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By M. M. Slotnick

It was once aptly said that a sign of approaching senility is ceasing work on a subject and beginning to talk about it. Perhaps that explains why, after many Years in which Part of my duties has been the training of college men in various branches of petroleum exploration geophysics, I have now begun to talk about it. In making an outline of what I believe ought to be discussed under the general heading of the title, I found it almost impossible to subdivide the ideas into an ordered set of discrete subjects. Rather, the pertinent remarks seemed to interlock almost everywhere. The consequence is that it will be necessary to start with the conclusions and then try to justify them by jumping back and forth. However, based on the types of men with whom I have had to deal, the subject naturally divides itself into two parts. In the first part, I should like to deal with the case of those undergraduates whose natural bent is toward the physical sciences and who may decide to enter the geophysical fold as a career. The other part will deal with those many men, geologists and engineers for the most part, who have drifted into exploration geophysics by one means or another, and whom it is necessary to train for geophysical work while they are occupied in their routine jobs. Here it may be in point to remark that most men in exploration geophysics at Present have been developed from precisely the latter group, and that the problem of training here is of great importance even though, in this paper, it will perforce occupy the secondary place. Training oF a Geophysicist The outstanding reason for the perplexing problem on the training of a geophysi-cist is that ideas differ on the answer to the question: "what is a geophysicistp" ln any of the scientific "specialties," like physics, for example, it is relatively simple to pigeonhole a man as being qualified to call himself a physicist. That appellation applied to an individual does not mean that he has mastered only the branches of intellectual endeavor usually associated under the broad name of "physics." we expect him also to have a more than mere acquaintance with mathematics and chemist~ and some understanding of most of the other sciences. But note this important point—we expect our physicist, whom we have chosen as an example, to be intelligently trained so that, if necessary, he can and will know how and where he can get the proper information on a subject in which he is not a specialist; he will know how to absorb that information and turn it to his uses. It seems to me that this is the outstanding characteristic of a man who can truly call himself a scientist: that he is a specialist in one of the broad branches of science in that he has enough training and discipline in the scientific approach so that, when called upon to do so, he can inteugently absorb knowledge from another bordering science (and all sciences not only border upon one another to some extent, but more often, overlap One another), and

Jan 1, 1946

By E. Teghtsoonian, K. G. Davis

THE preparation of cobalt crystals offers problems: on cooling through 400°C a phase transformation takes place whereby the structure changes from face-centered cubic to the low temperature close-packed hexagonal form. There are a few references in the literature which describe the preparation of cobalt crystals for magnetic work1,&apos; where melt-solidification methods were used. Reasons will be given why such methods were found unsuitable for our purposes. The following techniques were tried: 1) Solid state methods. Any mechanical shaping of tensile specimens would lead to uncertainty with regard to residual strains. With this in mind, following Kaa, strain-anneal and grain growth techniques were extensively investigated. In no Case were useful single crystals obtained. The transformation boundaries, which are crystallographically similar to twin boundaries, are probably extremely stable and inhibit the grain growth. 2) Growth from the melt. Normal melt-solidification methods were tried, using recrystallised alumina crucibles, and also a osoft moldo technique in which cobalt rod was packed in alumina powder. Trouble was encountered with gas evolution on solidification of the melt, giving porosity. Some adhesion of cobalt to the alumina also took place. Only a small proportion of the runs gave single crystals. 3) Zone-refining. Much the best results have been obtained using an electron-beam floating zone refiner. The refiner, based on a design by Calverly et Al .5 had a single-turn tungsten filament. It was operated at 600 v with an emission current around 45 ma. Commercial cobalt rod 1/8 in. in diam was given one pass at a rate of zone travel normally 25 cm per hr, under a vacuum approximately 10-5mm of Hg. Over 50 pct of the runs gave long sections of single crystal. Crystals up to 2o Cm long with good uniformity of cross section and straightness have been grown in this way. Increase in the length of the molten zone resulted in higher single-crystal yields, but control of zone stability was reduced. Sub-boundaries in the zoned crystals were few, and Laue X-ray spots were sharp. The success of the method is believed to lie in two factors, namely i) the absence of crucible restraints during the transformation, and ii) extreme axiality of heat flow during cooling. The axes of the zoned crystals were clustered around the [ 1010] pole, the pole of the basal plane being at least 60 deg from the specimen axis. Crystals grown at lower rates of zone travel showed the same orientation range, Fig. 1. This orientation is similar to that for other hexagonal metals grown from the melt, which is a little surprising when the mode of formation of the hexagonal phase is considered. The preferred orientation is probably caused by anisotropy of heat conduction, i.e., that crystal which can most effectively conduct heat away from the transformation interface will be favored. Fig. 2 shows the area on a standard cubic stereo-gram in which there are no poles more than 60 deg from one of the four < 111> directions. This area

Jan 1, 1962

By B. H. Caudle, R. E. Watson, I. H. Silberberg

The production history of an inverted nine-spot injection pattern was studied with a porous plate model similar to Habermann&apos;s. Colored fluids were used so the boundary movements could be photographed. By varying the production rates of the side and corner producing wells, the optimum pattern sweep efficiency can be obtained. Results of the laboratory tests indicate that interpolation of the pattern sweep and conductivity ratio data will permit application of the data to predicting fluid injection operations with mobility ratios between 0.1 and 10 and production rate ratios between I and the optimum values. INTRODUCTION The inverted nine-spot injection pattern in Fig. 1 has some unique advantages over other regular injection patterns (five spot, line drive, etc.) used in secondary recovery operations. It has three producing wells for each injection well, while the five-spot and line-drive patterns require an equal number of injectors and producers. Futher-more, of the eight producing wells surrounding each injection well, four are of the "side well" type which lie nearer the injection well than the remaining four "corner wells". This allows the production rates of these two types of wells to be adjusted independently of each other to obtain better pattern sweep efficiency. This latter advantage may well be the reason why the nine-spot patterns have not been studied as extensively as the patterns containing only one type of injection or producing well. The pattern sweep efficiency of the inverted nine spot is affected almost as much by operating with different producing rates of the comer and side wells as by differing mobility ratios. Possibly because of this added operating parameter, published studies of nine-spot systems have been limited in their coverage of the pertinent variables.&apos;-&apos; The model studies reported here covered the mobility-ratio range normally found in waterflood operations, as well as the variation in well production rates necessary to achieve optimum pattern sweep efficiency. Conductivity ratios — a measure of the change in total flow at constant pressure difference — were obtained during each model run. A porous-plate model with miscible fluids representing the in-place and injected fluids was used in this study. This model technique is the same as that used in both X-ray shadowgraph" and visual techniques4 described in the literature. Using miscible fluids eliminates residual oil in the model, and the permeability to the injected fluid is the same as to the in-place fluid. Thus the mobility ratio in the model is given by the ratio of the viscosity of the displaced fluid to the viscosity of the injected fluid. Because of the non-linear nature of the viscosity vs composition curve for two miscible liquids, the mobility change across the boundary between the two fluids is reasonably sharp. This technique thus represents the displacement of a region of one fluid mobility by a region of possibly different mobility in an isotropic system under steady-state flow conditions. Table 1 shows the dimensionless similarity groups used to scale the model conditions and results to

