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"How Wall Street Darling Molycorp Undermined the U.S. Economy, Degraded our National Security and Distorted the Global Economic Balance and How These Falsehoods Continue to be Promoted Even Today INTRODUCTION & SUMMARY In 2007 the Molycorp Mountain Pass rare earth mine was resurrected from its desert-grave in California by its then-owner Chevron Mining. Responding to elevated rare earth prices Chevron began processing on-site rare earth concentrates left over from past mining operations that were terminated in 1998i. Chinese demand had sparked what was being described as a commodities super-cycleii. Commodity prices were on the move. Wall Street smelled opportunity. In 2008 Goldman Sachs, Pegasus Partners, Resource Capital Funds, Traxys North America LLC and Carint Group LLC acquired the mining assets from Chevron. In an environment of ever-declining ethical standards and regulatory consequences the private capital group and their investment bankers would bring Molycorp to market. Molycorp, with its high powered investment banking team of Morgan Stanley and J.P. Morganiii, easily dominated the contest. Molycorp promoted itself, largely based on its past operating history and proven reserves, as the best company to challenge China’s monopoly control over the production of rare earths: a group of elements critical to most advanced technologies and U.S. defense systemsiv. Most of Wall Street’s hottest investment sectors were dependent on these materials: alternative energy, green technologies, computing, personal communications, advanced electronics and defense systems. By late 2010 there were dozens of prospective rare earth start-up ‘mining companies’ seeking capital. Eventually the number of prospective rare earth mining companies seeking capital exceeded 400, despite the reality that supply requirements of this market were disproportionally small when compared to other natural resource sectorsv. In the world of finance ‘smart money’ picks the winners. Consequently just twovi projects attracted nearly all of the capital (Molycorp and Lynas). Wall street picked Molycorpvii. This paper will primarily focus on Molycorp. By early 2010 the words “Molycorp” and “Rare Earths” electrified many people in the mining industry, most non-Chinese manufacturing technology companies, U.S. & allied defense contractors, technocrats in the U.S. national security community and eager investors across most of the world’s stock markets. It was the hottest story of the yearviii. The financial, technology and defense press coverage verged on euphoric: heaping fuel on fuel until the highly combustible Molycorp-pyre cast a long shadow over all of its rivalsix. When the IPO match was lit the spectacular flaming pyre sucked all of the oxygen out of the rare earth spacex. Molycorp was ranked the most lucrative IPO of 2010, resulting in record breaking profits to its private investors and massive returns for its early stock holding investors."

Jan 1, 2017

By AIME AIME

THE Engineering Education Committee of the Institute convened at the Engineering Societies Building on Feb. 18, .1929, with. E. A. Holbrook, dean of the Schools of Mines and Engineering, University of Pittsburgh, in the chair. STATISTICAL' STUDY OF STUDENTS IN MINING The first paper, a statistical study of the students enrolled in courses leading to a mining degree in 40 institutions, was presented by H. D. Keiser,, assistant editor of the Engineering and Mining Journal; who gave a brief outline of an article he was about to publish in ?that journal?. The complete article appears in the issue for March 30; 1929: To avoid repetition the results are summarized as follows: A request was sent to 42 institutions which give courses in mining' for the number of students enrolled as freshmen; sophomores; juniors, seniors and special students in mining for the years 1925-26, 1926-27, 1927-28, 1928-29. Two of these colleges replied that there were no students in mining. Students' enrolled in courses in metallurgy, geology and engineering, other than mining, were excluded from the statistics:. The statistics received were arranged in, four groups, according to the completeness of the information. One complete group of 25 institutions 'shows as follows:

Jan 1, 1929

THE following employment items are made available to AIME on a non-profit basis by the Engineering Societies Personnel Service, Inc., operating in cooperation with the Four Founder Societies. Local offices of the Personnel Service are at 8 W. 40th St., New York 18; 100 Farnswarth Ave., Detroit; 57 Past St., San-Francisco; 84 E. Randalph St., Chicago 1. Applicants should address all mail to the proper key numbers in care of the New York Office and include 6c in stamps far forwarding and returning application. The applicant agrees, if placed in a position by means of the Service, to pay the placement fee listed by the Service. AIME members may secure a weekly bulletin of positions available far $3.50 a quarter, $12 a year. MEN AVAILABLE Graduate Mining Engineer, 38; married, two children, Dutch nationality. Experience bauxite open-pit dragline, stripping and mining, nickel silicateous ore exploration, tin lode mining and dredging, ore dressing research, administrative. work, all in responsible positions. Read, write and/or speak seven languages. Desires responsible position. Presently located Netherlands. M-655. Mining Geologist, 35, married, 3 children, Canadian citizen. Eight years' experience Canadian gold mines as geologist, chief engineer, shift boss, 3 years in western U. S. as surveyor, junior geologist, etc. Desires position of responsibility. Prefer western United States. M-656-478-E-3-San Francisco. Mining Engineer, 30 years' experience open-pit and underground coal and iron mines. Held positions engineer to manager. Desire position of responsibility in foreign field. M-659.

