Do Foreign Currency Deposits Promote or Deter Financial Development in Low-Income Countries? An Empirical Analysis of Cross-Country Data

Foreign currency deposits (FCD) are prevalent in many low-income developing countries, but their impact on bank lending has rarely been examined. An examination of cross-country data indicates that a higher proportion of FCD in total deposits is associated with growth in private credit only in inflationary circumstances (over 24 percent of the annual inflation rate). FCD can lead to a decline in private credit below this threshold level of inflation. Given that FCD exhibit persistence, deregulating them in low-income countries may do more harm than good on financial development in the long term, notably after successful containment of inflation.

Be-and Emerald Deposits of the Central Urals (Russia): Conditions of Formation

The Be- and emerald deposits of the Emerald Mines region, in the central part of the Upper-Paleozoic Uralian orogen (Russia), are related to a major shear zone of N-S direction, where both Be-rich S-type granitoids (Carboniferous to Permian) and Cr-rich rocks (ophiolitic dunites and peridotes, Silurian to Devonian) are present.

Geothermometry, ore geochemistry and fluid flow in the Esperanza Vein, Huachocolpa District (Huancavelica, Peru)

The Esperanza Zn-Pb-Ag vein, owned by Compañía de Minas Buenaventura S.A.A., lies over 4000 to 4650 masl in the Western Cordillera of the Peruvian Central Andes. The Esperanza low sulphidation epithermal vein trends ~E-W along 1500 m; it dips to the South and can be followed to 350 m depth. As other veins of the district, like Teresita and Bienaventurada, it is hosted by intermediate to felsic volcanics (andesitic to dacitic compositions) of the Huachocolpa Group (Middle Miocene to Upper Pliocene). The mineralisation occurs mostly as open space filling related to fracture development during the Quechua III deformational event. Main ore minerals are sphalerite, galena, tetrahedrite, pyrite, chalcopyrite and Ag and Pb sulfosalts; quartz, barite and calcite are the main gangue minerals. Current production grades are ~5% Zn, ~8Oz/t Ag, ~3% Pb; usually very low Cu (mean ~0.04%).

New data on the specular reflectance of ores (VNIR: 400 - 1000 nm) and their significance for ore microscopy

This work is part of the project CAMEVA for the development of an expert system aimed at the automatic identification of ores [1, 2]. It relies on the measure of their reflectance values, R, on digital images. Software for calibration, acquisition and analysis of the multispectral data was designed by AITEMIN [3]; the research was also assessed by H.J. Bernhardt and E. Pirard [1].

A fully automated system for multispectral ore microscopy

A joint research to develop an efficient method for automated identification and quantification of ores [1], based on Reflected Light Microscopy (RLM) in the VNIR realm (Fig. 1), provides an alternative to modern SEM based equipments used by geometallurgists, but for ~ 1/10th of the price.

40ar/39ar Dating of alunite from the Pueblo Viejo Gold-Silver District, Dominican Republic

New 40Ar/39Ar ages for alunite from the Moore and Monte Negro deposits in the Pueblo Viejo district, as well as from a newly discovered alunite-bearing zone on Loma la Cuaba west of the known deposits, are reported here. The ages range from about 80 to 40 Ma, with closely adjacent samples exhibiting very different ages. Interpretation of these results in the context of estimated closure temperatures for alunite and the geologic and tectonic evolution of Hispaniola does not lead to a simple conclusion about the age of mineralization. The simplest interpretation, that mineralization was caused by a buried Late Cretaceous (~80 Ma) intrusion, is complicated by lack of intrusions of this age in the area and absence of alteration in overlying limestone. The alternative interpretation, that mineralization was formed during Early Cretaceous (~110 Ma) magmatism and that the 40Ar/39Ar ages were completely reset by Late Cretaceous thrusting, is complicated by a lack of information on the timing and thermal effects of thrusting in central Hispaniola. Alunite studies have yielded similar unclear results in other pre-Cenozoic ore systems, notably those of the Lachlan fold belt in Australia

Realidad estratégica de la sostenibilidad de los recursos naturales: La explotación del hierro

