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By T. Fraser, F. F. Giese, R. L. Sutherland

Under a cooperative agreement between United States Bureau of Mines and the Truax-Traer Coal Company, some operating-scale experiments have been made with the cyclone thickener in the preparation plant of the Shamrock No. 1 mine at Kayford, West Virginia. These tests were made with a 14-in. cyclone of the type developed by the Dutch State Mines in Limburg. It was applied experimentally to the thickening of solids in washery water to obtain performance data to show the range of sizes that may be recovered and other operating characteristics that would indicate the field of usefulness of this device in coal preparation practice. This is a progress report only. It covers results obtained in a series of 17 tests of the operation of what has been considered a unit of commercial size operating on suspensions of fine coal mixed with a relatively small amount of free impurities. The underflow material, after further dewatering in centrifuges, is a marketable grade of coal. The coal at Shamrock No. 1 is mined from the No. 2 Gas seam. It is made up essentially of a low ash coal suitable for byproduct use with one or more bands of splint coal of higher ash content suitable for industrial fuel. The washing plant was installed for the two-fold purpose of removing the free impurities incident to mechanized mining and to separate the run of mine coal into the two types. To accomplish these results it is necessary to make a separation at a specific gravity of about 1.4 to recover the byproduct coal and to separate the splint coal from refuse at a higher gravity. The coarse coal section of the washing plant was put into service about 10 months before the fine coal section was completed. Inadequate screening capacity in the raw coal preparation plant resulted in a portion of the fine coal being fed to the jigs. No provision for preliminary dedusting of the raw coal feed was incorporated in the design. Under the conditions in the initial operating period, separation at the desired lower gravity was not realized, apparently because of the presence of an excessive amount of fine solids in suspension in the wash water. Difficulty in wetting the fine coal may also have been a contributing factor. Additional facilities for the removal of the fine solids from the wash water was indicated. Information then available on the Driessen cone for this purpose was studied and a cooperative agreement with the Bureau of Mines for experimental work with a unit of standard size as developed by the Dutch State Mines was arranged. During the time required for construction of the cone it was found the addition of a small amount of wetting

Jan 1, 1950

By Fortunato Pereira Gamba

The Department of Narino (formerly included in the Department of Cauca) is a narrow band about 170 km. (100 miles) wide in the southern part of the Republic of Colombia, near the boundary of Ecuador, as showu in the sketch-map, Fig. 1. Its capital is Pasto, a small city of 25,000 inhabitants; the pri~icipal towns are T?querres, Cumbal, Ypiales, Barbacoas, and Tumaco. The port on the Pacific ocean is Tumaco, and traffic in the interior is carried partly on the Patia river (steam navigation to the fluvial port of Barbacoas), and afterwards overland over poor roads by human bearers or on mule-back.

Jan 1, 1913

By R. C. Patterson

In view of the circumstance that very few important changes have been made within the last 15 or 20 years in the equipment of rod and wire mills, the description of a new process introduced by Grenville Mellen, of LleweIIyn Park, N. J., to take the place of the present laborious system of producing rods of lead, zinc, brass, copper, aluminum, etc., may be interesting to members of the Institute. This new process consists in the production of cast rods at one operation in a small continuous casting machine. The hot liquid metal is transferred from the melting crucibles directly into an endless chain of mold blocks in the machine, where solidification takes place, and the rod comes out continuously in a solid form at one end as long as the molten metal is supplied. The operation of these mold blocks so as to produce a solid rod of uniform structure constitutes an important part of Mr. Mellen's invention. The machine (Figs. 1 and 2), 12 ft. in height over all, 2 by 3 ft. in horizontal cross-sectional area, and 6,000 Ib. in weight, has a framework of cast iron, holding in position two endless chains of mold blocks, which are made in sections and join in center alignment. The mold orifice is made up of these mold sections, into which the liquid metal flows. The molding chains are composed of steel blocks, grooved on one face to form the molding cavity, and linked together with flexible joints. Each block is carried on four rollers which guide the chain around the end sprockets and carry it in its course through the machine. The accuracy of alignment requisite to the production of a perfect rod in the mold groove formed by these sections is secured by careful machine work, and by building the four ways, down which the alignment takes place, so that two of the sides are fixed permanently, whiIe the opposite sides are held to their position by spring pressure. The guides carrying the molds, while in casting position, are water-cooled square tubes. The length of this machine is somewhat indeterminate. A certain amount of both time and cooling surface is required to solidify the metal jn the mold; and one may either use a long molding chain and run it fast, or a shorter chain and run it correspondingly slower. We have found,

