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By Yu. A. Polozov, V. A. Lagunov, O. Yu. Lushinkova, Yu. I. Svirskiy, Eh. Ya. Kipko, Roy A. Williams

The integrated grouting method, as developed in the USSR, can be applied to multi-purpose operations that in¬clude the construction of shafts, drifts, and tunnels. In the USSR it has been used extensively for primary and final grouting of underground excavations in mining engineering and civil engineering projects. It has been applied in projects where the primary objective was waste contain¬ment. It has also been used to control subsidence beneath buildings located over mined out openings and to eliminate the flow of ground water beneath and around dams. This chapter considers several industrial applications in the form of case histories. The word integrated means that grouting activities were integrated with other activities. 9.1 CASE HISTORIES OF GROUTING FRACTURED ROCK WHEN SINKING VERTICAL SHAFTS The integrated grouting method has been applied most widely in the sinking of vertical shafts in fractured, satu¬rated rock. As explained previously herein, grouting oper¬ations preferably are carried out from the ground surface where they are integrated into the schedule of the setting up of the shaft excavation and construction equipment. Such integration reduces significantly the length of time required for preparation of shaft construction and the time required to sink the shaft. The increased efficiency is achieved by the elimination of cementing operations from the working face upon the penetration of each aquifer. Concomitantly, labor and energy consumption during shaft sinking are minimized because the more complicated and labor-intensive work is carried out at the surface section. Table 9.1 presents the essential parameters for the pri¬mary grouting of saturated fractured rock carried out by the integrated method when sinking vertical shafts. 9.1.1 NAGOL'CHANSK MINE NO. 1-2, VENTILATION SHAFT NO. 1 The integrated method of grouting saturated fractured rock through holes drilled from the surface was employed for the first time during the sinking of vertical shaft No. 1 at the Nagol'chansk mine No. 1-2 in the Don Basin. The shaft had an inside diameter of 6 m. The grouting operations commenced by using cement grout with a density of 1.7 to 1.8 g/cm3. Clay-based grout with cement and other addi¬tives was used only for grouting the aquifers where cement grout proved to be ineffective. By the time of the grouting of ventilation shaft No. 1, hydrodynamic analytical methods were well in hand and a preliminary method for designing isolation curtains had been developed. A method for designing and drilling ori¬ented directional drillholes whose natural curvature re¬flected the characteristics of the fracturing had been devel¬oped. The majority of the necessary equipment had been developed. Clay-based grouts were considered ready for the first industrial application. The hydrogeologic environment at the Nagol'chansk mine No. 1-2 contained many prolific aquifers. According to monitored drillhole data, the total expected inflow into ventilation shaft No. 1 without grouting was 425 m3/hr. This large ground water inflow rate was supported by in¬formation obtained during the sinking of the main shaft and from the auxiliary shaft of the "Nagol'chansk" mine No. 1-2. The construction contractor at the site began sinking ventilation shaft No. 1 to a depth of 217 m by cement grouting from the working face of the shaft. As a result of the cement grouting operations, the inflow of water was reduced from 105.4 to 40 m3/hr over this 217 m interval. However the residual inflow rate caused the shaft to become functional at the depth of 217 m. At this point all grouting operations were transferred to SPETSTAMPONAZHGEOLOGIA (STG) in an effort to improve the operation. In order to carry out preliminary grouting from the sur¬face, seven drillholes were installed and designed for re¬ceiving grout. Drilling was implemented by the ZIF-1200A rig to the design depth of the shaft. The geometry of the principal fracture system that would be encountered by the shaft was estimated while breaking ground using informa¬tion from other shafts. The drillholes were arranged so that they cut through the aquifers uniformly around the shaft. Some preference was given to intercepting the aquifers that were located along the rock dip above the shaft bottom because it was established that the ground water in the aqui¬fers flowed downward along the dip into the cone of de¬pression of the shaft. Investigations in the drillholes using the DAU-3M flowmeter described in Chapter 3 showed that all of the nine aquifers were penetrated by the time a depth of 690 m had been reached. The flowmetric information showed that aquifer numbers [1 and 2], [4, 5, and 6], and [7 and 8] had practically identical hydrogeologic characteristics; so it was decided to connect them into combined stopes and inject the grout using five stopes instead of nine. Table 9.2 shows the results of the grout injection into the aquifers. The volume of grout pumped into the separate intervals through single holes varied from 204 to 15 m3. The trend of grout consumption showed a reduction of grout consump

