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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 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 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 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.

By Ben DiFiore, Richard DePew, Nate Long, Adrian Naranjo-Castillo, Chris Petta, Robert Auber

The Walworth Run stream was brick-culverted in the 1800s, converting it to a 16-ft diameter sewer. This Cuyahoga River tributary contributed to the infamous burning river that became the catalyst for USA’s environmental movement. The NEORSD has been working hard to reduce CSOs here, most recently by diverting Walworth Run’s 882 MGD of flow to the new Westerly Tunnel. This had to consider structure age/size, alluvial/glaciolacustrine deposits (requiring several ground support systems, groundwater control), and maintenance of massive flows. This paper examines challenges identified during design that supported the contractor in development of a risk-mitigating plan, culminating to successful implementation.

Dec 1, 2022

By I. N. Gridasov, T. V. Ignatova, E. V. Shelepov

"Mikhailovskoye Deposit is comprised of oxidized ferruginous quartzites among other minerals with the former widely spread across the ore field and mined along with unoxidized ferruginous quartzites. PJSC Mikhailovsky GOK strategic development is aimed at iron ore product output expansion. The most critical item of the strategic development road map is process design for separation and concentration of hematite contained in oxidized ferruginous quartzites mined as the by-product in the open pit. Laboratory and semi-industrial tests run to design cost-effective, reliable and environmentally friendly process for Mikhailovskoye deposit oxide quartzites processing included the following processes: - pilot tests of reverse anionic flotation which produced concentrate with Fe60.1-62.9% total iron content and 66-69%Fe recovery rate; - combined magnetic separation and flotation (Marubeni Company, 1982) including slime removal, reverse anionic and cationic flotation and high gradient magnetic separation resulting in 48.9% yield, Fe55-57.5%, up to Fe60.5% hematite concentration ( Fe64.1% being the best result achieved),76.2% recovery. - magnetic separation and flotation, including separation in low gradient (1400 Oe) and high gradient (up to 17000-18000 Oe) magnetic field. The results of these pilots tests were the following: 57-59%Fe concentrate, 70%Fe recovery (Mekhanobrchermet, MGOK, 1982-1988): - magnetic roasting in pilot plant of TSGOK (Krivoy Rog) which produced 61.1%Fe concentrate with 81.5% recovery. Major disadvantage of the method is high generation of dust equal to 20% of the initial feed. Based on third-party studies flotation of oxidized ferruginous quartzites process embracing best processing methods was designed by Metalloinvest Management Company LLC and PJSC Mikhailovsky GOK engineers. This paper discusses analysis of studies aimed at intensification of separation processes with application of mechanical slurry agitation (MSA), addition of alkali (NaOH) and elutriation of initial feed. The paper also provides a design solution to implement a lab-scale MSA plant. It includes feasibility evaluation of MSA inclusion in flotation of oxidized ferruginous quartzites process to enable higher yield and hematite recovery in resultant concentrate. Outcomes of the discussed work have significant value for prospective engineering of OFQ concentration process."

Jan 1, 2018

By Michael Kelly

Inertial navigation technology has, for the first time, allowed the position of a longwall shearer to be mapped in three dimensions. Following the success of the technology in highwall mining and successful trials on a longwall face, the Australian Coal Association Research Program (ACARP) commissioned a three year "Landmark" project that aimed to advance longwall automation to the level of "on-face observation" by the end of 2004. This project has been completed with the following successful technical outcomes: Automatic face alignment was achieved, using an inertial navigation-based sensor on the shearer, to accurately measure face geometry and feedback signals used to move OEM (Original Equipment Manufacturer) roof supports. Operational on-line measurement of creep with creep information incorporated into face alignment corrections. Inertial Navigation System (INS)-based enhanced horizon control was bench-tested. Operational broadband communications system to shearer using wireless Ethernet on a commercial-product basis. Acquisition of located coal-face features for use in thermal infrared-based horizon control. Automated Longwall Information System (LIS) developed which integrates information from multiple systems and sensors and provides high quality visualisation and control interfaces. Automatic roadway and face convergence monitoring tools successfully tested. Condition monitoring tools developed and demonstrated for improved face reliability. This paper summarises the outcomes of the project and describes the work being undertaken for the 2 year Landmark Extension project approved in April 2005. Consistent with the conference theme, the paper focuses on the ground control aspects of the project.