Jan 1, 1965

By W. C. Muehlhof, L. D. Lamont

THROUGHOUT the anthracite industry&apos;s history, the problem of handling and dis¬posing of refuse material has been one of major importance. In the early days of the industry&apos;s activities, only the large sizes of anthracite were satisfactory for market requirements and the smaller sizes were deposited as refuse. As time went by, more efficient coal-burning equipment was developed and a market demand was created for the finer sizes of coal. This demand made it possible to recover market¬able coal from banks deposited as refuse in the earlier days of mining. The same condition holds good today and we can see a definite trend toward the objective of utilizing the No. 4 and No. 5 buckwheat sizes. Under present conditions, we know that a limited market exists for No. 4 and 5 buckwheat; we know that the finer sizes of anthracite can be burned as pulverized fuel; we know that these fine sizes can be processed and sold as bri¬quettes, and we also know that the heat content of these fine sizes of coal is compar¬able with that of the sizes now merchan¬dized. Therefore, it should be the objective of the industry to conserve these fine sizes of coal in such manner that if and when processing facilities are developed, and market demands exist, the material can be salvaged and made available to meet these demands. From the standpoint of economical future reclamation, the ideal method of disposing of refuse containing the finer sizes of coal is to deposit it in banks separate and apart from other breaker refuse. By this procedure, the minimum amount of material will be processed in future salvage operations to recover the No. 4 and No. 5 buckwheat sizes. Many collieries in the anthracite region are operated under leases that have a specific term. These lease agreements provide that, upon expiration of the lease by term, exhaustion or otherwise, the ownership of the refuse material reverts to the lessor. Therefore, a question was raised in the minds of these operators: Why should I assume the expense of such pro¬cedure when I have no assurance that I will benefit by the future processing and sale of these fine sizes? Under present conditions, the answer to this question is not one of choice but of necessity, as restrictions imposed by legislation make it mandatory on operators of preparation plants to take necessary steps to properly treat silt-laden waters before permitting them to enter the streams. By reason of these restrictions, the disposal of fine sizes becomes a secondary_ rather than a primary operating con sideration, and the procedure for disposing of this refuse becomes a matter of choice governed principally by topographical and geographical conditions. METHODS OF HANDLING REFUSE There are three principal methods of handling and disposing of fine-size refuse; namely :

Jan 1, 1946

By Andrew B. Crichton

THE oft repeated statements of the United States Geological Survey and the Bureau of Mines that the coal reserves in the United States are sufficient for 3000 yr have given us all a sense of security hard to disturb. If we discount that statement 66 pct, which to the uninformed seems drastic, we would still have 1000 yr supply, and why should mortal man worry about the difference between 1000 and 3000 yr supply of coal. That is exactly the attitude which many who should be better in- formed have taken toward the problem. A recent brochure "How Strong is America," by the New York Herald Tribune, states there is "no end to coal * * The truth is staggering * * U. S. has enough coal to last 4000 years." What the statement actually means is that the calculator got as high as 4000 yr and decided it was pointless to go on. The President&apos;s ERP Committee on Natural Resources and others in high places continue to assure the country of our superabundance of coal. In the past few days the “Wall Street Journal" carried an item from Director Boyd of the Bureau of Mines saying that within a hundred years we would need to triple our annual coal production of 6oo,ooo,ooo tons, making it 1,800,000,000 tons annually, and at that rate we had coal reserves sufficient for 1000 yr. In my humble opinion, we cannot now or ever produce 1,800,000,000 tons annually, be- cause we do not have the reserves in the producing districts to do it. Past reckoning in geology may be, as in the Psalms, a thousand years are as yesterday, but the future must be considered more realistically, and "a thousand years" is really a "heck" of a long time. In most developed areas, mining engineers can count the coal reserves in terms of a hundred years or less, and in some important areas now producing large annual tonnages in much under fifty years. They think when they hear of thousands of years coal reserves, reference is made to distant fields and "the fields are always green far away." The estimates of our coal reserves upon which we are relying were made in 1907 under the direction of Marius R. Campbell, Director of the United States Geological Survey. It is apparent this work was not well done. It was necessarily based on rather meager data because of the little development and prospecting as of that date. There were mistakes in the correlation of seams, and they assumed the continuity of thick seams throughout large coal bearing areas where coal often did not exist. The overstatement of coal bearing areas in the Campbell figures are common. The 1907 survey includes all coals over 14 in. in thickness to a depth of 3000 ft. The total coal reserves according to Campbell were 3157.2 billion tons. The production and mining losses that year would amount to -570 million tons and

