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By Louis W. Cope

Mongolia is known in western countries as the location of rich dinosaur fossil fields. However, the country is even richer in mineral resources. The Ministry of Industry and Trade reports 6,000 mineral occurrences of 80 metals and minerals. Mongolia has already attracted much foreign investment in the mining sector. Mining is the country’s largest industry. It is responsible for 17 percent of the gross domestic product, 65 percent of industrial output and 57 percent of export earnings.

Jan 1, 2006

By T J. Sheer

The removal of airborne pollutants from underground ventilating air is discussed. The work concentrates on the removal of CO, CO2, NOx, SO2, radon gas and respirable carbon particles. The investigation combines techniques for multiple contaminant removal using forced chemical absorption and oxidation. Both dry and wet scrubbing techniques are employed. Mixed success has been achieved in the tests carried out and this paper is seen as a progress report on the work done to date. The interference and interaction of the gases on the individual removal efficiencies is a very important factor in the finalisation of a macro air conditioner (MAC) design for treating underground ventilating air. This necessitates a specific sequence of contaminant removal. Efficiencies are discussed and recommendations made. Wet forced chemical absorption and oxidation processes, though efficient in terms of removal efficiencies, cannot be employed in the confined underground environment due to safety and health risks. Impacts on the internal water reticulation systems of the mine have been analysed to determine the effect of future large-scale macro air conditioning practices, including blow-off liquids discharged into the water circuits. To engineer the safety and health risks out of such designs can be costly and it is for these reasons the research now concentrates on dry scrubbing of the contaminants from the underground ventilating air. The paper concludes with statements on the benefits of macro air conditioning in deep hot mines, in both recirculating and series air ventilation distribution strategies. These benefits include reduced re-entry times after blasting and increased production rate opportunities.

Jan 1, 2005

By M. Krasowska, K. Malysa, M. Krzan

The paper presents fascinating, in our opinion, observations on mechanism and course of processes occurring during bubble collision with hydrophobic and hydrophilic solid surface. Hydrophobicity of particle surface is a necessary condition for the particle attachment to bubble. We have observed that even in the case of such hydrophobic solid surface as Teflon, the bubble attachment didn't occur at first collision. In distilled water the bubble bounced a few times without attachment. Influence of a-terpineol and n¬pentanol on bubble local and terminal velocity and the phenomena occurring during bubble collisions with hydrophobic and hydrophilic solid surfaces was studied. Bubble collisions with the solid surfaces were monitored and recorded using the high-speed (1182 frames per second) camera. It was found that in distilled water the velocity variations of the "approach-bounce" cycles were identical for Teflon and glass. Four distinct "approach-bounce" cycles were detected both at Teflon and glass surfaces. Moreover, the amplitude and frequency of the velocity variations were identical on collisions with the hydrophobic (polished) and hydrophilic surface. There was no immediate three phase contact formation, with the hydrophobic Teflon surface, what we found really astonishing. Roughness of Teflon surface seems to be important parameter, which affects probability of the bubble attachment as a result of a presence of micro-and/or nano-bubbles at the surface. It was detected that the presence of the micro-bubble affected attachment of the colliding bubble even in distilled water. Presence of a small amount of a-terpineol or n-pentanol affects dramatically the bubble velocity, but their role in mechanism of the bubble attachment needs further study.

