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By L. G. Austin

INTRODUCTION Autogenous (including semi-autogenous) grinding has probably been the most important single innovation in milling practice for the last twenty years. However, the design of these units has been largely a matter of trial-and-error, since the normal empirical laws for the design of ball mill circuits do not apply with exactitude to autogenous grinding circuits. There have been examples of autogenous mills failing to achieve output or product specifications. It is worthwhile, therefore, to attempt to develop a more detailed and precise set of design laws, using the concepts of specific rates of breakages and daughter fragment distributions (1), and performing mill simulations by computer. This type of approach has been applied to ball and rod milling (2, 3,4,5), but even for these mills it is by no means complete as yet (6), because of the amount of experimental work involved. There has not been a strong incentive for industry to develop new design procedures in ball and rod milling because the prior back-log of experience with these mills makes for easy design by empirical comparsion with existing systems. The new approach has been followed mainly by University groups (7,8,9,10), although experience in Australia (9,11) has shown the advantages of the approach. Stanley (12) has applied the approach to results from a large autogenous mill, and we will use many similar concepts to his work, but extend the concepts to a more

Jan 1, 1977

By F. F. Lines

IT is not the intention of the writer to enter into a discussion of the relative merits of the duplex process as compared with the straight scrap and pig iron process, working under the same conditions, but rather to present in a general way several modifications of the former process, and then describe the method adopted by the Maryland Steel Co., as best suited to local conditions, and also to meet the metallurgical problem presented in the removal from the iron of an unusual constituent-chromium. The principal factors to be considered in deciding whether or not duplexing should be employed are: (1) Chemical constituents of pig iron. (2) Variety and quantity of steel to be produced. (3) Relative cost of pig iron and scrap. (4) Regularity of operation. (5) Capital to be invested. (6) An existing Bessemer plant. Having decided to adopt the duplex process, several combinations may be used, viz.: (1) Acid-lined converter with basic open hearth. (2) Acid-lined converter with electric furnace. (3) Basic-lined converter with basic open hearth. (4) Basic-lined converter with electric furnace. (5) Basic open hearth with electric furnace. The combination of an acid-lined converter with a basic open-hearth furnace is the one most commonly employed, and as it is the one best adapted to the conditions encountered at the plant of the Maryland Steel Co., we will briefly outline the advantages and disadvantages of the different methods of working.

Jan 4, 1915

By Frank Nicholson

Copper ore was first noticed in Ste. Genevieve County in 1563. The diswvery mas made by a German farmer named Simon Grass, who had occasion to make a road from his farm down the hill into the neighboring valley, and while so engaged noticed pieces of a green-colored mineral, some of which he collected. Not knowing the character of the ore he had found, and supposing it to be valua ble for its brilliant green color only, he carried a piece with him into the town of Ste. Genevieve and showed it around the various bar rooms as a curiosity. No special attention was paid to the matter until nine years later, when Mr. 0. D. Harris sent a specimen of the ore to Dr. Theodore Fay, of St. Louis, for analysis. This analysis, which was the first ever made of Ste. Genevieve copper ore, showed the specimen to contain : Copper,. .........17.75 per cent. Zinc,..........3.21 " Iron........... 24.50 " Sulphur ..........1.09 " Organic matter, silica, carbon, and oxygen,. .. 53.45 " 100.00 " From this analysis it is evident that the sample was taken from near the surface, and was probably recognized by its green color. The almost entire absence of sulphur proves it to be an oxidized form. There is on file, at the office of the Ste. Genevieve Copper Works, a paper* giving three arsays of the ore made in 1875 by Henry B.

Jan 1, 1882

By John Garcia

IN some districts of the bituminous coal field the problem of construct-ing bulkheads to seal off water under pressure is becoming increasingly important. Recently this matter has been brought very much to the front by the loss of a large Illinois mine due to failure of a bulkhead that separated it from several old, flooded mines. As this great misfortune has provoked much inquiry about proper bulkhead design, it-is felt that a description, of the successful and extensive water-sealing practice at three mines that have different natural conditions will be of considerable interest to those connected with properties having a present or future water problem and to engineers that may have to design safe bulkheads of economical construction. These three mines are the Saxton and Dresser, near Terre Haute, Ind., and the Hegeler, near Danville, Ill. All three have water conditions that make it necessary to regularly seal off all worked-out sections of the mine, and there are considerably over a hundred bulkheads in each. As far as the writers know, these three mines are the only ones in the bitu-minous coal fields of the United States with anything like so large number of water seals and experience, although a number of other mines are known to have a few bulkheads. More detail will be included herein on the Saxton mine than on the others, as the writers are more familiar with it.

