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By Charles Austin

IT has long been known that plain high-carbon steels may be susceptible to graphiti-zation below the A, critical, but no data have been available to indicate what factors cause and tend to inhibit graphite formation. Two recent publications1,2 have shown that the factors controlling graphitization below the A, are different from those operating above the A, inversion where commercial graphitization of malleable iron begins. Furthermore, for plain high-carbon steels graphitization below the critical point does not appear to be related to ordinary chemi-cal analyses. Many years ago it was recorded' that the rate of graphitization at subeutectoid tem-perature is not a maximum just below the A, critical, but at some lower temperature, which Austin and Norris have shown to be about 670°C. Indeed, work done in our laboratory has demonstrated that it is im-possible to spheroidize certain steels in the temperature range of 650° to 710°C. with-out the formation of considerable amounts of graphite. However, if the temperature is maintained just below the A, (720°°C,) these same steels may be completely sphe-roidized at constant temperature. In previous studies1,2,4 on 1 per cent plain carbon steels graphitization was en-countered during prolonged tempering. The limited number of steels studied did not provide sufficient data to permit adequate study of the factors controlling this graphi-tization. Accordingly, a limited statistical investigation was undertaken, utilizing 18 steels of similar chemical analyses, fur-nished by four steel companies, who also supplied information regarding the history of manufacture.

Jan 1, 1940

The Institute conducts jointly with the American Society of Civil Engineers, American Society of Mechanical Engineers and American Institute of Electrical Engineers, certain activities as listed below, and is joint owner with them of certain properties. United Engineering Trustees, Inc. When Mr. Carnegie made his gift which made possible a home for the engineering societies, a separate corporation was organized to act as a holding company and to manage the common property. This was long known as the United Engineering Society, but the name has now been changed to one which more nearly reflects the real function of the corporation. It holds title to the Engineering Societies Building and to various funds placed in its charge and is managed by a Board of Trustees, of which three are chosen by each of the four societies, American Institute of Mining and Metallurgical Engineers, American Society of Mechanical Engineers, American Institute of Electrical Engineers and American Society of Civil Engineers, which have equal and undivided interests in the property. The land and building cost two million dollars. During the year 1934, the Constitution and Bylaws of The United Engineering Trustees, Inc., were thoroughly revised and a better organization of its functions was effected: The Engineering Foundation and the Engineering Societies Library were made "departments" of the United Engineering Trustees. The Founders Societies share in the property which it holds, and estimated at the present time, as follows: Real estate, $1,993,793; Depreciation and Renewal Fund, $415,225. The U.E.T. has endowment funds amounting to $1,203,740. The A.I.M.E. trustees are W. D. B. Motter, Jr., A. L. Queneau and Albert Roberts.

Jan 1, 1940

By Nobuhiro Takahashi

PROLOGUE The Yaguki mine, which is located near the southern end of the Tohoku region, Japan, near the coast of the Pacific Ocean, had had a long history as a copper mine, but had not been operated since 1925. About 30 years later it was reopened by Nittetsu Mining Company, and in 1958 a small flotation and magnetic separation plant, a so-called test plant, started production. The ball mill the author first met, a 8x4x4x7 ft tricone mill, called No.1 mill, had started running at that time. With his experience in initial, running of this mill he realized that the ball mill was not simply a preparatory process to flotation, but a determinant factor for flotation performance, an energy-consuming and costly process, and that its operation control was an important task in the plant (1). The working part of an operating ball mill is the ball load inside, whose properties govern the grinding performance. Its size distribution affects the efficiency greatly and the capacity is nearly proportional to its weight. When a ball mill operates for a long period of time with a constant and consistent addition of renewal balls, wear and renewal of balls are balanced, and an equilibrium ball load is formed. A stable equilibrium load is the primary requirement for a stable ball mill operation. However, renewal ball size would be the most influential factor affecting efficiency and capacity of operating ball mills. To improve efficiency, to increase capacity, or to get finer product, attempts to find out the optimum size assortment of renewal balls should be made. When re-

