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By George A. Roche

Since our firm was established by Mr. Price in 1937, we have followed an investment philosophy which is based on the belief that investment in growth stocks is the most assured way of achieving superior, long term investment accomplishment. There are many criteria that we use to select growth companies but the most important is a combination of superior management operating in an industry with above average growth potential. This growth stock approach is the cornerstone of our investment strategy for two of the three mutual funds sponsored by the Price organization and for our private clients. However, during the past 5 years we have seen inflation accelerate due to a variety of factors including the inability of our government to meet seemingly unlimited needs with limited revenue sources. While there might be temporary periods of price stability, we believe that inflation will still continue to be the investor's greatest problem in future years. Our conviction that inflation would increase combined with the acceleration of inflation in the late 1960s stimulated an intensive investment research effort, on our part, to identify those companies with strong natural resource bases -- who own or control large, secure, and low cost tangible assets. Over the longer term and in an environment of a depreciating dollar some of these firms should be able to develop and sell these assets at higher prices. While we still believe that investing in growth companies is a sound investment strategy to offset inflation, we also believe that certain natural resource companies will show well above average investment performance. In the newest Price mutual fund, The Rowe Price New Era Fund, we have, as a matter of policy, placed a large portion of the portfolio in natural resource companies.

Jan 1, 1972

By C. L. Kosmoski

In recent years, coal mining safety has attained national attention due to several highly publicized disasters. Despite these threats to worker safety and health, the U.S. relies on the mining of coal to meet its need for electrical power, with 42% of electricity in the U.S. generated through the burning of coal (U.S. Energy Information Administration, 2012b; United Mine Workers of America, n.d.). Furthermore, the production of coal continues to increase and reach record levels every year (National Mining Association, 2012; U.S. Energy Information Administration, 2012a). For this reason, the coal mining industry must continue to find ways to protect its workers while maintaining productivity. One potential approach to protecting workers while maintaining productivity is through improving the safety culture at coal mines. In order to achieve this culture, operators, employees, the inspectorate, etc. must share a fundamental commitment to safety as a value. This type of culture is known in other industries as a ?safety culture,? and can be defined as the characteristics of the work environment (such as the norms, rules, and common understandings) that influence facility personnel?s perceptions of the importance that the organization places on safety. Fundamental to improving safety culture within an organization is understanding the existing safety culture; improvements cannot be made without first elucidating areas that require improvement. This manuscript details the process undertaken by researchers at the National Institute for Occupational Safety and Health (NIOSH) Office of Mine Safety and Health Research (OMSHR) to assess the safety culture at five underground coal mines across the United States. The purpose of this manuscript is to present the aggregated results from those five safety culture assessments conducted at underground coal mines. Additionally, some general recommendations for areas where coal mines might focus their attention as part of their attempts to improve safety culture are offered.

Feb 23, 2014

By M. E. Lombardi

IN comparison with the mining industry the petroleum industry is new and inexperienced, and until now it might have been called the fortunate industry. Its great good fortune consisted in two things; a bountiful supply hidden by nature in the rocks of the earth, and a steady and large increase, during the past twenty-five years, in the demand for petroleum products. It is a remarkable fact that consumption of gasoline in the United States has shown an increase every year since automobiles first became important, and even in 1930 there was a four per cent increase, in spite of the universal depression; the estimated increase if the times had been normal, was ten per cent. This industry has, therefore, not passed

