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By Oliver B. Hopkins

"WE HAVE patterned our lives on the things we take from under the earth's surface. Our civilization is built upon the ore from which we obtain our metals and the fuels which power the world as we know it.Today I should like to discuss with you a newcomer to the ancient mining industry. This lusty infant of which I speak is just a century old - the oil industry.While one doesn't commonly think of oil men as delvers in the earth, It was by sinking a shaft that the first oil was obtained commercially in Canada. Men sank a shaft in a ‘gum bed' in southwestern Ontario's Lambton county, not far from Petroilia, and distilled from the gum a burning oil That was just a hundred years ago. The gum was originally liquid petroleum which had seeped to the surface and lost most of its volatile components.Later, the miners dug down to •bed-rock and soon after they were not digging but were drilling wells, as they have been ever since. From the wells they obtained erode oil.What is crude oil? It is not an element like gold, silver or lead, •but a complex mixture of compounds. These compounds are made basically from two elements, carbon and hydrogen, and are called hydrocarbons (Figure 1).The remarkable ability of these. Two elements to combine in different ways gives crude oil its physical and chemical character. The lighter hydrocarbon compounds in it are gases, at normal temperature and pressure, and these are dissolved in the other, heavier compounds."

Jan 1, 1952

By P. Barnes

(Read at the Philadelphia Meeting, February, 1878.) SOME statements have already been made to the Institute in reference to the cost of other departments of the above-named works, and some details have been given in tabular form.* For the purpose of the present paper it may be sufficient to say that this converting works is made up of three buildings, a cupolahouse, an engine-house, and a converting-house. The machinery and fixtures comprise two blowing-engines, two pressure-pumps, two five-ton converters, five hydraulic cranes, three pig-iron cupolas, four spiegel cupolas, two lifts for the cupolas, together with the usual arrangements of smaller parts. Every effort was made in the construction to combine efficiency of operation with durability, and the general course of the operation of the works during two and a half years seems to warrant the belief that the large outlay has been fully justified. • In the accompanying tabular statement all items on vouchers less than ten dollars, and all freight items have been omitted. * See Transactions of the. Institute, iv, 105, v, 427; also, Engineering and Mining Journal, vow. xxi, 561, xxiii, p. 439, xxiv, 419.

Jan 1, 1878

This paper discusses equipment replacement strategies and specifically addresses the upgrading of technologically superseded equipment. The process of equipment replacement evaluations is reviewed, and areas have been highlighted where currently accepted practice results in a bias towards retaining existing equipment longer than otherwise justified. The Discounted Average Cost Method is described and the advantages of the technique for this style of decision making discussed. Several key issues influencing the replacement evaluation are also presented together with examples from recent consulting work.

Jan 1, 1992

By Josef Martinsen

This paper describes two-lane dual motorway tunnels under construction in Bergen. The tunnels are part of a by-pass motorway system throuth the most congested area of the city of Bergen. The tunnels are unique due to their length, heavy traffic, longitudinal ventilation system and the use of a tunnel boring machine, or "TBM", to excavate through hard rock. The tunnels are being built by The Norwegian Public Road Administration and the TBM was delivered by the Robbins Company. The diameter of the TBM is 7.8 m and the tunnel profile is cut by conventional drill and blasting methods in the tunnel's lower half to attain a two lane motorway tunnel. This paper also describes proposed fjord crossings along the Norwegian west coast where the TBM may be used due to its great advantages in comparison to conventional drill and blasting methods.

Jan 1, 1987

By Jacques F. Abrahamse, Kevin A. Bahe, T. Arthur Palm, Gregory E. McCluskey, Stephen L. Bessinger