Jan 1, 1976

The Institute conducts jointly with the American Society of Civil Engineers, American Society of Mechanical Engineers and American Institute of Electrical Engineers, certain activities as listed below, and is joint owner with them of certain properties. United Engineering Trustees, Inc. When Mr. Carnegie made his gift which made possible a home for the engineering societies, a separate corporation was organized to act as a holding company and to manage the common property. This was long known as the United Engineering Society, but the name has now been changed to one which more nearly reflects the real function of the corporation. It holds title to . the Engineering Societies Building and to various funds placed in its charge and is managed by a Board of Trustees, of which three are chosen by each of the four societies, American Institute of Mining and Metallurgical Engineers, American Society of Mechanical Engineers, American Institute of Electrical Engineers and American Society of Civil Engineers, which have equal and undivided interests in the property. The land and building cost two million dollars. During the year 1934, the Constitution and Bylaws of The United Engineering Trustees, Inc., were thoroughly revised and a better organization of its functions was affected: The Engineering Foundation and the Engineering Societies Library were made "departments" of the United Engineering Trustees. The Founders Societies share in the property which it holds, and estimated at the present time, as follows: Real estate, $1,987,793; Depreciation and Renewal Fund, $336,992. The U.E.T. has endowment funds-' amounting to $1,107,677. The A.I.M.E. trustees are W. D. B. Motter, Jr., A. L. .Queneau and Albert Roberts.

Jan 1, 1937

The Institute conducts jointly with the American Society of Civil Engineers, American Society of Mechanical Engineers and American Institute of Electrical Engineers, certain activities as listed below, and is joint owner with them of certain properties. United Engineering Trustees, Inc. When Mr. Carnegie made. his gift which made possible a home for the engineering societies, a separate corporation was organized to act as a holding company and to manage the common property. This was long known as the United Engineering Society, but the name has now been changed to one which more nearly reflects the real function of the corporation. It holds title to the Engineering Societies Building and to various funds placed in its charge and is managed by a Board of Trustees, of which three are chosen by each of the four societies, American Institute of Mining and Metallurgical Engineers, American Society of Mechanical Engineers, American Institute of Electrical Engineers and American Society of Civil Engineers, which have equal and undivided interests in the property. The land and building cost two million dollars. During the year 1934, the Constitution and Bylaws of The United Engineering Trustees, Inc., were thoroughly revised and a better organization of its functions was effected: The Engineering Foundation and the Engineering Societies Library were made "departments" of the United Engineering Trustees. The Founders Societies share in the property which it holds, and estimated at the present time, as follows: Real estate,. $1,993,793; Depreciation and Renewal Fund, $401,000. The U.E.T. has endowment funds amounting to $1,086,893. The A.I.M.E. trustees are W. D. B. Matter, Jr., A. L. Queneau and Albert Roberts.

