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The Kaiser Aluminum and Chemical Corp. announced plans to raise June ingot prices by 4 cents to 57 cents per pound. Producers? April value for 99.5 percent unalloyed aluminum ingot was at 53 cents per pound. Domestic merchants last month were quoting the metal at 48-49 cents per pound. Primary aluminum producers began restarting production facilities following the settlement of the coal strike. Noranda Aluminum Inc. recalled workers to prepare potlines for production at its plant at New Madrid, Mo., which had closed February 14, 1978 due to the shortage of coal. Eastalco Aluminum Co. resumed full capacity production at its Frederick, Md. smelter where production had been cut by 30 percent. Anaconda Aluminum Co. resumed full capacity production at its Sebree, Ky. smelter.

Jan 1, 1978

Mitsui Aluminium Co. of Japan announced that it would finance 25 percent of the construction costs for the 217,000 ton-per-year primary aluminum smelter being built by Alumax, Inc. at Holly, SC. Mitsui would receive 25 percent of the plant's production in return. Construction on the smelter began early in 1978, and is scheduled to be completed in 1981. The Aluminum Company of America (Alcoa) announced plans to restart a third potline at its Point Comfort, TX primary aluminum smelter in July. The company previously announced plans to restart two potlines at the facility in May. Reynolds Metals Co. began preparations to restart primary aluminum production in May in one of two 57,000 ton-per-year potlines at its Corpus Christi, TX smelter. The plant has been closed since 1975.

Jan 1, 1979

During the period January 1, 1977 through July 31, 1977, 5 percent (264,000 tons) of U.S. capacity was closed due to power curtailments in the Pacific Northwest because of the shortage of water. During July, one plant in Tennessee cut production by 50,000 tons annually due to a power reduction by the Tennessee Valley Authority. Full capacity production was resumed at a West Virginia smelter during September. If demand for aluminum is strong it seems likely that aluminum supply during the remainder of 1977 and in 1978 will be tight. The price was increased 3¢ per pound to 51¢ per pound effective March 28, 1977, and by an additional 2¢ per pound to 53¢ per pound, effective July 5, 1977. New projects and expansion of existing facilities are planned by Australian aluminum companies over the next 2 to 3 years. The companies listed have committed themselves to spending approximately A$801 million: Alcoa of Australia Ltd. -New alumina plant at Wagerup, south of Perth. Darling Ranges bauxite is located near the proposed project. A$650 million. Coma 1 co Industries Pty. Ltd. -Increase bauxite mining capacity and upgrade or replace other facilities at its Weipa mines on Cape York Peninsula region of Northern Queensland. A$81 million. Alcan Australia Ltd. -Expansion program that will increase capacity of the Kurri Kurri aluminum smelter north of Sydney about 50 percent, and improvement of other facilities at the plant. A$70 million.

Jan 1, 1977

U.S. producers for more than 5 months have priced 99.5 percent primary aluminum ingot at 486 per pound. Sales by independent dealers in this same period reportedly declined by 0.5$-2.5$ to 43.50- 44.56 per pound. CADMIUM: U.S. producer-published cadmium prices for the last 5 months have been at $3 per pound. Dealer quotes in the same period fell by almost 504 and ranged from $2.45 to $2.55 per pound.

Jan 1, 1977

The Particulate Mineralogy Unit has been established at the College Park, Maryland, Metallurgy Research Center. The Particulate Mineralogy Unit will have the responsibility within the Bureau of Mines for the characterization of particulate minerals which have potential for adverse environmental effects. The Unit will provide a focal point for identifying particulates in connection with environmental problems related to the activities of agencies such as OSHA, HEW, EPA, and MESA. The Particulate Mineralogy Unit is seeking to clarify the ambiguities surrounding the mineralogy of and terminology used for asbestiform minerals and other mineral particles. The Unit?s investigations of the morphology, composition, and structure of asbestiform minerals and their nonasbestos analogs have made its members recognized experts in this field. The information which it develops on the characterization of asbestos and other particulate mineral forms such as silica should provide a technically rational basis for decisions by regulatory agencies. Those desiring further information, contact Dr. W. J. Campbell, Program Coordinator, College Park Metallurgy Research Center, College Park, MD 20740, telephone: 301-344-4014. ALUMINUM: For over a month, domestic producers have priced 99.5 percent grade primary aluminum ingot at 48¢ per pound. In the same period, merchants raised ingot quotes by 1.5¢-2.5¢ to a range approaching 44¢-47¢ per pound.