Jan 1, 2004

By Y. Fan, D. H. Zhang, J. Y. Xu

The hydrogeological conditions in the Chambishi mine area in Zambia. were investigated. Chambishi is a very wet mine and groundwater discharge costs are high. The research goal was to identify methods to reduce the discharge costs without greatly affecting the mining process. Hydrogeological data was obtained from measurements in drill-holes and from drill cores. The differences in structural deformation in different areas determine whether a layer of rock is an aquifer. In the mine region, the Lower Roan Group ore shale and quartz-sandstone unconformably lie on the basal schist and granite aquifuge. The Upper Roan Group dolomite is continuously distributed over a large area around the orebody. This dolomite is the main target of groundwater control efforts, and its water yield is also influenced by the deformation intensity. Based on the observations, backfilling was gradually adopted to appropriately safeguard the integrity of the aquifuge above the orebody. The overlapping relationship between the aquifer and aquifuge has been utilized to increase mine drainage efficiency. This measure has not only greatly reduced the costs of mine drainage, but also improced protection of the groundwater environment. The old drill-holes that were not sealed after exploration drilling were grouted. Further, possible water-conducting fracture zones were investigated. Cover drilling towards the suspected zone was conducted to prevent the high-pressure groundwater from shallower aquifers from entering stopes in deep areas of the mine.

Jun 10, 2024

By P. J. Baguley

The model has been developed on the basis of the observation that the partitioning behaviour of a particle is related to its calculated terminal velocity. It utilises a theoretical calculation of the terminal velocity of each particle class. This is then correlated with the observed partition data for a plant separator using empirically-derived functions of operating conditions which take into account effects such as bath turbulence, holes in drum lifters and feed arrangements. The model successfully decouples the effects of medium density and viscosity and is appropriate for any bath-type separator. The correlation between calculated terminal velocity and actual partitioning behaviour was established and modelled using data obtained from two Wemco drums treating Fe and Mn ores. The model can be used to predict the prevailing size-by-size partition curves and the separation (product grades/recoveries) given the washability of the feed and operating conditions. Simulations are used to show that, for the treatment of Fe ore, there is a maximum medium density beyond which product grades fall and that this maximum decreases as the proportion of magnetite in the medium increases. This is attributed to the dominant effect of viscosity at higher medium solids concentrations

Jun 18, 1905

By M. Moys

The use of temperature measurements for unusual applications in the analysis and control of column flotation and milling is discussed. This is followed by a review of some of the authors current research in the application of the discrete element method to the modelling of particulate processes, specifically milling, fluidized beds and chute flow.

Jan 1, 2005

During Gepp's lifetime, Australia was in the forefront of science and art in metallurgical practice. This did not come easily for although blessed with a unique mineral deposit at Broken Hill large in size and rich in values much courage and daring was needed in the development of processes whereby they could yield the best results.The resultant development of the flotation processes at Broken Hill is one of the most important inventions of the 20th century.

Jan 1, 1993

Until the end of 1960, the small primary aluminum industry in Australia was run by the government. The entire operation was at Bell Bay on the north coast of Tasmania. It consisted of an alumina plant and smelter, owned jointly by the Commonwealth and the State of Tasmania. Apparent domestic demand that year was about 48,000 long tons; 11% thousand came from Bell Bay; the rest was imported. By March 1964, Australia had two fully integrated aluminum companies. The government has stepped out of the picture and the key word of the industry from bauxite to metal is "growth." Present annual capacity of the two companies for making aluminum metal totals 92,000 long tons a year. Australian demand is about 60,000 tons. By 1968 Australian consumption should be 90,000 tons and by 1970 it is expected to reach 107,000 long tons per year. Export markets for bauxite, alumina and metal are developing.

Jan 10, 1964

By L. H. Wullstein

Nitrogenase activity (C2H2 reduction) was found to be associated with the following grasses in the field: Agropyron dasystachyum, Agropyron smithii, Aristida purpurea, Oryzopsis hymenoides and Stipa comata. Uptake of fixed nitrogen was also demonstrated for these grasses. Two unidentified nitrogen fixing bacteria were isolated, one from Stipa comata and one from Aristida purpurea. Cynodon dactylon and Agropyron cristatum were successfully inoculated with the unknown isolate obtained from Stipa comata. The inoculated plants exhibited nitrogenase activity (C2 H2 reduction) whereas uninoculated controls gave negative results.

