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By B. A. Stainton, John D. Gill

OUR combined economic activities have as their goal the maximum of individual well-being and national security. In this age of intense international competition the two objectives are closely related. For many decades, the maximum of well-being and ability to maintain national security have moved generally upward. The best single measure-perhaps the only adequate measure -of the level of the rising goal is the per capita real national income (national income corrected for price changes). For centuries before the industrial revolution the income of the world's population changed little from generation to generation. In our country prior to 1800 the growth of national income was hardly measurable from decade to decade. Since 1850, perhaps since the "industrial revolution," the growth of per capita real income has been increasing geometrically. Of major importance is the accelerative growth of the productive ability of our economy. Inadequate consideration of its implications is partly responsible for periodic delays in solving our princi-

Jan 1, 1946

By Charles E. Hughes

HERBERT HOOVER had to sit through an hour and a half of eulogy of himself at Carnegie Hall last night, said the Sun and New York Herald of Feb. 19. When his turn to answer came he remarked that, although one of the speakers had referred to him as a modest man, he would never, in view of this experience, be able to prove it. The occasion was the presentation by the Civic Forum to Mr. Hoover of its medal of honor for distinguished service, the only recipients in past years having been General Goethals, Thomas A. Edison, and Alexander Graham Bell. Only by distortion of intent could there be said to be anything political in the affair, which was carefully described by the chairman, Charles E. Hughes, as non-partisan. Nevertheless, the praise bestowed on the former Food Administrator by the former Republican candidate for President, proved specially interesting to a much applauding audience which filled the hall to the uppermost gallery. A piece of real news was supplied by Horace V. Winchell, whom Mr. Hoover succeeded on Tuesday as President of the American Institute of Mining and Metallurgical Engineers. He said that Mr. Hoover, when in Europe after the . armistice, caused to be collected the literature of the war in all Europe.

Jan 1, 1920

By Alan M., Bateman

MR. JORALEMON'S dispassionate discussion of this subject in TECHNICAL PUBLICATION 340 of the Institute shows clearly some of the failures and successes of geology in the discovery of ore deposits. He forces us to recognize, with humility, that chance has played a greater part than geology in the recent discovery of several great copper deposits. I think, however, he wrongly ascribes to unexpected or chance discovery some deposits that were found as a direct result of geological investigation. I refer to the Rhodesian copper deposits,, particularly Roan Antelope and Mufulira, both mentioned by him as having been found by chance. Also,. I think Mr. Joralemon's paper, inadvertently, does not- give the proper credit for the early recognition of the possibilities of these deposits. I feel sure that Mr. Joralemon and the gentlemen given credit by him will welcome any further information on this subject that will throw light on what will some day- be of. historical interest and importance. Consequently, I should like to set forth some additional data that throw light on who should receive the most credit, and' to indicate that, in my opinion, sound. geological reasoning and not chance is to be, credited for the development of the. Roan Antelope and Muf ulira mines.

Jan 1, 1931

By H. F. Kendall, J. H. Ffolliott

MANY papers and reports have been devoted to the geology and ore deposits of the Ducktown district, Tennessee, especially the complete report by W. H. Emmons and F. B. Laney, published as Professional Paper 139, by the U. S. Geological Survey. The present paper discusses the work of the geological organization of the Tennessee Copper Co., which is based on the field work of the above paper and the consulting work of W. H. Emmons. The Ducktown basin lies in the southeastern corner of Tennessee and extends a short distance into Georgia and North Carolina. All productive mines are contained in an area of 15 sq. mi. in the center of this basin, which is an undulating plateau at an elevation of 1650 to 1800 ft. above sea level. It is surrounded by the relatively high mountains of the southern Appalachian region. The rocks are of early Cambrian age. Deposition of the ores probably took place during the latter part of the Paleozoic era. The ore deposits are rudely tabular to lens-shaped bodies of massive sulfide, varying from a few feet to over 200 ft. in width. In general they all strike northeast and dip southeast at angles from 45° to 70°. Locally, where affected by folding and faulting, the variations in dip may be even greater. The lodes usually are parallel at distances of from one-half to one mile measured normal to the strike. The deposits are a replacement of a fairly continuous bed or a series of disconnected limestone lenses, highly folded and somewhat faulted, which probably represent the same stratigraphic horizon.

