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By L. Kilburn

A survey of 281 mineral exploration agreements examines the ratios among three ways that may be used to purchase an interest in a mineral property, viz: pay cash, pay shams and make future expenditures on the property. The dollar value of the future expenditures exceeds that of cash or shams by about nine times in most of the 110 agreements that contain cash-expenditure or share-expenditure components. Results suggest that cash and shams are treated about the same in terms of value. Buyers and sellers haw opposing priorities for the way that they prefer to purchase a mineral property. These opposing priorities should give rise to a perceived 50:50 balance between cash/share payment and future expenditures to satisfy the idealized situation described by most definitions of fair market value (FMV). This balance between cash/share payments and future expenditures appears to be rationalized in negotiations to a FMV when expenditures are nine times greater than cash and/or payments. On this basis, it is proposed that the FMV of a property may be determined by aggregating the dollar amount of the cash/share payments plus one-ninth the dollar value of future expenditures, as set forth in the respective purchase agreement, and proportionately applying such aggregate to full property value.

Nov 1, 2005

By L. Kilburn

"A survey of 281 mineral exploration agreements examines the ratios among three ways that may be used to purchase an interest in a mineral property, viz: pay cash, pay shares and make future expenditures on the property.The dollar value of the future expenditures exceeds that of cash or shares by about nine times in most of the 110 agreements that contain cash-expenditure or share-expenditure components. Results suggest that cash and shares are treated about the same in terms of value.Buyers and sellers have opposing priorities for the way that they prefer to purchase a mineral property. These opposing priorities should give rise to a perceived 50:50 balance between cash/share payment and future expenditures to satisfy the idealized situation described by most definitions of fair market value (FMV). This balance between cash/share payments and future expenditures appears to be rationalized in negotiations to a FMV when expenditures are nine times greater than cash and/or payments.On this basis, it is proposed that the FMV of a property may be determined by aggregating the dollar amount of the cash/share payments plus one-ninth the dollar value of future expenditures, as set forth in the respective purchase agreement, and proportionately applying such aggregate to full property value."

Jan 1, 2005

By Arnold P. Szaj

There is no startling revelation to the fact that the mining industry as a whole is generally moving toward the use of larger equipment to process ores in quantities far greater than what was even considered a decade ago. Trucks and shovels have led the way in extra large machines and many other manufacturers have followed suit in the development of so-called "supers" in their line of equipment. In order to keep pace with the industry, crusher manufacturers have also enlarged the size of their equipment. There is now on the market, a Gyratory crusher capable of accepting a 72" diameter piece of ore. Primary jaw crushers have also increased in size. It is inevitable, therefore, that larger secondary cone crushers would also be required to complement the other equipment used to process these large quantities of ore. This super-size secondary cone crusher is the SYMONS 10 Ft. Cone Crusher. Until 1973, the largest cone crusher built was the 7 Ft. Extra Heavy Duty crusher, which is currently used in the majority of the mining operations throughout the world. The 10 Ft. crusher, when compared to the 7 Ft. Extra Heavy Duty Crusher, is approximately 1-1/2 times larger in physical dimensions; three times heavier; will accept a maximum feed size which is approximately twice as large; and will crush at approximately 2-1/4 times the rate of the 7 Ft. machine at identical closed side settings. It will be the largest cone crusher built in the world. At the present time, Rexnord's Nordberg Machinery Group has accepted an order for two 10 Ft. Standard cone crushers to be delivered to an iron ore mine in South Africa in early 1975.

