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"How Wall Street Darling Molycorp Undermined the U.S. Economy, Degraded our National Security and Distorted the Global Economic Balance and How These Falsehoods Continue to be Promoted Even Today INTRODUCTION & SUMMARY In 2007 the Molycorp Mountain Pass rare earth mine was resurrected from its desert-grave in California by its then-owner Chevron Mining. Responding to elevated rare earth prices Chevron began processing on-site rare earth concentrates left over from past mining operations that were terminated in 1998i. Chinese demand had sparked what was being described as a commodities super-cycleii. Commodity prices were on the move. Wall Street smelled opportunity. In 2008 Goldman Sachs, Pegasus Partners, Resource Capital Funds, Traxys North America LLC and Carint Group LLC acquired the mining assets from Chevron. In an environment of ever-declining ethical standards and regulatory consequences the private capital group and their investment bankers would bring Molycorp to market. Molycorp, with its high powered investment banking team of Morgan Stanley and J.P. Morganiii, easily dominated the contest. Molycorp promoted itself, largely based on its past operating history and proven reserves, as the best company to challenge China’s monopoly control over the production of rare earths: a group of elements critical to most advanced technologies and U.S. defense systemsiv. Most of Wall Street’s hottest investment sectors were dependent on these materials: alternative energy, green technologies, computing, personal communications, advanced electronics and defense systems. By late 2010 there were dozens of prospective rare earth start-up ‘mining companies’ seeking capital. Eventually the number of prospective rare earth mining companies seeking capital exceeded 400, despite the reality that supply requirements of this market were disproportionally small when compared to other natural resource sectorsv. In the world of finance ‘smart money’ picks the winners. Consequently just twovi projects attracted nearly all of the capital (Molycorp and Lynas). Wall street picked Molycorpvii. This paper will primarily focus on Molycorp. By early 2010 the words “Molycorp” and “Rare Earths” electrified many people in the mining industry, most non-Chinese manufacturing technology companies, U.S. & allied defense contractors, technocrats in the U.S. national security community and eager investors across most of the world’s stock markets. It was the hottest story of the yearviii. The financial, technology and defense press coverage verged on euphoric: heaping fuel on fuel until the highly combustible Molycorp-pyre cast a long shadow over all of its rivalsix. When the IPO match was lit the spectacular flaming pyre sucked all of the oxygen out of the rare earth spacex. Molycorp was ranked the most lucrative IPO of 2010, resulting in record breaking profits to its private investors and massive returns for its early stock holding investors."

Jan 1, 2017

By S. Don Brown

Between 1987 and 1988, the Bureau of Mines studied the mineral resources of the White River National Forest and part of the Arapaho National Forest to appraise the resources present and to determine the types of deposits, and their location, that could be mined economically if sufficient demand and metal prices existed. The study included a comprehensive literature search and a limited amount of field investigation of minerals and mining activity in and near the Forest. This report summarizes a more comprehensive minerals report on the Forests prepared by the Bureau of Mines and was written for a general audience without a background in geology or related fields. Mineral resource information indicates that in the Gore Range-the area between Tennessee Pass and Gilman may contain large base-and precious-metal deposits, and could be the focus of exploration activity in the near future. The Breckenridge mining district was found to have a moderate to high likelihood for mineral exploration and possible development of gold. Recent exploration and minor development work has occurred in several other areas: Montezuma, Kokomo-Tenmile, and Upper Blue River districts, and portions of the Sawatch Range.

Jan 1, 1990

By B. A. Ridolfi, S. M. Alvarez

The Moon Creek Reclamation Project provides a case study in the development of creative cleanup solutions for an abandoned lead and zinc mine and mill site located in northern Idaho. Innovative design features include construction of a 88,000cubic yard combined waste containment facility on soft in-situ tailings, water-balance cap, limestone gravel drains, a geocell mattress for stability, and a below-grade scour protection berm. The stream, including a wetlands buffer, will be relocated within an existing road alignment and rehabilitated to provide trout habitat. These elements allow for the integration of reclamation and stabilization measures into an effective site design.