Jan 1, 1916

By Albert Sauveur

IN an important paper on The Critical Ranges of Pure Iron1 presented at the May, 1913, meeting of the Iron and Steel Institute, Professor Carpenter reports and illustrates the results obtained by him in determining the critical points of some very pure electrolytic iron sheet about 0.01 in. thick. The iron strip was rolled into the form of a cylinder 1; in. long and fn in. wide, weighing 42 g., the thermo-couple being inserted in a small hole in the center. The points Ac3 and Ar3 were readily detected, as well as the point Art, but the point Act was absent from every heating curve. The author concluded from this occurrence that the conception of A2 as an independent allotropic change must be abandoned. At the October, 1913, meeting of the American Institute of Mining Engineers, Dr. G. K. Burgess and J. J. Crowe read a paper on The Critical Ranges A2 and A3 of Pure Iron2 in which they described some extremely important experiments conducted by them at the Bureau of Standards, Washington, D. C. They tested Professor Carpenter's electrolytic iron and detected a sharp and well-defined absorption of heat corresponding to the point Act. Professor Carpenter's failure to detect this point is explained by them on the ground that unless the iron be in a single piece entirely surrounding and in contact with the thermo-couple junction, the thermo-couple will integrate the irregular progress of the heat through the sample and the curves will lose their sharpness. In discussing Messrs. Burgess and Crowe's paper, Professor Carpenter accepted this explanation as probably accounting for the absence of Act in his heating curves.

Jan 2, 1914

By T. H. Aldrich

There are two conditions generally prevailing upon the earth—those within atmospheric influence, tending towards oxidation, and those away from atmospheric influence, tending towards reduction. Practically all mineral substances from mines of any depth a.re in a reducing condition. Since the cyanide process, in order to dissolve silver or gold, requires that the prevailing conditions under which it operates shall be oxidizing, and the materials usually acted upon bei~lg of a reducing character, it becomes necessary to supply oxygen to the solution carrying the cyanide. This oxygen is usually supplied through the medium of dissolved air in the solation, or through the medium of various chemical compounds, which upon combining vith the solution or the ore give off a part of their oxygen. Strange as it may seem, practically all mineral substa~~ccs are partly soluble in water, especially water carrying alkali or cyanide. The greater the surface exposed and the finer the material is ground, the greater mrill be the rate of dissolving of the reducing-agents from the ore into the cyanide solution. In most cases, if the solution carrying the ore particles is agitated with air, the air will dissolve into the solution faster than will the reducing-agents; but in some cases the reducing-agents will dissolve more rapidly on account of easy solubility or greater surface exposed. It is a dissolving race between the oxygen from the air and the reducing-agents from the ore, and if the reducing-azents predominate, cyanide will not dissolve the gold from the ore. In many cases it will dissolve some of the gold, because in a mass of irregular shape some of the gold particles might be exposed upon the outside surface of a particle of rock; but if the solution had to penetrate through cracks, the side-walls of which were lined with reducing-agent-

Jan 1, 1912

I. MCLAUGHLIN, R. P.-Protecting California Oil Fields from Damage by Infiltrating Water. Discussed by M. E. Lombardi, A. F. L. Bell, A. C. McLaughlin, R. P. McLaughlin, William A. Williams, Mark L. Requa, C. D. Keen 2413 BEST, W. N.-Petroleum as Fuel Under Boilers and in Furnaces. Discussed by William A. Williams, Hennen Jennings, David T. Day, Mark L. Requa, A. F. L. Bell, W. N. Best 2420 JOHNSON, ROSWELL H.-Sliding Royalties for Oil and Gas Wells. Discussed by William A. Williams, A. C. McLaughlin, A. F. L. Bell, Roswell H. Johnson 2423 BELL, ARTHUR F. L.-Important Topping Plants of California. Discussed by William A. Williams, David T. Day, A. F. L. Bell 2426 LOMBARDI, M. E.-The Cost of Maintaining Production in California Oil Fields. Discussed by C. D. Keen, Mark L. Requa, H. M. Bacon, M. E. Lombardi 2427 HUNTLEY, L. G.-Oil, Gas, and Water Contents of Dakota Sand in Canada and United States, Discussed by E. W. Shaw 2428

Jan 12, 1915

By Richard W. Markley

A centralized online data acquisition system has been developed by the U.S. Bureau of Mines Pittsburgh Mining and Safety Research Center for rapidly digitizing, storing, and processing experimental signals originating up to 1100 feet away from a central computer. This system, which services seven laboratories, is currently based on a CDC System 17 1/- computer with 56K of semiconductor memory, four disk drives (one shared online with a CDC 1700), two magnetic tape drives, high-speed A/D hardware, and other input/output peripherals. The laboratories are linked to the central computer by 15-pair cables and signal conditioners and to the computer's communications controller by modems and current loops. The A/D throughput rate is approximately 30,000 samples per second (9 bit plus sign resolution) and permits scanning about 30 instruments once every millisecond for up to 100 seconds, being limited only by disk capacity. The laboratories serviced by this facility conduct explosions research and include such facilities as an Experimental Coal Mine Explosion Facility (45 channels), a Constant Volume Combustion Laboratory (4 channels), and a Simulated Coal Mine Laboratory (15 channels). Personnel support includes one systems analyst, two applications analysts, one operator, and a hardware technician. The system has performed adequately for burst-type data acquisition, but due to a lack of long-term reliability (24 hours) of the real-time multiprogramming operating system and unpredictable power failures, slow phenomena signals are generally digitized and stored offline. This latter data is input to the computer through peripherals such as a high-speed paper tape reader, or high-speed asynchronous communications ports. Processing of data is done either in real-time (as soon as data is collected) or in batch mode. Smaller batch jobs are run on this computer, and all others are transmitted by means of the system's high-speed UT 200 terminal simulator to a CDC-6000 series computer.

Jan 1, 1977

By Nagel, Theodore

USE of oxygen in metallurgical operations was investigated by a committee of unusually able engineers more than ten years ago. A record of their work appeared under the title "The Use of Oxygen or Oxygenated Air in Metallurgical and Allied Processes," Serial 2502, Report of Investigations, U. S. Bureau of Mines. Shortly thereafter the A.I.M.E. published "Use of Oxygenated Air in Metallurgical Operations," based on a symposium at the New York meeting, February 1, 924. Quoting from the Bureau of Mines report In view of the many recent developments in oxygen manufacture, and considering the increasing cost and decreasing quality of our raw materials, the Bureau of Mines has taken the matter of the application of oxygen or oxygenated air to the metallurgical centers for consideration and has appointed an advisory committee to study the problem.

Jan 1, 1935

By I. D. Hagar

WHEN the history of American business during these momentous war years is written, an absorbing chapter will be devoted to the Maclntyre Development, in northern New York. It will tell of a timely mining project, deep in the wilds of the Adirondacks, blasted into being by Axis torpedoes. It will recount the labors of 1500 engineers and workmen, miles from a highway, rail line, or power source, who built a huge enterprise in a few short months' time. And it will list these major contributions to the war effort: more than a quarter million tons per year of ilmenite, source of titanium dioxide-man's most opaque white pigment-to be used in paints for warships, tanks, guns, planes and the plants that build them; as a co-product, over 500,000 tons each year of magnetite-an important type of iron ore- to help feed the cavernous maw of America's wartime steel industry.

