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By B. K. Kejriwal, A. K. Ghose

Under specific geological environment, the full extraction of a coal seam is not possible either because of its extraordinary thickness or the presence of surface structures and bodies of water or because of the conditions prevailing in upper seams. Not uncommonly, therefore, for working such seams, pillars of coal are left for the permanent support of the overburden, and voids around the pillars are filled with sand to strengthen the pillars and prevent their deterioration with time. However, the paucity of river sand has focussed attention on the need for alternate strategies including trials with partial filling of the voids. This study has sought to examine in the laboratory the effects of partial and complete filling on the ultimate load bearing capacity and post-failure behaviour of small, tall pillars using artificial material.

Jan 1, 1986

By Hagen B. Schultes

"Refratechnik, a leading German refractory company, acquired a majority shareholding in Baymag in 1979. This acquisition included the mining rights for a magnesite deposit of exceptionally high purity in the Canadian Rocky Mountains.The deposit, situated in the Kootenay region of southeastern British Columbia, is of Cambrian age and has ore reserves of 50 million m. t. of magnesite. The Baymag magnesite deposit is one of the purest in the world. The deposit was opened up and mining commenced in early 1982. Production of various caustic calcined magnesia products in a rotary kiln operation in Exshaw, Alberta, was started in mid-1982. The product application ranges from pulp and paper production, to the chemical industry, and to animal feed supplements. Since the end of 1983, Baymag has produced high-quality refractory grade fused magnesium oxide f or specialty applications in the steel industry.IntroductionAlthough magnesium is the eighth most abundant element in the earth and forms about 2.06% of the earth's crust, common knowledge about magnesium and especially magnesium oxide (MgO) as an industrial mineral is not widespread. The reason might be that, with the exception of magnesium metal as the element, magnesia products are not generally sold as final products to end-users, but rather are needed for the production of final products such as steel, cement, paper, etc. Therefore, some general comments are given about the different sources of MgO, the different products, world production and consumption , before Baymag specifics are addressed. Magnesium metal will not be discussed in this paper."

Jan 1, 1986

By Thomas H. Heine

"The Rabbit Lake uranium deposit is located at 58° 11’00”N.. 103°42'36""W., close to the west side of Wollaston Lake, and approximately 800 km north of Saskatoon. The orebody is hosted by Aphebian Wollaston Group rocks, initially deposited as a series of shallow-water marine sediments consisting, in part, of carbonates and possible saliferous petites. Metamorphism during the Hudsonian Orogeny, peaking at about 1850 Ma, recrystallized the sediments to upper amphibolite grade paragneisses. This was accompanied by partial anatexis. The waning stages of Hudsonian orogenesis appear to be marked by minor granitic intrusive activity.The post-Hudsonian period was marked by a long interval of physical and chemical erosion, resulting in the unroofing of the Wollaston metamorphic complex. The entire region underwent extensive lateritic weathering under tropical to subtropical conditions. Carbonates were especially vulnerable and, in the Rabbit Lake area, suffered extensive solutioning with accompanying formation of collapse breccias. Old zones of weakness also underwent periodic reactivation.It was during this period that uranium was leached from the surrounding meta-sediments by oxidizing meteoric waters, and transported into the karsted and fractured rocks of the Rabbit Lake doline.Athabasca Group sediments eventually covered the deposit, their diagenesis taking place at about 200 °C and 900 bars. This allowed the partial to complete recrystallization of the initial mineralization, resulting in a minimum age of 1281 ± 11 Major ""first""-generation pitchblende. Periodic fault/fracture reactivation modified the hydrologic regime within the deposit, resulting in episodic mobilization and recrystallization of pitchblende and other uraniferous species. This is clearly shown in the open pit at the present time: uranium is being mobilized and recrystallized on damp pit walls as bayleyite and liebigite due to the modification of the hydrologic system by mining activities.The uranium mineralization occurs mainly as fracture fillings, coatings, and impregnations within breccia zones and intensely altered metasediments. Lesser mineralization is intimately associated with phyllosilicates which form the matrix of a carbonate-col/apse mega-breccia. The primary ore mineral is pitchblende, consisting of five generations, and from which a large suite of secondary uraniferous minerals have formed. On a gross scale the metal content of this deposit appears to be simple, consisting almost exclusively of U, but minor Ni, As, Cu, Se, Fe and Co are also present. The eastern limit of the mineralization is defined by a vertically-dipping microgranite dyke - breccia complex, containing high-grade uranium values. The orebody is truncated to the west and at depth by the Rabbit Lake reverse fault. Minor mineralization occurs as fracture fillings in unaltered plagioclasite in the footwall of the ore body. Precipitation of uranium from solution could have taken place by a number of processes. A mobile reductant (methane, carbon dioxide, etc.) may have been generated from graphite present in some of the host rocks of the orebody. Sulphides are also a common accessory and may have aided in the formation of a reducing environment. Phyllosilicates may have acted as adsorbants for uranium, allowing for its fixation. This metal has also been incorporated into the phyllosilicates themselves."