Jan 1, 1939

By Walter Dake

THE mining engineer is being more generally called on to examine and report on properties where the introduction of mechanical loaders is proposed, and as the use of these labor-saving devices presents an entirely different problem from that of hand-loading, an outline of procedure is herewith pre¬sented based on five years of intensive field experience in making such studies. It is impossible to outline an examination which will cover every condition but the most important variables are noted and the re¬port may be amplified or abridged to suit individual mine requirements. There are, of course, exceptional cases in which a single minor variable will determine the final conclusion; the result of mechanical loader application can be, estimated within close limits by considering all variables listed and taking into account the sum of all those found to be applicable to the property under examination. It is necessary that a high degree of accuracy be exercised in the analysis of conditions, and that a relatively narrow margin be figured on all estimates of tonnage outputs and costs. In making an examination for this purpose the data as to company name, business address, name of mine, geographical location, rail or water connections, type of mine (whether shaft, slope, or drift), and the name of seam should, of course, be included, to be followed by the minimum, maximum, and average thickness of seam, a brief description of the charac¬teristics of the coal, the impurities contained, location of regular impurities or partings, together with nota¬tion as to quality, uses, and-markets for the coal. It is also necessary to make cross-sections of the seam so that face preparation may be studied in an effort to eliminate all regularly-occurring impurities at the working place. The possibilities for further cost re¬ductions by the removal and gobbling of partings under¬ground before mechanically ? loading out a face are sufficiently great to warrant careful study and analysis. The classification of the mine from the standpoint of gaseous or non-gaseous operation will determine the general type of electrical equipment needed. A notation regarding the power whether generated at the mine or purchased, together with the amount, voltage, and type of current available is necessary since these matters determine the exact type of elec¬trical equipment to be used. A brief description of the ventilating system, giving type of fan, amount. of air delivered, water gage, and whether force or ex¬haust type, will enable the engineer' to figure venti¬lating requirements per man under mechanical loading practices. The pitch of seam in degrees, the pitch of working faces, and a brief description of rolls or horsebacks should be included, as these affect the efficiency of mechanical loading and, therefore, the economic re¬sults obtainable. -Notations should be made as to the amount of water found in working faces, and whether pumping, sprinkling or rock-dusting methods should be considered. As the character of the floor affects the operation of the machine at the face if a cater¬pillar-tread type, its hardness should be determined, and also whether impurities consisting of floor ma¬terial are likely to be loaded with the coal. The char¬acter of the roof and overlying stratification determine the mining system and width of roof span at work¬ing faces. It therefore directly regulates the amount of tonnage to be loaded by machines without a move from one place to another.

Jan 12, 1927

By Michael A. Zappia

INTRODUCTION The San Manuel mine of Magmacopper Company is located approximately 72 km northeast of Tucson, Arizona. The mine, concentrator, smelter, electrolytic refinery and continuous rod casting are located on the west side of the San Pedro River valley. Ore Production: 58 1W mtpd Production To Date: Over 340 000 000 mt since 1956. Ore Grade: 0.70% net sulfide cu. As conceived at the present time, the San Manuel ore body is the lower half of what was originally an elliptical (In cross sect ion) cylinder same 2400 m long with major and minor cross sectional axes of 1500 m and 760 m. After emplacement, the cylinder was diagonally sliced along its long dimension by the San Manuel fault, which separated it into halves, moving the upper half same 2500 m down dip and bringing a wedge-shaped blanket of tertiary conglomerate into position over the lower segment of the cylinder. The lower segment is the San Manuel ore body. The upper part, moved down dip, is the Kalamazoo ore body. Originally, these were one ore body. The San Manuel ore body is a structurally weak and highly fractured quartz monzonite, the principal ore minerals being chalcopyrite, with small amounts of molybdenite. The present mining method is full gravity diagonal retreat panel caving by block. This is shown on Figure 2 , (Block Sequence 56, 57, 58, 59 --on the following page.) The ore mined is hoisted to the surface for transportation to the concentrator. BLOCK CAVING MINING SEQUENCE HISTORY The San Manuel mine was planned and developed as a full gravity block caving mine. It continues as a full gravity block caving mine. Since its initial start, the major changes in mining have been in the areas of ground support, rate of draw and undercut sequence. Ground weight resulting from block caving plays a dual role. It can cause extensive damage to ex- traction openings, yet it is necessary to break the ore into easily handled size. The ground- weight problem resolves itself into finding ways to make it manageable. The initial early ground support in the production areas consisted of timber sets and various combinations of steel and timber sets. This sup- port system proved unsatisfactory and a new support system utilizing concrete was developed. Concrete support, 30 cm to 45 cm thick, proved satisfactory. Rates of draw were experimented with. A draw rate of 45 cm to 61 cm (32 to 45 mt) per draw point per day was determined as optimum in con- trolling ground weight. Undercut sequence or mining sequence was recognized as a major contributing factor to ground weight. This is the most difficult factor to change. The lead time from primary development to undercut can be as much as two years. Initial Checkerboard Pattern The initial undercut sequence was in a checker- board pattern (Figure 2). Blocks Sequence 1, 2, 3, 4, 5, 6--next page.

