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By Robert Glass Cleland

IN SPITE of its widely ramified interests in manufacturing, mines, lumber, railroads, and real estate, Phelps, Dodge & Co. remained primarily interested in exporting and importing, in buying and selling, and William E. Dodge, the directing-partner, consistently styled himself a merchant. After 1849 the profits of the company mounted steadily for seven years until they approached the half-million mark, but in 1857 another severe panic ended the long period of national prosperity that had begun some fifteen years before. Extravagance, indebtedness, and inflation again took their costly toll; or, as the New York Herald of June 27,1857, declared: Governmental spoliations, public defaulters, paper bubbles of all descriptions, a general scramble for western lands and town and city sites, millions of dollars, made or borrowed, expended in fine houses and gaudy furniture; hundreds of thousands in the silly rivalries of fashionable parvenues, in silks, laces, diamonds and every variety of costly frippery are.only a few among the many crying evils of the day. The worst of all these evils is the moral pestilence of luxurious exemption from honest labor, which is infecting all classes of society. The country merchant is becoming a city stock-

Jan 1, 1952

By Lyman H. Hart

Some of the significant facts that will affect the supply and demand for metals during the next few decades are given in this presentation. This is important because the only hope for intelligent guidance of the national destiny depends upon presenting a consistent and accurate picture of basic problems. The metals problems now fomenting are only slightly less important than those precipitating the energy crisis. Admittedly, it is difficult to generate serious thinking on this subject when the world is enjoying easy access to all metals at modest prices. This is possible because of the current world capacity to overproduce, and United States credit standing, at least up to now, has permitted buying freely on world markets. Although both these vital conditions are subject to change, there is little doubt that if the U.S. financial house is kept in order, we can muddle along for a while on a generally expanding, metalbased economy. But should our credit standing be permitted to collapse, or should there be a tightening of world supplies of metals, the nation would immediately find itself in trouble. Unfortunately, clear signals indicate that both of these conditions are threatening.

Jan 4, 1973

Newmont Waihi Operations is participating in the initiation of a community liaison forum in association with the local district council. The objective is to provide a forum for the free and regular exchange of ideas, concerns and information, and through improved communication seek to achieve a more comprehensive set of solutions to community, operating and closure issues associated with Martha Mine. A similar liaison forum has been operated on two previous occasions during earlier phases of the present mine's operation. This paper deals with the practical aspects of setting up a liaison forum to act as an effective conduit between regulators, mine operators, local businesses and the community. The mechanisms and procedures for identifying community issues and concerns are dealt with. The actions and structures required to ensure effective ongoing community 'buy in' at all levels are discussed. Corporate philosophies are addressed. Specific examples from Martha Mine, Waihi New Zealand will be used to illustrate the paper. This will include a brief explanation of previous and current community issues, Newmont Waihi's operations both at Martha Mine and the proposed Favona underground mine, and the practical issues involved in setting up a liaison forum.

