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By Keith Harris

The U.S. economy grew moderately in the second quarter of 1985 with real gross national product (GNP) recording a seasonally adjusted annual growth rate of 2.0%, up from the 0.3% growth of the previous quarter but significantly below the 7.1% growth of the second quarter of 1984 (table I). Personal consumption expenditures grew 5.3%, with purchases of durable and nondurable goods rising 7.4% and 5.1 %, respectively; nonresidential and residential fixed investment--the two components of fixed investment--grew 11.8% and 5.6%, respectively; and Government spending rose 3.6%. However, these gains were tempered by a major decline in the growth of business inventories (from $19.1 billion to $8.3 billion) and the continuing growth of the net export deficit (from -$28.4 billion to -$33.3 billion). While the high value of the dollar compared with other currencies has been a major cause of the expanding trade deficit, its value, as measured by the monthly Federal Reserve Board (FRB) multilateral trade-weighted dollar index, has declined over 17 index points from its February peak to 140.94 in July. The July dollar value was still high historically. The rate of inflation, as measured by the fixed-weighted price index for GNP, remained low at 4.1%, down from 4.3% in the first quarter, and employment continued to grow at a rate sufficient to keep up with new additions to the labor force. Civilian unemployment has remained steady at 7.3% over the past 6 months. Industry Statistics The FRB recently revised its index of industrial production and changed the base year from 1967 to 1977,1/ The revised total index shows a 0.1 % higher annual growth rate between 1967 and 1984 than the previous index. In the slower growing or declining industries, such as metal mining, primary metals, and fabricated metals, however, downward revisions in the indices and rates of growth have occurred. The previous and revised annual rates of growth between 1977 and 1984 for several of the sectors of interest to the mining industry are shown in table 2.

Jan 1, 1985

By Keith L. Harris

The economy continued to expand during the second quarter, but at a much slower pace than expected. According to latest estimates released by the Department of Commerce, the real gross national product (GNP) grew at a seasonally adjusted annual rate of 0.6% compared with a revised growth rate of 3.8%2 for the first quarter of 1986 and 2.3% for the second quarter of 1985 (table 1). The strong growth of personal consumption expenditures, Government purchases of goods and services, and residential investment was moderated by the growing trade deficit, declining investment in business inventories, and the continuing lag in nonresidential investment. Much of the decreased capital spending for the nonresidential sector for the first and second quarters resulted from reduced petroleum exploration and drilling in response to low petroleum prices. Capital spending and trade continue to be areas of weakness for the economy. Real new plant and equipment expenditures for 1986 are estimated to be 1.3% below those of 1985 (table 2). Real net exports of goods and services decreased $24.6 billion, as exports declined 5.6% and imports grew 16.5%. About two-thirds of the $19.3 billion increase in imports was in petroleum and petroleum products, which, because of their lower prices, should help the economy in the future. In response to the sluggishness of the economy, the Federal Reserve System reduced its discount rate from 6.5% to 6% in early July. Inflation, as measured by the fixed-weighted GNP price index, declined from a revised 2.5% in the first quarter to 1.9% in the second quarter because of significantly lower energy prices.

Jan 1, 1986

By AIME AIME

LAST month we published (p. 440) the first half of the L discussion by O. E. Kiessling of the paper on copper by Mr. Vogelstein that appeared in the same-issue, but lack of space made it necessary to hold the remainder for this number. Mr. Kiessling now asks to have the last " sentence of the part already published revised to the form given in the first sentence which follows, and also asks that the two parts, though necessarily published separately, be read together, as a mistaken impression may be derived from the first Dart unless it is read in connection with the statement of the Bureau of Mines policy respecting secondary metals which is here published. .

