Search Documents

By Raymond M. Kacmar

This paper describes the Bureau of Mines research program on the reliability of computerized mine-monitoring systems. The basic concepts of computerized monitoring are introduced along with its advantages and limitations. Current Bureau projects covering mine-monitoring systems are described, and some of the major areas of concern that should be addressed by future projects are outlined.

Jan 1, 1982

By M. Blagojev, R. Tomanec

"Studies reported in this paper used polymetallic Pb-Zn-Sb-As-(Ag, Au) ore from Dražnja, Kosovo. The ore is comparatively rich in Zn (6.56%) and Pb (2.87%), but with high rates of Sb and As. Conventional lead and zinc concentration by flotation produced galena and sphalerite rich concentrate with high recovery, but with excessive As and Sb. After chemical analyses, which could not detect the reason for the excessive elements, ore minerals were identified under the ore microscope, their texture characterized, and degree of liberation of useful minerals was assessed. Microscopy of the mineral concentrates revealed complex intergrowths of galena and marmatite minerals mostly with sulphosalt minerals (boulangerite, jamesonite and bournonite) and also with arsenopyrite mainly responsible for the unsatisfactory quality of the concentrate. These complex sulphosalts, among other things have similar behaviour during the flotation concentration, and in spite of their interlocking with galena, therefore inadequate liberation, sulphosalts remain in the lead concentrate. Microscopic analyses indicated that a better galena concentration product is possible with a higher rate of mineral liberation, and then by selective floc flotation of some sulphosalt minerals. Purpose of this work was to show that only chemical analysis is not sufficient, according to that we solved the problem by precise mineral identification and time consuming mineral liberation measurements. INTRODUCTION The polymetallic Pb-Zn-Sb-As-(Ag, Au) ore body of Dražnja, Kosovo, fairly rich in Zn (6.56%) and Pb (2.87%) was repeatedly explored and once even worked. Mineralization at Draznja was primarily represented by sphalerite, galenite and marcasite/pirite. Some sections comprise massive sulphides, and others are lower grade zones of semi-massive sphalerite/galena or marcasite/pyrite dominant sulphides. The ore body II was formed in the southern gallery in the structure Çukë – Lajthishtë (with content of 3.16% Pb and 7.31% Zn). Pb-Zn ore with increased content of As, Sb sulphosalts is not rare phenomenon in the world. While previously treated as unprofitable, economical uninteresting ore, today with development processing and new reagents (organic, ecologic), are the topic of scientific papers. The examination of Pb-Zn ore with high content of sulphosalts we find in deposits as: The hydrothermal vein deposit of Harja in the Baia Mare area, contain a wide variety of sulphosalts [Cook, N. & Damian, G., 1997]; also the deposits Fankou Mine in Guangdong Province and the Dachang Mine in Guangxi Province, where the flotation concentration of galena and jamesonite takes place [Runqing Liu et al. 2015], [Zhang Ting, Qin Wen-Qing, 2015];. On a samples from Tibet in China flotation separation test of galena and jamesonite was conducted [Sun Wei, Han Haisheng, Tao Hongbiao, Liu Runqing, 2015]. According to history of investigation, the mineralized area of Dražnja has a long history of exploration and possible exploitation activities [Slowey, Galen, 2009]. Recent workings were carried out in three stages through the 20th century."

