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By B. W. Vallat

The Newport mine, located at Ironwood, gogebic county, Mich., on the Gogebic iron-range, is owned and operated by the Newport Mining Co., for the mining of iron-ore. I. GEOLOGY. The general geology of the gogebic range has been determined and recorded at different times by well-known geologists,' and their work will be referred to briefly in connection with the local conditions in the mine. The strike of the formation across this property is about 15" north of east. The general dip is 68" to the north. At the base of the formation on the aouth lies the granite. Looking north, at right angles to the strike of the formation, we have the foot-wall of quartz-slates and quartzite about 400 ft. wide; the iron-formation about 800 ft. wide, and the hanging-mall of black slates. The iron-formation is composed of banded jasper and quartzite together with iron oxide and concentrations of iron-ore. In character the ore iu a soft red hematite, with occasional masses of hard blue "steel ore." The formation is crossed in many places by diorite dikes, which cut through at various angles, the larger or main dikes dipping into the foot-wall in a SE. direction at angles varying from 15" to 30°, while numerous small dikes occur which strike through the formation in a vertical plane and at approximately right angles to the main dikes. There are various theories concerning these dikes, especially as to the time of their origin with relation to the ore-deposition. The commonly-accepted theory is that the dikes were there first, but there are some who contend that they were formed

Jan 1, 1912

By A. Perry Thompson

I- GeneRal Distribution, AppeaRance, and Relations ........ 563 11. Data fRom MicRoscopic Examination............... 568 1. Criteria for Distinguishing Primary from Secondary Minerals...... 568 2. The Leonard Vein Filling..................... 574 Quartz............................ 575 Pyrite............................ 575 Enargite............................ 576 Covellite............................ 578 Bornite............................ 581 Chalcocite........................... 583 Chalcopyrite.......................... 586 3. The Fault-Vein Covellite..................... 587 The Speculator Ore........................ 587 The East Gray Rock Ore.....,.............. 589 4. Other Occurrences of Covellite.................. 591 111. Conclusions........................... 592 1. The Replacement of Minerals..................592 2. The Character of Mineralizing Solutions .............. 594 I. General Distribution, Appearance, and Relations Mining in Butte has seldom encountered covellite in commercial quantities. The notable occurrences, extending vertically and laterally perhaps several hundred feet, presented scattered, bladed lenses of this mineral in a matrix of quartz, pyrite, enargite, bornite, and chalcocite. But under the microscope covellite is seen to be widespread in the Butte ores, though in such small quantity that megascopic examination will not discover it. In early mining operations covellite was found in the Gray Rock vein, a member of the Blue vein system. As described by Sales,' it persisted as an occasional ore mineral, associated with quartz, pyrite, tetrahedrite, bornite, chalcocite, and minor amounts of sphalerite, from the 700-ft. to the 1,200-ft. level of the East Gray Rock and Diamond mines. Crushed quartz-monzonite and later quartz completed the vein filling between

Jan 1, 1916

By E. T. Dumble

The history of the several petroleum deposits of Texas and Mexico, or of the sediments in which they now occur, if the deposits are not indigenous to such sediments, is known in a general way only, but it nevertheless casts strong light on the conditions surrounding them and is of great importance in the search for and exploitation of them. The petroleum deposits of Texas are separable into two main divisions: 1. The deposits of northwestern Texas, which are directly connected with the Oklahoma fields to the north, and have no representatives at all in the Mexican area. 2. The deposits of the coastal area, which extend into Louisiana on the east and connect with those of the Mexican coast to the south. Early in the Pennsylvanian period a series of bituminous shales and limestones were laid down over a broad area in Texas, Arkansas, and Oklahoma. These are known as the Bend series in Texas, the Caney shales in Oklahoma, and the Fayetteville beds in Arltansas. Following their deposition an uplift occurred, forming the Lampasas geanticlinal, which runs northeastward from the old Paleozoic land area of the Llano region toward Red River. The Bend series is petroliferous in places and has furnished a few producing wells on each side of the Lampasas uplift. This uplift forms the barrier and dividing line between the two divisions of the Texas petroleum deposits. To the west of it, in waters which were the southcrn extension of the interior continental seas, in connection with the sedimcnts and coal beds of the Pennsylvanian and Permian, great quantities of petroleum were deposited either as oil or as "potential petroleum." These sediments have been subject to very slight disturbance, and only very gentle folds are found, with no signs of volcanic action in any part of the area. The conditions, therefore, indicate that the greater part, if not all, of the oil in this area is indigenous to the beds in which it is found. East of the anticlinal the oldest beds which appear in contact with the Bend are the Trinity Sands of the Lower Cretaceous. No evidence has