Jan 1, 1973

By J. C. Motz

With ore grades continually decreasing and finer mill feed requirements, it becomes increasingly important to have the capability to handle the larger tonnages economically. With the 10 ft. Standard capable of reducing 1,633 metric tons per hour (1,800 short tons per hour) to 80 percent passing 50 MM (2 inches) and the 10 ft. Short Head following to produce a mill feed of all minus 12 MM (1/2 inch) at a rate of 608 metric tons per hour (670 short tons per hour), we feel significant savings will be realized in installation and operating costs. The largest concentration of cost in the secondary and tertiary crushing stations is the building itself that houses the process equipment. An example of the savings to be attained can be seen from an examination of a 40,820 metric ton (45,000 short ton) per day crushing plant. A total of nine 7 ft. Symons Cone crushers is used to generate 12 MM (1/2 inch) ball mill feed. The average center distance between units is 6.1 M (20 feet) and allowing a 6.1 M (20 feet) nominal distance from the centerline to the wails, the building becomes 61 M (200 feet) long. For this production rate, four 10 ft. Symons Cone crushers would be required. With the 10 ft. crushing plant requiring a center distance spacing of 7.6 M (25 feet), the building length totals approximately 38 M (125 feet). Construction costs vary depending on location, but a reduction in building length from 61 M (200 feet) to 38 M (125 feet) will result in estimated savings of between $2,500,000 and S4,000,000. While the 10 ft. Symons Cone has been involved in a number of feasibility studies for some time, the Process Machinery Division of Rexnord commenced detail design work on the 10 ft. Cone crusher in 1972. For comparison purposes, the 10 ft. and 7 ft. capacities are given in Table 1.

Jan 1, 1978

The 128th meeting of the American Institute of Mining and Metallurgical Engineers constituted a two weeks trip through the Great Northland of Ontario and Quebec and was a most memorable occasion. The last visit of the Institute to Canada was made in 1907 when the mines, which now have brought world wide fame to some of the camps, were not yet dis-covered. The party reached its greatest numbers at Porcupine where 167 visitors and nearly one hundred local members participated. Five members of the party from the States were on the previous trip in 1907. They were Mr. and Mrs. L. D. Huntoon, John Stevenson and son and E. F. Eurich. The Minister of Mines for the Province of Ontario attached his private car to the "Mining Engineers' Special" and made the complete trip through Ontario. This was a happy incident in many ways and gave the visitors an opportunity to discover a spirit of mutual accord between the Minister and mining industry that might well be emulated elsewhere. Two compartment cars and one standard Pullman with the Institute members from New York and the metropolitan district were attached special to the 6.15 p.m. Lehigh Valley train from New York, Sunday, Aug. 19, en route to Toronto, where was held the first session of the Institute's 128th Meeting.

Jan 9, 1923

By AIME AIME

THE 129th meeting of the American Institute of Mining and Metallurgical Engineers convened at New York City, in the Engineering Societies Building, Feb. 18-20, 1924. On February 21 an excursion was made to the Bethlehem Steel Co., at Bethlehem, where about 200 members and guests were splendidly entertained. An illustrated description of the Bethlehem Plant will be published next month. The meeting and excursion were largely attended; the registration at New York totalled 1276 versus 1201 in 1923. William Kelly, long identified with the iron-mining industry of the Lake Superior district, was elected President of the A. I. M. E. for the coming year, at ,the annual business meeting, Feb. 19, succeeding E. P. Mathewson. The following Directors were also elected (the date signifies year of termination of office; the final figure indicates the "District" the Director represents).

Jan 1, 1924

By AIME AIME

THE 130th Meeting of the Institute was held in Birmingham on Oct. 13 to 15, with visits to other mines and districts before and after. The last visit of the Institute to Birmingham was made in 1888, thirty-six years ago, and vast development has been made in' the district since then. With proverbial southern hospitality compounding over this period of years the welcome given to the Institute was such that .it is difficult to express properly the gratification and appreciation of the visiting members and the officers of the Institute. The Birmingham News in an editorial said: Birmingham is duly appreciative of the presence of these gentlemen, not because they are all distinguished in their great services in the mining and metallurgical world, but for the further reason that our interests are very largely wrapped up in their deliberations. Birmingham is one of the great industrial centers of America. Their discussions are of vital concern to all of us.