Jan 1, 2018

By S. V. Balikov

A close association of fine gold with pyrite and arsenopyrite is observed at many gold ore deposits. Gold forms and gold distribution in sulfides of different deposits were studied. A comprehensive method including optical spectrum analysis, X-ray diffraction analysis, high-temperature X-ray diffraction analysis, scanning electron microscopy and X-ray microanalysis was used for the de-tailed investigation of the defectiveness of the structure of pyrites from different deposits. It was shown that gold content in pyrites varied from 1.5 g/t to 100 g/t compared with 30 g/t to 230 g/t in arsenopyrites. The nature and arrangement of inner inclusions of foreign minerals in pyrites as well as occurrence of fractures and macro- and microdefects were examined. Iron, sulfur and arsenic contents in all pyrite samples were determined. Chemical composition of the detected inclusions was defined. Parameters of submicroscopic structure of pyrite were estimated using X-ray Fourier line shape analysis. Estimation of real structure characteristics with calculation of submicroscopic D-blocks and root-mean-square lattice deformation 2()evalues was performed. Defectiveness of the pyrite structure can be defined by the following parameters: K?1 and K?2 reflection resolution and its intensity within high Bragg angles; S content to Fe content ratio; the arsenic content and the local variation in its concentration within the pyrite grain; the size of submicroscopic blocks and the crystal lattice disturbance value. The performed analysis showed some relationships between these parameters and refractoriness of the pyrite concentrates. It was observed that at S/Fe ratio close to or higher than stoichiometry and at a low arsenic content (less than one per cent) pyrite concentrates were not refractory. The analysis results showed that concentrates of the Beryozovskaya gold plant (0.02~0.07 As%) and concentrates of the Kommunarovskaya gold plant (less than 0.05 As%) as well as some pyrites from the Sukhoi Log gold deposit had the same characteristics. It was found that average arsenic content did not excess 0.2 per cent. Arsenic distribution within the grain of all these pyrites was uniform. At S/Fe ratio lower than or close to stoichiometry and at high arsenic content (more than one per cent) and significant variation in its distribution within a pyrite grain the pyrite concentrates are refractory. Such pyrites are typical for the Sukhoi Log, the Bakyrchik and the Mardzhanbulak gold deposits. Direct correlation between arsenic and gold contents, in particular, in fine grains of pyrite was observed by many researches. This correlation was explained by impregnation of arsenopyrite which normally contains more gold than arsenic pyrites. The analyses results showed that no arsenopyrite impregnation was found: arsenic distribution within the grain was uniform but its concentration varied greatly. Such pyrite concentrates are more refractory. This paper presents the results of analyses of sulfides to determine the amenability of the associated gold recovery by hydro- and pyrometallurgy.

Jan 1, 2014

By Jeremy Cawley, Horry Parker Jr., Clint Wilson

The 5180 m EPBM drive on the Lower Olentangy Tunnel (LOT) is predominantly within glacial overburden. To connect LOT with the existing OARS deep tunnel in limestone bedrock, the upper 15 m inside diameter Vine Street retrieval shaft telescopes down to 6.7 m in diameter and extends into the karstic Columbus Limestone to a depth of 51 m, where a 104 m SEM tunnel will connect to OARS shaft 6. Pre-excavation grouting was reuired prior to lower shaft excavation to reduce potentially high groundwater inows. This paper discusses the secant pile installation, grouting program, shaft excavation, and hydrogeologic observations.

Jun 23, 2024

By Luis W. Pommier

Large quantities of sea sludge containing halogenated organic compounds, such as PCB, oils and metals like arsenic and lead have accumulated throughout the years at the bottom of sea channels and harbors and are obstructing navigation and creating environmental problems which need to be resolved. A sludge from a California port would be dredged by suction pumps, it would be processed in a plant which would be built either on firm soil or on floating platforms. The sludge shows contents of up to 1 ppm of PCB, 15 % oil and 10 ppm of arsenic, which generates a very fetid odor. Bench scale work indicates that most of the contamination concentrates on the solid phase, in fact, only minor amounts of oil report to the sea water and can be readily removed by physical means. After separation of the sea water from the solids of the sludge by decantation, it is possible to solubilize the PCB, the oil and the metals into an organic solvent leaving a non-hazardous soil for disposal near the harbor. The PCB is dehalogenated during the solubilization process leaving a liquor solution containing the oil and metals. The oil is extracted leaving an aqueous solution containing the arsenic. Further process extracts the arsenic from this solution rendering the liquid non-hazardous. Transportation and disposal of the sludge is impractical. There are hundreds of thousands of tons of hazardous soils accumulated in each harbor, which would fill the hazardous waste disposal sites available and it would be, prohibitively expensive to do so. It is not possible to compare the costs of decontamination with a competitive method. If it were, the proposed process would be less expensive than transportation and disposal and it has the advantage of removing the liabilities from the Responsible party. After a full scale continuous pilot project is run to decontaminate a small, 500 cubic yards accumulation of this type of sludge in a California harbor, a full scale environmental project would be initiated. The decontamination of one million tons of sludge would be completed in five years.

Jan 1, 1995

Jan 1, 1885

By Layson, W. C.