Jan 1, 1976

By George A. Morgan

The 53 countries that constituted Africa in 1989 accounted for a significant portion of total world output of a number of mineral commodities. Among the most significant minerals to be produced in Africa were andalusite, antimony, asbestos, bauxite, chromite, coal, cobalt, copper, diamond, fluorspar, gold, lithium minerals, manganese, phosphate, platinum-group metals, and the titanium minerals-ilmenite and rutile, vanadium, vermiculite, and zircon. Despite the underdevelopment of much of Africa, mineral raw materials played a very important part of the national economies of many of its countries. In terms of percent-age of export earnings, minerals accounted for more than 90% in some cases. In several countries with agrarian economies and little economic diversification such as Angola and Guinea, a single mining operation could represent an important source of foreign exchange. These latter operations tended to be the more easily mined surface deposits of diamond, gem stones, and precious metals. Mineral commodities for which Africa had a high percentage of world output were bauxite, 16%; chromite, 44.5%; cobalt, 76.5%; copper, 13.9%; diamond, 50.7%; gold, 32.9%; manganese, 27.1 %; phosphate, 22.1 %; platinum-group metals, 48%; uranium, 29.2%; vanadium, 54%; and vermiculite, 41 %. Several of these, chromite, cobalt, diamond, and manganese, were not produced in the United States.

Jan 1, 1992

By E. Chin

The countries of Asia and the Pacific have large resources of diverse minerals. Australia and China have extensive mineralization that are commercially being exploited. The major minerals in Australia with known reserves adequate for both domestic demand and export markets include bauxite, clays, copper, diamond, gold, iron ore, lead, manganese, mineral sands (titanium minerals), nickel, salt, silver, tin, uranium, and zinc. China is the world leader in proven reserves of antimony, barite, magnesite, molybdenum, rare earths, titanium (ilmenite), tungsten, and vanadium. It also has about 55 billion tons of iron ore, albeit with an average grade of only 30 % to 35 % elemental iron content. With the exception of chromium and copper, China has significant resources of a wide array of minerals and metals, based on its production and/or export capability for these commodities. Additionally, India has significant resources of bauxite and mineral sands; Indonesia, bauxite, copper, nickel, and tin; Malaysia, tin and associated titanium; Mongolia, copper, fluorspar, and lead-zinc; New Caledonia, nickel; New Zealand, gold and iron sand; North Korea, magnesite; Papua New Guinea, copper, gold and mineral sands; Philippines, copper, chromite, and gold; and Sri Lanka, gemstones. Moreover, there appears to be extensive mineralization III Burma (Myanmar), Cambodia, Laos, Thailand, and Vietnam, but they have yet to be definitively delineated.

Jan 1, 1994

By George A. Morgan

The production and processing of crude petroleum and natural gas are the dominant economic sectors of the Middle East. The 15 countries that constitute the region accounted for 28% of world crude petroleum output, 17.2% of world natural gas plant liquid production, and 5.3% of world dry natural gas production. Only Cyprus and Lebanon were not crude petroleum producers. About 66% of total world crude petroleum reserves and 31 % of total world natural gas reserves are in the Middle East. Transportation and port facilities in the region are geared to expediting efficient and rapid shipment of these materials. Export sales of these fuels provide funding for further diversification of the mineral industry. Additional development of downstream facilities for producing energy-intensive metals such as aluminum and byproducts of the fuels such as petrochemicals and fertilizers can be expected. Earnings from the industry are also channeled by several Governments in the region to mineral industry projects in Africa and elsewhere. Several countries in the region own major petroleum refineries and distribution facilities worldwide. Petroleum prices rose overall during the year owing to the invasion by Iraq of Kuwait in August 1990. Output from both countries, the fourth and fifth largest producers, respectively, in the Middle East, was negatively affected by the war. Kuwaiti crude oil wells and pipeline facilities suffered extensive war damage while exports of petroleum and petroleum refinery products by Iraq ceased owing to a U.N. embargo. The embargo also impacted Jordan, an exporter of phosphate and potash. Shipments of crude petroleum by pipeline from Iraq through Saudi Arabia and Turkey and by vessel through the Persian Gulf were terminated. However, the loss in production from Iraq and Kuwait was more than made up by accelerated output from other Middle East and world producers. Saudi Arabia, in particular, with its excess production capacity, accounted for the largest portion of the increase.

