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By A. H. Lindley, Fraizer M. Stewart

For many years large mining companies were able to finance nearly all of their capital requirements from internally generated funds. However, during the last decade, funds needed for capital expenditures, dividends, and scheduled debt retirement have grown faster than cash flow. As a result the minerals industry has had to rely increasingly on other sources of funds. Getting the capital for new mining projects is a challenge, particularly for smaller companies. New methods of financing and new variations to old methods have been developed and more are needed. Commercial banks are short-term lenders. By policy their loans are limited to low risk loans-those made solely on the borrower's general credit, and secured loans where cash flow is sufficient to provide repayment within a comparatively short term. To maintain liquidity, banks prefer to make loans of less than seven years' term. If a longer loan is needed an insurance company or pension trust may take the long-term part.

Jan 1, 1971

By W. F. Boericke

WORLD production of silver in 1929 totaled 256 million ounces. In 1928 production was 258 million ounces, and in 1927, 254 million ounces. With an actual decrease in the amount of silver produced last year, as compared with 1928, and an increase over 1927 of less than one per cent, obviously there has been no overproduction of the metal in the popular sense. But the price of silver tells a different story. For 1927, the average quotation was 56.37 cents; it was 58.17 in 1928, and 53.0 in 1929. During the last year it reached a high point of 57 cents in January, and fell steadily, without interruption to the downward trend, to a low of 47 cents in December. Since then it has dropped to an all time low of 43 cents on February 6.

Jan 1, 1930

By W. S. Hungerford

As several papers on the subject of mining in soft ore-bodies have recently appeared in the Transactions and in the Engineering and Mining Journal, the following brief account of the method introduced by the writer at Low Moor, Va., may be of interest. It is in some respects similar to the system at Longdale, Va., referred to in Mr. Rothwell's paper, though differing in many of its details. That system has been employed by the Longdale Iron Company for many years, and to that company the writer is indebted for many

Jan 1, 1889

[Separates of all the Pamphlets published within the last three years (starting with No. 1469) are available, with few exceptions, at Institute headquarters. Separates of all the Technical Publications are also available. All the papers are on file in public, university and technical libraries, and when so indicated in the list, may be found either in the TRANSACTIONS or in the special volumes issued by the Institute.] METAL MINING TRANS. PAMPHLET VOLUME NUMBER TITLE AUTHOR MEETING AND PAGE* -1033 Relation of Air Pressure to Drilling H. W. Seamon New York 66,743, 766 Speeds of Hammer Drills Feb., 1921 1034 Time Factor in Depletion of Mines J. W. Roberts New York - 66,711 Feb., 1921 1 1035 Calculation of Ore Tonnage and Grade J. E. Harding New York 66, 117, 122 from Drill-hole Samples- Feb., 1921 1038 Discussion of Papers Presented in 1920 1041 Run-off and Mine Drainage - H. N. Eavenson New York 66, 624, 630 Feb., 1921 1043 The Health of the Underground Worker A. J. Lanza New York Feb., 1921 1045 Dust-ventilation Studies in Metal D. Harrington New York 66, 272, 282 Mines Feb., 1921 1046 Discussion of Papers Presented at New York Meeting, 1921 1072 Breakage and Heat Treatment of Rock- B. F. Tillson New York 66,758 drill Steel Feb., 1921 1073 Discussion of Papers Presented at New York Meeting, 1921 1076-M Analysis of Some Drill-steel Tests F. B. Foley New York - 66,789 Feb., 1921 1077-M Application of Magnetic Analysis to C_ W. Burrows New York 66,796 Root Drills Feb., 1921 1078-M Heat Treatment of Rock-drill Steel G. H. Gilman New York 66,779 Feb., 1921 1080 What is the Ideal Drill Steel? F. H. Kingdon New York 66,807 Feb., 1921 1081 Rock Drill Steels, etc. W. T. Ober New York 66,814 Feb., 1921 1082-C Underground Mine Development, Its J. B. Dilworth Wilkes-Barre 66, 715, 721 Definition and Valuation Sept., 1921 1084 Drill Steel from Hollow Ingots P. A. E. Armstrong New York 66,809 Feb., 1921 1088 Authors' Replies to Recent Discussion 1092 Heat Treatment of Rock Drill Steel A. E. Perkins New York 66,811 Feb., 1921 1096-M Octagonal Ventilation Shaft of Davis- J. L. Bruce Wilkes-Barre 66, 252, 268 Daly Copper Co. Sept., 1921 1100-C Determination of Electrical Equip- G. Bright Wilkes-Barre 66, 580, 605 ment for a Mine Hoist Sept., 1921