Jan 1, 2003

By M. C. Azar, W. B. Mason, G. L. Anderson

Eminent domain overview Eminent domain is the power of the Government or a municipality to take property for public use without the consent or acceptance of the owner. Typically, the agency taking the prop¬erty will make an offer, hoping the owner will immediately accept and allow work to begin. If a mutual resolution regard¬ing its value cannot be reached, how¬ever, the municipality will institute a condemnation action in court seeking possion of the property. This is when the problems begin. The power of the Government to take the subject property is limited by Federal and state constitu¬tional requirements to pay "just com¬pensation" for the property. The exact nature of an owner's prop¬erty has been the subject of much debate and discussion. It is generally under¬stood, though, that property is consid¬ered to be "every kind of right or inter¬est, capable of being enjoyed and recog¬nized as such, upon which it is practi¬cable to place a money value" (US vs. 53 114 Acres of Land). A taking, for condemnation purposes, is considered to occur whenever there is a substantial interference with the free use and enjoyment of the property. Rarely is the necessity for the taking ever challenged and more rarely is the taking ever successfully challenged. When a taking occurs, it is not only the fee owner who is entitled to compen¬sation. Every person holding an interest in the subject property will be recog¬nized. Thus, all persons who at the time of taking have a compensable interest in the property will be made parties to the case (Swanson vs. US). Minerals, like all other interests in land, are recognized as property rights, giving the owner the power to dispose of them as he or she sees fit. Thus, the only remaining considera¬tion is only "just compensation." Ex¬actly what "just compensation" is has been difficult to define. Generally, it is that amount of money that will "put the person in as good a position as the per¬son would have been in had the taking not occurred." The owner must not be forced to sacrifice or suffer by receiving less than full and fair value for the prop¬erty. Every element that effects the value of the land and that would influence a purchaser must be evaluated. Courts have employed a variety of techniques to determine just compensa¬tion but have generally relied on market value as the standard for measuring compensation to the owner. The deter¬mination of market value is based on sales, income, costs, and use. These factors have been employed in various ways but can be summed up as: -The highest estimated monetary price the property will bring if exposed for sale in the open market with a reason¬able amount of time allowed to find a purchaser who is buying with knowl¬edge of all the uses and purposes to which it is adapted and for which it is capable of being used. • The amount the property would bring if it were offered for sale by one who desired, but was not obliged, to sell, and was bought by one who was willing, but not obliged to buy. • What the property would bring in the hands of a prudent seller, at liberty to fix the time and conditions of sale. • What the property would sell for in negotiations resulting in sale between an owner willing, but not obliged to sell, and a buyer willing, but not obliged to buy. • What the property would be rea¬sonably worth on the market for a cash price, allowing a reasonable time to affect a sale. (Michigan Standard Jury Instructions). Special consideration regarding mar¬ket value is given when the taking is only partial, rather than complete. An example of this partial taking is when a state highway cuts across the northern half of a parcel of property, leaving the rest behind for the owner. A variety of problems can be immediately seen. In a partial taking, the owner is permitted to recover not only for the property taken, but also for any loss in the value of the remaining property. The measure of compensation for partial taking purposes is generally the difference between the market value of the entire parcel before the taking, and the market value of what is left of the parcel after the taking (Michigan Stan¬dard Jury Instructions). Determining the partial taking value for mineral bear¬ing lands is the difficult issue.

Jan 1, 1989

New Copper Deposit in Chile. - The recent copper discovery in Chile, made jointly by U.S.-owned Empresa Minera Utah de Chile, Inc., and Getty Mining Chile), Inc., awaits the passage of Chilean legislation which is expected to govern the terms of new foreign investment in the country's mining sector. Named La Escondida, the discovery is reported to have the potential for producing 100,000 tons of refined copper per year. This compares with Chile's total refined primary copper production in 1980 of 811,000 metric tons, and to U.S. refined primary production in 1980 of 1,122,000 metric tons derived from domestic material, and 89,000 metric tons from foreign material. U.S. Firms Buy Chilean Properties. - A bid of $18.1 million, made jointly by Chevron and St. Joe Minerals Corp., won over competing bids for the purchase of the Libra and Mena gold-silver-copper deposits in northern Chile. Chevron is the lead partner and owns 70% of the venture. The two properties purchased have not been developed to any significant extent. They are located near St. Joe's El Indio gold-silver-copper mine. The venture is also looking at the possible purchase of two other mines in the area.

Jan 1, 1981

By Fergusson E.

An account is given of the history and operation of the Straits Tin market and the Penang price. The procedure by which the official ruling tin price is determined is presented and the way in which bids are treated is outlined: the price declared in Penang is the result of a joint operation by the two Malaysian smelters and is arrived at by finding the highest price at which the whole of the day's offerings for sale can be sold, thus reflecting the marriage of the offerings of the individual mine producers with the demand for Straits Tin from the consuming countries of the world. A system of accurate weighing, sampling and assaying of concentrates delivered to the smelters' premises enables the various ore-buying agencies of the two smelters to notify their central offices promptly of the estimated tin content of the concentrates their customers wish to price that day, so that by 11.00 a.m. both smelters will have exchanged with each other figures giving the total quantity of metal they have for inclusion in the day's market, at the same time exchanging particulars of the bids they have received. Miners are encouraged to sell regularly for cash and an evenness is thus achieved which avoids large daily fluctuations in overall quantity.