Jan 1, 1937

By A. T. Tye

REGARDING the results of preferential flotation at Cananea, Weinig has stated that "The concentrating mill of the Cananea Consolidated Copper Company at Cananea, Mexico, furnishes an excellent example of modern flotation practice. The complete figures are given because they present so forcibly the advantages of modern selective flotation."' L. 0. Howard notes that "Perhaps the outstanding example so far published of improvements in results through the use of selective flotation is that at Cananea, Mexico."2 The following notes indicate the conditions under which the results were obtained at Cananea; also the effect of preferential flotation at the concentrator and at the smelter. In the majority of cases the full benefit of selective flotation is not fully realized, as the concentrates are shipped from the mill to smelters owned by other companies. The saving made at a certain concentrator by this method of flotation may be well understood but the saving resulting at the smelter from the results of preferential flotation at the mill is not so apparent, as the data are contained in the smelting records of some other company. Even at the smelter the great gains following preferential flotation may not be noted, as a variety of ores and concentrates from various sources are received and the difference from the changed concentrator operations of a certain mill may be obscured. As noted by Professor Weinig and Professor Howard, the results obtained at Cananea brought about a veritable metallurgical revolution at the smelter.

Jan 1, 1927

By V. Annamalai, J. B. Hiskey

Abstract-The kinetics of copper cementation on a rotating disc of pure aluminum were studied as a function of chloride ion concentration, rotational speed of the aluminum disc, hydrogen ion concentration, copper ion concentration, and temperature. The optimum experimental conditions for all the parameters were determined. Chloride ion was found to destroy the naturally existing aluminum oxide film, and enabled the cementation reaction to proceed. A two-step rate, observed in most of the experiments, was attributed to the attainment of a roughened surface. An Evans diagram for the copper-pure aluminum system was constructed and utilized in predicting the controlling mechanism of the system. At low temperatures (<33°C), the rate with an experimental activation energy of 20.36 kcal mol-1 was controlled by the presence of an oxide layer. While at higher temperatures presence of an oxide layer. While at higher temperatures (>33° mol-1 was controlled by ionic diffusion. The deposits obtained were pure copper and not a copper-aluminum alloy. The amount of aluminum dissolved was determined for each experiment, and the maximum excess consumption was found to be only 40%. The structural characteristics of the copper deposits were studied using a scanning electron microscope. These observations indicated that the deposits were either bulbous, massive crystalline, or dendrites of different degrees of fineness depending on the experimental variables. The reaction rates seemed to depend on the deposit structures in a predictable way when a particular experimental parameter was varied.

Jan 6, 1978

By C Gunther

Mining examinations are of several kinds and the scope of the investigation depends in each case upon the purpose for which the examination is made. A formal examination of a developed mine is an expensive undertaking; from one to several months are allowed for the work according to the size of the property; many samples are taken; investigation is made of the geological features, including, perhaps, a topographical and geological survey of the surface; the metallurgical treatment of the ore is studied; finally, a determination of costs is demanded. Formal examinations are made for prospective purchasers or as a basis for the consolidation of several properties, and occasionally, in the owner&apos;s behalf, to verify the work of resident engineers, or to determine the readiness of a mine for equipment and the kind and capacity of equipment it shall receive. A formal examination of a mine should not be undertaken until a preliminary examination has shown that it is justified. It is regrettable that some engineers are in the habit of prosecuting long and exhaustive examinations of properties whose lack of merit should be, and perhaps is, apparent from the start, or of continuing their investigation long after an unfavorable result is seen to be inevitable. This wasting of a client&apos;s money is a species of trickery difficult to prove, and therefore the more contemptible. Preliminary examinations are precisely what the term implies, and are undertaken to determine the advisability of making