Jan 1, 1992

By Henry J. Sandri

ACQUISITION JUSTIFICATION There are many reasons why companies consider acquisitions as a means to expand their operations. Some wish to reduce the impact of business cycles on their businesses. Others seek firms within the same industry for expansion and increased market share. Still others diversify in order to avoid takeovers. Whatever the reasons or justification, an evaluation of an acquisition candidate should be systematic and thorough. To many financial managers the concept of a systematic acquisition evaluation indicates the need for a regular set of evaluation criteria. While these are available from numerous sources, one basic parameter frequently overlooked is the application of these criteria to an industry which is different from the acquirer. This becomes particularly important when evaluating firms within the mineral industry. The mineral industry is significantly different from other industries to require different valuing techniques. • This paper will present a number of reasons why an acquisition candidate in the mineral industry should be evaluated differently from other acquisitions, including by other mineral firms. Additionally, this paper will review the most appropriate means of valuing a mineral firm. • Firms considering the acquisition of a mineral firm should understand the nature of the industry before ever making a tender offer. Some of the general considerations include the following: • Level of Capital Intensity: In the mid-1980's the start up cost for a gold mine has been between 20-200 million dollars and 500-1,500 million dollars for a bauxite operation. • Global Nature of Competition: Except for certain industrial minerals, most minerals and metals are traded worldwide and many on national exchanges, such as COMEX. • Start-Up Time: Many mining operations in developed and developing countries have long lead times, 7 to 10 years in some cases, prior to the start-up of production. • Long Term Nature of Investment: For most mineral operations payback usually occurs at least 7 years after production has started. Additionally, many mining operations will continue producing for 80-100 years. • High Level of Risk: The number of factors that a mining firm cannot control such as grade, volume, world supply and demand, plus the long payback periods tend to classify mineral firms at a higher than average risk compared to other investments. • Cyclical Nature: The mineral industry is cyclical in nature, experiencing long troughs and explosive peaks, thus making timing a critical issue. • Labor Intensive: Even with the large capital requirements needed to operate a mine, most mines are labor intensive in proportion to their capital equipment. • Location: Obviously, the nature of this industry requires operators to work in difficult locations, frequently far from civilized localities, in poor weather conditions and without proper supply and distribution infrastructure. One of the most important considerations is an understanding of asset replacement and asset value. Unlike manufacturing concerns, firms in the mineral industry are working toward the elimination, through depletion, of their asset base. Product flexibility is not available to a mining operation. A mineral firm basically has two options as its resource base is depleted: 1) replace the asset with new production, or 2) deplete the asset and close down operation, as in the South African gold mining model referred to later in this paper. An understanding of the

Jan 1, 1985

By Francis A. Thomson

IN reviewing mineral industry education a year ago, occasion was taken to congratulate the Institute in general and to felicitate the Education Di- vision in particular on "the most gratifying growth which is taking place in Institute consciousness in regard to its responsibility for the recruitment and adequate training of student personnel and for the successful bridging of the difficult gap between graduation and achievement of professional status." Continuation of this growth of interest throughout 1939 is a recognition of the validity of the splendid statement of George Otis Smith that the mining students of today are the ore reserve of the Institute for the future. In this connection one recalls the equally apt expression of another distinguished geologist, George M. Fowler, who, speaking of exploration for ore deposits, says, "The place to look for elephants is where elephants have been found."