Jan 1, 1924

By AIME AIME

ANOTHER meeting of the Institute has passed into history and it fully sustained the reputation of the Institute as a live organization of the men, and nowadays the women, concerned with the mineral . ? industries and those working therein. The field meetings of, the 1nstitute are cine of its pleasantest and most valuable features. As Dr. Raymond used to say, ((It is good for a mining engineer once in a while to see a mine" and these meetings bring back to the mines those who, through progress into higher executive positions, have come to visit them infrequently, at the same time that they give opportunity for the .younger men to see regions and mines aside from those in which they are then working. This, and the formal and' informal interchange of information resulting,, is of the greatest professional value to all, while the meeting of old and making of new friends causes each meeting to be notable in turn. This year's meeting at Salt Lake City was one of the largest that has been held outside of. New York City; 470 members and guests registered while many more were present at the sessions without attending to this formality. '

Jan 1, 1925

By AIME AIME

T HE 133rd meeting of the A. I. M. E., opening in New York on Feb. 15, promises to be as successful technically and socially as any in the past. The papers submitted for the various technical sessions are unusually excellent and insure something of interest to every group. Tentative programs have already been issued, and a concise resume of the various sessions, arranged chronologically, appears on page 48. Among the many interesting technical sessions arranged, attention is directed to those of the Petroleum Division, embracing the Symposium on Production that has come to be an annual feature, and new ones on refining practice, transportation and economics. The Institute of Metals program is similarly comprehensive. It includes 15 papers, 8 on copper, 4 on aluminum and its alloys, and one each on magnesium, lead, and fatigue of metals. The Coal Committee offers as a leading contribution its report, prepared under the direction of H. N. Eavenson, giving a new analysis of the capacity of the mines and a comparison of coal with other industries. This will be supplemented by a number of other papers of especial interest to operating men, among which are "Data on Use of Loading Machines in Bituminous Mines," by Graham Bright; "Evaluation of Coal," by R. H. Sweetser; "Selection of Coals for the Manufacture of Coke," by H. J. Rose; and "Relation of Origin and State of Carbonization of Coal to Problems of Low Temperature Carbonization," by S. W. Parr. The Iron and Steel Committee has scheduled seven papers, and there will be a special session on open-hearth practice, in which will be presented the first results of the two conferences, held by the sub- committee at Pittsburgh and Cleveland. A symposium on molding sands will be a special feature of the session on non-metallics.

Jan 1, 1926

THE annual winter meeting of the A.I.M.E., which is to open in New York on Feb. 14, will be charac-terized by a number of novel features. The most important is that the technical sessions will be dis-tributed over four days instead of three as heretofore. This makes it possible to reduce the number of conflicts between sessions and also will enable each member to attend a larger number. At the same time the ses-sions are so arranged by groups that those interested only in one or more that are related can, if necessary, cover all in that group in three days as heretofore. The general excursion to which the fourth day has, for some years, been devoted has been regretfully given up, mainly because of the uncertainties of the weather in New York in February. In its place a series of group excursions are being offered at various times during the meeting, arranged, so far as possible, so as not to con-flict with any technical session likely to be of interest to those taking part in a particular excursion. Among the places to be shown the visitors are: the construction work on the Eighth Avenue subway, a real mining job; the Vehicular Tunnel, the world's greatest ventilating project; the manufacture of 42-in. conveying belts; one of the largest and most modern steam plants; a coal terminal; manufacture of mining equipment; a cable-making plant; an oil terminal and refinery. Other en-tertainment features include a smoker Monday evening with a real chance to get together and talk; an informal dance and entertainment given by the Woman's Auxiliary on Tuesday evening; the dinner-dance at the Waldorf Wednesday evening, with no long speeches; a general session Thursday evening when the Petroleum Division will present a series of important reviews of the year. An extensive program has been arranged for enter-taining the ladies, and members are urged to bring their wives. There will be dinners, teas, theater parties, shopping and sight-seeing excursions as well as the dances. The usual general luncheons for members, guests and ladies will be served each day at headquar-ters, and various committees and groups will hold lunch-eons, dinners, and round table conferences as indicated in the schedule on the page opposite. The Mining and Metallurgical Society of America and the American Society of Steel Treaters are participat-ing in this meeting and their members will be welcome as guests at any session or function. A joint conference of the Mining and Metallurgical Society and the A.I.M.E. has been arranged for Tuesday afternoon, under the chairmanship of Clinton H. Crane, at which the whole matter of the mineral reserves of this country is to be up for discussion.