Jan 1, 1982

The accuracy with which block estimates are perceived is obtained by calculation of the kriging variance. This is dependent upon the model chosen for the semi-variogram of the deposit. For an extensive series of spherical semi-variograms the changes in the kriging variance resulting from various degrees of misassignment of the relative nugget effect are investigated. The results are reported as contour maps of percentage change in kriging variance as a function of the range and relative nugget effect of the true model.

Jan 1, 1985

It cannot be said that accurate and reliable ore reserve estimation is the fundamental of any mining operation success. Estimation techniques which are used to estimate the grade distribution of an orebody together with the assessment of uncertainty and risk have a vital influence on the success of any optimisation algorithm. Traditional estimation techniques such as kriging or inverse distance weighting are frequently used for assigning grade values to blocks. Various attempts have been made in order to compare geostatistical estimated methods for ore reserve estimation. This paper aims to evaluate the sensitivity of different estimation methods over changing the block dimension. For this reason, several block models with different dimensions were derived in Chador Malu iron ore mine which is located in 180 km northeast of Yazd in the centre of Iran. Each block model was estimated by different estimation methods such as nearest neighbours (NN), inverse distance (ID) and ordinary kriging (OK). The results of each estimation methods were compared against a control block file created by using the assay results of all blastholes drilled in the ore over four benches of the pit. The results signify that by estimating the large block size, no significant improvement occurred due to the employment of different estimation techniques. Furthermore, the grades estimated based on ID method is more reliable, but OK methods estimated more accurate tonnage.

Dec 6, 2010

By J. R. Ross

A reconnaissance for sources of scandium and a metallurgical investigation of recovery methods for byproduct scandium from uranium mill solutions were conducted by the Bureau of Mines. The work on scandium was undertaken to obtain information on domestic resources and to explore and develop recovery procedures in consonance with the Bureau's long-range program for conservation and wise utilization of mineral resources. The element scandium is widely distributed in the earth's crust in trace amounts, but it seldom occurs as an important constituent in any mineral. An exception is thortveitite, (Sc,Y)2 Si207) a rare mineral that contains various amounts of scandium and yttrium and may contain up to 42 percent scandium oxide (SC203). Knowledge of the chemistry of scandium has expanded rapidly in recent years (1, 4, 9)4 but only fragmentary information is available about the metal because it is still largely a laboratory curiosity without established uses (2, 3). A recent study shows some of the physical proper-ties of the metal are (1) density of 3.05 grams per cubic centimeter) (2) melting point of 1,540° C, (3) hexagonal close-packed structure) (4) hardness of about 50 Brinell (500-kilogram load), and (5) an alloy behavior similar to yttrium and rare-earth metals (2). The price of $2,850 a pound for scandium oxide of 99.9 percent purity and $2,700 a pound for oxide of 99 percent purity reflects the scarcity and complex chemistry of the element.

Jan 1, 1962

Solid. dense, air-cooled slag can fulfil most, if not all, the functions of natural stone for civil engineering purposes. The value of pumice, also, has long been appreciated, and processes for the manufacture of similar synthetic material for light-weight concretes and insulating fills have been developed in past years.Foamed slag is, in effect, blast furnace pumice and is often referred to on the European continent as metallurgical pumice. It is made by the treatment of molten blast furnace slags with a critical quantity of water during which process the slag cools and expands into a sponge-like mass. The connection between foamed slag and air-cooled slag is also considered and a basis for density control given.All blast furnace slag cannot be foamed to give a product which would comply with B.S.S.877; 1939 Foamed Blast Furnace Slag. A large proportion of the total output of molten slag lacks the necessary inherent properties. This investigation attempts to discover the conditions necessary for the production of foamed slag capable of meeting the British specification.EARLIER WORKIt was generally accepted (Parker, 1951; Gallai-Hatchard, 1955) that the spongy structure of foamed slag was caused mechanically by steam trapped in the slag when it was poured into water. It was assumed that slags which would not foam would not trap steam, because their viscosities and surface tensions were unsatisfactory, on account of temperature and/or composition. The earliest systematic investigation was made by Frisak (1923) who attempted to establish a limiting chemical composition for foamable slags. He decided that foamable slags covered most blast furnace slag compositions on the basis of silica, alumina, and lime, and further "that the replacement of lime by magnesia up to 15 per cent has no noteworthy effect on foamability, that moderate quantities of alkalis are not deleterious, that sulphur raises the foamability and that MnO is only deleterious in the presence of 1...

Jan 1, 1963

By A. Gemperle

Electron diffraction and transmission electron microscopy on foils at room temperature were used to investigate the ordering of Fe-Si alloys containing 10 to 23 at. pct Si. A certain degree of DO3 order was found in all alloys. With the exception of the lowest silicon concentration for which the antiphase domains could not be clearly resolved, the alloys have a domain structure of two-domain type with boundaries having 1/4a01<111> displacement vectors for less than 12.3 at. pct Si and with boundaries having 1/2 a0<100> displacement vectors for more than 12.3 at. pct Si. The alloys with 12.3 at. pct Si have a domain structure consisting of fine domains with 1/2a&apos;o<100> boundaries within much larger domains with 1/4a&apos;o<111> boundaries. The development of these structures can be explained by transition of the alloy from the disordered state into the B2-type order and then into the D03-type order by the mechanism proposed previously for the FeSAl alloys. The existence of the B2 structure in the lower part of the investigated concentration range reported in some articles can be explained by fine domains with 1/2a&apos;o<100> boundaries formed by several disordered planes within large domains with 1/4a&apos;o<111> boundaries. The ordered structure predicted by the theory —with practically no domain boundaries —is found in the alloys having 12.3 at. pct Si where it develops in the B2 structure region. ORDERING in Fe-Si alloys was first studied by phragmenl who found that beginning with 13 at. pct Si the DO3 (Fe3Si) superlattice reflections appear in the diffraction patterns. The equilibrium diagrams constructed later by corson2 and Haughton3 from various measurements proposed the existence of a homogeneous solid solution (a phase) in the range from 0 to 25 at. pct Si. Jette and Greiner4 and Farquhar et al.5 measured the relation between lattice parameter and composition and they considered the break in the curve at 9 to 10 at. pct Si to be caused by the ordered solution a"(Fe3Si). Glaser and Ivanick6 Determined critical ordering temperatures of the alloys containing from 10.9 to 27.9 at. pct Si from the measurement of the electric resistivity of quenched samples. In all cases the critical temperature was lower than the melting point and it was highest for 25 at. pct Si. Lihl and Ebel7 measured the lattice parameter curves at various temperatures up to 1000°C. The region between two breaks on these curves, corresponding to 10 to 12.5 at. pct Si at room temperature, was considered by them to be two-phase (a + a"). They concluded by extrapolation of the measured values that a" in the alloy having 25 at. pct Si is stable up to the melting point. Davies8 studied superlattice reflections in the X-ray diffraction patterns of an alloy containing 8.7 at. pct Si. He found the B2 structure and short-range order in the slowly cooled samples and the DO3 A. GEMPERLE is Research Scientist, Institute of PhysicS, Czechoslovak Academy of Sciences, Prague, Czechoslovakia. __Manuscript submitted January 2, 1968. IMD structure in the quenched and annealed samples. This investigation first reports the presence of the B2 structure, phase a&apos;: in Fe-Si alloys. Meinhardt and krisement9,10 also found its existence in Fe-Si alloys by neutron diffraction. No order was detected by them in the alloy containing 8 at. pct Si. The onset of B2 order was observed at a composition of 9.2 at. pct Si. They found almost perfect B2-type order with partial DO3-type order at room temperature in the 10 to 12.5 at. pct Si range and almost perfect DO3-type order in the 12.5 to 25 at. pct Si range. They established the critical temperatures Tc of both the structures through measurement at higher temperatures. The critical temperature for the B2 structure was found to be always higher than the critical temperature for the DO3 structure of the same alloy. They extrapolated the curves of the critical temperatures and concluded that the alloys with more than 17 at. pct Si have the B2 structure up to the melting point and the alloys with more than 23 at. pct Si have the DO3 structure up to the melting point. The results of Meinhardt and krisement9,10 were confirmed by Dokken&apos;s measurement" of the temperature dependence of the electrical resistivity in the 10.8 to 15 at. pct Si range. On the other hand chessin12 detected by X-ray diffraction a considerably lower degree of order in the 12.7 at. pct Si alloy. ANTIPHASE DOMAIN STRUCTURE IN ALLOYS WITH B2- AND DO$-TYPE ORDER The ordered structures B2 and DO3 can be described in terms of a subdivision of the bcc lattice into four fcc sublattices with a parameter double that of the bcc lattice. Following Marcinkowski13 we will label them I. 11, 111, IV. The B2 structure in the AB alloy is formed by placing A atoms on sublattices I and II and B atoms on sublattices III and IV. In a non-stoichiometric perfectly ordered alloy having concentration (A) > (B), A atoms occupy sublattices I and 11. and A and B atoms distributed at random occupy sublattices III and IV. The DO3 structure in an A3B alloy is formed by placing A atoms on sublattices I, 11, and 111, and B atoms on sublattice IV. In a nonstoichiometric, perfectly ordered alloy having concentration (A)/3 > (B), A atoms occupy sublattices I, 11, and 111, and A and B atoms distributed at random occupy sublattice IV. As further shown in Ref. 13, two types of domains are possible in the B2 superlattice and the antiphase domain structure has associated with it boundaries with displacement vectors 1/4 a&apos;o<ll1> only. Four types of domains are possible in the DO3 superlattice and the antiphase domain structure has associated with it boundaries with displacement vectors 1/4a&apos;o<111> and 1/2a&apos;o<l00>. Bethe14 suggested on the basis of theoretical considerations that in a structure with two sublattices at low temperatures only one domain should be present in the whole crystal at equilibrium. Similarly Bragg15 concluded that at low temperatures the domain struc-