Jan 1, 1999

By A. D. Davis

The disposal of spent ore from cyanide heap-leach processing facilities is of concern to the mining industry, regulatory agencies, and the public. Disposal of several hundred million tons of additional spent ore is planned in the western United States during the next decade, with increased amounts likely if gold prices rise. In the past decade, more than fifteen million tons of spent ore have been disposed of in the Black Hills. South Dakota's off-loading criterion for cyanide has been set by the state's Department of Environment and Natural Resources at 0.5 parts per million (ppm) as weak acid dissociable (WAD) cyanide. Nitrate off-loading limits vary for each mine in the state, depending on ore type and other factors. Nitrate concentrations in leachate from spent ore depositories could be caused by conversion from other nitrogen-containing species. One likely source of nitrate is residual explosives from blasting of ore. Previous work on the combustion products of nitrogen explosives has shown incomplete 3xidation (Johansson and Persson, 1970). Another likely nitrate source is degradation of cyanide to ammonia, followed by oxidation to nitrite and nitrate.

Jan 1, 1994

By Basil W. Mercer

Increased emphasis on industrial pollution control has intensified investigation of waste treatment technology for methods of reducing the amount of pollutants discharged by industry. The mining and mineral processing industry can point to a record of considerable accomplishment in the field of wastewater treatment and reclamation because these operations are so frequently an integral part of the entire operation of an ore dressing facility. This is amply demonstrated by metal producers in the arid regions of the Southwest where water shortages require maximum use of available water. For example, the copper industry in Arizona during 1960 employed an estimated 184 billion gallons of water of which 87% was reused water. (1) Only 0.0003% was discharged to streams and the remainder was consumed by evaporation (8%) and seepage (5%). The most severe pollution problem facing the mining and ore processing industry today is that resulting from acid mine drainage. This problem is largely associated with the mining of coal although it occurs to a lesser degree with the mining of other materials. The degradation of streams by acid mine drainage in the vicinity' of the Appalachian coal fields has been widely publicized and a major effort is underway to determine the best means of correcting this situation. Other forms of pollution from mining operations are less well-known, but it is anticipated that improved or advanced waste treatment techniques will be required for segments of the industry to comply with new pollution control regulations. The current emphasis on redefining hazardous levels for heavy metals and various chemicals with regard to the total environment will in all likelihood lead to tighter discharge controls in some cases. It is the purpose of this paper to review some of the waste

Jan 1, 1971

By C. W. Smith

The Bureau of Mines conducted physical and chemical beneficiation studies on three samples of waste investment casting molds to devise a method to liberate and recover zircon. Rod mill grinding, autogenous attrition grinding, and caustic leaching were liberation methods inves-tigated. Flotation, gravity separation, and caustic leaching and sizing were recovery methods investigated. Flotation techniques produced con-centrates containing up to 74.2 pct zircon with a zircon recovery of 53.4 pct. Gravity concentration produced concentrates containing up to 98.6 pct zircon; however, recovery of the zircon was only 57 pct. Caustic leaching and sizing produced concentrates containing up to 98 pct zircon with attendant recoveries of 81 pct.

Jan 1, 1985

By H. Colijn

Belt conveyors have proven themselves for many years as a dependable and low cost method of handling bulk materials at high flow rates. The success of a belt conveyor system greatly depends on the initial loading of the material on the belt. If the material is loaded on the belt at the center, at approximately the same speed and with minimum impact, then most of all belt conveyor problems disappear. Proper belt loading is primarily determined by the engineering and design of the conveyor transfer point. This paper will establish and discuss some general design criteria required for proper loading and transfer of materials from one conveyor to another. Specific attention is given to loading points, chutes, skirt board length and general design of transfer structures.