Jan 1, 1933

By Klaus M. Zeitler

INTRODUCTION One cannot discuss the subject of "Raising Capital in the 1990s" without having a crystal ball and a reliable fortune teller. This discusses "Raising Capital for the 1990sW, which is what Metal1 Mining Corporation did in 1987. We raised (3166 million in an IPO (initial public offering) that was originally planned for only some (375 million. Why did we raise this money? How did we do it, and why was this IPO so successful? The answer to the first question requires a description of the promoter and principal shareholder of Metal1 Mining Corporation, Metallgesellschaft AG. This West Germany company was founded over 100 years ago in Frankfurt as a trading house for non-ferrous metals. It has developed into one of the world's leading firms in the non-ferrous metals industry. The company's worldwide activities in all areas of that business include mining, smelting and refining, the trading of ore, base and precious metals, the production of semi-fabricated and finished metal products, and the provision of engineering, construction and transportation services. Metallgesellschaft AG has also diversified into many other areas, the most significant of which are manufacturing, the production of chemicals, the development and application of technical and chemical processes, the planning and construction of industrial plants, and activities associated with finance, insurance, shipping and freight forwarding, and the provision of barter and countertrade services. The company maintains a network of more than 100 offices around the world; it employs some 25,000 people in its worldwide activities. [Selected financial data, as of September 30, 1987: (MetaUgesellschafl AG) Working Capital DM 8%.6 million CDNS 672.8 million Long Term Debt DM 568.0 million CDNS 426.2 million Sales DM 14.9 billion CDNS 11.2 billion Net Income DM 87.7 million CDN$ 65.8 million Market Capitalization at April 27, 1987: (Metallgesellschafi AG) Outstanding Shares ~,6oo,o0o DM 1,875 million CDNS 1,407 million] For the fiscal year ended September 30, 1987, Metallgesellschaft AG had, on a consolidated basis, net sales of DM13.3 billion, net income of DM100 million and total assets of about DM7.0 billion. Metallgesellschaft AG established the American Metal Company, a predecessor of AMAX Inc. one of the largest ventures undertaken by Metallgesellschaft AG then was the acquisition, through the American Metal Company, of a majority share in the Mexican Penoles mine, a large lead and silver deposit. METALLGESELLSCHAFT AG Figure 1 depicts an overview of Metallgesellschaft AG before and at the time the initial public offering of Metall Mining Corporation's shares took place. It shows that mining was far from the centre of Metallgesellschaft's activities. Therefore, it could not expect to receive an extraordinary amount of board attention. Thus, mining investments not only had to compare well with other mining opportunities, but were in fierce competition with projects from other divisions. In addition, mining was sub-divided into two separate departments -- domestic and international. These two departments had different management styles and diverging interests which resulted in a minimum co-operation between them. The domestic mining department was primarily interested in the survival of the local mines. These mines were characterized by rising operating costs and declining ore grades. It took a special commitment and continued ingenuity to develop and adjust to local conditions, and modern mining and processing technology, in order to remain competitive, or at least survive within the international mining industry. Local management

Jan 1, 1990

By John G. Baragwanath

THE September issue of the Engineering and Mining Journal carried an item regarding the Cercapuquio Mining Co. which was mentioned as a large producer of lead, zinc, and cadmium, situated near Huancayo, Peru. The paragraph caught my eye because I had not heard of the property in thirty years and I recollect all too well the circumstances of its accouchement. In 1916 1 was making my headquarters in the town of Huancayo, then the terminus of the Central Railway of Peru, and was examining mines and prospects in that general area for Cerro de Pasco. In the course of my work I became acquainted with an engaging and energetic "practical" miner named Balarin, a Dalmatian living in Huan¬cayo, and made numerous trips in his excellent company. One day Balarin came to the down-at-heels hostelry where I stopped and told me that a Cholo prospector, a character by the name of Jose, had just reached town and claimed to have made a discovery in a little known locality called Cercapuquio. Lead-silver, Balarin said, and showed me a sample of galena about the size of his fist. "Fine," I remarked. "When do we leave?"

