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By Yingchang Tsenshan Wang

UUIN L&SS 1» Paqb I. Introduction........................................................658 1. Subject and Scope...............................................658 2. Acknowledgments...............................................659 3. Review of Previous Work........................................659 Field Data...................................................659 Experiment.a1 Data............................................662 4. Plan of Present Investigation.....................................662 Method of General Procedure...................................663 I1. Experimental Work..................................................663 A. The Solution of Sphalerite..............................:........663 1. The Solvent Effect of Iron Sulphates upon Sphalerite...........663 2. The Solubility of Sphalerite in Salt Solutions of Silver, Copper and Lead...............................................668 B. Formation of Zinc Carbonates....................................674 3. The Reactions of Carbonates and Bicarbonates With Solutions of Zinc Salts............................................674 4. The Reaction of Zinc.Sulphate Solution With Limestones.......684 C. Peculiar Conditions Affectitig the Formation of Zinc Silicate (calamine) and Zinc Carbonate (smithsonite)..........................686 5a. The Effect of Carbon Dioxide Upon the Basic Silicate and the Carbonates of Zinc in Water, and Its Bearing Upon the Conditions of Theii Precipitation..............................686 5b. The Reactions of Solutions of Soluble Silicate With calamine and Smithsonite in Solution in Presence of Carbon Dioxide..689 6. The Reactions of a Mixture of Hydroxide and Silicate of Sodium with a Dilute Solution of Zinc Sulphate...................691 D. High-Temperature Methods.....................................692 7a. The Influence of Temperature on the Formation of Calamine..692 7b. Possible Effect of Heat on Calamine and Srnithsonite.........697 E. Summary of the Experimental Work..............................698 III. Petrographic Work....................................................700 1. The Occurrence of Sphalerite in Limestones or in Cherts............701 Summary of the Blende in Limestones and in Cherts.............7432 2. The Partially Altered Sphalerite and the Oxidation Products........702 a. Smithsonite with Blende....................................702 b. Calamine with Blende......................................703 c. Smithsonite and Calamine..................................703 d. Summary on the Partially Altered Sphalerite and Its Oxidation Products..............................................704 IV. Concl~~siom ........................................................-705 V. Microphotographs and Photographs with Their Explanations.............705

Jan 1, 1916

By J. G. Thompson

PROJECT 8411 of the U. S. Bureau of Standards, sponsored by the Iron and Steel Division of the A.I.M.E., is an attempt to define more concisely than has been possible heretofore the accuracy and the Limits ' of usefulness of the ' various methods now in use for the determination of oxygen as it exists in ferrous materials. It originated in correspondence between John Johnston and other metallurgists, and was brought to the attention of the Iron and Steel Division of the Institute at the Annual Meeting in February, 1933. As reported in MINING AND MET,ALLURGY, Vol. 14, page 152, March, 1933, "Dr. Johnston introduced, and those present adopted, a resolution that the Iron and Steel Division of the A.I.M.E., believing that a careful comparison of the several methods now in use for the analysis of steel for nonmetallic elements such as oxygen is highly desirable, heartily endorses the proposal that the U. S. Bureau of Standards act as a clearing house " in this matter, undertaking the final preparation and allocation of identical samples to those laboratories willing to collaborate in this important question, and collate the results re- ported back to the Bureau.'"

Jan 1, 1934

By Hallet R. Robbins

KOREA, the ancient " Hermit Kingdom," is a peninsula jutting out from the coast of eastern Asia. By the natives it is called " Chosen," which, translated, means " Land of the Morning Calm." It lies between the Yellow sea and the Sea of Japan. On the north it is separated from Manchuria and the Russian province of Primorsk by the Yalu and Tiumen rivers ; on the south the Korean straits interpose a rough voyage of 120 miles to the nearest point in Japan. The entire country is situated between the parallels of 34° and 42° N. latitude. The surface of the country is made up of successive ranges of unglaciated mountains, separated by narrow, fertile, and more or less densely populated, valleys. Through all the obscure centuries of its history, Korea has succeeded in maintaining a monastic seclusion, over which, from time immemorial until the late Chino-Japanese war in 1894, China exercised a shadowy sovereignty. Although Korea had been forced into slight foreign contact previously, her first foreign treaty was signed with Japan in 1876. Under the restraining guardianship of China, the Japanese treaty bore but insignificant innovations for Korea; but when, in 1883, a treaty was made with the United States, the first of the western nations, a decade after the American gunboats, under Commodore Rodgers and Lieutenant Schley, forced their way up the Salee river, shooting daylight through the ancient walls and fastnesses, Korea awoke from her sleep of 4,000 years. The Korean peninsula suddenly became the arena where rival nations' enterprises and individuals met in fiercest conflict. Out of this struggle grew two singularly successful American