Dec 30, 1971

By AIME AIME

HOWARD H. PRESTON, professor of economics and business at the University of Washington, presented a paper before the North Pacific Section, A.I.M.E., on Jan. 23, on the "Economic Aspects of Gold and Silver." He carefully reviewed recent governmental actions that have affected those metals and gave an interpretation of their effects. A brief excerpt from his address; follows: Including the proclamation of March 6, 1933, the principal steps of the present Administration which have carried the United States off the gold standard and led up to the present program have been: (1) The Presidential proclamation of March 6 controlling gold. (2) The monetary sections of the Emergency Banking Act of March 9. (3) Mobilization of gold under Executive orders issued March 10 and April 5. (4) The gold embargo by Executive order, April 20. (5) The controlled inflation bill, May 12. (6) The joint resolution abrogating the gold clauses, June 5. (7) The Executive orders on newly mined gold, Aug. 28. (8) The President's radio address of Oct. 22 and the R.F.C. gold-buying program. (9) New anti-hoarding order calling in small holdings of gold, Dec. 28, 1933 and Jan. 15, 1934. (10) Nationalization and revaluation of gold' (Message to Congress, Jan. 15).

Jan 1, 1934

By Lucien Piché

"IN any opportunity such as I am now given, I suppose that one should not fail to say that what the world has to offer to this year's graduates in science and in engineering is the greatest promise ever held out. High-ranking new scientists and engineers -particularly those with the Ph.D. degree -find themselves in an apparently delightful situation; the glow of attention that surrounds them and the dazzling starting salaries that are offered to them may indeed be turning their heads a bit and the attitudes of some of them are sometimes expressed with a smugness that can find its equivalent only in freshmen. On the average, however, the new graduates are, without any doubt, the best trained ever, or at least they have been the most expensive to train in the universities.There appear to be exciting opportunities for competent, well-trained and educated scientists and engineers far beyond the numbers that can be annually produced, and the demands for excellence in depth as well as in breadth of training probably will continue to increase for many years to come. The problem is visible all around us in Canada that there is much more money to buy brains than there are brains to be bought."

Jan 1, 1966

By Richard Kojo Gabah

Western mining companies are entering an African critical minerals market where access is harder to secure, risk is being priced more sharply, and execution advantages are increasingly decisive. The continent holds significant reserves and production potential of cobalt, lithium, copper, graphite, manganese and rare earths critical to the energy transition, yet Chinese-aligned capital has built a structural edge in access and execution speed. Simply signing narrow offtake agreements to buy output is no longer sufficient. Western firms win when they convert quality orebodies into bankable projects by reducing aboveground risk faster than competitors through integrated infrastructure access, durable fiscal alignment, and credible local value creation. Western mining companies will break into Africa by pairing capital with partnership, building corridors enabling infrastructure and power, designing credible value addition pathways and operating in a way that is politically durable through transparency, community benefit and fiscal terms that share upside in commodity upcycles. This feature article offers a practical playbook for mining executives and investors. The core argument is straightforward. Winning in Africa requires competing on the full system around the mine. Corridors and power, processing pathways, contract durability, community benefit and regulatory execution are now decisive variables in project valuation and capital access.