Jan 1, 1947

By J. W. Furness

THE utilization and collection of waste materials have gone on for centuries, and have become a habit of the human race. The degree to which the salvaging of waste plays a part in a nation's industry depends largely on the availability of raw materials within the political confines of the country itself, or its ability to purchase such material from outside. When purchase is necessary careful economical use of the raw materials results. These economies, as a rule, are represented by lengthening the life of the given article as well as much re-use. For many years the steel industry of Italy and Japan has depended largely on importations of scrap, yet both are important. As long as the expenses incident to the conditioning and marketing of materials manufactured from salvaged waste are less than the cost of virgin material, the salvaged material will be re-fabricated and in many cases will compete with primary materials. One of the most obvious methods for furthering the efficient utilization of our limited mineral resources is the salvaging of mineral wastes. This method, moreover, in¬creases the available supply of a given material. If the price depends on a balance of supply and demand and the recovery from wastes enlarges. the supply, there can be no question but that it influences the sales price of primary.

Jan 1, 1931

By A. H. Jones

The Belmont mill at Tonopah, Nev., was designed and constructed by the Belmont staff. Ground was broken in August, 1911, and milling operation started July 25, 1912. The metallurgical flow sheet, and the machinery adapted 60 carrying out operations in accordance with this plan, were decided upon from experience gained in the treatment of Belmorlt mine ores at the old Belmont mill at Millers, Nev. The detail drawings were madc by the engineering staff of the Tonopah-Belmont Development Co., under the supervision of Otto Wartenweiler, who also had direct charge of the construction, consulting with the General Superintendent of the company, Frederick Bradshaw, and the writer.

Jan 1, 1916

By Alan Stanley

The MacIntyre Development of the National Lead Co. is located at Tahawus, N. Y. The operations involve the mining and concentrating of a titaniferous iron ore to produce an ilmenite concentrate and a magnetite concentrate. Construction of the MacIntyre plant was commenced during the summer of 1941, when world conditions threatened to cut off the supply of Indian ilmenite. An open pit mining operation was developed and the crushing and milling equipment put in operation in July 1942. A general description of the operation was given in the Adirondack Issue of Mining and Metallurgy for November 1943. The metallurgy of the mill operation was described by Mr. Frank R. Milliken,* Plant Manager, National Lead Company, MacIntyre Development, and presented at the AIME New York Meeting, February 1948.

Jan 1, 1949

By GORDON H. FISHER

During the year 1945, the drilling pace in West Texas increased above that in the year 1944, and represented the highest number of well completions since 2941. The 1680 new wells drilled 8,287,958 ft. of hole for a per well average of 4933 ft. This depth is approximately 30o. ft. deeper than the average for the year 1944. Although the deepest well drilled in West Texas (Phillips Petroleum Company's Ada Price No. 1, in Pecos County) was completed during the year. 1944 to a depth of 15,279 ft. and tested the Ellen-burger horizon, the producing depth record for West Texas was set during the year 1945 with the completion of Amerada Petroleum Corporation's Jones No. I-A, in the Jones Ranch field, Gaines County, which now is producing at 11,422 ft. from the Devonian formation.