Jan 1, 1971

By R. ?. Sherembayeva, ?. ?. ?uktybayeva, ?. B. Rakhimbekova, N. ?. ?m?rova

"Studying the interaction of the phosphorus-containing flotation reagent with the components of the flotation system ""liquid-gas-solid"" during flotation of non-ferrous metal ores allows regulating the enrichment process. The phosphorus-containing reagent-collector anabasinium-O,O-dimethyl-thiophosphate has beensynthesized under laboratory conditions and the concentrated aqueous solution of anabasin hydrochloride and the 40% solution of sodium hydroxide have been used as the raw material. The phosphorus-containing reagent has been obtained by interaction of the anabasine base, sulfur and dimethyl phosphite, due to sulfur and nitrogen atoms it can form complex compounds with heavy metal ions.Studying flotation of copper-sulfide ore of the Sayak field with the use of the phosphorus-containing reagent-collector anabasinium has been performed in the open and closed cycles. The degree of ore grinding was 60- 62% of the class -0.074 mm. There has been established the dependence of the ore flotation parameters on: a) pH of the pulp; b) the consumption of the reagent-collector anabasinium.The effect of the pulp pH on the technological parameters of copper ore flotation has been carried out with a reagent regulator that increases the difference in the surface properties of the minerals to be separated.There has been used lime as the regulator of the medium, the consumption of which varied from 750 to 1500 g/t; the consumption of the reagent-collector anabasinium was 10, 15, 20 and 25 g/t.It has been found that when flotation of copper ore without the use of lime at pH equal to 7.8 and at the reagent consumption, g/t: anabasinium - 25, T-92 - 55, copper recovery in the concentrate is 92.72%, the quality of concentrate is 7, 1%.In flotation according to the factory mode (the consumption of xanthate is 44 g/t, T-92 is 55 g/t, pH = 7.8 (without lime)) of copper ore, copper recovery in the concentrate is 87.38%, the concentrate quality is 7, 97%, with reducing the xanthate consumption to 25 g/t copper recovery is reduced to 83.39%, the quality of the concentrate is up to 6.69%.In the experiments using the factory reagent mode in the closed cycle, with the xanthate mass consumption of 44 g/t, T-92 blowing agent of 55 g/t, the third recleaning concentrate contained 19.13% copper with recovery of 86.89%.Using a phosphorus-containing reagent instead of xanthate with the same flow rate, the third recleaning concentrate with the mass fraction of copper of 19.82% has beenobtained with recovery of 87.77%."

Jan 1, 2018

By K. Chandrasekaran

Carbon-in-Leach (CIL) is conventionally used in gold processing operations when preg robbing components are present in the ore. CIL process is becoming attractive even in other situations when preg robbing is not a factor. This paper discusses the situations in which the CIL circuit can be applied. The results of Leach/CIP and CIL circuits at Newmont's Mill No.2, 4 and 5 are presented for comparison. Newmont's Mill No. 4 was initially designed for a throughput of 4500 tons per day. The mill is presently operating at an average throughput of 7300 tons per day without significant changes to the original design. The design considerations of the Mill No.4 CIL circuit are discussed.

Jan 1, 1991

By Thi Hien Tran, Huy Hoan Nguyen, Thi Thu Hien-Dinh, Hong Son Nguyen, Duy Anh Dao

"Lithium discovered in La Vi deposit, Quang Ngai province in the Central of Vietnam was estimated with a reserve of approximately 1.5 million tones of lithium ore, which was characterized by mainly lepidolite with muscovite, albite, and quartz. This study investigated reasonable flowsheet and optimal conditions of enrichment technology for lepidolite from the mined ore by flotation process, and producing Li2CO3 and LiCl from lepidolite concentrate by hydrometallurgical process. The significant conditions for froth flotation of lithium ore including particle size, pH of ore slurry, pulp density, chemical spending (collectors, activators, depressants, and frothers), stirring and flotation time were investigated. The identified reasonable flowsheet and optimal conditions for froth flotation the La Vi lithium ore processed lepidolite concentrate containing up to 4 wt.% Li2O with a recovery of 87.61 wt.%. The processes of sulfation roasting lepidolite concentrate using FeSO4.7H2O, then leaching in H2SO4 solution, and removing impurities were carried out to prepare a pure lithium-bearing solution for producing Li2CO3 and LiCl. The products containing 99.05 wt.% of Li2CO3 and 99.02 wt.% of LiCl were obtained with recoveries of 82.97 wt.% and 85.77 wt.%, respectively. The obtained results indicated that lithium ore in La Vi deposit can be processed to produce commercial lithium products and lead the study to develop technology for a new industry of lithium processing in Vietnam.INTRODUCTION Lithium is the lightest metal, which has many superior properties in both metal and compound (such as Li2CO3, LiCl...) states since its discovery in 1817 by Swedish chemist Johan August Arfwedson. Lithium is a favourable material for many high technology fields such as aerospace industry and chemical industry. Some industrial fields which present the main consumptions of lithium include ceramic, glass, aluminum alloy, lubricants, rechargeable Li-ion batteries, synthetic rubber, and pharmaceuticals. The worldwide production of lithium in 2014 was 31,700 tones, continually increased in 2015 of 5% presented 32,500 tones (USGS, 2016). The demand for lithium tends to increase because of the raising in consumption of lithium batteries. Lithium is mined from salar brines, mainly in Chile and Bolivia, but also from granites and pegmatites, which contain minerals with high lithium content such as spodumene - LiAlSi2O6 (Heinrich et al., 1978; Linnen et al., 2012); petalite - LiAlSi4O10 (Sitando & Crouse, 2012); zinnwaldite - KLiFe2+Al(AlSi3O10)(F,OH)2 (Paukov et al., 2010; Kondás J. & Jandová J., 2006); lepidolite - K(Li,Al)3(Si,Al)4O10(F,OH)2 (Luong et al., 2013); and amblygonite - LiAlPO4F (Garrett, 2004)."

