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By W. T. Allan

RAW bituminous coal has been in general use as a blast-furnace fuel in Scotland for the last century, and although its use has now been largely abandoned and it has been replaced by coke in the majority of the few furnaces which are at, present in blast in this country, coal-smelted pig iron is not yet a thing of the past; it is still being produced and mar-keted in competition with the more cheaply smelted product of the coke-fired furnace. Various factors have influenced this change in practice; the once plentiful deposits of coal of a suitable nature for the blast furnace are now not so easily obtainable; native blackband and clayband ironstones which are easily smelted in the coal-fired blast furnace, although still far from being exhausted, are not available except at a. cost that is somewhat higher than that of imported ores, making them unattractive to the ironmaster that is compelled by circumstances to smelt his iron at the lowest possible cost. Within the last 15 years overproduction of synthetic nitrogen has led to progressive reductions in the price of sulphate of ammonia, the recovery of which together with the other by-products before that time materially assisted in reducing the working costs of the coal-fired furnace. Now the sale of the by-products recovered yields a diminished profit. When the cost of the product is the only consideration the small, slow-smelting, coal-fired blast furnace cannot compare with its large, modern, coke-fired competitor. Other `considerations do not by any means all support the same side of the argument. In the smelting of pig iron to be used in the manufacture of steel where the quality of the final product depends so largely upon the control of the conversion process and so much less upon the physical quality of the pig iron used, the physical properties of the pig iron do not exert any appreciable influence upon the quality of the steel produced, therefore the methods employed in the smelting of the pig iron matter but little so long as the requisite chemical composi-tion is reached. On the other hand, in ironfounding where the simple melting of the pig iron, which is the only treatment it receives before being cast into its final form, does little or nothing to modify its original charac-

Jan 1, 1937

By Charles W. Goodale

In the course of the preparation of my paper on " The Occurrence and Treatment of the Argentiferous Manganese Ores of Tombstone District, Arizona" (Dam., xvii., 767), my attention was called to two patents which have been issued for the use of a diaphragm at the upper end of a Howell furnace, whose importance merits more than a passing reference. Mr. J. K. Pardee invented and first put into use in the Algon quin mill, at Philipsburg, Mon., in 1880, a ('new' and useful im provement in rotary ore-roasting furnaces," which was intended "to increase the capacity, effectiveness and working economies of such furnaces." The following description and accompanying figures are taken from the patent papers, dated December 21st, 1880: Fig. 1 is a side elevation of the feed-end of the Howell rotary furnace, with parts broken away, the better to exhibit my invention. Fig. 2 is an end elevation of the same. Fig. 3 is an end elevation of the same, showing a modification of my invention. In operating a furnace of this kind, of the capacity of one ton of ore an hour, it was found that for the best work the two fire-places (one at each end of the revolv ing cylinder) consumed about ten cords of wood every twenty-four hours, and that about twenty-fonr tons of silver-ore were introduced through the feed-pipe. It was also found that of the amount of ore, fully one-third did not go through the revolv ing cylinder, but went into the dust-chanibers about the feed-end of the furnace or cylinder, and this ore going into the dust-chambers was found not to be sufficiently chloridized for amalgamation, but had to be re-roasted. I then caused to be made, out of boiler-plate iron, a segment of a circle, the height of which was about one third of the diameter of. the cylinder or furnace, the circumference of the circle being smaller than the circumference of the furnace, so that about a half-inch space would be left between the plate and the furnace, when said plate or segment was in position. This segment or plate of iron was then fastened to the bottom of the feed pipe, as shown in the drawings, wherein A represents the revolving cylinder or furnace; B, the fire-place and dust-chambers at the feed-end of said furnace; C, the inclined feed-pipe, and D, the diaphragm, partition, or plate fixed within said furnace, A. With the diaphragm or plate, D, in the position shown, the furnace was run for about a month, and it was found that with the furnace in best working condition only four cords of wood every twenty-four hours were consumed, that no fire was required at the feed-end of the furnace, that not one-twelfth of the ore