Jan 1, 1931

By William M. (Bill) Shaver

"The author will review the early history of shaft sinking as well as focus on the improvements made in shaft design and construction over the last fifty years (1970 to 2019) to predict how shaft sinking will change over the next fifty years and describe what the shaft sinking world might look like in 2070. INTRODUCTION It is a great honour to be one of your keynote speakers for the Fourth International Conference on Shaft Design and Construction being held in Toronto in November 2019. This is one of the opportunities we have to thank the Mining Companies of the world as well as the industries and companies we serve for their support of the mining contracting and shaft sinking business of Canada and the world at large. Many of these companies are represented here today. Without your support many of the innovations we will talk about today would not be possible. We would also like to thank all the companies that work with us in our business including all the contractors and suppliers who provide the various services we require. These include equipment manufacturers, engineering companies, project management companies and suppliers large and small who cater to our every need as quickly as possible. Without all these partners we would not be as good as we are. Many of these companies are our sponsors this week. Thank you from all of us! This is also an appropriate time to pause and think about those Shaft Sinkers we have lost and those who have been injured on our projects around the world. Please bow your head and remember the Shaft Sinkers you have worked with, who did not return home or those who returned home injured. Think about how we can continue the work of making shafts safer every day as we go forward with our projects so everyone goes home to their families safe and sound. Pause for a minute and thank you. The subject matter we have chosen to discuss today is “Shaft Sinking in the Next Five Decades”. How will the work be done, how fast will it be done, what will it cost, and why we think this may occur? It is appropriate to consider this over the next few days with this auspicious group we have assembled. Today, we will look back at all the advances that have been made over the last many years and look ahead to the future to attempt to predict what shaft sinking will look like in 2070. When I look around the room I recognize that many of us will not be around then so we need not worry about being wrong. Suffice it to say that the next 50 years will be very interesting and exciting for the shaft sinking business."

Jan 1, 2019

By Za-Chieh Moh

This paper presents a summary of the current pile foundation practice in Taiwan. Constructions of driven piles, drilled shafts, and barrette foundations are reviewed. This paper also briefly summarizes the pile works of four major construction projects in Taiwan, namely, Hsin-Ta Power Plant, Taichung Power Plant, Taipei Transit Systems, and Taiwan High Speed Rail.

Jan 1, 1996

By Donald B. Gillies

TO me a graduating class of engineers constitutes one ' of the finest inspirations I can imagine. You have finished your four- year scholastic career and are starting out in competition with thou- sands of other young men from other universities to make your mark. Be- cause of your training you men are such an essential part of our present- day civilization that a great weight of responsibility rests on your shoulders, especially at this time, for this is an engineering era. Today, it is the engineer who dreams the dreams and makes our civilization better. It's the engineer who carries those dreams into realization and fulfillment. No matter where we go in business and industry, we find- engineers in key positions, charged with great responsibilities.

Jan 1, 1939

By Robert J. Brison

The intent of this paper is to try to answer the complex question: "How much grinding capacity should be designed into a new mining - milling project?" Much work has been devoted to the technical aspects of grinding, the "how" of grinding. But, in the writers' opinion, the economically important subject of optimizing grinding capacity in mill design has not received the attention it deserves, at least not in published literature. For the purpose of this paper it is necessary to distinguish clearly between optimizing operation and optimizing design. Optimizing operation involves making the best use of the available plant and equipment. Much excellent work has been done and is being done in this area. In operation, one can make tradeoffs of production rate and recovery, or recovery and grade, to maximize profits. However, this must be done within the limitations imposed in the design stage. Flexibility is limited by the existing plant. In project design, on the other hand., there are no preexisting physical limitations except as imposed by nature itself; the planners and designers have considerable latitude in their efforts to optimize the overall project. They have complete control over a large number of important design variables from the mine to the finished product. The grinding process design is one of these variables. It not only determines the capital cost charges for grinding and the maximum grinding capacity that operating management will have to work with, but also determines the range of capability of the auxiliary equipment, which fixes the degree of flexibility possible in operation. This paper is concerned with optimizing design rather than operation. The terms "optimum" and "optimize" are sometimes used in a technical sense in connection with grinding, recovery or grade. In this paper, these terms are used only in the economic sense. In this age of working large deposits of ever lower grade ores, it is in¬creasingly essential to design projects and plants for optimum economics, based on the most applicable economic. criteria. Since grinding represents a large part of both capital and operating cost of the project, and largely determines percentage recovery of metal, it should be included as one of the factors in optimizing the project design. This paper is written primarily with reference to medium to large copper concentrators employing conventional wet grinding. However, the principles involved should be applicable to other ores and other methods of grinding.