Jan 1, 1952

By William W. Elmer

This paper, describing the mining method at the Black Butte quicksilver mine, is one of a series of papers being prepared by the U. S. Bureau of Mines on mining practices, methods, and costs in the various districts of the United States. It is presented to show the mining practice and costs in the successful treatment of low-grade quicksilver deposits. The operation discussed is an excellent example of w1-pat can be done in working a limited tonnage of low-grade ore under sound management. The Black Butte mine is situated at Black Butte, Lane County, in the southern part of the State of Oregon, 17-1/2 miles from Cottage Grove -- a station on the Siskiyou branch of the Southern Pacific Co. The Black Butte mining district lies in the foothills of the Calapooia Mountain Range, which connects with the Cascade Range on the east and with the Coast Range on the west. The elevation at '.lie reduction plant is 1,000 feet above sea level. The apex of Black Butte Mountain, or which the mine is situated, has an elevation of 2,700 feet. The district possesses exceptional natural facilities infrequently met with elsewhere for the mining and reduction of cinnabar ores. Several factors which contribute to the unusually low mining costs are:

Jan 1, 1930

By H. Colijn

The design of bulk materials handling facilities is greatly influenced by the handling characteristics of the bulk solids. For instance, free flowing materials need only small discharge openings in hoppers, while cohesive materials require large discharge openings. Chute and hopper slope angles are affected by the sliding friction coefficients. During the past ten years, large lignite deposits in Texas are being opened up for energy production, both in generating plants as well as in synfuel projects. The early plants have encountered many problems in handling and storing this lignite. This paper will provide some information about the handling characteristics of Texas lignite.

Jan 1, 1982

By James E. Breland

Society's growing concern over the number of deaths and serious injuries occurring in coal mines, coupled with a growing sentiment to develop and promulgate improved mandatory health or safety standards, was no doubt the basis for passage by Congress of the Federal Coal Mine Health and Safety Act of 1969, being Public Law 91-173 approved December 30, 1969. Even prior to passage of the Act, strong reaction was quick to arise concerning the effect of such legislation upon the coal mining industry. Initial response varied from mild forms of criticism to' the expressed fear of complete suspension of operations and mine closings. Primarily responsible for these early forms of skepticism were speculative or fanciful cost estimates which led operators to contemplate a less than prosperous existence. However, in spite of this unfavorable outlook, the majority of the operators have faced up to the situation and have been striving to comply with the Act and the regulations issued thereunder. While encouraging strides have been made toward implementation of the Act, it must be recognized that noticeable results have been attained only through many months of determined effort and, as anticipated, at quite heavy expense to the operator.

Jan 1, 1973

By M Yahyaei, F Vos, J Siliezar

Site-based case studies (including data collected from industrial surveys) and their application in evaluating circuit performance, have a significant role in developing reliable process models. Such models are useful to both plant metallurgists and researchers. Appropriate process models enable the plant metallurgist to assess the impact of different operational parameters on the overall circuit performance. They also provide the researcher with a detailed understanding of process behaviour in response to changes in ore characteristics and process conditions (ie plant throughput, ore competence, ore type). Thus enabling the identification of effective operating factors, and allowing them to be ranked in order of their influence on the process response, which eventually develops into a process control tool in the hands of plant operators.The above approach has been developed and applied at the Julius Kruttschnitt Mineral Research Centre (JKMRC) separately for both comminution and flotation processes. In recent years, the JKMRC has attempted an integrated approach by developing process models that incorporate the impact of upstream processes on downstream processes. This is not possible using the traditional approach of separate comminution and flotation surveys, so conducting integrated plant surveys is crucial for success in developing integrated process models. This paper summarises industrial experience gained while conducting such an integrated plant survey at Glencore’s Ernest Henry Mining operation near Cloncurry in north Queensland. An appropriate approach should be taken to enable the alignment of different requirements from different processes during the plant survey. This, as well as the challenges faced in integrating comminution process models with flotation process models, are identified.CITATION:Yahyaei, M, Vos, F, Powell, M S, Siliezar, J and Perkins, T, 2014. Challenges in developing integrated process models based on industrial survey data, in Proceedings 12th AusIMM Mill Operators’ Conference 2014 , pp 437–446 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 1, 2014