Jan 7, 1908

By John W. Padan, John E. Crawford

Beginning with a small but positive participation in undersea mining, the Bureau of Mines continues its active investigations into this potentially tremendous field. The Bureau began its active role in undersea mining in September 1963, with a small task force of three dedicated scientists and a secretary, establishing headquarters at the old Tiburon Naval Net Depot about seven miles up the coast from San Francisco. The past months have been both busy and productive. With 22 Federal agencies involved in oceanography, it logically was the intent of Congress that the Bureau of Mines undertake research concerned only with the technology of marine mineral production and utilization. The Bureau has maintained this purpose in its activities at Tiburon, for while institutes, universities, the Navy and other Government agencies have developed exceptional programs in the fundamental science of the oceans, commonly called oceanographic research, little has been done toward advancing man's ability to exploit the ocean floors other than by drilling for oil and gas and sulfur.

Jan 3, 1965

By Richard J. Robbins

Mechanical moles have developed through a tedious process of evolution. At times it has seemed that tunnel borers have been subject to the same Darwinian rules of evolution as their zoological namesakes who, despite their efficiency, are highly specialized and still restricted to soft soil conditions near the surface of the ground. HISTORICAL HIGHLIGHTS The Robbins Co. began its work in this field in 1947 with the development of a twin-bore continuous coal miner. Although these machines were used primarily in coal, two of the early prototypes were used to bore tunnels through shale. Disk cutters were first used on these machines and showed promising results as core breakers between drag-bit kerfs. In 1953, James S. Robbins and Assocs. undertook the development of a 25-ft 9-in.-diam circular tunnel borer for Mittry Construction Co. to be used at Oahe Dam in South Dakota (Fig. 1). This is believed to be the first rock tunnel-boring machine built since the end of the 19th century when short sections of the Channel tunnel were successfully bored in chalk from both the English and French shores. Another Oahe Dam machine was built in 1955, and then a series of three small-diameter machines for the company's first real experience with medium-hard and hard rock (Fig. 2) None of these three could be considered a success, although they laid the groundwork for the success that followed. Interbedded shale and limestone in Pittsburgh and hard limestone in Chicago quickly pointed up the weaknesses in these machines which were used by Perini, Dravo, and Healey. Among the problems were the high breakage rate of tungsten-carbide drag bits, too much flexibility in the drive shafts, failure of high-pressure hydraulic systems, chain-conveyor failure, and general lack of rigidity and strength. In 1956 another attempt at medium-hard and hard rock-boring proved this time to be a success and a significant turning point in the development

Jan 1, 1970

By Charles E. Locke

SHARP CONTRAST exists in the reports so helpfully contributed by the individual members of the Milling Committee for this review. Those engaged in the milling of gold and silver ores report great activity, of which some details will be given later. Those engaged in milling ores of base metals report continued depression and little progress. Copper production in the United States is running at about fifteen per cent of capacity. Some Arizona copper mills are closed. Anaconda is milling about 45.000 tons of copper ore per month, and the Utah Copper Co. 35,000 monthly. However, in Canada the International and Falconhridge copper-nickel mills and the Noranda copper-gold mill have increased production. Also the Climax molybdenum mill in Colorado is milling 4000 tons per day. Water shortage from the drought has caused curtailment or complete shutdown of mills in some parts of the West.

Jan 1, 1935

By William Kelly

I AM-glad to have the opportunity at this time to say that I consider it a very great honor to be elected President of the American Institute of Mining and Metallurgical Engineers. It fulfills the proudest hopes of my ambition. There is, ,however, one drawback to my personal gratification-a feeling of unworthiness to have my name placed on the list with former Presidents of the Institute, with the brilliant Raymond who guided our society for so many years, with the versatile and lovable James Douglas, my first employer and my friend, a most generous benefactor of our Institute, with the skilful Holley, who gave to the manufacture of steel in this country, its first great impulse, to mention only three of the accomplished men who have preceded me. I assume that the honor of my being elected President of the Institute is not merely a personal one but that it should be considered a tribute to the wonderful progress in the art of mining, both underground and in open pits, and in the beneficiation of native copper and iron ores, which have been shown in the Lake Superior District and also a recognition of our members there and elsewhere who are living at the mines and directing the operations, upon the success of which the whole mineral industry depends.