Jan 1, 1942

The following is an incomplete list of members and guests who called at Institute headquarters between Nov. 10 and Dec. 10, 1917. Harlan H. Bradt, Duluth, Minn. Lt. Geo. H. Morgan. Albert Burch, San Francisco, Cal. F. W. Osborn, Ajo, Ariz. J. A. Daniel, Institute of Mining & Metal- J. C. Ray, 2d Lt., 0. M. C., N. A. lurgy, London. A. E. Ring, Creede, Colo. Martin Fishback, Benson, Ariz. Geo. B. Rodgers, Dobbs Ferry, N. Y. E. L. Foucar, San Francisco, Cal. Forest Rutherford, Pueblo, Colo. I. A. L. Henderson, Institute of Mining & J. G. Scrugham, Reno, Nev. Metallurgy, London. A. F. Shurick, Forest Hills, L. I., N. Y. Jerome A. Hilbert, Santa Monica, Cal. Arthur C. Spencer, Washington, D. C. B. B. Hood, Chrome, N. J. Robert C. Sticht, Mt. Lyell, Tasmania. J. C. Hoyt, Jerome, Ariz. A. Perry Thompson, San Francisco, Cal. A. F. Kennedy, Duluth, Minn. J. B. Tyrrell, Toronto, Canada. Paul S. King, Wilmington, Del. Thor. Warner, Phoenix, Ariz. Alfred C. Levis, Golden, Colo. S. F. Wellman, Cleveland, 0. A. F. Lucas, Washington, D. C. Gardner F. Williams, San Francisco, Cal. B. E. McKechnie, Sharon, Pa. W. G. Woolf, Salt Lake City, Utah.' A. N. Mackay, Barranquilla, Colombia. C. W. Merrill, San Francisco, Cal. P. G. Beckett expects to be located in New York for some time, and may be addressed care of the Phelps, Dodge Corporation at 99 John Street. Corey C. Brayton and E. R. Richards have temporarily closed their San Francisco offices in order to give more time to their operations at Midvale, Utah.

Jan 1, 1918

By Robert C. Paddock

INTRODUCTION A way of producing 3,000 tpd from the El Mochito Mine was needed. Of this production, 2,000 tpd must come from the San Juan orebody. The original sub-level stoping method did not give satisfactory results due to ground instability, and the highly irregular ore/waste contacts encountered . The experience gained from the initial system helped guide research into the ground instability problem. Results from this work, combined with knowledge gained about the orebcdy configuration, defined constraints that were previously not fully appreciated. These constraints, and others, combined with objectives, were considered together to develop a new mining method. No single technique was found to be suitable, so a hybrid mining system was developed. A combination of ramping, cut and fill, and vertical crater retreat, with an option to use top heading and benching was developed. To complement the mining system, the type of equipment needed was decided upoun. Also, to support the mining system at this expanded rate of product ion, major modifications of existing infrastructure were required. THE EL MOCHITO MINE The El Mochito Mine, of Rosario Resources Corporation, has been in continuous product ion since 198. The mine began operations in April of that yeas at a rate of 100 tpd. The reserves in 198 were 100,000 tons of silver ore assayed at 1,250 grams per tonne. As of the end of 1979, the El Mochito orebodies have produced over 5.6 million tonnes of ore averaging 516 grams per tonne silver, 6.8 lead, and 7.8% zinc. Present ore reserves are about 7.9 million tonnes, averaging 138 grams per tonne silver, 4.6% lead, and 8.7% zinc, with minor quantities of copper, cadmium and gold. An expansion plan to increase mill production two fold to 2,500 tonnes per day is underway. This expansion will require the mine to produce 3,000 tpd. The mine consists of numerous orebodies, all of which have been mined to a certain extent. Of all the orebodies, the San Juan contains 8% of known reserves. This amounts to about 6.7 million tonnes. The significance of the San Juan orebody to the future life of the El Mochito Mine is obvious. If the required mine production of 3,000 tpd is to be sustained, the San Juan must be the source of the majority of that production. Due to the mineability and overall logistics concerned with the other orebodies, the San Juan must be able to reach and maintain a production rate of 2,000 tpd by 1982. GEOLOGY OF THE SAN JUAN OREBODY The El Mochito Mine is a classic example of a chimney replacement deposit in limestone. Similar deposits axe found in Mexico, at the Naica, Providencia, and Santa Eulia Mines. The El Mochito Mine is located at the south- western end of the Sula Valley on the western edge of the Honduras Depression in the Central Cordillera and Central Highlands of Honduras in a setting of Mesozoic sediments. The orebodies occur in a structural basin developed between NNE trending normal faults and apparently hinged on the south end. Topographically, the Mochito Basin lies between the uplifted Santa Barbara mountain in the west and the Palmer Ridge on the east. The San Juan orebody occurs near the intersection of the NE trending San Juan fault and the ENE trending Porvenir fault. The downward continuation of the orebody is controlled by the westward rake of these NW and N dipping structures. The discovery of the San Juan orebody is attributed to analysis of structural evidence of known ore deposits by in-company geologists. The composition of the San Juan orebody is primarily garnet skarn, with local concentrations of hedenbergite and magnetite. The economically important sulfide mineralization consists of (in decreasing abundance), sphalerite , galena, pyrrhotite , and chalcopyrite. There is some indication that a Cu-Ag mineral such as tetrahedrite may also be present. The skarns were formed by replacement of the original limestone by hydrothermal water migrating upward roughly along the intersection between the Porvenir fault system and the San Juan fault system. Textural evidence suggests that the orebody is a composite of several pulses of hydrothermal activity which would explain, in pat, the great irregularity of the contacts and the large horizontal variation in mineralogy. A general pattern of skarn types can be seen in the orebody, partially accounting for the observed lateral variation in grades. This zonation is very generalized, and one or more zones may be missing in any given locality. The orebody is almost invaxiably surrounded by a 2 cm to 25 cm zone of bustamite skaxn with low values. The border skarn is usually