Jan 1, 1969

By Craig Bournes, David Chapman, Michael DiPonio

Historically, boulders are a frequent source of problems in soft ground tunneling. During tunnel construction, the need to manually break and remove boulders as obstructions causes delays to the project. Repairs to a tunnel boring machine (TBM) can also be a source of delays. Managing these problems is difficult since normal soil investigation techniques do not accurately predict the presence or frequency of boulders. This has lead to considerable number of claims for extra costs and delays during the construction of soft ground tunneling projects. These issues are exacerbated in pressurized face tunneling systems where there is limited access to the TBM cutterhead for obstruction removal and/or cutterhead maintenance. The project team that built the Big Walnut Augmentation/Rickenbacker Interceptor (BWARI) Project for the City of Columbus successfully managed the design and construction of a 4,267 mm (14 ft) diameter soft ground tunnel with high boulder concentrations in a complex geologic setting. The management of the boulder issue tookplace during several phases of the project.

Jan 1, 2007

This paper describes the back analysis of the Pavoncelli tunnel, an hydraulic tunnel which was excavated between 1904 and 1915 in South of Italy and experienced severe damages during the 1980 Irpino-Lucano earthquake. A numerical simulation which is intended to study the behaviour of the tunnel during this seismic event is presented, also accounting for the swelling phenomenon that took place during and after construction.