By J. A. Lamonica

The Bureau of Mines studied two types of approved coal mine dust personal samplers to determine the effect of decreasing the amplitude of airflow velocity fluctuations on cyclone performance. Results indicate that more dust is collected when pulsation free flow is used. Velocity fluctuations were reduced by means of a pulsation damper; damper efficiency of about 85 percent was needed to reduce the fluctuations to an acceptable level. The data were obtained employing both pulsating and non-pulsating flow. A comparison was made of (1) the masses of respirable coal dust as determined by weighing and of (2) the particle size distributions as determined by an electronic counter. An empirical relationship is given between the ratio of masses collected using pulsating and nonpulsating flow (M') and the ratio of the maximum air velocity to the minimum air velocity (V') as measured in the cyclone entrance channel.

Jan 1, 1972

Although the mining of metals was well established by the time of the Roman Empire mining skills did not really advance greatly for many centuries. Miners did not have the scientific knowledge to distinguish minerals, to process them, and to obtain the best recovery. Each mine essentially developed its own methods in isolation, most of them dangerous. However, with the beginning of the industrial revolution in the early 18th century there was a rapid increase in mining activity in Central and Western Europe and an accompanying need to educate professionals in the developing fields of science and technology. There was also a need for specialised schools (for example, Schools of Mines) to accomplish this since the universities of the time, formed as early as the first half of the 12th century, were cloistered institutions, focused on the study of classics, theology and law. The earliest attempts at organised technical education were made in 1702 with the establishment of a School of Mines in Frieberg, Germany (Table 1) to service rich copper mines, and in 1747 with the establishment of a School of Mines in Paris. By this time, the industrial revolution was well under way and other Schools rapidly followed, at Clausthal in the Ruhr region of Germany in 1775; in 1777 at Almanden to service the mercury mines of Spain (later transferred to Madrid); in 1780 at St Petersburg, Russia and at Falun, Sweden in 1819. The academic staff for these new institutions were often trained in the original School at Frieberg.

Jan 1, 2002

By J. Palarski

Hard coal, mined in Silesia Region as well as in the eastern part of Poland, is a key national resource. In Polish underground coal industry, modern mining technologies have been successfully tested and used in the last 50 years. More than 98% of the coal produced underground is extracted by longwall mining method. Current underground coal mining expands into increasing depths. The use of conventional coal extraction methods ? room and pillar and longwall with caving - is becoming increasingly difficult. The coal mining is modifying existing methods and is testing innovative technologies. Backfill is an important component of modern underground mining operations. In Polish underground mines, backfill is recognized as an integral component for extraction of coal from greater depths in a densely populated environment. The modifying and innovative methods require the use of backfill or grouting of caving to provide structural support in underground excavations and to ensure that the mining operations are safe. Depending on the geological structure, mining conditions and environmental requirements there are several variations of longwall methods used in underground coal mining in Poland, in particular: longwall with caving, longwall with backfill, longwall with grouting of caving area. This paper will discuss the different components of an effective longwall production and filling process of caving area. The paper will give a overview of the current application of backfill technology, focusing on Polish coal mining operations. This paper will also briefly describe how backfill contributes to an innovative method ? underground coal gasification. The paper discusses specific requirements for fill materials and the technology of backfilling for underground coal gasification (UCG) operations and problems of implementation and correlation of backfill parameters with other processes that occur during thermal processing of coal.

Aug 1, 2013

By Lysle E. Shaffer

TEACHING engineering students how to write and speak effectively -is one of the greatest problems facing the technical schools today. No phase of engineering education has received more criticism, and rightly so, for the criticism is justified. Year after year we continue to graduate men that are indifferent to the use of a tool they will need every day of their lives. Our young engineers cannot write a clear, concise report, and their business letters are a disgrace to the profession that takes pride in precision. The problem is not new. The remark ascribed to Sir James Barrie, that "The man of science appears to be the only man who has something to say, just now-and the only man who does not know how to say it" is as uncomfortably true today as it was thirty years ago. The records of meetings of engineering educators and the transactions of the engineering societies show that the inability of the engineer to communicate his ideas has been discussed for years. Engineering educators, prodded by industry, have recognized that the problem exists, but they have not solved it. Instead they continue to expose the student to composition and rhetoric, hustle him through English and American literature, and then blame his high school because he does not know enough English grammar to write a clear sentence. We must face the fact that the graduate is not going to reflect on the high school, but on his college. If the high school has shirked the job, the responsibility for correction rests on the faculty of the professional school.