Jan 1, 1932

Mining examinations are of several kinds and the scope of the investigation depends in each case upon the purpose for which the examination is made. A formal examination of a developed mine is an expensive undertaking; from one to several months are allowed for the work according to the size of the property; many samples are taken; investigation is made of the geological features, including, perhaps, a topographical and geological survey of the surface; the metallurgical treatment of the ore is studied; finally, a determination of costs is demanded. Formal examinations are made for prospective purchasers or as a basis for the consolidation of several properties, and occasionally, in the owner&apos;s behalf, to verify the work of resident engineers, or to determine the readiness of a mine for equipment and the kind and capacity of equipment it shall receive. A formal examination of a mine should not be undertaken until a preliminary examination has shown that it is justified. It is regrettable that some engineers are in the habit of prosecuting long and exhaustive examinations of properties whose lack of merit should be, and perhaps is, apparent from the start, or of continuing their investigation long after an unfavorable result is seen to be inevitable. This wasting of a client&apos;s money is a species of trickery difficult to prove, and therefore the more contemptible. Preliminary examinations are precisely what the term implies, and are undertaken to determine the advisability of making

Jan 1, 1932

By V. Annamalai, J. B. Hiskey

The kinetics of copper cementation on a rotating disc of pure aluminum were studied as a function of chloride ion concentration, rotational speed of the aluminum disc, hydrogen ion concentration, copper ion concentration, and temperature. The optimum experimental conditions for all the parameters were determined. Chloride ion was found to destroy the naturally existing aluminum oxide film, and enabled the cementation reaction to proceed. A two-step rate, observed in most of the experiments, was attributed to the attainment of a roughened surface. An Evans diagram for the copper-pure aluminum system was constructed and utilized in predicting the controlling mechanism of the system. At low temperatures (<33°C), the rate with an experimental activation energy of 20.36 kcal mol- 1 was controlled by the presence of an oxide layer. While at higher temperatures presence of an oxide layer. While at higher temperatures (>33° mol- 1 was controlled by ionic diffusion. The deposits obtained were pure copper and not a copper-aluminum alloy. The amount of aluminum dissolved was determined for each experiment, and the maximum excess consumption was found to be only 40%. The structural characteristics of the copper deposits were studied using a scanning electron microscope. These observations indicated that the deposits were either bulbous, massive crystalline, or dendrites of different degrees of fineness depending on the experimental variables. The reaction rates seemed to depend on the deposit structures in a predictable way when a particular experimental parameter was varied.

Jan 1, 1979

By C. Norman Cochran, James L. Brandt

ALTHOUGH gas in aluminum and its effect on aluminum products have been the subject of a number of papers, not many quantitative determinations of the hydrogen content of solid aluminum and its alloys have been recorded in the literature. For solid aluminum samples, four investigators have reported hydrogen contents which appear reasonable compared with the hydrogen solubility of 0.7 ml per 100 g, STP, in molten aluminum at 660°C established by Ransley and Neufeld&apos; and verified by Opie and Grant&apos; and Ransley and Talbot. Sloman," who used a vacuum fusion procedure, reported the hydrogen content of some high purity aluminum as 0.66 ml per 100 g, STP. Griffith and Mallett, employing the tin fusion method, reported the internal hydrogen content of six different aluminum alloys as ranging from less than 0.1 ml per 100 g, STP, for 1100 alloy to 0.7 ml per 100 g, STP, for 4043 alloy (previously 43S, a 5 pct Si alloy). Eborall and Ransley," using a solid extraction of the gases at 600°C, reported hydrogen contents ranging from 0.1 ml per 100 g, STP, to 1 ml per 100 g, STP. Ransley and Talbot reported that several thousand analyses on 99.2 pct and higher purity aluminum as well as Duralumin type alloys indicated hydrogen contents ranging from 0.1 ml per 100 g, STP, to 0.5 ml per 100 g, STP.