Jan 1, 1924

Allan Gibb, Mount Perry, Queensland, Australia (communication to the Secretary):—In drawing conclusions from his observations, Mr. Van Liew has apparently overlooked the reduction in weight that takes place in the content of the converter. The percentage-compositions of the matte, etc., are not directly comparable for determining the rate of elimination of the impurities; and, in the absence of exact weights (which in such an operation could not be obtained), it is necessary to determine the relation between the impurities and the copper with which they are combined at various stages, in order to get data that are comparable. Owing to a portion of the copper being removed in the slag, etc., the weight of copper in the converter is not a fixed quantity, but.it is sufficiently approximate to permit very reasonable comparison. The analytical data given by Mr. Van Liew, reduced to this basis (a ratio between the impurities and the copper with which they are combined), are shown in the table on page 958. From this table it will be evident that Mr. Van Liea's conclusions as to the source of heat at digerent stages are not quite correct. During the first 10 minutes, no iron is scorified, the heat being derived from the oxidation of the sulphur, of which 7 per cent. of the total is removed in this time. Prom

Jan 1, 1904

By C. A. Siebert, S. H. Bush

Isothermal temper-embrittlement studies were conducted on a 5140 steel at various temperatures for times as long as 3000 hr. Specimens from the embrittled steel were subjected to impact tests, metallographic examination, microhardness, and lattice-parameter measurements. SEVERAL of the steels in the low alloy group are subject to a pronounced decrease in impact energy if held within, or cooled slowly through, a range of temperatures below the lower critical. This phenomenon, known as temper embrittlement, is quite pronounced in the chromium steels of which AISI 5140 is typical. This study considered the response of one heat of 5140 steel when embrittled isothermally at various temperatures for times as long as 3000 hr. Excellent reviews of the work done in the field of temper embrittlement have been written by Hollomonl and Woodfine.' Both authors list the various theories which have been advanced to explain temper embrittlement. Some of the mechanisms considered were: 1—a transformation below 700°C; 2—an allotropic modification of iron; 3—precipitation from the ferrite of such compounds as carbides, nitrides, phosphides, or chromium oxides; 4—decomposition of retained austenite; 5—modification of special carbides; 6—grain-boundary segregation; and 7—selective distribution of carbides. The present study investigated the changes in hardness, Meyer's number, impact properties, micro-structure, and lattice parameter which occurred on embrittlement. Previous studies considered the influence of microstructure and of prior austenitic grain size3 on the response of 5140 steel to temper embrittlement. Equipment and Procedure All samples were taken from one heat of 5140 steel; the chemical composition of this steel was: 0.43 pct C, 0.86 pct Mn, 0.020 pct P, 0.019 pct S, 0.27 pct Si, 0.84 pct Cr, 0.10 pct Ni, 0.06 pct Mo, 0.10 pct Cu, and the remainder Fe. The material was received as % in. rounds. This stock was cut down to blanks measuring approximately 0.425~0.425~2.196 in. Heat Treatment: The rough blanks were normalized at 1600°F (870°C) for 1 hr, then austenitized at 1600°F (870°C) for 1 1/2 hr, and quenched into an agitated oil bath. The specimens were tempered at 1275°F (690°C) for 5 hr and water quenched. These tempered specimens were designated as the toughened state. Embrittling Treatments: The tempered bars were divided into sets and subjected to the various embrittling treatments listed in Table I. Temperatures from 750" to 1050°F were investigated for times of 1 to 3000 hr. Special tests to determine the effect of heating a short time at a higher temperature after long-time embrittlement at some lower temperature were also conducted. All specimens were water quenched at the end of the embrittling cycle, then ground and notched to obtain standard Charpy V-notch specimens. Impact Tests: The bars were fractured in a 260 ft-lb Charpy impact unit; specimens were fractured at temperatures ranging from —315°F to room temperature. Fixed temperatures used consisted of —315°F with liquid nitrogen, —115°F with dry ice and acetone, and 32°F with ice and water. Intermediate temperatures were obtained by suspending the bars in a jig over the liquid nitrogen, dry ice and acetone, or ice and water.