ACCORDING to the records, Phelps Dodge made its original entry into the production of copper in the oldest copper mines of Arizona at Morenci in 1881. The ore body now being mined as the Morenci open-pit, as outlined by churn-drill holes, diamond-drill holes, and underground workings, is estimated to yield 230,000,000 tons of ore averaging 1.06 per cent copper. This development will add 2,500,000 tons of copper to the 900,000 tons already produced in the district. Some five years ago preliminary development of the ore body began, with big-scale production planned including the erection of a new treatment plant to be built near the mine. Inasmuch as the Morenci open-pit was an entirely new project this required the grading of roads, establishment of mining benches, construction of railroad grades, building of railroad tracks, erection of shops, as well as the purchase of the necessary equipment to satisfactorily and economically maintain the schedules of production forecast. Along with the preparation of the main ore body it was also desirable to mine and deliver to an experimental mill a relatively small daily tonnage of typical ore.

Jan 1, 1942

By Y Li, S Ramazan, E Topal

A mine waste dump progression plan can provide a clear outlook of the mining operation. To produce such an output requires detailed placement schedule of the mined material, including the volume (or tonnage) and the allocated dumping location. However, current practise mainly focuses on the ore production, over-simplifying the waste material scheduling. As a result, a rock dump is often treated as a single point in long-term planning, making it difficult to predict the waste dump progression pattern over the life-of-mine. Without such a guidance, it is almost impossible to carry out progressive rehabilitation on the waste rock dumps. The lack of dumping schedule could cause delay in development construction, ie tailing storage facility and run-of-mine pad. Other downstream effect due to the over-simplification is inaccurate estimation of required truck hours, which could have huge financial impact on the operation.In this paper, mixed integer programming (MIP) models of different objective functions, ie maximise truck productivity by minimising the overall haulage distance, minimise required truck deviation between adjacent years, and a hybrid between the two objectives, are utilised to generate the long-term optimum rock placement schedules under the criteria of satisfying site specific conditions. All three MIP models are implemented in a large scale open pit mine. The numerical solutions from the models forms three different rock placement schedules, based on which, the yearly truck requirements are easily calculated and compared. The graphical results show the three corresponding waste dump progression patterns over the life-of-mine, providing the optimised long-term forecast of the operation.CITATION:Li, Y, Topal, E and Ramazan, S, 2014. Optimising the long-term mine waste dump progression and truck hour schedule in a large-scale open pit mine using mixed integer programming, in Proceedings Orebody Modelling and Strategic Mine Planning Symposium 2014 , pp 335–344 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 24, 2014

By James K. Gowans

Polaris Mine, a Cominco Ltd. property located on Little Cornwallis Island, Northwest Territories, Canada, (Lat. 75°30'), is the world's most northerly base metal mine. Polaris Mine, which commenced operations in late 1981, is characterized by its unique process barge. The lead/zinc concentrator, powerhouse, shops, offices, dry and warehouse have all been incorporated on a 400 ft. long by 100 ft wide by 65 ft high barge. This process barge was constructed in Southern Canada, at Trois Rivieres, Quebec, then towed 3500 miles into its final resting place on the high arctic. This paper describes the unique design of the barge concentrator and deals with the start-up and continuing operation of the Polaris Concentrator.

Jan 1, 1984

By A Simmons, J Chan, A Li, Q Gu, D M. Brett

The paper presents an example of field density achievements using thin layer deposition and solar drying and compares this with compaction data from laboratory testing and field trials of mechanical densification processes.

Jul 1, 2021

By H. W. Rogers

THE first steam shovels used in this country were built by the Otis Company, of Boston, about 50 years ago, but as they were of very crude construction and rather unsuccessful only a few were built. For possibly 10 years prior to 1884 successful steam shovels were made and used on certain classes of work, but it was not until that time that they were manufactured in quantities and began to play an important part in all classes of excavation. From that time up to the present day there have been gradual but continuous improvements on the original shovel, not only in the mechanical construction, but also in the design of boilers and engines which are best adapted to this class of service. In proposing a change from steam to electric operation we have to deal with a steam equipment which has not only proved its worth but has probably reached its highest stage of development and efficiency. That the electric shovel is a possibility cannot be denied, as at present from 12 to 18 shovels are in operation in this country. These shovels may be divided into three classes: the friction electric, which is operated by a single constant-speed motor with friction clutches; the three or four motor direct-current equipment, and the three or four motor alternating-current equipment. It is the second and third classes that I wish to deal with, as the first class does not compare favorably with the steam shovel so far as speed is concerned, although it may be operated as cheaply. There is probably no other class of machinery that presents a duty cycle as severe as that of the shovel, which is very short, varying from 7 to 12 sec. on the hoist, from 7 to 12 sec. on the thrust, and from 10 to 18 sec. on the swing, making a complete cycle in from 17 to 30 sec., and the motor to meet these requirements must have a sufficiently low armature inertia to permit of rapid acceleration and quick reversals under small power. It should also be a motor of rugged design, as it must be subjected to severe overloads and shocks and frequent reversals. This is especially true of the hoist motors and, to a lesser degree, of the swing motor; the thrust motor being practically stalled during the digging operation, although it may revolve or overhaul, according to conditions, and is operated at full speed only after the hoisting operation is completed.