Jan 1, 1948

By R. T. Jones

Technical publications in the field of mining and metallurgy have existed for a long time. Recent developments in electronic publishing on websites make it possible to disseminate information more widely and cost-effectively than before. Professional societies have an opportunity to serve their members and their industry by publishing high-quality peer-reviewed papers on their websites as well as in printed form. Older publications can be scanned, and optical character recognition used to provide searchable text. Various business models exist around this process. This paper outlines the approach used by the Southern African Institute of Mining and Metallurgy (SAIMM) to provide free open access to their journal papers and conference proceedings, as well as the work being done by OneMine.org to collect technical papers from a number of international societies and make them available to subscribers via a large database. An approach is outlined that should be of benefit to authors, readers, and society at large.

Jan 1, 2012

Council for 1999/2000 President M.H. Rogers President Elect Dr L.A. Cramer Vice Presidents Senior A.A.B. Douglas Immediate Past President J.R. Dixon Junior S.J. Ramokgopa Honorary Treasurer J.A. Cruise

Jan 1, 2000

Council for 1999/2000 President M.H. Rogers President Elect Dr L.A. Cramer Vice Presidents Senior A.A.B. Douglas Junior S.J. Ramokgopa Immediate Past President J.R. Dixon Honorary Treasurer J.A. Cruise [ ] Annual report In accordance with the current management policy, this report on the activities of the Institute is presented under eight main headings: 1. Interests of Individual Members 2. Technical Meetings 3. Publications 4. Regional Development 5. Engineering Science and Technology in South Africa 6. International Liaison 7. State Liaison 8. Management and Administration.

Jan 1, 2001

The mechanism of thiosulfate decomposition and the products formed were investigated in the presence of pyrite or pyrrhotite in copper-ammonia solutions used for leaching gold. The presence of the sulfides significantly increased the decomposition of thiosulfate. The sulfide-surface-catalyzed oxidation of thiosulfate to tetrathionate by dissolved oxygen or the cupric tetra-ammine complex was proposed to be the dominant thiosulfate decomposition mechanism. The catalysis of the sulfides in this reaction could originate from their strong affinity for aqueous sulfur species and their semiconducting properties. Oxygen was found to be the initial driving force for thiosulfate decomposition in the absence of cupric ions and the driving force for the continuous decomposition of thiosulfate in the presence of cupric ions. Under an oxygen free atmosphere, the decomposition of thiosulfate was limited to reduce the cupric ions and the catalytic effect of the sulfides was also marginal. The dominant oxidative product of thiosulfate was trithionate in alkaline solutions especially in an oxygen rich or cupric ion rich environment. Tetrathionate was found in relatively smaller amounts in an oxygen and cupric ion deficient environment. Tetrathionate was not stable and would further decompose after extended periods. Trithionate concentrations increased almost linearly with time.

Jan 1, 2005

By M. K. Patel, K. A. Pericleous, M. Molaei

"The future trading of carbon credits and increased financial cost necessitates substantial cuts in incidental C02 emissions in the production of metals (iron, steel, aluminum, zinc, lead). Although greener methods of production are being developed, in the short term the use of point-source C02 extraction using existing technology remains attractive. Accelerated natural carbonation, in a fluidized bed is a feasible technological route investigated in this research. CFD modelling has been used to study the efficiency of C02 capture in a fluidized bed reactor containing a CaO solid sorbent. A Lagrangian/Eulerian scheme describes describe CaO particle trajectories and exchange of mass, momentum and energy with the carrier gas, with a typical off-gas composition. Different reactor geometries are considered (with uniform, stepped and gradually expanding cross-section), to maximize conversion for a given particle loading and size distribution (100-200 microns). Removal efficiencies of up to 80% are demonstrated, making this a viable process.IntroductionBased on Intergovernmental Panel on Climate Change (IPCC) reports, the major cause of climate change and global warming is due to a high level of C02 concentration in the atmosphere resulting from fossil fuel combustion, particularly in coal-fired power plants [1]. Carbon capture and storage is therefore the most important action proposed to reduce C02 from combustion flue gases. In this process, carbon dioxide is captured and may then be regenerated as pure C02 and conducted to a permanent storage, or simply stored as a solid carbonate [2]. Capture and storage of C02 has an economic penalty and the main cost of this penalty is associated with the capture plant. Capturing C02 with a lime-based solid sorbent (CaO) is a very promising technique, due to the low cost and the wide availability of the reactant. In this process, the CaO reacts with C02 based on the following reaction in a reactor called a Carbonator:"