Jan 2, 1927

By AIME AIME

TRADITIONALLY, the Annual New York Meetings of the A.I.M.E. cover four days, but the program is growing on each end as well as in the middle, and this year it lasted from 3 p. m., Sunday, Feb. 16, when the Education Division got under way, to 8:40 p. m., Friday the 21st, when a trainload of electrical inspectors, pro tern, got back fro111 the General Electric plant at Schenectady. The meeting has ceased to be a mere three- ring circus: on Wednesday afternoon eight sessions were being held simultaneously in the Engineering Societies Building, if one includes the Woman's Auxiliary, and according to frequent testimony one should include the W. A. as one of the most important units in Institute affairs.

Jan 1, 1936

By Alistair James, Mo Shahsavari, Leon Botham

The 1889 Johnstown Flood, which killed 2,209 people, was a preventable disaster stemming from systemic decisionmaking failures. This paper applies modern Risk-Informed Decision Making (RIDM) frameworks to analyze the historical context and explore alternative outcomes through hypothetical multiverse scenarios. By reconstructing the risk landscape of the South Fork Dam, we demonstrate how structured hazard identification, risk assessment, and stakeholder communication could have mitigated or prevented the catastrophe. Three counterfactual scenarios—proactive maintenance, community engagement, and regulatory oversight—are evaluated to quantify potential lives saved and economic benefits. The study acknowledges historical barriers, including technological limitations, lack of governance, and socioeconomic disparities, which constrained risk-aware decisions in the 19th century. The analysis draws critical parallels to contemporary engineering challenges, particularly in tailings storage facility (TSF) management, where similar risk blind spots persist. The paper concludes that RIDM is not merely a technical tool but a governance imperative, essential for ethical and sustainable engineering practice. By learning from historical near-misses and failures, the modern engineering community can strengthen resilience and accountability. This work contributes to the growing body of retrospective risk analysis, offering a methodological framework for applying RIDM to historical disasters to inform future safety standards.

Feb 22, 2026

By J. K. Gustafson

Since prehistoric times, gold has been sought for its beauty and its unusual physical and chemical properties. Early in the dawn of civilization it became the ultimate unit of value, and for at least 6000 years it has been used to barter for other commodities. It has been prospected for, treasured and made into works of art and personal adornment. From time to time, it has even been the object of conquest. Because of its predominant role as a basis for money in recent centuries, economists have come to think of gold solely in these terms. Gold, however, has physical and chemical properties that make it one of the most useful metals in the modern world. It is the most ductile metal known. An ounce of it can be drawn into a continuous wire over 35 miles long. It is also so malleable that an ounce of it can be beaten into films 0.00001 in. thick covering 68 sq ft of surface. It has a density of 19.3 and is so heavy that 1 cu ft of it weighs more than half a ton. Gold is nonmagnetic and has a high electric conductivity that is only slightly less than that of silver and copper. Gold is so inert to all the chemicals found in nature that gold coins and jewelry buried beneath the soil or at the bottom of the sea for thousands of years appear to be as bright and perfect as when they were first immersed. Finally, gold has an extremely high reflectivity of both light and infrared rays.