Jan 2, 1914

By B. Kruger

The Dundee Precious Metals Tsumeb Smelter has evolved over the last decade to meet the challenges and opportunities brought about by a changing copper concentrate market, technological advances, environmental legislation as well as social and political changes. The paper discusses some of the challenges, successes and lessons learnt through the expansion and modernization of its smelter complex. It considers the details and impact of the transition from slag granulation to that of slag slow cooling as well as the improvement program that was implemented to more than double the refractory campaign life of the Ausmelt furnace from around 6–9 months to 15–18 months. In addition, given the evolving world we live in, it considers the challenges that the smelter faces today, not the least of it being how to remain relevant in an age of digital and other 4th Industrial Revolution disruptions. INTRODUCTION Dundee Precious Metals Tsumeb (DPMT) Smelter is located just outside the town of Tsumeb, in the Oshikoto region of Namibia. It is the largest town in the region with a population of approximately 45,000. The smelter was built in the early 1960s to treat concentrate from the nearby Tsumeb copper mines. Construction of the site was completed in 1962 and the smelter was officially commissioned in 1963 by Tsumeb Corporation Limited (TCL). At the time the smelter consisted of a lead section (including a refinery), a copper section and plants that produced cadmium, sodium antimonite and arsenic trioxide. Production commenced in early 1964, with 3,500 tonnes of copper and 6,000 tonnes of lead being produced per month. TCL was acquired by Gold Fields South Africa in 1988, and a few years later the lead section was shut down due to reduced lead content of the mined ore. In mid-1996, all mining and smelting operations were halted due to labour strikes. Ongopolo Mining and Processing Limited (OMPL) re-opened the mines and the smelter in 2000, only operating the copper section of the smelter. At the end of 2008, all mining operations were halted by the new owner of OMPL, Weatherly Mining International, while the smelter continued to operate. The closure of the Weatherly owned mines in Namibia, the primary feed source to the Tsumeb Smelter, meant that the smelter had to transition its business model from operating as a ‘captive smelter’ to that of a ‘toll smelter’. Its Ausmelt Top Submerged Lance (TSL) smelting technology and various ancillary plants made it especially suitable for accepting and treating complex concentrates that were available on the global market.

Jan 1, 2019

By Di Yang

The influence of high density (104 -105 A/cm2) electric current pulses (70 us duration) and continuous DC (~103 A/cm2) on the flow stress and ductility in tension of a high carbon steel wire were determined at 204°, 427° and 649°C. Electropulsing (100 pulses per second) with an effective current density of 100-200 A/cm2 gave a 10% enhancement in the uniform elongation of the wire at 204°C, but had no effect at 427°C and 649°C. In contrast, continuous DC either had no significant effect on the ductility or gave a decrease. The electropulsing per se decreased the flow stress only slightly at 204° and 427°C, but gave a significant decrease at 649°C. Continuous DC increased the flow stress at all three temperatures. The present results along with those by others suggest that the enhanced ductility by electropulsing and the reduction in flow stress may be further increased by raising the effective current density through increases in either the pulsing frequency, maximum current density of each pulse or pulse duration. This could conceivably increase the reduction per pass during wire drawing or the number of passes between anneals.

Jan 1, 2001

By Steven Doyle

Presentation Outline ?Introduction to Brunswick Mine ?Mining Needs and Drilling Trends ?Maintenance Program ?Back to Basics ?Results ?Additional benefits Introduction Xstrata Zinc Brunswick Mine ?No. 12 deposit discovered in 1953, pilot mining 1957, u/g mining began in 1964 ?Zinc, copper, lead and bulk lead/zinc concentrates ?Since 2007, a fully owned division of Xstrata Zinc Canada ?Over 132Mt milled 3.4 % Pb, 8.8 % Zn and 102 g/t Ag ?Deposit dips approximately 70 degrees; strike length of 1200 m; currently mining from 250 m to 1125 m depth

Nov 1, 2011

By Florence Munter

This paper provides a discussion of the various federal and state laws governing water quality as related to mining operations. The specific laws addressed are the Clean Water Act, and the Arizona Mined Land Reclamation Act. Topics that will be addressed are mine water and process water discharges, storm water discharges, pollution prevention, dredge and fill, spill prevention control and countermeasure plan, and surface water protection. Proposed changes to the laws and regulations will be discussed. Compliance strategies will be suggested to prevent potential noncompliance and enforcement.