Jan 1, 1955

By David D. Rabb

Leaching or solution mining, a relatively simple and economical process for beneficiating metallic ores, is likely to find increasing application in the treatment of low-grade ores that are impractical to mine by any other means. This process may be carried out in two different ways: 1) dump leaching, where the ore is moved from its original location to be leached at another site; and 2) In-situ leaching, where the ore is leached in place by introducing the leach solution at the top, letting it flow down through the ore under gravity, and then recovering it plus the dissolved metals it contains. Whichever leaching method is used, it is almost always necessary to break up the ore before leaching. In this paper a study is reported which indicates that rock broken by an explosion-in particular, an underground nuclear explosion-is significantly more amenable to leaching then is rock broken by other methods. These results suggest that the leaching speed and efficiency could be increased by nuclear fracturing of the ore. Not only would the leach time be shortened, but the resulting increase in strength or richness of the solutions would decrease plant installation expense as well as reduce pumping and processing costs. A considerable fund of experience has been accumulated in the course of several hundred experimental underground nuclear explosions, so that the gross results of any given nuclear explosion can now be predicted with a fair degree of confidence.' From this knowledge it seems clear that, under the proper conditions, large ore bodies can be fractured much more economically-macroscopically speaking-by nuclear explosions than by other methods. The present study concentrates on smaller scale effects that is, the cracks in the chunks of rock broken by the explosion-and shows that here too, in the microscopic domain, there are important advantages to nuclear fracturing. The intense shock produced by the very fast acting, high-brisance nuclear explosive fractures the rock in a way that should significantly improve its leachability. Experimental Procedure This study compared rocks broken by nuclear explosives with rocks produced by conventional mining, quarrying, or core drilling. The test samples, granite chunks 6 to 8 in. on a side, plus core sections, came from the area of the Hardhat*2 nuclear explosion and were taken both before and after the explosion. For comparison, several samples of quarried granite were obtained from a local gravestone monument company. The general procedure was to soak the test samples in leaching solution and then determine the extent of penetration. A standard commercial copper leaching solution was used (10 gpl Cu, 10 gpl H2SO4, 5 gpl ferric Fe, 15 gpl total Fe, pH about 1.5), to which a water-soluble penetrant dye, Zyglo 1-c, had been added. Details of the procedure were as follows: 1) Sample leached in solution containing Zyglo penetrant dye. 2) Washed with water. 3) Air-dried. 4) Cut with granite wire saw. 5) One face polished with granite monument polish. 6) Sent directly to be photographed, or heated at 110°C for 2 hr and then sent to be photographed. 7) Photographed under ultraviolet light to show crack patterns. Results After 10 days of leaching at 70-75°F, the samples were removed from the solution, washed, dried, and cut in half with a granite wire saw to study the penetration of the leach solution. Since the Zyglo dye in the leach is visible under ultraviolet light, the degree of penetration of the leach (and hence the cracks in the samples) can be studied on photographs of the crosscut samples made under ultraviolet light. The photos in [Fig. 1] show how the leach solution penetrated various representative samples. Of the 71 rock samples examined, fractures were most frequent and prominent in samples from the rubble produced by the nuclear explosion [(Fig. 1D)]. Fracturing was less apparent in shaft-mined rock [(Fig. 1B)], still less evident in drift-mined rock [(Fig. 1C)], and practically nonexistent in cored or quarried specimens [(Fig. 1A)]. The samples in [Fig. lA-C] were from the same general area as the nuclear explosion, but they were obtained before the explosion. Results of the crack studies are summarized in [Table 1]. The Zyglo-treated leach solution penetrated the test samples at the rate of about 1/2 mm during the first hour, 1 mm by the end of 4 hr, 2 to 3 mm in 12 hr, and 4 to 6 mm in 10 days, showing a progressively slower rate with time.

