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By FOSTER HEWElT

THE scope of this paper is the description of two districts in Peru in which deposits of vanadium have been found, and the consideration of much laboratory-work that I and others have done to determine the nature of these deposits. It is with regret that I present some of the data in a state of evident incompletion, particularly the analyses of a few of the minerals, which leaves some doubt as to whether the true nature of the minerals is understood. I make no apology, however, since in this case, as in many others referring to ore-deposits, conclusive opinions cannot be stated until a great amount of work has been done, and the deposit has been thoroughly exploited. I believe that the data and the tentative conclusions here presented indicate a unique and interesting condition which may assist others in work along similar lines; and further, what is of more practical importance, stimulate a search for a metal which, though long considered rare, is probably so merely because proper care has not been taken to recognize it. An excellent bibliography on the occurrence of vanadium in nature is given by F. W. Clarke in his paper, Data of Geo-chemistry;1 and in the preparation of this paper I have consulted many of the references contained in the Bibliography of the Chemistry of Vanadium, by M. Moissan.2 A brief review of the subject having special reference to the metallurgy of vanadium is contained in the small book by P.. Nicolardot.3 One of these vanadium-deposits has already been briefly

Mar 1, 1909

By K. K. Landes

The north central and northeastern states supply over 50 pct of the chemical and metallurgical limestone produced annually in the United States, and Ontario is the leading source of this material in Canada. About three fourths of the chemical and metallurgical stone produced in this area comes from Michigan, Pennsylvania, Ohio, and Ontario. The specifications, physical and especially chemical, for chemical and metallurgical stone depend upon the end use, but in general the tolerance for impurities is so low as to rule out most limestones and dolomites. Both high calcium limestone and dolomite are used in the metallurgical and chemical industries. The principal metallurgical use is as a flux in iron ore blast furnaces and open hearth steel furnaces. The major chemical uses are in lime burning and soda-ash manufacture. Other important uses include glass manufacture, in making calcium carbide, and in sugar factories. All deposits of high quality carbonate rock are definitely finite. Invariably and inevitably they diminish in either thickness or quality laterally so as to become unworkable as chemical and metallurgical stone. The size of these high quality lenses ranges from a few thousands of tons to hundreds of millions of tons. The best hunting for new supplies is in the geologic formations known to contain premium quality deposits. However, because of high transportation costs, carbonate rocks, to be workable, must be close to market, dollarwise. Definitions: Chemical stone is limestone or dolomite used as a raw material by the chemical industry. The major chemical uses are in lime burning and soda-ash manufacture. Other important uses include glass manufacture, making calcium carbide, and in sugar factories. The specifications for chemical stone depend entirely upon the end product. Some uses require dolomite, some require high calcium limestone; in a few instances, notably in lime burning, either type of carbonate rock can be used as raw material. As a general rule, a fairly pure stone is necessary and for certain particular uses the tolerance for some elements such as sulfur, iron, and phosphorus may be extremely small. Metallurgical stone is used as a flux in furnace operations, especially in the blast furnace where iron ore is converted into pig iron and in the open hearth furnace where pig iron is made into steel. Either limestone or dolomite can be used in the blast furnace, but only high calcium stone is charged in the open hearth (except for rice-size dolomite used as a refractory). There are no rigid chemical specifications for blast furnace stone, but low silica, alumina, sulfur, and phosphorus are desirable. For open hearth use, in addition to low magnesia, a very low sulfur content is also specified by many furnace operators. For furnace use, fluxstone also must be sufficiently shatter resistant that it will remain in lump form during transport and charging into the furnace. Commercial stone is the term applied in the trade for crushed stone used for roadstone and in concrete aggregate. Many of our best chemical and metallurgical limestones are too soft to qualify in the Los Angeles abrasion test for use as commercial stone. However, some limestones, and a higher proportion of dolomites, do qualify for commercial stone and so can be sold to either market. Place Value: Even the highest grade limestone is still a bulk commodity with a relatively low value per ton. As a matter of fact there is very little difference in the average price per ton between high grade chemical and metallurgical stone and crushed limestone used commercially. Most high quality stone is produced in large operations with consequent low cost per ton whereas most commercial stone is produced in relatively small local quarries. As in the case of other bulk commodities most limestone buyers pay more for transporting the raw material than the cost of the stone at its source. For this reason steel furnaces and chemical plants