Jan 1, 1993

By Thomas J. Lien

Granitic Pegmatite deposits are the chief source of commercial feldspar, micas, lithium minerals, tantalum-columbium, beryl, and certain types of kaolin. The output from pegmatite mines in the United States is small compared to other mineral products in terms of bulk or value, and much of it comprises only minor metals and nonmetals. Nevertheless, pegmatite minerals play a vital part in our domestic industrial economy, particularly in the ceramic and electrical industries. Numerous special purpose uses also are important, even though they require small quantities of raw materials. In recent years, realizing the potential importance of the pegmatite minerals, the U.S. Geological Survey, the United States Bureau of Mines, several state Bureaus of Mines, and a few private companies have carried on extensive programs of pegmatite studies in the New England and southeastern states, in the Black Hills area of South Dakota, in the Rocky Mountain region of Wyoming, Colorado, and New Mexico, and in various parts of Washington, Idaho, Utah, Nevada, Arizona, and California. Currently, some of the pegmatite minerals such as micas and spodumene are selectively separated by the flotation process. To a lesser extent a few plants are selectively floating feldspar and quartz. Much of the credit for the above progress goes to the fine work done by U.S. Bureau of Mines (1), and companies such as Foote Minerals (2). Additional research efforts by the New Mexico Bureau of Mines (3) has successfully demonstrated selective separation of micas, beryl, spodumene, lepidolite, microlite, quartz and feldspar from a complex Pegmatite containing all these minerals. Since the nature of the mineralization of various valuable components of a pegmatite deposit is such that selective separation of some of these can be carried out at a coarse size using the Heavy Media Separation technique, it was felt that such a system should be investigated for selective preconcentration of their minerals. It was also felt that of all the :MS systems available, the DYNA WHIRLPOOL (DWP) device which allows a close control and adjustment of specific gravity should provide a means of achieving the above goal. Once the desired preconcentration of one or more of the pegmatite mineral assemblage is achieved, the available selective flotation techniques should provide effective recovery of various minerals into marketable products. This paper presents technical and economic aspects of selective preconcentration of some of the pegmatite minerals followed by selective flotation to produce marketable products.

Jan 1, 1978

By Jaisen Kohmuench, Michael J. Mankosa

Flotation has long served as the foundation for sulfide mineral recovery. As ore grades decline, however, this traditional approach is being pushed to the limit. Nowhere is this more evident than in the challenge of recovering coarse, partially liberated particles — an area where conventional flotation systems typically underperform due to excessive turbulence. As a result, valuable coarse minerals are often lost to tailings. Fine grinding has become the default solution, although with the added burden of higher operating costs and more challenging tailings disposal. To address the challenge of coarse particle recovery, Eriez developed the HydroFloat, a technology that uses a novel fluidized-bed approach to extend the upper particle size range of flotation significantly. The HydroFloat can recover particles exceeding 0.5 mm in diameter with a sulfide surface expression as little as 2 percent. Coarse particle recovery allows for optimization of comminution circuits for coarse gangue rejection before fine grinding. A substantial increase in overall tailings particle size provides higher water recovery due to improved drainage and allows for consideration of a dry, stacked tailings option instead of a tailings dam/impoundment. The technology’s transformative potential has not gone unnoticed. In recognition of its impact, Eriez was honored with the 2024 Robert E. Murray Innovation Award, commonly referred to as the Murray Award, by the Society for Mining, Metallurgy & Exploration. This prestigious award was established in 2017 to recognize organizations that advance the mining industry through the implementation of technical innovation. The HydroFloat stands as a fitting example of how creative thinking and industry collaboration can solve long-standing technical challenges.

Oct 1, 2025

By Jie Long, Zijie Liu, Pu Liu, Bo Li, Menghua Li, Qiang Wu

During coal mine operations, roadways may be located close to faults. When designing these roadways, it is important to determine the width of the rock mass between a roadway and a fault area to prevent water inrush. In this paper, the Xintian Coal Mine in the northern Guizhou Province of China is selected as a typical case. Through numerical simulation based on orthogonal tests, range analysis, and multiple linear regression (MLR) analysis, the process of water inrush from faults in excavation roadways is studied. The results show that the influencing factors of the safe width of a rock mass preventing water inrush (RMPWI) can be ranked according to the degree of influence from large to small as follows: the hydraulic pressure of the fault, the surrounding rock grade, the overburden depth of the roadway, the cross-section height, and the dip angle of the fault. Among them, the dip angle of the fault, the cross-section height, and the surrounding rock grade are negatively correlated with the safe width, while hydraulic pressure of fault and overburden depth of roadway are positively correlated with safety width. The predicted value for the safe width based on MLR is greater than the measured value of the width of the RMPWI when water inrush occurs, but less than the calculated value based on the empirical formula in the standard, which proves the accuracy and practicability of the prediction method. This research provides a certain basis and reference for the prevention and control of water inrushes in mines.