Jan 1, 1981

By William G., Pariseau

There are important phenomena in rock and soil mechanics that cannot be explained in terms of theories of homogeneous, isotropic materials. Subsidence of strata about mine openings is an example. In-situ stress measurements in nonisotropic sedimentary, and metamorphic rocks is another. Patterns of joints, faults, fractures, and similar geologic features impart directional mechanical properties to rock masses that are locally isotropic or anisotropic. On the geologic scale, the non-homogeneity of composite rock masses may, in certain instances, be dealt with as homogeneous anisotropy. The mechanics of large rock masses can, therefore, be expected to involve considerations of anisotropy. The source of the anisotropy is not relevant. Once the scale of observation is selected and the material is defined accordingly, the analysis of stress and deformation proceeds without regard to the numerical values of the material constants. There are also important phenomena in rock and soil mechanics that cannot be explained in terms of linear elasticity, theory. For the mechanical description of anisotropic geologic materials capable of de- forming beyond the limit of purely elastic strains, a plasticity theory is required.

Jan 1, 1972

By Marshall Pease, R. J. Brandon

A UTILITY that has a large consumption of coal must insure an adequate and sound supply of fuel. The Detroit Edison Co., which has an annual coal consumption of about four million tons and spends approximately $32 million a year for coal, including freight charges, has developed a program for fuel procurement and for evaluation and selection of fuel for reliable and efficient plant operation. Fuel Procurement Coal Purchasing Division: The Fuel Supply Div. of the Purchasing Dept. combines all of the procurement functions in one group, which must maintain adequate stocks of fuel. In addition to its usual purchasing duties, the division also governs transportation, follow-up, invoice and freight bill, in cooperation with the Accounting Dept. The Fuel Div. is comprised of the fuel agent, an assistant fuel agent, a coal buyer and five coal clerks, who follow the movement of each car, initially approve freight bills and invoices, and file claims whenever there is a shortage of one ton or more. The fuel agent reports directly to the purchasing agent of the Company, and all major programs are planned jointly with the chief purchasing officer. The apparent individuality of the fuel section is necessary because of the tremendous volume of coal cars handled each day, sometimes as many as 500, which must be handled promptly to complete the fastest possible move from the mines to the plants. Determining Annual Coal Volume: Through the combined studies of a Production Dept. Load Committee and the Controller's office, accurate predictions of coal requirements for any given year are provided the Fuel Dept. from 12 to 15 months in advance. This is divided into the requirements of all individual power plants and central heating plants. This in turn determines the quantity and quality for plants whose specific fuels vary with the type of equipment installed. In the Detroit area, which has a high industrial load, early estimates of annual coal consumption usually are resolved at the end of the year within 4 or 5 pct of the original plan. Operating in a highly developed industrial area eases the task of estimating primary output; and, with the residential demands increasing in a steady and fairly well-defined pattern, the overall coal schedules are not subject to radical changes during any given year. Selecting Suppliers: At any time, but especially during or before an emergency, the coal supply factor must be made secure. This is particularly true in the procurement of utility fuel. There are always extreme quantities of so-called "bargain" coal available during the buyers' markets, such as recently prevailed. These opportunistic offerings may be considered a means of averaging down overall price, rather than as a steady and dependable supply source. Coal is purchased on contract from mine operators and sales agents who have proved reliable. They are not opportunists who desert for higher dollars in times of duress; they do not fail to fulfill contracts when markets rise or overship when markets dip. The progressive operator today who is willing to expend capital to improve quality and service deserves much more consideration than a matching of short-term pennies. When a company has a high volume of annual needs, all phases of the mine supply must be considered. The mine must be able to produce the quality required at a fair price and be able to sell oversizes of coal in enough volume to screen sufficient nut and slack. It must crush coal and sell mine run at prices in line with competitive nut and slack and be willing to do so when there is no demand for prepared sizes. Determining Price: The public utility is in direct competition with any of its customers who can, if savings are guaranteed, generate their own power. Today, to a greater extent than ever before, private industry must do a better overall job than Government-controlled operations. The price of coal must be realistically balanced with the price paid by almost all industries and the railroads as well. The supply-demand ratio in coal is not difficult to discern. There is access at all times to Govern-