Jan 1, 1961

By J. F. Butler, H. W. Paxton

The vapor pressures of manganese in equilibrium with several alloys in the iron-manganese-carbon system between 1200° and 1275°K have been measured using the Knudsen effusion technique in conjunction with a vacuum microbalance. The effect of orifice area of the effusion cell upon the measured pressure has been determined. The binary iron-manganese system shows small negative departures from ideality, and the system of mixed carbides, (Fe, Mn)7C3, in equilibrium with graphite behaves ideally. THIS work is a continuation of the investigations in which the Knudsen effusion method has been used to determine thermodynamic activities in systems and at temperatures of interest to metallurgists. In a previous publication,' the free energy of formation of Mn7C3 was determined and some preliminary work on the solution behavior of this carbide with the hypothetical "Fe7C3" was reported. The present work deals with this latter topic and also includes data on the binary ir-on-manganese system. EXPERIMENTAL METHOD The Knudsen effusion method was used to measure the vapor pressure of manganese in both the alloy and carbide sections of this investigation. This dynamic method of vapor pressure measurement presents a problem when studying solid alloy systems in which one of the components has a much larger vapor pressure than the others. Over-all depletion of the alloy in the most volatile component will occur during evaporation so that the pressure of that component will decrease. Even more serious than the over-all concentration change is the surface depletion of volatile component in the alloy brought about by the slow rate of diffusion of this component from the interior to the surface of the solid particle. Since knowledge of this surface composition is necessary in order to relate it to the activity determined through the measurements, changes in surface composition from the analyzed bulk composition are to be avoided in dynamic vapor pressure studies of solid alloys. The system under investigation in this study presents the problem of surface depletion of manganese since its pressure at 1230°K is 105greater than iron and 1020 greater than carbon. Since the existence of a volatile manganese carbide had been ruled out previously,' the high manganese pressure relative to iron and carbon insured that the only species leaving the effusion cell was manganese. Therefore, the effusing species required no analysis so that the manganese pressure was determined directly from the weight loss of the effusion cell. In order to detect small weight losses near the beginning of effusion, a vacuum microbalance was used to weigh the cell continually. These initial weight loss data allowed the rate of manganese effusion to be determined before the surface of the alloy became depleted in manganese. The apparatus used in this investigation is shown in Fig. 1. Temperature was measured using chro-

Jan 1, 1962

By W. D. France, H. l. Burghoff

FABRICATORS of copper and copper alloys have contended with the problems of reconversion during the past year in endeavoring to return to the full-scale production that is demanded of them. The problems have not been easy, for the industry, like so many others, has had to deal with strikes of long duration, and material shortages, particularly in the raw materials, copper, zinc, lead, and tin. Despite all these obstacles, it was possible to gear production to new peacetime records during the latter part of the year. This was made possible not only by the use of multiple shifts of personnel, but also by the improved production equipment, the development of which had been stimulated by wartime necessity. The work of installing new and better equipment is still continuing, and virtually every company is engaged in improving or planning to improve its processes.

Jan 1, 1947

By Mark L. Requa

(San Francisco fleeting, October, 1911.) DURING the past two years California has developed a new and important oil-field : I refer to Midway. This field produced the famous Lake View gusher, which is credited with a total production in excess of 8,000,000 barrels. Fortunately for the oil industry of the State, this well is now a thing of the past, and nothing save a great crater-like opening marks its location. The pipe is entirely worn away and gone ; and it is a matter of serious doubt if there can be anything done that will cause the well to produce again. Fortunately, also, there have been no, other wells in that field or elsewhere throughout the State that in any way compared with the Lake View. Midway is noted for large wells, of from 500 to 2,000 barrels production; but the decline is rapid, and a few months serve to bring the output down to a few hundred barrels. In the oil-territory heretofore blocked out as proved and probable, there have been, during the year, many changes. Some areas which were expected to be fairly productive have apparently failed; others, more strictly "wild-cat," have come in; while in some of the older fields there are properties which are beginning to show evident signs of exhaustion. The total area of proved territory will therefore probably suffer but small increase, when balances are struck off. The increase of new area has come from extensions of the Midway field, the development of a field in Lost Hills and Belridge, and extensions of the Fullerton-Whittier field in southern California. In these later developments, down to date, the fresh area absolutely proved is not much in excess of 3,000 acres. Recent developments in Coalinga indicate the possible extension of that field to the south, but at great depth. Coalinga is still the most northerly field of any consequence in the State. The Kettleman Hills have hitherto brought in nothing, although a

