The mining of novaculite has been referred to as Arkansas’s oldest industry and remains economically important today. Prehistoric Native Americans fashioned weapons and tools from an abundant source of these silica-rich rocks. Tribes such as the Quapaw , Osage , Caddo , Tunica , Chickasaw , and Natchez mined novaculite. It was used for trade over much of North America. Little evidence remains of these digs today, but an Arkansas history textbook written in 1905, The History of Arkansas: A Text-book for Public Schools, High Schools, and Academies by Josiah H. Shinn, describes the many “ancient” quarries, some extending over a distance of four miles. The text states that these quarries were from fifteen to forty feet deep, ten to thirty feet wide, and 100 to 300 feet long. They were located in Hot Spring and Garland counties, but hundreds of square miles were strewn with the flakes, fragments of rejected novaculite pieces.
It's an incredibly powerful discipline to put in place a rule of thumb that deals have to be accretive within some [specific] period of time. At Citigroup, my rule of thumb is it has to be accretive within the first twelve months, in terms of EPS, and it has to reach our capital rate of return, which is over 20 percent return within three to four years. And it has to make sense both financially and strategically, which means it has to have at least as fast a growth rate as we expect from our businesses in general, which is 10 to 15 percent a year.
3) Rick Rule: I or my family own shares of the following companies mentioned in this interview: Sylvania Platinum Ltd., Platinum Group Metals Ltd. and Ivanplats Ltd. I personally am or my family is paid by the following companies mentioned in this interview: None. My company has a financial relationship with the following companies mentioned in this interview: None. I was not paid by Streetwise Reports for participating in this interview. Comments and opinions expressed are my own comments and opinions. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview.