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By Martin J. Kenwright

Within the famous Harrods department store, a new lift shaft has been constructed, servicing a depth of 22m below ground level as well as the existing 6 storeys of the store. The shaft will connect with a new goods tunnel which is to be excavated beneath the shop, as well as new floor space above ground level which has resulted from the infilling of a previously existing lightwell within the store. The construction of the deep shaft while maintaining uninterrupted use of the store by the Client led to a number of innovative solutions being undertaken. Empirical assessments were made of settlements anticipated from the construction process, which took place within a congested environment of existing foundations. Various elements were designed and installed to mitigate the effects of the inevitable ground movement on the surrounding overlying structure, which supported sensitive high quality finishes and mechanical and electrical installations The reinforced concrete lining of the shaft was contained within a cofferdam of minipiles. The minipile placement accuracy (1 in 150) was vital as it could not interfere with the subsequent tunnelling works. As the scheme progressed this became even more critical since the minipiles were needed as support for parts of the permanent works This paper describes:- the high quality placement and control of the minipiled cofferdam, the methods employed in assessing ground movements and the techniques used to mitigate against the effects of these movements.

Jan 1, 2000

By J. Wills

The use of drilling rigs to increasingly mechanize stope drilling has been acknowledged as important for the S.A. mining industry in it ís efforts to tackle the challenges of low productivity, AIDS and an ageing driller workforce. The spin-offs of increased safety, cost-effectiveness and better mining performance provide advantages to all?from the driller to the shareholder. However, implementation or product rollout has varied from outright success to dismal failure. A study of various cases by Novatek and Anglogold TDS showed clear reasons for these differences. Whereas the successes were characterized by clear objectives, accountability, user buy-in, a commitment to make the technology work and no-nonsense reporting, these were typically absent in failed implementations. The attitude at unsuccessful mines was to ?trial? the equipment?even subconsciously, a ?trial? is a test where failure becomes an acceptable outcome. During the study it became clear that mining management are not adequately trained to manage the often-tricky rollout process. They are often also not empowered or clearly mandated to deal with the organizational, human and technical issues that must dovetail to create a success. The output of the study was to develop a basic rollout process that could be used to formally manage the implementation of new drilling technology. Creating an alignment between the mine, workforce and supplier promotes a win-win situation that will not otherwise spontaneously arise.

Jan 1, 2002

By Karin Bäppler

"When considering large-scale infrastructure projects worldwide special attention has to be paid to the large diameter tunnel construction projects that were successfully completed in the Southern Hemisphere. The projects that are highlighted in this paper are large-scale infrastructure projects in the sector of transport. In focus are four road tunnel projects that were constructed in Australia and New Zealand using mechanized tunnelling technology. The tunnel boring machines (TBMs) that were reliably applied to these four major projects all exceed the bore diameter of 12 meters. These TBMs are therefore in the range of large to very large diameter TBMs. The technology used demonstrates state of the art technology with tailored tunnelling technology adapted to the specific project demands. Two Double Shielded Hard Rock TBMs (Ø 12.35 meters) were used for the construction of the Clem Jones Tunnel in Brisbane crossing beneath the Brisbane River and these two machines have been reused for the excavation of a 4.3km long two-lane highway tunnel for Legacy Way in Brisbane creating a new traffic artery towards the city centre. Two EPB Shields (Ø 12.48 meters) excavated and lined the twin-tube road tunnel for the Brisbane Airport Link. Excavation diameters in excess of 14 meters, such as the Earth Pressure Balance Shield (Ø 14.41 meters) involved in the Waterview Connection Project in New Zealand, are understood in the tunnelling industry as very large diameters. The machine is customized to the requirements and subsurface conditions of Auckland. The paper spotlights the large to very large diameter TBMs that were used and focuses on the comprehensive solutions developed by the machine manufacturer to provide a system with benefits for the contractor especially for the Waterview Project. INTRODUCTION Extensive large-scale road infrastructure projects like the ones implemented in Brisbane (Australia) and currently under construction in Auckland (New Zealand) show the tendency of today’s infrastructure construction projects. Functional infrastructures need to be put in place to cope with the demand of mobility and flexibility of people living in cities and metropolises. Impact during construction work to people or environment has to be kept as low as possible to ensure the quality of life is not disrupted."