Jan 1, 1952

By AIME AIME

A METALLURGICAL research building is to be erected for the Armour Research Foundation at the Illinois Institute of Technology. It will be located at the corner of Federal and 34th Sts., Chicago, and fully equipped will cost $250,000. It will provide the Middle West with the largest and most complete of facilities for the conduct of developmental and industrial research in this field. The new building will be constructed around an existing foundry and metallurgical research building which has become too small to carry on and service the many research projects contracted for by the Foundation, having to do with steel, alloys, and nonferrous metals. After two bays of the new unit have been completed, the old unit will be torn down and the new one completed.

Jan 1, 1942

By Keith G. Kirk, Lawrence E. Welborn, Patrick A. Ley

Over the past two years the Office of Surface Mining in conjunction with Energy & Minerals Technology Assessment, ENCORE Systems Inc., and Boeing Computer Services has developed the Economic Coal and Ore Reserve Estimation (ENCORE) Coal Seam Modeling System. This system is being used by OSM, certain states, and industry for mine planning and mine plan permit review. The ENCORE system enables the mining engineer to start at the reserve estimation stage of surface mine planning and continue through the entire mine planning process and into the permit preparation process. The ENCORE system enables the state and federal regulatory authorities to assess a given mining and reclamation plan permit application in a rapid and efficient manner and greatly speeds up the mine plan review and permitting process. The ENCORE system is user friendly and menu driven thereby permitting the engineer with minimal computer training to rapidly learn and utilize the system. Data are input both through digitized map files and bore hole information files and stored in a data base that is an integral part of the ENCORE system. The system performs reserve estimation through standard polygon methods, least square methods, and geostatistical (kriging) techniques. Geostatistical routines permit rapid evaluation of coal and overburden quality and quantity. System outputs include drill hole sumnary and resource summary reports, cross sections, isopach maps, structure contour maps, premining topography maps, postmining topography maps, and three-dimensional perspective views. The maps can be displayed on a high-resolution, color graphics terminal or generated by a high quality plotter and are suitable for direct inclusion in the mining and reclamation pl an permit application. This paper gives detailed examples of ENCORE'S use together with example outputs.

Jan 1, 1983

A novel method of reconditioning vertical rock openings which are on the verge of collapse has been developed, ant1 a world patent applied for, by LKAB, the Swedish iron ore mining company. Without anyone descending into the dangerous opening, workers can place concrete reinforcement in the unstable section using sand-filled canvas tubes which LKAR development engineers are calling "stockings." First application of the new technique was in several inclined ore pockets which form part of the underground crushing and loading station at LKAB's Kiirunavaara mine in Swedish Lapland. LKAB experience demonstrated that with other methods it took about three months to repair a pocket, and neighboring pockets had to be closed while repairs were underway. With the new stocking method, the work was completed in three weeks with no disruption of nearby activities. Production losses amounted to 10% over the three-week period, as opposed to 30% with other methods. The simplified technique could save millions of dollars in underground maintenance, according to LKAB.

