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By G. M. BUTLER

TWENTY-ONE of the states in the Union, the Territory of Hawaii, and seven provinces of Canada now have in operation laws requiring that professional engineers be registered or licensed. In addition, two states require that civil engineers be registered, and one other state demands registration of structural engineers. Moreover, nearly every year sees additions made to the list. The registration movement, fostered by the American Association of Engineers, now has the powerful, energetic backing of the An1,erican Society of Civil Engineers, which is itself now fostering registration legislation, and there is a strong sentiment in favor of registration in the American Institute of Electrical Engineers and the American Society of Mechanical Engineers. Only in the American Institute of Mining and Metallurgical Engineers is anti-registration sentiment, strongly dominant, but many members of this organization are enthusiastic advocates of registration.

Jan 1, 1930

By George Otis Smith

WHAT American can enter this Western empire without his imagination being stirred by the stories of its past-yes, and even more by visions of its future! Whether we travel by rail or by auto, our pathway has its traditions of exploration and its records of early settlement. The mountain passes and the routes used by today's commerce are lasting memorials of the pathfinders whose unconquerable purpose was to search out a way-Lewis and Clark, Bonneville, Pike, Long, FrBmont, their names still live in your rivers and lakes and peaks. It was the glory of these adventurers that they spied out the land so that others might follow that long pro- cession of pioneers who occupied the new country- fur traders, gold miners, cattlemen, and homesteaders. Each of these pioneers attacked the problem of transportation in his own way, and each sought by his own method to win the resources whose richness had been reported by the pen of the Government explorer or by the swift rumor of the unnamed and unfamed adventurer. Trails were worn deep by these home or fortune seekers as they passed through the mountain barriers in successive waves-and these were waves that did not ebb, for this was an army of occupation. Along these main pathways of the West, as one historian has pointed out, the figure of chief interest was the sad- faced woman sitting on the front of the covered wagon.

Jan 1, 1926

By Donald H. McLaughlin

ZEST in the search for new supplies of metallic ores and petroleum is difficult to maintain with stocks of raw materials accumulating and with over- production rightly or wrongly blamed for most of our industrial troubles. Enthusiasm over new methods of prospecting has consequently diminished and exploration programs in many fields have been drastically cur- tailed. Very naturally the effects have been felt with particular keeness in highly specialized phases of the work, such as geophysical prospecting, for the feverish scramble for new areas in which to drill beneath magnetic or electrical anomalies has abated, and there is even a lull in the firing in the battle over salt domes on the Gulf Coast. It is unquestionably an unhappy time for many of the organizations dependent on this work, but in certain respects the situation may be beneficial in correcting unsound practices that .have grown up through the necessity for haste and for quick decisions. With the restriction of the field to the more competent workers by the harsh rule of survival of the fittest, a general improvement, not only in technique but in business methods, can be expected which may go far in restoring public confidence. Geophysical prospecting in the short period that it has been utilized in North America, has suffered severely both from over-popularity and from excessive abuse. The former evil now

Jan 1, 1931

By William H. Waggaman

CURTAILMENT of the mineral industry as a whole undoubtedly will follow world peace, but the output of certain minerals should pursue a course well above the average on any curve of probable output projected beyond the trends exhibited through 1939. Without speculating on industrial conditions in the pending recomversion period, demand for fluorspar should be greater than before the war because of these factors, introduced by or resulting directly from military necessity: (1) Discovery and development of new deposits. (2) Improved technology in benefication. (3) New and expanded uses for fluorspar and its derivatives. The steel industry has been and continues to be the greatest consumer of fluorspar, and it wag largely to meet the wartime needs for steel that the domestic fluorspar industry has been expanded so greatly. Not only were the search for and development of new deposits of this mineral considered esstinal but the marginal nature of some of the,c- domestic deposits made it necessary to improve mineral dressinc and processing techniques to utilize them

Jan 1, 1945

By AIME AIME

HEREWITH is presented a preliminary report of a special committee, consisting of Erle V. Daveler, Paul D. Merica, and C. H. Mathewson (chairman), dealing with sundry matters of which many are of vital interest to all members of the American Institute of Mining and Metallurgical Engineers. As the report states, the initial purpose of the investigation was to determine ways and means to stimulate "the welfare and growth" of the Institute of Metals and Iron and Steel Divisions. However, it soon became apparent to the committee that most of the problems and possible correctives were of no less vital concern 1o members of the other Divisions and to the "unattached" group of members. Consequently, the Committee has authorized publication of the report and invites written comment from any member on the specific recommendations or on any other phase of the broad subject.