Jan 1, 1981

By T. H. Aldrich

The Aldrich Mining Go. holds under lease from the Illinois Central R. R. Co. about 14,000 acres, in the east half of Township 12, Range 12 W., in Marion county, Alabama, and owns other lands, of which about 1,000 acres adjoin this leased tract, making a total area of about 15,000 acres, all of which is underlain by the coal-seam upon which the company is operating. This seam is nearly horizontal; and a ravine, diagonally crossing the tract, exposes the outcrop on either side for about 2 miles. The territory has been so divided that nearly the whole of it can be worked out by two collieries. The mines at Brilliant were opened in the fall of 1898, and shipments began in the following spring. The original plan was to furnish steam-coal for locomotives to the Illinois Central R. R. Co.; and upon this expectation the investment of capital was made. The field was entirely new; and the softness of the coal at the outcrop induced the belief that it could be very cheaply mined. A contract for the delivery of a large quantity of coal to the railroad was accordingly executed. But with the advance of' the entries to increasing distances from the outcrop, the coal proved so hard that it could no longer be drilled with a breast-auger; and the expense of mining became so great that the contract for cheap steam-coal had to be canceled. It became evident that the work must be done with machinery and explosives, if it could be profitably done at all. On the other hand, the excellent quality of this coal opened, at the same time, a possible market not specially contemplated at the outset—namely, that of a first-rate coal for domestic and general uses. Since no other deposit of such coal was known to exist on the line of the Illinois Central, or any other railroad

Jan 1, 1907

By Donald Barton

THE purpose of this torsion balance survey and the quantitative calculations was to delimit the extension of the cap rock at the Hoskins Mound salt dome. The sulfur ore in the Gulf Coast sulfur-bearing salt domes occurs in the lime rock, which is the outer layer of the cap-rock mass, and also in the underlying gypsum zone. The status of the exploration and exploitation of the Hoskins Mound dome at the date of this survey is shown by Fig. 1. The mound had been covered by the very early prospect wells of the Mound Oil Co., and the later and more numerous prospect wells of The Texas Company. The Freeport Sulphur Co. was producing from the flank wells in the southwest quadrant. The limits of the cap were surmised to lie inside the centers of quad-rangles 4F, 3F, the center of the NE. ¼ of 2E, and the north line of 2D. That surmise was based partly on the data of Fig. 1 and partly on the position of the edge of the topographic mound. The management of the Freeport Sulphur Co. wished to block out the extent of its ore reserves with a minimum of expenditure. The management was informed by the writer that no geophysical method could map the presence or quantity of sulfur directly, or determine the presence and quantity of the lime-rock cap independently of the rest of the cap, but that a reasonable probability existed that the approximate position of the edge, the depth and the thickness of the cap-rock mass as a whole could be determined through quantitative calculations based on the data of a very careful torsion balance survey. Considerable lime rock would probably be present, of course, wherever much cap rock was present. This paper presents the data of the survey, our calculated prediction of the configuration of the cap rock, and the degree of confirmation by the subsequent drilling. The survey was made by the Geophysical Research Corporation, under the direction of the writer. The work of the calculations was done by Andrew Gilmour, then assistant to the writer.