Jan 1, 1931

By J. W. Furness

THE utilization and collection of waste materials have gone on for centuries, and have become a habit of the human race. The degree to which the salvaging of waste plays a part in a nation's industry depends largely on the availability of raw materials within the political confines of the country itself, or its ability to purchase such material from outside. When purchase is necessary careful economical use of the raw materials results. These economies, as a rule, are represented by lengthening the life of the given article as well as much re-use. For many years the steel industry of Italy and Japan has depended largely on importations of scrap, yet both are important. As long as the expenses incident to the conditioning and marketing of materials manufactured from salvaged waste are less than the cost of virgin material, the salvaged material will be re-fabricated and in many cases will compete with primary materials. One of the most obvious methods for furthering the efficient utilization of our limited mineral resources is the salvaging of mineral wastes. This method, moreover, in¬creases the available supply of a given material. If the price depends on a balance of supply and demand and the recovery from wastes enlarges. the supply, there can be no question but that it influences the sales price of primary.

Jan 1, 1931

By James Douglas

THOUGH liberality is not supposed to be a prominent trait of the Scottish character, Canada owes to a Scotchman, Sir Wm. Macdonald, more than to any other of its people, not only wise ideas, but pecuniary help towards extending education: and another Scotchman, in New York, has sumptuously housed under one roof three branches of the engineering fraternity, of which we are one. Having thus created us members of the same family-for the metaphorical meaning of house and kinship is identical-Mr. Carnegie expresses more emphatically than even he could in words, that, by affording facilities for closest intercourse, he in¬vites the mechanical, electrical and mining engineers to par¬ticipate in the freest interchange of idea and experience, and to correlate and combine the results of their studies and activi¬ties; and, being members of the same household, to banish re¬serve and secrecy. And now we, the members of the - American Institute of Mining Engineers, meet as though we were at home in a neighboring country. For whether we meet in Canada, in England, or elsewhere, the Institute is always received as though no political or geographical divisions separated its members from those of congenial associations in the land of its host. In truth, the title which we have assumed claims for the sphere of our activities the whole American continent, regardless of such trifling details as boundary-lines. The fact that we meet to communicate each other's experience, to discuss our difficulties, and to seek each other's aid in solving the intricate problems that so often present themselves in the course of our profes¬sional life, is an acknowledgment of our individual helpless¬ness; and therefore an argument for united effort. But no effort can be of any value if there is an underlying suspicion

Jan 9, 1907

IN the footnote on the first page of Prof. Stoek's paper, as printed in vol. xxviii. of the Transactions, I alluded to him, under an erroneous impression, for which he was in no way responsible, as " the present Director of the Scranton Schools." This incorrect statement placed him in a false position, as possibly having authorized the use of a title to which he had no claim. In fact, Prof. Stoek has never had any official connec-

Jan 1, 1900

By AIME AIME

TWENTY-TWO sections and all four of the divisions sent delegates to the annual meeting. They became so interested in the wide ranging dis6ussion of old and yet ever-new problems of Institute affairs that three instead of two sessions scheduled were necessary. Monday morning the meeting assembled with President Bassett presiding in the absence of President-elect Tally, who had been called to Baltimore by the serious illness of a brother. Thursday morning Vice-president Turner presided until Mr. Tally appeared after which the latter guided the sessions. Since reports from all of the active sections save one had been mimeographed and sent in advance to the delegates, detailed reports from each were dispensed with. The discussions dealt largely with membership problems, both local and national, with financing, speakers and programs, visits from national officers, and the conduct of the annual meeting. Many interesting and constructive suggestions were made and will be reported back to the sections by the delegates.

Jan 1, 1931

By AIME AIME

THE section delegates assembled Monday morning with the incoming president, W. H. Bassett, in the chair and F. W. Bradley as vice-chairman. The secretary called the roll and urged the delegates to become familiar with the activities of the Institute. He explained the allotment of funds to local sections and the uses to which these funds may be put. He also announced plans for travel by Mr. Bassett and asked the delegates to confer with him as to meetings en route. An invitation was extended for all section delegates to attend the Directors' dinner Wednesday evening. He suggested that local sections hold a meeting once a year under the auspices of each division of the Institute. He further explained the system of choice of publications by members. The question of licensing of engineers was brought up, and the consensus of opinion among the membership was asked for. Because the matter is controversial, no official action has been taken and it was suggested that the' local and State sections act separately in this regard. A. B. Parsons, the assistant secretary, next spoke. In his remarks he indicated surprise that many prominent mining men still did not belong to the Institute, and urged that section delegates make up a list of such prospective members and send it in to the office for study by the New York staff. He also asked that re- ports of all meetings be turned in for publication in MINING AND METALLURGY, and said that the reports