Mar 1, 2026

By L Boczek

The term Engineer of Record (EoR) is commonly used in North America and South Africa to define the responsible person for the design, construction and operational phases of a tailings storage facility (TSF). Recently, this role has been elevated in prominence within Australia, but what does it really mean? Recent updates to international TSF guidelines suggests appointing an EoR is good practice, but where does the responsibilities of the EoR start and finish. Interestingly, both Samarco and Mount Polley failures had active EoR’s in place. This suggests that nominating an EoR alone, is not the full answer to mitigating the potential for a TSF failure. Appropriate construction and operational practices are key to the success of the design of TSFs, where all too often, operators ignore the operating plans developed by the designer. To be successful, a key consideration of the EoR role, is involvement in the operational phase of the TSF. This requires ‘buy-in’ from the mine managers and a change in the way TSFs are perceived by site. This paper explores how the roles and responsibilities of the EoR can assist in improving governance of TSFs if implemented effectively and what role the client has to ensure the success of the EoR.

Jul 1, 2021

By Arthur Notman

THE raw material men in all industries, and copper is no exception, are accustomed to think of them- selves as the whole show, and not without justice, for if there were no copper mines the world would have no copper. Nevertheless, many different things costing money and resulting in profits must be done to their product before it is ready for the world's use. In other words, they are making the frequent mistake of Chinking in terms of partial costs. Nobody really uses electrolytic copper. Possibly that is why nobody seems willing to pay anything for it. The manufacturers, being canny, do not buy any more electrolytic than they feel that they can work up and sell profitably, although they like to make the raw material men Chink that they will take all that can be produced. This is a state of affairs that has aroused my sympathy and curiosity, and has induced me to study the financial history of the copper wire and brass industry of the country or such portion of it as publishes any records readily available to the curious minded. About 60 per cent of the electrolytic copper used in this country is drawn into wire and consumed by the electrical industries. The remaining 40 per cent is

Jan 1, 1926

By Ralph W. Barbaro

In many parts of the country, electric utilities use spot market coal to make up the difference between the amount of contract coal and the total amount burned. The utilities involved will normally have a structured contract for those companies supplying that spot coal. These contracts will often involve a pricing schedule with bonuses or penalties for coal above or below the specified coal quality goals. Normally, penalties will be assessed on the sulfur, ash, and other coal quality variables. This paper deals with some aspects of the pricing schedule of one of the eastern utilities that buys coal on the spot market. This utility has a number of plants that a supplier can attempt to supply through bidding procedures. The existence of the pricing schedule gives the supplier a number of different options. To the single-mine producer, options are available to send the coal to any demand site and to clean all, part, or none of the coal. In other words, he can ship to a number of different sites and can send different coal qualities to each site depending upon the level of preparation. In addition, the options to deliver blended coal to any given site will provide an additional level of complexity to the problem.

Jan 1, 1983

By M. Santillan

Minerales Monclova S.A. de C.V. (MIMOSA) has applied different methane gas drainage technologies, according to the top industry requirements in order to keep the methane gas at the lowest possible concentration in our operations, both in the development sections and longwall sections. Our staff has used the horizontal rotary technique. In 2004 MIMOSA bought a re-built drill machine and signed a contract with Resource Enterprises Inc. (REI), which included a training program in Horizontal Directional Drilling using the reflex system. The training system was developed for a period of three months in Mine VII, with very good performance by the MIMOSA staff. After the training the equipment was moved to Esmeralda Mine, where we had already drilled holes at the development section, 2,500 ft. It was the longest distance that could be reached with our original equipment, obviously; the directional drilling program is another challenge for us and our staff, but we are very confident that our result will be better every time. We will be evaluating each borehole and expect to improve our results in each progressive borehole, until we can drill up to the capacity of the equipment. We are in the process of buying another drill with an electronic monitoring device (DD DMecca) in the following months.

Jan 1, 2009

By Jeffrey M. Christian

Gold prices are rising, in what is coming to be seen as the beginning of a longer term upward trend. After languishing between $325/oz and $364/ oz from early 1991 into early 1993, prices began rising in the first half of 1993. Gold rose from a low of $326/oz in March 1993 to $414/oz on an intraday basis in early August. There was a speculative sell-off at that point, which took gold prices quickly back down to $350/oz briefly in October 1993. At that time, there still was a fair degree of skepticism about gold's price prospects. Many banks believed that gold prices could not mount a sustained rally. As prices dropped in August and September of last year, these suspicions seemed to be confirmed. Gold prices quickly rebounded, however, reaching $395/oz by early January 1994. The strength of this renewed increase led many banks, investors and others that had held negative views of gold to grow more positive. They began buying gold and trading it from the long side of the market. The result was that gold prices remained strong during the first quarter of 1994, trading between $375/oz and $390/oz.