Jul 5, 2023

By Roberto L. Romero

The dressing of Bolivian tin ores has been done up to the present by classical. gravity methods, taking advantage of the high specific gravity of cassiterite compared with that of the accompanying gangue. For this purpose, jigs and shaking tables are used in the treatment of the various size fractions in which the ore is classified. Bolivian ores are mainly of the vein type and, to obtain a reasonable separation, crushing and several stages of grinding are necessary during the process to substantially liberate the cassiterite from the gangue. Gravity processes for cassiterite are effective for sizes down to 200 mesh. Below this size the efficiency of the gravity methods falls off very rapidly with increasing fineness of the mineral grains. The conventional treatment for this material is desliming followed by tabling on shaking tables various other types of machines have been designed for the gravity treatment of these fine particles but they have had limited success. Bolivian ores contain an appreciable amount of minus 200 mesh material constituted by "primary fines" caning from the mine itself, and "secondary fines" originated during the crushing and grinding necessary for liberation of the difficulty in the treatment of these fine particles is one of the causes why the recovery of tin in concentrates is only of around 50% in the mines owned by Corporacidn Minera de Bolivia, the State owned enterprise. The average figure for other Bolivian mines is

Jan 1, 1971

By E. H. Cho

A current environmental concern is the cleanup and restoration of soil contaminated with low-level radionuclides at DOE sites including the Nevada Test Site. At the present, there is no applicable process to economically and effectively deal with the remediation of contaminated soils. This situation requires development of a selective flotation process to separate the radionuclides from contaminated soil efficiently and economically. In this study, a minus 200 mesh size fraction of pure cerium dioxide was used as a surrogate for plutonium oxide which is the major contaminant at the Nevada Test Site. A Hallimond flotation cell was utilized to examine the flotation behavior of cerium dioxide with oleic acid under various conditions of pH and collector concentration Mechanical cell tests were conducted to float the surrogate from a mixture with uncontaminated Nevada Test Site soil in the absence and presence of calcium carbonate as a carrier. Two different sizes of the carrier (minus 150 mesh and 65-150 mesh) were tested. It was found through the Hallimond cell flotation tests that the cerium dioxide could be floated well at pH's 4 and 9 with 10-3 molar oleic acid. It was also found that the addition of the carrier drastically enhanced the flotation recovery of cerium dioxide. The flotation recovery of the surrogate increased from 34 % to 65 % by adding only 0.5 % calcium carbonate (minus 150 mesh) in the feed and also increased to 95 % by adding 10 % of this carrier to the feed. The finer size fraction of calcium carbonate (minus 150 mesh) was more effective in recovering cerium dioxide than the coarser size fraction (65-150 mesh) The flotation method utilizing a carrier of calcium carbonate seems to provide a high potential to be used for the remediation of soil contaminated with radionuclides at various Department of Energy's nuclear weapon sites.

Jan 1, 1996

By Michael Gobla

"Since 1994 the Bureau of Reclamation (BOR) has used risk analysis to evaluate dams. Risk considers both the likelihood of failure and the expected consequences should failure occur. Risk analysis relies on the detailed formulation and critical analysis of all possible potential failure modes. Potential failure modes are formulated by describing the sequence of events that must occur to result in failure, where failure is defined as the uncontrolled release of the impounded reservoir. Failure occurs in response to loadings such as water seepage through a dam (static forces), shaking from an earthquake (dynamic forces), sudden flood inflows (hydrologic forces), or accidental overfilling (operational errors). Reclamation has, to a limited extent, applied risk analysis to inactive and abandoned mines to evaluate tailings dams, pit lakes and flooded underground mines. Case histories of potential failure mode analysis, as applied to mine impounded water, illustrate what critical technical information is needed to determine if failure is likely, what the consequences of failure are likely to be, and what are the highest risks that should be addressed first.IntroductionImpounded water and high water content wastes at mining and industrial processing sites are potential threats to public safety and the environment. Recent failures such as the TVA Kingston flyash impoundment failure in Tennessee in 2008 (4.1 million m3 or 5.4 million cu yd) release, the Mt. Poly Tailings Dam failure in British Columbia in 2014 (4.4 million m3 or 5.8 million cu yd) release, and the Samarco Fundao Tailings Dam failure in Brazil in 2015 (59 millon m3 or 78 million cu yd) release have renewed attention to this issue. Potential risks from impounded water at mining and industrial sites originate not only from tailing dams, but also from water in process ponds and conveyance pipelines, sediment retention dams, water retention dams, mine pit lakes and flooded underground mine workings.Conventional water retaining dams also have a record of failure. Notable examples of failure include Vajont Dam in Italy in 1963 (2,600 lives lost), Banqiao and Shimantan Dams in China in 1975 (171,000 lives lost), and Machhu-II Dam in India (10,000 lives lost). After the 1976 Teton Dam failure in Idaho, the U.S. Bureau of Reclamation (BOR) established a Dam Safety Program. By 1984, the agency developed and began using risk analysis methods. BOR operates and maintains an inventory of hundreds of aging dams which were designed and constructed over a period of 100 years. Many of these facilities were designed and constructed prior to the development and adaptation of modern soil mechanics in dam engineering. Diligent observational monitoring, detailed site investigations and the application of risk evaluation to the BOR dam inventory has identified many deficiencies resulting in significant demands on available funding for remediation efforts. The application of risk analysis has allowed the agency to rank sites by risk. By giving priority of remedial efforts to high-risk sites, significant improvements to dam safety have been achieved."

Dec 1, 2016

By D. M. S. Bhatia

Five sulfide minerals from the Magiwnt mine, southeast Missouri were analyzed for 31 trace elements in over 300 samples by laser microprobe spectrographic analysis of polished sections. The concentration of several trace elements shows a pattern of progressive variation with depth (space) and variation with different paragenetic stages (time) of each mineral. Factor analysis of the geochemical data shows sympathetic correlation both in space and in time of Bi, Cd, Ge, and Sn in galena and sphalerite, and Ni and Co in sphalerite and marcasite.

Jan 1, 1979

By CORA ROELOFS

While the COVID-19 pandemic has dominated the headlines, another epidemic in the United States has continued apace — the opioid epidemic. Half a million opioid overdose deaths have occurred in the United States since 1999, when the opioid epidemic began. The causes of the epidemic include the rise in prescriptions for opioid pain medications, including for work-related pain. Miners and other occupations identified as physically demanding and at higher injury risk have been found to be at increased risk for opioid overdose [1]. However, awareness of the risk factors that might lead to opioid use, the potential hazards associated with their use, and resources to prevent addiction and death can allow miners to make choices that can reduce these risks.

By Luis de la Pe[n]a Porth

The present process refers to a method for efficiently obtaining high purity metallic copper from copper ammonium sulfite. Essentially, this process consists of submitting the copper ammonium sulfite to the action of heat and pressure with the object of obtaining by the decomposition of it, metallic copper, ammonium sulfate, sulfur dioxide, and sulfuric acid.

Jan 1, 1974

By M. C. Fuerstenau

Collophane, cryptocrystalline fluor-apatite, is examined as a substrate for plant water and wastewater remediation. The attenuation of Fe3+, Fe2+, Hg2+, Pb2+, and Cd2+ is presented as a function of metal ion concentration, amount of collophane, initial pH and conditioning time. TCLP results for Pb2+contaminated collophane are presented. Mechanisms of adsorption for divalent and trivalent species are suggested.

Jan 1, 2001

By Rongjie Kong, Shiwei Wang, Dongjiao Gui

Metal cations have significant effects on the flotation of coal and minerals. In this study, the effects of monovalent cations ( Na+ and K+) on the flotation of low-rank coal (LRC) were investigated using flotation and particle–bubble attachment experiments and through X-ray photoelectron spectroscopy (XPS) and molecular dynamics simulations. Oleic acid (OA), methyl linoleate (ML), hexadecyltrimethylammonium chloride (CTAC), ricinoleic acid (RA), and kerosene were used as flotation collectors. The flotation experiments revealed that the flotation yields of LRC improved when OA, ML, RA, CTAC, and kerosene were used in pure deionized water. However, flotation was suppressed for these collectors in the presence of K+ and Na+ ions. In contrast, when using CTAC, the flotation yield increased in the presence of these ions. Specifically, the flotation yield increased from 41.24 to 87.03% when 2.0 kg/t CTAC was used in 10 mmol/L NaCl solution. Particle–bubble adhesion experiments and XPS revealed that the hydrophilic groups of CTAC were adsorbed on the LRC surfaces by electrostatic forces, whereas the oxygen-containing functional groups of OA, ML, and RA formed hydrogen bonds with the LRC surface in pure water. Finally, the simulating result revealed that the hydrophobic ends of the OA, ML, and RA collectors hinder the flotation of LRC by adsorbing monovalent cations, whereas the adsorption of monovalent cations on the hydrophobic end of the cationic surfactant (CTAC) promotes flotation via strong electrostatic interactions.