Jan 1, 1946

By Fred T. Greene

Most of the recent discussion of the mineral land law published in the Transactions is in the abstract—an exception being Mr. Goodale's paper, The Apex Law in the Drumlummon Controversyll which illustrates in concrete instances many of the practical disadvantages of what Dr. Raymond has called "The Law of the Apex." The present paper, it is hoped, may serve a similar purpose, emphasizing the necessity for a change in our mining laws, and bringing home to mining engineers some of the defects and dangers of our present code. There are many storm centers of "apex litigation" in the Rocky Mountains; and not the 1east. of them is the Wardner camp, where such litigation has been almost continuous since 1892, and the end is not yet. In their decisions, the courts have accepted the claims of the litigants that the "Wardner vein" is a broad zone varying from 250 to 500 ft. in width at the surface. This is the simplest theory which could have been advanced, and probably decreased, rather than augmented, the number of contests; in fact, every one of the claim owners seemed to feel that the greatest advantage would accrue to him if this theory were adhered to. The dominant structural feature of the Wardner vein is a persistent fault, striking N. 40' W., dipping about 40" to the southwest and called the "Wardner foot wall." Fig. 1 is a composite of two adjacent cross-sections of the vein and is a fair representation of the relative size and shape of the orebodies and their relation to the "Wardner foot wall." The country rock is a comparatively thin-bedded sericitic quartzite which has an average strike of N. 80" W. and dips at high angles to the north and south. The movement on the Wardner foot wall is apparently normal, and there has been more or less brecciation on either side of it; but as the moving mass was that above the foot wall, the brecciation has been more complete on that side, and has extended farther from the plane of movement. Many minor faults, generally of insignificant extent, resulted from the movement along the Wardner foot wall. Most of these were

Jan 1, 1916

By S. C. Hollister

An evaluation of the function of the engineer, so that means whereby education can best serve his needs can be adopted. THERE has been a steady increase in specialized branches of engineering during recent years. Some of these are simply specializations in the function of engineering, such as welding engineering, tool and die engineering, petroleum engineering, and refining engineering. Others are associated more closely with the basic sciences, as for example, geological engineering or engineering physics. Still others tend toward the border line of business, such as administrative engineering or general engineering.

Jan 1, 1950

By William J. Robinson

What is the cumulative rate of recovery of copper from a sulfide leach dump? The technical answers to this frequently asked question may vary from "I don't know" to "quite good" from people of the same company. Management also poses this question because it plays a vital role in planning future production. The answer is difficult because of the many variables between different operations such as physical construction of the dump, topography of the original site, characteristics of dump material, mineralization, and water application. Each of these factors and others have a bearing on the rate of recovery. Anaconda's method of water distribution at Butte is unique in that each dump is drilled to allow physical injection of water into the dump. The injection holes are drilled vertically on 25-ft centers from the surface of the dump [(Figs. 1 and 2)]. Normally, the holes are drilled 40 ft deep and cased with 4-in. PVC perforated pipe. The pipe is perforated at 1-ft intervals with four 1 -in.-diam holes at 90° spacing on the pipe circumference. Formerly, shallow holes (20-40 ft) were alternated with deep holes (80-180 ft) in an effort to cover the entire dump and hasten oxidation. The shallow hole depth varied according to the compaction thickness. The deep hole depth varied according to the height of the dump and the original ground profile. It is preferable to have the deep holes end 20-30 ft above the original ground level. This generally allows penetration of the coarse material at the bottom of the dump. Deep holes had to be discontinued in order to cover more

Jan 1, 1974

By A. E. Seaton

In this paper it will be my endeavor to trace the development of the marine engine and its appurtenances, and the general progress that has taken place in marine engineering generally during the past fifteen years, rather with the object of attributing much of it to the successful efforts of the makers of iron and steel, thereby rendering my thanks to them for the valuable service they have contributed to my profession, than to recount what has been achieved by the skill, ability and perseverance of my colleagues in shipbuilding and engineering. The engineer has been at all times dependent on the ironmaster, and on more than one occasion his progress has been barred by the inability of the latter to overcome some obstacle to success in his manufacture. But on the other hand, it is equally true that the ironmaster has often been ahead of the engineer, and has been prepared, long beforehand, to supply that which would make a success for the marine engineer if he would avail himself of it.