Jan 1, 1926

By AIME AIME

THE meeting of the Petroleum Division at Houston, Oct. 10-12-headquarters, Rice Hotel-was preeminently a technological success. Two hundred and twenty-five attended the Thursday morning session and approximately 200 attended the sessions on Thursday and Friday afternoons and Saturday morning. Harry Power, Chairman of the Division, in his opening remarks, credited Paul Weaver and M. Albertson, respectively chairman and vice-chairman of the local committee, with working long and prodigiously in organizing the program. The theme of the initial session was indicated by Mr. Albertson in a statement relative to the estimation of developed petroleum reserves. He said that the problem of securing more accurate estimates of developed petroleum reserves existed prior to curtailment of production. With curtailment, however, the problem became an acute one. Mr. Albertson gave some of the more important reasons for this situation. Since the decline-curve method became inapplicable, the volumetric method has become the chief one used. It depends on the factors of productive formation volume, porosity, saturation, and recovery. He briefly discussed the factors necessary for application of the volumetric method. P. P. Gregory discussed the estimation of petroleum reserves in prorated lime¬stone fields (see his paper in the October

Jan 1, 1935

By A. Lee Barrett

The Maintenance Committee of the Coal Division of the American Institute of Mining and Metallurgical Engineers is presenting with this report the first of a series of cost comparisons which it plans to present the Institute. The plan is to assemble maintenance cost on all equipment connected with mechanical operations at the face of coal mines, to arrange these costs by districts, to make comparisons between districts, and within districts. This particular report covers data with respect to mobile loading machines, including both "on-track" and "off-track" equipment. It is anticipated—in fact, considerable data have already been accumulated—that next year complete maintenance costs by districts can he presented for complete loading units, including the various classes and combinations of on-track and off-track equipment. Data have also been collected with respect to some phases of maintenance methods and certain recommendations of the committee are included dealing with maintenance problems. In the assembly of these data more than 120 questionnaires were sent to operating companies throughout the United States. At the time the report was written 33 questionnaires had been returned with completed information and an additional group of companies had written that the information requested was not at present available but that they hoped to have such information available in the not far distant future. The replies as

Jan 1, 1947

By A. Lee Barrett

The Maintenance Committee of the Coal Division of the American Institute of Mining and Metallurgical Engineers is presenting with this report the first of a series of cost comparisons which it plans to present the Institute. The plan is to assemble maintenance cost on all equipment connected with mechanical operations at the face of coal mines, to arrange these costs by districts, to make comparisons between districts, and within districts. This particular report covers data with respect to mobile loading machines, including both "on-track" and "off-track" equipment. It is anticipated—in fact, considerable data have already been accumulated—that next year complete maintenance costs by districts can he presented for complete loading units, including the various classes and combinations of on-track and off-track equipment. Data have also been collected with respect to some phases of maintenance methods and certain recommendations of the committee are included dealing with maintenance problems. In the assembly of these data more than 120 questionnaires were sent to operating companies throughout the United States. At the time the report was written 33 questionnaires had been returned with completed information and an additional group of companies had written that the information requested was not at present available but that they hoped to have such information available in the not far distant future. The replies as

Jan 1, 1947

By A. Lee Barrett

THE Maintenance Committee of the Coal Division of the American Institute of Mining and Metallurgical Engineers is presenting with this report the first of a series of cost comparisons which it plans to present to the Institute. The plan is to assemble maintenance cost on all equipment connected with mechanical operations at the face of coal mines, to arrange these costs by districts, to make comparisons between districts, and within districts. This particular report covers data with respect to mobile loading machines, including both "on-track" and "off-track" equipment. It is anticipated- in-fact, considerable data have already been accumulated-that next year complete maintenance costs by districts can be presented for complete loading units, including the various classes and combinations of on-track and off-track equipment. Data have also been collected with respect to some phases of maintenance methods and certain recommendations of the committee are included dealing with maintenance problems. In the assembly of these data more than 120 questionnaires were sent to operating companies through- out the United States. At the time the report was written 33 questionnaires had been returned with completed information and an additional group of companies had written that the information requested was not at present available but that they hoped to have such information available in the not far distant future. The replies as