Introduction Basis For System San Juan Coal Company (SJCC) is a subsidiary of BHP Billiton. Until recently, BHP Billiton operated three surface mines in northwestern New Mexico: Navajo, San Juan, and La Plata. The San Juan and La Plata Mines supplied the San Juan Generating Station operated by Public Service of New Mexico. Stripping ratios at those operations were increasing, and by 2000 a feasibility study was underway to develop SJCC’s vast underground reserves as a replacement. Early in the evaluation and planning phase for the San Juan Underground Mine, it was determined that the target seams (Fruitland #8 and #9) had a high propensity for spontaneous combustion. Spontaneous combustion was identified as a risk, both to personnel and equipment, and to the ability of SJCC to reliably fulfill its obligation to the power plant. In the last 20 years, several western US coal mines suffered underground spontaneous combustion events and/or mine fires. Included in this group were Colorado Westmoreland’s Orchard Valley Mine (1987), RAG’s Willow Creek Mine (1998 and 2000), Oxbow’s Sanborn Creek Mine (1999), the West Elk Mine of Arch Coal (2000), Arch’s Skyline Mine (2002), Western Fuels’ Deserado Mine (1996), and the West Ridge Mine of Andalex Resources (2003). The cause for the majority of these fires was spontaneous combustion. Fighting the fires required injection of an inert gas or foam. Nitrogen and carbon dioxide were the predominant choices of inert gas. In all cases, the gasses had to be trucked in from considerable distances. Before the inert gas could be used, injection holes had to be drilled into or near the suspected fire locations. This drilling and trucking caused costly delays in the timing of the fire fighting effort, and was not as precise as desirable. Emergency purchasing of gas and pumping services was extremely expensive, running as high as $70,000 per day at one mine. As a result of the experience of other western US coal operators, and the risk inherent with spontaneous combustion at SJCC, it was decided to pursue installation of a nitrogen delivery facility on-site at SJCC. This decision was later expanded to include a continuous supply of nitrogen.

Jan 1, 2005

By F. F. Aplan

Mineral processing engineers have recorded an- other year of active research and development work. Most gratifying was the broadly based attendance at the Mineral Processing Fundamental (formerly Basic Science) Committee sessions at the 1968 Annual Meeting of the AIME. Because of the availability of good papers, the active discussion and the growing attendance, sessions have grown from one to three at the annual meeting. Prof. M. C. Fuerstenau of the University of Utah will chair the Mineral Processing Fundamentals Committee for the next two years and we may thus be assured of continued active leadership. The name change from "Basic Science Committee" to the more descriptive "Mineral Processing Fundamentals Committee" approved by the MBD executive council is a welcome improvement. Our profession continues to attract the interest and cooperation of those in other professional groups. The 1968 Engineering Foundation Particulate Matter Conference, under the chairmanship of John Karpinski of Bethlehem Steel, was devoted exclusively to comminution this year. It attracted conferees from five continents and served as a particularly stimulating source of interchange of knowledge from many technical fields. Next year's conference will be under the chairmanship of Professor L,. G. Austin of The Pennsylvania State University. This conference plus the Symposium on Wettability and Flotation to be held at the annual American Chemical Society meeting in Minneapolis in April indicates the success achieved in the inter-disciplinary approach to problems. Other evidence of this spirit of professional cooperation is the forth- coming book on Size Reduction edited by D. W. Fuerstenau. This is the outgrowth of an AIChE symposium on size reduction held in 1965.

Jan 2, 1969

By M. King Hubbert

"The present large-scale use of energy and power by the human species represents a unique event in the billions of years of geologic history. Furthermore, in magnitude, most of the development has occurred during the present century. In the United States, the peak in the rate of petroleum production occurred in 1970 and that for natural gas is imminent. The peak in the world production of crude oil is expected to occur at about the year 2000 and that for coal production at about 2150 or 2200. For other sources of energy and power, water power, geothermal power and tidal power are inadequate to replace power from fossil fuels. Nuclear power, based on the breeder reactor and utilizing lowgrade deposits of uranium and thorium, has a larger potential than the fossil fuels, but it also constitutes a large perpetual hazard. The largest source of energy available to the earth is solar radiation. This source has a life-expectancy of a geologic time scale, is nonpolluting and is larger in magnitude than any likely requirements by the human s pecies. In consequence of the large supplies of available energy, the period since 1800 has been one of an unprecedented exponential industrial growth. This also has been accompanied by a world-wide ecological disturbance, including that of the human population. It can easily be seen that such a period of growth must be ephemeral in character and, in fact, is now almost over. One aspect of this transition from a state of exponential growth to a state of nongrowth is the present alarm over an ""energy crisis."" Actually, the world's present problems are by no means unmanageable in terms of present biological and technological knowledge. The real crisis confronting us is, therefore, not an energy crisis but a cultural crisis. During the last two centuries, we have evalved what amounts to an exponential- growth culture, with institutions based on the premise of an indefinite continuation of exponential growth. One of the principal consequences of the cessation of exponential growth will be an inevitable revision of some of the tenets of that culture."