Es en el campo de los recursos naturales y su aplicación a la industria, el entorno donde se desarrolla esta Tesis. El objetivo de la misma es demostrar cómo la minería del hierro puede resultar una actividad sostenible, logrando continuar de esta manera la estrecha relación de siempre entre las necesidades del hombre y la pervivencia de los recursos naturales. Es en la minería del hierro donde hace mayor énfasis este trabajo, dando lugar a un nuevo Indicador Sostenible que intenta evaluar las explotaciones de mineral de hierro desde una visión sostenible, empleando el consumo energético y las emisiones de CO2 como principales herramientas. Como se observa en el día a día, el tema de la sostenibilidad es de plena actualidad, lográndose en este trabajo implicar, tanto a la eficiencia energética, como al control de emisiones de gases efecto invernadero; ambas herramientas cobran más importancia cada día que pasa. La Tesis se desarrolla en 5 capítulos, aparte de su bibliografía correspondiente. En el primer capítulo se introduce el sentido de la sostenibilidad, desde sus inicios conceptuales, hasta sus actuales clasificaciones y definiciones empleadas; todo ello desde el punto de vista de los recursos naturales, y más habitualmente desde la minería. Resulta llamativo el contraste de opiniones, en lo que se ha dado a llamar la paradoja de la minería sostenible, quedando tras su lectura, la posición de la minería en una situación, si no ventajosa, si de equilibrio en importancia entre las necesidades a cubrir y el agotamiento de recursos. El segundo capítulo nos muestra el entorno donde se va a conducir la Tesis. El marco que engloba este trabajo se extiende desde la extracción del mineral de hierro (minería), su tratamiento y concentración (mineralurgia), su venta a los hornos altos (mercados) hasta su posterior fabricación en acero terminado (siderurgia). En este capítulo se presentan los principales actores que entrarán en el sector de la minería del hierro (productores y fabricantes) incluyendo una serie de datos estadísticos de gran interés para el desarrollo de la Tesis. El tercer capítulo se refiere al proceso completo que precisa la actividad sobre la que se va a evaluar la sostenibilidad. Es donde se definen, paso a paso, y obteniendo todos los datos de consumos energéticos y emisiones de CO2, las diferentes etapas por las que pasa el mineral de hierro, hasta encontrarse laminado en la acería. Es aquí donde se analizan los diversos tipos de yacimientos de hierro dispersos por el mundo y el mineral extraído, de manera que las propiedades aprendidas se puedan emplear más adelante en un indicador, y que así diferencie la sostenibilidad en función de los orígenes motivo de las necesidades energéticas para su transformación. El capítulo 4 consta de dos bloques: el uso de las herramientas de medida de la sostenibilidad, a día de hoy en el mundo industrial, y de una manera pormenorizada, el consumo energético y sus emisiones medioambientales como herramienta de gestión ambiental para la minería del hierro. Esta herramienta resultará básica para el cálculo del indicador buscado para la medida de la sostenibilidad. El capítulo 5 constituye el núcleo de la tesis, y supone el desarrollo del indicador, la metodología de uso y las conclusiones obtenidas. A través de varios ejemplos se logra entender la aplicación del indicador, dando lugar a una clasificación sostenible sencilla y práctica, situando en orden las diferentes explotaciones en función de un nivel de sostenibilidad determinado. Este último capítulo da origen al Indicador Sostenible Energético buscado, mostrándose en todo su esplendor y descubriendo cómo la relación ponderada entre el consumo energético y sus emisiones de CO2 permite, a través de una valoración, mostrar todos los parámetros de relevancia para el mineral de hierro y su posterior transformación en acero. Esa cifra obtenida por el indicador, clasificará la explotación teniendo en cuenta, el tipo de yacimiento, características del mineral (especie mineralógica, tipo de mineral, ley del mineral en hierro, tipo de ganga, características físicas como dureza o tamaño de grano, susceptibilidad magnética, etc.), situación geográfica, infraestructuras, etc. Sin profundizar en la siderurgia, por lo menos sí incluir los principales parámetros (relacionados siempre desde el mineral) que pudieran tener influencia en la disminución de energía requerida (y sus emisiones de CO2 relacionadas): la reducibilidad, el contenido en hierro, y mencionar la influencia del SiO2. Se completa la Tesis con las referencias bibliográficas y documentales, así como con una bibliografía general. ABSTRACT This Thesis is set in a context of natural resources and applied science. The aim of this document is to prove that iron mining is a sustainable activity, so the ancient relationship between men and natural resources will continue. Iron mining is the main subject of this work, so a new sustainable indicator is created in order to evaluate the iron mining from a sustainable point of view. The main tools applied are energy consumption and CO2 emissions. In this research document two relevant issues are involved: energy efficiency and GHGs control; both tools gain significance by the day. This thesis develops along 5 chapters and its bibliography. The first chapter refers to the concept of sustainability, from the beginning to the current definitions and classifications; all this information is focused from the natural resources point of view, especially mining. The contrast of opinion is remarkable, which has been called the “paradox of sustainable mining”; however this chapter concludes that taking into account the less bright side of the mining its activity maintains an important balance between necessities to cover, available resources and environment. The second chapter sets out where this Thesis has been conducted. The frame of this work lies between iron mining, ore processing, the market and the latter steel fabrication (steelmaking). This chapter shows the iron mining key stakeholders, supported with statistical data. The third chapter refers to the whole process definition. From the iron mineral to the rolled steel, all data related with energy consumption and CO2 emissions are considered step by step. Different iron deposits widespread all over the world are analyzed now, as well as the exploited iron mineral in order to apply the lessons learned to create a new sustainability tool. Then, our sustainability studies will consider the influence of this in the energy necessities when iron is transformed. Chapter four is divided in the currently applied sustainability measurement tools, and focusing on energy consumption and CO2 emissions linked to the iron mining process. This tool is essential to calculate the required indicator that reflects the sustainability. Chapter five is the Thesis’ core: it is where the new sustainable indicator is developed, the methodology stated and the final conclusions obtained. Through several examples the indicator application is explained, and a practical and simple sustainable classification will show the ranking of every exploitation. This last chapter develops the sustainable tool and discovers how the weighted relation between energy consumption and CO2 emissions allows understanding all the relevant parameters in the iron mineral transformation. The number calculated will be used to classify the mineral exploitation, taking into account the deposit typology, mineral characteristics (mineralogy, type of mineral, iron percentage, physical properties as hardness or grain size, magnetic susceptibility, etc.), geographic situation, infrastructures, etc. Although steelmaking is not studied in depth, main parameters (from the mineral side) which can operate in the energy decrease (and CO2 emissions in parallel) are referred to: reducibility, iron content and SiO2 influence. The bibliography used is included at the end of this paper.