Jan 1, 1930

By Caitlin Rogers

The environmental and economic sustainability of froth flotation is dependent on effective management, which in turn improves the performance of a concentrator. In economic terms this means improved recovery of valuable minerals, in environmental terms this means effective management of acid generating tailings. Three indicators were selected to measure the performance of an integrated flotation system. The system consists of two stages of flotation; valuable mineral flotation followed by environmental desulfurisation by froth flotation. The suitable indicators were selected based on their fulfilment of four attributes. An attribute is a desired aspect of an indicator. The four attributes were: comprehensive, relevant, sensitive and quantitative. Two environmental indicators and one economic indicator were selected. They represent revenue generation from valuable minerals and environmental cost of management. The suitability of the selected indicators was shown using illustrative scenarios.

Jan 1, 2014

THE problem of picking the best students for an engineering college can no longer, be considered as simply one of determining the amount of general ability, but rather of finding special aptitudes for scientific work, according to Carl C. Brigham~ a Princeton University professor, who has been conducting researches on methods of selecting engineering undergraduates at Cooper Union, an evening school in New York City. When we first began this investigation seven years ago," says Dr. Brigham, "we thought the whole job would be done a soon as we had found a good method of measuring general intelligence. Today we feel that we are still about five years away from a solution, but on somewhat firmer footing than when we were looking for general ability.

Jan 1, 1928

By P. Rooney

In due course, new smelters will have to be installed in order to meet the increasing worldwide demand for copper. This paper presents the results of a study made for the purpose of identifying the most desirable countries in the world in which to locate a new smelter. Both sociopolitical and economic factors were taken into account. Criteria developed and methods used to assess each possible location are described. The study indicated that the most interesting potential locations are Canada, -Chile, Portugal and the USA for new copper smelting complexes.

Jan 1, 1983

By Robert L. Grayson

An application of goal programming (GP) in evaluation of proposed purchases of major mining machinery is presented. It incorporates historical operating data compiled on mechanical delays to production time. The goal programming technique, which is an extension of integer programming, is used to maximize an objective function. The objective function combines the capital budgeting evaluation methods of net present value, payback period, profitability index, and total net earnings as goals weighted according to a management preference. The GP method gives an optimal solution to a multiple-goal problem. A sensitivity analysis is performed to determine the effect of an increased production forecast or a tightened budget on proposal selection.

Jan 1, 1982

By B. Wasmund, M. Y. Solar, I. Candy

The nickel laterite industry is divided into two camps when it comes to the grade of the ferronickels produced. One group, led by Falcondo and Cerro Matoso, markets high-grade ferronickels in the range of 35 to 40% nickel, while another group, led by SLN and the Japanese smelters, favour lower grades in the range of 20 to 25%. Because the ores processed by these smelters vary widely in terms of nickel content and iron to nickel ratios, it is probably more accurate to classify these smelters in terms of their iron recovery: Falcondo and Cerro Matoso smelt at lower reduction potentials and thus recover only 15 to 30% of the iron in their ores, while SLN and the Japanese smelters are very reducing and recover 45 to 65% of their iron. Low reductions generally imply higher slag losses and lower nickel recoveries, but also lower power and reductant requirements; higher reductions, the reverse. The question is, therefore, whether an economically optimum ferronickel grade exists for processing any given ore. This paper proposes a methodology for determining this optimum grade and concludes that nickel laterite smelters should favour low reductions and production of high-grade ferronickels.

Jan 1, 2008

By P. C. Dagneau

QUEBEC CARTIER MINING COMPANY was incorporated in 1957 to explore and develop low grade iron are deposits in Northeastern Quebec. Four separate deposits were located and identified as being of ore quality and size to support commercial development. Said deposits were located at Lac Jeannine, Mount-Wright, Fire Lake and Mount-Reed. In 1970, in preparation for the replacement of the depleting Lac Jeannine are reserves, construction of an SS-mile railway extension was initiated, towards the newly selected mine site at Mount-Wright. This orebody was selected because the physical and chemical characteristics of the ore were very much similar to those of Lac Jeannine, as well as its huge reserves, estimated at more than one billion tons. In addition to the railroad extension, a mine, concentrator and related facilities were constructed and the new town of Fermont was created. Total investment for the Mount-Wright project exceeded $700 million and initial production commenced in 1976. Quebec Cartier is presently (1992) the leading producer and seller of iron ore in North America at 15,5 million tons and employs some 2,300 people.