Jan 1, 2016

By Andrew P. Gize

The analytical approaches used to solve a specific problem are dependent upon the information required, coupled with limitations imposed by available facilities, costs, and time. The organic matter associated with ore deposits has the potential to yield information for two problems. Information can be obtained to provide guidelines for prospecting, and, secondly, to solve genetic problems. A major potential of organic matter in providing prospecting guides lies in the high thermal sensitivity of organic matter in sediments which are metamorphosed at grades lower than greenschist facies. The organic matter can then be used to map thermal anomalies potentially associated with mineralization. The analytical approach is to determine the thermal maturity of the total organic matter, or of specific fractions, using techniques which are relatively quick and inexpensive. Consideration of genetic models (for example, reduction, complexing, involvement of oil field brines) generally requires more specific information than the overall thermal maturity of the organic matter, necessitating infor¬mation on molecular composition and structure. The facilities, time, and cost of this information are greater than for mapping thermal anomalies. The analytical techniques discussed include elemental analyses, spectroscopy (infra-red, visible and ultra-violet), Fourier Transform infra-red, nuclear magnetic resonance, extraction, pyrolysis techniques, chromatography and mass spectrometry.

Jan 1, 2013

By M. L. Wouden

In the late 1970's, the Bureau of Mines began to examine the criteria for reestablishing vegetative cover on coal strip mine spoils near Glenrock, WY. A 9-acre plot, consisting of (1) spoils covered with topsoil, (2) spoils without topsoil, and (3) spoils treated with sewage sludge, was constructed. These plots were seeded with Tegmar intermediate wheatgrass (Agropyron intermedium), Fairway crested wheatgrass (A. cristatum), and Critana thickspike wheatgrass (A. dasystachyum). After 5 yr, the topsoil had about 70 pct plant coverage. Revegetated spoils, without topsoil addition, averaged approximately 30 pct plant coverage, and sewage sludge-treated spoils had about 45 pct plant coverage. Comparison of grass types showed the intermediate wheatgrass produced greater surface coverage.

Jan 1, 1986

By M Skead, H Michael, R Chase, A Davidson

Ashanti Goldfields CompanyÆs (AshantiÆs) most recent development is the Geita Project in the Lake Victoria Goldfield of NW Tanzania. It comprises six distinct gold deposits within two mineralised trends: Nyankanga, Lone Cone, Geita Hill (Geita trend) and Matandani, Kukuluma and Area 3 West (Kukuluma trend). Between 1936 and 1966, the Geita area produced an estimated 5.5 M tonnes of ore from five underground deposits at an average recovered grade of 5.3 g/t. The discovery of Nyankanga was made by Ashanti in 1996 from RAB drilling of a +100 ppb Au anomaly in laterite soil above ferricrete cover. The Kukuluma trend was discovered by SAMAX Resources (taken over by Ashanti in 1998) between 1996 and 1997 from RC drilling of a +80 ppb Au laterite soil anomaly. Oxide facies banded iron formation (BIF) of the Upper Nyanzian System forms prominent topographic ridges and is the dominant host lithology for gold mineralisation. The ridges are flanked by felsic tuff units which lie stratigraphically above. Syn-genetic lamprophyre (vogesite) and post-genetic felsic dykes are also seen in the Geita trend. At Nyankanga a granodiorite-diorite suite has intruded as dykes and sills into BIF from a plug centred on a WNW fault and has produced wallrock alteration assemblages similar to those seen in Cu-porphyry systems (potassic, propylitic, etc) as well as sulphide and gold deposition. However, the main ore-grade mineralisation (as in the rest of the Geita trend) is controlled by low-to-medium angle structures dipping north-west and north with numerous splays in the hanging wall. High-grade shoots at Nyankanga plunge to the west and to the north-west, being lithologically and fault-controlled respectively. At Geita Hill the higher grade shoots are controlled by fold noses in BIF dipping to the north. Free gold occurs within fractures of sulphides. The deposits of Kukuluma and Matandani occur on an ancient (possibly Cretaceous) erosional plateau and are related to two WNW to NW trending shear zones, discordant to the local strike of the BIF sequence. Complete oxidation occurs up to 120 m depth and there is a strong supergene component to the gold distribution. Primary gold mineralisation is divisible into two distinct assemblages: arsenopyriteûpyrrhotiteûmagnetiteûchlorite associated with brecciated cherts and pyrite associated with shaley banded ironstones. Area 3W is most likely the fault-displaced extension of the same mineralised trend and comprises thin, intermittent zones of high-grade gold mineralisation occurring adjacent to a ridge in banded cherts and minor BIF. Current resources (measured, indicated and inferred) for the project are estimated at 89.24 Mt at an average grade of 4.17 g/t (11.97 Moz of contained gold) at a 1.0 g/t cut-off grade. Of this 9.83 Moz is within the Geita trend and 2.14 Moz is within the Kukuluma trend. A resource of 2.74 Moz is from an inferred resource at depth at Nyankanga where the viability of an underground operation is being studied. Proven and probable reserves are 49.77 Mt @ 3.46 g/t (5.54 Moz) based on a $325/oz gold price providing a mine life of ten years at an average production rate of 500 000 oz per year. Reserve estimation was carried out using mineable polygons to select resource blocks based on a series of mining and costs parameters. In addition key cost parameters were tested to provide sensitivities for pit optimisations and pathfinders for negotiations with suppliers and contractors. Construction began in March 1999 and first gold is expected to be poured in the second-quarter 2000.