Jan 1, 1948

By Andrew B. Crichton

The oft repeated statements of the United States Geological Survey and the Bureau of Mines that the coal reserves in the United States are sufficient for 3000 yr have given us all a sense of security hard to disturb. If we discount that statement 66 pct, which to the uninformed seems drastic, we would still have 1000 yr supply, and why should mortal man worry about the difference between 1000 and 3000 yr supply of coal. That is exactly the attitude which many who should be better informed have taken toward the problem. A recent brochure "How Strong is America," by the New York Herald Tribune, states there is "no end to coal * * The truth is staggering * * U. S. has enough coal to last 4000 years." What the statement actually means is that the calculator got as high as 4000 yr and decided it was pointless to go on. The President&apos;s ERP Committee on Natural Resources and others in high places continue to assure the country of our superabundance of coal. In the past few days the "Wall Street Journal" carried an item from Director Boyd of the Bureau of Mines saying that within a hundred years we would need to triple our annual coal production of 600,000,000 tons, making it 1,800,000,000 tons annually, and at that rate we had coal reserves sufficient for 1000 yr. In my humble opinion, we cannot now or ever produce 1,800,000,000 tons annually, because we do not have the reserves in the producing districts to do it. Past reckoning in geology may be, as in the Psalms, a thousand years are as yesterday, but the future must be considered more realistically, and " a thousand years" is really a "heck" of a long time. In most developed areas, mining engineers can count the coal reserves in terms of a hundred years or less, and in some important areas now producing large annual tonnages in much under fifty years. They think when they hear of thousands of years coal reserves, reference is made to distant fields and "the fields are always green far away." The estimates of our coal reserves upon which we are relying were made in 1907 under the direction of Marius R. Campbell, Director of the United States Geological Survey. It is apparent this work was not well done. It was necessarily based on rather meager data because of the little development and prospecting as of that date. There were mistakes in the correlation of seams, and they assumed the continuity of thick seams throughout large coal bearing areas where coal often did not exist. The overstatement of coal bearing areas in the Campbell figures are common. The 1907 survey includes all coals over 14 in. in thickness to a depth of 3000 it. The total coal reserves according to Campbell were 3157.2 billion tons. The production and mining losses that year would amount to 570 million tons and

Jan 1, 1949

By P. S. Roller

P. S. ROLLER,*College Park, Md.-The author introduces the idea of a grind limit, or lower size limit of the particles formed directly by grinding, and this is stipulated to be 0.70 micron. I wonder where all the particles come from that lie between the resolving power of the microscope and 0.7 micron, which are seen under a microscope in examining a sample of grind? There is also introduced the idea of excess fines; this is all right in itself but the author&apos;s quantitative definition seems to be virtually impossible to justify, and, moreover, is obscure. Just why E, the excess fines, should he defined as the distance between an F line and a y line is hard to follow, and just where the distance should be measured does not appear to be stated, as it should be since the F and y lines intersect and the distance between will depend upon where that distance is measured. The basis of the presentation is the relation of log weight against log size that was "discovered" by Schuhmann. While this relation is implied to fit, the only evidence that I can see is a slightly irregular line in Fig. x between 2 per cent and 18 per cent by weight and then a precipitous drop at 18 per cent away from any sort of straight line. Some of the conclusions are rather startling. It is stated that E, the excess fines, remains constant for all the comminution products of any particular material, except that it may decrease for some coarse crusher products. No reason is given for this assertion. One would, on the contrary, expect that excess fines, if such a concept is permissible, would generally vary with different conditions instead of being constant. Again, "as much net energy is required to reduce a ton of quartz to particles of the grind-limit diameter (namely, of course, 0.7 micron) by grinding as is required to melt the quartz." This would require many data to prove, but no proof is given; any consideration would reveal the impossibility of such a result. Still further, ore samples "ground to widely different sizes, and with different circulating loads and different size distributions or product, show the same production of new surface area per revolution of the mill, when this grind limit is used." This statement is confuted by ordinary experience, which teaches that grinding efficiency varies generally with the condition of material. For example, the cushioning effect of fines is widely accepted, while the inefficiency of a ball mill when the feed is too coarse is also well known. R. SCHUHMANN, JR.," Cambridge, Mass. Contrary to Mr. Bond&apos;s stand, there is a great deal of miscellaneous experimental evidence that comminution does not stop at around 0.7 micron, nor does it cease consuming energy at that point. Comminution is in fact recognized as an important method of producing colloids., Mechanical comminution methods were used by von Weimarn6 to produce colloidal dispersions of a variety of solids, including the minerals chalcocite, galena, hematite, stibnite. Utzino7 gives average particle sizes ranging from 0.02 to 0.09 micron for colloids produced by mechanical comminution of several crystalline solids. Andreasen and Berg&apos; have ground

Jan 1, 1941

By H. H. Rachford, W. P. Schultz

The use of computing machines to solve physical problems has made it imperative to represent physical data in a form computing machines can use. Although curve-fitting is an old and well-practiced art, there still seems to be some interest in questions regarding what methods can be used and why. Even though there are many good references on this subject, it may be of some value to discuss a particular method which has been found to be useful, and to make available the associated tables for its use in the hope that there can be saved a few of the tedious hours necessary to reduce many of the suggested methods to practice. Although a very brief discussion of the mathematical background of the tables is included immediately below, those interested only in their use can skip directly to the section on Use of the Tables. Direct Fit of a Set of Points A frequently encountered problem is: Given data which can be represented by a smooth curve +(x), to find an easy-to-evaluate function F(x), with only a few coefficients, which is a good approximation of +(x) on the interval 0 5 x 5 x,,. Consider F(x) as a linear combination of m + 1 arbitrary, single-valued, continuous, linearly independent functions, f,(x), Ff.r) = a,f,,(x) + a,f,(x) + . . . -+ aifi(x) + If the value of Q(x) is known or can be read from the curve at the points xj: +(x,), +(x,), . . . +(xj) . . . +(x.), and if n = m, then all the coefficients of F(x) can be determined, and F(x,) — +(x,) = 0 for j =. 0, 1, . . . n. This follows from the solution of the set of linear simultaneous equations. +(x<.) = aofu(x,) + aJI(x0) + . . . + a,,f,,(x,) =a, = f,,(x,) + a,f,(x,) + . . . + a,f,,(x,) +(x,,) = a,,f,(x,,) + a,f,(x,) + ... + a,,f.,(x,,) ...........(2) for the coefficients ai. Although the set a, from the solutions of the set of Equations 2 yields an fix) which gives an exact value of $(x,) for the n + 1 points, there is no restraint on ~(xj in the interval xi < x < xj+,. Indeed, if the points +(x,) are not sufficiently smooth, very serious differences may arise between F(x) in the interval and the smooth curve +(x). Least-Squares Fit It has been suggested&apos; that if n is made to exceed m, and the set a, is found to minimize the function the function F(x) is much less sensitive to small errors in +(xi), and usually provides a much better fit to the smooth function +(x). This is known as the best fit in the sense of the least-squares error. To minimize $, set £ = 0,i = 0,1,... iTi,.....(3) The m + 1 equations from Equation 3 are k—n k=n a.^p /,,(a) f,(xt) + a, X A: = 0 k=O k = n k = n k=0 k=0 +(x.) f,(x,),............(4) one equation being obtained for each i = 0, 1, . . . m. Inasmuch as the arbitrary functions f(x) may be evaluated for x,, k = 0, 1, . . . n, and the +(x,) are known values of the curve to be fitted, the simultaneous Equations 4 may be solved for the set a,. Particular Functions Given the functions fi(x) and the set +(xj), the solutions for require evaluating a number of sums of products as well as the solution of an m + 1 order set