Jan 1, 1890

By Fred C. Bond

AN improved method of measuring the surface area of a comminution product down to any desired particle size has been developed. The method is largely graphical, and requires relatively little calculation. It can be used with materials containing large amounts of clay, or excess fines of any kind. The surface area S is expressed in terms of square meters per 100 c.c. of solids. This expression is based upon volume rather than weight, and is considered to be more suitable for crushing and grinding problems, where the machines ordinarily are operated under constant volume conditions. It has the advantage that surface areas of different materials can be compared directly, even though their specific gravities may be unknown. The "specific surface" of a material, or the number of square centimeters of surface area per gram, is equal to 100S divided by the specific gravity. Particle diameters are expressed in microns, K being the diameter of the largest particle present and L the grind limit, or lower size limit of the particles formed directly by grinding. The value of K does not always coincide exactly with the diameters of the largest particles retained on the coarsest testing sieve, since the largest particles formed in crushing and grinding are often slabby, or have other irregular shapes. L has been chosen as 0.700 microns, or number 27.5 in the size number series, for reasons to be explained later. S is the total surface area of all particles larger than L microns in diameter. When a homogeneous comminution product is separated into fractions whose diameters bear a constant geometrical relationship p to each other, and the log per cent weight retained upon each size and passing the next larger size is plotted against the log diameter, a straight line results, which is called the distribution line, and which has a slope in called the distribution modulus. The distribution line can be extended to any desired limiting size, and the total surface area of all particles larger than that size can be calculated. The equation of the distributi0n line is [w = Cx" [I]] where w is the per cent weight retained on each successive sieve; x is the particle diameter; and C is the per cent weight retained on an opening of unit diameter.2 Theoretically, the distribution line can be extended to include infinitely small particles. When it is so extended, and the assumption is made that no fine particles are present other than those accounted for by the equation; the log per cent cumulative weight passing any series of sizes, plotted against the log diameter passed, will result in a straight line lying parallel to and above the plotted distribution line.

Jan 1, 1941

By Steven Mitchell

BACKGROUND Homestake Mining Company began milling operations at the Bulldog Mountain Mine near Creede, Colorado in 1969. The Bulldog Mill, rated at 350 tpd, produces a bulk flotation condentrate assaying about 180 oz/T Ag and 20% Pb, from heads of about 16 oz/T Ag and 2% Pb. The circuit is straightforward with two-stage grinding to 1-5% plus 65 mesh, followed by rougher and cleaner flotation. Reagents used are Z-6, Z-11, Aerofloat 242 and Aero Promoter 404, with an Aerofroth 65-MIBC mixture for a frother. Additional information on the geology, mine and mill are available in references (1) and (2). A flow sheet for the mill and CIP plant together is attached as Figure 1. Final flotation tailings normally vary from 1.5 - 2.0 oz/T Ag. These tailings are cycloned to produce sand for underground backfill. After cycloning, the sands are repulped and given a final scavenger float. This sand scavenger recovers a small additional amount of silver which recycles back to the main flotation circuit. The tailings are recycloned and pumped to the mine or, if the mine cannot accept sand, to tailings. The majority of the silver in the flotation tailings exists in the fine fractions; cycloning upgrades the slimes and lowers the assay of the sand. The sand, after scavenging, typically assays 0.5 oz/T Ag, and the slimes assay about 3.0-3.5 oz/T Ag. From 1969 to 1976 all of the slime tailings and the sand tailings not used underground were impounded in a tailings pond located about

Jan 1, 1983

By B. F. Tillson

HAVING been asked to talk about recent devel-opments in mining equipment, I chose the sub-ject of small units of storage-battery locomo-tives which recently have been developed with the idea of motorizing transportation in the mines as far as possible, replacing the manual labor of hand-tramming. Metal mines are probably less advanced in this field than coal mines, where transportation of large ton-nages on any one level is quite common. Of course, metal mines, where large tonnages are handled on any one level, are as advanced as coal mines, and storage-battery locomotives for main haulages are used quite commonly in such metal mines, but the mines having levels at many intervals in the depth of the orebody, or a number of intermediate levels in which a consider-able amount of hand-tramming has to be done, and small metal mines in which the size of the orebody does not seem to warrant the initial capital expenditure for the driving of main haulage levels and installation of rock and ore chutes and raises for the delivery of the broken ore and rock to the cars have been at consider-able disadvantage in replacing manual labor by some mechanical means of transportation. Several years ago the field was canvassed among the manufacturers of electric-locomotive equipment and the conclusion was reached that the art had not been devel-oped to the advantage of metal miners who desire to replace small units of labor by locomotive equipment. The need for such small locomotives is all the more em-phasized by the development in the past few years of mechanical mucking-machines (loading equipment for filling the cars from muck piles on the level). Any me-chanical loader is a liability instead of an asset unless means are also provided for keeping the material away from the loading-machines. Therefore the transporta-tion system must be equal to the capacity of a loading-machine, otherwise the latter is idle such a large per-centage of its time as to prove an unprofitable invest-ment. So there is a need for portable, small haulage units to handle small mine cars in many metal mines, and, naturally, units are desired which can be so readily shifted from level to level as to facilitate their free use. Of course, in mines in which each level comes to the shaft it is not such a difficult problem, but many mines have a great many intermediate levels which must be approached through raises, timber slides or other small openings required to transfer ore and to get timber and other supplies to those levels.