Jan 1, 1972

By J. R. Linney

Demand for eastern magnetite in 1948 necessitated practically all eastern magnetite industries to operate on a six-day week, with the result that over 11,000,000 long tons of crude ore were mined, and the shipping products amounted to approximately 5,000,. 000 long tons. Reports indicate that operating on a six-day week and doing maintenance work on the seventh day was satisfactory and resulted in excellent continuity of operation. In the Port Henry district, Republic Steel Corp. once again set new all-time records for the production of crude ore and total shipping product; 1,868,000 long tons of crude ore were mined, 945,000 from the Old Bed mine, 408,500 from the Harmony mine, and 514,500 from the Fisher Hill mine. Of the 969,000 long tons of shipping products, 663,800 long tons were sinter, 181,000 lump ore, and 115,200 con¬centrates.

Jan 1, 1949

By J. E. Tobey

THERE are a lot of good things about this great industry of ours. Let us stop commiserating and consider some of the things that are right in this business. Coal is number one in the basic material industries. Our civilization owes more to it than to any other basic commodity. We are literally immersed in the benefactions of coal. In cur man-made world it is indispensable and we are constantly surrounded by objects, materials, and services which owe their existence to coal. Practically all the important materials, such as iron, steel, brick, cement, lime, rubber, glass, cotton, and wood have felt its magic touch.

Jan 1, 1939

By R. E. Allen

THERE was once a time when a practical oil man would appraise or buy a producing property on the basis of from $200 to $500 per barrel of average daily settled production. Curtailment-has, for the present at least, caused a virtual abandonment of the "barrel -of settled production" as a yardstick of, oil property value and in its place has come the "barrel of allowable production," which, although an artificial thing, is nevertheless now the principal factor governing the rate of ?pay out? or investment return. The potential production of a well, settled or otherwise, is of less importance in determining the present worth of a well than is the rate at which it may be produced. Speaking only of true potential for the moment, it is obvious that of two similar wells having the same potential, the one having the highest rate of allowable production would be worth proportionately more than the one of lesser allowable. The discount factor for deferred return and risk can easily vary the present values of the two wells by as much as 20 per cent when allowable rates are not greatly different.

Jan 1, 1934

By AIME AIME

THE best meeting ever held, was the opinion expressed by a number of those who attended the annual meeting of the Institute in New York, Feb. 18 to 21, and there was an atmosphere of friendliness and good fellowship about it that fully justified the feeling. In numbers it was not quite so large as last year and unless the Engineering Societies should build for themselves a new building it is probable that no meeting can be larger, in respect to numbers, than that held in 1928, which was only made possible by the circumstance that the eighth floor of the building happened to be, temporarily vacant at the time. The number of rooms available for -sessions that were provided when the building was built long ago proved inadequate, and it is only by the expedient of obtaining the temporary use of the board and committee rooms of other societies that it is possible to arrange for the over 40 sessions that must be spread over the four days of the meeting. The-fifth floor, where. a buffet lunch is served each-day, has reached its full capacity and it seems quite evident that any future development of Institute meetings must be along the lines of quality, not size.

Jan 1, 1929

By Chi-Yuen Wang, Chaw-Long Chu

The time-dependent volumetric constitutive relation for a San Andreas fault gouge and a consolidated kaolinite are experimentally determined at confining pressures to 200 Mpa, under creep condition and at ultrasonic frequency. At any given pressure, the bulk modulus determined at 1 Mhz frequency is identical to the "elastic" modulus determined at a stepwise change of pressure. After the pressure change, there occur a time-dependent change of volume and thus the effective bulk modulus. The constitutive relations may be modeled by a standard linear viscoelastic medium with pressure-dependent moduli and viscosity. For the San Andreas fault gouge, viscosity increases from 2x10 13 poise, at 17 Mpa, and 10 14 poise, at 100 Mpa. For kaolinite sample, the corresponding values are 3x10 12 poise and 10 13 poise. These results imply that both stress and pore pressure in fault zones may show time-dependent variations in response to a change of state of stress, such as that occurring after an earthquake.

