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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 Andrew Neale

ERIC GUTIERREZ: With that, we'll go ahead with the final speaker of the day, Andrew Neale. Andrew has a master's of science degree in mineral processing from the University of Alberta. He worked at the Falconbridge in Sudbury area, also at Brenda Mines, and then he became part of the Brenda Process Technology group in British Columbia. He joined Freeport in late 1993 in Indonesia, and was involved in process control and automation. He is now the senior manager of metallurgy in New Orleans. He's responsible for designing Freeport's new 100,000-ton-per-day expansion concentrator, which is currently being commissioned. Please welcome Andrew. ANDREW NEALE: With the ongoing explosion in digital computing power, there seems to be no limit to what can be modeled, simulated, and controlled in the mineral processing plant. However, at each stage of development of a control system, it is necessary to complete a cost-benefit analysis for justifying the move to a higher level of control. Incremental improvements in plant performance, while often significant, must be weighed against the costs of implementation and long-term maintenance. This presentation will provide examples of what the author believes are misplaced or misguided process control efforts and make a case for the KISS principle as applied to process control.

Jan 1, 1998

By V. B. Dale

This is one of a series of reports covering the mineral resources of the Nation. It describes briefly most of the known tungsten deposits in Yuma, Maricopa, Pinal, and Graham Counties, Ariz. Most of those described were examined by the author. An effort was made to determine the position of the various deposits by section, township, and range and to give accurate road direction to each property from a prominent landmark. All available maps have been used in making these determinations, but in unsurveyed areas it was necessary to make approximate projections of subdivisions. The township and range numbers refer to the Gila and Salt River base and meridian.

Jan 1, 1959

By John Convey

"IRON ORE was first smelted in Canada about the year 1736 at Les Forges, Quebec -a most appropriate name for such a historic locale. During these early years of the 18th, 19th, and first quarter of this century, about six million tons of ore were mined and employed in the manufacture of items ranging all the way from kettles, stoves, and cannon for the early settlers to weapons of war for the allied armies of World War I.But this symposium on iron ore is not concerned with this early period. Instead, it is concerned with the iron ore industry of today -an industry which will soon be-come one of the two most valuable mineral industries in Canada.The subject in its broad geographic and economic aspects will be introduced by Mr. Buck; Dr. Harrison will describe the geology and origin of the principal iron ore deposits; Dr. Downes will go into beneficiation as it applies to iron ores; and Mr. Gertsman will discuss primary processing. The symposium will not deal with the steel end of the industry, because that phase itself could well form the subject of a symposium."

Jan 1, 1955

Federal Regulations require that coal producers conduct a written, in-house investigation with every lost time injury accident. Besides their obvious value in accident prevention, competently conducted investigations can provide a number of additional benefits to include positive supervisor involvement, the control of rising worker's compensation costs and a measure of protection from civil/criminal proceedings. The paper describes such topics as MSHA minimum requirements, investigator selection and training, accident site procedures, witness interview techniques and the management review process. The reader is also presented with a number of information resources available through MSHA, the National Safety Council and other sources.

Jan 1, 1995

By M. W. Smith

Pennsylvania has 2500 miles of streams that do not meet water quality standards due to acid mine discharge (AMD), making AMD the greatest cause of water pollution in the state. The problem is mainly caused by abandoned coal mines. Pennsylvania is using a watershed-based approach to abating AMD which includes remining as a key component of a comprehensive restoration strategy. The Tangascootack Creek Watershed was targeted for AMD restoration through remining. Geologic mapping and overburden data were analyzed using Earth Vision software to identify areas of coal reserves which could be remined to improve water quality. Incentives are offered to encourage mining in these designated areas.

Jan 1, 1999

By Tristan H. Jones

Beginning in 1987, miniature dataloggers approved by the Mine Safety and Health Administration (MSHA) were publicly available for sale. The principal among these was the model CR21XQM, manufactured by Campbell Scientific, Inc. These dataloggers had been tested and were deemed permissible by MSHA and thus could be installed in the return air of an underground coal mine. In 1996, production of all permissible Campbell Scientific dataloggers ceased due to lack of sales. Data collection with these dataloggers has been a staple of ground control research in the United States for decades, and, without them, or a replacement, the capability to monitor ground behavior is severely impacted. Since that time, any party requiring a permissible datalogger has needed to borrow one that was purchased during the production years. In order to fill this technology gap and ensure its own data-gathering capabilities, the National Institute for Occupational Safety and Health (NIOSH) has developed and refined its own miniature data acquisition system (MIDAS). On February 16, 2010, MSHA deemed the MIDAS to be permissible and approved it for use in the return air of an underground coal mine. The MIDAS is an intrinsically safe, 16- or 24-bit datalogger, compatible with a wide range of resistive, single-ended, and differential-type instrumentation. It contains enough data storage memory to operate for over a year with typical data rates and is efficient enough to do this on a single C-sized alkaline battery for that entire period. It is menu-driven and requires no programming knowledge to operate. It supports wireless or hardwired communication for datalogger setup and data download. This paper describes the design, field and laboratory testing, and capabilities of the MIDAS datalogger. While not as fully -functioned as the CR21XQM, it is the only new permissible datalogger available, and there is intent to make it available to the mining industry for purchase.