Jan 1, 2018

By R. H. Duthie

As at any other mine in Canada, grade control procedures are used at Steep Rock Iron Mines (1) in order to ensure that concentrator and pellet-plant operator s have a uniform feed so that they can manufacture a pellet to suit buyers' specifications and (2) to maximize ore recovery so that as little as possible finds its way to the waste dump or is downgraded by contamination. At Steep Rock, material grading 40% to 66 % Fe is considered ore. The ore may contain up to 10% sulphur. These ranges create six different stock pile types, with the possibility of more if large concentrations of arsenic are encountered. Although grading and mining techniques used to accomplish these ends are fairly standard, there is an appreciation and willingness by hourly and staff pit personnel to make grade control effective. This produces vertical and horizontal communication, which is necessary for success in this field. At Steep Rock, the waste-to-ore ratio is greater than at any other iron ore mine in Canada. Also, a high percentage of the ore mined is direct pellet feed. For these reasons, .grade control is very important.

Jan 1, 1977

Systemic process mineralogy study on Baerbulawu refractory hematite ore in Kazakhstan has been carried out. The ore contains Fe 41.34%, and 87.26 % of which exists in hematite. Most hema-tite occurs as fine or ultrafine grains and its average size is only 0.015mm. The gangue is mainly composed of quartz, mica, chlorite, kaolinite and other clay minerals. The liberation of hematite is only 66% when the ore is grinded to 75% ?0.074mm, while part of gangue is already liberated from hematite under this grinding condition, so these gangue can be cast away by magnetic separation in advance. Hematite will not liberate completely from gangue untill grinding fineness reaches 86% ?0.038mm, at the same time, free particles of ultrafine hematite tend to coagulate randomly with quartz and clay minerals, so appropriate dispersant is necessary to pre-vent hematite and clay minerals from coagulation. Based on the process mineralogy research, final technology flowsheet is high-intensity magnetic separation by coarse grinding?rough magnetic concentrate regrinding?inverse flotation, and an ideal index is achieved. The yield of final iron concentrate is 43.46%, and its grade and recovery are 66.76% and 70.55% respectively. The research result is also useful to other similar iron ores.

Jan 1, 2014

By M. Narita, S. Nakayama, M. Fujihara

Hibi Kyodo Smelting Co., Ltd. was founded in 1968 and celebrated its 50th anniversary in 2018. In 1972, we started producing copper cathode with a production capacity of 84 KTPY. Since the company founding, we have undertaken seven expansion projects, and our current copper-cathode production capacity is 290 KTPY. To increase our production efficiency, two tank houses were converted from Conventional process to ISA process in 2006 and 2014. In another investment, we equipped a continuous glue dosing system, which allowed for strict additive-concentration control, yielded quality improvements and reduced the power-consumption rate. Along with an increase in the production of copper cathode, the amount of impurities eluted from the anode increases. To solve this problem, the chelate-resin purification process that was introduced in 1983 was renovated, and impurities could be recovered more efficiently. In this paper, we report various improvements that have been implemented at the refinery since 2000. INTRODUCTION Tamano Smelter and Refinery of Hibi Kyodo Smelting Co., Ltd., founded in 1968, celebrated the 50th anniversary of its founding in 2018. The Tamano Smelter opened its No. 1 tankhouse in 1972, and began operating No. 2 tankhouse in 1984. Thereafter, with continuous production increases and technical improvements, electrolytic copper production was increased from 84 KTPY to 290 KTPY as shown in Figure 1. Table 1 shows the major operating facilities and operation data in 2017.In this paper, details of equipment introduced to continuously dissolve and add glue, various improvements made to the chelate resin process, enhancements made to the crude Ni sulfate process, and another vibrating screen introduced to the copper slime processing flow in accordance with the expansion of copper production capacity since 2000 are reported.