Jan 1, 1916

By Charles Colcock Jones

In any discussion of this very large subject we are confronted at the outset with so many obstacles that at best only a fragmentary and rather disconnected presentation can be made of it, and my hope is that building from the few facts I have to offer a more complete knowledge may be secured. In the whole intermountain and Pacific Coast region, west of Pueblo, Col., and from Canada to Mexico, there is no production of pig iron, and steel production is confined to the manufacture of a small amount of open-hearth steel from scrap. When we consider the area, the resources, and the several centers of population, this condition seems anomalous, even in the face of every counter argument as to cheap water transportation, or other means of transport from the Atlantic Seaboard or from the iron and steel centers of the Middle West. This comatose condition, if such a term may be applied, is certainly not due to a lack of all the essential materials and factors for success in iron and steel smelting, but is rather, I think, due largely to the general fact that it is only within a comparatively few years that the centers of population on the Pacific Coast have attained a size that would entitle them to the position of distributing or freight centers, or that the "back country" has been enough built up to make it sufficiently interesting to the railroads to foster trade from the local centers to the interior points rather than seek to supply such local centers and the interior by a transcontinental haul. "Ore Supply Edwin C. Eckel, in his monumental work on Iron Ores, has but little to say concerning the Pacific Coast deposits. He mentions (p. 269) those of Minaret, Madera County, and the Eagle Mountains, Riverside County, Cal., "perhaps 50 to 100 million tons each;" the deposits in Shasta County, worked for the electric furnace on Pitt River; and

Jan 1, 1916

By Bernard MacDonald

Of the treatment of the slime-pulp of gold- and silver-ores by cyanidation, agitation is an essential part. When prepared for treatment, this pulp, consisting of ore reduced to such fineness that approximately 80 per cent. of it will pass through a 200-mesh screen, is mixed with a certain proportion of water, carrying in solution the cluantity of cyanide (KCN) and other chemicals required. The water-constituent of the pulp thus prepared usually ranges from 1 to 2 parts by weight to 1 of the dry ore. Thus constituted, the pulp is charged into treatment-tanks, the shape and capacity of which vary, according to the quantity of pulp to be treated daily and the method of agitation to be employed. Tanks have no other function in a cyanide,plant than that of being economical and corlvellient containers or receptacles for holding the pulp, solutiou, or water used in the operations. It is by agitation that the solids in the pulp charged into the tanks are kept in suspension in, and mixed with, the solution in the proper proportions required for the treatment. If the proper mixture of solution to dolids be determined to be 2 to 1 by weight (which is, approximately, 5 to 1 by volume), this proportion should be maintained in every part of the charge; that is, each solid particle of the pulp, whether it be of' 180- or 400-mesh size, should be surrounded by five times its own volume of solution throughout the whole period of treatment. The reason is, that the amount of chemicals ascertaiued to be necessary for dissolving the gold and silver contained in the solids, is held in uniform solution in the water-constituent of the pulp, and, therefore, the determined proportions of solution and solids must be maintained at all times during treat-

Jan 1, 1912

By Charles E. Weaver

During the past few years there has been considerable activity in prospecting for oil and gas in several parts of western washington. From time to time seepages of oil or emanations of gas have been reported from various places. Several companies have been organized for the purpose of drilling, but only a part of these have actually begun operations. In certain localities very small seepages of oil occur, but up to the present time no oil or gas in commercial quantities has been obtained. In order to determine the conditions which may be favorable or unfavorable to the occurrence of petroleum it becomes necessary to know the character and extent of the geological formations in which such deposits might occur. In other regions where producing wells have been developed it is possible to know what formations contain the oil and what structural conditions influence its concentration in reservoirs or zones. It is usually possible to determine those strata which contained the materials from which the petroleum may have been derived and also the position and distribution of the more porous sandstone belts into which it may have collected. Detailed stratigraphic surveys may even determine the depth at which a certain known oil-bearing zone may be tapped at any particular place. It is also possible to recognize those formations which are presumably barren of oil, as well as those which are absolutely so. In new regions far distant from any of those which are now producing or have produced in the past, it becomes absolutely impossible to foretell whether oil may exist in commercial quantities or not. Assuming that such deposits do exist, it is extremely difficult to predict at what depth the produciqg zone or zones occur. However, in prospecting in a new and unexplored region, use should be made of such laws as have been found to govern the occurrence of petroleum deposits in other well-developed fields. Such deposits in their world-wide distribution are found almost exclusively associated with sedimentary rocks. Areas composed predominatingly of igneous and metamorphosed rocks are to be rcgarded as extremely unfavorable localities for the occurrence of commercial deposits of oil or gas. Assuming that such oil deposits are