Jan 1, 1943

By C. A. Fisher

THE Salt Creek Oil Field of Wyoming occupies a unique position among the major oil fields of this country. Many years before the beginning of actual production in this area, in 1911, it had attracted country-wide attention as a district holding oil possi¬bilities. Even foreign capital, mainly French and Belgian, had sought out this district as having oil values and spent many thousands of dollars 'in an effort to acquire property rights' in this field which was very largely located on the public domain. Owing to inadequate laws governing the acquisition of oil lands on the Federal domain and a careless practice having grown up among oil land locators of that time, a complicated title situation quickly developed in Salt Creek. This condition of uncertain titles together with the isolation of the field from industrial centers were doubtless the two most potent factors in retarding its early development. After actual production began in 1911 governmental regulations, suits between the government, and the locator, disputed ownerships between locators and claim and counterclaim continued to retard the field's development. It is believed that the title situation in the Salt Creek Field, where potential values of such magnitudes were involved, was responsible more than any other factor for the ultimate passage of the government leasing act in 1920 affecting all oil lands on the Federal domain.

Jan 1, 1925

By M. W. BERNEWITZ

AUSTRALIANS and New Zealanders, whose countries have respectively yielded gold to the value of £666,000,000 and £96,000,000, are taking full advantage of the current high prices for that metal. There is a marked activity in ordinary prospecting, geophysical exploration, further development of working mines and reopening of old properties, formation of new companies, installation of new equipment and processes, and expansion of operations generally. Australian gold production last year was approximately double the quantity of 1929 and its value three times as great, 1929 being the low of recent years. The 1933 production was about 821,000 oz. From New Zealand, 165,000 oz. was exported last year. Papua and New Guinea contributed slightly over 100,000 oz. What the future price of gold will be nobody knows, but, even if it returns to the former level, Australian producers are almost sure of 110 shillings an ounce until 1940 through the Commonwealth Government's Gold Bounty Act, at present temporarily and necessarily suspended from operation.

Jan 1, 1934

By F. W. Bradley

GOLD is a large subject. One could talk about its geological or mineralogical occurrences, prospect- i11.g for it, mining of .it, its metallurgy or its marketing; but I have decided to limit my discussion to gold as a business-that is, to its production and marketing. In the production of gold, it is necessary to consider the many possible sources, the quantities available, the capital and operating costs and the chances of price-breaking competition. So in the following remarks I shall endeavour to point out that though gold is found in every formation constituting the earth's crust, though it is possible to-find it free in great concentrated placer deposits on the surface, though there are still large unprospected areas of both the surface and the crust, though it may be possible to produce it by the cheapest labor on earth, and by processes not as yet developed, it still has an unlimited market at a definite price. There is no reasonable fear of disturbance by the finding of bountiful deposits, or by cheapening the cost of production due to devaluation, or by the development of any easy processes for direct, or for by product, production.

Jan 1, 1932

By S. H. Ash

IN no part of the world other than a small area in Pennsylvania is anthracite mining an industry of major magnitude. As the deposits of anthracite in the United States are limited virtually to Pennsylvania, the difficulties of this industry have been commonly considered a state rather than a national problem. However, there is also national interest in the conservation and wise utilization of all the country's fuel resources and in the control of interstate waterways. The anthracite industry is confronted with a serious problem of water accumulation in many of the mines, a problem that must be solved in the near future if progressively higher mining costs are to be avoided. It cannot be solved by the operating companies without state or Federal aid, or both, owing to the magnitude of the work required, the diversity of interests of the coal and surface ownerships, the hazard to the whole mining community, and interests affected outside the mining region. 'The costs of abating the ever-increasing surface seepage to mine workings and of handling this seepage once it has occurred are beyond the eco¬nomic resources of the operating managements.