Jan 1, 1940

By Thomas T., Read

SUGGESTIONS that existing schools give instruction bearing on the mineral industry, or that schools for that purpose should be established in the United States, began to be made early, and it would require too much space to catalogue them all. Some of the more important may be mentioned to indicate their general character. In the "advertisement to such parents as have now (or expect to have) children prepared to be educated in the College of New York," which appeared in the New York Mercury of June 3, 1754, Samuel Johnson, the first president of King's College, the predecessor of Columbia, said that it was the "design of this college to instruct and perfect the youth," among other things, "in the arts of Numbering and Measuring of Surveying, and Navigation and Geography. . . . and in the Air, Water and Earth around us, and, the various kinds of Meteors, Stones, Mines and Minerals, Plants and Animals; and in the knowledge of all Nature in the Heavens above us, and of everything useful for the Comfort, Convenience and the Elegance of Life . . . " Though the concept that natural science should be used to enlarge the bounds of human life was thus implicit at Columbia from the very beginning (John Stevens graduated from it in 1768, James Renwick in 1807, Horatio Allen in 1823, and A. W. Craven in 1829), it was only during the period of Renwick's professorship of Natural and Experimental Philosophy and Chemistry (1820- 1853) that much attention was given to applied science.* Among the Austin papers, published by the American Historical Association,2 there is a draft in Stephen F. Austin's handwriting of a proposed memorial from the legislature of Missouri to Congress, not only urging "the propriety and utility

Jan 1, 1941

By Roger V. Pierce

"WITHOUT mineral wealth, modern man would not exist. True, man could survive on a stone-age basis with an average life expectancy of, say, 25 to 30 years -once he got past infancy.However, no metal would tip his arrow in a hunt for protein; no steel plough would break the soil for the organized planting of seed; and no coal, nor oil, nor natural gas nor uranium fuels would pro-vide him with light or beat or safety from either beasts, or other men, or an unkind nature that threatened him and his family.Modern agriculture, fishing and forestry represent the other three wealth-producing industries. With-out metals, non-metallics and energy minerals, however, it would be impossible to fit any of these to man's modern needs."

Jan 1, 1967

By Robert P. Koenig

FOR the first time other than on occasion of war the people of the United States are experiencing full-scale participation in world affairs. Public concern has seldom been so involved with conditions and events beyond our own continental limits. Our interest is not wholly of recent origin. Over the years the activity of the United States as a world power and an important trading nation brought about the widening of our political interests and the progressive interrelation of our economy with that of the rest of the world. Some may see in our present phase of world-wide activity the natural consequence of our continued growth. Such observers must also be aware that within recent years our importance in world affairs has been considerably increased. For within the space of an extremely short period events have occurred that have literally jet-propelled the United States into the role of a leading participant in the conduct of world affairs. Little of the choice of this role was left to us. The decline of power in western Europe, the ascendancy between the Elbe and the Pacific shore of an obviously antagonistic force, our earnest endeavor to secure international control of atomic energy, the necessity of providing relief and rehabilitation to war-ravaged areas, and the police work that must be done in occupied territories are problems which have risen in great measure without our help-but they cannot be solved without it.

Jan 1, 1948

By Dale William Avery

Thirty mines and prospects were studied; 22 are within the Dolus Lakes RARE II area. Three properties within the area and one adjacent to it were determined to have indicated or inferred gold, silver, or molybdenum resources (fig. 1 and table 1) associated with quartz veins and shear zones or quartz-pyrite stockworks in granodiorite. Five other properties in the area and three just outside have potential for the discovery of gold and silver resources. Minor amounts of very fine-grained placer gold are in glacial outwash in and near the area. The John G. Carlisle Mine (fig. 1, no. 9) produced 120 oz (3.7 kg) of gold between 1897-1899. The Independence Mine produced 481 oz (15 kg) gold, 197 oz (6.1 kg) silver, and 189 lb (86 kg) of copper between 1926 and 1935. These mines are adjacent to the study area's northern boundary.