Jan 1, 1916

By F. D. Weeks

The Salida smelting plant, owned by the Ohio & Colorado Smelting & Refining Co., is situated at an altitude of 7,000 ft., about 2 miles west of Salida, Colo., and 215 miles southwest of Denver. Salida is a division point on the Denver & Rio Grande R. R. where the narrow-gage line serving the San Juan region joins the through standard gage. This narrow-gage road also serves the coal and coke companies at Crested Butte and the lime quarries and mines at Monarch and Garfield, which are only 20 miles distant. These facts, together with the possibility of an appropriate site, doubtless influenced the builders to locate at this point. The smelting plant and yard occupy 80 acres of land on the northeast side of the Arkansas River. The slope of the ground is such as to permit of the ore being delivered by cars at a point 25 ft. above the feed floor; and in front of the furnaces there is a fall of 50 ft. for the slag dump. A recent purchase of river bottom has provided slag room for 20 years. As originally constructed, the plant consisted of four blast furnaces, 40 by 144 in. at tuyéres, two copper-matting furnaces, dust chamber, stack, power plant, blowers, sampling works, and one railroad trestle about 16 ft. from bed floor to rails. Later 12 hand roasters of excellent design were added and the practice of smelting leady matte in a copper-matting furnace was abandoned. Since the plant passed under the present management the equipment has been increased so that the following is a brief description of the same at this date: Two lead blast furnaces, 48 by 180 in. at tuyéres, 17 ft. 6 in. tuyéres to feed floor; four lead blast furnaces, 40 by 144 in. at tuyéres, 17 ft. 6 in. tuyéree to feed floor; two copper-matting furnaces, not used; blast-furnace flue, 900 ft.; area 245 sq. ft.; blast-furnace stack, 150 ft.; above furnace floor, 190 ft. When smelting a 500-ton charge per day, the gases approximate 63,700 cu. ft. per minute and travel at a speed of 260 ft. per minute. The slag is hauled by a 10-ton electric locomotive; the slag shells and settler refuse are elevated to a bin on the feed floor by an electric hoist. The matte is tapped in 1,600-lb. cakes and loaded into cars

Jan 1, 1916

By P. A. Boeck

The thermal insulation of high-temperature equipment for industrial purposes is a subject that has not received from engineers and designers the attention its importance deserves. This may be attributed to a number of causes: In the first place, heat flow is a rather difficult factor to measure under the working conditions of an industrial furnace, and until the comparatively recent introduction into certain operations of the heat balance sheet, with a systematic attempt to account for the discrepancies in the totals, the various causes of heat losses and the reasons for their existence were not brought to light. Moreover, such rapid advancement and radical changes in the design of equipment, especially in metallurgical lines, have occurred that practice has apparently outdistanced the theory of design. In the modern tendency toward greatly increased size of units, effort has seemingly been made to utilize the heat of fuel gases without proper attention having been paid to conserving heat energy and confining it strictly to the points of maximum activity. The systematic study of the thermal properties of structural materials, which is being carried out by various government bureaus and also by a number of technical societies, is forming the basis for more intelligent and consistent work in the economically important subject of prevention of fuel waste. Advantages of Insulation It is not necessary in this practical and utilitarian age to enlarge upon the need of prevention of heat losses, but attention may advantageously be called to the other benefits derived simultaneously with the saving in fuel and the increase in thermal capacity of furnaces when properly insulated. In most industrial furnaces—which are here spoken of in the broadest sense, indicating general high-temperature equipment for any purpose and heated in any manner—the operations are generally carried on through a temperature range which has been found by practice to give the most ef-