Apr 1, 1912

By Jack F. B. Silman

Proving up any large, open pit ore deposit by normal exploration drilling under the best of conditions is a noteworthy accomplishment. But, when adverse conditions preclude standard drilling methods, and the same end result is achieved by a relatively new and little known type of drilling, special comment is in order. Three major problems confronted exploration drilling at the Questa molybdenite mine of the Molybdenum Corporation of America-sampling, terrain and time. Surface and underground longhole drilling provided the needed solutions, thus making the greatest single contribution to an exploration and development program that was successful in proving a major, open pit molybdenum deposit.

Jan 5, 1965

By Max Hebgen

Within the State of Montana the streams rise in the high mountains at. an elevation of from 5,000 to 8,000 ft. These streams leave the State line both east and west at elevations from 3,500 to 2,400 ft. It is, therefore, apparent. that all these streams have an average fall of 3,000 ft. within the confines of the. State, and many opportunities are presented on all streams. for the development of power, by taking advantage of the natural fall. It is probable that 1,000,000 h. p. can :be developed in the State of Montana. I. NATURAL FEATURES OF STATE AFFECTING POWER DEVELOPMENT. The main. range of the Rocky mountains, forming the Continental Divide, cuts the State of Montana into two parts. The eastern part is drained by the Missouri river and its tributaries, the Madison; Jefferson, Gallatin and Yellowstone, rivers. The western part is drained by tributaries to the Columbia river, the Clarks fork and the Kootenai river. The Clarks fork in turn is formed by the junction of Missoula and Flathead rivers, the latter, draining Flathead lake. The western part of the State. is mountainous and the eastern part is comparatively level. As a natural result the rivers in the western part are capable of generating large amounts of power, while in the eastern part of the State natural power sites are much fewer and farther apart. It also follows that in the mountainous districts large amounts of power are required for the mining industry, while in the eastern part of the State, which is principally devoted to agriculture, power is required in smaller quantities. ?

Jan 8, 1913

By George A. Miller

ALTHOUGH the Andean mountain belt, which contains almost all the metal deposits of the other South American nations, does not enter Brazil, this country is rich in mineral resources, for in area it accounts for half the continent and geologically it contains almost all of the Brazilian Shield. This great mass of ancient rocks has been relatively stable for a long time and forms a great area of plateaus and highlands interrupted only by the syncline which carries the Amazon River across it to the sea. Lowland Brazil - the great flood plains of the Amazon. Tocantins, Paraguay, and Parana Rivers-is of no interest to the miner, and in fact supports but a small proportion of the country's population. The highland area is divided into unequal parts by the Amazon River; the north half is underlain by the north lobe of the Brazilian Shield which extends into Venezuela as far as the Orinoco, and into the Guianas, and is known as the Guiana Highlands. Mineralization appears to have been weak in the Brazilian portion of these hills. In fact most of the ore deposits are to be found in the States of Minas Gerais and Bahia, although the neighboring states of Sao Paulo, Pernambuco, and Piauhy can also boast of some deposits. Goias and Matto Grosso are as yet incompletely prospected but are considered to contain reserves for the future.

Jan 1, 1945

By David W. Brunton

I. INTRODUCTION. THE list of our past-Presidents comprises the names of runny who, in their official addresses, have sketched the current progress of the arts and professions with which they were familiar. Such addresses are, in my judgment., highly useful, setting forth the results of our own work as a. society, and recalling to our minds the particular lines in which discussion would prove most fruitful. . Following this course with some hesitation, I venture to offer an outline of the recent improvements and the present situation in minim and metallurgy in the Western United States. The wonderful advances in mechanics, chemistry, and electricity have all combined to aid these arts to such an extent that. progress during the last decade has undeniably been more rapid than ever before in the history of the profession.. In all mining countries improved transportation-facilities, in many instances called into existence by the traffic created by the mines themselves, have done much- to enlarge the. field of operations by the reduction of freight-, operating- and living-expenses, thereby bringing lower-grade properties into the producing class. Under normal' conditions, as the age of a district in¬creases, all these differentt factors should combine to off-set. the augmented costs attendant on deep mining, and greatly tend to prolong the profitable life of the mines. The more recent and important improvements in our Western mining-practice which have contributed most toward the advancement of the art may be briefly summarized as follows; but, before beginning this portion of ray address, I wish to thank most heartily the many engineering friends who have so