Jan 1, 2000

By Eugene A. Stephenson

The writer apologizes for presenting this very elementary analysis of one aspect of proration, but a search of the literature failed to disclose any concrete illustrations of the effect of various proration formulas upon the allowable oil produced by tracts of different sizes. Many engineers have doubtless made somewhat similar calculations and are fully acquainted with the results. The various allocation formulas that are in use are based on one or more of the following factors: (1) wide-open well potential, (2) potential through an orifice, (3) uniform well allowable, (4) acreage, (5) sand thickness, (6) bottom-hole pressure, (7) productivity index, and (8) volumetric displacement. Of these, the unrestricted potential formula, or open-flow test, and the uniform well allowable are commonly regarded by engineers as those least likely to give each producer his proportionate share of the oil or gas, as represented either by acreage or by sand thickness, or both, except when the wells are located on tracts of large size. Unless the mechanical equipment that may be used during the potential test and the method of taking the test are both specified, the net result of the potential formula is to practically force the operators to use special equipment and adopt special procedures prior to and during the potential test, so as to secure the largest possible allowables. Much ingenuity and skill have been devoted to this,problem, but the general effect is to permit excessive allowables for very small tracts, and stimulate unnecessary drilling. It is interesting to compare some of the high yields from the Wilcox horizon at Oklahoma City with each other, as an illustration of the effect of an allocation factor based solely on potential (Table 5). One of the glaring instances is a well on a ½-acre lease, which had produced, as of September 1936, at the rate of almost 3,000,000 bbl. per acre. This is at least twice as many barrels as could have been present under the property if the reservoir had consisted of a tank of oil 200 ft, deep and 56 acre in area. Numerous combinations of acreage, potential, bottom-hole pressure, sand thickness, etc., have been proposed and are in use in various fields.

Jan 1, 1937

By Wilson Blake

The Bureau of Mines used a mathematical model based on the finite element method of stress analysis to calculate stresses and displacements surrounding an open pit mine in a gravity-loaded rock mass. Comparison of the finite element solution for a semicircular notch in a gravity-loaded plate with the theoretical solution for a semicircular notch in a plate under uniform compression parallel to the free boundary demonstrates the inapplicability of the latter method to openings at the free surface of a gravity-loaded medium. High stress concentrations are formed at irregularities along the boundary of an open pit in a gravity-loaded continuous competent rock; however, for this type of rock the magnitudes of the stresses are too low to be considered a major factor in open pit slope stability. High stress magnitudes will occur if, in addition to the gravity stress field, a large horizontal stress field exists.