Jan 1, 1956

By M. H. Caron

D. C. Ralston—The fact that none of the organizations that have worked on these ammoniacal leaching processes have contributed discussion of Mr. Caron&apos;s papers today is a matter of some disappointment. Adaptations, modifications and improvements have been made by several organizations or individuals and to complete the record I want to document a number of them. The Nicaro Nickel Co. operated a Government owned plant at Nicaro, Oriente, Cuba, during the past war. A report on the project was written for Reconstruction Finance Corp. and is in the document file collected by the Office of Technical Services, Commerce Department and filed with the Library of Congress, where it can be consulted or bibliofilm or photostat copies obtained by asking for copies of PB 97271. Nicaro Nickel Co. has obtained a series of U.S. Patents, my list (probably incomplete) of which bears the following numbers: 2,400,098; 2,400,114; 2,400,115; 2,400,461; 2,400,612; 2,458,902 and 2,473,795. International Nickel Co. has also studied the problem and U.S. Patent 2,478,942 shows that some of the complications involving occasional low extractions have been unraveled. Forward, Samis, and Kudryk, of the University of British Columbia, have also published a study of copper-nickel sulphide concentrate.&apos; Others are interested and it is evident that this type of hydrometallurgy is likely to find a happy application in the not-too-far distant future. Caron&apos;s two papers practically amount to a summation of his life&apos;s work on the important subject of nickeliferous iron ores and the American Institute of Mining and Metallurgical Engineers is fortunate to have been chosen the medium of publication. M. Rey—The ammonia leaching process has been the subject of certain studies in New Caledonia, but at the present time, the conditions are not very favorable to its adoption. The process is a combination of a thermal and a hydrometallurgical process. As a result, the first costs and the operative costs are rather high. To counteract this unfavorable situation, it would be necessary to make a very high extraction. But unfortunately, the process is delicate and in spite of all of Caron&apos;s valuable work, there are still many unknown factors. It is difficult to obtain regularly a high extraction, exceeding 75 to 80 pct. It would be interesting to have the opinion of Inter-national Nickel on the process and to know what the Dutch are doing in Celebes. M. H. Caron (author&apos;s reply)—I am quite familiar with the different types of nickel and cobalt ores as found on New Caledonia, and it may be pointed out that the Celebes ores are quite the same in their properties. Their behavior when treating the ores by the ammonia-leaching process is also alike and in my opinion, there is no reason why a high extraction of the New Caledonian ores could not be obtained if the process is properly applied. For the sake of completeness I may add that one of my patents has not been discussed in the papers. This patent deals particularly with the treatment of serpentine nickel ores. (Netherlands No. 62693 40a, French No. 965.786 April 21. 1948. and Cuban No. 13.625 Jan. 1950.) O F. A. Forward, C. S. Samis, and V. Kudryk: Trans. Canadian Institute of Mining and Metallurgy. (1948) 151 (Bull. 434) 350-355.

Jan 1, 1951

By P. S. Roller

P. S. ROLLER,* College Park, Md.-The author introduces the idea of a grind limit, or lower size limit of the particles formed directly by grinding, and this is stipulated to be 0.70 micron. I wonder where all the particles come from that lie between the resolving power of the microscope and 0.7 micron, which are seen under a microscope in examining a sample of grind? There is also introduced the idea of excess fines; this is all right in itself but the author&apos;s quantitative definition seems to be virtually impossible to justify, and, moreover, is obscure. Just why E, the excess fines, should be defined as the distance between an F line and a [?] line is hard to follow, and just where the distance should be measured does not appear to be stated, as it should be since the F and [?] lines intersect and the distance between will depend upon where that distance is measured. The basis of the presentation is the relation of log weight against log size that was "discovered" by Schuhmann. While this relation is implied to fit, the only evidence that I can see is a slightly irregular line in Fig. I between 2 per cent and 18 per cent by weight and then a precipitous drop at 18 per cent away from any sort of straight line. Some of the conclusions are rather startling. It is stated that E, the excess fines, remains constant for all the comminution products of any particular material, except that it may decrease for some coarse crusher products. No reason is given for this assertion. One would, on the contrary, expect that excess fines, if such a concept is permissible, would generally vary with different conditions instead of being constant. Again, "as much net energy is required to reduce a ton of quartz to particles of the grind-limit diameter (namely, of course, 0.7 micron) by grinding as is required to melt the quartz," This would require many data to prove, but no proof is given; any considera¬tion would reveal the impossibility of such a result. Still further, ore samples "ground to widely different sizes, and with different circulating loads and different size distributions or product, show the same production of new surface area per revolution of the mill, when this grind limit is used." This statement is confuted by ordinary experience, which teaches that grinding efficiency varies generally with the condition of material. For example, the cushioning effect of fines is widely accepted, while the inefficiency of a ball mill when the feed is too coarse is also well known. R. SCHUHMANN, JR.,* Cambridge, Mass.¬Contrary to Mr. Bond&apos;s stand, there is a great deal of miscellaneous experimental evidence that comminution does not stop at around 0.7 micron, nor does it cease consuming energy at that point. Comminution is in fact recognized as an important method of producing colloids.5 Mechanical comminution methods were used by von Weimarn6 to produce colloidal dispersions of a variety of solids, including the minerals chalcocite, galena, hematite, stibnite. Utzino7 gives average particle sizes ranging from 0.02 to 0.09 micron for colloids produced by mechanical comminution of several crystalline solids. Andreasen and Berg8 have ground