Jan 5, 1927

By Carle R. Hayward

ATHOUGH there are signs of improvement in the lead industry, conditions are still far from what we have been accustomed to call normal. There has been little to stim¬ulate research and those responsible for the finances of the companies have been inclined to discourage expenditures except where need was urgent or the prospect for immediate returns bright. In spite of this fact, improvements have been developed here and there which will be available as business conditions become adjusted. No publicity is allowed at present. The rising price of silver has had a tendency to increase the production of lead from argentiferous ores but the greatest interest continues to be in the secondary field. Practically all lead plants situated near large centers of population are treating scrap materials, particularly battery plates, the quantity of which is increasing with the improvement in automobile sales.

Jan 1, 1936

By M. C. Udy, P. C. Rosenthal

THE use of minute boron additions to steel has been given considerable attention in recent years. Comparisons made between boron-free and boron-containing heats of otherwise identical analysis have indicated, beyond a doubt, the potent effect of boron for increasing hardenability. The actual hardenability increase has been expressed as a multiplying factor, or in terms of the percentage of other alloying elements boron might replace, The present study presents the results of a systematic survey of. the use of boron as an addition to two types of alloyed steels and as a replacement for various percentages of molybdenum in these steels, Both cast and wrought steels of the two basic compositions were prepared. Molybdenum, because of its scarcity at the time the investigation was started, was selected as the element to be replaced by boron. Attention was also given to the effects of boron on other properties of the steels, particularly their notched-bar toughness, to investigate other advantages or limitations of this element as an alloy addition. EXPERIMENTAL WORK Steels Investigated The two basic compositions used in this survey of boron as a replacement for molybdenum are given in Table I. The cast steels were higher than the wrought steels in silicon content to improve the casting quality. [ ] Each of these base steels, both cast and wrought, was made with molybdenum contents of o, 0.10, 0.20, 0.30, or 0.40 per cent, the total comprising 20 steels. In addition, each of these 20 compositions . was prepared with boron additions in amounts of 0.0015, 0.003, and o,006 per cent as ferroboron; and in amounts of 0.002 and 0.005 per cent as two com¬mercial intensifier alloys, designated alloys A and B. The boron-treated steels totaled 100, and the entire series 120, Test Procedure Each steel was melted as an individual heat in a 50-lb., magnesia-lined induction furnace. Ingot iron scrap or mixtures of ingot iron and steel scrap were used for melting stock. Deoxidation was carried out in the furnace with o.10 per cent aluminum. The aluminum addition was

Jan 1, 1946

By Carle Hayward

IN reheating quenched steel to remove part of the hardness, the softening effect has generally been considered to be a function of temperature and time. The temperature effect is well known, and long before pyrometers were heard of the blacksmith was able to do a good job of tempering, by rule-of-thumb methods and experience in judging temperatures. Modern conditions, which demand steel that will withstand the severest tests, require that the heat treatment he carried out with every possible precaution to secure the best results obtainable. Pyrometers and heat-treatment furnaces of many types are on the market and improvements are continually being made so that it is now possible to regulate the temperature in heat treatment very accurately. There is -still a question regarding the time that the steel should be subjected to treatment. It is customary with all operators to insure the desired tem-pressure throughout the specimen and it is generally supposed that a longer treatment of a hardened steel produces a further softening but there are few published figures showing the exact effect of time of treat-ment at constant temperature. A search of the literature disclosed several brief statements that the tempering effect was a function of both time and temperature, but in no case were any figures given. The opinion is very generally held that the well-known tempering colors are accurate indicators of the degree of tempering. This is disputed by Brearley (The Heat Treatment of Tool Steel, page 102) who states: It has been said that the result would be the same in respect to both hardness and other properties whether the colors were obtained by a shorter heating at a higher temperature or a longer heating at a lower one. This, to say the least, is a very doubtful conclusion, and is certainly not borne out by mechanical tests on oil-hardened and tempered motor car steels, which, after tempering for periods varying from 15 min to 2 hr., show no very great differences. The present investigation had for its object the obtaining of some definite data regarding the effect of time, which might serve as a guide to those engaged in the heat treatment of steel. The Rhode Island Tool Co. cooperated by furnishing the steel and machining the test specimens.