Jan 31, 2024

By Colin Lawrence

The Port of New York and New Jersey is one of the most heavily used transportation arteries in the world, handling nearly 40 per-cent of the North Atlantic shipping trade and directly providing nearly 230,000 jobs to the local economy. In 2004, $100 billion worth of consumer goods moved through the port. To accommodate future cargo volumes in the port, which are expected to double over the next decade and possibly quadruple in 40 years, deeper shipping channels are needed to provide access for a new generation of cargo mega-ships with drafts exceeding 13.7-m (45-ft) when loaded. Current channels within the harbor range in depths up to 13.7-m (45-ft), thus preventing carriers from using these larger ships, or requiring significant reductions in cargo to achieve lesser drafts to operate safely within the harbor. As part of the Harbor Deepening Project, the Anchor-age Channel would be deepened to 15.2 m (50 ft) below mean low water (MLW), for a length of 5,790 m (19,000 ft). The New York City Department of Environmental Protection (NYCDEP) owns, operates and maintains two existing water siphons in the harbor. Due to their shallow depth, both existing siphons must be relocated before dredging of the Anchorage Channel can be completed. Tom Costanzo, manager of capital programs for the Port Authority of New York and New Jersey (PANYNJ), says that ?While the re-location of the existing siphons under the Anchorage Channel is vital to the success of the deepening program, it is also a story of cooperation among key agencies at different levels of government resulting in improvements that will benefit the people of this region greatly.?

Jun 1, 2010

By D. Pappas

Over the past decade, the number of contractors working in underground coal mines has nearly doubled; however, the effect this has had on the industry's injury rates has been the subject of much speculation. The confusion exists because the U.S. Mine Safety and Health Administration (MSHA) database does not assign contractor hours to the individual mining operations where they worked. To better understand the safety record of the contractor segment of the industry, the National Institute for Occupational Safety and Health (NIOSH) undertook a comprehensive analysis of the data contained in the MSHA database. The first part of the study compared overall contractor and operator trends from 1983 to 2009 related to employment, hours worked and injury rate. One unexpected finding was that the larger contractors tended to have higher injury rates than the smaller ones. The second part of the study directly addressed the role of contractors on the safety record of 10 large underground coal mines. A detailed analysis provided both injuries and estimated contractor hours worked at these mines for the period 1992-2007. Comparison between the estimated contractor injury rates and the reported operator injury rates at these mines indicated that the contractor injury rates were significantly higher at most of the operations studied. However, the industry-wide data indicates that contractor and operator injury rates have converged since 2005 and are now equivalent. Mining Engineering, 2011, Vol. 63, No. 11, pp. 73-79. Official publication of the Society for Mining, Metallurgy and Exploration, Inc.

Jan 1, 2011

By David B. Brooks

I gratefully acknowledge the help of a number of American and Canadian geologists, in both federal surveys and in private firms, who took the time to discuss this problem with me. Hans Landsberg and Bruce Netschert also followed the study with interest and encouragement. In their 1961 monograph, THE FUTURE SUPPLY OF THE MAJOR METALS, Bruce Netschert and Hans Landsberg noted that identified potential resources (that is, known but submarginal resources) of lead and zinc were much lower relative to reserves (that is, known and supermarginal resources) than was the same ratio for other metals.1/ Put another way, it seemed that for such metals as iron, manganese, copper, and aluminum, slightly more favorable economic conditions or modest advances in technology would greatly increase reserves by permitting the exploitation of vest quantities of leaner or deeper or otherwise less valuable mineral deposits. But for lead and zinc, Netschert and Landsberg concluded that either: "(1) there is relatively little material below present cutoff grades; [or] (2) such material exists, but for some reason there are no data.? 2/ This situation, which they called "the lead-zinc anomaly" has been subsequently discussed by other authors. The purpose of this paper is to carry the discussion further by examining the evidence in favor of (1) and (2) and by advancing a third alternative.