Jan 1, 1973

By Francisco J. Sotillo

Using new ecological-natural-organic depressant for gangue and pyrite with antibacterial properties (control of acid mine drainage) with new improved xanthate collectors using rheology additive not chemical reacting with xanthate resulted in better sulfide flotation. Rougher-scavenger lead flotation tests were conducted increasing the concentrate grade from 7.07% Pb to 13.44% Pb, enhancing selectivity. Lead recovery increased from 64.08% to 79.38% and 80.40% using only the new depressant, and improved xanthate Z-11 and Z-4, respectively. The results demonstrated that the new depressant was selective and efficient, and the new improved xanthates stronger more selective collectors.

Feb 22, 2026

By A. C. Fieldner, G. W. Jones

Tests were made at the Government Fuel Yard , operated at Washington , D. C. by the Bureau of Mines , Department of the Interior , in order to determine and improve the adjustment of the carburetors on the trucks used for transporting coal from the Fuel Yard to the different Government buildings in Washington . The tests were made possible through the hearty cooperation of G , S. Pope , engineer in charge of the Fuel Yard . Joseph Burrows and A. E. Foote of the garage department assisted during all the tests and supplied information on the mileage obtained by the trucks for the months preceding and succeding the time the tests were made . The Mack trucks used range in capacity from 2-1/2 to 7-1/2 ttoonnss .. The majority of the carburetors were Stromberg G- 3 type , as shown in Table 2. During the winter months , when the demand for coal is heavy , from 30 to 35 trucks are used . At the time the tests were made , only about ten of the trucks were in daily use , owing to the small demand for coal during the summer months , and scarcity due to labor conditions . Samples of the exhaust gas were taken on the trucks kept in service for summer hauling in order to determine the carburetor adjustment as used . Changes were then made to a more economical adjustment wherever possible , without sacrificing flexibility of operation and power . In every case the adjustments were maintained for maximum power , but were adjusted to the leanest position to give that power . In all but one case the carburetors were found to be adjusted too rich for maximum power and economy . These results are considered in detail in a later part of this report .

Jun 1, 1923

By L. B. Gittinger

Mr, Chairman, members- and guests of the AIMS, I greatly appreciate this opportunity to speak before you. I hope this is just the beginning of a long and mutually beneficial relationship. This winter I decided to join the other 36 Freeporters who belong to the AIME; and, I applied for membership in the Society of Mining Engineers. To queries as to my interests in the Society, I had this answer: our principal challenge -- more so today, than at any time in my nearly 25 years in the industry -- is discovery and development of new sources of raw materials. I want to join you in meeting this challenge.

Jan 1, 1966

By Stephen M. Jasinski

The development and industry adaptation of advanced technologies have led to many important uses for bismuth and its compounds. Bismuth-base alloys are essential for manufacturing jet engine turbine blades, lenses, and various safety devices, such as fire-protection sprinklers. The addition of bismuth to iron, steel, and aluminum imparts properties to these metals that makes them useful in diversified applications. Bismuth is also used widely in medicine, pigments, and electronics. The United States relies heavily upon imports from South America and Europe to meet its demand for bismuth, which is recovered chiefly as a byproduct of lead processing.

Jan 1, 1992

By E. A. Barrett

The U.S. Bureau of Mines (USBM) conducted experiments to determine if training using a latent-image, three-dimensional (3-D) slide simulation exercise improved miners' ability to recognize roof and rib hazards. The effectiveness of this innovative type of classroom training was investigated by measuring workers' performance on a hazard recognition task. The study was unique in that hazard recognition skills were assessed in the workplace using actual coal mine roof and rib hazards. Results showed that training with a latent-image, 3-D slide simulation exercise significantly improved each subject's performance on the in-mine hazard recognition task. Further, the USBM researchers concluded that transfer of learning from the classroom to the workplace occurred.

Jan 1, 2010

By B. Cousins

Flotation reagents are critical to the optimum performance of flotation circuits. How a flotation reagent performs within the first few cells of a flotation train is a key indicator of how well it will perform throughout the entire circuit. A method to compare reagent performance was recently developed by Ashland Water Technologies. The procedure involves collecting a timed sample of concentrate from each cell and then measuring the volume of the settled solids. An estimate of the percentage of concentrate collected from each cell can then be mathematically determined, providing an understanding of the recovery changes in each cell. Data from trials at a coal flotation circuit are used to demonstrate the method's validity.