Jan 1, 1983

By Harry W. Campbell

A mineral survey conducted by the U.S. Bureau of Mines in 1983 identified no mineral resources in the Beaver Meadows, Blind Horse Creek, Chute Mountain, Deep Creek/Battle Creek, and North Fork of Sun River Wilderness Study Areas (WSA's). A prospect east of the Beaver Meadows WSA has low potential for lead resources. Sand, gravel, and limestone occurrences are numerous in the WSA's; however, similar or better quality materials outside the areas are abundant and more accessible to potential markets. Impure coal and titaniferous-magnetite occurrences are near the WSA's, but are not known to occur within these areas. In 1983, there were 7,025 acres leased for oil and gas within the five WSA's; no current mining claims were in or near any of the WSA's. Evidence of mining activity was found at only one prospect in the WSA's. It is inside the Deep Creek/Battle Creek WSA; no resources or resource potential were identified at this prospect.

Jan 1, 1984

By Thomas J. Peters

The Goat Rocks RARE II further planning areas contain no known mineral resources and have very low mineral potentials. County mining records show only one mining claim area; however, no mineralized material was found at the described location. Andesite suitable for building stone may be present, but similar material can be quarried more economically elsewhere. Several anthracite coal prospects are near the area, but the likelihood of finding an economic deposit of coal or other fuel is very low.

Jan 1, 1981

By Richard S. Gaps

In 1983 the U.S. Bureau of Mines conducted a mineral survey of the Golden Valley Wilderness Study Area (WSA), CDCA-170. The 29,887 acre WSA, located in the western Mojave Desert near Ridgecrest, California, is underlain by pre-Tertiary plutonic rocks and volcanic and sedimentary rocks ranging in age from Miocene (?) or Lower Pliocene (?) through Pleistocene and Recent. No mines were operating in the WSA in 1983, nor is any mineral production known to have come from the WSA. Two mining claim blocks, portions of which are within the WSA, and seven isolated prospects, four inside the USA, were examined and sampled. No mineral resources were identified. Widespread propylitic alteration, with localized argillic and alunitic alteration, occurs along the southern boundary of the study area. Samples from claims and prospects within the altered zones are anomalous in gold, silver and arsenic, and some contain antimony, tungsten and mercury, indicating gold resources may exist. Alluvial sample results suggest recent claims in the northwest corner of the study area may also have gold resources. Portions of the study area are within the Randsburg Known Geothermal Resource Area while other segments are considered prospectively valuable for oil and gas and for sodium.

Jan 1, 1985

By Fredrick L. Johnson

The Jerry Peak, Jerry Peak West, and Boulder Creep: Wilderness Study Areas contain no identified mineral resources. Two workings, a 20-ft-long adit and a pit, were found in Paleozoic, brecciated, limonitic jasperoid in the east part of the Jerry Peak Wilderness Study Area (WSA), but no significant metallic mineral values were noted. Lenses and pods of quartz containing copper minerals occur in Paleozoic sedimentary rocks 1/2 mi north of the Jerry Peak West WSA. Similar rocks crop out along Pine Creep: in that study area but no copper-bearing quartz lenses were found.

Jan 1, 1984

By Fredrick L. Johnson

In deposits of the John Muir Wilderness, tungsten is the principal metallic element. Gold, silver, copper, and molybdenum could be recovered as by-products from most of the tungsten deposits. More than 1 million tons (0.9 million t) of tungsten resources are estimated to be along the fringes of metasedimentary roof pendants. Gold-silver deposits and silver-copper-lead-zinc deposits with small resources are found at several localities. The association of metal deposits with the intrusive-metasedimentary rock contacts and the widespread existence of these contacts, suggests additional resources exist. The area has no known potential for coal, oil, gas, or geothermal energy.

Jan 1, 1981

By Martin D. Conyac

Results of the minerals survey indicate low potential for the discovery of placer gold along Deck Creek aid for copper, silver, and gold in PreTertiary rocks within the boundaries of the Lake Fork RARE II area. Potential for oil, natural gas, coal, and geothermal resources is negligible. No evidence of economic mineral resources was found during the examination of the study area, and no assays of rock or placer samples taken from the urea showed economic mineral values. There are no producing or developing mines within the boundaries o of the lake Fork study area. SETTING Mining Districts The Lake Fork RARE II area is on the eastern fringe of the Cornucopia Mining District, which is centered about 6 mi west. It is also on the western edge of the Homestead district, centered about mi east.

Jan 1, 1983