that have technical skills and experience in mining-related disciplines. Staffing a mine with an expatriate workforce is neither cost-effective nor sustainable, and many countries now insist that mining companies ?transform? the profile of their workforce to more closely mirror the demographic profile of the host population. The need to nurture mining-related skills in emerging mining nations is not solely limited to the workforce: there are also pressing economic and sustainability imperatives to develop capacity within local service providers such as consultants and contractors, as well as to facilitate informed engagement between mining companies, government and civil society. However, few educational institutions in emerging mining nations currently have the ability to offer practical training in mining-related disciplines. Local employees who are sponsored by companies to develop their skills through international study maybe impeded by language and cultural barriers, and may also be taught using course content that is of limited relevance to the specific challenges of their future working environment. This paper addresses the challenge of skills development and retention in emerging mining nations and uses examples from sub-Saharan Africa and the Asia Pacific region to explore practical means of developing capacity in mining-related disciplines. It examines the need for companies to implement strategies to develop local technical capacity in countries where they envisage a long-term operational future and also highlights the need to foster partnerships between academia, developmental institutions, mining companies, governments and civil society to establish the critical mass of mining-related skills required to nurture the development of a sustainable mining industry.

Jan 1, 2009

By David L. Shearer

INTRODUCTON James Howden first secured an order for two Service Tunnel Boring machines in November 1986. These Tunnel Boring machines were 5.7 and 5.4 metres in diameter and the full length including back up was 215 metres. Manufacture commenced in December 1986 at the Glasgow factories of James Howden & Company with the deliveries to site of the machines in September 1987 and March 1988 respectively. In December 1987 two further orders were secured for the land running tunnels at 8.7 metres diameter. This paper presents some of the challenges in building tunnel boring machines for the Eurotunnel project between Britain and France. The general specifications of the Tunnel Boring machines and length of drives are shown in Appendix 1. DESIGN PARAMETERS The specification given by the Consortium TML on behalf of their client Eurotunnel cleary indicated that cutting of the face should be concurrent with the building of the precast concrete lining rings. In order to do this a telescopic machine was thought to be the best solution. Ground conditions were described as chalk marls of homogeneous nature with the possibility of friable areas and some revelling. A shielded type TBM with open cutter head was chosen together with a telescopic section and a rear

Jan 1, 1989

By C. L. Reichardt

"Pressure exerted on gold producers by regulators, project financiers, and civil society in the wake of the Baia Mare tailings spill in Romania during 2000 prompted most responsible gold companies to sign up to the International Cyanide Management Code for the Manufacture, Transport, and Use of Cyanide in the Production of Gold (the Code). The Code stipulates a ‘cradle to grave’ approach more comprehensive than that applied to any other mining reagent and poses particular challenges for operators who use cyanide-bearing tailings for backfill. This paper examine some of the challenges for Code compliance facing deep underground gold mines that employ backfill technology, most particularly the requirement to demonstrate that the potential migration of cyanide (and its degradation products) from emplaced backfill will not have an unacceptable impact on worker health and safety or on the receiving environment, either during mine life or after closure.Although the Code only contains a single reference to backfill, more careful consideration confirms that most sections of the Code that deal with tailings management are potentially applicable to mines where tailings material is used for backfill. Certain principles of the Code also pertain to aspects of operations, worker safety, emergency response, training, and dialogue with stakeholders relating to backfilling practice.For gold mines of the Far West Rand, the most significant cyanide-related risks associated with backfill operations relate to worker exposure to cyanide-bearing seepage and HCN gas. There is potential for seepage of cyanide-bearing water from backfill to compromise the beneficial use of surface and groundwater, and thus impact on downstream users and ecosystems. However, the extreme depth of mining and the specific geological and hydrological controls on the Far West Rand suggest that the potential environmental risks associated with backfill are likely to be considerably less significant than the cyanide-related risks to the workforce."

Jan 1, 2007

By Robert H. Peters

Are the safety rules in your work place effective? Do supervisors enforce them as they should? Do supervisors abide by these rules? Safety rules are an important aspect of many company safety programs, particularly if employees must work in an intrinsically hazardous environment such as a coal mine. However, for various reasons, supervisors sometimes fail to enforce safety rules (Arvey & Jones, 1985; Hartshorn, 1998). This paper presents some findings obtained from interviews with coal miners about why supervisors sometimes fail to enforce an important mine safety rule. It also contains a few suggestions addressing what could be done to help supervisors perform this job function more effectively.

By R. C. Guimareãs

Serrana&apos;s deposit contains three types of ore: oxidized, micaceous and silicate-carbonate. The results presented refer to characterization and fundamental studies performed on fractions resulting from the purification of five samples from the silicate-carbonate type collected in the mine. Each type was purified and submitted to mineralogical characterization, zeta potential determinations, and microflotation experiments. The samples, with exception of the barite, are mineralogically complex and the selectivity between apatite and gangue minerals is poor. Under the current state of art, it is impossible to feed the plant with the silicate-carbonate ore, unless it is blended with the standard oxidized ore.

Jan 1, 2002

By George A. Roche

Since our firm was established by Mr. Price in 1937, we have followed an investment philosophy which is based on the belief that investment in growth stocks is the most assured way of achieving superior, long term investment accomplishment. There are many criteria that we use to select growth companies but the most important is a combination of superior management operating in an industry with above average growth potential. This growth stock approach is the cornerstone of our investment strategy for two of the three mutual funds sponsored by the Price organization and for our private clients. However, during the past 5 years we have seen inflation accelerate due to a variety of factors including the inability of our government to meet seemingly unlimited needs with limited revenue sources. While there might be temporary periods of price stability, we believe that inflation will still continue to be the investor&apos;s greatest problem in future years. Our conviction that inflation would increase combined with the acceleration of inflation in the late 1960s stimulated an intensive investment research effort, on our part, to identify those companies with strong natural resource bases -- who own or control large, secure, and low cost tangible assets. Over the longer term and in an environment of a depreciating dollar some of these firms should be able to develop and sell these assets at higher prices. While we still believe that investing in growth companies is a sound investment strategy to offset inflation, we also believe that certain natural resource companies will show well above average investment performance. In the newest Price mutual fund, The Rowe Price New Era Fund, we have, as a matter of policy, placed a large portion of the portfolio in natural resource companies.

Jan 1, 1972