Jan 1, 1982

By Fred R. Ingram

FOR the purpose of this discussion, let us consider that the Rocky Mountain region covers the area in the seven Mountain States, Idaho, Montana, Wyoming, Utah, Colorado, New Mexico, and Arizona, and before we discuss the needs of these states, let us define Industrial Hygiene. Industrial Hygiene is that branch of preventive medicine concerned with the protection of health, improvement of efficiency, and prolongation of life of the industrial worker; in short, adult health conservation. It includes in its broad meaning not only the prevention of occupational diseases, such as silicosis, lead poisoning, cadmium poisoning, and many others, but such relative problems as overcrowding, fatigue, and personal and mental hygiene; exposure to abnormal temperatures, pressures, and humidities; ventilation, heating, and lighting. It is a science which requires the combined activity of medical personnel (doctors and nurses), engineers, and chemists to evaluate the exposures and determine the means of eliminating the hazard. The engineer surveys the workplace, takes air samples at the breathing level of the workman, and analyzes the work exposure. The chemist determines in his laboratory the exact amount of toxic material collected in the sample, which represents the exposure of the workman. The doctor must diagnose the occupational disease, recognize its cause, and evaluate the disability. Together, all three must correlate the data obtained and devise efficient methods, medical or engineering or process changes, for controlling or minimizing the dangerous condition and for studying the effectiveness of these measures. The plant doctor, in addition, must aid in the readjustment of the incapacitated worker and provide facilities for prevention. Industrial hygiene, however, is of no avail without the understanding co-operation of management.

Jan 1, 1945

By Thomas T., Read

THROUGHOUT the Colonial era, Philadelphia was easily , the leading city of North America, and it still held that position at the end of the period, with a population of about 25,000, though closely pressed by Boston, which had slightly over 20,000, and New York, which had nearly as many. It was the center of a region in which mineral industry was important. Thomas Rutter's bloomery, built in the Schuylkill valley in 1716, was quickly followed by many others, and during the Colonial period at least 20 blast furnaces, 45 forges, and iron- works of other types were built in eastern Pennsylvania, which easily led all the other colonies in iron manufacture. During the Revolutionary period others were erected as far west as Fort Loudon, in the Cumberland c alley.^ After 1800 the rapid development of the anthracite mining industry profoundly affected Philadelphia's, development, since transportation of the coal was then necessarily by water, and the streams of the anthracite . regions mostly flowed into either the Schuylkill or the Delaware Rivers. With an abundant near-by supply of coal and iron, with the seat of government, which had been there since 1774, and with a National Bank established there in 1791, one would have seemed safe in prophesying, at the beginning of the nineteenth century, that Philadelphia would permanently remain the leading city of the United States. Education in Philadelphia was at first wholly in the hands of the Quakers, who had established a "Public School" there in 1689, but in November 1739 George Whitefield, who had created a sensation in England by his preaching, though only 24 years old, passed through Philadelphia on his way to Georgia to found an orphan school there. He preached a series of sermons in Christ Church that were so disturbing to the established church that on Nov. 25 the Rev..Richard Peters (who was also Provincial

Jan 1, 1941

The Engineering Index Service, 29 West 39th St , |New York, N Y. (A division of the American Society of Mechanical Engineers ) This Service is the most complete guide to engineering articles as they are published in current engineering literature of the world All branches of engineering are covered It is prepared on standard library filing cards which are mailed every week. Each card contains complete information as to the source of the article indexed and an annotation, or a description, in which there is sufficient information to enable one to select articles of particular interest. With this Service those interested in any phase of engineering may, with a minimum of time, keep in immediate touch with engineering developments throughout the world There are 225 divisions of the full Service, 31 deal directly with mining engineering, and 15 with metallurgical engineering Divisions may be subscribed to separately or in any desired combinations The cost depends upon the extent to which the Service is used Many divisions are priced at $7 a year. Complete information may be had upon request. A suggested mining engineering group of divisions only, follows Division 1, Abrasive industry, 17, Bituminous materials, 21, Brick industry; 33, Clay products industry, 35, Coal mining industry, 36, Coal preparation industry, 76, Fuel engineering, 78, Geology, 79, Geophysics, 82, Gypsum industry, 99, Insulating materials, 108, Lime and limestone products industry, 109, Liquid fuels, 111, Lubricants and lubrication; 122, Metal mining industry, 127, Mineralogy and rare metals and elements, 128, Mine safety and ventilation, 129, Mining engineering and mineral industry; 130, Mining geology; 136, Natural gas and gasoline industry; 141, Nonmetallic minerals industry, 143, Oil field operation, 146, Ore treatment, 151, Petroleum engineering and industry, 152, Petroleum geology; 153, Petroleum refining industry, 154, Petroleum