Sep 1, 1909

By H. Merton Ruth

THE northern anthracite fields, although facing the same economic problems as the southern fields, are confronted with the additional problem of fast dwindling reserves of anthracite which can be conventionally and economically won. The mining of coal which remains in thin beds and the recovery of pillars from areas heretofore considered unrecoverable, either by reason of cost or surface restriction, pose problems of in- creasing importance to the economic life of the northern field operations. Successful approaches have Been made to this problem and other work is being performed that holds promise. There exists in the northern anthracite field millions of tons of solid coal, the recovery of which has not been too successful due to the following inherent operating faults: inability to concentrate producing areas; the great quantities of rock to be cut and handled, lack of consideration of proper sequence and speed of second mining, and the continued use of the mine car as the basis of payment. A mining system that has successfully solved these major problems has been in operation in the Scranton area since 1944. Over 1% million tons have been produced from veins varying from 3 to 4% ft thick by this method, which is known as the multiple panel-triangular system-conveyor mining.

Jan 1, 1950

By Philip Bucky

THE term "longwall mining" is best known to coal men, although modifications of the method are continually being used in other fields. Longwall mining is of interest today because it makes for greater mecha-nization and better supervision at the working face, and therefore lower production costs and increased safety. It is an approach to the factory system of production, the high efficiency of which as compared to that in mines is well known. There is available an accumulation of experience regarding this work but coordination of experience is lacking and this series of experiments was undertaken to help serve this purpose. Model experiments were used for reasons of safety, cost and time, and because it has been previously shown1,2,3 that a scalar model built of the same material as the prototype will behave in a manner similar to that of the prototype, with time effects the same, if the effective weight of the model is increased in the same proportion as its linear dimensions are decreased. This is accomplished by substituting a centrifugal for the gravitational field; i.e., placing the model in a centrifuge and controlling the strength of the centrifugal field by varying the rate of rotation. Many factors affect the behavior of the geologic material overlying a bed, therefore results and conclusions contained in this paper apply only to the conditions presented herein.

Jan 1, 1938

By Bernard Lallement

INTRODUCTION Geostatistics have been used for five years at the B. R. G. M. to compute the ore reserve estimation. At present this technic is also used at the beginning of the exploration project to determine the best way to prove the orebody. The best way is a compromise between the cost of the exploration and the precision of the estimation. It is clear that geostatistics cannot be used without any data, but very often an exploration project is decided on an orebody which has already been drilled. Old data can therefore be used. This was the case this year for two orebodies: an iron deposit and a lead deposit. The iron deposit was explored by drifts and has now to be proved. We used geostatistics to determine the best drilling pattern. The variograms computed with these old data showed that an anisotropy existed between the two directions of the orebody, which meant that the drill pattern had to be rectangular. The lead deposit was explored by drill holes and a short drift in part of the orebcdy. The problem was to choose between a regular pattern of drill holes or a long drift and some added drill holes. The case of this study will be exposed afterwards. On the other hand, if the orebody is completely unknown, the exploration project generally forecasts two exploration steps (the first step

Jan 1, 1977

By AIME

IN the following pages are described the history and present operations of one of the country's great mining and metallurgical organizations-the United States Smelting Refining and Mining Company. Though the articles are largely of interest to the technical man, the success of the Company as a business enterprise should not be overlooked. Almost immediately following incorporation 42 years ago payment of dividends began and the total to date has been about $140,000,000, roughly half to preferred and half to common shareholders. Founders of the Company were Boston businessmen and financiers interested in such diverse enterprises as shoe machinery manufacture, banking, newspaper publications, and stock brokerage. The legal profession also was represented. The Company is one of the few, among the leaders in the mining industry, that has resisted the urge to move its home office to New York and has always remained in Boston. Perhaps for that reason it has been regarded as a "conservative" company. Conservative or not, it has certainly spread out geographically and it has certainly put its eggs in many baskets. In addition to the precious metals and the major nonferrous metals it has ventured into coal and recently in a small way into the field of oil and gas. It seems to have a predilection for the North American Continent; for in addition to Alaska, Canada, and Mexico it has had important operations in California, Arizona, Nevada, Colorado, New Mexico, and particularly in various districts in Utah.