May 1, 2009

Edward A. UehliNg, New York City (communication to the Secretary*):—In adding my mite to the discussion, I wish to touch on a few points which bear emphasizing and perhaps a little further elucidation. Mr. Grammer says that he "found the electric pig-breaker at Duquesne, if used in connection with the iron-chill, less expensive and more satisfactory " thau the casting-machine. The cost of handling the iron over the Duquesne casting-niachine is about double the average cost of the other Uehling machines at the several Carnegie plants. It is nearly as expensive to run as the Hey1 & Patterson machines, and while Mr. Grammer&apos;s statement is, no doubt, true, as applied to that particular machine and breaker, it should be borne in mind that the machine at Duquesne had embodied in it several new features, which were not improvements; also that it was taxed beyond its economic capacity. The machine at the Lucy furnaces under the management of Mr. Scott handled the output of the two furnaces, and saved

Jan 1, 1905

Water is important commodity in the mining industry. Water is used in the many stages of mining from the exploration stages and drilling, to mine development and operation and finally throughout mine rehabilitation and post mine activities. With the use of water throughout the life span of a mine, its management is an important component in the operation of any mine. Unfortunately the use of water within the operations can be one of the major sources of pollution generated from a mine. Such contamination can occur via numerous mechanisms including ground water flow, over land flow and accidents. Contamination may occur in any stage of mining operations, for example a leaking or failed tailings dam. With the above in mind, the paper presented will focus upon the use and management of water in the mining industry: ownership rights of water û common law as well as legislative rights; a review and analysis of the existing Queensland legislation and its mechanisms for the protection of water pollution from mining operations; and conclusions drawn from the paper relating to the Queensland legislation.

Jan 1, 2003

By M. B. Kasen

eralized strain equation appear quite different they are really identical. This identity can be shown in a simple mathematical rearrangement. Referring to Eq. [I], the substitution of ln(1 +?E) for ? (where ?E is the engineering strain) yields: a =s8- (s8?so)e?1/?c) ln(1 +s8??E) [4] or s =s8?(s8?so)(l +?E)-1 [5] Replacing (1 + cE) with its equivalent, (l/lo): s=s8?(s8?so)l/€c [6] Adding and subtracting the quantity (s8 - so) yields: s=s8?(s8?so)+ (s8-so) l-(^)l/£c [7] = s0+(s8?so)ri-(^0)1/^l [8] Letting n = 1/?c it follows that: This equation will be seen to be identical to the generalized strain expression in Eq. [3], the coefficients a and b being equal to so and (s8?so)/?c or n(s8?so), respectively. Confirmation of the relationship noted above was provided by fitting experimental stress-strain data5 for 304 stainless steel (total strain from 0.072 to 1.15) at room temperature at a true total strain rate of 4 x 10-3 sec-1 to Eqs. [I] and [3]. In this study nonlinear regression analyses were used to evaluate the equation constants. The results of this evaluation are presented in Table I. When these constants are used in Eqs. [I] and [3] the curves obtained are coincident. It will also be noted that the value of n is equal to YE,, the value of a is equal to so, and the value of b is equal to (s8 - so)/Ec. These equalities are illustrated in Table I where the Voce constants in parentheses were calculated from a, b, and n values. Excellent agreement is seen to exist. It is concluded, therefore, that the Voce equation is, indeed, identical to the linear expression involving generalized strain. In applying the generalized strain concept to stress-strain data, it has been noted3 that data within what was termed the transition region (first few points in the plastic flow region) must be excluded from the analysis in order to obtain the linearity in Eq. [3]. A similar exclusion applies in the use of the Voce equation since an expression which would describe the strain-hardening region would usually be found to be not too effective in the elastic-plastic fillet2 which connects the elastic line to the strain-hardening region. These considerations further substantiate that Eqs. [I] and [3] do indeed describe identical behavior. Note added in proof. Since this manuscript was submitted for publication, correspondence with Professor S. R. Davies, University of Edinburgh, (of Ref. 3) indicated that his associates have also confirmed the identity between the Voce equation and the generalized strain concept. It is sometimes desirable to obtain a small grain size in super-purity metals. Unfortunately, the absence of impurities, the low recrystallization temperatures, and the low activation energies for boundary motion result in rapid growth of relatively few grains when conventional recrystallization practices are used. For example, Arajs et al.1 were unable to obtain a mean grain diameter less than about 0.4 mm in iron containing 38 at. ppm of impurity. The <1 at. ppm purity range in many modern superpurity metals results in yet larger limiting grain sizes. It is the purpose of this communication to describe a technique by which mean grain diameters as small as 30 µ have been produced in aluminum having an impurity content < 0.5 at. ppm. The technique should be applicable to superpurity metals other than aluminum and has potential applications to grain refinement of commercial alloys. The necessary and sufficient requirements for production of a small grain size are as follows: a) a large number of potential nucleating sites must be created randomly within the cold worked material, b) sufficient thermal energy must be provided at a rate that will simultaneously activate a large fraction of the potential nuclei, and c) the grain growth must be stopped shortly after grain impingement.&apos; A high density of potential grain nuclei may be cre-