Jan 1, 2012

By L Bertoss, D Carvalho

In the last decade, the use of advanced implicit modelling software/algorithms in mineral resource workflows has become a best practice in the mining industry. In most cases, these workflows can easily replicate the level of detail of explicitly modelled geometries, even for very complex deposits. These techniques are flexible and can produce fast results since software is responsible for generating 3D surfaces and solids based on geological and interpretation data. Nevertheless, depending on how unique and complex some deposits are, intense manual editing and input are required to honour the geological context and produce the desired outcome. The current geological modelling workflow at George Fisher Mine (GFM) is based on the semi-automatic built-in tool that generates stratigraphic sequences (stacked lithology layers) based on logging and mapping data. This tool (stratigraphic sequence from Leapfrog Geo™) works for the majority of areas in the mine but fails to capture observed mineralisation pinch-outs in operational areas and at extrapolated boundaries of the deposit. These pinch-outs have the potential to negatively impact grade forecasts if not resolved manually. Using built-in software tools only, the alternative for a more accurate model is to generate each individual layer and adding tens of thousands of manual interpretation points to honour pinch-outs (based on the amount of existing drilling in the mine and number of layers). This approach would require an estimated minimum of two to four years of a full-time employee (FTE) to be exhaustively completed. This study presents an automated approach to generate pinch-out points using a set of Python scripts that only take a few minutes to run. The newly generated points are then combined into the commercial software workflow as interpretation points, honouring observed pinch-outs. The remarkable time difference between approaches removes chance of manual errors and allows mine geologists to spend valuable time in validation and testing of scenarios, ensuring they are more representative of the deposit’s geology.

May 24, 2023

By Martin C. Kuhn

The use of tritium in manufacturing and its subsequent loss to the local environment in Tucson, Arizona resulted in a great debate relative to the physiological effects of low level radiation. This paper reviews some of the facts of the release and attempts to quantify the degree of hazard encountered by the local community. Some of the difficulties in assessing the true degree of absorbed dose and the assumptions necessary for calculation purposes are presented.

Jan 1, 1981

By Víctor Quinzano

San Juan es una de las principales provincias exportadoras de minerales en Argentina, cuya actividad minera le proporciona mayores recursos. Sin embargo, sus plantas de fabricación (molienda, trituración) producen polvos en el exterior que contaminan el medio ambiente. Por ello, los productores incorporaron nuevas tecnologías limpias que no afecten ni el desarrollo de la producción, ni el medio ambiente. En este sentido, el presente trabajo señala las aplicaciones que el Instituto de Investigaciones Mineras de la Facultad de Ingeniería de la UNSJ ha diseñado a nivel laboratorio, a través de un recuperador electrostático de polvo, el cual responde a las necesidades de los productores y cumple con el objetivo de vinculación y transferencia con el medio productivo. Asimismo, se describe el diseño de un método de recuperación de polvos y el filtro recuperador del mismo, reduciendo el nivel de polvo a un 90% y logrando un precio de venta en el mercado.

Sep 13, 2001

By F. A. Rutledge

The W. E. Dunkle mine, sometimes called the Costello Creek coal mine, is 8 miles N. 20° W. of Colorado Station on the Alaska Railroad. The presence of coal in this area has been known since the district was extensively prospected for gold between 1911 and 1915. At that time, coal from this deposit was used by miners for blacksmithing. The increased demand for coal resulting from government defense projects in Alaska led to exploitation of this deposit in 1941. The inability of Alaska coal mines to supply the quantity of coal required by public and private consumers and by the armed forces in Alaska was responsible for establishment by the Army of the Coal Procurement Section of its Alaska Department. It proposed to investigate the deposits and to expedite production from the Alaskan coal fields. The Bureau of Mines closely cooperated in this program. The quality of the Dunkle coal and the favorable location of the deposit caused it to be one of the properties chosen for investigation under a joint Army-Bureau of Mines-Geological Survey program.

Jan 1, 1948