Sixteen Tons
- Stephen H Akin
- Oct 24, 2023
- 7 min read
The sole authorship of "Sixteen Tons" is attributed to Merle Travis on all recordings beginning with Travis's own 1946 record and is registered with BMI Broadcast Music international as Merle Travis.
The line "another day older and deeper in debt" from the chorus came from a letter written by Travis's brother John.
This and the line "I owe my soul to the company store" are a reference to the truck system and to debt bondage.
Under this scrip system, workers were not paid cash; rather they were paid with non-transferable credit vouchers that could be exchanged only for goods sold at the company store.
This made it impossible for workers to store up cash savings. Workers also usually lived in company-owned dormitories or houses, the rent for which was automatically deducted from their pay. In the United States the truck system and associated debt bondage persisted until the strikes of the newly formed United Mine Workers and affiliated unions forced an end to such practices.
"Sixteen Tons" refers to a practice of initiating new miners. In the mid-1920s, a miner tended to haul eight to ten tons per day, whereas for new miners, other miners would slack off so the new miner could "'make sixteen' on his very first day.
Current market conditions described in my interview with BOND BUYER January 2022:
Rising interest rates tops list of muni concerns in 2022
By Jessica Lerner January 11, 2022, 10:36 a.m. EST 5 Min ReadMajor challenges for the public finance industry abound but rising interest rates is the largest concern for business in 2022, market participants said in a Bond Buyer/Arizent Research survey.Nearly 60% of respondents said rising interest rates are their biggest worry, followed by regulatory requirements or changes at 45% and a lack of face-to-face communication and market volatility at 37% and 36%, respectively.Ongoing threats from the coronavirus, inflation and legislative inertia on muni issues in Washington, among other factors, also led a majority of those in municipal finance to believe a full economic recovery won’t be reached until at least July. Thirty-five percent of respondents said they believe a full economic recovery will happen in the second half of 2022, while 40% said they don’t believe it will happen until 2023. Fifteen percent believe it will occur during the first half of this year, and 10% believe the economy has already recovered.Rising rates“We've had an unprecedented era of low rates," said Stephen Akin, founder of Akin Investment, a registered investment advisor. "Inflation really could get away from the Federal Reserve; it's not out of the realm of possibility.https://www.akininvestment.com/post/preparing-for-liftoff
Followup to our Natural Resources post of 16 Tons
U.S. Gold Corp. set to join Russell 3000® and Russell 2000® Indexes in FTSE Russell's Annual 2025 Reconstitution
JUNE 02, 2025
CHEYENNE, Wyo., June 2, 2025 /PRNewswire/ -- U.S. Gold Corp. ("U.S. Gold," the "Company," "we," "our" or "us") (Nasdaq: USAU) is pleased to announce that we have met the criteria for inclusion in the broad-market Russell 3000 Index (the "Russell 3000") and the small-cap Russell 2000 Index (the "Russell 2000") at the conclusion of the Russell indexes annual reconstitution, effective after the U.S. market opens on June 30, 2025, according to a preliminary list of additions posted Friday, May 23, 2025.
The reconstituted indexes are expected to take effect after U.S. market close on June 27, 2025, as part of the 2025 Russell Indexes reconstitution. Inclusion in the Russell 2000, which is maintained for one year, is based on inclusion in the broader Russell 3000. The Company's stock will also be automatically added to the appropriate growth and value indexes.
The Russell 3000 includes the largest 3,000 U.S. public companies by market capitalization. The Russell 2000 is a subset of the Russell 3000 that is limited to small-cap companies. The indexes are reconstituted annually by re-ranking companies based on total market capitalization as of the reconstitution rank date, which was April 30, 2025, this year. Index membership results in automatic inclusion in the relevant growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
"We believe our preliminary inclusion in the Russell 3000 represents a significant validation of the momentum we're building at U.S. Gold," said Luke Norman, Chairman of U.S. Gold. "We're proud of our team's on-going commitment to developing the CK Gold Project in Cheyenne, WY and continuing to deliver value to our shareholders."
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to data as of the end of June 2024, about $10.6 trillion in assets are benchmarked against the Russell U.S. indexes, which belong to FTSE Russell, a prominent global index provider.
For more information on the Russell 2000, Russell 3000 and the Russell indexes reconstitution, visit the "Russell Reconstitution" section on the FTSE Russell website.