Jan 1, 1936

By Dennis J. McCarthy

TAX TREATMENT OF EXPLORATION AND DEVELOPMENT EXPENSES Exploration Expenditures General Principles. Exploration expenditures are expenses incurred within the United States or the Outer Continental Shelf for the purpose of ascertaining the existence, location, extent or quality of any deposit of ore or other mineral. Section 617 of the Internal Revenue Code permits a taxpayer to elect to deduct these expenditures currently. In default of election, exploration expenditures must be capitalized and included in the basis of the mineral property for purposes of determining cost depletion. Entitlement to Deduction. In order to qualify for current deduction, exploration expenditures must be incurred prior to the commencement of the development stage, i.e., when mineral deposits are shown to exist in sufficient quantity and quality to reasonably justify commercial exploitation. Generally, expenditures for geological and geophysical investigations, reconnaissance, surveying, testpitting, trenching, drilling, driving of exploration tunnels and adits and similar types of work constitute exploration expenditures if incurred prior to the commencement of development. However, expenditures to further delineate the extent and location of an existing commercially marketable deposit are not exploration expenditures. Exploration expenditures may be incurred from within a producing mine to ascertain the existence of what appears to be a different ore deposit. Expenditures for property which is subject to an allowance for depreciation are not deductible under §617. However, depreciation properly allowable on assets used in exploration is an exploration expenditure. Election to Deduct Exploration Expenditures. The election to deduct exploration expenditures is made by deducting these expenditures in the return for the first taxable year for which such treatment is desired. The election applies to all properties of the taxpayer. Once the election is made all exploration expenditures, in the year of election and thereafter, must be deducted, unless the election is revoked with the prior consent of the Commissioner. The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) made substantial changes in the treatment of exploration expenditures. For exploration expenses incurred after 1982 and before 1984 by a corporation, the amount currently deductible is limited to 85% of the expenditure. The remaining 15% must be capitalized and recovered over a five-year period. Although exploration costs capitalized under this provision are not part of the basis of the property for cost depletion purposes, investment credit may be claimed with respect to these expenditures. Further changes have been added by the Tax Reform Act of 1984 with respect to expenditures made after 1984. The Act reduces the amount of otherwise currently deductible costs from 85% to 80%. Additionally, it limits the availability of the investment credit for capitalized mineral exploration costs to deposits located in the United States. TEFRA also allows individuals a special method of recovery under which exploration expenditures may, at the election of the taxpayer, be amortized ratably over a 10-year period beginning with the year in which the costs are paid or incurred. If taxpayer does not use this method, the excess of the exploration expenditures actually deducted over the amount that would have been deducted if 10 year amortization had been elected is an item of tax preference subject to the alternative minimum tax.

Jan 1, 1985

INTRODUCTION The after-tax rate of return that properly discounts future cash flows is usually referred to as the "discounted cash flow-rate of return" (DCF-ROR). The method is also referred to as the internal rate of return, true rate of return, and investor's rate of return in some literature. According to Stermole (1974, p. 188) industry polls indicate that the DCF- ROR method is the number one economic evaluation decision method used by more than 90% of the industrial companies that use for- mal economic evaluation procedures. Other economic evaluation methods that have been used in the past, such as payback period, accounting ROR, etc., have largely given way to DCF-ROR analysis because they fail to account properly for the time value of money. DCF-ROR is generally defined as that rate of return that makes the present worth of future generated cash flow over the life of the project (including after tax salvage value) equal to the present worth of all after-tax investments. The "present worthing" of future cash flow involves discounting future cash flow to a present value according to the mathematics of compound interest at some interest rate. The determination of the interest rate that equates the present worth of future after-tax earnings with the present worth of all after-tax investments necessary to create such earnings is properly called the discounted cash flow rate of return analysis. Although present worth calculations are usually used for determining the DCF-ROR, the same results can be obtained by comparing income and costs of any equivalent point in time, i.e., future worth, etc.

Jan 1, 1980

By E. Gilpin

The following notes may serve to bring before your Institute an idea of the iron-ore resources of Pictou County. Enough work has been done to permit an estimate to be formed of their quality and probable extent. As yet the systematic mining and smelting of ironore in Nora Scotia is confined to the operations of the Steel Company of Canada, in Colchester County. Although the locality I am about to describe appears, in many respects, well adapted to iron smelting, etc., no attempts have yet been made to begin work. Nora Scotian capital is more readily turned to lumbering, fishing, and shipping ventures; and such an investment appears equally foreign to the rest of the Dominion. I need not, however, go further into this part of the subject, and can only hope that my notes may prove serviceable as indicating a probable field for future development. The accompanying map shows the position of the harbor of Pictou relative to the coal and iron-ore fields, and to the railways which intersect them. The branch of the Intercolonial Railway, running from Truro to Pictou, forms the western boundary of the iron-ore district, which extends beyond the point where the New Glasgow and Cape Breton Railway crosses the French River. The iron-ore district may be roughly described as a triangle formed by the ore-outcrops and the two railways, the former making the base, and the latter the sides of the triangle, the apex resting on the coal-field at New Glasgow. The drainage of the country is toward the Gulf of St. Lawrence, through the Middle, East, Sutherland's, and French rivers; and the surface is undulatory, seldom exceeding two hundred feet above the sea-level, except in the district lying between Glengarry and the upper waters of the French and Sutherland's rivers, where a maximum height of about five hundred feet is reached at several points. Geologically speaking, the district embraces two divisions, the Carboniferous and the Silurian, the latter resting on strata provisionally considered to be of pre-Cambrian age. As no geological