Jan 1, 1957

By Richard Miller

WORK was undertaken two years ago at the Hammond Laboratory for the purpose of determining the magnitude of the elastic range in single crystals of pure metals by means of creep tests, the assumption being made that if a true elastic range exists, the elastic limit represents the maximum stress for no creep. A sensitive extensometer was constructed, and creep tests were made on zinc single crystals at a variety of loads and temperatures1. It was soon discovered that there is tip measurable elastic limit in ductile zinc single crystals at, or above, room temperature. The inference that pure metallic single crystals may not possess a definite elastic range was not justified, however, since zinc had been tested in creep only above its recrystallization temperature, and several investiga-tors2,3,4 had already shown that above the recrystallization temperature polycrystalline metals will flow under very small stresses, while below that temperature stresses of a much larger magnitude are required. For that reason, it was decided to extend the study of the elastic limit to other metals having a higher recrystallization temperature than zinc. Aluminum and silver were selected, because of the ease of obtaining pure materials and of preparing large single crystals, and because the crystallo-graphic glide system of these metals is well known. Owing to the limited time available, the elastic range was investigated by slow tensile tests rather than by creep tests.

Jan 1, 1937

A BLAST can be "full of sound and fury," signifying nothing but a poorly confined charge, or it can be a muffled, well controlled explosion which moves the rock efficiently and places it in the desired location with the least amount of fuss and bother. Why one method will do the job and another proves to be almost useless is shown by the machine-gun camera studies of quarry blasting made by the Atlas Powder Co. staff. The sequence, or machine-gun, camera is the latest scientific device for the study of cause and effect factors in blasting. Movie cameras, previously used, although of some use, were limited because slow shutter speeds and small negatives failed to give clear, sharp prints. During World War II, the AAF developed the sequence camera, which figuratively stops the blast at regular intervals, making study and evaluation feasible. The camera is simple and inexpensive and offers material for accurate examination of blasting techniques. The machine-gun camera takes three 5x5 in. exposures per sec at a 1/450 sec shutter speed, four times faster than a movie camera. Negatives are 30 times larger than those of movie cameras, giving large, sharp prints. The rock movement is frozen on the picture as the sequence of the blast takes place. Pictures on this page show the advantage of individual machine gun photographs. But the sequences made possible by this camera give graphic, dramatic and conclusive support to recently developed detonation theories.

Jan 1, 1952

CONTENTS PAGE ANDERSON, ROBERT J., and ENOS, GEORGE M.-Corrosion of Brass as Affected by Grain Size. Discussed by Henry S. Rawdon, Robert J. Anderson, Francis B. Coyle, William B. Price, and W. R. Webster 1 RAWDON, HENRYS., and MUTCHLER, WILLARD H.-Effect of Severe Cold Working on Scratch and Brinell Hardness. Discussed by W. H. Bassett, John Livermore Christie, John R. Freeman, Jr., W. R. Webster, William B. Price, Norman B. Pilling, D. J. McAdam, Jr., F. G. Smith, Zay Jeffries, F. E. Carter 3 WILLIAMS, ROBERT S., and HOMERBERG, VICTOR 0.-Relation of Heat Treatment to the Microstructure of 60-40 Brass. Discussed by 0. W. Ellis 14 Corrosion of Brass as Affected by Grain Size Discussion of the paper of ROBERT J. ANDERSON and GEORGE M. ENOS, presented at the New York Meeting, February, 1924, and issued as Paper No. 1282, with MINING AND METALLURGY, December, 1923. HENRY S. RAWDON,* Washington, D. C. (written discussion).-So numerous and so varied are the factors that affect the corrosion of metals that particular care is necessary in corrosion tests to eliminate so far as possible all extraneous factors. It appears to the writer that the question may well be asked as to whether all the necessary precautions have been observed in this investigation. It may be that the points to be mentioned were considered by the authors and found to be insignificant; however, there is nothing in the report to show this.

Jan 5, 1924

By John Garcia

IN some districts of the bituminous coal field the problem of construct-ing bulkheads to seal off water under pressure is becoming increasingly important. Recently this matter has been brought very much to the front by the loss of a large. Illinois mine due to failure of a bulkhead that separated it from several old, flooded mines. As this great misfortune has provoked much inquiry about proper bulkhead design, it is felt that a description of the successful and extensive water-sealing practice at three mines that have different natural conditions will be of considerable interest to those connected with properties having a present or future water problem and to engineers that may have to design safe bulkheads of economical construction. These three mines are the Saxton acid Dresser, near Terre Haute, Ind., and the Hegeler, near Danville, 111. All three have water conditions that make it necessary to regularly seal off till worked-out sections of the mine, and there are considerably over a hundred bulkheads in each. As far as the writers know, these three mines are the only ones in the bitu-minous coal fields of the United States with anything like so large a number of water seals and experience, although a number of other mines are known to have a few bulkheads. More detail will he included herein on the Saxton mine than on the others, as the writers are more familiar with it.