Jan 1, 1916

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 Gerald F. G. Sherman

The ore deposits of the Warren district, in which the mines of the Copper Queen Consolidated Mining Co. are situated, have been described in a number of technical publications, and will not be discussed here in detail. Certain of their characteristics, however, control methods of underground transportation and hoisting of ore. In the Copper Queen mine, the majority of the ore has occurred in a zone encircling the west boundary of the porphyry intrusion of Sacramento Hill. It has a width varying from 800 to 1,200 ft., and a thickness of about 400 ft. It reaches the surface in the older part of the mine to the northwest, but dips to the southeast, where it is reached at 1,400 ft. below the Czar collar, in its farthest extension at present developed on Copper Queen ground. There is one major extension from the northwest end of the zone toward the west along the Czar fault, and others of minor importance. Individual orebodies are scattercd through the zone in an eccentric manner, only matched by their own irregularities of form and size. Their most gencral characteristics are the softness of the ore and their grcat horizontal rather than vertical extent. It has been estimated that the average vertical thickness of ore in the Czar and Lowell divisions is between 30 and 35 ft. It is calculated by assuming it to be uniformly distributed over its horizontally projected area. In this zone, and for some distance above it, the ground has been subjected to intense alteration and intense but irregular oxidation. It has resulted in an enormous quantity of earthy or clayey material, which may be either ore or waste, which when wet is both heavy and tenacious. Below alteration, the ground is fairly hard, and the limestones contain primary ores differing from those heretofore considered typical of the camp, and which have not yet been thoroughly exploited. The mine production has been drawn from many orebodies spread over a great area.l A diagram map (Fig. I), of haulage drifts and loading stations, illustrates the situation in 1914.

Jan 1, 1916

By Lester A. Blackner

The Ray Consolidated Copper Co.'s mining property is located on Mineral Creek, 6 miles north of Kelvin, at Ray, Pinal County, Ariz. (Fig. 1). The mining claims now owned by the company consist of 126 lode claims, comprising 2,144.9 acres, containing at the beginning of operations 82,904,368 tons of 2.19 per cent. copper ore. General Characteristics of the Orebody The main orebody is a disseminated deposit in schist and porphyry formed by secondary enrichment. Its existence was proved by churn drilling, and it is at present one of the largest proved copper deposits in the world. The orebody itself covers 205 acres with an average thickness of 121 ft., and occupies a definite belt which has a northwest direction. Its length is approximately 5,000 ft. The width varies, being about 2,000 ft. at the west end and 2,500 ft. at the east, narrowing down irregularly from both ends to a few feet in the center. The thickness of the body varies greatly along the line of lode, ranging from a few feet up to 470 ft. thick. The ore horizon is not constant, but varies, following in a broad sense the topography. The body in general dips slightly to the northeast, and is broken up by numerous small faults and fractures. The ore-bearing formations, consisting of mineralized schist and mineralized granite porphyry, stand fairly well and offer no difficulty in mining operations. The bulk of the ore is chalcocite disseminated in schist. In places cupriferous pyrite is closely associated with the chalcocite. The mineralized gr'anite-porphyry forhations are contiguous to the ore-bearing schist. • Overlying the orebody is an oxidized zone of leached iron-stained schist, averaging 252 ft. in thickness, termed "capping." The Line of

Jan 1, 1916

By Charles A. Mitke

The Copper Queen mine is composed of seven divisions which are operated through the following shafts: The workings of the different shafts are connected by motor-haulage drifts on the even numbered levels. The general location of the ore-bodies and workings is illustrated by the vertical projection of orebodies of the district as shown in Fig. 1. The Uncle Sam, Southwest, and Czar workings have many connections to the surface through raises and extensive cracks that were caused by moving ground. These divisions are cool and are ventilated entirely by natural means. The Holbrook is ventilated partly by natural and partly by artificial ventilation, while the Spray, Gardner, Lowell, and Sacramento are ventilated entirely by mechanical means. In some of the divisions mentioned above a considerable quantity of air exhausts through shafts of adjoining properties.