Jan 2, 1917

By H. F. Perkins

CORROSION as an economic problem is growing rapidly in importance not only because it entails a replacement of corroded parts, but because it interrupts operation and causes hazards of damage and injury through failures of corroded equipment. Nearly all industries are interested in this subject. This paper, although concerned chiefly with corrosion in a complete refinery on the sea coast, discusses many of the various forms of chemical decomposition, most of which are found universally. The petroleum refining industry, in the writer's opinion, is seriously afflicted by the presence of sulfur in nearly all crude oils. The complete removal of sulfur from the crude as it enters the plant would cause such a relief from corrosion that this problem for research would seem to demand active attention. Next to sulfur the most troublesome corrosive agent is the saltmagnesium chloride, found in the water associated with crude oil, the last traces of which are so difficult to remove. This is much less serious, however, than the sulfur. Refinery corrosion can be tabulated as follows: Causes of Corrosion and Places of Attack in a Refinery CORROSIVE ELEMENTS MATERIAL ATTACKED Air: Pipe lines Moisture Tanks COQ Electric fixtures Sulfur gases Still towers Chlorine Condenser boxes Other acid-forming gases Ladders and stairs Smoke stacks Steel buildings All exposed metal Water: Alkali Fire lines and hydrants Acids Cooling water lines Air Condensers and coolers Other dissolved gases Boiler tubes Steam Steam pipes and valves Turbines Oil Sulfur compounds Tanks, pipes, valves, stills, towers MgCl2-Hydrochloric acid Condensers Air contamination

Jan 12, 1926

By L. L. Newman

As soon as the Congress recognized the alarming rate at which our domestic oil resources were being depleted during the war, it took action to step up the rate of research and development which the Bureau of Mines had been conducting for several years on the production of synthetic liquid fuels from coals. Under Public Law 290, approved April 5, 1944, funds were authorized for the Bureau to proceed with research, development, design and construction of demonstration plants for the hydrogenation of coal, the synthesis of oil from carbon monoxide and hydrogen, and the distillation of oil from shale. During the latter part of 1944, when it became evident that the collapse of Germany was near, a Technical Oil Mission was organized to study the Ger- man techniques of synthetic oil production. Since the cost of hydrogen or synthesis gas is one of the major factors of expense in the operation of hydrogenation or synthesis gas processes, the Bureau of Mines considered it of prime importance to include on the mission gas engineers whose instructions were to examine closely the methods employed by the Germans in solving the problem of providing low- cost hydrogen or synthesis gas for their very extensive operations on synthetic liquid fuels. The Solid Fuels Mission and the Utilities Mission, as well as the Army and Navy Missions, also included teams for the study of German gas production. Although their objectives naturally differed from those of the Technical Oil Mission and from each other, it was recognized that there was considerable overlapping of their fields of investigation. Duplication of effort, however, was largely avoided through the close cooperation between the group leaders of these missions. For example, although I went to Europe as a member of the Technical Oil Mission, my first German assignment was actually made by Dr. Harry F. Yancey, leader of the Solid Fuels Mission- to investigate the brown-coal gasification methods in central Germany. The art of gasification in the United States and England, and to a large extent in the proximity of the coking-coal regions of Germany and the rest of continental Europe, depends essentially on two stages of operation; namely, carbonization and intermittent water-gas generation. As far as the United States is concerned, complete gasification in a single stage of operation is rarely practiced, except in gas-producer operations where the product is a relatively lean gas consumed close to the point of manufacture, and for water-gas production with anthracite as a generator fuel. Complete gasification of bituminous coal has been the subject of numerous investigations. Many relatively simple modifications of the water-gas generator have been tried to permit the direct gasification of low-cost bituminous coal instead of high- cost coke and anthracite for the production of water gas. Although varying degrees of success have been achieved and the water gas produced generally has been higher in calorific value, in only a few isolated in- stances has there been any sustained use of bituminous coal for water-gas production for public utility uses after the shortages of anthracite and coke have been lessened.