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded, U.S. focused gold and copper exploration and development company. U.S. Gold Corp. has a portfolio of exploration properties. Our CK Gold Project is located in Southeast Wyoming and has a Preliminary Feasibility Study technical report, which was completed by Samuel Engineering Inc. Our Keystone exploration property is on the Cortez Trend in Nevada. Our Challis Gold Project is located in Idaho. For more information about U.S. Gold Corp., please https://www.usgoldcorp.com/.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "proposed," "aims," "anticipates", "forecast," "estimated," "believes," "continues" and "intend," among others. These forward-looking statements include statements related to effective dates of (i) the Russell indexes reconstitution and (ii) our inclusion in the Russell 2000 and Russell 3000. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. The Company undertakes no duty to correct or update any information contained herein.
For further informationU.S.
Gold Corp.Investor Relations+1 800 557 4550
View original content:https://www.prnewswire.com/news-releases/us-gold-corp-set-to-join-russell-3000-and-russell-2000-indexes-in-ftse-russells-annual-2025-reconstitution-302470185.html
SOURCE U.S. Gold Corp.
Released June 2, 2025
Download the full press release from USAU:
NATURAL RESOURCES
This afternoon I had the opportunity speak via telephone with Luke Norman , Chairman and George Bee, President and CEO of US Gold Corp.
Here is what we discussed:
U.S. Gold Poised to Benefit from U.S. Department of Energy's Inclusion for Copper on Critical Materials List
Company's CK Gold Project in Wyoming is expected to produce copper concentrate from its open-pit mine
December 2021 PFS demonstrates strong economic potential with proven and probable reserve of 1.01 million ounces of gold and 248 million pounds of copper
CHEYENNE, Wyo., Oct. 4, 2023 /PRNewswire/ -- U.S. Gold Corp. ("U.S. Gold," the "Company," "we," "our" or "us") (Nasdaq: USAU) provided an update on its CK Gold Project (the "Project"), which is positioned to become a domestic United States producer of copper concentrate. This aligns with the increasing demand for copper due to electrification and green technologies amid growing uncertainty about overseas supply sources.
Additionally, in July 2023, the U.S. Department of Energy (DOE) adopted copper to its Critical Materials list which assesses materials vital to global clean energy tech supply chains.
The Project was previously named Copper King but was renamed due to expectations that approximately 70% of the revenue from the proposed Project will be derived from the gold within the copper concentrate. The copper concentrate at the Project is expected to average around 20% copper and may include up to 2 ounces per ton of gold, making it readily marketable to smelters due to the absence of deleterious elements. Concentrate production can commence once commissioning and construction of the Project are completed following the current permitting effort, anticipated to conclude in 2024.
The Project lies within the Silver Crown Mining District approximately 20-miles west of Cheyenne in southeast Wyoming. It is situated 3-miles north of another mining operation, the Granite Canyon Quarry, operated by Martin Marietta Materials. Copper was discovered in the late 1800s as the railroad was being constructed enabling prospectors to recognize the green staining on rocks outcropping at the surface, indicating the presence of copper oxide minerals. Although it has been long abandoned, the mining district once hosted various underground workings where higher-grade copper, gold and silver values were mined. The Project's primary focus is on copper and gold ore recovered from an open pit mine. The December 2021 prefeasibility study shows robust economic merit for the initial operation focused on its proven and probable reserve of 1.01 million ounces of gold and 248 million pounds of copper.
In commenting on the strategic decision by the DOE, George Bee, President and CEO of U.S. Gold Corp. said, "The CK Gold Project stands to offer much in the form of royalties to the state from proposed copper and gold production, taxes, and employment. There are further potential benefits to the Project that we are still assessing concerning the beneficial use of the rock mined to expose the copper and gold mineralization and the potential for water storage in the reclaimed open pit at the end of the mine life. Along with the benefits that we have already identified, we're grateful for the opportunity to produce copper in the United States, where we know the rules of the game and have a deep understanding of the political and logistics landscape, considering the difficult times we are facing in the world. Unlike many copperrospects in remote or unstable parts of the world that require significantly larger resources to develop, the CK Gold Project is modest in scale, quick to develop, and provides an immediate source of copper for the growing needs of society."
On August 2, 2023, The Copper Development Association Inc. (CDA) released a statement applauding the DOE, commenting, "The Copper Development Association (CDA) congratulates DOE on its thoughtful, forward-thinking analysis that resulted in copper's inclusion on the Critical Materials list," said Andrew G. Kireta, Jr., CDA's president and CEO. "Copper is a major contributor to U.S. economic and national security, and with copper demand projections doubling by 2035, primarily due to plans for the clean energy transition, electrification, and clean water infrastructure. The nation would be defenseless without electricity and copper's vital role in its generation, transmission, and distribution. The U.S. should do all it can to protect and promote our domestic copper industry."
Please note the above information is from the US Gold Press Release and is in no way a recommendation to buy or sell this security. It has been provided for information purposes only.
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