Jan 1, 2012

By C. M. Diaz

The chemistry of the main unit processes in nickel extractive pyrometallurgy is reviewed. Key re1a ions between smelter feed composition and process selection are discussed, with particular reference to operating conditions, energy requirements and products. The paper a1 so includes a brief discussion of current nickel smelters, based on the results of a recent survey carried out by TMS.

Jan 1, 1988

By P. M. Daling

This report, sponsored by the U.S. Bureau of Mines, presents the results of an examination of available safety assessment methods and their applicability to the mining industry. Standard safety analysis procedures were evaluated for relevance to the mining industry and mine operators' needs. The major safety concerns and needs of mine operators were identified through telephone contacts and a visit to a mine site. Safety assessment methods recommended for use by the mining Industry were also Investigated for potential adaptability to a user-interactive computer system. Several methods were determined to be immediately transferrable to the mining industry; these techniques are described in a user's handbook produced as part of this project. The handbook gives detailed instructions on appropriate application and utilization of these methods. Other techniques will require further development before they can be effectively transferred to the mining industry. These methods, their advantages, disadvantages and resource requirements are described in the final project report. Recommended system safety analysis techniques facilitate an evaluation of total mine system safety and a determination of safety-related interactions among systems within a mine. The application of these methods to the mining industry could result in reductions in both the frequency and the consequences of mine accidents.

Jan 1, 1983

By Shenghua Yin, Xun Chen, Rongfu Yan, Zepeng Yan, Wei Chen

The application of cemented paste backfill (CPB) with alkali-activated slag and phosphogypsum (ASP) can contribute to the sustainable development of the mining industry. The effects of PG content, NaOH content, solid content, and waste rock-rod milling sand (W/R) ratio on workability, unconfined compressive strength (UCS), and setting time of ASP-CPB were investigated in this paper. The results showed that the workability of ASP-CPB decreased with PG content and NaOH content. Compared to OPC-CPB, ASP-CPB exhibited better workability and higher long-term (7 days and 28 days) strength at predetermined backfill formulations and curing times. The mid-term strength of ASP-CPB first increased and then decreased with PG content, while the short-term strength (3 days) decreased gradually due to the influence of soluble acidic impurities. Excessive NaOH will harm the strength of ASP-CPB, possibly due to the swelling effect of the reaction products (ettringite and sulfate). Strength and setting time increased and decreased with solid contents, respectively. Moreover, the compactness of the mixture has an important effect on strength and workability. The workability and strength of ASP-CPB reached the minimum and maximum values at a W/R ratio of 5:5, respectively. Pollutant index detection indicated that most of the pollutants in ASP-CPB leachate met the discharge standard, which proved that ASP-CPB is an effective method to recover PG. The results of the research will provide theoretical guidance for the efficient recovery of PG resources and support the achievement of safe, clean, and efficient mining.

Nov 17, 2023

By G Zhang, I Glacken

Multiple indicator kriging (MIK) has been used in the minerals industry for some decades. As one of the non-linear estimation methodologies, MIK has advantages related to resolving multiple or mixed populations, high variability data and strongly skewed distributions. Applying the MIK methodology requires a lot more effort when compared to other non-linear methodologies, for example localised uniform conditioning. This is due not only to the variogram modelling for multiple indicators, but the validation is also very important because the panel model is fundamental for follow-up work, including the generation of recoverable resources at the local or SMU scale. Apart from this, only a few reported case studies of MIK have documented post-processing of the estimated modelled distribution, representing the probability distribution at point scale at un-sampled locations. The MIK post processing should include the change of support from the point scale to the panel scale, and then the extraction of quantile values from the panel conditional cumulative distribution function (CCDF) for localisation of grades into the SMUs within each panel, based on a ranking estimate marking the SMUs from high to low. In this paper, we present a case study on a gold deposit with the MIK method with full-post processing implemented for recoverable resources. The MIK point estimate was carried out with an indirect lognormal change of support from point to panel scale, and localisation was done with a custom script. The localised uniform conditioning (LUC) method was also applied for comparison purposes. The comparison shows that MIK has advantages compared to LUC when comes to capturing the high-grades, especially when mixed or varying anisotropy is present within the mineralisation.