Jan 1, 1946

CONTENTS PAGE INTRODUCTION AND ACKNOWLEDGMENTS. By George M. Fowler 2 Question 1-Is Structural Deformation of Some Character Always Necessary for the Migration of Mineralizing Solutions, Especially in Limestone or Other Dense Rock? DISCUSSION by: A. M. Bateman 10 S. F. Kelly 15 C. H. Behre, Jr 8, 13 G. B. Langford 13 T. M. Broderick 11 H. E. McKinstry 6 R. H. Clarke 13 D. H. McLaughlin 8 J. D. Forrester for M. H. Gidel . . . 4 W. H. Newhouse 13 G. M. Fowler 2, 6, 11 R. H. Sales 6 L. C. Graton 11 Edward Sampson 12 R. D. Hoffman 10 J. S. Stevenson 7 I. B. Joralemon 11 L. B. Wright 2 Question 2-What Are Some of the Chemical and Physical Characteristics in Cer¬tain Beds within a Limestone Formation that Determine Their Favorable or Unfavorable Aspects as Reservoirs for Ore and Other Introduced Minerals? DISCUSSION by: G. W. Bain 17 G. M. Fowler 21 C. H. Behre, Jr 21 L. C. Graton 18 J. S. Brown 16 G. F. Loughlin 18 E. L. Bruce 19 R. H. Sales 19 R. H. Clarke 20 A. K. Snelgrove 20 Question 3-Are There Any Criteria by Which One Can Determine When Min¬ing Operations Have Reached the Roots of an Ore Deposit? DISCUSSION by: J. M. Boutwell 29 G. B. Langford 29 T. M. Broderick 28 G. F. Loughlin 25 E. Y. Dougherty 27 R. H. Sales 24 G. M. Fowler 22 F. A. Thomson 26 I. B. Joralemon 22 Edward Wisser 30 General S. F. Kelly 35 References 36

Jan 1, 1940

By Kenneth N. Weaver

Portland cement can be made from relatively abundant industrial minerals and rocks, and this may explain why cement producers placed little emphasis on geology during the early days of the industry. After World War II, however, the industry began to recognize the need for geological exploration, and some of the larger companies began to build a permanent geological staff. This development had its roots in the following factors: Rapid expansion of the industry; closing of many cement plants due to inadequate raw materials; necessity for upgrading the quality of portland cement; and the increasingly large capital investment required to build new cement plants, which in turn, required a higher degree of accuracy in reserve calculations. Whereas the geologist's function during the active expansion of capacity was primarily in exploration, one of his major functions today is the development of existing reserves.

Jan 1, 1965

C. W. MERRILL*—Mr. Hughes' paper not only is very well presented but is most timely in that it covers a subject of vital interest to the United States. Tin is one of the strategic metals which has not been found here in appreciable quantities. The total United States tin output since the first recorded production over 100 years ago would not supply current consumption for a fortnight. On the consumption side, tin is extremely important in national defense because of its use in tin plate which, in the form of tin cans, makes it possible to feed properly the armies that the United States recruits from its civilian population in emergencies. Moreover, the internal combustion engines so important in powering tanks, planes, and other war machines, require large quantities of tin alloys for bearings and for soldering. These considerations, along with the fact that Malaya, historically, has been the leading source of tin to the United States, make the kind of information that Mr. Hughes has presented so ably. a matter of vital interest. Your Chairman, Mr. Romanowitz, in his introduction, referred to the fact that I had been a member of the United States delegations to the three meetings of the International Tin Study Group. Some comments on the Group's objectives and deliberations may be of interest. When it appeared that the International Tin Committee, the prewar producer's cartel, might soon revive its operations and extend its control agreement beyond the expiration date of Dec. 31, 1946, the United States Government became interested in some kind of an international trade organization concerned with tin which would give the consumers' interest equal representation with the producers' interests. An international meeting was called in London in October 1946 to consider this problem. I did not attend that meeting hut the result of the meeting was the organization of the International 'Tin Study Group which

Jan 1, 1950

By Thomas A. Steven

Most mineralized areas in the central San Juan Mountains, Colorado, are associated with the youngest subsidence structures in a large volcanic cauldron complex that formed concurrently with eruption of the surrounding ash-flow field. Two local types have been recognized: (1) fissure-vein deposits along faults characterized by relatively late movement, and (2) hydrothermally altered and mineralized areas associated with postsubsidence Fisher Quartz Latite centers. The first type has provided most production in the past; the potential of the second type has yet to be adequately tested.