Jan 1, 1993

By Hossein Zarei, Masoud Kashani, Mehdi Safari

The feed of flotation unit in Angouran mine, as a part of Iranian Lead and Zinc National Corporation, contains about 34.26% zinc (about 12% Zn sulphide) and 10.14% lead (about 2% Pb sulphide). The grade of Pb and Zn in the final concentrate (rougher+scavenger), under optimal conditions (200 g/ton PEX, 500 g/ton zinc sulfate, 30 g/ton MIBC and pH = 7.5), was 63.18% and 13.01%, respectively, and the total Pb (sulphide-oxide) recovery was about 19% which included 95% Pb sulphide. The grade of Pb and Zn in rougher concentrate step was about 71.86% and 5.97%, respectively, when PEX (Potassium Ethyl Xanthate) was used as collector. While in the presence of PAX (Potassium Amyl Xanthate), the grade of Pb and Zn in rougher concentrate step was 66.8% and 10%, respectively. Tailing of the galena flotation (with 8.48% Pb grade and 34.92% Zn grade under the optimal conditions) was used as a feed for sphalerite and oxide section flotation.

Jan 1, 2014

By Knud Sinding

Many industries have established their own systems for self-regulation. They often do so when companies operate in countries where financial, technical, environmental and social regulation is weak and when the industry is challenged by legitimacy issues related to behaviour in one of these areas. Mining is one industry that has progressed unevenly down the road of self-regulation in these areas. This paper examines how the development of self-regulation for mines and mining companies involves difficult questions of scope, rules, membership, assessment criteria and performance evaluation. Using a range of theoretical and empirical results from research on self-regulation, performance rating and corporate strategy, this paper analyses the strategic and operational issues related to the idea of self-regulation in the mining industry. The analysis indicates that while self-regulation may bring benefits to members, they are likely to take a long time coming; but when they do arrive they may be substantial. Using the fact that in relation to technical and financial issues the industry is quite experienced in self-regulation ? not least as it is more reluctant in areas such as environmental and social performance ? the case is made for a comprehensive and innovative approach, that draws on the areas where the industry is experienced and develops new institutional solutions in the areas where the industry is more reluctant.

Aug 1, 2013

By H. A. MEGRAW

THE meeting of the A. I. M. E. at Wilkes-Barre, Pa., Sept. 12 to 15, inclusive, celebrated the fiftieth anniversary of the Institute. It was at Wilkes-Barre, in 1871, that the foundation was laid for the great institution that now includes in its roster the greatest names. in mining engineering in every civilized country of the world. The founders of the Institute, with rare prescience, established a common ground upon which all mining engineers, whatever particular branch they might consider most pertinent, could stand securely, assured of a deep-seated interest from their brethren similarly minded in other localities. So wise and clear was the vision of the founders that every engineer connected with mining has found it beneficial, not to say indispensable, to maintain his connection with the Institute and to increase his technical enthusiasm through the medium of the valuable technical publications. The little coterie of 1871 has grown to a strong body of more than 10,000 members in 1921, reflecting the glory of the founders in the record of the accomplishments written on the pages of the fifty years of the