Jan 1, 1937

By A. N. Winchell

Petrographic studies of over 1400 rock and mineral samples, and studies of their field relations, show that there is a complete gradation between sandstone and limestone; the lime-silicate rocks were produced by recrystallization of limestone; mineralization and silicification occurred after silication and at considerably lower temperature; carbonation occurred at still lower temperatures. IN CONNECTION with law suits between mining companies at Bingham, Utah, a few years ago, the writer made petrographic studies of more than 1400 rock and mineral samples in thin sections, and also careful studies of their field relations. In petrographic studies, even when an area is studied intensively, attention is commonly centered very largely on the unusual features of special interest, so that the relative abundance of rock types (or minerals or textures) can only be determined by a study of map areas outlined largely by field methods, and cannot be based directly on microscopic work. It is very uncommon, and usually impossible, to take samples at regular short intervals along and across formations. It is precisely because such methods were used at Bingham that the work presents a rare opportunity for determining, on a microscopic basis, the relative abundance of rock types and the continuity of gradations between rock types. At the same time, a study was made of the alteration of sediments under the influence of igneous intrusions, with results that are believed to be of interest and importance.

Jan 3, 1924

By H. A. Bedworth

ALLOYS of copper and silicon have been known for one hundred years or more but the commercial development of this type of alloy has taken place during the past few years. In 1905, Sperry1 proposed the use of copper-silicon alloys for springs and other purposes for which copper-tin bronzes were used. Some attention was given to this proposal at the time but no one succeeded in producing a practical alloy containing more than a fraction of a per cent. of silicon. The equilibrium relations of the copper-silicon system were studied first by Rudolfi2 and later by Sanfourche3 and Corson.4 The constitution of the system has also been recently investigated by Matuyama,5 and in the laboratories of the American Brass Co. by Smith.6 Some of the physical properties of the copper-silicon alloys have been investigated by Norbury7 and by Geiss and Van Liempt.8 Summarizing the results of various investigators of, the constitution of copper-silicon alloys, the solubility reaches its maximum value, 6.7 per cent. silicon, between 721° and 782° C. At 852° C. the solubility is 5.25 per cent., while at 400° C. it is only 4.1 percent. silicon. The copper-silicon alloy begins to get so hard at about 3 per cent. silicon that it is difficult to manage. It was found by Jacobs that the addition of manganese to this alloy considerably improved the working

Jan 1, 1929

By R. W. Raymond

The absence of a convenient glossary- of terms connected with mining and metallurgy has long been felt by the general public. It is to meet this want, not to furnish a technical manual for experts, that the following glossary has been prepared. It originated in an attempt on my part to revise for publication the manuscript of a compilation prepared from the appendix of Yale&apos;s work on Mining Titles and one or two other sources, to serve as an appendix to a new work on mining law, about to be published by Mr. H. N. Copy, of Washington, D. C. This revision soon assumed, contrary to my original intention, the proportions of a reconstruction; and with the consent of Mr. Copp, and for the purpose of receiving from my fellow-members valuable aid, I presented my still incomplete work as a paper at the Lake Superior meeting of the Institute, inviting from any quarter suggestions of new terms or better definitions to be incorporated in the glossary before its final publication. This invitation was so widely and generously responded to, that I cannot undertake to make in this place individual acknowledgments to those members of the Institute, and professional colleagues outside of it, who have favored me with assistance and advice. The labor bestowed upon this paper since its presentation at the Lake Superior meeting has considerably exceeded that of its first preparation, as