Jan 1, 1967

By Brian J. Gorval, Robert L. Kemeny

INTRODUCTION Financing, or providing adequate capital at low cost for developing and bringing a natural resource property into production, is a fundamental requirement for profitable operation. Under the present economic environment the cost of financing any project is gaining more importance than ever. The fundamental keys for success in mining are "the Four M's": Mineral, Market, Management and Money. In recent years, with capital and operating costs skyrocketing, increased emphasis on obtaining adequate and low cost capital funds for bringing in a prospect is essential. For a small mining company there are limited sources for raising funds. In most cases these companies have neither a substantial asset base, nor any cash flow, and they are deemed as risky investments. The issue of shares of capital stock of such a company is probably the most common method of raising funds via the public purse. Alternatively, debt could be used and a source of such capital might be private investors or financial institutions. The company which intends to raise funds from the investing public by way of the sale of equity, subsequently lists those shares for trading on a stock exchange. Going and staying public commits a company to a multitude of complex laws, rules and reporting requirements. The governing bodies are the watch dogs for the public. The largest of such an organization of this kind in the world is the Securities and Exchange Commission (SEC) in the United States. In Canada, the Securities Laws come from within provincial jurisdiction. Most provinces have their own Securities Act, and Securities Commission. It is the Commission which administers the Act, and hence controls the distribution and trading of securities within the province. Extra provincial registration is required for trading and distribution in more than one province. In British Columbia, prior to a public offering, the approval of the Superintendent of Brokers (SOB) and of the VSE must be obtained. THE VANCOUVER AND TORONTO STOCK EXCHANGES There are five stock exchanges in Canada which supply a trading forum in which mining companies may operate. The stock exchanges are located in Montreal, Toronto, Winnipeg, Calgary, and Vancouver. Of the five stock exchanges, the Vancouver Stock Exchange (VSE) and the Toronto Stock Exchange (TSE) are the most heavily used for resource-based issues and are the focus of this paper. The objective of this section is to provide a brief background on the VSE and TSE. The Vancouver Stock Exchange The VSE is Canada's predominant stock exchange for financing resource-based, junior issues. Since 1907, the VSE has acted as a source of funds for mining, exploration and energy companies throughout Canada and the world. Currently, there are over 1400 companies listed on the VSE. During 1983, over 3.1 billion shares traded at a value exceeding CDN$3.96 million. The VSE has developed a reputation as one of the few exchanges where a speculative resource venture may obtain a listing and subsequent financing in a relatively short time, generally five to ten months. The SOB, the Investment Dealer's Association of Canada (IDA), and the VSE all regulate trading at the Exchange. Any irregularities in a company's stock dealings are investigated and trading may be halted by the VSE until a satisfactory explanation has been received from the suspended company. Companies can be suspended from trading or delisted for various reasons. One reason is misrepresentation of facts in documentation submitted to the SOB, VSE, or to the public, through news releases.

Jan 1, 1985

By Alain Jardy, Thibaut Quatravaux, Denis Ablitzer

"A numerical model of the Vacuum Arc Remelting process has been developed and applied to simulate remelting of various metallic materials, such as specialty steels, titanium and zirconium alloys. In practice, electromagnetic stirring is sometimes used, resulting in a complex 3D molten metal flow. After having validated the numerical model for different remelting conditions, we can use it to study the effect of applying a constant or alternated magnetic field on the thermohydrodynamic behaviour of the melt pool. The intensity of flow turbulence, computed with a classical k-E model, is shown to depend strongly on the nature of electromagnetic stirring.IntroductionThe principle of the Vacuum Arc Remelting (VAR) process, illustrated in figure I, consists in melting a consumable metallic electrode of the required grade under a high vacuum, in order to obtain a sound ingot of good structural quality.During remelting, an electric arc is maintained between the tip of the electrode and the top of the secondary ingot, in order to ensure melting of the electrode. The metal droplets fall through the arc plasma and progressively buid up the ingot, which solidifies in contact with the walls of a water-cooled copper crucible. The secondary ingot formed in this way contains three distinct zones, corresponding to the liquid pool, fully solidified metal and intermediate mushy zone. In order to stabilize the arc, it can be confined with the aid of a magnetic field created by an external induction coil. This field can also be used to stir the liquid metal, the rotation induced being in the orthoradial direction. By reversing periodically the coil current, stirring can be alternated."

Jan 1, 2004

By A. Davis, C. Webb, J. Sorensen

The abandoned Belle Eldridge Mine near Deadwood, South Dakota, is on land controlled by the U.S. Bureau of Land Management (BLM). The mine produced lead and zinc during the first half of the 1900s. Because of acidic drainage and elevated levels of metals in tailings and waste rock, the site was evaluated in 1998 and 1999. After evaluation, the mine was remediated during 1999-2001 by the BLM. Since remediation, values of pH in water samples have been nearly neutral and specific conductance values have been much lower than before remediation. The Grizzly Gulch forest fire of July, 2002, consumed much of the Belle Eldridge site and resulted in greater than normal erosion and sediment flushing during the months following the wildfire. Had the site not been remediated and the tailings emplaced within a capped repository, generation of acidity and off-site migration of heavy metals within sediments could have been severe at downstream locations.