Jan 1, 1916

By Nathaniel Herz

The use of zinc dust for precipitating the pecious metals from cyanide solutions is well established now in many places, and has many advantages over the shavings method of precipitation. Although much work has been done o,n methods of testing zinc dust, as yet. no absolutely positive test has been devised to determine the value of the material. Certain facts are known, but often it happens that results on a working scale are not as expected from the laboratory tests. The purpose of this paper is to record some obscrvations made while testing a large variety of zinc-dust samples in the laboratory. W. J. Sharwoodl has described standard analytical methods, which have been followed, with the changes noted. The regular determinations include zinc oxide, by solution in ammonia and ammonium chloride, lead, and precipitating efficiency. In some cases cadmium was determined by a method similar to that described by J E Clennell.2 I will discuss the precipitating-efficiency test in detail. The procedure is as follows: "A solution of potassium silver cyanide is prepared by dissolving 10 grams of silver cyanide (AgCN) and 5 grams of 99 %' potassium cyanide in a little water and diluting up to 1000 cc. It is then adjusted by addition of a little more XCN or AgCN until the solution indicates from 0.12% to 0.15% free KCN by titration with standard silver nitrate. The titration is best made by using a 10-cc. or 20-cc. sample, adding 1 CC. of 2 % potassium iodide, and a slight excess of ammonia, as the end point is then sharper. Or 15 grams of pure crystallized XAg(CN)2 may be dissolved in a liter of water and 1.5 grams XCN added. " Weigh out 0.5 gram zinc dust into a 300-cc. beaker. Add a few cubic centimeters of watcr and stir until zinc is well mixed, then pour in 250 cc. of the prepared solution, stirring vigorously. See that all lumps are broken up, and continue stirring for fully five minutes. Stir occasionally (at least every 10 minutes) until the end of two hours from the addition of the solution. Then filter upon an 11-cm. filter, wash precipitate thoroughly, sprinkle with test lead, wrap it carefully in the paper, place in a scarifier with about 20 grams test lead, burn paper cautiously in muffle, scorify five minutes, cupel at low temperature and weigh silver. Milligrams silver obtained from 0.5 gram zinc X 0.0606 = percentage precipitating efflciency."³

Jan 1, 1916

By Harvey Parker

"The International Tunnelling and Underground Space Association (ITA) is a nonprofit organization that represents all aspects of the tunneling and underground space industry worldwide. Next year, the ITA will be holding its annual World Tunnel Congress (WTC) in San Francisco, CA, April 22-28, 2016. The ITA’s mission is to be the leading international organization advancing the entire industry and promoting the use of tunnels and underground space through knowledge-sharing and application of technology. This article updates a series of articles about the ITA prepared in 2007 by Harvey Parker, former president of the ITA, in anticipation of the next WTC in San Francisco.ITA accomplishes its goals through a range of activities that includes organizing conferences, workshops and meetings, working group and committee studies, training, experiments and other activities. ITA is also involved in the publication of proceedings, reports, and guideline documents as well as facilitating interaction among its membership and with sister organizations and decision makers. ITA currently includes 73 member nations and several hundred affiliate members, including 15 prime sponsors and 63 supporters. ITA’s membership is comprised of member nations as well as sponsors and affiliate members.The United States has had a prominent role in ITA since its 1974 inception, when it was formed as a result of a worldwide survey conducted in the early 1970s by the Organization for Economic Cooperation and Development (OECD). Bill Lucke, from the U.S., who was in charge of tunnels for the U.S. Federal Railroad Administration, was a member of the organizing committee that created ITA and became a vice president of ITA. Jack Lemley served as president of ITA from 1983 to 1986. Dick Robbins was active in ITA and served for many years as a member of the ITA’s Executive Council and as first vice president. Harvey Parker served as president of ITA from 2004 to 2007. Amanda"

Jan 1, 2015

By Gerry Houlahan

"The 2015 Outstanding Project Award (OPA), which recognizes the superior work of DFI members, was awarded for the San Francisco- Oakland Bay Bridge New East Span. The award was presented to representatives from Caltrans and the T.Y. Lin International/Moffatt & Nichol Joint Venture at the DFI 40th Annual Conference on Deep Foundations in Oakland, Calif. A committee selected this project based on size, scope and challenges of the project; degree of innovation and ingenuity exercised; and the uniqueness of the solution to the difficulties of the job. A bridge across the bay between San Francisco and Oakland was proposed as early as 1872, but it took until November 12, 1936, until it became a reality. The bridge spans to the west of Yerba Buena Island were conventional suspension spans, while the east spans used a steel cantilever truss design and simple steel truss spans. This double-deck bridge served the Bay Area well until 1989. In that year, the magnitude 7.1 Loma Prieta earthquake damaged the East Span of the San Francisco-Oakland Bay Bridge. The resulting interruption to service across the bay demonstrated the vital role this bridge plays in the economic and life safety activities of the Bay Area. The project owner, California Department of Transportation (Caltrans), determined that the safest, most cost-effective solution was a total bridge replacement. The Engineer-of-Record, T.Y. Lin International/ Moffatt & Nichol Joint Venture, working closely with Caltrans, the Metropolitan Transportation Commission (MTC) and the California Transportation Commission (CTC), was charged with developing a comprehensive design strategy that met the project’s stringent criteria for seismic safety. These criteria included the new bridge’s designation as a regional Lifeline Structure that must open to emergency traffic shortly after the occurrence of a 1,500-year return period earthquake"