Jan 1, 1941

By Ava Walker

The first form of a surety bond was an honest handshake between two or more parties agreeing to a decision, and their personal guarantee of following through to completion. This has all changed. In 1895, the United States Treasury Department disclosed that $35 million worth of personal surety guarantees on file had become worthless. A law was then passed requiring all surety bonds, in favor of the United States, must be corporate surety bonds. Today, a surety bond is one of the nation&apos;s leading fi¬nancial instruments used to guarantee the completion of an obligation. One hundred-fifty years before cor¬porate surety bonds, outcrops near Richmond, VA, were being mined. These surface mines became under¬ground mines. Today, both are still being used to obtain a leading energy source, coal. Since that time, more than 5956 km2 (1.47 million acres) of coal mined lands have been reclaimed in the US (Coal News, August, 1987). More than 25,000 state and Federal mining permits cover¬ing 14,164 km2 (3.5 million acres) have been issued during the last 10 years. Coal production has exceeded 7.2 Gt (8 billion st). More than 5665 km2 (1.4 million acres) of mined land has been reclaimed by active coal mining opera¬tions and 267 km2 (66,000 acres) of abandoned mined lands have been re¬claimed by others. Reclamation bonds were freely writ¬ten in the 1970s. So why are they almost extinct today? Contract bond losses have been severe in the past several years, sureties reporting losses exceed¬ing 110%. But the same proof is not provided on coal reclamation bonds. A surety bond is generally required when one party has an agreement with another party, and that party wants a guarantee from a third party that a job will be completed according to the terms and conditions of a written contract. In the case of a reclamation bond, the surety company (surety) is the financial party. It extends the credit and a guarantee to the obligee (the State, Commonwealth, or Office of Surface Mining) that the principal (the coal operator/company) will complete the terms and conditions of the contract (the rules and regulations governing mining and reclamation). The Surety Association of America defines a surety bond as an agreement providing for monetary compensation should there be a failure to perform specified acts within a stated period. Webster&apos;s Dictionary defines surety in the following ways: "l: the state of being sure; 2a: a pledge or other formal engagement given for the fulfillment of an undertaking and; 3b: one who has become legally liable for the debt, de¬fault, or failure in duty of another." Banks never make accommodation loans. Either the loan is good or no loan is made. Surety companies feel the same way about surety bonds. In fact, the average person does not realize the dangers of becoming surety for another. How does a surety determine if a company is worthy of receiving surety credit? How is a coal account under¬written today for an obligation that may not be released for many years? When a surety company executes a reclama¬tion bond, it financially puts its name behind the coal company and its guaran¬tee that should the coal miner default on the obligation, the surety will fulfill the contract. How is the surety to determine if a coal company may still be in business five, 10, 20, or 40 years from today?

Jan 1, 1989

MR. ENZI: hank you very much. I&apos;m sure there?s a lot of you out there just realizing that Rock Springs and Gillette is not one city. I&apos;m sure there&apos;s a lot of you wondering why a person from a town who has the image in the national media that the town of Gillette has is talking to you about image. I had a person this morning ask me if Gillette wasn&apos;t the end of the world. The only response I can give is "no, but you can see it from there." We have been researched a lot and, I realize, we&apos;ve been very lucky because I&apos;ve observed that researchers cause cancer in rats. In fact a wonder drug is one that has no effect on mice. In fact I&apos;ve been thinking of posting a sign in my office that would read "due to the large number of interviews by journalists who already have their articles written, we would most respectfully request that anyone wishing to insult the city of Gillette, please limit themselves to 3,000 words or 15 insults, whichever is shorter." I don&apos;t know if any of you saw the article in Playboy about three months ago on the city of Gillette. What you probably don&apos;t realize about that article is that that was an attempt by Playboy magazine to see if they couldn&apos;t change their image to a national municipal magazine. I think it&apos;s important to know Gillette is the frontier city, a pioneer city, it&apos;s a shopping center for northeast Wyoming and most importantly, we&apos;re the energy capital of the nation. We&apos;re on the threshold of the Powder River Basin and we will be the nation&apos;s energy solution. Besides coal, we&apos;re, already the heart of the state&apos;s leading oil producing area and we have vast uranium resources. But I, want to tell you the biggest resource that we have is, the people who have come to live in Gillette. You will find Gillette a busy, young, pulsating community. We&apos;re experiencing the excitement of growth. We&apos;re welcoming a higher percentage of newcomers than any other town in the nation. Yes, growth to us is exciting. Where else can you get ten years of experience in two years? We realize you can&apos;t maintain the status quo. Growth can be painful but not as painful as the alternative, recession and depression. For a little bit of background, we are now at 16,000 people and we have another 4,000 people who live on the outside but look like they live on the inside. The Census Bureau says that we have, 11,225 people but we have that many people in a traffic jam on the Douglas Highway in one day. I?ll , tell you about a few things happening in Gillette. I think it&apos;s very important to emphasize that I didn&apos;t , do these things; it&apos;s the youth and the energy of the community that has done these things. Right now the city of Gillette has 32 major projects underway. We have water for 50,000 people and we&apos;re seeking more water. The city in 1975 was 1 .8 square miles. Last year alone we annexed I square mile. We build 10 miles of paved streets a year. For the last 8 years we&apos;ve doubled our parks&apos; budget. I

Jan 1, 1982

By S. E. El-Alfy, John Starkey

"The Iron Ore Company of Canada treats up to 125,000 t/d of iron ore at its Carol Concentrator in Labrador City, NF.A complete water balance study in the concentrator was done to show how to reduce the consumption of fresh water, to improve metallurgy in the magnetic separation (mag) plant, and to help reduce maintenance costs for the reclaim water and tailing pumping systems.The study showed that more than 60% of the water used in the mill was internally recycled dirty water from dewatering cyclone overflows, and that water reduction was closely tied to the effective use of these internal reclaim pumping systems. In addition, new operating parameters were set for the 4 -15,000 USGPM reclaim water pumps which should save over $100,000 per year in maintenance costs.IntroductionThe study described in this paper was set up for the purpose of lowering water usage in the concentrator, and to reduce tailing and process water pumping costs (operating and maintenance). Another benefit was also expected, namely, to improve magnetic separation efficiency through better water and density management of magnetic separator feed streams.The procedures selected to perform this work were: ( 1) to prepare accurate, as built flowsheets of the entire iron recovery process, including fresh and process water systems, (2) to calculate normal material balances in all circuits at full production, (3) to use the computer spreadsheet model so generated, to evaluate specific ways to reduce water consumption and (4) to re-evaluate metallurgical performance and operating parameters in the light of this information.Overall control of the 28 spiral iron recovery lines was found to be excellent because automated start up and shut down of the individual lines had been incorporated in the design from the start. Because production rates can vary due to sales requirements, mine and mill maintenance delays and hardness variance, the mag plant (which treats spiral tailings) must deal with a wide variety of operating conditions. Good water management therefore is a key item in achieving high recovery of the fine free magnetite which is too fine for recovery in the spirals.In order to make the study as accurate as possible, process data for major flows was reviewed by metallurgical staff and then by mill supervisors. The operating picture of the concentrator so generated was judged to be a good estimate of the mill at full production. By changing key inputs, the variance of process water demand and tailing slurry produced for several other operating conditions were studied.The usefulness of this exercise has prompted this present presentation to be made. Older plants by nature have undergone many revisions as operators have worked through ore changes, market changes, labour cost increases and the availability of new equipment, to improve their operation. Sometimes therefore it is necessary to stop and reassess what is happening in a plant in order to continue the never ending work of process optimization. The techniques used here were ideally suited to the gravity/magnetic concentration flowsheets used, but there is no reason why similar studies could not be done in other process plants.The authors of this paper hope that this experience at IOC will be helpful to others who face similar challenges in the pursuit of excellence in their processing plants."