Jan 1, 2019

By A Keogh, P Allen, P Stoker

"An EXTENDED ABSTRACT is available for download. A full-length paper was not prepared for this presentation. Private equity (PE) firms are comparatively free of mandatory requirements for the level and scope of due diligence applied prior to making investment decisions in minerals projects when compared to listed entities, sovereign funds or financial institutions adopting the Equator Principles (Equator Principles Association, 2013). While this freedom allows for flexibility, agility and innovation in making investment decisions, it can also expose PE firms to material risks that may impact their ability to successfully list the projects or attract later financing.Financial institutions and investors with mandatory due diligence and disclosure standards may refrain from investment in or acquisition of a project if it fails to meet various performance requirements. There are many high-profile projects that have suffered significant write-downs on book value after acquisition because specific non-mining issues were not adequately assessed. Thus, a PE firm may be left with an asset that is difficult to divest and incapable of securing development finance.PE firms can manage this risk by being aware of the growth trend in the adoption of ‘international standards’ in addition to host nation standards and legislative requirements. This paper outlines key issues for PE firms to address to maximise the chances of obtaining funding or successfully taking an exploration or mining project through to listing or divestment. Two steps are required: identification of gaps in performance and priority matters of interest to financial institutions and development of action plans to ensure that the priority requirements are met or capable of being met.A PE firm can set its project for success by understanding the social and environmental performance requirements of international standard financiers and by setting the project on the right path to meeting these requirements, and thus making it an attractive investment.CITATION:Allen, P, Stoker, P and Keogh, A, 2015. Setting for success – private equity exploration and mining project buy-in to listing and divestment , in Proceedings PACRIM 2015 Congress, pp 93–100 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 18, 2015

By William A. Hockings

Methods for the measurement of liberation of finely ground iron ores are described. The general method consists of separating a sample of the ground ore into a number of size fractions, followed by measuring the liberation of each fraction. The size separation has been done using electro-formed screens of 20-, 10-and 5-micrometer apertures, and also by air elutriation. Liberation (i.e., the distribution of compositions of individual particles) has been measured by optical microscopy. A computer pro-gram was used to adjust the raw count data so that it agrees with the chemical analyses of the size fractions. Various ways of presenting the results are given, and Some applications of the results to flotation processing are discussed.

Jan 1, 1981

By R. H. Bartlett

Hydrometallurgical processes for copper flotation concentrates avoid the S02 emission problems associated with smelting, but they require oxidation of copper to obtain solubilization during leaching. The resulting copper ions must be reduced to metal, which normally requires large amounts of energy or energy equivalent reagents such as hydrogen or iron. The conventional reduction method is electrowinning which is labor intensive and involves 35 to 40% of both the en-tire operating and capital cost of the better hydrometallurgical processes. Smeltermen are correct in criticizing the available hydrometallurgical processes for being more energy intensive than modern smelting processes. Clearly, there is considerable incentive to reduce the cost and energy required for reducing copper ions from solution. Furthermore, it is thermodynamically possible to do this using sulfur contained in the concentrate itself. In fact, the thermodynamic potential of oxidizing sulfur from S+4 to the S+6 state is greater than required to reduce cupric ion to metallic copper. (1) Realization of this potential in a practical process would significantly reduce the cost of hydrometallurgical processing of sulfide concentrates because sulfur would become a cost-free reducing agent. An apparently practical method is to use SO3 and HSO3 ions, obtained by ammonia scrubbing of SO2 from a concentrate roaster gas, to reduce leached copper to metal in an autoclave. This reduction step is the Jumau 1907 patent. (2) A series of steps including sulfite reduction constituting a crude flowsheet was suggested by Parker in 1976(3), but apparently little development work has been done by him, since he has been interested in new routes of refining the resulting copper powder. The purposes of the present paper are to elaborate on the Jumau-Parker thrust. Describe a detailed complete sulfite process flowsheet based on materials and energy balances, discuss the chemistry, and discuss further work that is required to develop this process. The results of the present paper are largely based on a synthesis of the steps using handbook chemistry. Process materials, utilities costs, and energy requirements are projected to be unusually low.

Jan 1, 1978

By B. J. Scheiner

The presence of organic materials in gold ores interferes with gold extraction by cyanidation. The carbon contained in the ore has been shown to adsorb gold cyanide complex from solution. Removal of the carbon content by roasting or chemical oxidation prior to cyanidation results in gold extractions of 85 to 95%. This paper discusses how the mineralogy of the carbonaceous gold ores affects gold recovery by cyanidation. It also discusses the advantages and disadvantages of roasting and chemical treatment to render the ore amenable to cyanidation.