Jan 1, 1933

By Charles Janin

(San Francisco Meeting, October, 1911.) THE first successful bucket-elevator dredge to operate in California was put in commission at Oroville in March, 1898. There had been numerous previous attempts at dredging, but none of the earlier boats proved a success. The gold-miners in California early conceived the idea of a machine to dig gravel from the beds and bars of auriferous streams that were inaccessible by the methods then employed, and it was only a few months after the discovery of gold in California that such a machine was. shipped around Cape Horn from New York to San Francisco. This was, however, but the forerunner of many failures in gold-dredging, and was soon at the bottom of the Sacramento river. During succeeding years many other unsuccessful attempts were made, and it was not until 1897 that a dredge of the single-lift bucket-elevator type was floated on the Yuba river. This dredge was built by the Risdon Iron Works for R. H. Postlethwaite, and would probably have been a success if it had been operated on some of the rich Oroville ground instead of in a turbulent stream, where the dredge was wrecked during a flood, and was not repaired. Fig. 1 is a sketch-map of California, showing gold-dredging areas. It is not my intention to narrate in detail the history of the early failures in gold-dredging, and the various steps in the development of the modern boat, but merely to touch upon this in a general way, and to call attention to the wide difference in capacity and operating-cost between the first successful dredge, with an actual capacity of 600 cu. yd. per day-though its rated capacity was in excess of this-and the present modern dredge with 15-cu. ft. buckets, and an average capacity of 250,000 cu. .yd. per month. Even this enormous capacity has several times been exceeded on monthly runs. The first successful dredges

Mar 1, 1912

INTRODUCTION Besides the European export credit agencies covered in Ted Rides' paper in this Chapter, other agencies are also active (see Appendix) but the most notable for mining projects are The Export-Import Bank of the United States ("US Exim") and the Export Development Corporation ("EDC") of Canada. Mexico's Fomex is basically a short-term trade-finance fund administered by the Central Bank. US Exim This independent agency can provide loans, guarantees, and insurance. Like all export-credit agencies, its mandate is to support the export of goods and services from the US as a means of competing against other countries' products. If a piece of mining equipment can only he made in the US, the US Exim may very well not provide any financial assistance. (It is important not to place the order for any item for which export credit is sought because, once ordered, the situation is no longer competitive in US Exim's eyes.) Direct Credits and financial guarantees ("buyer credits") are commonly in amounts greater than 85 million and for terms longer than six years. An example here is the $48.5 million provided to PT International Nickel Indonesia (see Robert de Gavre's paper in Chapter 12). US Exim usually requires a 15% downpayment and, therefore, finances up to 857 of the goods; less if the US content is lower. The dollar funding can he US prime, London Interbank Offered Rate (LIBOR), or other sources. Exim can fund in either or both of the following ways: 1. Under a US bank Letter of Credit ("L/C") 2. Reimbursement to the buyer/borrower via a US bank account. US Exim will, without charge, issue a preliminary commitment. It will, however, need to approve the various credit agreements and prefers to tie other parallel financings into one loan agreement. US Exim's total commitments are large, up to $5R billion in aggregate under various programs. US Exim has been the world's leader in medium-to long-term minerals project financings/ co-financings but suffers from (i) aggressive foreign export-credit competition whereby other nations mix in soft-loans or aid programs ("mixed credits") to increase the percentage financed and lower the interest margin and (ii) an imbalance in its own cost of funds. A common US Exim package would be as follows: 15% Banks under US Exim guarantee, floating rate over prime or LIBOR. 35% US Exim funding, fixed rate 35% Pefco funding, fixed rate 857 Drawn down pro-rata under US bank L/C 15% Cash down payment (may have been financed within a project/corporate credit) 100% Repayment usually begins six months after planned start-up in equal semi-annual instalments, with the banks usually paid out first, Pefco next, and US Exim last. Medium-term credits ("supplier credits") are issued for US equipment exports for terms up to five years, again for 85% of the equipment costs although the exporter is expected to bear at least 10% out of that 857 for its own risk. The buyer is required to be a first-class credit such as some governments or highly credit-worthy companies. Otherwise a bank L/C would be required. (This may be wrapped into an overall project-finance package for a minerals development. The project-finance banks provide an L/C to US Exim instead of funding that portion themselves.) US Exim guarantees 100% of the political risk and either 85% or 95% of the commercial risk for

Jan 1, 1985