Jan 1, 1995

By I. Iwasaki

There are many reasons why the US mineral and primary metals industry is in its present state. Undoubtedly, a flood of imported goods in all sectors is playing a major role in the plight of our raw materials industry. Domestic industry is becoming increasingly aware of the importance of its international competitiveness. And we are beginning to wonder what is happening to our technological edge. A number of factors affect the international competitiveness. Engineers cannot do much about some of these factors - labor costs, tax policy, government relations, interest rates, dollar strength, and labor-management relations. Something can be done about technology, however. Some say technology is so easily transferable today. But I would like to believe that we have the ability to apply it better than others. Not too many years ago, "made in Japan" meant cheap and shoddy products. Today, Japan has completely changed its image. The US is beginning to feel the threat from Japan&apos;s low-cost, defect-free products with dependable delivery. With worldwide recession and the strength of the dollar, we were shocked at the sudden weakness that developed in America&apos;s industries, not only in the international market, but domestically as well. What went wrong and what can we do about it? Senior executives from 300 large American manufacturing companies were surveyed. These executives believe US companies must: • invest in more efficient plants and equipment (27%); • invest in more research and development (23%); • improve the quality of service to customers (23%); and • adopt more aggressive marketing tactics and strategies (14%). Are we not doing enough research? The US has nearly four times as many people engaged in research and spends four times as much for research as Japan (Fig. 1). There is little doubt about the excellence of the US performance in basic science as indicated by the number of Nobel prize recipients. Japan has produced only four winners since World War II. Look at technology trade of five countries (Fig. 2). Again, US performance has been remarkable. An interesting observation here, is that the United Kingdom, another country with economic woes, is also in the black, West Germany and Japan, both with trade surpluses, are net technology importers. It is apparent that the US&apos; performance in the commercialization of new knowledge is much more in question. Japan had $50 billion of trade surpluses with the US last year, which led to some friction between Washington, DC and Tokyo. Comparing the technology trade of Japan and the US in more detail, Japan imports disproportionately large amounts of technology from the US and Europe. This data is rather old, 1978, but the general trend is not too different even today. It is generally believed that scientific research leads to innovative technology, then to economic payoff. But, after seeing the current technological challenge by Japan, we are forced to change this traditional view. Investment in research may eventually lead to economic payoff, but not directly. There is a middle ground between new knowledge and its commercialization. This is an area where the Japanese have been successful. Until the 1970s, many western companies licensed patents to Japan for quick profits. But, in recent years, these companies have become more discrete about the terms of technological transfer. As a result, a number of scientists and engineers are expressing deep concern over the future of technological developments in Japan. A survey was conducted on 450 research managers of private industries in Japan on how they viewed the level of breakthroughtype original research in Japan as

Jan 6, 1986

By Don S. McCoy, W. Joseoph Schlitt, Donald B. Swanson

Introduction Contract miners have long played an important role in the minerals industry. Historically, these were individuals who worked as underground miners and were paid by the ton or the day. These hardy types still ply their trade in the industry. However, today the term "contract miner" generally refers to an independent contractor who supplies the people and equipment needed to conduct surface mining operations for an owner or lease holder. At one time or another, contract miners have probably handled virtually every mineral commodity from sand, gravel, and stone quarrying to mining uranium and precious metal ores. In today&apos;s market, though, contract mining appears to be concentrated in just a few areas. These include precious metal mines, various types of solid fuel operations, and reclamation of abandoned mines. This article covers market areas, contract mining organizations and services, and their advantages and disadvantages. Gold and silver mines Although exact figures are not available, contract mining represents a significant element in the precious metals segment of US mining. For gold and silver, the growth in contract mining appears to be paralleling the overall growth in mining activity itself. Nevada is the largest gold producer in the US. The latest available data (1985) on open pit gold/ silver mines is summarized in Table 1 (Nevada Division of Mine Inspection, 1986). These figures show that contractors mined nearly half of the ore in 1985. Total tonnage mined, of course, was much higher for both owners and contractors. Assuming an average stripping ratio of 2.5 to 1, the total daily mining rate for the contractors was more than 145 kt (160,000 st). This translates into a contract mining rate of about 36 Mt/a (40 million stpy) based on 250 operating days a year. This approximate 50-50 split between owner and contractor also appears to hold for the future. Metals Economics Group (1987) published a survey of 51 short-range and 54 long-range precious metal projects being considered throughout the US. Contacts with owners, requests for proposals, and past corporate philosophies all suggest that about 55% of the open pit operations scheduled for the near-term will be contract mined. This represents an estimated 26 kt/d (28.5 stpd) of ore. A similar assessment of the long-term projects indicates that about 12 kt/d (13,000 stpd), or just under 50% of the open pit tonnage will be contract mined. There are several reasons why gold and silver represent such an attractive opportunity for contract miners. One is that many properties are owned or leased by individuals or partnerships that are essentially entrepreneurial. Many of these owners or lease holders have minimal mining experience. They must therefore either rely on contract mining organizations, sell an interest in the project to another mining company that will become the operator, or hire an experienced management team. For about the same reason, junior mining companies also represent good prospects for contracting. This is because most junior companies focus on exploration. They would prefer to spend their generally limited funds on drilling programs. Thus, they tend to minimize additional capital requirements by using contract miners or farming out the property to another mining company. Another good reason for using contract miners is the size of the deposit. Many properties are so small that their reserves will not support the capital expenditures