Jan 1, 1968

By F. C. Wagner, E. P. Klier, D. E. Nulk

The presence or absence of plastic strain at a cleavarage surface is a question of much importance, and upon its answer depends future possible theoretical work. To investigate this question back-reflectinn X ray patterns were obained on the cleavage facets of ferrite grains. The test set-up consisting of FeK colli- mated radiation, single grain material and stationary cassette and specimen will not lead to a diffraction pattern, in general, but is an ideal arrangement for the exami-nation of surface effects. A pattern taken on hydrogen purified

Jan 1, 1949

By Michael J. Messel

OF the various minerals that occur in fibrous form known as asbestos, chrysotile is the variety most in demand for commercial uses, and, last year, over 683,000 tons of the various grades were produced in Canada and United States, exclusive of African and Russian production, which figures are uncertain. Production has not been able to keep up with the increased demand, and an acute shortage exists. Canada, Russia, and Africa are still the most important producers. However, Russia consumes most of its production at home and exports very little. The United States consumes over 60 pct of the total production and produces only about 4 pct of the total from deposits in Vermont and small quantities from Arizona. This paper will review mainly, some of the more recent developments concerned with the extraction and processing of this fibrous mineral for various industrial uses, such as textiles, insulation, building materials and brake linings.

Jan 1, 1949

By Frank H. Macpherson

FEW people realize the tremendously important part that Saline and Pulaski Counties in central Arkansas have played in the winning of the war. The present favorable war situation might have been very different if we had not had the bauxite produced during the past two years from these two small areas, a total of about 15 square miles. As a general statement, it can be said that the Arkansas bauxite deposits are, individually, relatively small, irregular in thickness, somewhat scattered and, therefore, compared with coal or iron-ore or open-pit copper deposits, relatively ill adapted to a rapid and drastic expansion in output. A few years ago it would have seemed an impossibility for these two counties to produce over six million long dry tons of bauxite in one year. However, with the cooperation of the operators, that is what happened in 1943, when the state of Arkansas achieved the seemingly impossible with a production of 6,020,684 1 long tons (dried equivalent) of bauxite ore during the calendar year, compared with an average annual production of 323,725 2 tons in the period 1931 to 1941. It became apparent early in the year 1941 that the United States soon might be drawn into the war, and, therefore, that an immediate study of the domestic metal situation was necessary. Aluminum is by far the most important metal used in the manufacture of aircraft and many other implements of war and it was evident that there would have to be a tremendous increase in the domestic production of bauxite, which is practically the only present source of this metal. As more than 95 per cent of the known bauxite reserves of the United States was in Arkansas, careful preliminary studies were made in that state by representatives of the United States Bureau of Mines, the United States Geological Survey and the War Production Board in the summer of 1941. Reserves in other states also Were studied. The result of these studies was a recommendation by the War Production Board that mining in the bauxite-producing areas of Arkansas be geared for maximum production, in order to supply sufficient ore for this country's war requirements and, if necessary, to supply the war needs of Canada as well. The annual goal of eight million long tons (dry Weight) set for Arkansas by the War Production Board Was exceeded in 1943, when in August the output reached a rate equivalent to more than 8,300,000 long tons, dry basis. Because of the comparatively small tonnage of bauxite reserves, Congress appropriated funds for an extensive drilling program to be carried out by the Bureau of Mines in cooperation with the Geological Survey. Drilling began in May 1942 but owing to delay in delivery of drills, and trucks upon which the drills were mounted, the program did not get into peak operation until early in 1943. By the end of July 1944, the Bureau of Mines records indicated an addition to the Arkansas reserves of 10,000,000 long tons (wet basis) in place