Jan 11, 1978

By Ralph M. Roosevelt

IN AS MUCH as our Institute, by tradition, never adopts any official view of matters upon which difference of opinion exists, it may be taken for granted that the duty of its Production Control Committee does' not embrace the formulation of any general policy on that much-discussed subject. During the first years of its existence the Committee confined its activities to making arrangements for an annual general session at which the broader aspects of the general problem were discussed by men both within and outside the mineral industry. These general sessions, although interesting, did not indicate any definite path of progress, so during the last year the Committee has held a number of luncheon meetings at which the members might discuss in detail problems existing in the specific industries with which they are most closely acquainted, in the hope that discussions dealing with conditions rather than theories might result in the bringing to light of some general truths. Most of these truths have been fairly obvious from the beginning but they are of such basic importance that a periodic restatement of them seems worth while,

Jan 1, 1932

By AIME AIME

INSTITUTE HEADQUARTERS, Hotel Statler. On Monday evening, Oct. 28, 1912, the visiting members and guests were informally received by the Local Committee at the Headquarters of the Institute at. the Hotel Statler. The evening was very pleasantly spent in renewing old acquaintances and friendships and in forming new ones. The first session, held Tuesday morning, Oct. 29, 1912, in the impressive Assembly-Room of the hotel, was called to order by David T. Croxton, Chairman of the Local Committee. Mr. Croxton introduced the Hon. Newton D. Baker, Mayor of Cleveland, who extended a cordial welcome to the members and guests present. James F. Kemp, President of the Institute, who subsequently presided at the meeting, responded in behalf of the Institute.

Nov 1, 1912

By Donald R. Lessard

I. INTRODUCTION There is no question that the choice of an appropriate discount rate is a critical element in virtually all business decisions in extractive industries. The standard textbook approach relies on a single overall cost of capital for an entire firm, itself a weighted average of the firm's cost of debt and equity. But a single rate is appropriate only if the commercial risks and financing structures are similar for all projects under consideration. In extractive industries, appropriate discount rates are likely to vary greatly from project to project. Risks of projects differ markedly by mineral, by country in which the project is located, by stage in production, and by position in the project's life. Further, for a variety of institutional reasons, financing structures vary greatly in relation to these same variables and thus the discount rate appropriate to the entire investment and, in particular, to the sponsor's equity investment will vary even more markedly. Failure to select discount rates which reflect these differences can result in extremely distorted decisions. Our interest in this subject results from our ongoing research on alternative ownership and financing structures for large scale extractive ventures in less developed countries where risks to the various participants--the sponsors, the financiers, and the host government--vary dramatically with the different options. Given the magnitude of these differences, a single discount rate for all options is clearly inappropriate. However, there appear to be few guidelines for practicing managers to follow in setting appropriate rates. In this paper, we take a first step in this direction.

Jan 1, 1977

By William R. Rumbold

THE Kinta valley in the State of Perak, one of the largest of the Federated Malay States, is probably at the present time the richest alluvial tin-district in the world, Perak producing from 20,000 to 25,000 tons of tin annually, and the Kiuta valley being the chief producer. The valley runs approximately north and south, and is 30 miles long by 12 wide. It is very flat, the mountain-ranges on either side rising abruptly from the plain, that on the east being the great Central range of the peninsula, and that on the west a subsidiary range marked " Kledang " on the map, Fig. 1. The valley is drained by the Kinta river, which rises in the eastern mountain range and flows south to join the Perak river, being joined by numerous streams from both mountain-ranges. The rain-fall is heavy, averaging annually about 90 in. The whole country is covered with dense jungle, except where it has been cleared for mining-operations and a small amount of cultivation. Mining villages are scattered throughout the valley, the chief towns being Kampar, Batu Gajah, Lahat and Ipoh, the latter being the center of the mining-operations. An ideal section of the main geological features of the Kinta valley is given in Fig. 2. The valley is composed of a highly crystalline limestone, usually white in color, sometimes gray; in fact, it may be called marble. It is always highly inclined and often contorted, and in some places is interbedded with shale. On the east side of the valley, near its contact with the granite, it forms a remarkable series of limestone cliffs, which rise in some cases as high as 2,000 ft. above the level of the limestone in the valley. It is non-fossiliferous, and its geo-

Sep 1, 1906