Jan 1, 2007

By Jennifer Riefenberg

The U.S. Bureau of Mines has long recognized the hazards associated with rock burst activity in underground mines. Concern over lost lives and resources prompted this study to further characterize rock burst occurrence as related to microseismicity and mining. A period of over 1,079 days of mining with 101 bursts, where microseismicity rates and blasting were recorded, was used in this study. Statistical analyses investigated relationships between (1) rock burst occurrence versus blasting, (2) rock burst size versus damage, (3) rock burst occurrence versus average micro seismicity rates, and (4) rock burst occurrence versus local mine geometry. Statistical analyses showed that 91% of all rock bursts occur with blasting while only 3% of all rock bursts occur, apparently, independent of blasting. Additionally, the long-term average daily micro seismicity rates appear to dictate when blasting will trigger rock bursts. Time series analysis on the daily microseismicity resulted in model equations that may be used to forecast the daily microseismic activity.

Jan 1, 2010

By R. W. Raymond

There is apparently no end to the doubts, inconsistencies and absurdities in which the courts of our mining States and Territories are involved in their attempts to apply to conditions of ever-increasing complexity the provisions of our anomalous mining law. In previous papers, I have called this statute " the law of the apex," because it based upon that vague, novel and mysterious condition the most important grant of title. But the apex is scarcely a more essential feature than the end-lines and the side-lines; for the rights which it may confer may be limited in various ways by these; so that we have, in many a case, the most ridiculous result that the United States, in return for the money of a citizen, conveys to him with much solemnity, under its broad seal, nobody knows what, bounded nobody can tell how. A decision recently made at Butte by Judge De Wolfe, of the United States District Court of Montana, in the case of King et al. vs. The Amy and Silversmith Mining Company, furnishes a fresh illustration of this criticism. The diagram on the following page, constructed without precise regard to courses and distances, simply to assist in the statement of the essential features of the case, will, 1 hope, make clear the principles . involved : The plaintiff occupies a location (the Nonconsolidated) adjoining on the north the defendant's location, a b c d (the Amy), and the disputed mining-ground lies, let us say, in depth under the point W, that is, on the dip of the vein, VD, but not under the surfacelocation, a b c d. The defendant has the prior title, and claims this ground under its extra-lateral right. It is admitted that the apex does not cross the end-line, a d, and does cross the side-line, a b. Whether it crosses, at the other end of the location, the end-line, b c

Jan 1, 1889

By Long An, Chao Wu, Yuanhui Li, Xing Sun, Shuai Xu, Changyu Jin

Stage open stope mining (SOSM) maintains the stability of excavation openings by leaving a large number of rib pillars. Affected by the strong unloading due to stage mining and the low width-to-height (w/h) ratio of the pillars remaining, largescale destabilization disasters of rib pillars or excavation openings easily occur when the distribution of ground stress or the size of rib pillars is unreasonable. In view of these problems, a physical SOSM model test was carried out based on an underground metal mine in Chifeng City, China, revealing the deformation and failure characteristics of the SOSM pillar group by overloading. The physical model test results of SOSM and room-and-pillar mining (RPM) with a weak pillar were compared, and the failure process of the SOSM pillar group showed the characteristics of rapid and severe damage. The strength difference between a weak pillar and the adjacent pillars enhanced the stress rebalancing effect and extended the failure process of the pillar group. Similar to the SOSM pillar group with a low w/h ratio, some high-strength pillars can be used to avoid large-scale destabilization disasters caused by the synchronous failure of pillars.

Mar 8, 2023

By J. R. Pacheco

Paranapanema group has decided to implement the business system SAP R/3 in all companies of the group in order to replace all current applications. This project has taken nine months to be completed. This paper describes the phases of this implementation, with focus on the Plant Maintenance component. In addition, it gives an idea of the effort required to implement SAP R/3 on an organization the size of Paranapanema group.