Jan 1, 1994

• Phelps-Dodge Corp. signed an agreement with the Defense Materials Procurement Agency to increase copper production from the east ore deposit of the company's Copper Queen branch at Bisbee, Ariz. The company agreed to undertake a $25 million expansion program, including construction of a concentrating and leaching plant at the Bisbee mine and enlargement of the Douglas smelter. The Government agreed to buy the first 112,500 tons of the first 150,000 tons produced at 22e per lb if the company could not sell at a higher price. The new facilities will have a yearly capacity of 38,000 tons and should be in production by late 1954 or early 1955. • American Smelting & Refining Co. has started construction of a new building to house the Central Research laboratory at South Plainfield, N. J. It will have approximately 75 individual laboratories and an equal number of offices and shops. Modern apparatus to be installed will include electron microscopes, electric and fuelfired furnaces, miniature copper refineries and zinc plants, wire drawing machinery, and large pilot plant laboratory. In the new building scientists study the base metals, and the development of new uses for a number of Asarco by-products, arsenic, and little

Jan 11, 1951

By Emory J. Douglass

Mining companies are unique in that they extract mineral resources and must therefore deal with ecological disturbances and other special problems. Like most enterprises, however, their primary motive must be to make money. The problem of mining investment starts with the question of what "make money" means. This article proposes an answer consistent with what economists call the theory of the firm and then applies it to two of the common, and perhaps unrecognized, problems connected with min¬ing investment. In essence, the concepts presented here call for thinking to terms of the income change associated with a given change it outlays or operating procedures To illustrate. ABC Distributing Co. has just discovered the power of advertising. It has raised its annual advertising budget from $25,000 to $50,000, and sales have, zoomed from 250.000 to 350,000 units. The company buy, for 50e per unit and sells at $l. This move has produced $50,000 of operating income for $25.000 in additional advertising expense. This looks great, so the next year the advertising budget goes up to $100,000. Sales go to 440,000 units. With 90,000 more units at 50[c] per unit, ABC sales are up by $45.000. Its advertising costs, however, went up $50,000.

Jan 1, 1971

'Nothing happens until something is sold' This statement is not original - it is a necessary orientation for marketing industrial minerals. The most important single philosophy of marketing is that it recognises the consumer as the starting point. Production orientation is concerned with producing products that the customer might buy. Market orientation is concerned with finding the needs of the customer and how they can be satisfied. The difference between the two approaches can be recognised in company structures but the most tangible difference is in the approach by a company to selling and development. In other words, it is the market that decides what can be done with a mineral. The markets requirements dictate what mineral, what grade and what price will be paid. Therefore it follows that when pricing a product we should avoid taking the basic cost and arriving at a final selling price through a series of standard markups (unless government insists on it). We should start with the price the market can stand and work backwards to find out whether you have a profitable product or one that will fail because it is too dear. Naturally a thorough understanding of production costs is necessary particularly when marginal markets are concerned.

Jan 1, 1978

By Stephen C. Tadolini, Thomas M. Barczak

Roof support systems, longwall shields in particular, have persistently grown in size and capacity for the past 25 years. Why is this? Is it a good thing or is it unnecessary? What are the consequences of this “bigger-the-better” design philosophy? Rarely do we see a “one size fits all” approach to roof support except when it comes to longwall shields, where the historical trend for new procurements is to simply purchase the highest capacity support you can buy. Does high capacity ensure failures will not occur? The answer is no! The highest capacity tailgate supports are typically the ones that fail the most often. What does this tell us? It tells us that there are fundamental aspects of support design and ground control that we still do not understand or recognize when designing a support system. This paper provides an interesting evaluation of these issues and proposes a different approach to support design that attempts to match the support performance characteristics to the ground behavior. Along the way, some of the old premises of support design will be discarded, and new “controversial” ideas developed. Thinking outside the box never hurt any industry. Mining has made it a common practice.