Feb 27, 2013

By I. Liebman

The Bureau of Mines conducted experiments on coal dust explosion suppression. The investigation took place on a beltway in the double-entry of the Bureau's Experimental Mine. Using conditions that simulate those in a working mine, the investigation showed that a coal dust explosion can be readily initiated in a conveyor belt entry. Also, the explosion can spread into adjacent entries through opened crosscuts (stopping destroyed by explosion) to propagate for long distances even though the adjacent entries are rock dusted in compliance with regulations. Passive water barriers (water-filled tubs) were found to be effective in suppressing explosions on a beltway; however, barrier efficiency was reduced by opened crosscuts. The study indicated that the beltway barrier should be the distributed type consisting of continuous rows of water-filled tubs covering long distances along the entry. A plan is outlined for the installation of a water barrier system in a working coal mine for the protection of a beltway.

Jan 1, 1981

By C. H. Riggs

This petroleum-engineering study of the Healdton oil field in Carter County, Okla., describes the geology and production history of that field and estimates the oil reserves that could be produced by efficient secondary-recovery methods. The Healdton field, in western Carter County approximately 20 miles west of Ardmore, Okla., was discovered in 1913 and was one of the early important oil-producing areas in the State. Although the volume of oil recovered from the Healdton sands has been comparatively high, studies show that a large reserve remains in the pressure-depleted sand, which can be recovered by efficient water-flood operations. In making this study of the Healdton-sand reservoir, the writers utilized many data already available in company and Government offices. Most of the fluid samples were collected by Bureau of Mines personnel and analyzed in the Bureau's laboratories at Bartlesville, Okla.; but other data, including logs, core analyses, and production records, were obtained from outside sources. These data were examined critically but were not verified, and possible errors in the original data may be reflected in the conclusions. In this study, attempts were made to consider only those aspects of the available information that would contribute to a clear and concise engineering report on the Healdton-sand reservoir. Other phases of the data, as well as those concerning associated reservoirs, were eliminated from consideration as being irrelevant to the particular problem. Cores and drill cuttings of the Healdton sands were analyzed and studied to determine the nature of the reservoir rocks. Analyses of samples of produced oil, water, and gas were studied to fix the different types, the limits of their occurrence, and the suitability of different waters for injection into the Healdton sands. Records of oil, gas, and water produced and of gas and water injected were studied to interpret the production behavior of the field and of certain individual leases. Theoretical calculations were made to predict the probable water-flood behavior and oil recovery, at constant water-injection rates, for individual sands on two leases.

Jan 1, 1953

By S Graskoski, S Craig, C Myburgh

Too often in mine planning, maximising revenue-generating material takes precedence over minimising costs. The ability to target both revenue and cost optimisation enables mine plans to fulfil corporate objectives of targeting maximal project net present value (NPV). The state of current mining costs and increasing government regulations in Australia are forcing many mine planners to pay closer attention to cost minimisation. Dumping waste material, which ultimately forms waste landforms, represents a large cost to mining operations. A general mine, with a waste to ore strip ration of 6:1, allocates approximately 32 per cent of total mining costs to waste haulage alone (Gregory, 2003).Most scheduling packages do not dynamically build economic or minimal cost dumps as part of the scheduling process. In most cases, waste dumps are built after a mining schedule has been defined. Automated software is now available which dynamically schedules the pit and waste dumps together. The overall shape of the waste dump is therefore dictated by minimum cost or minimum haulage hours.The purpose of this paper is to compare dynamic pit and waste schedules to traditional methods which apply haulage estimations after defining the mining schedule. This paper includes a case study on the large open pit operation at Tropicana Gold Mine, a joint venture between AngloGold Ashanti Australia Ltd (70 per cent) and Independence Group NL (30 per cent). The operation will focus on mining three large open pits over a 13-year mining life. A total of 397 Mt of waste is mined and directed to multiple destinations including waste dumps, the run-of-mine (ROM) pad and tailings storage facility (TSF) perimeter.Due to these complexities, management of the haulage fleet, especially during the critical period of operation readiness and start-up, is essential. Critical infrastructure such as the TSF and ROM pad will need to be built early and these areas, as well as the sequential development of the waste dump, will need to be developed within the constraints of structured mining fleet build-up.This paper investigates the influences of haulage estimation accuracy and compares traditional approaches for waste planning to automated approaches using EVORELUTIONÖ.CITATION:Graskoski, S, Craig, S and Myburgh, C, 2013. Dynamic pit and waste dump schedule optimisation at Tropicana Gold Mine, in Proceedings World Gold 2013 , pp 121-128 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 26, 2013