Jan 1, 1886

By J. McD. Porter

IN many of the old placer-mining districts are still to be found large tracts of gold-bearing gravel not suitable to be worked with a dredge, because the bed is too shallow- or the gulch too narrow. Frequently there is not enough grade to handle the gravel successfully by ground-sluicing or a bedrock flume, or it contains too many boulders to be worked successfully with the ordinary pipe or tube hydraulic elevator. In southwestern Oregon, two practical placer-miners named Ruble, after working for years trying to make money out of placer-ground containing many large boulders, invented and patented a hydraulic elevator of an entirely new type, and one . that has been found to work very successfully in flat' ground and in gravel containing many large boulders. It is a very simple contrivance. A few years ago I acquired the property near Pierce City, Idaho, known as the American placer-mine. Various attempts .bad been made to work this ground. A bed-rock flume had been installed by one company, an Evans elevator by another, and still other methods were tried on a smaller scale. All were unsuccessful. I installed a Ruble elevator, and it has proved very satisfactory. Working under 100-ft. (pipe) head, the 'ground has been handled at a cost of a little less than 8 cents per cubic yard. The conditions at the American mine are exceptionally hard, the boulders being large, heavy, and numerous. Basalt-boulders, up to a size of 16 by 18 by 32 in., have been elevated to a height of 16 or 17 ft., with a 4-in. nozzle-stream, under 100-ft. head. Boulders larger than this size are blasted. At the American mine, a foreman, two pipemen, and two laborers are-required per day of 24 hr. to operate the elevator. Several sizes of this elevator are in use, the one at the American mine being the 25-ft. size, having 25 ft. of grizzly

Oct 1, 1909

By Charles H. Fulton

ONE of the events of note in mineral industry education circles during the year was the summer school for engineering teachers, devoted to mining and metallurgical engineering, which was conducted by the Society for the Promotion of Engineering Education in co¬operation with the University of Wisconsin. It was in charge of Prof. Harry P. Hammond, director of the summer school, and Prof. Richard S. McCaffery of the University of Wisconsin. It was attended by 63 people, and practically every educational institution offering mineral industry courses had representatives present. The session was successful and those in attendance spoke highly of the pro¬gram and results obtained. The Mineral Industry Education Division cooperated with the S.P.E.E. in this project. Prof. Hammond will discuss the purpose and results of this session at the February meeting.

Jan 1, 1934

By B. E. Mix, L. M. Barker

THe present methods of unloading ore and coarse-crushing at the Magna plant of the Utah Copper Co. are the developments of the pas five years. Hand dumping and breaking have given way to the rotary car dump and large gyratory; and the bucket elevators and stationary screens have been replaced by conveyors and shaking screens. The coarse-crushing plant may be broadly divided into two units the primary crushing and the secondary crushing, or primary roll, unit The former was erected in 1923; with the exception of the excavation the construction was carried on by forces of the company. Excavation was started in the middle of March, the first concrete was poured July 16, erection of the steel building started Oct. 30, and the unit was com pleted and operating Dec. 30. The unit has a capacity of over 24,001 tons of ore per day, and cost more than a million dollars. Remodeling of the primary-roll unit extended over a period of years preceding this some of the work having been done as early as 1918. Delivery of Ore from Mine, Yard Storage, and Handling Ori Cars to and from Primary Crushing Plant The ore is transported, in steel cars of 80 tons capacity, from the min' to the mill, where a reserve tonnage of loaded cars is maintained. Malle locomotives, handling trains of 45 cars, or approximately 3600 tons o ore per train, deliver the trains to a storage yard which contains thre tracks—a passing track and two storage tracks. All of this trackage i equipped with an overhead trolley system, so that electric locomotive can be used in yard switching. The storage tracks have a total length of 4500 ft. and provide storag space for 140 cars. The passing track, besides permitting switchin room for locomotives, is used for storage purposes between train arrivals thus giving intermittently a total storage capacity for the yard of approxi mately 200 cars. The amount of ore stored at any one time, howeve