Jan 1, 1948

By J. J. Foster

MOST of us will, I think, agree that never before in the history of the coal industry has the human side of our business been so important as today. Since, even in wholly mechanized mining, labor cost is such a large percentage of out total cost we are all deeply concerned not only about the present attitude of our employees but particularly about the future, when the industry returns to a "survival of the fittest" basis. Many things could and should be done about our employee relations in the coal business. Failure to recognize these obligations and do something about them may lead to serious consequences, the least serious of which will be the loss not only of many of our better employees but a large portion of our potential employees, as they graduate from our schools to other in¬dustries. Some of these things should be handled by the industry as a whole whereas others should be done by individual companies. Due to varying conditions and size of organizations it would, at best, be necessary to vary a program to meet the individual needs of each operator.

Jan 1, 1945

By B. H. Dunshee

This paper is not intended to be a technical discussion of square-set framing as used in mines, but merely a short description of the different kinds of framing that have been used in the Butte mines, and what has been decided upon, after years of practical experience, as being the best, taking into consideration the physical condition of the veins and country rock, and also the supply of timber available for mining purposes. Butte is, essentially, a square-set district. Virginia City, Nev., was the first mining camp to use this method of timbering, and to Philip Deidesheimer, who went to the Ophir mine in 1860, is given the credit of solving the problem of square-set framing, where large bodies of ore were stoped and the timbers were supposed to hold the ground from caving without any filling. That he did his work well is shown by the fact that the main features of his framing are in use to-day. In the Butte mines the conditions are such that this method of timbering is generally used. We do not, of course, depend upon the timbers any more than is necessary. The worked-out stopes are filled with waste rock as close behind the miners as possible and not interfere with mining operations. The waste rock is obtained from development work on the different levels or from the surface. In the earlier days of mining in Butte there were numerous independent companies and naturally there were different ideas as to the best way to frame the square sets, although the general features were the same. Timber was abundant for mining purposes and the common practice was to use sawed lumber, generally 10 by 10 in. or 12 by 12 in. square. Some of the mines used for girts 6 by 10 in. or 8 by 12 in. timber, depending upon whether they used 10-in. square or 12-in. square timber for posts and caps. This avoided the necessity of framiug the ends of the girts, and also required less timber for the

Jan 1, 1914

By G. F. Olsen

ON superficial consideration a technical library might be considered a luxury to the business institution that possesses one. After all, public libraries and research institutions probably contain all the data that would be found in a private technical library, and able consultants are available both within and without a company. In all probability the technical men of a company have in their combined personal libraries sufficient information to answer most inquiries. Nevertheless, possession of such a department is of real economic benefit because of the time it saves its users, because it prevents expensive duplication of technical literature in a company, and lastly, but most important, be- cause it makes readily available a central storehouse of technical facts classified and indexed to meet the demands of the industry or industries concerned.

Jan 1, 1940

By W. H. Tuttle, H. R. Ahlquist, A. J. Carlson

Variations of the EVOP technique are accepted as the foun- dation in the development of Erie Mining Company's mining, concentrating and pelletizing complex at Hoyt Lakes, Minnesota. The basic one-variable- at-a-time technique served its purpose through the laboratory pilot plant as well as the full-scale production sized pilot plant. However, recognition by Erie Mining Company management of the potential of computer application and statistical experimentation in plant operation and testing led to acquisition of an IBM 1620 computer in 1961. Adaptation of established techniques in statistically designed experimentation and analysis of results is presented in actual case form including the following: 1. Determination and use of variance, standard deviation, standard errors; application of t-test in determining true differences between daily aver ages of product assays; formulation of quality control limits; determining sample size; and application of normality tests will be discussed. 2. Use of mathematical modeling and regression analysis for establishing mill storage conditions based on bin level indicator lights. 3. Polyvariable random balance design of a balling circuit test and resultant identification of primary control variables.