Jan 1, 1971

The last issue included a discussion of recent indications of a 1983 recovery and a brief analysis of the contribution of the U.S. mining industry to the gross national product (GNP). In this issue we present sales and other data indicating the strength of the 1983 recovery and quantitatively analyze the structural shifts that have taken place in the U.S. economy and mining industry since 1972, and changes in electricity consumption by the mining industry. U.S. Economic Recovery The tentativeness in the February/March issue of Minerals and Materials regarding the strength and sustainability of the U.S. economic recovery can now be replaced with a note of increased confidence. Real growth of GNP on an annual basis in the first quarter of 1983 was 2.5 percent, compared with 1.4 percent predicted in the Economic Report of the President.1/ Preliminary second-quarter 1983 data provide further cause for optimism. Recently released data indicate that consumer spending is playing a key role in the recovery. Retail sales have increased significantly across a wide array of goods, especially consumer durables, where sales increased 4 percent from March to April (table J) and were 12 percent higher in April [ ] than the 1982 monthly average. Consumer durable sales were led by sales of building materials spurred by the growth in residential construction, motor vehicles and parts, and household durables, including appliances and furniture.

Jan 1, 1983

By Keith L. Harris

The performance of the world economy improved significantly in 1984. Real world output!/ grew 4.3% (compared with 2.6% in 19831, the highest since the 4.4% increase recorded in 1978 (table 1). The output of industrial nations rose 4.9%, while that of the developing nations rose 3.7%. The United States and Japan had the largest increases in output of the major industrial nations, with respective increases of 6.8% and 5.8% (table 2). The components of real output with the most significant growth in the industrial countries were gross fixed investment (9.2%), consumer expenditure (3.1%), and public consumption (2.5%) (table 1). Industrial output, as measured by industrial production indices, has returned to about the 1980 level for most of the major industrial nations (table 2). Exceptions to this were industrial production in Japan and the United States; Japan's industrial production rose steadily throughout the 5-yr period and is now more than 16% above the 1980 level, and the industrial production index for the United States reached 11 1.2 (1980=100.0). Real total domestic demand grew at 8.7% in the United States, more than double the rate of Japan, which, at 4.0%, had the second-largest growth. Average demand for all industrial countries was up 5.1%. During 1984 the U.S. dollar showed great strength on international markets, contributing to large current-dollar negative net exports of goods and services and even larger negative net exports of the merchandise sector. While growing U.S. imports helped spread the benefits of the recovery, they also led to a widening of current account imbalances and growing trade tensions throughout the world.3/, 4/

Jan 1, 1985

By Keith L. Harris

Recent data indicate a marginal decline in overall growth in world economic output from 3.1% in 1985 to 2.9% in 1986 (table 1),2, 3 Many nations experienced slower economic growth because of the huge trade imbalances existing between the United [ ] States and Japan and the Federal Republic of Germany, the U.S. budget deficit, and the growing Third World debt. Some developing nations, however, experienced booming growth. Declining prices for energy and nonenergy commodities and the fall of the dollar against the currencies of major industrial countries benefited several developing countries--energy importers and exporters of manufactured goods with currencies tied to the U.S. dollar, which were able to expand markets in the industrialized nations. The drop in commodity prices increased demand in industrial countries and depressed it in developing countries. Lower demand in the developing countries contributed to a decline in the real net exports from industrial countries. As a result, output growth in industrial countries declined from 3.0% in 1985 to 2.4% in 1986, despite growing internal demand, Average output growth of developing countries increased from 3.296 to 3.596 during the same period, however, primarily because of the low prices of their products and the strength of demand in industrial countries for those products. Developed country output growth was extremely uneven, however. For example, the economic output of nonfuel exporters grew 5.4% in 1986, while that of fuel exporters dropped 0.7%.