Jan 1, 1881

By J. B. Morgan

The mechanical behavior of MgCu2 from 20 o to 725°C has been determined by "brittle-ring" tensite-test techniques, axial compression, and bending experiments. Compressive ductility begins at 450°C (0.65 T/Tm) and slowly increases with increasing temperature white the tensile ductility is characterized by an abrupt brittle-ductile transition at 600°C (0.8T/Tm). The compressive strength increases eightfold from room temperature to 400°C with a "normal" decrease as the temperature is further increased. The tensile strength goes through a rather abrupt threefold increase above 600°C with a subsequent decrease at higher temperatures. The slip system is (111)[110] and the twinning system is (111)[112]. At high temperatures MgCu2 is quite rate-sensitive, and dynamic yield points are observed that are extremely orientation-dependent. The high-temperature creep behavior under constant load is characterized by an increasing strain-rate with time. The general characteristics of the mechanical behavior make it possible to classify MgCu2 with those materials in which initial mobile dislocation density and the dislocation velocity-stress dependence are significant in determining mechanical response. Mgcu2 is the C15 prototype of the cubic Laves phase. Its range of homogeneity extends from 32.8 to 35.5 at. pct Mg at 500°C and narrows at lower temperatures. The lattice parameter is reported to vary from 7.02 to 7.05A,1 and the compound is completely ordered to the melting point of 819°C. MgCu2 has a brassy metallic appearance, is extremely brittle, and many of its physical properties are intermediate between those of the constituent elements: the electrical resistivity is 3.5 x 10-6 ohm-cm, Young&apos;s modulus is 10x 106 psi, the shear modulus is 6 x l06 psi, and the thermal coefficient of expansion is 18.7 x 10-6 cm per cm per "C from 20" to 250°C. Usually, properties of intermetallic compounds as functions of temperature have been determined by hardness, compression, or impact behavior, and almost all of these experiments have been performed on polycrystalline materials. Tammann and Dahl,2 for instance, determined the onset of ductility in a series of binary intermetallics by ball-hardness measurements and found the onset to range between 0.71 and 0.96 T/T,. Lowrie&apos;s3 investigations included some tensile properties, and he found ductility beginning around 0.65 T/Tm for most materials examined. His work did include some data on polycrystalline, nonstoichiometric MgCu2, however. The present work is an attempt to extend the examination of the particular compound MgCu2 in single-crystal form in order to aid the formation of general concepts about mechanical be-

Jan 1, 1965

By P. Campbell, E. M. Gardy, L. Hachkowski

Introduction The efficient process control of a uranium mill and its associated mining operation requires a nearly continuous knowledge of the uranium concentration in the ore. Generally, the approach is to use laboratory assays of grab samples from the mill feed belt. In some cases, elaborate and expensive systems have been used to ensure random sampling, but even with these systems, mass-balance discrepancies still exist. There is a requirement for an on-line instrument that can give a prompt, accurate analysis of a large portion of the feed stock. The authors have recently evaluated a laboratory system that achieves these goals using neutron activation and delayed neutron counting. The development of the on-line uranium ore analyzer is a consequence of previous work done at the Whiteshell Nuclear Research Establishment (WNRE) (Campbell et al., 1978 and 1981), and is based on the emission of delayed neutrons after the neutron irradiation of fissionable materials. The mechanism of delayed neutron emission has been described (Keepin, 1965), but briefly is as follows. The fission fragments resulting from irradiation are in an excited state. Certain of these delayed fission products, precursors, decay to a more stable state by the emission of a delayed neutron. The delayed neutrons can be divided into six groups with effective half-lives ranging from 0.2-55 sec. It is important to note that more than 50% of the delayed neutrons are emitted within the first 6 sec after irradiation; this has an influence on the design of the analysis instrument. Measurement Cycle The measurement cycle involves a neutron irradiation, a delay time, and a counting period. The laboratory demonstration model of the ore analyzer comprises a californium-252 neutron source, a source chamber, a pneumatic transfer facility, and a neutron irradiation and counting module [(Fig. 1)]. The ore sample is placed in the irradiation chamber. The neutron source is transferred to the center of the chamber for a 5-sec irradiation while the helium-3 thermal neutron detectors are switched off. As the source returns to the storage chamber, the detectors are switched on and the delayed neutrons counted. The total assay cycle is 16 sec. The current instrument design calls for the ore to be cut from the main belt every 16 sec by a mechanical arm and dropped into the analyzer directly, or via another belt. The cycle starts when there is a sufficient mass of ore in the irradiation chamber to depress a switch and stops when the delayed neutron count is finished. The ore is then dropped through the bottom of the analyzer chamber and returned to the main belt. The counts from each cycle are accumulated and the data reduced to give the desired information.

Jan 1, 1985

By Peter Allen, John R. Stuermer

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

Jan 1, 1985