Jan 1, 1970

By M. Lonoff

G. Campbell The paper by M. Lonoff looks at the importance of byproduct prices on copper production. The paper develops several interesting points on this topic, but there are some points in the theoretical discussion that could use further development. A couple of these theoretical topics will be considered here using the paper&apos;s framework of assumptions without concern about how realistic the assumptions are for the copper industry. Lonoff&apos;s theoretical model is based on a static, homogenous world where all copper/byproduct deposits are identical, and these deposits are the main source of these metals. Due to the importance of the byproducts to the production decision, the term coproducts will be substituted for the term byproducts to reflect more accurately this condition. The conclusion is drawn that a rise in coproduct prices necessitates a decrease in copper prices because copper production is increased as a consequence of increased coproduct production. The observation that real world behavior does not always follow this pattern is dismissed as "speculation." However, it can be easily shown that within this simple framework market forces might create the observed behavior. The key question to be answered is what causes coproduct prices to rise. Three possible cases will be used as illustrations. The first case is the one implicity assumed by Lonoff. Here, the demand for coproducts increases at all prices (an outward parallel shift of the demand curve) with the demand for copper remaining constant. As reported in the paper, the results are higher coproduct prices, an increase in coproduct production, and lower copper prices due to the resulting increase in copper production. The second case is when the supply of coproducts are constrained-leading to higher market prices. Copper production, as required by the simple model, is also reduced which Reply by M. Lonoff Campbell&apos;s comments give me an opportunity to clarify a few points in "Copper and Its Byproducts." That paper examined the affect of byproducts on the copper market and considered the relative riskiness of multi-metal deposits from an investment standpoint. That brief note made no attempt to be exhaustive. Nevertheless, Campbell&apos;s comments miss the point of the paper and necessitate a response. My "theoretical model" was static and I freely conceded after introducing the assumption of identical deposits that "none of the assumptions hold." These simplifying assumptions allowed me to bound the possible effects of higher byproduct prices on the copper price by assuming identical deposits and computing average price effects. I took great pains to subsequently explain that since deposits are not identical the identity of the marginal deposit might change due to byproduct price changes. In this case, average price affects will overstate the affect of byproducts on copper prices. According to Campbell, I dismiss as speculation any "real world behavior that does not always follow this pattern" (of metals prices moving in opposite directions). In the byproducts paper I noted that gold, copper, and silver price movements often parallel each other on an intra-day or day-to-day basis. Such movements are largely due to market anticipation of or reaction to changes in interest rates that affect carrying costs of metals stocks. Other movements may be due to anticipated changes in available supply or physical requirements. I loosely grouped these effects as speculative. To distinguish this statement from the main thrust of the paper, I contined "In the long run if gold and silver prices remain high the equilibrium copper price will be lower." The paper set out long run equilibrium conditions rather than attempting to explain price movements on a daily basis or on a year-to-year basis.

Jan 11, 1983