Jan 1, 1987

By Joan Weinberg

Real output expanded at a 3.0% rate worldwide in 1987, a slightly lower pace than the 3.2% rate in 1986. The decline was accounted for largely by slower growth in the U.S.S.R. and the East European countries, as well as in the developing countries (table 1). According to the International Monetary Fund, output of industrial countries output grew 3.1% and rose most strongly in Japan, the United Kingdom, and Canada (table 2). U.S. economic growth remained at 2.9%, the same as in 1986. Consumer and government spending declined in industrial countries, while gross fixed investment: rent increased. This increase in fixed investment expenditures could be attributed partly to lagged results of some 1986 developments: the fall in oil prices, declining interest rates, and exchange rate changes. The U.S. budget deficit, as well as the large external deficits and surpluses among major industrial countries, hindered further growth .2 A report from the Organization for Economic Cooperation and Development (OECD) indicates that the impact of the October stock market crash was short-lived because it hit economies that were growing strongly, anyway.3 The growth of output in the developing countries slowed in 1987; however, output declined in the fuel-exporting developing countries. These countries have been adversely affected by weakness in oil prices and the depreciation of the U.S. dollar. The weighted average of inflation rates in industrial countries--as measured by the [ ] GNP deflator, was 2.9% in 1987, down from 3.4% in 1986. Prices rose 3.0% in the United States, up from 2.6% the previous year. Inflation for 1988 is expected to remain slightly higher in the United States than in Japan and the Federal Republic of Germany because of recent exchange rates changes and the elimination of slack productive capacity and labor in the U.S. economy. Prices in developing countries as a whole rose more than 10 percentage points in 1987. Higher import prices, caused by

Jan 1, 1988

By C. A. Carroll

In February of 1989 the Mission Complex of ASARCO Incorporated completed an expansion of its concentrator, raising the base mining rate from 25,900 TPO (28,500 STPD) to 37,200 TPO (41,000 STPD). The expansion was accomplished by extending the twelve existing Mission ball mills in length, by installing the grinding circuit from Asarco's idled Sacaton Concentrator along with various auxiliary equipment, and by modifications to the flotation circuit and water systems. This paper will give a brief history of the consolidation of the ore body which made the expansion possible and explain the various parts of the expansion.

Jan 1, 1990

By Jerome H. Stofleth

In June of 1998, the DeBruce Grain Elevator was devastated by an accidental explosion caused by the unintentional ignition of grain dust. The DeBruce grain elevator was the largest ‘single head-house’ grain elevator in the nation. It was comprised of 450 cylindrical grain silos, 30 feet in diameter by 120 feet tall, with a centrally located headhouse. Immediately after the explosion, rescue operations were started for seven missing workers. The Federal Emergency Management Agency (FEMA) had taken over operations of the site by day two. On day three FEMA contacted the Washington DC office of the Department of Energy for explosive expertise, who in turn contacted explosives experts at Sandia National Laboratories (SNL) and Los Alamos National Laboratories (LANL). FEMA was looking for guidance in making the decision to downgrade their operation from a rescue to a recovery operation. Based on some chemical equilibrium calculations, and basic explosive engineering techniques, the SNL/LANL team was able to provide the necessary input to allow the decision to be made for the operational downgrade. At this point, only one worker remained un-recovered.

Jan 1, 2004

By William M. Gleason

Hard times continued to plague the industry when the calendar rolled over to 2000. During 1999, the United States economy had grown vigorously, capping the longest economic expansion in United States history. However, the mining industry was not so fortunate. Commodity prices remained in a slump in the “new-economy” that was fueled by excitement and speculation about the power of the Internet during the infancy of the Information Age. Much of the investment money that once went to mining and exploration was now headed to the world of virtual gold mines. SME President Donald E. Ranta implemented new technology into his plans for SME. His two major goals were new membership growth and to foster the establishment of the comprehensive Internet presence for the Society’s technical information. His strategic priorities included enhancing the quality and quantity of publications, programs, meetings and short courses. “The Internet is the vehicle that will advance the priorities,” he said.

Jan 1, 2007