Jan 1, 1972

By NA NA

Reports of discussion at sessions held in Keyworth, UK, on 22-23 April 1992.

Jan 12, 1992

With the next mining boom looming, the industry will once again struggle to meet skills needed as the current generation boomers are set to retire. In order to meet these needs it is going to need to focus on what underutilised human resources - in particular women - want!   Women comprise around 14 per cent of the mining workforce, compared with a 45 per cent participation rate in the work force overall. Within the industry, women still make up only one per cent of trades people, eight per cent of operators/production employees, 12 per cent of engineers and 11 per cent of executive management.   It may be worth pointing out that mining has an age profile skewed towards the older end of the spectrum. When it comes to employee retention, what women want may be a good starting point to examine, more broadly, what all employees might want (but are too afraid to ask!).   Women in mining want the following: To be scrutinised for their work and performance, not their personal lives, appearance or relationships. True pay equity. This is addressed at lower levels between companies but at professional levels the salary differentials begin to appear and little is done to identify why this continues to be the case. Recognition and acceptance that women can have different work-styles, and that diversity of work-styles is an asset to be nurtured not a threat to be neutralised! Recognition that a more diverse workforce demographic that better reflects society at large will assist the company in its dealings with many diverse stakeholders from society at large. For employers to recognise that a career break to accommodate caring responsibilities does not mean that an employee's commitment to progressing their career is any less than that of someone who has not taken a career break. Similarly, for employers to recognise that working part-time for to accommodate caring responsibilities does not mean that an employee's commitment to progressing their career is any less than someone who works a more traditional roster. Access to affordable and quality child care compatible with mining rosters in mining towns. Zero tolerance for bullying and harassment, and workplace cultures that promote respect and safety. This is an ABSTRACT ONLY no paper was prepared for this presentation.

Jun 1, 2010

By Oliver Bowles

PRICES of quartz sold in the United States in 1938 ranged from $1.15 to $36,000 a ton. This startling variation was due simply to the differences between glass sand and rock - crystal, materials that are virtually the same in composition. It illustrates the complexities in qualities, uses, and values of industrial minerals. It is generally stated that mineral deposits are exhaustible resources which can never be replaced when depleted. This statement is no longer true with respect to certain industrial minerals now recovered in increasing quantities from that most inexhaustible of all sources of supply, the ocean. Salt has long been obtained from sea water, particularly on the Pacific Coast, and reference was made a year ago to the large bromine recovery plant at Wilmington, N. C. Now the Westvaco Chlorine Products Corp. is operating a large plant at Newark, Calif., having a capacity sufficient to recover daily from the ocean raw materials that will produce 60 tons of various magnesium products. Lime is used to precipitate the magnesia from salt-water bittern. The products are chiefly magnesium carbonate for chemical uses, periclase and other refractories, and oxychloride cement for flooring.

Jan 1, 1939

By W. P. Lass

(San Francisco Meeting, October, 1911.) TEE purpose of this article is not only to describe the plant and method of cyaniding the Treadwell concentrates, but to present some of the results of the experimental work obtained in the past three years for the Alaska-Treadwell Gold Mining Co., at Douglas Island, Alaska., under the direction of F. W. Bradley, Consulting Engineer, and Robert A. Kinzie, General Superintendent, of the affiliated companies. At the time the experimental work was undertaken the concentrates were being shipped to the smeltery at Tacoma, Wash., and the cost for treatment of 3-oz. (gold) concentrates was $11.95 per ton, divided as follows: Smelting-charges, . $4.00 Loading, freight, insurance, etc., 2.89 Interest due to time lost in transit and in settlement, . 0.05 Loss due to settlement for 95 per cent. of the gold at $20 per ounce, 5.01 Total, . . $11.95 From the experimental work described later, it was estimated that 96 per cent. extraction could be made by treatment on the ground, and that the cost, when treating 80 tons per day, would be $3.25 per ton, divided as follows; Per Day. Per Ton. Labor, . $66.16 $0.827 Chemicals, . 76.60 0.960 Power and steam-heat, 67.60 0.845 Marketing-, refining- and other charges, 49.36 0.617 Totals, . . $259.72 $3.250 Adding to this total the 4 per cent treatment-loss, which on 3-oz. concentrates amounts to $2.48, gives a total cost of $5.73 per ton. Comparing this with $11.95, the cost when shipping to the smelter, leaves a net gain of $6.22 per ton by the local