Jan 1, 1986

By Mark S. Stagg, Michael J. Nutting, Douglas R. Barlet

Single-row bench blasts at a reduced scale in the field were used to study the effects of delay time on fragmentation. Nine shots with a spacing of 21 in. and a burden of 15 in. (S/B = 1.4) and nine shots with a spacing of 30 in. and a burden of 15 in. (S/B = 2.0) were completely screened to determine particle size distributions. Delay intervals between holes ranged from 0 to 45 msec, corresponding to effective delay intervals ranging from 0 to 36 msec per foot of burden. Each shot was instrumented with strain and pressure gages to measure in situ blast dynamics and to evaluate interactions between blastholes. Finer overall fragmentation was produced for shots with delay intervals between 1 and 17 msec per foot of burden. Only for shots within this optimum delay range was it observed that the strains induced by stress waves constructively interacted with strains induced by gas pres- sure from an earlier detonated hole. Coarsest fragmentation resulted at delay intervals less than 1 msec/ft, where stress waves from each hole were observed to interact destructively, and at delay intervals greater than 24 msec/ft, where no inter- action between holes was observed, indicating a condition that can be considered as the firing of single hole shots independently.

Jan 1, 1986

The Curragh coal mining operation was designed and constructed to produce two coals initially at a rate of 4.3Mtpa. These are a high thermal energy steam coal primarily for domestic electricity generation and a low ash high quality coking product for the export market. Treatment of coals from four seams to achieve this requires a large and complex preparation plant and blending facilities incorporating state of the art technology. This facility was constructed during 1982/83. It has been designed for expansion to 6.8Mtpa capacity. The preparation and handling facilities were built at a cost of approximately A$80 million. Equipment includes 500 plus electric drives with a total capacity of 20 000kw. Commissioning was carried out in three phases : Staging - of the control system Coal Handling Facilities - conveyors, stackers and reclaimers for raw and product coals The Coal Preparation Plant - heavy media cyclones and froth flotation. A period of three months was devoted to the commissioning of the plant before requiring product coal to contract specification. This paper will describe the planning, implementation and results achieved.