May 24, 2023

By AIME AIME

MESSRS. BURT and Shockley and others have been for three years urging upon the Institute the matter of simplified spelling. The Institute endeavors to be progressive in the matter of spelling and. is in cooperation with the national body which has this in hand and which has its principal office in New York. Our spellings are changed as fast as-good usage will permit (so it seems to the Board of Directors) and the national body, which is the real representative of the simplified spelling interests, deems that the Institute is making real progress, although not quite as fast as extremists would wish. In January, 1919, Mr. Shockley sent out letter ballots which created a misconception in the minds of many members, who received the impression that the communications came from the Institute instead of from a small group of members. As a result of this propaganda 163 proposal-ballots were sent in to the Institute divided as follows: Yes ?114 No ?20 Negative letters ?9 Split ballots ?20 Total ?163 The total membership at this time was about 7200. The disgusted members would not vote.

Jan 1, 1920

By Todd S. Harris

"IntroductionThe western region of North America has long been considered a dynamic market supporting such diversified industries as lumber, agriculture, cement, and electronics. In recent years however, the region has also been the focus of a great deal of activity in the extender and filler mineral s business from companies seeking to position themselves to take advantage of the large demand for these materials both here and abroad.Extender and Filler MineralsExtender and filler mineral s include 15different products used in numerous end uses. The nine most important extenders and fillers are listed in Table I. These products range in price from under $50 a ton to over $4,000 a ton and basically represent the following three different types of minerals:Particulate products-Calcium carbonate; Kaolin; Silica.Platy minerals-Talc (Montana, Canada); Mica.Fibrous minerals-Talc (California, Eastern U.S .A.);Wollastonite.What distinguishes these products from other industrial minerals? For one thing, an important feature of extender and filler minerals is that they are used primarily in such consumer non-durable good s as paper, paint, plastics, sealants, and rubber which traditionally do not react as violently to swings in the economic cycle. In addition, these minerals are sold principally on key physical properties, usually brightness, particle size and shape, oil absorption, and hardness. As part of the physical minerals segment of industrial minerals, extenders and fillers are traditionally the most stable group and typically the most profitable. Studies by C.H. Kline over the past decade on extender and filler minerals has revealed historic average profitability (expressed as a percentage on sales) nearly double that of most other industrial mineral s.The demand for these minerals in the western region (Fig. 1), closely follow s the areas of greatest population concentration. These markets include pulp and paper, mainly in the Pacific Northwest, and paint, around Los Angeles and San Fran cisco. Other significant markets for extender and filler minerals in western North America include joint cements, carpet backing, and plastics, mainly PVC pipe."

Jan 1, 1986

By R Forster

Direct ship iron ore (DSO) operations at Extension Hill in Western Australia’s Midwest region have commenced, with fi rst product railed to the port of Geraldton in July 2011. Reserves are 14.8 million tonnes (Mt) of haematite-goethite ore overlying an Archaean BIF-hosted larger magnetite deposit which Mount Gibson Iron Limited (MGI) sold to other parties in 2006.Some unique geological aspects of the deposit shape DSO mining and processing operations. Owner-operator selective mining, blending, crushing and screening on site will produce three million tonnes per year (Mt/a) of Lump and Fines product to be trucked 86 km to Perenjori, railed 232 km to Geraldton, and loaded aboard Panamax-sized ships through the dedicated iron ore shiploader at the Geraldton Port Authority’s Berth 5 facility.The statutory approvals process for this project formally began in 2004, dominating delays in a predevelopment phase which extended over a longer period than the likely life of DSO operations. The lack of transparency, uncertainties and costs inherent in state government processes have influenced decisions made by MGI while assessing other development opportunities in Western Australia. Potential for additional Reserves exists at Extension Hill, however MGI’s ability to extend the mine life will hinge on statutory approval to explore for and evaluate other DSO resources on surrounding granted mining leases.The nature of the resource and use of existing infrastructure for product transport have enabled MGI to keep operating costs and capital intensity of this project relatively low. A tenacious development approach by MGI and robust project economics have fi nally enabled this site to take its place as a revenue earner beside the company’s other DSO operations at Tallering Peak and Koolan Island.