Water seepage beneath dams on soluble evaporite deposits: a laboratory and field study (Caspe Dam, Spain)

The paper presents analytical methods and results for assessing the variation in the concentration of sulphate (and other ions) over space and time in groundwater flowing through a soluble evaporite terrain beneath a dam. The influence of effective porosity, groundwater flow velocity and the specific rate of dissolution (K′) are considered. The theoretical analysis was tested in a scale model simulating a dam constructed on heavily karstified bedrock. A simple and useful method for assessing how much material is lost through dissolution and how the rate of dissolution changes over time is considered in the context of the Caspe Dam, Spain.

Güímar and La Orotava mega-landslides (Tenerife) and tsunamis deposits in Canary Islands

More than 20 mega-landslides have been described in the Canary Islands affecting the flanks of the volcanic edifices. Gliimar and La Orotava landslides, in Tenerife, are two exceptional cases due to their huge dimensions and outstanding geomorphological features. The estimated volume of these landslides exceed tens of cubic km. Tsunami deposits have been also identified in some of the islands of the archipelago probably associated to the large landslides of the islands flanks. An investigation has been carried out to explain the causes of these large instability processes and their failure mechanisms. One of the main aspects investigated was the geomechanical characteristics of the volcanic rock masses, specially the hyaloclastite rocks forming the substratum underlying the emerged volcanic building. The low strength and high deformability properties of these rocks have played a fundamental role on the stability of the island flanks. The results have shown the gravitational origin of these instability processes as the main failure mechanism. Volcanic eruptions or large earthquakes could be contributing factors to the instability, but according with the data obtained in Gliimar and La Orotava cases they are not necessary as triggering factors. As a result of the field work carried out in the frame of the project, three large tsunami deposits have been identified in the islands of Lanzarote, Tenerifc and Gran Canaria attributed to rnega-Iandslides, possibly related to Guimar and La Orotava. A Sumrnary of their main features is described.

Preliminary mineralogy and ore petrology of the intermediate-sulfidation pallancata deposit, Ayacucho, Peru

Se investiga la compleja mineralogía del Yacimiento de Pallancata (6º productor de plata del mundo) y se establecen las condiciones de formación (P.T) basadas en la petrología de las menas comparada con los datos de mineralogía experimental y en la petrografía y microtermometría de inclusiones fluídas en la ganga silicatada, resultando un depósito típicamente caracterizado como epitermal de sulfuración intermedia.ABSTRACT:Pallancata is a world-class intermediate-sulfidation epithermal deposit, hosted by upper Miocene volcanics of the south-central Peruvian Andes in a sinuous N70ºW, ∼75º SW strike-slip structure, with wide (up to 35 m) pull-apart dilation zones related to bends of the vein strike. The structural evolution of the vein from earlier brecciation to later open space infill resembles the Shila Paula district (Chauvet et al. 2006). Fluid inclusion petrography and microthermometry show that ore deposition is related to protracted boiling of very diluted, mainly meteoric fluids, starting at 250–260 ºC, under ∼300 m hydrostatic head. The mineralogical-petrological study reveals a complex sequence of mineralization (eight stages) and mineral reactions consistent with Ag2S enrichment or Sb2S3 depletion, or both, during cooling over the temperature range 250–200 ºC: pyrite, sphalerite, galena, miargyrite, pyrargyrite-proustite, chalcopyrite, polybasite-pearceite, argentite (now acanthite), and Au–Ag alloy (“electrum”). This Ag2S enrichment and Sb2S3depletion during cooling may be explained by decay of a Ag-rich galena precursor at deeper levels (Pb2S2–AgSbS2 solid solution), which rapidly becomes unstable with decreasing temperature, producing residual (stoichiometric) PbS and more mobile Ag and Sb sulfide phases, which migrated upward and laterally away from the thermal core of the system. The core is still undisclosed by mining works, but the available geochemical evidence (logAg/log Pb ratios decreasing at depth) is consistent with this interpretation, implying a deeper potential resource. Data from sulfide geothermometry, based on mineral equilibria, document the thermal evolution of the system below 200 ºC (stephanite, uytenbogaardtite, jalpaite, stromeyerite, mckinstryite, among others). The end of the most productive stages (3, 4, and 5) is marked by the precipitation of stephanite at temperatures below 197 ± 5 ºC, but precipitation of residual silver continues through the waning stages of the hydrothermal system down to <93.3 ºC (stromeyerite) or in a supergene redistribution (stage 8, acanthite II).

Pozzuolanic properties of the natural zeolites of some latin american deposits

This paper shows the results of the study of physical, mechanic and chemical behaviour of some natural zeolite types sampled in different outcrops of the world, mainly from Mexico, Cuba and Spain, as well as their incidence in certain practical applications, by means of the utilization of its pozzuolanic properties. Results emphasize that every natural zeolite variety gives different answers in the assays, probably influenced by the subtle variability of their chemical composition. Key words: zeolites, pozzuolanic, density, geometric, strength

Polymetallic ferromanganese deposits research on the Atlantic Spanish continental margin

Seamounts, submarine banks, volcanoes and undercurrent channels are prominent geomorphic features that have become an important target for minerals research and exploration with the goal of future exploitation. Polymetallic ferromanganese deposits are common types of mineralization on these settings. Co-rich ferromanganese crusts are important as potential resources of Mn and Co, but also Ti, Ni, Tl, REEs, PGEs, and other metals. Many seamounts and channels along the Atlantic Spanish continental margin are known to hold mineral deposits but are poorly studied. This work presents and briefly describes the most recent activities of the Spanish Geological Survey (IGME) on exploration and investigation of ferromanganese deposits along the Atlantic Spanish continental margin. Different submarine areas from the northwestern margin of the Iberian Peninsula to the west off Canary Islands have been surveyed by geophysical, sampling and underwater observations from 89 to 4000 m water depth. The mineral deposits cover a large diversity of submarine geological and geomorphical features: mud volcanoes and diapirs related to hydrocarbon seeps, seamounts associated with hot spot volcanism, hydrothermal vents in active magmatic volcanoes, structural basement highs and banks or contourite channels. Considering the collected dataset, we present the preliminary results of the study of these mineral deposits, including ferromanganese nodules and crusts and phosphate pavements and nodules, which can be considered as potential sources of raw materials.