Jan 1, 1891

By ROY BERENTZ

MANUFACTURE is the transformation of material by the application of energy and power. The energy of a man exerted throughout a day is equivalent to about one horsepower-hour of mechanical work an amount which can be purchased for less than 2c. It is evident that manual labor is uneconomical if mechanical energy can be applied effectively, or without disproportionate expense. Since manual energy is relatively so costly, economy demands that mechanical power be employed so as to reduce the human effort connected with mining operations to a minimum. Power, like other commodities, is most efficiently produced in large quantities. Mechanical transmission, once prevailing, is being rapidly superseded by electric drive. There are many reasons for this change; such as increased production, ease and accuracy of control, convenient application, ease of moving, etc.

Jan 1, 1930

By AIME AIME

THE following paragraphs, constituting the concluding portion of the Annual Report of the Council for 1903, have been withheld from publication until now, in order to make them as accurate and complete as possible. They will be published in Volume XXXV. of the Transactions in their proper place at the end of the said Annual Report. Franklin Ballou was born in Pittsburg, Pa., May 29, 1845. He was the son of an old resident, Arthur Ballou, a manufacturer and wholesale dealer in vinegar. In early youth Franklin attended the Western University of Pittsburg, but left school at the age of 16 to become book-keeper for his father, upon whose retirement from business, in 1868, he associated himself with Walter C. Childs, of Pittsburg, in the manufac¬ture of furnace-grates and asbestos-cement for blast-furnaces. This firm was known as W. C. Childs & Co., and did a success¬ful business for several years. In 1869 Mr. Ballou married Miss May S. Wilson, daughter of Judge Wilson, of Lewistown, Pa. In 1876 he spent several months traveling in the West and studying the mining industry, which greatly interested him. In consequence of this journey, he wound up his business in Pittsburg and removed in 1877 to Georgetown, Colo., where for several years he conducted a sampling-works, and built up an extensive business as an agent for the sale of ores, besides engaging to some extent in mining enterprises. , It is said that he controlled at one time about one-eighth of the output of the Leadville mines. In the early 80's, he became Vice-President and General Manager of the Bimetallic Smelter at Leadville, of which Mr. David H. Moflat was the principal owner. This was practically the first successful demonstration of pyritic smelting in Colorado. Upon the sale of the works in 1897 to the American Smelting and Refining Co., Mr. Ballou retired