Jan 12, 1987

By G. Ansell, J. Weertman

G. Ansell and J. Weertman (Rensselaer Polytechnic Institute and Northwestern University, respectively) —The great increase in creep strength that you found in your indium-glass composites is quite striking. You ruled out a decrease in the dislocation source density as an explanation of the reduced creep rates. Could you tell in greater detail why you feel this is an inadequate explanation of the phenomenon. It appears to us that it is a reasonable one. Consider the spacing between the glass spheres in your composites. It is of the order of 10-3 cm. The spacing between dislocations in a (single-phase) annealed metal with a dislocation density of the order of 106 to 107 cm per cm3 also is of the order of 10-3 cm. Therefore it is not reasonable to expect that the arrangement of the dislocation lines is the same in the composite material as it is in pure indium. If the dislocation arrangements are different the density of the dislocation sources likewise will be different. Another way of saying the same thing is the following. The presence of the glass spheres reduces one of the dimensions of the metal phase to 10-3 cm. Thus the metal phase, in effect, is equivalent to a metal whisker or a thin metal film. These are strong because they have so few dislocation sources within them. T. D. Gulden and J. C. Shyne (authors&apos; reply)—It is to be expected that the arrangement of dislocations in the indium-glass composites would be quite different than that observed in annealed pure metals. The dislocations probably exist primarily as segments connecting the dispersed particles. These segments and discontinuities at the very large area of particle-metal interface could act as dislocation sources. For this reason it was considered unlikely that the very high observed creep strengths were due to a low density of dislocation sources. A more likely explanation is that the distance a dislocation can glide is limited by the interparticle spacing. The particles averaged about twenty in diam and were less than 10 µ apart in the 40 pet composite. It seems reasonable to assume that a dislocation loop in a volume of metal surrounded by these relatively large particles would not bow out around them but would be restricted to the region between particles. A general expression for creep rate is given by the product of the dislocation source density, the average rate at which loops are generated from a source, and the average area swept out by a loop times the Burgers vector magnitude. Assuming that the area swept out is limited by the interparticle spacing and the rate of generation of loops is controlled by the rate of climb of loops over second-phase particles, as suggested by Ansel and Weert-men,9 a calculation of the dislocation source density may be made from the experimentally observed creep rates. The result comes out 10" to 10" per cm3 which seems reasonable in view of the assumptions involved. Thus it is concluded that the anomalously low creep rates that were observed were due not to a low dislocation source density but rather to a limitation on the area swept out by each dislocation loop.

Jan 1, 1964

By L. T. Larson

Nothing in Turkey is simple. Its his¬tory is long and convoluted, its culture fascinating, its metallogeny diverse, and its geology very complex. This article will focus on the geology of western Anatolia and the precious metals poten¬tial of this third of Turkey. Any gold produced by mines in Tur¬key since the early 1900s has been a by-product of the mining for other met¬als, such as copper from the massive sulfide deposits of the Pontics. Archaeological records, however, prove that gold was mined from the Pactolus (present day Gediz) River and refined by Croesus at Sardis in about 550 BC. Other records and legends make it possible that gold was mined before 1200 BC for the Homeric City of Troy (Priams treasure?) about 25 km (15 miles) east of Canakkale at Mad¬endag and Kartaldag. A final legend of antiquity suggesting gold in what is now Turkey relates to King Midas. And, indeed, the city-state belonging to a king of that name has been recognized near the city of Eskise¬hir. More recently, precious metals have been mined at Madendag-Kartaldag in the late 1800s. Arapdag, near Izmir, remains the only "authenticated" epith¬ermal precious metal deposit in Turkey (Mosier et al., 1985). With this spotty record, why the sud¬den interest shown by at least five Euro¬pean-based, three or four US-based, and several other international mining firms and their Turkish subsidiaries? Like other aspects of Turkey, the complete answer is not simple but, reduced to its basics, has three parts. Turkey, relative to many developing nations, has a stable, democratic form of government (although it also has a for¬midable bureaucracy) whose currency exchange rate is premised on the US dollar. New laws promulgated since 1983 have opened the country and welcomed foreign investment. Some have even provided investment incentives. The Mining Law of August 1985 made sweeping reforms of the old land tenure system. This law made it possible for a foreign-based company to have a wholly-owned Turkish subsidiary en¬gaged in mining. Equally important is the belated recognition that western Anatolia, while geologically compli¬cated, is today basically a province Neogene extensional tectonics having many of the geologic attributes of the leading gold producing province of the US - the Basin and the Range. Geologic rationale for precious metals exploration Tectonic/lithologic framework: Alle¬gorically and simplistically, Anatolia during early Neogene (middle Miocene) can be likened to a tube of toothpaste with the cap off. It is squeezed in the vise formed by the Arabian plate mi¬grating north toward the southwest end of a stable Asian platform. The "tube" was compressed. It could not expand to the east because it was sealed by what is now southern Russia and Iran. The filling of the tube escaped to the west, in the direction in which the cap was miss¬ing (Fig. 1). So developed during the middle to late Miocene the western-most struc¬tural province of Anatolia. This was done by a process aptly termed tectonic "escape" by Sengor et al (1985). This province is dominated by exten¬sional tectonics much like the Basin and Range of the western US and has an estimated extension of between 30% and 50%. The most striking manifesta¬tion of this extension is the 10 to 11 major east-west trending grabens (Ge¬diz, Buyuk Mendares, Kocuk Mendares, etc.) and intervening horsts, although a much greater number of smaller, gener¬ally northeast-striking grabens and half

Jan 1, 1989

By Parley Potter

GENTLEMEN OF THE COAL MINTING INSTITUTE: I was requested to write an article on mining a short time ago; however, the time has been so short that I have not had time to prepare an article as I would like to have presented it to this body. In writing this article it has not been my intention in making comparison of various mines, to favor one or discredit the other. I hope it will be considered in that light. The coal mining industry as I have seen it in the past, at present and in the future. In years gone by large tracts of coal land could be obtained at a very small cost, and as yet coal land may be purchased at a reasonable price in this country, but I believe the time is near at hand when the methods of mining will have to be changed greatly in this country. Many changes have taken place-in the last few years, some of them have been forced by law, others by the coal operators themselves, after being convinced that the changes made were for their own benefit. During my 20 years in the mines I have seen thousands and thousands of tons of coal lost that could have been saved if proper methods of mining had been used. The Room and Pillar system of mining coal is none. too good at its best ; a certain per cent of the coal is always lost, yet it is about the only system that can be used under certain conditions, but where the Longwall system can be used I believe it is the best system yet introduced. If the Longwall system is used&apos; there is no coal lost. You get it all as you advance with the workings. Some coal operators object to the Longwall system for several reasons, and most of the reasons they advance are not founded on facts. For instance some of them claim it is too expensive. I will admit that the cost per ton is a little higher in Longwall than it is in Room and Pillar as a rule for the amount of coal&apos; mined, but after the Room and Pillar mine is finished as a rule there are thousands of tons of good coal lost, for the simple reason that it cannot be mined at a profit. In many cases if the same mine had been operated on the Longwall system every ton of saleable coal could have been mined at a fair profit, and in the long run would have netted the owner much more money than it did under the Room and Pillar system. The Longwall system has been in operation many years in Europe and especially Great Britain, and is the most approved of systems in many countries at the present time. Millions of tons of coal have been saved by its use in those countries. It is claimed that the Armour Packing Company loses nothing but the squeal of the hog when it is killed, and doesn&apos;t allow it to squeal much. Why lose coal if the Longwall system of mining will save it? The Longwall mine is far more easy to ventilate than the Room and Pillar mine; the air has a much less distance to travel for the same amount of working face in Longwall than it has in the Room and Pillar.