Jan 1, 2015

By Matthew E. Fowler

The Central Subway will extend the recently completed 8.2-km long Third Street Light Rail line another 2.7 km north through the Union Square shopping district to Chinatown with a concourse-to-concourse connection to the Powell Street BART Station. One mined and two cut-and-cover subway stations are planned. Particular challenges include: tunneling under existing tunnels; variable ground conditions ranging from saturated alluvium to fractured bedrock; a congested urban setting and large-span caverns. This paper gives an overview of the project as it stands midway through the preliminary engineering stage along with a discussion of the rationale and design approaches that are being used to address the construction challenges of restoring light rail service in the most densely developed areas of San Francisco.

Jan 1, 2008

When science and the human spirit come together amazing things can happen. This was perhaps never more evident than through the events that unfolded during August and October in a remote desert in northern Chile. On Aug. 5, the main shaft of the San José copper and gold mine near Copiapó in Chile?s Atacama Region collapsed, leaving 33 miners trapped more than 624 m (2,000 ft) beneath the earth?s surface.

Jan 1, 2010

Traditionally, surface coal mines in the Western United States have been limited by economics to depths between 150 to 200 feet. Utah International Inc., however, is now planning to strip coal its San Juan Mine in Northwestern New Mexico to depths ranging up to 400 feet while uncovering 20 feet of steam coal. This method is cost-competitive with nearby shallower coal deposits and underground mining of the same property. How trucks and shovels can pre-strip for a dragline, along with results of the planning process, comparison with alternate systems, capital requirements, operating costs and comparisons with other coal sources are all detailed. Also discussed are the major problems anticipated, how they might be corrected, and potential improvements to the concept. Introduction The San Juan Deep Stripping Project will be situated at Utah International's San Jean Mine. The mine is in the Four Corners region, so-called because four states enjoy a common border point about 30 miles to the northwest.(see Figure 1). The area is a semi-arid plateau region with an average elevation of 5,200 feet, receiving an average of 6 inches of precipitation annually

Jan 1, 1981

By Robert C. Pease

Siskon Gold has started gold production at the San Juan deposit in northern California. The mine is located about 27 km (17 miles) north of Nevada City, CA (Fig. 1). It is scheduled to be-come the largest underground gold mine in California. It is situated in the western foothills of the Sierra Nevada Mountains in the Mother Lode gold belt. The property consists of 8 km2 (2,000 acres) of patented land. It is situated in a topographically high area known as San Juan Ridge, which is 213 m (700 ft) above and between the Middle Yuba and South Yuba rivers. The elevation is between 790 and 914 m (2,600 and 3,000ft) above sea level. Annual precipitation averages 1,346mm (53 in.). Most of that falls between November and April.

Jan 1, 1996

WHEN Magma Copper Company in 1952 set about finding $100,000,000 to finance the project of developing and equipping the property of its lusty progeny, the San Manuel Copper Corporation, A. J. McNab, president and guiding genius for both companies (and incidentally a mining engineer by profession), determined that he would avoid the mistake frequently made in such circumstances, of underestimating the cost, and thereby running short of funds before the job was completed. The fear that this might happen was one of the reasons why insurance companies, one potent source of "big" money, were reluctant to finance the enterprise. How, they asked themselves, would Magma, a relatively small company, get additional money in such a contingency? Insurance officials' thumbs were turned down. Conditions Imposed by R.F.C. The upshot was the negotiation by Mr. McNab for San Manuel of a contract with the Reconstruction Finance Corporation, dated July 10, 1952, whereby needed monies in amount up to $94,000,000 would be advanced as a loan, bearing 5 per cent interest. Arrangements were made for the separate financing of the new $10,000,000 town, needed for the project, through the Del E. Webb Construction Company of Phoenix, Arizona, and M.O.W. Homes, Incorporated, of Los Angeles. Thus the $94,000,000 drawing account was believed ample to provide for building the railroad, the mine plant, the concentrator, and the smelter, as well as for the underground development of the mine needed to start production. As a matter of fact, only

Jan 1, 1957