Jan 1, 2005

By Deborah Muggli

Minera Escondida is the world's largest copper mine. Its capacity is more than 800 kt/a (880,000 stpy) of copper. The Escondida open-pit mine operates at an elevation of 3,100 m (10,170 ft). It is located in the Atacama desert about 160 km (100 miles) southeast of the port of Antofagasta. At Coloso, 14 km (8 miles) south of Antofagasta, copper concentrate is dewatered by filtration for storage and shipment to overseas markets (Fig. 1). Concentrate filtrate water, after being treated to remove suspended solids, is discharged at 60 m (200 ft) depth into the Pacific Ocean. This effluent is free of particulates. However, it does contain metal levels above US Environmental Protection Agency (EPA) receiving water criterion. EPA standards are more strict than Chilean receiving water guidelines. However, a multiport diffuser provides rapid mixing of sea water with effluent to ensure metal levels in the receiving water remain below EPA receiving water guidelines. The Escondida Mine began operation in December 1990 at a rated mill capacity of 35 kt/d (38,500 stpd). Since then, the complex has since undergone three expansions. In 1996, it processed 115 kt/d (127,000 stpd) of ore. At Coloso in 1993, about 25% of the copper concentrate was fed to an ammonia leach plant for solvent extraction and electrowinng of cathode copper. This plant is designed to produce 80 kt/a (88,000 st/year) of cathode copper. In 1995, the ocean diffuser system's capacity was doubled to accommodate increased flows to a maximum 50 L/sec (793 gpm). This was achieved by extending the diffuser chamber by 32 m (105 ft) and adding 16 nozzles, which doubled the diffuser's capacity. In November 1996, Rescan Environmental Services began a field verification of the outfall/diffuser system's performance. The study's objective was to determine the performance of the outfall/diffuser system by measuring dilution factors using fluorescent Rhodamine dye and to determine if copper concentrations are below the US Environmental Protection Agency (EPA) water quality criterion of 2.9 µg/L total copper (EPA, 1986). Rhodamine dye was injected into the outfall/diffuser system. An oceanographic survey using an in situ fluorometer was conducted to measure dye concentrations in the effluent plume. Water column characteristics were also measured. These included current speed and direction.

Jan 1, 1997

By Hidekatsu Takeuchi, Masaru Sakakibara, Shigeo Tanabe, Kenji Harada, Akihiko Suzuki, Shoji Morihana