Feb 1, 1912

By Terry J. Close

Between 1986 and 1989, at the request of the U. S. Bureau of Land Management, personnel from the U. S. Bureau of Mines Western Field Operations Center studied the highly-mineralized, 25,335-acre, Crack Canyon Wilderness Study Area (UT-060-028A), to evaluate its identified mineral resources. The 16-mi-long, 2-mi to 4-mi-wide stud/ area is on the southeast side of the San Rafael Swell, about 40 mi southwest of Green River, Emery County, southeast-central Utah. The study area is underlain by Mesozoic sedimentary beds. Uranium, the principle mineral resource, occurs in two formations. The principle uranium deposits are in mudstone, sandstone, and conglomerate lenses in the 22-mi-long outcrop of the Triassic Chinle Formation which parallels and straddles the northwest boundary of the study area, Some small low-grade uranium occurrences and an extensive gypsum deposit are hosted by the Jurassic-age rocks that underlie the southeast part of the study area.

Jan 1, 1989

The mining industry, both here and internationally, is continually developing increasingly sophisticated software to compute mineral resource estimates, but these processes cannot compensate for a flawed geological interpretation of the geology of the economic commodity(s) concentrations. Quality assurance and quality control (QA/QC) is becoming increasingly common in association with the sampling and assaying practices within the industry. However, it is rare in the case of a geological interpretation associated with mineral resource estimation. Why? In the context of this paper, QA/QC relates to the use of statistical and graphical tools to show that the geological economic commodity concentrations have been appropriately domained. Domaining is essential to improve the chance of getting a mineral resource estimate right. Commodity value and acceptable concentration variation within a mineral resource can be ingredients that make mineral resource estimation difficult to get right. But it is possible to get it right a very high proportion of the time. It is more likely to occur when inappropriate data consolidation is minimised. In any case, inappropriate data consolidation is significantly reduced when the geological interpretation is strongly consistent with the data and it is demonstrable. To achieve quality global estimates of geological domain concentrations, it is essential that the geology of the prospect is understood sufficiently that the deposit is appropriately domained. Appropriate domaining occurs when sample populations are separated in such a way that only data in harmony with each other within the population contributes to the domainÆs concentration estimate. The paper will use four brief case studies to illustrate how QA/QC can be used to display data and validate the underpinning geological interpretation through its associated domaining to get it right when it comes to a mineral resource estimation.

Jan 1, 2007

By C. A. Mehring

[This paper, which describes the milling practice at the San Guillermo concentrator of the Compania Industrial "M Potosi", S.A., located at Chihuahua, Chihuahua, Mexico, is one of a series of similar papers being prepared by the United States Bureau of Mines. The concentrator treats lead-zinc-silver ore at the rata of 2,300-2,400 tons of dry material daily and produces lead concentrate and zinc concentrate by selective flotation methods. The lead concentrate is smelted at the Chihuahua plant of the American Smelting & Refining Co., and the zinc concentrate is shipped to various European smelters.]