CHAIRMAN LITTLEJOHN: We have with us this afternoon, Mr. D. W. Rockey, of the Industrial Educational Organization, who would like to occupy a few minutes of our time. There is still an hour left, and there is a lot more talking to be done, and when the time is up you can go. D. W. ROC'KEY (U. S. Vocational Training Bureau, N. M.) : Mr. Chairman and Gentlemen: I am sorry to say I am not more closely connected with the coal mining game. I am interested in it because I am interested in a great deal of educational work being done in New Mexico. Two years ago, this Institute appointed an Educational Committee to investigate the opportunity for education in coal mining, and you have the report of that committee; it was issued in May 1924. Mr. Littlejohn, Mr. Moorhead of the Phelps-Dodge Corporation, Mr. Dickinson, and Mr. Miller, I think, of the C. F. C I., and Mr. Pryde, were members of that committee. They investigated the work being done in Safety, Training, First- Aid, and other topics, and made a general survey of the educational problems that might be said to be of benefit to the coal operators and to the coal miners. I believe, if I understood Mr. Moorhead correctly, while this report was accepted the committee was not discharged; but everyone seemed to be a little in doubt as to whether this activity should continue. My plea here directly is, of course, to ask that they be made a permanent committee, and asked to report to you at the next meeting in February on what has been accomplished in carrying out the program that was advised by the various companies, and what success, from a standpoint of improved work and financial return to the company, has been had. I believe that the whole trend of your discussion here has shown the need or the opportunity for improved production through education. For instance your mechanical loader the need of men who are experienced along mechanical lines, rather than the old pick and shovel methods, and the need of better understanding of your problems, just as in your safety lamp discussion that came up in the report of your Safety Committee. We have also developed a new phase, a new may of getting at some of your problems at Dawson this year, that has not been covered previously. I want to ask Mr. Holman here to tell you what is being done as a starter. Remember, we have not worked this out. He will tell yon how we are making a preliminary start in training inexperienced miners with the idea of cutting the accident record and keeping the production of inexperienced men at a higher level. If you are interested in that, I would like to suggest that this committee be requested to investigate some of these things very carefully. The State of New Mexico was willing to put five hundred or a thousand dollars into this training program as an experiment. We are willing that the Institute should have the credit for it, but we want it carefully surveyed so at your next meeting or some subsequent meeting, they can say this has been a feasible project and worthy of consideration. Mr. Holman, will yon tell us a little about this? (Applause.) MR. HOLMAN: We had an idea that by putting a green man in the mine with an experienced miner, the green man would probably learn something, and not get into trouble, etc. We decided to take a certain portion of one of our best mines, cross entry room work, and establish an underground school. We picked one of the assistant foremen who was well trained in our particular mining methods, and any green man who was employed was put into this school. He was paid a salary and he trained each and every man. Each man or two men world be working in a room and we paid them the regular contract price; they were trained how to shovel coal, pick waste and various other things. Some would stay in there a month and be transferred to other portions of the mine or other

Jan 1, 1926

By B E. Hall, J Poniewierski, A J. Hills

Following a review of life-of-asset work at MMG’s Rosebery mine in which a proposal to increase production from 0.8 Mt/a to 1.2 Mt/a was mooted, questions were raised as to the seemingly arbitrary reasoning for the production increase. They included: Did the proposal actually add value? Was the production rate from the mine sustainable? Was it the best identifiable value-adding configuration?A multiple scenario analysis study commenced to model how various cut-off grade values against mill throughput, along with associated capital expenditure, would impact on the potential value of the operation. This was carried out utilising the ‘hill of value’ approach promoted by AMC Consultants.The traditional approach to these studies uses a constant cut-off value (NSR – net smelter return) for the whole mine analysis. This was thought to potentially introduce a large amount of variability to the model as different ore types were thought to have different processing costs and different underground lenses were thought to have different mining costs. With the aim of developing a consistent value measure that would be comparable between the lenses, an alternative measure was suggested for all ore block values in this model, irrespective of lens location.The new measure used was a mine variable value (MVV). This allowed for the variable factors of final metal concentrate production to be removed from the ore value. From a mining point this was the haulage distance from ore source to run-of-mine (ROM). For the mill it was the amount of reagents required, varying based on grade together with the amount of power required for crushing, grinding and tailings handling.From the initial run of the model, preliminary results lead to a conclusion of increased value being gained by either increasing cut-off grade or increased mill throughput rate. The validity of the result was tested using alternative price scenarios, which although changed the absolute value achieved did not significantly change the identified value-adding strategies. The realisation of these value increases identified are however contingent on higher sustainable development rates being able to be achieved mine-wide, higher backfilling rates being able to be achieved and overcoming recognised ventilation constraints. Further detailed studies are being put in place to identify the practicality of overcoming these recognised constraints and achieving the higher-value strategies identified.The ongoing objective of the hill of value model built is to keep the model alive as a life-of-asset planning tool and to continue refining the foundation data, such that various mining strategies can be analysed with increased confidence.CITATION:Hills, A J, Hall, B E and Poniewierski, J, 2014. Mining scenario analysis and mine variable value, in Proceedings 12th AusIMM Underground Operators’ Conference 2014 , pp 111–118 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Mar 24, 2014

By Diane M. Doyle-Coombs

In late July 1985, air samples from a sealed portion of the Quinland coal mine in West Virginia showed the presence of carbon monoxide (CO). Mine Safety and Health Administration (MSHA) personnel concluded that a fire was burning behind the seals. Since an imminent danger existed, the mine operator was given a closure order. The gases behind the seals were monitored and almost 2 million ff of carbon dioxide (C02) gas was pumped into the sealed area to stabilize the environment. Sixteen days after the closure order was issued, MSHA allowed the mine to return to production. Approximately 1 yr later, mine management submitted a seal breaching request to MSHA in order to drive a set of entries to further develop the mine. The Bureau of Mines established a sampling strategy and monitored gases from behind the sealed area during the breaching operation until the atmosphere was safe. This report is an account of the seal breaching conducted by the mine, MSHA, and the Bureau. The logistics of this event, the sampling strategy, and the equations applied could be used by the mining industry in future breachings or mine recovery operations. Time to reenter the area was calculated by using the methane (CH4) concentrations sampled at the discharge of the seals. Tracer gas was used to verify the ventilation flows through the area.

Jan 1, 1988

By Peter J. Maxworthy

INTRODUCTION There is no hard and fast rule on whether functions within a company, diversified or otherwise, should be strongly centralized or decentralized. In all diverse organizations, there are certain basic functions which remain common (or central) to each element of the business, viz: Personnel Management Cash Management Taxation Management Legal Planning Accounting Standards It would follow that each of these common factors requires some supervision at a central level to ensure that overall group objectives are met. It is true that other functions including: Industrial Relations Marketing and Distribution Production Research and Development Purchasing Management Accounting may also be common to each element of the organization. However, there is far less commonality in the degree to which these functions are central to the efficient performance and financial well-being of the business. Role of Operating Units The resources of operating centers may be viewed as a bank of funds, the nature of which can be changed from time to time, but the employment of which must provide for ongoing increases in the net worth of the total enterprise expressed in terms of market values. Operating units are required to continually review products, methods, and opportunities and to monitor avenues for incremental investment--all with a view to attaining the necessary additive net present value of future cash flows of the enterprise. Operating units should be permitted sufficient autonomy to enable the best use to be made of the skills and experience of the people it employs in order to produce a return appropriate to the value of assets employed. Role of Head Office The head office will typically comprise a specialist group--the leaner the better if one strongly adopts the decentralist approach--often acting as Service Centers but also performing a control function in the corporate sense. The head office function is a cost center. It may be instrumental in developing strategies for increasing revenues or reducing costs on a group scale, but it does not generate revenue. Every dollar spent on this function is an extra dollar to be generated by the operating centers in order to achieve an increase in corporate wealth. TREASURY MANAGEMENT Treasury management is concerned with the provision of finance, cash-flow management, and risk analysis. Each decision taken within the enterprise has a cash implication. It follows that a well-integrated central Treasury function can, in all likelihood, produce economic benefits. The degree to which the function should be centralized depends largely upon the unique nature of the operating units it is servicing. Levels of ownership, the calibre of unit operating managers, and the nature and geographic distribution of the business are all factors determining the degree to which the Treasury function is centralized. In the case of Peko-Wallsend, the Treasury Department is small, comprising four people. While divisional cash-flow management is largely decentralized, Treasury is responsible for the daily management of funds surplus to the immediate needs of operating units. Treasury also operates as central banker and provides funds to

Jan 1, 1985