Verbum Dei in ore Patrum et sermo de Deo in lingua doctorum ... [Texto impreso]

Sign.: ¶6, A-Z4, 2A-2B4, 2C2

Mapping rat megalin: the second cluster of ligand binding repeats contains a 46-amino acid pathogenic epitope involved in the formation of immune deposits in Heymann nephritis.

Megalin (gp330), an epithelial endocytic receptor, is a major target antigen of Heymann nephritis (HN), an autoimmune disease in rats. To elucidate the mechanisms of HN, we have mapped a pathogenic epitope in megalin that binds anti-megalin antibodies. We focused our attention on four clusters of cysteine-rich, low density lipoprotein receptor (LDLR) ligand binding repeats in the extracellular domain of megalin because they represent putative ligand binding regions and therefore would be expected to be exposed in vivo and to be able to bind circulating antibodies. Rat megalin cDNA fragments I through IV encoding the first through fourth clusters of ligand-binding repeats, respectively, were expressed in a baculovirus system. All four expression products were detected by immunoblotting with two antisera capable of inducing passive HN (pHN). When antibodies eluted from glomeruli of rats with pHN were used for immunoblotting, only the expression product encoded by fragment II was detected. This indicates that the second cluster of LDLR ligand binding repeats is directly involved in binding anti-megalin antibodies and in the induction of pHN. To narrow the major epitope in this domain, fragment II was used to prepare proteins sequentially truncated from the C- and N-terminal ends by in vitro translation. Analysis of the truncated translation products by immunoprecipitation with anti-megalin IgG revealed that the fifth ligand-binding repeat (amino acids 1160-1205) contains the major epitope recognized. This suggests that a 46-amino acid sequence in the second cluster of LDLR ligand binding repeats contains a major pathogenic epitope that plays a key role in pHN. Identification of this epitope will facilitate studies on the pathogenesis of HN.

Caracterização tecnológica de minérios auríferos por análise automatizada de imagens obtidas por microscopia eletrônica de varredura.

O ouro, assim como outros bens minerais, é uma commodity, ou seja, um produto não diferenciado, com preço determinado pelo mercado internacional, sem a interferência de seus produtores. Diante desse cenário, associado à exaustão dos depósitos minerais de maiores teores, as mineradoras vêm buscando melhores formas de aproveitamento de matérias-primas minerais mais complexas quanto à extração e ao beneficiamento. Os retornos financeiros são obtidos no estrito controle da produção com redução de custos e mitigação de perdas nas operações unitárias. A caracterização tecnológica está inserida como uma abordagem multidisciplinar e fundamental para o melhor aproveitamento dos bens minerais. Possibilita um maior conhecimento do minério e das associações minerais presentes, que auxiliará no desenvolvimento das alternativas de explotação e na otimização do processo em funcionamento. Dentre os procedimentos de caracterização das associações minerais mais acurados citam-se os sistemas automatizados de análise de imagens adquiridas por microscopia eletrônica de varredura. Permitem a avaliação qualitativa ou quantitativa de grande número de partículas quanto à composição química e mineral, partição de elementos nos minerais presentes, formas de associações e liberação entre os minerais. Este estudo se concentra na caracterização de quatro amostras mineralizadas a ouro, de diferentes regiões do Brasil, pela análise automatizada de imagens e por métodos laboratoriais de separações minerais e extração hidrometalúrgica do ouro. A combinação de procedimentos laboratoriais com a análise de imagens permitiu confrontar os resultados das recuperações potenciais, fornecendo subsídios para abordagens de processo, para obtenção da máxima recuperação do ouro e para diagnosticar as características interferentes nesses processos.