Jan 1, 1987

By R. R. Fernández

The Newmont roasting plant in Carlin, Nevada, commenced operating in December 1994. Over the years, refractory ores and pyrite concentrates from different gold deposits constituted the feed to the facilities. Historical plant performance indicated that the roasting temperature was the main variable affecting the structural characteristics of the calcine, which in turn affected the recovery of gold by cyanidation. Gold recovery as a function of roaster temperature has been closely monitored since October 2000. The original design temperature was 550° C. Lower roaster temperatures of around 500° C resulted in a gold recovery increase of more than six percent. This increase was directly related to an increase of the surface area of the calcine. The implementation of an ?intelligent? process control system helped significantly in achieving steady low roasting temperatures, thus obtaining high gold recoveries of 92 to 93 percent. Under these conditions, several roasting campaigns with high-arsenic-containing ores were conducted, which resulted in a significant decrease in gold recovery. The reduced gold recovery was caused by the loss of surface area (e.g., porosity) of the calcine as the arsenic content of the roaster feed increased.

Jan 1, 2010

By A. D. Ramirez, L. E. Gutierrez, M. A. Garces

"Scarcity of freshwater in mining operations in arid zones in different parts of the world has led to the mining companies to think about using seawater as an alternative source in mineral processing operations. Examples of this situation are Minera Centinela (AMSA) and Minera Sierra Gorda (KGHM), both plants located in northern Chile. Previous studies showed that molybdenite flotation is depressed at high pH values in seawater as a result of the action of hydroxy-complexes of magnesium and calcium that attach to the faces of the molybdenite particles, reducing its hydrophobicity and as a result flotation recovery. In this work, a study of the interactions between molybdenite and kaolinite is presented. The effect of sodium hexametaphosphate (SHMP) dispersant on the recovery of molybdenite in the presence of kaolinite is studied in different aqueous media and it is correlated with induction time data. The results allow to conclude that kaolinite has a stronger depressing effect on molybdenite in seawater compared to its effect in freshwater. Magnesium and calcium are the cations that have the strongest effect in enhancing the interactions between molybdenite and kaolinite. SHMP reduces the negative effect of kaolinite on the floatability of molybdenite both in seawater and freshwater. The induction time data correlate well with the micro-flotation results.INTRODUCTION The need for water in mining processes in arid and semi-arid zones has led to the search for new alternatives for this resource, among which seawater has gained an important space. In Chile, most of the mining operations are located in the northern part of the country, an area that has limited availability of freshwater for the processing of copper and molybdenum sulfides (Castro and Laskowski, 2011, Castro et al., 2012 a). Seawater is an aqueous solution with high concentrations of ions such as Na+, K+, Mg2+, Ca2+, So42-, Cl-, and other less concentrated species which generate important effects in the flotation process as they modify the properties of the solid/liquid, and liquid/gas interfaces, and also increase the consumption of some important reagents used to depress pyrite such as lime. It has also been proposed that flotation of copper sulfides is negatively affected in seawater because of the reduction of oxygen solubility compared to freshwater (Millero et al., 2002; Duan and Sun, 2003). In contrast, it has been shown that the presence of ions in solution in the process of flotation of natural hydrophobic resources improve recovery as result of the compression of the electric double layer (Laskowski, 1974; Klassen and Mokrousov, 1963, Laskowski and Castro, 2008."

Jan 1, 2018

TULSA, the host of the Petroleum Division this year, is the oil metropolis of the Mid- Continent and gateway of the Southwest. It has risen in less than three decades from a dusty cattle town of less than 1000 population to its present-day status of a modern, wide-awake and prosperous city of close to 150,000, with an assessed realty valuation of approximately $100,000,000. Oil was discovered near Tulsa in 1901, and with it came th.2 development of the Mid-Continent field, one of the richest in the world. Tulsa from the start has been the center of operations, and its location on foul- and aggressive application of the airplane to oil-field requirements tends to fix this status as production is developed farther and farther afield. That Tulsa is far more than an ephemeral oil town is punched into the newcomer's- especially the Easterner's-mind, as he is whisked by taxi from the railroad station to the Hotel Mayo. The cicadalike pounding of the riveters on the steel skeletons of many skyscrapers, mounting upward to fill the gaps in an already well-developed skyline, dispels the feeling of a new atmosphere and puts him back on Forty-second Street, Michigan Boulevard or whatever his own particular "Main Street" may be along which an American city is being remade. Practically every company of any importance operating in the Mid-Con-

Jan 1, 1928