By O. G. Lellep

Modern shaft kilns in Europe are fully mechanized and burn cement of acceptable quality at 700,000 Btu per bbl and lime at 3.2 million Btu per net ton. Rotary kilns for cement have increased in thermal efficiency by using exit gas heat for preheating incoming raw material and by recovering heat from outgoing clinker in air-quench coolers. The dry process Lepol or ACL kiln has the lowest fuel consumption, 580,000 to 630,000 Btu per bbl, and very low dust loss, about 1 pct weight of clinker. The Holdebank-Gygi system reaches 720,000 Btu per bbl. The calcinator kiln for the wet process consumes 1.1 million Btu per bbl. IN every country economic circumstances prescribe the method used to produce a commodity at lowest cost. In Pennsvlvania a man's wages for working 4 hr buys a ton of coal wholesale; in Germany a laborer must work 40 hr, or ten times as long. In western Europe, therefore, conservation of fuel is of primary importance, and recent practices of burning lime and cement differ from those employed in the United States. 'This Paper presents data collected during a trip through western Europe in 1953. Considered uneconomical, shaft kilns for burning

Jan 1, 1955

By Carl L. Renzoni

INTRODUCTION This paper defines equity as the issuance of a permanent interest in the business on a broadly distributed basis. As such, it excludes the issuance of equity to either a merchant bank or to another corporation. Nearly twenty years ago the equity markets were very simple: The instruments used were primarily common shares, convertible debentures or convertible preferred shares. Another equity-type option often used, especially by junior companies, was the sale of joint venture interests. Issue sizes were generally in the order of $25 - $100 million and issues were syndicated primarily in North America and Europe by one or two investment dealers. Mining corporations today benefit from a market with much more depth. Issues are syndicated by dealers on a truly international basis, and issue sizes now often range up to $300 million. Moreover, dealers are now willing to take significant risk in buying the issues for redistribution. This discussion of trends in equity markets will encompass: 1) common shares 2) warrants to buy common shares 3) convertible debentures 4) commodity backed instruments A review follows of events that affect the mining industry and investment dealers as they have a bearing on the equity markets for the metal producers. FACTORS AFFECTING THE MINING INDUSTRY The current business cycle, up to October 1987, had been characterised by a buoyant stock market and depressed base metal prices. Mining companies entered this period with weak balance sheets and little prospect of cash flows meeting capital needs. The issuance of equity and the sale of assets were used extensively to reduce debt to manageable levels. During this period, the relative high price for gold, and more important, the very high earnings and cash flow multiples afforded to gold producers, caused companies to target gold as the only game in town. The need for capital to acquire and develop gold properties prompted an unprecedented volume of equity issues. (Burns Fry led or co-managed over $1 billion of mining equity issues per year during this period). This high demand for equity capital by the industry prompted an increase in the use of equity instruments, such as commodity backed instruments. In addition, government tax incentive programs in Canada, such as flow-through shares, allowed smaller companies to raise significantly more equity than would otherwise have been possible. Over $1 billion in flow-through equity was raised in 1987 alone. The abundance of flow-through capital in Canada made it easy to form a new company. One flow-through share fund developed a system of providing the working capital required for a company to be eligible to receive flow-through share capital so that an entrepreneur required only a mining property to get started. Many new companies were formed and several flourished in a buoyant stock market environment to the point that market capitalizations grew to $100 million or more. The current period is in stark contrast to that before October 1987. The equity markets are generally available to the resource industry only on a window basis and only for senior companies and for special situations. The industry is benefitting from buoyant metal prices, and bankers are anxious to provide debt capital. Investment dealers previously processing several equity issues

Jan 1, 1990