Jan 1, 1946

By William R. Chedsey

ALTHOUGH few changes can be reported in educational methods at the mineral technology schools during 1940, other events have taken place of direct interest to, and that will have a profound effect upon, mineral industry education on the United States. In the erection of new buildings, some notable changes have been made on the campus, The U.S. Bureau of Mines Experiment Station at the University of Utah, Salt Lake City, was dedicated on May 20. The construction and equipment of this building cost between $300,000 and $400,000. It will be the general headquarters for the metallurgical division of the Bureau and will have a pronounced effect upon the mineral industries research program at the University.

Jan 1, 1941

By Persifor Frazer

I DESIRE to say that, owing to the number of papers which have been more or less crowded at this session of the Institute, and the fact that, as one of the Local Committee, I have the distinguished honor to feel somewhat like one of the hosts, I should not tax the patience of members at this late hour, but would have my paper read by title were it in any way possible to do this. But the task I have set myself this evening is to present to the eyes of the members of the Institute certain objects which have occupied more or less of my time during the last eighteen months or two years. The objects I allude to are some of the igneous rocks of this country, which, until quite recently, have been less understood than any others. It will be well known to some of the members that some of the cooled lavas of a previous age of our planet, when not directly coarsely crystalline and granular, were considered and spoken of as " natural glasses," or perfectly uncrystalline, vitreous, or hyaline masses of matter. Among the first results of the use of the microscope was the dispersion of this fallacy. Sir David Brewster, Mr. H. C. Sorby, and William Nichol (the discoverer of the celebrated calcite prism, which bears his name), had, with greater or less success, examined sections of various rocks and minerals, both by transmitted and reflected light, and also in the form of powder. But, until the genius of Vogelsang undertook the subject, these investigations had no permanent value, nor did they constitute an independent line of mineralogical and geological research. Since the close of his labors, by Vogelgang's premature and much-lamented death, the subject has been made one of renewed interest by his brother-in-law, Ferdinand Zirkel, as well as by Rosenbusch, Tschermak, and many others abroad, and at home by the commencement of a systematic study of the traps of Connecticut by Messrs. E. D. Dana and G. W. Hawes, of New Haven, and by the splendid set of described sections of the traps of the West which have been furnished by Zirkel to illustrate Clarence King's report. I had the honor of presenting a large number of thin sections of our traps at the Washington meeting, for the inspection of the mem¬bers, with the aid of a table microscope belonging to the Smithsonian Institution. Here I propose to project these sections upon the

Jan 1, 1877

By James A. Barr

[CONTENTS PAGE Foreword. By JAMES A. BARRI A New Core Barrel for Prospecting for Phosphate in Florida. By I. M. LEBARON 2 Prospecting for Phosphate in Tennessee. By W. F. GUENTHER 6 Machine Prospecting in Tennessee Brown Phosphate. By H. O. PICKARD, JR8 Diamond Drilling through Flint Horizons in Tennessee. By HENDON R. JOHNSTON9] Foreword PROSPECTING methods used in Tennessee have gradually improved with the years, as required by depletion of the easily accessible and shallow deposits and the universal trend toward mechanization, and as necessitated by exploring deeper beds, often occurring under limestone and flinty overburden. In the early days it was a very simple matter to dig pits by hand, using a plentiful supply of local farm labor to expose relatively shallow deposits of "brown rock" under shallow clayey overburden that would stand up without timbering. Visual inspection of the exposed phosphate and expert judgment of the"grade" analysis, aided by a "biting" test to reveal presence of unwanted silica, furnished most of the information required. All this might be helped by a few samples sent to the local chemist[t] who supplemented his income by judicious trading or tanning a few bear skins. The extra curricula activities did not affect the accuracy of the analysis which hold up even under present day standards. Some shot and core drilling was done in Hickman County, mostly for the limestone-like blue Phosphate deposits. The next step was the use of a 4-in. posthole auger, hand operated as described by Guenther, followed by- a completely mechanized rig, as described by Pickard. Both these methods are practically adapted to the prospecting of the relatively soft brown rock deposits at moderate depths of clay overburden. For prospecting in areas of deeper overburden, such as are often found in Hickman County, up to 150 or even 200-ft depths, a modified core-drilling method is described by Guenther. Johnston describes a special diamond-drilling technique, developed by TVA, to penetrate flint horizons, which was adopted by the International Minerals and Chemical Corporation to prospect in Hickman County where deposits had previously been prospected at considerable expense and with difficulty, by Small, temporary, hand-dug shafts.