Jan 1, 1926

By Robert S. Lewis

Park City, Utah, elevation 7200 ft., is on the eastern slope of the Wasatch Mountains about 25 miles southeast of Salt Lake City, elevation 4200 ft. The town and surrounding mining district are served by two railroads: one, 28 miles long, is a branch of the Union Pacific R. R. and joins the main line at Echo; the other, 35 miles long, connects with the main line of the Denver & Rio Grande R. R. at Salt Lake City. The main shaft and important mine buildings, elevation about 8200 ft., of the Silver King Coalition Mines Co. are 11/2 miles by road to the southwest of Park City, and are near the head of Woodside Gulch. The property of this company is a consolidation of several groups of mining claims, and comprises an area that is roughly 4 miles long by 1 mile wide, the long axis of which has a N. 55" E. bearing. Geology A general geologic section through the property shows a basal formation of gray quartzite, called the Weber quartzite, above which seems to lie conformably the Park City formation. Both beds are of Carboniferous age. The Park City strata consist of a number of beds of limestone, with intercalated beds of quartzite, sandstone, and shale. The exact thickness is difficult to determine, but is apparently between 650 and 850 ft. Above the Park City beds and conformable with them lie the Woodside Shales. These thinly bedded fine-grained shales, about 1000 ft. in the thickness, are of no economic importance. They are overlain conformably by the Thaynes formation, which has about the same thickness and is composed of beds of limestone, sandstone, and shale. A thin bed of shale divides the formation into an upper and a lower part; the upper part contains more lime than the lower part. The Woodside shales and the Thaynes formation are of Triassic age. All the beds dip northwest, the dip is usually from 20" to 30°, but may be as great as 40°. In places, intrusions of diorite porphyry have deformed the beds. Marked faulting in zones of a northeast-southwest trend occurred after the intrusion of the porphyry. Later faulting in a

Jan 1, 1925

By AIME AIME

WTHIN the next month all members of the Institute will be given an opportunity to vote for a new President, two Vice-Presidents, and five Directors. All of the candidates nominated by the official committee are well known to certain groups of the Institute membership but a brief record of their professional lives will be given here for the information of those that will vote. Not since 1927, when Everette DeGolyer guided the destinies of the Institute, has a member of the Petroleum Division been a candidate for President. John Meston Lovejoy has been a Director since 1930, and a Vice-President as well for the last year: In the three years 1932-4 lie was also chairman of the Admissions Committee. Dir. Lovejoy graduated from the Columbia School of Mines in 1911, just before lie was 22 years old, and began his professional career as a copper miner at Chuquicamata. Chile. Silver and gold mining later claimed his % attention, and it was not until 1914 that lie gut into the oil business, as geologist for the Standard Oil Co. of N. Y. This took hint to China and he later worked for the company in Wyoming. In 1917 lie joined the Army where lie rose to be captain of Field Artillery. Upon his return to the United States he went to work for the Amerada Petroleum Co., of which he later became vice-president and general manager, with headquarters in Tulsa. Since coining to New York he has been president of the Petroleum Bond & Share Cu.. and is currently president of the Seaboard Oil Co.