Jan 1, 1933

By Thomas J. Peters

In 1978, the U.S. Bureau of Mines and the U.S. Geological Survey completed a joint mineral survey of the Chemise Mountain and King Range study areas as mandated by the Federal Land Policy and Management Act of 1916, Public Law 94-579. The U.S. Bureau of Mines examined all identified mineral prospects and deposits; the results of these examinations are included in this report. The U.S. Geological Survey studied the regional geology, geochemistry, and geophysics; the results of these studies are available in USGS Map MF-1196. No mineral resources were identified in either the Chemise Mountain or King Range study areas; however, a high-grade silver and base-metal occurrence, and minor manganese resources were identified in between the two study areas, within the King Range Conservation Area. The only mining activity in either area was a placer gold prospect on Honeydew creek in the northeastern part of the King Range study area. Three samples from this prospect contained no gold. The Chemise Mountain and King Range study areas are in a mountainous region along the coast of northern California, 230 road miles north of San Francisco, and 70 miles south of Eureka by way of U.S. Highway 101, through Garberville and Redway. The Chemise Mountain study area consists of 3,941 acres; it includes the 2,598-ft Chemise Mountain, and the cliff-lined seacoast southeast of Shelter Cove. a resort and fishing village. The King Range study area consists of 39.764 acres northwest of Shelter Cove, and includes the northwest-trending King Range with elevations above 4,000 ft. The Chemise and King Range study areas are underlain by deep-water marine sandstones, shales, and minor pillow basalts of the Late Cretaceous and early Tertiary Franciscan Subduction Complex. Mineral production was 1,650 tons of manganese ore within a manganiferous bed overlying pillow basalt at the Queen Peak mine southeast of the King Range study area. However, no significant manganese resources were found in the Queen Peak area. The Point Delgada area, directly south of the King Range study area, has prospects with high grade copper, lead. silver, and zinc. Exposures are inadequate to estimate resources; however, the metals may be associated with Franciscan volcanism (volcanogenic). The Chemise and King Range study areas may contain similar economic silver-rich, base-metal deposits.

Jan 1, 1992

"Recognising that the mining industry is wedded to the break-even cut-off grade rather than a cut-off grade that optimises value, the author examines some perils and pitfalls in the use of break-even grades that lead to what the author calls ‘negatively geared ore reserves’.Negatively geared ore reserves occur when a portion of the ore reserves actually has a negative value and is effectively being subsidised by the more profitable portion of the ore reserves. This situation is generally difficult to detect with the level of information available to the public investor. The ore reserves can still be quite profitable in total, but now possess a level of risk that may not be appreciated.The risk profile (financial risk) of a negatively geared ore reserve is far greater than for a non-negatively geared ore reserve. Like a negatively geared investment property in a falling property market (for readers familiar with the Australian tax minimisation investment strategy), when the price of a commodity falls, a company that possesses a negatively geared ore reserve loses value at a magnified rate relative to a company that has a neutral or positively geared ore reserve. In the extreme case of a major commodity price reduction, as happened with the gold price in mid-2013, the negatively geared ore reserve can easily become negative value in total, not just in part.The negatively geared ore reserve is sometimes intentional – for instance in order to increase published ore reserve tonnages and meet the CEO’s key performance indicators – but is also often unintentional, resulting from various errors in the break-even calculation. Common errors in calculating a break-even grade include using fixed metallurgical recoveries, not including allowances for ideal laboratory versus real plant results, ignoring available operational data and using modal rather than mean parameter values in cost and performance calculations.This paper examines a common value distribution profile in many ore reserves and the effect of common break-even grade errors on this profile.CITATION:Poniewierski, J, 2016. Negatively geared ore reserves – a major peril of the break-even cut-off grade, in Proceedings Project Evaluation 2016, pp 236–247 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 8, 2016