Jan 1, 2007

By S Coward, C Xu, P A. Dowd

"This paper provides an assessment of the current challenges in strategic mine planning and design and suggested approaches for addressing them. The specific challenges covered are: realistic quantification of downstream processes applied to orebody models to provide an integrated approach to mine design and optimisation modelling, estimation and simulation of geometallurgical variables and their integration into resource and reserve estimation and mine planning modelling, estimation and simulation of new variables for new forms of mining – deep mining, particularly block caving, and solution mining flexibility in planning and design to manage risk and minimise its impact information technology (IT) infrastructure and platforms for rapid online data collection, storage, access and processing.Most of these challenges require new types of data, variables, modelling and estimation methods. Foremost among the new types of variables and data are geometallurgical and dynamic rock mass characterisation variables. New types of data and data collection include rapid generation of very large amounts of online sensor data and the consequent need for rapid processing and modelling of these data.This paper outlines the challenges and strategies in each of these areas and uses examples of models and outputs to illustrate approaches and potential solutions.CITATION:Dowd, P A, Xu, C and Coward, S, 2014. Strategies for mine planning and design, in Proceedings Orebody Modelling and Strategic Mine Planning Symposium 2014, pp 41–50 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Nov 24, 2014

By B. C. Alberts

Planning the use of South Africa's energy resources, especially coal, is of the utmost importance. The State and the mining industry require reliable official estimates of the economically mineable coal reserves for planning purposes. An overview of al the previous reserve estimates is given, with specific attention to the two most recent estimates-those of Petrick and De Jager. The differences between these two estimates are highlighted. The following important aspects are discussed: . the need to update the information regarding South Africa's mineable coal reserves, . the necessity of understanding and agreement between the coal-mining industry and the State department responsible for updating the coal-reserve data, and . the importance of the specific assumptions used in the updating of the data. A downward adjustment of mineable reserve figures is proposed, and the factors that influence the meaningful exploitation of the coal reserves are discussed. A recommendation is made as to how the Waterberg coal reserve should be exploited, and it is concluded that the Soutpansberg Coalfield cannot be exploited economically in the foreseeable future. An evaluation of the status of the coal-export trade is made and compared with the assumptions and targets set at the start of the coal-exportation scheme. The comparison shows the extent to which the exploitation of the coal reserves is being negatively influenced by the current market situation. Recommendations are made regarding planning for the coal-export market, and the aspects that have to be taken into account to keep South Africa in the export market are identified. Reference is made to the fact that the present unrestrained wage and salary adjustments, which show a total disregard of South Africa's poor productivity record, require serious thought and speedy rectification if the country is to survive in the export market. A salary and wage strategy must be developed to suit the specific needs of the Republic of South Africa.

Jan 1, 1987

By A. Galaitsis

This report summarizes part of the work performed under the USBM Contract No H0155113, "Noise Abatement of Continuous Mining Machines." It describes the noise source diagnosis of a Jeffrey 120M conveyor and the evaluation of several treatments all conducted in a test facility aboveground. The conveyor noise at the operator's position was gradually reduced from 101.5 to 93 dBA using damping, vibration isolation, sound barriers and smoother discontinuities. The underground performance of the selected treatments will be addressed in Volume II of the report.

Jan 1, 1979

By Verya Nasri

This paper will present the design and construction of a deep underground station of the Réseau Express Métropolitain (REM) project; the Édouard Montpetit station. The Édouard-Monpetit station is an interchange station that will connect the deeply sitting REM tracks to the existing metro station of the same name located closer to the surface. Édouard-Montpetit station is expected to be the deepest in North America, surpassing the famous Forest Glen Station. The various challenges and solutions put forth for the successful completion of this underground work are presented to serve as a valuable example for future deep excavation performed in urban area, in the close vicinity of highly sensitive structures.

Jun 13, 2021

By Brian T. Brady

The year 1992 recorded unimpressive economic growth and uncertainties over what changes would occur for the financial market. Falling interest rates in the United States and elsewhere tended to exert a number of positive influences on financial markets and, indirectly, the mining and quarrying industry. The interest rate declines during 1992 were no exception. Lower rates prompted many investors to turn their attention to long-term investments such as stocks that offer potentially greater rates of return, causing large cash inflows into the equity market. Lower rates made it easier for businesses to finance growth and for consumers to finance the purchase of products businesses made. Also the rates enabled many companies to increase their health and profitability by refinancing their existing loans at lower rates. Falling interest rates were not confined to the United States. With Japan and Western Europe in the midst of economic slumps, marketing authorities in many countries overseas lowered rates in an effort to stimulate business activity. True to form, that contributed to stock market rallies abroad. Stabilizing inflation and lower interests stimulated the industry during 1992 and will likely influence favorably the industry for the next few years.

Jan 1, 1992