Jan 1, 1921

By John C. Robison

INTRODUCTION Sensitivity analysis is a means of gauging the impact of individual risks on a financing. Key risks can occur in three time periods: - Feasibility, engineering and construction phase; - Start up phase (usually through completion); - Operating phase (post completion). If a company has agreed to cover these risks prior to completion, then less attention will be paid to the sensitivity of the project in the first two time periods. Since the operating phase of the project generates cash for both operations and debt service and generally does not begin until two to six years after the loan is signed, it is wise to look at scenarios other than the projected "base-case" scenario in order to determine the project's capability to operate successfully under a broad range of probable future events. Lenders are compensated at a fixed spread over their borrowing base and generally are not compensated if the project is successful beyond expectation. They are also subject to the loss of principal plus funding costs if the project performs below expectation. Because of this, lenders establish sensitivities around the parameters of conservative projections developed in the project feasibility studies and the cash flows resulting from these projections. The initial cash flow projections should demonstrate the project's ability to meet cash costs, debt service requirements (principal and interest), and still have sufficient cushion to cover contingencies such as strikes, price fluctuations, force majeur situations, etc. (See Schreiber, Chapter 10). The selection of the level of sensitivity analysis to be performed is the result of both objective criteria, including probabilistic analysis applied to the technical parameters, and, of equal importance, subjective criteria applied by the analysts, especially with regard to the economic and financial parameters impacting the project cash flows. RISK SENSITIVITY Assumptions used in the cash flow projections should be realistic. Risks identified by the lenders should be identified and cash flows prepared to assess whether these project risks are acceptable. Typical project risks include the following (see also Chapter 9): - Sufficient reserves - quantity and quality - Product price - Production level - Operating costs - Availability of energy and supplies - Transportation and infrastructure requirements and costs - Interest rate - Completion risks - Tax level - Political risks - Cost over-run risks - Operator experience - Management - Technological risks - Environmental permits and risks - Foreign exchange risks - Insurance coverage - Equity of sponsors - Inflation rate - Capital expenditure during project life In order to see the effect on the cash flow projections, each risk should be analyzed for its impact on the cash flow generating capacity of the project. Sensitivities can be examined to see if the resultant cash flow projection will meet the lenders minimum credit standards. 1.Reserve Sensitivity In general, lenders will not assume the reserve risk. However, it should also be noted that lenders receive loan proposals in which reserves range anywhere from proven to possible. Sensitivities are not generally run for various reserve levels and reserve estimates are either considered acceptable or not acceptable by the lenders.

Jan 1, 1985

By D. van der Westhuizen, H. Krieg, M. Kruger

In the field of Fischer-Tropsch synthesis catalysts, cobalt, platinum, and aluminium are the primary metal constituents of the conventionally used cobalt catalyst. While platinum recovery remains a focal point in this field, a recent endeavour by a South African company emerged, which aimed to recover cobalt and aluminium from spent Fischer-Tropsch synthesis catalysts for potential use in the agricultural sector. This study aimed to optimally separate cobalt and aluminium from spent Fischer-Tropsch synthesis catalyst for this purpose. It further leverages the OLI database to predict metal speciation during solvent extraction to aid with experimental planning. Shake-out tests were conducted to determine optimal separation. conditions, which were validated using three distinct methods: (i) evaluating the experimental error, (ii) comparing results with similar research, and (iii) validating results against the OLI database. The investigation revealed the pivotal role of the aqueous pH yielding effective separation at pH 3.13 ([H2SO4] = 2.5 × 10−4 M) when using 20 vol.% CYANEX 272 and 50 mol.% pre-neutralisation. Effective cobalt scrubbing was achieved with 50 g/L Al at pH 2.8, while successful stripping required 1 M H2SO4. Competitive interactions between complexing aluminium and cobalt species were observed when contacting with CYANEX 272 at a pH < 4. Equipment design analysis for a targeted separation efficiency of 87% dictated the necessity of two mixer stages and a settler measuring 1.5 m × 1.5 m × 6.0 m (height × width × length). This settler would ensure sufficient residence time for gravity separation at a flow rate of 10 m3/h.

May 27, 2025

By E. C. Goodhue, R. D. Coleman, I. E. Puddington, A. F. Sirianni

Iron ore samples containing apatite are fractionated to acceptable products by spherical agglomeration methods. The phosphorus is upgraded by a factor of 10 at an elevated pH. High-grade iron products are obtained in good yields from the tailings in a second step of the operation. The grade of the phosphorus separated appears to reach a maximum at about pH = 10; recovery of iron decreases below about pH = 4. Both the recovery and grade of iron are found to be reduced sharply above about pH = 8.

Jan 1, 1968