Jan 1, 1967

By S. R. Titley

Carbonate-hosted massive sulfide (60%) ores of the western Cordillera compose a distinct class of deposits although they vary widely in detail and perhaps genesis. They have been important sources of lead, zinc, copper, silver, gold, and more rarely, molybdenum, tin, and tungsten in complex mineral assemblages usually dominated by pyrite. They occur as concordant stratiform bodies, as discordant mantos, and as chimneys crossing tens of meters of section; many are associated with faults and breccia bodies. Environments of formation of carbonate hosts range from craton basin to shelf with ages from Proterozoic to Cretaceous; in many instances, dating has shown mineralization to be significantly younger than hosts. Temperatures of formation determined for many deposits are high (200°-400°) and many districts are centers of igneous activity manifested by dikes, sills, and stocks. However, direct cause and effect relationships have been difficult to establish. Many important problems attend the renewed interest and study of these deposits and include questions of metal-sulfur sources, metallization processes and histories, geological controls at all scales, and relationships to broader patterns of metallogeny.

Jan 1, 1985

By Josh B. Taggart

Some twenty to twenty-five years ago we saw the beginning of mechanization in our coal mines, It has now progressed to the point Chat as instruments of production the pick and shovel are things of the past, They had to give way to better and more efficient methods--so mechanization, followed by and combined with automation, has become common-place in our mines. Our coal could not keep its competitive position without this progress Without it our industry could not look to the future with any degress of confidence. Today we lock back and see cases of regained and salvaged markets. We see better coal products being produced at decreasing costs. We see better utilization of manpower and a stronger, more confident industry, Our hats arc off to those mining men, equipment manufacturers, labor leaders, and others who had the foresight to work toward these ends and the ability to bring them about.

Jan 1, 1962

By Alexander Karim

This paper reviews the growth pattern in bauxite and alumina production, and primary aluminum smelting through 1980. Because the alumina and primary metal are intermediate products of the major integrated aluminum companies, it is not possible to determine their production costs. The costs indicated in this paper are order of magnitude costs based on published figures and the market price of these products. The conclusions in this paper indicate the general pattern of growth in the aluminum industry and are not meant to be a substitute for the feasibility and economic studies that are needed for individual bauxite mining, alumina refining and aluminum smelting projects.

Jan 1, 1968

By J. Brune

The disaster at the Upper Big Branch (UBB) mine 2010 has demonstrated the destructive violence of a coal dust explosion by killing 29 miners in the worst mining accident the United States has experienced in almost 40 years. This explosion brought to light that the United States mining industry must strengthen explosion prevention and explosion hazard detection practices. Recent legislation such as the Mine Improvement and New Emergency Response Act of 2006 (MINER Act) pushed the strengthening of explosion and disaster response and miner protection in addition to stricter regulations on the sealing of abandoned areas and on conveyor belt flame resistance. The focus of this new act was on how to respond to a disaster or explosion, yet not much improvement was made with respect to prevention explosion disasters. Researchers at the Colorado School of Mines have recently concluded extensive research into methane and coal dust explosion prevention practices and regulations as it may be applicable to underground mines in the United States. This research aims to forward more studies into the use and adoption of standards and procedures that have been utilized in countries with strong explosion prevention histories.

Feb 23, 2014

We have lived through a period of strong metal pricing during the past eight to 10 years. Copper has been hovering in the range of $3-$4/lb during much of the past eight years, averaging close to $3.30/lb. Gold increased steadily from less than $300/oz levels in the early 2000s, reaching almost $1,890/oz in the third quarter of 2011, before tempering back down to the $1,200-1,400/oz range in 2013. Iron ore prices started to rise in 2005 before the staggering increases experienced in 2008- 2010, reaching almost $190/metric ton in early 2011. During the past four years, iron ore prices have ranged from $100-180/t, averaging approximately $140/t. In the aftermath of such a run, it is perhaps too easy to forget where we have come from: The copper price averaged just 77 cents/lb during the six-year period from 1998 to 2003, and averaged just over $1/lb from 1989 to 1997. The gold price averaged $350/oz during the 10-year period from 1994 to 2003. Even more dramatically, iron ore traded in the range of $10-$15/t between 1985 and 2004. So, we have seen sustained, three- to four-fold increases in copper and gold prices, and 8 to 10-fold increases in iron ore prices.

Mar 1, 2014