Jul 11, 2011

Project approvals are the key mechanism to balance the environmental, social and economic aspects of a project. The assessment approaches vary significantly between states, with some having a strong emphasis on social, economic and environment, while others focus primarily on the environmental issues. There are a number of approaches which proponents and governments should consider which not only deliver better project outcomes, but can save proponents time and resources in delivering the project.   These approaches are not new but are often poorly implemented. This paper considers a number of these approaches and outlines the benefits they bring.

Jun 1, 2010

With IIT research institute as a cosponsor, this seventh mineral waste Utilization Symposium was funded by the Bureau of Mines through its Division of Mineral Resources Technology. Environmental scientists and engineers from five countries (Canada, Netherlands, Austria, England, Guatemala) besides the United States participated in the symposium, which was held Oct. 20-21, 1980, at the Chicago campus of IIT Research Institute. Of the 25 papers presented on the reclamation and recycling of mining and mineral wastes, municipal solid waste, industrial waste, and scrap metal, 21 are summarized herein.

Jan 1, 1982

By Sam Tour

WHAT is a die-casting and what is the die-casting industry? From the literal translation of the words "die" and "casting"' one concludes that a die-casting is a casting made in a die. The casting may be of any metal or alloy or, for that matter, may be of some nonmetallic material capable of being cast, such as plaster of paris or glass. The die may be of any material that will take successive casts so it need not necessarily be metallic in nature. The term "die-casting," therefore, is indeed broad, though in practical usage it has come to mean the casting of metals and their alloys in metallic molds or dies. Even this limitation of the term leaves -a broad field, for castings may be made in a number of different ways. For example, the molten metal may be allowed to run into the die by gravity it may be sucked into the cavity of the die, it may be forced to take the contour of the cavity in the die by centrifiugal force, or it may be forced into the cavity under hydrostatic pressure. In England, castings made by practically all of these

Jan 1, 1935

By Sub-Committee of the Committee on Research

"THE FOLLOWING REPORT was compiled by a sub-committee of The Metallurgical Society of CIM, Committee for Research, and represents a viewpoint of the steel industry in Canada. The objective was to define those areas in which the industry considers that external sources of Research and Development are a necessary function in supporting the in-house R & D conducted by the industry.On future occasions, the viewpoints of other metallurgical industries, such as those of nickel, copper and aluminum, will be presented. The report is divided into several sections: 1.-R & D Spending by the Steel Industry (a) Memberships in Recognized Steel Research Centres (b) Memberships in Recognized Industry Associations (c) Sponsored Research at Recognized Centres (d) Sponsored Research at Universities(e) Sporadic Research 2.-Areas for Research and Development(a) Instrumentation (b) Environment Control (c) Refractories (d) Sponsored Research at Universities(e) Electric Furnaces (f) Continuous Casting"

Jan 1, 1970

By John C. Wilmot, Robert E. Brewer, Royce J. Smith

In March 2003, Phelps Dodge started up an innovative pressure leach facility for processing copper concentrates at the Bagdad mine in Arizona. This paper describes the development of the concentrate leaching plant at Bagdad and the operational results from start up to present. Optimization efforts and an approach to mineralogical modeling of the concentrate to calculate oxygen utilization are also presented.

Jan 1, 2004

By JOE SIERAKOSKI, W. R. Hardwick

This paper , which describes mining methods and practices at the Johnson Camp copper -zinc mine , Coronado Copper & Zinc Co. , Cochise County , Ariz . , is one of a series being prepared by the Bureau of Mines on mining methods , practices , and costs in various mining districts of the United States . Johnson Camp is in the eastern foothills of the Little Dragoon Mountains in secs . 23 , 24 , 25 , and 26 , T. 15 S. , R. 22 E. ( fig . 1 ) . The mining property is in the low, rolling foothills at an altitude of slightly over 5,000 feet above sea level ( fig . 2 ) . The area is covered with scattered grass and small desert shrubs . The climate is mild , with hot summers and mild winters . The average annual precipitation is about 12 inches . The nearest surface water is the San Pedro River , some 12 miles west of the mine . The property is owned by the Coronado Copper & Zinc Co. , Los Angeles , Calif . This report gives a brief history of the property , describes the general geology of the area and of the ore deposits , outlines the methods of prospecting and exploration , and gives the methods of sampling and of estimating ore reserves . Development and stoping methods are explained . Underground transportation , ventilation , mine drainage , and safety measures also are described . The last section gives a brief description of the milling practice .

Jun 1, 1957