Jan 1, 1947

By V. F. STANLEY

THERE is not the slightest doubt that the present recoveries of valuable minerals by the Broken Hill mills could be improved, and that further machinery would be installed for the purpose if it could be assured that a high price of metals would be maintained; but concentration, like all other com¬mercial propositions, is a question of profit and loss, and no sensible metallurgist would carry out his work in such a manner as to obtain high recoveries at a financial loss to his company. There is a point in all concentration at which the added money obtained from the higher recovery of minerals is balanced by the extra cost of obtaining the last part of the recovery; a wise metallurgist will be content with his work before his working-expenditure reaches this point. To a casual observer, the work being done by the various Broken Hill mills is identically the same. A closer investigation will show that this is far from being the case, for it is a remarkable fact that, although the larger mines extend over a length of approximately only 2 miles, such a difference in the physical and chemical properties of the ores exists that, from the first reduction downwards, special treatment is necessary in each case, and hardly any two mills are identical in operation. The details of this paper refer directly- to the work of one . particular mill in Broken Hill, for the reason that the ore from each mine presents special difficulties and requires its own special treatment. I have selected the mill referred to because it has been constructed and modified under my supervision.

Sep 1, 1909

By F. O. Garrabrant

Power is furnished to the Climax Molybdenum Co. by the Public Service Co. of Colorado over two 100,000-volt lines to a bank of three 3333-kva. transformers 100/13.8 kv. These transformers are so designed that with the addition of forced cooling their capacity may be increased 331/3 Per cent at 12,000-ft. altitude. Under present conditions, these transformers are operated at 140 per cent of their rating with forced air cooling. On the secondary side of this bank there is a 15-kv., 1200-amp. Westinghouse oil circuit breaker provided with automatic reclosing relays allowing three successive short circuits before lockout. From this breaker 13.8-kv. power is transmitted to a central switching station (Fig. I) where all circuits radiate to the different operations of the property. Each circuit is protected by a 23-kv., 600-amp. oil circuit breaker with by-pass and isolating disconnecting switches.

Jan 1, 1947

THE story of Miami really is two stories. First, that of an excellent Porphyry Copper mine, ably managed as a business enterprise, and always among the leaders in technical progress. Concentrating its first ore in 1911, it had by 1925 paid dividends totaling $30,000,000 or $40 per share on stock that had cost the public $5 per share in March, 1908. The ore, containing 2.5 per cent copper at the start, had become progressively leaner but the recovery had tended to improve. Production costs had gone up during the World War and the early post-war period; and had come down again. In all these respects it had followed the norm. If the mine had been abandoned as exhausted and the company had been liquidated late in 1925 (a program that had been given earnest consideration in 1924), Miami would have gone down into history a first-rate mining venture; as an active and progressive participant in the great Porphyry achievement. But Miami was not liquidated in 1925; instead it started to write the record of its second and really amazing story. Near the old mine was a large body of low-grade ore containing, in place, less than 20 lb. of copper to the ton, and without, incident- ally, any considerable sweetening of gold and silver. Any method of underground mining that was cheap enough would certainly entail some dilution, so that ore as sent to the concentrator necessarily would average much less than 20 lb. As a matter of record, the average for 1929 was 16.6 lb., from which 11.726 lb. was recovered as concentrate. As already said, the exhaustion of the older orebody during 1925 was foreseen; but in 1924 the decision was reached to enlarge the concentrator and develop a new mine. An expenditure of $2,500,000 was entailed in this program. By October, 1925, the