Jan 1, 1986

By Mark Newton Lowry

In the garden of national problems recognized by the American public, imports of mineral products is a hardy perennial. Concern for the security of mineral supplies has preoccupied nations since the industrial revolution and the mechanization of warfare. Since 1973, Americans have also been sensitized to the potential economic costs of overseas mineral supply disruptions and the cartelization of foreign production. Though oil prices have plunged since 1981, the import dependency issue remains topical. Political turmoil in Southern Africa reminds us that mineral supply disruptions will occur in the future as they have in the past. Producers of iron and steel, copper, and refined petroleum products seek protection from imports on national security grounds. The Reagan administration is proposing sweeping changes in the management of the federal mineral stockpiles. s an enduring need to take stock of the mineral trade position of the United States. This article considers the changing role that the U.S. has played in the twentieth century in non-fuel minerals trade. We begin by enunciating some principles that are useful in analyzing this trade. The changing pattern of trade in the 1900-1969 period is then reviewed. There follows a more detailed analysis of mineral trade trends in the 1970-84 period. Some consideration is given in the final section to the significance of non-fuel mineral trade for the U.S. economy. THE ECONOMICS OF U.S. MINERAL TRADE The allocation of non-fuel mineral products in the United States has in this century been accomplished primarily through the market mechanism. Except where trade barriers have distorted price signals, this means that mineral supplies have been obtained from the least cost source, with little regard for their country of origin. Mineral prices facing U.S. firms are sensitive to shifts in the domestic supply and demand, but are also sensitive to economic conditions overseas. The balance of trade in each mineral product has depended on the amount that is profitably produced and consumed domestically at the world price. The nation has produced exactly as much as it has consumed only by chance. U.S. demand for non-fuel minerals is derived from the demand for manufactures, farm commodities, and other goods whose production requires mineral products as inputs. The demand for such goods can be quite volatile, and in most industries moves cyclically due to its sensitivity to the level of aggregate economic activity. The supply of mineral products depends on the cost of extracting and processing mineral raw materials. These costs do not vary greatly in the short run. Because of these attributes of mineral markets, U. S. trade in mineral products fluctuates considerably from year to year. Most of this volatility results from shifts in domestic and overseas demand and from changes in exchange rates and trade barriers. Longer run changes in the mineral trade pattern can also be discerned. These depend on secular trends in demand and in the cost of mineral extraction and processing at home and overseas. The United States was originally endowed with extensive reserves of an array of mineral-rich ores and fossil fuels. It is also a nation with an entrepreneurial climate and technological capability conducive to extracting and processing those reserves. Not surprisingly, it has at one time or another ranked among the world's leading producers of a great many mineral products. With a population that is large and an economy that is technologically advanced by world standards, the U.S. has also been a leading consumer of mineral products. Because of its voracious appetite, the bulk of mineral products produced domestically has traditionally been consumed domestically as well. Net exports have been sizable only in those industries in which the nation has enjoyed an extraordinary cost advantage. Depletion has gradually reduced the cost advantage that the U.S. mining industry once enjoyed. The economic conditions that encouraged early development of U.S. mineral resources have

Jan 1, 1986

By Scott A. Norby

Kennecott's Ray Mines Division (RMD) is located in central Arizona. The pit and silicate plants are located at Ray while the 27,500 tpd concentrating facilities are located at Hayden, approximately 20 miles away from the pit. Ore is delivered in 100 ton railroad cars, 60 cars per train via the Copper Basin Railroad. The side discharge cars are dumped into a 6,000 ton trackhopper. There are 6 Nico feeders, two per belt. Three 48" belts transport the -8" ore to three 7' standard (secondary) Nordberg crushers. Each crusher is preceded by a 6' x 12' Tyler double deck screen. The secondary crushers are open circuit. The -1/21t material from the screens is transported directly to the fine ore bin at the mill. The discharge from the crushers and the intermediate product -2 1/411 x +1/2" is conveyed to a surge bin. The tertiary crusher feeder belts discharge onto five 61 x 161 Tyler double deck screens, each followed by a 7' shorthead (tertiary) Nordberg crusher in closed circuit. The -1/2" product joins the -1/2" ore from the secondary crushers and both are conveyed along a 42", 4,230 foot long belt to the fine ore bin that feeds the grinding circuits. When hard ore is experienced at the concentrator the daily throughput decreases by up to 10%. This coupled with the fact that the ore is generally becoming harder with mine depth provided the incentive to improve the performance at the crushing plant.

Jan 1, 1986

By Robert M. Belesky, H. R. Hardy

A methodology to detect the presence and monitor the stability of shallow cavities is presented in this paper. The approach incorporates surface-wave seismic and acoustic emission/microseismic (AEIMS) techniques. Application of tomography to the seismic data is made to enhance the ability to locate cavities. Zonal and hit-sequence location techniques are introduced into AE/MS monitoring schemes. These source location techniques simplify the analytical procedure yet still provide sufficient information regarding the region of AE/MS activity. The concept of unique velocity data for conventional, least-squares, source location routines is discussed. A hypothetical case utilizing the algorithm is presented. The method described has been successful based on preliminary studies. Areas of current and future research are identified.

