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Where hard coin rested on the security of the past, the expense of mining and refining the precious metals, paper money was a credit against the future.
Over the last decade, Alcoa has shifted more of its business to the production of parts for industry and away from mining and refining.
The document warned that inefficient mining and refining practices had squandered scarce mineral reserves and produced extensive emissions of radioactive residues, heavy metals and other contaminants.
The company said it had made record profits in its aluminum-rolling and product-making businesses while cutting costs in its mining and refining, or "upstream," segments.
But for most of that time China's gold industry itself was off limits to outsiders, with mining and refining controlled by parochial and xenophobic state officials.
They alone could afford the technical expertise and the expensive mining and refining equipment needed to process the gold-bearing "reefs" of the Witwatersrand effectively.
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That step removes administrative oversight of mining from provincial and municipal control; local officials in southern China are widely suspected of collusion with crime syndicates responsible for illegal strip-mining and refining of rare earths.
-We realize that the pre- and circa-9/11 examples of egregious failures now should be moot in light of the vast changes initiated in data-collection, data-mining and refining the watch listing processes after 9/11.
(For treatment of the mining, recovery, and refining of titanium, see titanium processing. For comparative statistical data on titanium production, see mining).
Mineral operations consist of three phases: mining, processing, and refining.
(For full treatment of the mining, recovery, and refining of gold, see gold processing).
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