Jan 1, 1935

By Peter Allen, John R. Stuermer

COUNTRY RISK ANALYSIS A company operating in a foreign country assumes all the risks that it would at home. However, beyond these, it assumes risks that arise from the unique political economic, financial conditions of the foreign country which it operates. These risks are known as "country risks". The importance of these risks has grown appreciably in the recent past (particularly in the aftermath of Iran's revolution in the late 1970s and Mexico's debt rescheduling of 1982-83), and as a result, country risk analysis has become an increasingly useful management tool. Country risk analysis seeks to assess the probability that countries will service their aggregate foreign liabilities on time, as well as the probability that country conditions could inhibit the debt service capability of private sector debtors. This involves assessment of both the ability and the willingness of countries to meet their external liabilities in a timely fashion. "Ability" is linked economic and financial variables: principally, a country's economic structure, foreign exchange generating capacity and debt service burden. On the other hand, "willingness" is tied to political factors: mainly the economic/financial orientation of government policy and the stability of economic decision making. Ability: Economic, Financial Conditions and Prospects Judgement of a country's ability to meet foreign financial obligations begins with a detailed study of a country's external balance sheet which compares the country's foreign liabilities and assets. Table 1 below presents country balance sheets for Mexico, Korea and Indonesia. [TABLE 1 The External Balance 3-,-et 1983 (billions of dollars; Indonesia Mexico Korea Foreign Liabilities 31.1 67.6 40.5 By Source: Bank 13.1 75.5 26.3 Non-bank 18.0 12.114.2 Foreign Reserves 9.3 4.7 7.0] The large magnitude of Mexico's external debt (nearly $90 billion), compared to foreign assets of approximately $5 billion, illustrates the weakness of this country's external payments position, and the main reason that it has been unable to meet interest and principal payments and been forced to reschedule its foreign debt. On the other hand, the relationship between Korea's external liabilities and assets ($50.5 billion and $7 billion, respectively), is more favorable and helps explain why Korea has been able to meet debt service payments and maintain its access to the international capital markets. Indonesia has even a more favorable relationship between its foreign assets and liabilities, $31 billion and $9 billion, respectively, and its debt is mostly lower interest rate, non-bank debt, making for a less onerous debt service burden. After the balance sheet, the analysis turns to a comparison of the country's foreign exchange earning capacity and its prospective financing requirements, that is, the country's future earnings stream

Jan 1, 1985

By ERLE VICTOR DAVELER

ERLE VICTOR DAVELER, who in his application for membership in the Institute in 1909 modestly described himself as "millman," was born at Denver in 1885 and graduated from the University of California in 1907. After a few months' work at gold mills in California he went to Tonopah, where for the next two years he had a varied experience working on pumps, convey- ors, tube-mills and filters. For the following two years he was experimental foreman and metallurgical engineer for the Utah Copper Co. at Garfield. He was sent in 1911 to be assistant superintendent of mills at the Ray. From 1913 to 1917 he was mill superintendent at the striking but unsuccessful experiment in large-scale low-grade gold mining of the Alaska Gold Mines Co.

Jan 1, 1929

By GEORGE L. CHRISTIAN

T HE Tonopah Extension assay office is a two- story, concrete structure on a solid foundation of andesite, situated about 100 yd. from the company's mill, so that it will not be affected by the stamps or the tube-mills; also it will not be affected by under- ground blasting. On the second floor are the mine superintendent's office and drafting and blueprint rooms. On the ground floor are the assayer's office,' mixing room, furnace room, crusher room, chemical laboratory, parting room, store room, and change and shower room for the mine superintendent, assayers, and engineers. The crusher room is outside of the main building, and has four concrete walls, thus eliminating the jar of the crusher; it is so situated that the least possible amount of dust spreads through the main building. An 8 by 10-in. jaw crusher, which crushes to ¼ in., was made by a local foundry. Attached to the top is a small galvanized-iron hopper covered with a ¼ in. screen, on to which the sample is dumped. The fines-pass through the screen into the hopper, while the oversize is dumped into the crusher. The crushed sample and fines from the screen drop down to a set .of splits suspended from an iron rod below the crusher jaws. The small sample is caught below in a small pulp pan. The rejects drop from the splits through a 2-in. pipe on to a bucket conveyor, which dumps into a galvanized-iron hopper in an upper corner of the room. The rejects drop through a 2-in. pipe to a reject bin outside the build- ing. This bin is constructed high enough for a truck to be loaded from it by means of a chute door on the side.

Jan 1, 1921