"Deep mixing (DM) method, one of the most commonly used solidification methods, is based on the principle of solidifying soft ground. It can be classified into two categories such as Cement Deep Mixing (CDM) method and Dry Jet Mixing (DJM) method which apply hardening agent in slurry condition and in powdery condition respectively. In recent years, DM methods have undergone changes that have evolved them from the traditional method to meet the needs of the diversifying market. Among them, the Contrivance-Innovation Clay Mixing Consolidation (CI-CMC) method is a DM method which mixes a cement-type hardening agent in slurry condition mechanically with soils in situ and incorporates the innovative technique, “atomized ejection” that has been developed to allow faster installation of larger diameter columns without sacrificing quality compared with conventional methods. At this technique, the atomized hardening agent is discharged together with compressed air through a device incorporated into the mixing blade. It also has advantages of performing the works with low-displacement of the surrounding soils in consideration of environmental friendliness and with higher penetration capability against hard ground.This paper presents the technological outline of the above-mentioned CI-CMC method, focusing on the atomized-ejection technique, followed by some construction examples, applied to the self-earth-retaining wall, to the hard ground and the area adjacent to the existing structures.INTRODUCTIONAccording to the accumulation of its case histories, Deep Mixing method has been receiving the demands of its application to more challenging conditions, such as harder ground condition, and requirement of lower displacement of the surrounding ground during its operation. In addition, to match its price against the other cheaper methods and widely receive its benefit of higher quality, the cost reduction of Deep Mixing is also one of the major challenges. For the cost reduction, higher productivity and lower consumption of the material to obtain the equivalent strength and homogeneity with the conventional method are required.The Contrivance-Innovation Clay Mixing Consolidation (CI-CMC) method has been developed to meet these demands. CI-CMC incorporates the mist ejection that has been developed to achieve faster installation of larger diameter columns without sacrificing quality compared with the existing methods. Normally, we obtain cement columns of about 1.0 m in diameter by using Deep Mixing method. To increase the productivity, it is not preferable to drastically increase the penetration and withdrawal speed of the mixing blades because of the hardness of the ground and restriction by minimum number of passage of rotating blades per a certain height of the soil cement. Instead, the expansion of diameter of the columns will simply increase the productivity. The development of the new mist ejection system, as shown in Photo 1, has enabled the diameter of soil cement columns to 2.0 m on single axis while 1.6 m on double axes. Mist ejection means that the hardening agent slurry is sprayed into the ground in mist form together with compressed air thereby achieving homogeneous mixing and reducing the resistance on rotating blades."

Jan 1, 2015

By L. BENEDICT

COMMENTING on the report of the latest Royal Commission for India, the September, 1926, issue of the National City Bank's monthly letter states, among other things, that "The decision of the Royal Commission is against the proposal for a gold coinage, but in favor of placing the silver coins and paper currency now redeemable in silver on a gold basis." Also, it quotes the following from the Royal Commission's report: The essence of the proposal * * * * * is that the ordinary medium of circulation in India should remain as at present the currency note and the silver rupee, and that the stability of the currency in terms of gold should be secured by making the currency directly convertible into gold for all purposes, but the gold should not circulate as money. It must not circulate at first, and it need not circulate ever. In this connection it may be stated that during the last one hundred and fifty years or so unsuccessful attempts have been made by the governments of different nations of the world to devise a plan or plans by which gold and silver could be used concurrently for money purposes and, particularly, as standard money; such, for example, as bimetallism, which, of course, is impracticable. But, since none of such plans has been adopted generally it is logical to conclude that their proponents did not shape them so as to conform to the basic principle of standard money, or else political issues were deemed to be dominant, or, perhaps, it was partly due to each.

Jan 1, 1926

By R. M. Honey

An attempt is made to summarise the mining law of England, Wales and Scotland. Attention is also drawn to the recent privatisation of the electric power and gas industries and the intention of the present Government to follow suit as regards coal mining. The subject of mining law is discussed under the headings: minerals or rights that have been nationalised or are vested in the Crown; ownership (of land and mineral rights); special customs; tracing of owners; right of support (arising from mining); ancillary rights and easements; obtaining prospecting and mining rights; planning permission; statutory aids to obtaining rights; notes on the history, law and practices of petroleum (onshore and offshore), gas, coal, prescribed substances, gold and silver; electricity; safety, health and welfare; and technical information and boreholes. A correction in the subsequent issue amends errors on p.A75 and A82 and regrets the publication of misinformation on the availability of grants

May 1, 1991

By Angelina Anani, Nathalie Risso, Gail Heath, Dean Riley, Nilufer Akbulut, James Werner, Víctor O. Tenorio

Implementing a Digital Twin at the San Xavier Mine Laboratory (Sahuarita, AZ), requires a network redesign with a robust architecture. The goal is to create an ecosystem in where all personnel and equipment can be monitored in real-time from the University of Arizona campus, visualizing the site in a digital terrain model. A wireless mesh will help to test robots with autonomous features. Expected outcomes include data retrieval and analytics, the evolution of communications and safety protocols, tele-operation, and an innovated approach for managing the site with new supervision challenges. A timeline with expected commissioning benchmarks is also included.