Jan 1, 1905

By Anthony Tuke

Members of the Society of Mining Engineers may well regard it as rather unusual that a paper on this subject is being presented by someone whose first taste of mining came at the age of 60 or so - someone who last heard of cathodes and anodes in 1938. On the other hand, the title does refer to the financing of a mine and at least I can claim to have spent all my business life since the war until 1981 in the world of banking, though this inevitably means that I have been used to looking at these and other problems through what you might regard as the wrong end of the telescope. The lending of money, and more particularly the provision of finance for commerce and industry, is the central job of a banker and I have been involved in this in various ways over many years, but regrettably only very marginally in the world of mining. As you will see from what follows, the rather specialised form of finance which RTZ required was, to my regret, not provided by the British banking community since the great majority of the finance came from American banks and, to a lesser extent, from German banks. I am most indebted to Mr. Roy Wright for a great deal of the nuts and bolts in this paper. He was one of the three central figures in the growth and expansion of RTZ during the 1950's and 1960's and was right at the centre of the negotiations with bankers, with governments and with many others. The going, as you will see, was far from easy. The essential basis for the financing of each of the RTZ group's mining projects was a firm long-term sales contract for sufficient of the output of the particular mine to produce the cash flow necessary to service the loans. Wherever possible, loans were raised in the same currency as the sales contracts were made. Each sales contract was designed to give the customer the product he wanted with a long-term assurance of supply and at the same time to give the bankers the protection they required. Thus the marketing concept and the financing concept for a particular mine formed one overall plan, and talks with the customers and the bankers were conducted in parallel until a satisfactory marketing/financial package was agreed in principle. Preliminary talks were begun soon after the discovery of a potentially viable orebody. As confidence about a discovery increased, customers were persuaded to enter into contingent sales contracts before the very detailed and costly business of the economic and technical feasibility study of the mine was launched; such a study might cost 10% or more of the estimated total capital cost. At the same time provisional understandings were reached with the bankers. The contingent sales contracts usually gave a period of grace of eighteen months to two years, during which time the decision whether or not to continue with the mine had to be made. This decision rested mainly on the result of the feasibility study and also on coming to a firm agreement with the bankers. If all went well and the mine went ahead, then the contingent sales contracts became firm, but they fell away if the decision was negative. The Company was fortunate that during the whole period when its major mines were being developed, world trade was increasing rapidly and Japan was becoming a dominant industrial power. The Japanese supported many of the mines, including Hamersley Iron Ore, Lornex Copper, Bougainville Copper to name a few, with the basic long-term sales contracts that enabled their development. The Germans supported Palabora and to a lesser extent Bougainville. The mines were financed as individual projects generally with a loan/equity ratio of about 65/35, without legal recourse to RTZ for the loans. RTZ was, however, responsible for providing any capital overruns required to bring the mines into commercial operations. Nevertheless, the RTZ management regarded itself as morally responsible to the lenders because, Palabora aside, the sales contracts had either a fixed selling price (like Hamersley), an indexed price (like the Elliot Lake Uranium Mines and Mary Kathleen), or a floor price (as in Lornex, Bougainville and Rossing). Thus the Company believed that any financial failure would have been due to poor management or technical

Jan 1, 1985

By R. A., Pallanch

SO many variations of lead-zinc ores occur in nature that it is impossible to state any rules that will apply to the concentration of ores of this type. Some have lead and zinc in approximately equal amounts; others may have pre- dominant amounts of one or the other metal. There are gradations from all sulfide to completely oxidized minerals. Some such ores carry little pyrite, others contain much more pyrite than they do lead and zinc combined. The behavior of ores in flotation is largely a function of their lead-zinc ratios. their content of pyrite or pyrhotite, the nature of existing soluble salt conditions, the character of the gangue constituents: and the speed with which the minerals float. For the purposes of this paper only those lead-zinc ores handled commonly in present-day flotation practice will be considered. These are practically all-sulfide ores with relatively minor degrees of sulphatization or oxidation.

Jan 1, 1936

By Carlton D. Hulin

ARE we a "have" or a "have-not" nation in our domestic supply of metals and minerals? Impinging on the ears of a people weary of war and faced with the problems of reconversion to peace, the import of this question has built up with the momentum of an avalanche. Stemming from statistics cited by Pehrson and accelerated by the pessimistic and possibly biased statements of Ickes, hardly an issue of any technical periodical dealing with mining has appeared during the past year but within whose pages was to be found some comment, some discussion of the question: Are we a "have" or a "have-not" nation? We have proved commercial reserves of high-grade iron ore in the Lake Superior region sufficient for 22 years, based upon the prewar rate of consumption; commercial copper reserves to last only 34 years, one fourth being inferred ore; zinc sufficient for nineteen years, over half being inferred; lead for twelve years, two thirds of which is inferred; mercury for only three years. So read the figures. Although admitting that these figures may be extended by new discoveries, by the use of marginal and submarginal ore, and by further technological advances, are we nevertheless to assume complete pessimism in the acceptance of the meaning of these statistics; are we to expect a rapidly increasing dependence upon foreign sources of mineral supply; are we to believe that we are at or near the peak of the "metal age" as has been held by Theodore J. Hoover? Or is some more optimistic viewpoint possible?

Jan 1, 1947

Jan 1, 1879