Jan 1, 1996

Jan 1, 1966

By M. D. Vilarinho, W. Xuan, F. Vasconcelos Guimarães

"This article summarises the efforts to reduce the energy consumption in grinding in a magnetite ore beneficiation plant. ArcelorMittal Kryvyi Rih ore beneficiation plant produces magnetite concentrate at 65% Fe and 8% SiO2, of which the D80 is approximately 44µm after three stages of grinding with ball mills and magnetic separation. Characterisation and laboratory scale bench tests performed on samples from the beneficiation plant indicate that the industrial flowsheet could be simplified. After the first stage of grinding and magnetic separation, a significant size fraction of the intermediate concentrate is already well liberated. Therefore, it can be directly concentrated in a second stage magnetic separation without further grinding. If a screen of 150µm size can be implemented after the first stage of grinding-magnetic separation, only the oversize of screening, representing 35% of the material, requires secondary and tertiary grinding and magnetic separation. The combined concentrate from the two fractions already meets the industrial specifications. This new route can provide the same final product, with fewer mills; it saves around 30% in energy consumption only in the grinding step without changing the main structures of the processing plant.INTRODUCTION Comminution, including crushing and grinding, is responsible for at least 40% of total energy usage in mining and mineral processing. This paper shows an example to reduce grinding cost, by changing the flow sheet design strategy in ArcelorMittal Kryvyi Rih (AMKR).AMKR is one of the most important mining and steel complexes in Krivoy Rog basin in Ukraine, which has been studied over 100 years because of mining of iron ores. The iron ores are associated to Banded Iron Formation of the Saksagan suite, with an average iron grade of around 36 percent Fe. The total thickness of the Krivoy Rog Supergroup reaches 5-6 km, whereas that of the iron-ore Saksagan Group comprises up to 1400 m. High-grade iron ore extends to more than 2,000 m below present surface"

Jan 1, 2018

By J Zhou, D M. Hunter, S M. Iveson, K P. Galvin

The REFLUX Classifier is used to perform particle separations on the basis of density utilising a set of parallel inclined channels positioned above a vertical fluidised section. In continuous mode, feed enters part way up the vertical section, while fluidisation water is introduced from below. Lower density particles are conveyed upwards and collected in an overflow stream, while high density particles segregate onto the inclined surfaces, settle to the base of the system and empty via an underflow stream. Pressure transducers are used to measure the suspension density in the vertical section. This suspension density is maintained by a pneumatically controlled underflow valve to maintain a target suspension density or ‘set point’.Previously, Galvin et al (2010) demonstrated the significant improvement achieved via a new laminar-shear separation mechanism, achieved by utilising closely spaced inclined channels in the REFLUX Classifier. For the separation of low-density coal particles from mineral matter, a channel spacing of 6 mm proved effective; however, for the separation of gangue minerals from much higher density minerals such as iron ore, the shear-induced lift needs to be even higher. In this paper, we examine the influence of two different channel widths on the continuous processing of an industrial iron ore feed in the REFLUX Classifier. It was found that when moving from 6.0 mm to 3.0 mm channels, the ability of the system to reject coarser gangue material and retain finer high density material across a particle size range from 0.125 to 1.0 mm was increased, resulting in a higher grade product.CITATION:Hunter, D M, Zhou, J, Iveson, S M and Galvin, K P, 2017. Influence of shear rate on separation of iron ore fines using the REFLUXTM Classifier, in Proceedings Iron Ore 2017, pp 205–210 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 24, 2017