Feb 1, 2024

By Gerard P. Hand

The use of graphite in industrial applications is one of the oldest in the world. Yet, it is one of the fastest-changing technologies today. Graphite was first used centuries ago in developing writing instruments and as a raw material in crucibles used in melting metal. Today, graphite is used in some of our most demanding industries. These include aerospace, electronics and automotive applications. Graphite usage has historically been split between the natural and synthetic forms. Figure 1 shows the breakdown of natural graphites and synthetic graphites used. The usage of natural graphites and synthetic graphites is split fairly evenly, although the applications are quite different. Figure 2 shows the breakdown of applications using natural graphite. The largest application is the refractory industry. This includes refractory brick and plastics, crucibles, shrouds and other refractory parts. This main application uses roughly 50% of all natural graphite. The refractory industry is an important application for natural graphite. However, the refractory markets have been struggling for several years. As demonstrated in Fig. 3 (Semler, 1996), the production of refractories in tons per year has declined by more than 32% during the last 25 years. Refractory prices have actually risen on a dollar per ton basis during that same period as the product mix has shifted to the value-added side. Raw material and production cost increases, inflation and other related costs have kept profitability at low levels for the industry. Furnace linings that once lasted 1,000-2,000 heats now last 8,000-12,000 heats. This means that tonnage requirements have gone down and quality requirements have gone up for graphite suppliers. Therefore, new opportunities and applications must be developed if the graphite industry is to grow. Synthetics are the other major forms of graphite. There are two forms of synthetic material currently used. One is the traditional type. It is made from the turnings of graphite electrode production. The second was developed in the mid-1970s in response to a shortage of conventional synthetic graphite. This occurred by a breakthrough in thermal technology. This new technology purifies, desulfurizes and graphitizes petroleum coke on a continuous basis at temperatures of more than 2,500° C (4,532° F). This product is called desulfurized petroleum coke (Desulco). It now accounts for about half of the synthetic type material used in the United States. Figure 4 shows the breakdown in the use of synthetic types of material by application. The largest requirement is for use as a carbon addition in iron and steel. This is followed by alkaline batteries and friction materials. Current technological opportunities New opportunities for graphite products are now being developed. These new areas are made possible due to the advances in graphite thermal technology. The ability to purify and modify graphite and carbon products is the key to future growth in the graphite industry. New, higher-purity, more consistent graphite products are leading to enhanced performance in current applications. They are also opening the door to new applications.

Jan 1, 1997

By H. S. Strouth

JAMAICA-bauxite and gypsum-but what else? J Does the Caribbean island have anything more to offer in the form of mineral wealth? One answer may be iron ore deposits which show enough promise to warrant exploitation in the near future by a company associated with Standard Ore & Alloys Corp. In addition, Jamaica is reported to have gold, silver, platinum, copper, lead, zinc, manganese, cobalt, and a great many nonmetallic minerals. Of these, only platinum has not been produced commercially in the past. Right now, Jamaican bauxite is getting most of the publicity, but not too long ago other mining operations were in progress. Lack of proper interest, insufficient roads, and scarcity of venture capital forced those mining properties to suspend production.