Jan 1, 1986

By John K. Wood

The development of an expanded cement product represents a major advance in the technology of roof control systems. Such a product is gaining recognition as a valuable tool in today's cost- conscious coal mines. The National Coal Board's Bretby Research Lab, in conjunction with Polement Ltd., developed the first lightweight cement for use in the mines of the United Kingdom. The product, Aqualight, is a low-density (about 12.5 PCF) cement with a typical compressive strength of about 19 p.s.i. The final product increases in volume by approximately 15 times its dry powder volume. Aqualight gels in about 2 minutes, becomes self-supporting in 15 minutes, and fully cur& in 24 hours. When subjected to a load, the "cells" within its bubble structure collapse so that the product gains in density and compressive strength while retaining its integrity. Traditional methods to contain and support roof fall cavities through cribbing and blocking are both dangerous and labor-intensive. Aqualight represents a significant advantage over such traditional methods. It is non-toxic, non-cmbustible, and very easy to install. Aqualight can be pumped to the worksite from re- mote locations (as much as 600 feet), thereby reducing danger to men and equipment. Addition- ally, the strength of the cured product can be varied by adjusting the expansion ratio and resulting density. A compressive strength of 150 p.s.i. can be obtained in this manner. Although primarily designed to fill cavities resulting from roof falls. Aqualight has found a wide range of applications in mining industries around the world. In addition to cavity- filling, Aqualight has been used for ventilation stoppings, fire stoppings and emergency fire control, backfilling between arches and the roof and ribs, and backfilling of old workings. Since its recent introduction into the United States. Aqualight has been used by MICON SER- VICES, INC. to fill several roof fall cavities along headgate entries. In all cases, the cavities were contained and the longwall moved through without problems. Roof Pall cavities along main haulage entries and at shaft/slope bottoms have been successfully filled. MICON has also installed Aqualight as backfill material around arches. A current major project is the installation of trial ventilation seals using Aqualight as an alternative to traditional block and mortar construction. Pending MSHA approval, MICON anticipates the use of Aqualight in the construction of both ventilation seals and stoppings. In addition to new construction, Aqualight can be employed to repair stoppings damaged by roof convergence and floor heave. In labor savings alone, this is very attractive for remote stopping repair. Among the many other uses of Aqualight is the backfilling of old auger holes, which will support the highwall and allow access to coal re- serves which are presently sterilized.

Jan 1, 1986

By W. F. Moll

Absorbent clays are products, usually in the form of granules, that can absorb and hold approximately their own weight of liquids while essentially maintaining their size and integrity. They always contain in abundance at least one of three materials: montmorillonite, attapulgite and diatomite. The first two are complex silicates; the last is amorphous silica of biogenic origin. Not all montmorillonites provide the base for an absorbent clay, however. Nevertheless, the silicates in particular, and the diatomite to a lesser degree, have certain molecular properties that give rise to the useful physical properties. Uses Use of absorbent clays is as old as civilization. Numerous references to "fuller's earth" appear in ancient writings, including the Bible. Fuller's earth originally connated a clay that could absorb oil and grease from wool to facilitate cleaning. Robertson (1986) covers the fascinating history in interesting detail. In the modern sense, absorbent clays find application in three principal areas, and a host of minor ones. Industrial floor absorbents, cat litter and agricultural carriers comprise the major uses.

Jan 1, 1986

By William G. Fischer

Equations developed by an early researcher in subsidence, F. Martos of Budapest, Hungary, have been slightly modified to produce effective equations for predicting the time-dependent nature of Green River trona mine subsidence. Following the initial study, a survey was run to check the results twenty years after mining of the area had been completed. The final results were within a few centimeters of the value that had been projected. Mining conditions in the Green River area are ideal for this sort of study with trough type subsidence being the surface manifestation of high extraction underground room and pillar caving operations.

Jan 1, 1986

By K. C. Carriere

INTRODUCTION The purpose of this paper is to introduce the reader to basic control strategies for solid/liquid separation in mineral processing and to indicate some of the implementation difficulties to be encountered, without becoming overly involved in details of process, equipment or software. It is assumed that the reader has some familiarity with control systems and with dewatering processes, since exploration of these topics would require considerably more length. The paper is organized into three parts: first a general discussion on the need for control of dewatering processes and of the general criteria involved, next a more detailed elaboration on control strategies for the various unit operations, and finally a case study showing a specific approach towards such a project. Motivation & Objectives The justification for implementing any control system in an industrial plant is to improve operations and thereby to increase profitability. Without this motivation, the system will likely be perceived as unnecessary and will decline into disuse, an expensive and troublesome monument to someone's ill-conceived ideas. However, when a control strategy is correctly conceived, implemented and integrated into operations, it can provide significant advantages in operating ease and efficiency, and a handsome return on investment. In general terms, the objectives in establishing a control system are: • stabilization of process disturbances maintenance of product quality • maximization of throughput • dearer definition of process • protection of personnel and equipment A successful control strategy must address at least some of the above criteria. However, the most important requirement is a commitment on the part of plant personnel and management to start up, operate and maintain the system, and to upgrade it to reflect current process status and operational philosophy. Process Applications In this paper, control strategies will be explored for the most common methods of dewatering of mineral pulps. These unit operations include: drying, centrifuging, filtering and sedimentation. While the first three are important, they do not tend to be as complex as sedimentation, and thus will not be as exhaustively treated. Sedimentation is very widely applied, not