Jan 1, 1933

Jan 1, 1882

By Robert Glass Cleland

THE MEMBERS of the Phelps-Dodge, Phelps-James co- partnership differed widely from one another in certain aspects of temperament and personality; but in one thing Anson Phelps, William Dodge, and Daniel James were fundamentally alike. They were all bred in the English Puritan tradition. Their creed, moreover, was the stern, militant, uncompromising creed of John Calvin and John Knox. The present generation, harshly intolerant of such a creed, has little understanding of the authority it exercised on the thinking and conduct of its adherents or of the contributions that those same adherents made to human welfare and social progress. The men who accepted its authority "were characterized by a blend of strong individualism and an equally strong sense of social duty, and they submitted their own souls to the same searching scrutiny that they applied to their business ledgers." To all three of the immediate founders of Phelps Dodge, their religion was the most real and important thing in life. It was with them day and night, in joy and sorrow, in loss and prosperity, in their most trivial personal affairs, in business transactions of the greatest moment. It was with

Jan 1, 1952

By Earl Oliver

The term oil property, in this discussion, includes any type of easement or grant under which petroleum might be produced; it ranges from the mere right to drill on undeveloped wildcat acreage up to a fully developed oil property. The values of an oil property, as thus defined, vary widely according to the use for which it is intended, whether it is from the viewpoint of the speculator, the fraudulent stock promoter, the refiner and pipe-line owner, or the oil producer. The market value of a property is usually a combination of some two or more of these influences, and occasionally a combination of all of them, but we prefer to treat each viewpoint as distinct from the others, allowing the reader to make his own combination in such proportions as his inclination and property seem to require. This paper will treat the subject from the viewpoint of the oil producer. However, the other influences have such bearing on the cost of property to the producer and on the price he might obtain by its sale as to warrant brief discussion of them. Speculation, particularly lease speculation, is a parasitic growth on the oil industry, healthy enough, but of no economic value. The class of property usually dealt in for this purpose is the undeveloped lease. Its speculative value may have some relation to its probable productive value, but most frequently this value is the product of temporary excitement due to local development. The lease speculator, seeking out the trend of development or securing early information regarding a proposed test or a new discovery, immediately secures leases whose market value will be increased when the existence of such development becomes more widely known. His profits are purely unearned increment. Not proposing to spend money in exploration, he can afford to compete in purchase with the operator, who, in addition to bonus paid, must spend large sums in testing out his own acreage and that of the nearby speculator as well. It has a tendency to compel unduly high bonuses. The so-called "checker-board1' system of leasing wildcat acreage by the larger companies is on the same principle of attempting to secure the

Jan 1, 1921

By James F. Kemp

Jan 1, 1914

By J. F. Olk, E. D. Spaulding, R. E. Thurmond, G. A. Komadina, R. W. Hernlund, J. A. Journeay

THE Pima pit is a 1700x1400-St oval, the long T axis parallel to the strike of the orebody. The north side of the pit is carried as a final pit slope that coincides with the footwall of the orebody. The south side and east and west ends of the pit are working slopes continually being stripped back toward the final slopes. An inclined roadway extending from the natural ground surface on a 5 pct grade down to the north- east corner provides access to the pit. This road enters the pit 130 ft below the natural surface and continues as a pit ramp on a 5 pct grade to the 3150-ft bench (roughly the base of the alluvial cover). At this point the ramp system is steepened to a 12 pct grade and continues to the pit bottom. The 5 pct grade is maintained in the alluvial section to facilitate scraper haulage out of the pit. In addition to this main access ramp, temporary working ramps in the alluvial areas allow shorter routes to dumps. These are left on top of working benches and do not change the overall working slopes. Below the base of the alluvium, haulage is by truck down to the skip loading point or up from the bottom to the skip loading point.

Jan 4, 1958

By V. R. Garfias

After a series of fruitless negotiations, the Mexican Government, on March 18, 1938, decreed the expropriation of several oil companies, and took possession of the properties, offices and records not only of the expropriated companies but of others not legally expropriated. This condition prevails to date.

Jan 1, 1939