Jan 1, 1921

By R. B. Rosene, G. L. Foster, A. R. Hendrickson

he properties of some of the common fracturing oils, such as sand-falling rate, fluid loss and viscasity, are a function of the three major constituents of the oil. These are: asphaltic material, parafin waxes and a base oil. The base oil can be either high or low viscosity. Asphaltic material increases viscosity by thickening the oil, decreasing the rate of fall of sand through the oil. at temperatures up to 200" F. When large arnorrnts of parafin wax are present, much of the wax i.s not dissolved, but is present in the form of rnicroscopic crystals. 7&apos;his, of course is limited to temperatures below the melting points of waxe.s. As a result, parafin waxes clo not function primarily as thickener.7, but rother as bullting materials. The functiori of wax, without asphaltic material, in a low viscosity base oil is uniquely unlike that of wax with asphalt coexistent in the oil. The resulting difierence in wax crystal size governs the sand-falling rate to a large extent. An ideal type of fracturing oil is one containing neither asphalt nor waxes. In such cases, the viscosity and resulting low sand-falling rate are apparently due to soluble resin- ous hydrocarbons, which are compatible with formation oils. INTRODUCTION Since the introduction of hydraulic fracturing as a method of stimulating production from oil and gas wells, a variety of fluids have been employed to open the fractures and carry the propping agent. Such fluids include gels, emulsions, and oils. In the latter category, the use of refined oils has increased tremendously, and it is probably safe to assume that such oils represent more than one-half of the total fluid used in fracturing. The general acceptance of refined oils for fracturing can be accounted for on the basis of their relatively low cost and general applicability. To minimize transportation costs, such refined oils are generally obtained within the local areas of operation. As a result there are several kinds of oil used in different areas, with a wide variation in the basic composition. These types may vary from a fair grade of lubricating stock to a highly viscous cut-back asphalt. or road oil. Originally, little attention was paid to the composition of the oils used for fracturing, and any oil which would carry sand was considered satisfactory. Recently, however, service companies and well operators have become more concerned with the type of oils used for fracturing. With this in mind, the present work was undertaken to evaluate and compare many widely used fracturing oils to determine which constituents were most desirable for fracturing purposes. Some of the important properties of fracturing fluids are sand-falling rate, viscosity, and fluid loss. Other properties, that are actually of no less importance, include flash point, pour point, emulsifying tendencies with formation brines, and compatability with the formation oils. This discussion has been limited, however, to the first mentioned properties in order to give some idea of the general composition of the refined oils, how they function, and why. PROPERTIES OF FRACTURING OILS The properties of fracturing oils are a function of the three major constituents of the oil. These may be designated as: (1) asphaltic material, (2) paraffin waxes and (3) a base oil, which may be of either high or low viscosity. The asphaltic material clas-

Jan 1, 1956

By Edwin A. Rides

HISTORICAL ORIGIN OF THE EXPORT CREDIT AGENCIES Almost since the inception of international commerce sellers, having manufactured and/or sold and shipped goods to an overseas buyer, have been obliged to accept the risk that they will not be paid for one reason or another. There are many reasons why payment may not be forthcoming, for example, the goods may be lost at sea, or rejected by the buyer or the buyer nay simply not be creditworthy. These risks were brought into sharp relief as international trading became more sophisticated and the practice of giving credit to buyers gathered momentum. Inevitably enterprises sprang up which offered same mitigation of this exposure, accepting houses and later confirming houses and banks were prepared to assure acceptable credit risks an behalf of the seller, usually by discounting trade paper, and for many years the market ticked over reasonably satisfactorily. However, after the 1914-18 War international trade was at an extremely low ebb and its inherent risks were accentuated to a point where they were often commercially unacceptable. Yet a healthy and vigorous international market was indispensable to recovery of the world economy and a number of governments, led by the United Kingdom, perceived a need to offer their exporters a comprehensive form of insurance, particularly to facilitate the extension of credit to foreign buyers. In the United Kingdom the Export Credits Guarantee Department (ECGD) was set up to encourage trade through the provision of export credit insurance. Over the ensuing years others followed suit and now most of the developed trading nations and many developing nations have similar agencies. PRESENT DAY IDLE OF THE EXPORT CREDIT AGENCIES (ECAS ) Traditionally then the BA&apos;s role was to encourage trade through the provision to exporters of insurance against the risks of non-payment by overseas buyers of their goods and services. However, during the 1970&apos;s the manufacturing industries of most of the developed nations found themselves facing severe competition for business, particularly in the developing world. As a result the more aggressive ECA&apos;s began to introduce ancillary forms of cover designed to reduce exporters&apos; risks outside of the credit field. For instance, most of the European agencies now have a form of cover against foreign exchange risks here contracts are denominated in currencies other than that of the exporter&apos;s country. Most of the agencies also provide cover to exporters against the risk of unfair calling of bid, advance payment, performance bonds etc and in certain countries, where high inflation rates were endemic, a form of cover against cost escalation. In certain circumstances it is also possible for an exporter to obtain cover against losses arising as a result of the involvency of a partner in a consortium or joint venture. These are all forms of insurance but, also during the 1970&apos;s, many of the national export credit programmes took a major step away from their original raison d&apos;etre by facilitating the provision of preferential financing terns for the acquisition of capital equipment by an overseas buyer. This new line of business quickly became an important ingredient of major export financing packages and, as we shall see later, turned out to be extremely costly for the countries providing it.

Jan 1, 1985