Jan 1, 1945

By Leon Dominian

(Wilkes-Barre Meeting, June, 1911.) I. INTRODUCTION. THE lack of Aryan roots for the names of metals commonly known among the Aryan settlers of Asia Minor, as well as the later colonizers of Europe, indicates that these races were generally ignorant of the use of metals until they came into contact with Semitic peoples. Practically all mining-terms in current use among the earliest Greeks resemble very strongly their distinctly Semitic equivalents, which can be traced all the way in a broad belt beginning in Lower Mesopotamia, and extending westwardly to the Syrian shores of the Mediterranean. The Greek word " "metallon," for instance, used indiscriminately to designate mine or ore, probably came from the earlier Semitic equivalent, " matal." Again, the Greek words " chrysos " (gold) and " chalkos " (copper) seem to be descended from the Semitic forms " throats " and a chalak." It is a natural inference that primitive mining-methods were evolved by the dwellers in the mineralized areas of Asia Minor, from whom later Greek, Roman, and even North European miners obtained their first notions of the reduction of metallic ores, by virtue of a general westward migration of mining and metallurgy. Some traces of its passage through Turkish territory will be noted in this paper. While European Turkey can boast of one ancient gold-field, the Asiatic dominions of the Sultan may lay claim to at least two well-defined and widely-separated gold-producing districts. These three regions may be distinguished as the Thracian, the Pontic, and the Anatolian gold-fields. II. TURKEY IN EUROPE. . The Thracian Gold-Field. The most conspicuous topographic feature of the lowland between Constantinople and Salonica is the uplifted Archaean

Nov 1, 1911

By C. Richard Tinsley

INTRODUCTION Documentary complications arise from the risk apportionment in project financing which generally means that once the project is up and running and has satisfied the lender's completion test, the loan agreement specifically limits the lender's recourse to the project and its assets. It is the purpose of this paper to describe the special considerations which apply to industrial minerals projects and explore the reasons why so few project financings are negotiated in this industry. SIZE Small projects do not warrant the relatively high costs of negotiating and documenting project financing. The extent of the documentation is directly proportionate to either (a) the degree of risk apportionment, or (b) the amount of control given to lawyers to negotiate the documents. Although one would like to believe that project-finance documentation could be off-the-shelf, it is almost always necessary to tailor the documents to the mine development itself and the individual desires of the borrower. Accordingly, the documentation costs and initial expenses are seldom less than $40,000, and for complex projects can reach $400,000. In addition, banks often charge an up-front fee to partly compensate them for their staff time and partly to increase their yield on what is deemed to be a "riskier" loan asset. Another factor is the generally lower debt:equity ratio when bankers are uncertain of the accuracy of the cash flow projections. The ratio of the amount of cash flow left over after debt service to debt service itself is a key tool for project finance (debt service coverage). Bankers will require a higher coverage ratio for industrial minerals projects because of the relatively higher uncertainties in the following categories: Prices Markets Geology/Quality Transportation Environmental This, in turn, means that lower debt:equity ratios are the norm for new industrial minerals projects. INDUSTRY STRUCTURE It is hardly worthwhile to generalise about a field as diverse as industrial minerals, but there are four other structural reasons why project financing has not been widely applied. 1. The most obvious example is the predominance of small-sized operations, largely a function of transportation economics. Geological conditions also contribute to their dispersion. 2. Often, the product is only a small part of a company's business in contrast to many petroleum, metals, or coal companies whose sole business is the production of the raw material. The construction industry is a good example here for cement, gypsum, crushed stone, sand and gravel, and the drilling-mud services business for barite and bentonite. A company is unlikely to jeopardise its main business through the failure of a project financing on one of its key inputs. The corrollary is that the mined input is often regarded as a cost centre and not run on the sort of economic basis suitable for project financing. 3. There may be a reluctance to reveal key aspects of an industrial minerals venture to an outsider for purely competitive reasons. Unlike the other minerals industries which readily share technical information at plant visits and

Jan 1, 1985

By Thos Egleston

The sands of Snake River, Idaho, have long been known to contain gold. They were worked by some of the first prospectors who came to Idaho, and on the banks still stand the ruins of camps abandoned for years. There are almost always prospectors searching for gold during the season of low water, and it is not an infrequent thing to find a miner of the old type actually panning the sand, or the prospect-hole which he has just left. There is more or less mystery about these miners and their methods of finding the spots where they work. They are always subjects of much speculation to the ordinary traveller. The rich discoveries are, for the best of reasons, concealed until the claims can be taken up. It is difficult to find a place where there are no prospects, but the " colors " are so very fine that they do not offer much inducement to enterprise. The California miner usually values a color at from 5 to 10 cents, often the latter; while on Snake River it would take 100 colors, or even more, to make that amount.

Jan 1, 1890