By D. A. Gulley, L. J. MacDonnell, William A. Vogely

INTRODUCTION Environmental impacts are most commonly associated with air and water pollution. Not- withstanding this fact, to many people the primary disruption caused by mineral extraction is the change in the character of the locale. That is, the environmental impact of mining includes, but is not limited to, the generation of residuals. The dramatic transformation of wilderness or rural land often creates strong reactions to mineral development. Thus, the basic issues of land use management are a useful addition to environmental discussion. In this section, we take up a discussion of federal, state, and local land use management regimes, along with a brief introduction to the potential role of economic analysis. Elsewhere in this volume, land management issues are discussed from other orientations, and the interested reader may wish to look there as well. Locatable Minerals on Federal Lands Legislation and Administration: Access to hard-rock minerals on the public lands is governed by the General Mining Law of 1872. This law declares that "valuable mineral deposits in land belonging to the United States . . . are hereby declared to be free and open to exploration and purchase . . . ." In order to initiate rights, prospectors are required to physically stake claims of specified sizes and shapes following basic procedures set by federal law which may be supplemented by the individual states. Rights to these claims are protected at the exploration stage so long as actual possession is maintained and diligent exploration activity is underway. If a valuable mineral deposit is discovered on the claim, the claimholder earns the exclusive right of possession as against private parties so long as the claim is properly maintained. To maintain this exclusive right the claimholder must per- form $100 worth of labor or improvements, known as assessment work, on each claim every year and make related annual filings with the U. S. Department of the Interior. If the existence of a valuable mineral deposit can be demonstrated, and other legal requirements are met, the claimholder may receive a patent giving full title to the claimed land, including the surface in most cases. The purchase price is either $2.50 or $5 .OO per acre. The Mining Law has remained largely un- changed by legislative amendment during its now more than 100-vear existence. However, while the law itself has not changed, its interpretation and administration have changed considerably. Written at a time of rapid western expansion of the U.S. following the Civil War, the intent of the law was to promote mineral development by inviting unrestricted prospecting and by selling the lands containing mineral deposits at a minimal charge. As federal land policy shifted from one of rapid disposal into private ownership to one of retention and management for a number of uses, mineral patenting requirements have been administered more strictly. The most critical issue concerns what must be demonstrated to establish the existence of a valuable mineral deposit. The so-called "prudent man" standard was established in the case of Castle v. Womble (19 L.D. 455 (1894)):

Jan 1, 1985

By Phillip Crowson

INTRODUCTION This discusses some of the economic risks and uncertainties which face any company investing in new mineral ventures. These differ mainly in degree rather than kind from other large capital intensive projects, except that economic risks are compounded with technical risks. Mines face a wide variety of physical risks, and in addition the ore reserves may not prove as ample, nor as amenable to treatment as the feasibility studies indicate. On the economic front, mineral projects are subject to risks of fluctuating prices and sales volumes, no matter where they are located, or how they are financed. Typically, they are heavy users of capital compared with their owners' internally generated funds. Long term debt of various types is still the favoured form of finance. A project's currencies and cost often differ from each other and from those of the parent company. Facing up to the various risks associated with fluctuating and uncertain revenues, interest rates and exchange rates are amongst the hardest tasks for natural resource companies. ATTITUDES TO THE MINING INDUSTRY Some have questioned whether the game itself is now worth playing. They have argued that the mining industry's mediocre rewards in the past decade have been insufficient, compared with the risks involved. They can see no prospect of dramatic improvement in the next decade. Demand is highly cyclical and tends to grow less rapidly than economic activity, as a whole. Barriers to entry are low in most mineral markets, but impediments to exit can be substantial. Exit is especially problematic in those minerals where there are large state shareholdings and/or where less developed countries are major producers. The consequence is claimed to be an endemic tendency to excess capacity, and prices barely adequate to cover marginal cash costs. Many of the petroleum companies that moved into mining with such high expectations in the late 1970s have retreated, often bearing the scars of heavy losses. Individual shareholders, taken collectively, place low valuations on their investments in mining companies. The price/earnings ratios of the major mineral producing companies are low compared with their historical averages and with those of other industries. PRICE: EARNINGS RATIOS (October 1988) [UK Industrials 12.0 RTZ 8.4 Cons Gold 12.2 US Industrials 13 - 13.4 Alcan Alcoa Amax Asarco Cyprus Minerals Freeport Copper Inco Inspiration Magma Copper Newmont Mining Nord Resources Phelps Dodge Reynolds Metal Canada TSE 300 10.6 Cominco 8.7 Falconbridge 5.3 Noranda 7.0 Rio Algom 7.2 Teck Corporation 17.] NOTE: Mining companies' p/e based on prospective 1988 earnings, from Kleinwort Benson Securities' weekly Mining World, October 1988. Until 1987, it was argued that share prices correctly reflected the companies' poor earnings potential. Subsequently, the argument has been that earnings have been unnaturally boosted by cyclically high metal prices. The stock market valuations, therefore, correctly reflect future earnings, or at least expected earnings. This seems to be a case of Heads, I win; Tails, you lose. The underlying analysis of metal markets appears

Jan 1, 1990