Jan 1, 1986

By Zhang You-di

A comprehensive model has been set up for surface mine long range planning. It is a system simulation model based on the oriented graph theory. Via this model, a series of mining results such as mineral and waste volume, mineral quality, mining intensity, material haulage distances, dumping area parameters and mining coat for different mining alternatives, can be derived and optimized. This model has been applied to 37 mining alternatives in several surface coal mines and proved mathematically correct and results reliable.

Jan 1, 1986

By S. Grogan

Next year marks the tenth anniversary of the Surface Mining Control and Reclamation Act (SMCRA). As the U.S. coal industry scrambles to cope with serious economic difficulties, it is appropriate to examine some other difficulties that have their origin in certain provisions of that ten year old law, and that bear directly on the economic viability of surface coal mining in the west. This paper focuses briefly on three technical issues in the reclamation of surface coal mines in arid regions, and suggests that innovation can resolve these issues. The coal industry operates within a narrow legal context, defined in 1977. In enacting SMCRA, Congress listed among the purposes of the Act ?... to...strike a balance between protection of the environment, agricultural productivity and the Nation's need for coal as an essential source of energy." I maintain that such a balance has never been struck, particularly with regard to the reclamation of mines in the west. One reason is that when SMCRA was enacted its supporters were aware of uncertainties about the potential for successful reclamation of western surface mines. Over the intervening years, as a recent Congressional study report (OTA, 1986) points out, "...the risks these uncertainties may pose to the long term success of western reclamation have been reduced significantly." Unfortunately, SMCRA's enforcement agency, the Office of Surface Mining (OSM) has not yet recognized this fact, and the western coal industry is paying the price.

Jan 1, 1986

By Favreau RF

Over the last 20 years the blasting industry has progressed from the stage of being artform to a science as it is today. The use of computers to simulate blasting results has allowed blasting engineers to accurately pre- dict blast results and to optimise their blasting. This paper describes the computer blast simulator called BLASPA and its various applications in blasting. BLASPA allows the blasting engineer to predict blast results given known details of explosive properties, their distribution, rock type and properties, hole size, burden, spacing, collar and subdrill. The simulator runs mathematical situations and outputs numerical estimates of fragmentation and muckpile results. The paper discusses results which show that the mathematical outputs correlate very closely with actual results seen in the field, thus confirming the validity of the simulator. BLASPA can be used to help improve blast design by predicting stress levels in the rock mass and consequent rock breakage.

Jan 1, 1986

By Deepak Malhotra

This paper discusses the need for periodic auditing of mineral processing flowsheets and the potential benefits a company can gain from a study of this nature. A carefully designed flowsheet auditing can have a significant impact on the metallurgical performance in the plant. Several case studies illustrating the potential benefits that can be attained from flowsheet auditing of mineral processing plants are discussed.

Jan 1, 1986

By T. I. Probert, B. W. Burdett, L. B. Hales

Selecting a mineral processing control system from the multitude of offerings can be a formidable task. To assist the plant designer, the material in this chapter includes the advantages and disadvantages of different equipment types, configurations, and control strategies. Selection procedures are detailed, and the importance of each step in the design and selection process is explained.