Jan 7, 1954

By Thomas R. Smith

This paper covers oil shale resources in those countries that border the Pacific Rim. The major known resources around the Pacific Rim occur in the Western United States, Australia, the People's Republic of China, (PRC) and the Thailand/Burma region. The location of these deposits is shown in Figure 1. In 1965, the U.S. Geological Survey estimated world oil shale deposits of over 4 quadrillion tons having a potential oil yield of over 2 quadrillion barrels. If all this were extracted, it could meet the world's entire energy needs far into the future. However, the Survey also estimated the spent shale waste could cover all of the surface of the world to a depth of about 10 feet. Thus, for this and many other technical and economic reasons, it does not appear to be feasible to develop a large portion of the world's oil shale resources in this century; nor will shale in itself solve our energy problems. Nevertheless, shale oil and other ' synthetic fuels are expected to play an important role in new energy supplies in the longer term. WHAT IS OIL SHALE OR SHALE OIL? The term "oil shale" is sometimes a misnomer, in that the rock is often more of a limestone or siltstone than a shale. The common link between resources termed “oil shale" is that they all contain an insoluble substance cal led kerogen (which is from the Greek words for waxmaking). Kerogen is a form of organic carbon derived from a variety of plants ranging from algae to higher plants. When heated sufficiently, the kerogen generates hydrocarbons called shale oil, a form of synthetic crude oil that in most cases is lower in hydrogen content than conventional crude oil. The amount of oil in oil shale is relatively small --roughly 10 percent (by weight) in the richer shales. To upgrade this synthetic oil to usable products, additional processing is necessary. This brief sketch gives an idea of what this different, but significant, form of hydrocarbon is like. ENVIRONMENTS OF DEPOSITION Most oil shale deposits fall into three environments of sediment deposition: 1ake (called lacustrine), sea (marine) and river (fluvial-deltaic). In each case, the deposition of oil shales took place in quiet water environments where plant life, particularly algal plants, could flourish and, after dying, be deposited in unoxygenated water where the kerogen precursors would be safe from destruction by oxidation. The oil shales that were deposited in large lake basins (lacustrine) have attracted the most attention for development over the years. They often have multiple seams, deposited in a cyclic nature with extensive areal distribution and rapid vertical changes in kerogen content. Grades are moderate to high, ranging from 80 to 200 liters per tonne. Rundle in Australia and the Piceance Creek Basin in Colorado are examples of this type. Both deposits represent large volumes of oil shale in small areas which could provide the large volume of feedstock needed for future commercial operations. The stratigraphic sections of these two deposits feature thick oil shale seams with average grades of 80 - 125 liters/tonne conducive to both open pit, and underground operations. However, the rock strength of the Rundle shale is not sufficient to - support underground mining. On the other hand, the Colorado deposits, being more carbonate in nature, are sufficiently strong to support either type of mining depending on the overburden to ore ratio. These latter types of deposits will likely provide the first target for development of a commercial industry. The marine type is characterized by extensive areal distribution with relatively thin seams. The grades are generally low to moderate, ranging from 50 to 120 liters per tonne. The marine oil shales are common worldwide, and their attractiveness for mining is dependent on the overburden to ore ratio. Because of their widespread areal distribution, their in situ resources can be quite large. The Toolebuc Formation in Central , Queensland, Australia is a good example of this type of deposit being 7-10 meters thick over an extensive area. The Julia Creek deposit with its favorable overburden-to-ore ratio is being studied for possible development. In a fluvial-deltaic environment, there are many small lakes or bogs associated with rivers in which a very pure type of oil shale called torbanite could form. Torbanites are very high grade containing up to 75 percent hydrocarbons. The known occurrences are generally small lenticular deposits associated with coal seams. Even with the high grades, it is not likely that any of the known deposits would warrant commercial development because of their small size. The torbanite deposits in New South Wales, Australia were processed prior to World War I1 near the town of Glen Davis. However, today's known resources of this type are not large enough to warrant a commercial plant.

Jan 1, 1982

By C. W. Handy

ONE LAW cannot he evaded, the economic law of supply and demand. Silver, like any other commodity, is subject to this law; and its price in the long run is determined by existing conditions. I say "in the lone run because at times silver has appeared to mope contra to basic coalitions. Such movements, however, are, occasioned by the market's attempt to anticipate changes in these governing conditions. If the expected changes materialize then the new market level is justified, but if they do not then the market will revert to its previous status, A striking example of such a move occurred in November when the price advanced over 70, in ten days and then in the next two weeks lost more than it had gained. The reasons for this advance were that the speculative element interpreted certain events as favorable to silver namely, England suspension of the gold standard, higher shat prices, and the Chinese-Japanese crisis. When these expectations proved unjustified the inevitably, elapse followed became the governing conditions had not channel.

Jan 1, 1932