By Gerald Verbeek, Erick Baziw

Cone penetration testing (CPT) is a popular and cost effective tool for geotechnical site characterization. CPT consists of pushing at a constant rate an electronic penetrometer into penetrable soils and recording cone bearing (qm), sleeve friction (fs) and dynamic pore pressure (u) with depth. The measured qm, fs and u values are utilized to estimate soil type and associated properties based predominantly on empirical correlations. The cone bearing measurements are highly susceptible to additive measurement noise for sandy, silty and gravelly soils. This measurement noise results in high peaks due to interbedded gravels and stones and low peaks due to softer materials or local pore pressure build-up. To date there has been little progress in filtering this additive noise aside from ad hoc techniques, which include discarding qm measurements and smoothing/averaging qm measurements. This paper outlines a qm filtering technique which attempts to put structure into the estimation problem. In this case, the dynamics of the cone bearing measurements are modelled within a state-space mathematical formulation and a Kalman filter (KF) is then utilized to obtain optimal estimates of qm. The mathematical details of the qm KF algorithm are outlined in this paper along with the results from a challenging test bed simulation.

Sep 8, 2021

By Gerald Verbeek, Erick Baziw

Cone penetration testing (CPT) is a popular and cost effective tool for geotechnical site characterization. CPT consists of pushing at a constant rate an electronic penetrometer into penetrable soils and recording cone bearing (qm), sleeve friction (fs) and dynamic pore pressure (u) with depth. The measured qm, fs and u values are utilized to estimate soil type and associated properties based predominantly on empirical correlations. The cone bearing measurements are highly susceptible to additive measurement noise for sandy, silty and gravelly soils. This measurement noise results in high peaks due to interbedded gravels and stones and low peaks due to softer materials or local pore pressure build-up. To date there has been little progress in filtering this additive noise aside from ad hoc techniques, which include discarding qm measurements and smoothing/averaging qm measurements. This paper outlines a qm filtering technique which attempts to put structure into the estimation problem. In this case, the dynamics of the cone bearing measurements are modelled within a state-space mathematical formulation and a Kalman filter (KF) is then utilized to obtain optimal estimates of qm. The mathematical details of the qm KF algorithm are outlined in this paper along with the results from a challenging test bed simulation.

Oct 1, 2021

A symposium was held on January 30 and 31, 1973, at Pittsburgh, Pa., to review the state-of-the-art in designing and utilizing diesel-powered equipment in underground mining. The Health and Safety Activity of the Bureau of Mines sponsored the symposium with major assistance from the following four participating organizations: The American Mining Congress J. Allen Overton, President The United Mine Workers of America Arnold R. Miller, President The National Independent Coal Operator's Association Cloyd D. McDowell, President The Bituminous Coal Operators' Association, Inc. Guy Farmer, President Seventeen papers were presented during four half-day sessions devoted to the general subjects of the diesel engine, the place of the diesel in underground mining, health protection using diesels underground, and maintaining safety of diesels underground. Eleven of the speakers were from industrial organizations here and abroad; one represented the Provincial Government of Nova Scotia; two were with the Department of Health, Education, and Welfare; and three reported on Bureau of Mines work related to diesels.

Jan 1, 1975

By Andrew Cecala

Miner?s exposure to dust remains a top concern among regulatory agencies, particularly at production facilities with high levels of silica. This respirable dust is present in almost all operations and is a direct cause of the deadly disease silicosis. Silica is one of the most abundant minerals on Earth and is a threat at all operations, especial-ly granite and sand and gravel facilities. The National Institute for Occupational Safety and Health continues to analyze silica?s threat. The institute?s research indicates that heavy-equipment operators have an increased risk to dust exposure, especially when drilling or breaking rock, even when working from an enclosed cab. However, there are methods to reduce an operator?s exposure further, according to recent NIOSH research, which is detailed in its report, Improving Air Quality in Enclosed Caps with Uni-Directional Filtration/ Pressurization System. NIOSH indicates that when surface mining equipment is new, the operator?s dust exposure is normally at accept-able levels. As the equipment ages and components such as gaskets and seals deteriorate, the level of protection can degrade to a point where it is no longer acceptable. However, the institute indicates that at least two critical factors necessary for an effective system.

Jan 1, 2009