Jan 1, 1986

By R. Bruce Tippin

Background Iron ore is the No. 1 metal mining industry in the U.S. with dollar value of $2.3 billion in 1984 (U.S.B.M Mineral Commodity Sunnnaries , 1985). However, during the past decade this nation's iron ore industry has been subjected to a major market depression and a correspondingly downward adjustment in output. The recent trend in the curtailment of iron ore production traces a slow-down of the country's steel industry. Both pig iron and steel production have decreased significantly over the past several years. These trends are shown in Figure 1 from data collected by the federal Bureau of Mines (U.S.B.M. Mineral Commodity Summaries, 1985; U.S.B.M. Mineral Industry Surveys 1986). The industry is presently operating at less than 60% of its annual capacity. The domestic steel industry has been forced by reduced profits or losses to close facilities, curtail operations and restructure the financial status of several corporations. Companies have been sold or are trying to sell selected properties to improve their financial circumstances. Even with such actions, many of the steel companies are in very serious straits, including the seventh largest steel company, LTV, which has filed for bankruptcy. Many of the major steel companies have financial interests in iron ore mining and thus their adverse economic conditions directly reflect those operations. Several iron ore producers have been shut down including Reserve Mining Company in May, 1986 and Butler Taconite in June, 1985. The latter recently filed for bankruptcy under Chapter 11. A1 so in mid-1986, U.S. Steel Corporation, owner of the Minntac mine and iron ore processing plant, underwent corporate restructuring. The effect on their Minnesota plant is not known at this time. An excellent summary of the interrelationship of the iron ore companies and the steel producers has been provided by Skillings (1986), and an analysis of the iron ore situation was given by Robert F. Anderson, CEO of M. A. Hanna Company, in his keynote address at the 1986 University of Minnesota Mining Symposium (Anderson, 1986). Steel imports to the United States decreased slightly in 1985 because of import restrictions, but the long-term import situation remains dim and uncertain. As shown in Figure 2, the imports averaged about 25% in 1985, and the preliminary indications are that this figure could be as high as 30% when the final 1986 information is collected by the U.S. Bureau of Mines. At best, the industry can only hope for imports to stabilize at a constant level in the near future. Although the tonnage is small, the quantity of U.S. export steel has fallen over 50%. With many other materials replacing steel , the projected demand through 1990 is expected to increase only about 1% per year. Consequently, 1986 U.S. iron ore production will probably be 15% lower than in 1985. The 41 mil lion tons of iron ore production expected in 1986 represents only 53% of the industrial capacity, which is about 74.5 mil lion tons. Over 95% of this iron ore is in the form of beneficiated pellets. Today there is not an iron ore producer west of the Mississippi River, nor is there any production in the South. The Birmingham (Alabama) iron ore industry has been shut down since 1971. The western producers ceased operations in the early 1980's. Only the taconite operations in Minnesota and the plants in the Upper Peninsula of Michigan remain as our major domestic iron ore source. The economic situation for both the iron ore producers and the steel industry can be described as confused and in turmoil. Such a condition directly impacts the iron ore processing plants' operations and plans for the future. Plant Practice At present the nation's eight major operating iron ore mines, listed below, are concentrated in northern Minnesota (Mesabi Range) and the Upper Peninsula of Michigan (Marquette Range). The only exception to the Minnesota/Michigan location is the Pea Ridge Iron Ore plant in Missouri, which is a subsidiary of St. Joe Mineral s.

Jan 1, 1986

By Thomas L. Ochs

The Bureau of Mines is investigating the fundamental behavior of electric arcs in electric furnace operations. The electric arc is a poorly understood phenomenon. If the arc in a steelmaking furnace can be more carefully controlled, it should be possible to increase heat transfer to the melt, reducing both electrical and acoustical noise. As a first step toward a better understanding of the are, voltage and current signals from operating furnaces were analyzed. The results of the initial analysis show that instrumentation used in monitoring and controlling furnaces, such as meters and strip-chart recorders, gives incomplete or erroneous information to the operator and therefore leads to less than optimal control. Advanced instrumentation and analysis techniques, such as the waveform analysis used in these investigations, can improve the understanding of operation and the control of electric furnaces. This report describes the instrumentation and the numerical analysis methods used and compares these methods with standard metering and recording techniques.

Jan 1, 1986

By G. A. Hufford

The cutoff grade applied to a disseminated orebody mined by open pit affects both the waste ratio, hence the cost of producing ore, and the ore grade, hence the quantity of metal recovered. As such it has a significant impact not only on the annual profit or loss, but also on the life of a mining property. Cutoff Grade Strategies Some commonly used objectives in calculating cutoff grades are as follows: Minimize Unit Cost of Product (1) This is found by adding all costs associated with each possible cutoff such as mining, processing, and marketing. This is divided by the quantity of marketable product obtained at each cutoff grade, then finding the minimum. Because the market value of the product does not enter the calculation it has no effect on this strategy: the same cutoff is selected in good times and bad.

Jan 1, 1986