Jan 1, 1969

Copper ores from small mines in the area south of Tucson, where the Twin Buttes mine is located, were first operated in the 1880's. Today this area is one of the great copper mining centers of the world. In 1963, Anaconda Company acquired the property from Banner Mining Company and in recent years joined with AMAX in a 50/50 partnership to work the Twin Buttes property. From the beginning, Anaconda had relied on conveyors to remove overburden, oxide material for eventual leaching, and ore from the open pit. In the large st preproduction stripping program in mining history, Anaconda in a four-year period (1965 to 1969) removed 266 million tons of overburden of an average depth of 500 ft (152 m) lying over the ore body. The alluvium overburden was stripped by scrapers carrying 70 to 80 tons and push-loaded by two D9 tractors operating in tandem. The scrapers delivered their loads to bins which fed a 60 in. (1.52 m) conveyor having a capacity of 8500 tph. The 25% slope belt conveyor, which was 2100 ft (640 m) long, transported the material to the brow of the pit, where it was transferred to an 8300 ft (2530 m) surface belt to a 1000 ton loadout bin. At this point, the overburden was trucked to the sites of the tailings ponds, where it was used for dam construction. During 1976, the one billionth ton of overburden was removed from the Twin Buttes mine. The Twin Buttes quartz monzonite porphyry contains only scattered mineralization of which chalcopyrite is the most abundant mineral, associated with chalcocite, covellite, minor bornite, and several oxide minerals. Oxidation has progressed to variable depths of up to several hundred feet below the base of the alluvium. Because of the depth of the sulfide and oxide ores and hard rock waste, two in-pit crushers and conveyor systems were also installed for their transport out of the pit; and in 1976 a third crusher and conveyor system was installed lower in the pit for waste rock only. The two initial crushing and conveying systems were designed to handle any of three functions: crushing waste to be disposed of by a rail-mounted stacker -conveyor, crushing oxide ore for conveyor and then truck transport to stockpiles for future leaching, and primary crushing of sulfide ore for conveyor transport to the two 30 in. by 70 in. (0.76 by 1.78 m) secondary crushers and the two 7 ft (2. 13 m) standards and four 7 ft shortheads in the third and fourth stage crushing plant. A third standard crusher has been in- stalled recently. Mining is done by 15 yd (11.5 cum) shovels which load 100- and 150-ton

Jan 1, 1978

By FREDERICK J. ALCOCK

THE high prices which lead and zinc have commanded during recent months have given a great impetus to search for workable deposits of these metals, and there has accordingly risen a demand for information about deposits which have been worked in the past and which might possibly be opened up anew under these more favorable conditions. Production of zinc and lead in Canada has been on the increase during the last few years. In 1924, 175,- 485,499 lb. of lead with a computed value of $14,221,- 345 were mined. Of this, 96 per cent. was produced in British Columbia, 3 per cent. in Ontario, while Quebec and the Mayo district of the Yukon accounted for the remaining one per cent. During the same year the production of zinc amounted to 98,909,077 lb.. valued at $6,274,791. Of this 96,000,069 lb. were produced in British Columbia and the remaining 2,909,008 in Quebec. The large producer of zinc and also of lead is the Sullivan Mine at Kimberley, B. C. In comparison with the Sullivan, the deposits which are known to occur in eastern Canada are relatively small. Two, however, the Kingdoll lead mine at Galetta, Ontario, and the Tetreault zinc property at Notre Dame des Anges, Quebec, are steady producers. The object of this paper is to describe briefly these and other deposits of eastern Canada, to show their relation to geological events and to point out what are the chances of any of those which are idle at present developing into active producers or what are the possibilities of new deposits being discovered.

Jan 1, 1926

By Thomas H. Sheehan

The purpose of this paper is to present an application of computer technology to assist the mineral company financial executive in assessing exchange risks. The paper is divided into five parts: Background, Translation Approaches, Theory, Empirical Validation, and Conclusion. BACKGROUND Exchange risk results from a change in the rate of exchange between a host and a home country's currencies. Legitimate reasons exist for changes in the currency exchange rates among countries in a world with over a hundred different currencies. These reasons include: different economic growth rates, social factors, cultural heritages, and political motivations. The problem of exchange rate changes are perennial and exist whether the world operates on exchange rates or floating exchange rate practices. The cause of the problem is trade and international payment imbalances. If one accepts the premise that exchange rates fluctuate over time, then the mineral company financial executive faces a continual process of reassessment of the impact of exchange rate changes on the financial worth of his company. (1) The mineral company financial executive prepares balance sheets and income statements that are audited by certified public account- ants annually for shareholders, bankers, and tax authorities. The financial executive translates assets and equities denominated in foreign currencies into domestic dollars, e.g., Japanese firms convert to Yen, French firms convert to Francs, and so on. When figures from foreign subsidiary operations are consolidated into the balance sheets of the parent corporation, estimates of the company's finan-

Jan 1, 1977