Jan 1, 1941

By Frank Rieber

EVERYONE is familiar with the story of the poor Indian and his leaking tepee. He couldn't repair the leak while it was raining, naturally. And when it wasn't raining, where was the incentive? Even if this traditional Indian was apochryphal, his counterparts are certainly alive today, and operating on a world-wide scale. - A recent issue of the Wall Street Journal, for example, carried an impassioned letter from an old cocoa planter, who wants the world to know why the price of cocoa has gone skyrocketing. For years, he says, British and American interests have bought cocoa at the cheapest possible price and, incidentally, from growers willing to sell at that price. Between them, they didn't put enough money back into the business, either to fight disease in the cocoa groves or to plant new cocoa trees. Until new trees are planted and come into bearing, we will be paying exorbitant prices for our cocoa, and getting less of it.

Jan 1, 1948

By W. S. CAYPLESS, H. O. Hofman, E. E. HARRINGTON

I. INTRODUCTION. LIME-ROASTING is a term proposed by Ingalls 1 for the operation of forcing air under pressure through a mixture of galena and lime at the kindling-temperature with the object of oxidizing lead and sulphur and of fritting or fusing the charge. If, finely-divided galena were treated in this manner without the addition of lime, the heat set free by the oxidation of part of the lead and the sulphur would be sufficiently great to fuse undecomposed sulphide, and thus stop desulphurization. Besides the chemical action that the addition of lime, limestone or gypsum to the charge may have, the admixture has the physical effect that it keeps the particles of galena separated from one another and accessible to the oxidizing effect of the air. At present, three methods of lime-roasting are carried out on a working-scale, the Huntington-Heberlein, the Carmichael-Bradford and the Savelsberg2 processes. In the last, which interests us here, an 8-ton charge is made up of galena, limestone and perhaps some siliceous or ferruginous flux; the whole is crushed to pass a screen with 3-mm. holes and moistened with 5 per cent of water. It is fed gradually into a bowl-shaped converter, 6.56 ft. in diameter, supported by trunnions attached to a truck. On the .bottom the converter has a grate with blast-inlet beneath. In starting, the truck with the converter

Jan 1, 1907

By Charles Will Wright

MINERAL production in almost all European countries suffered a sharp setback because of the war. Plants were damaged, transportation facilities disrupted, and labor dispersed and demoralized. Since the war, due to lack of confidence and economic stability, there has been little incentive to rebuild and expand the mineral industries even though a big demand at high prices exists for mineral products. Most mining and metallurgical companies in Europe hesitate to invest their capital because of the tendency towards nationalizing industry, high taxes, and low output of labor, as well as the deficiency of mine supplies and equipment within their countries. In short, they do not have faith in the future, and for these same reasons and fears most of the mining companies in America will not risk capital investment in Europe. In Europe, including the United Kingdom, free enterprise has been losing ground and as a result the foundation of their economic welfare is being undermined. American mining interests willing to take the initiative could help in counteracting this influence if a way were found for them to co-operate with the European producer without too great a risk.

Jan 1, 1948

By W. J. Parton

THE efficient recovery and preparation of small sizes of anthracite called No. 4 Buckwheat (3/3 2 by 1/3 2 in.) and No. 5 Buckwheat (1/3 2 in. by 0), present a difficult problem to the anthracite operators. In many instances preparation of these sizes, particularly No. 5 anthracite, is extremely inefficient. In many of the older preparation plants, inadequate facilities, and often none at all, were provided as an integral part of the plant for cleaning this fine anthracite. Consequently, much of the material smaller than s, 32 in. was discarded. As the demand for these sizes increased, facilities for preparing the fine sizes were often crowded into existing structures with consequent sacrifices of capacities and efficiency. In addition to this condition, the methods of preparing the finest sizes are being developed in an attempt to improve their efficiencies. Because the demand for small sizes of anthracite still is increasing, many operators would benefit by investigating and improving the cleaning equipment employed on these sizes.

Jan 1, 1949

By J. L. SILSBEE

THE existence of large saline deposits in that flat arid basin, known as the Great Salt Lake Desert, has long been recognized, but the extent and great commercial value of these deposits has not been generally appreciated. That a very considerable interest has recently developed is indicated by the fact that about 263 prospecting permits-each covering about 2560 acres of land in this Desert-have been issued under the Potash Leasing Act (Act of 0ct. 2, 1917-40 Stat. 297), and patents granted on approximately 40,000 acres. It is reported that patents and leases have, or will be applied for on an additional 80,000 acres in the basin. , Tests have been made on probably less than 10 per cent. of the total area of the basin, but these have proved a practically unlimited supply of brine available -sufficient, probably, to. furnish the potassium and magnesium chloride requirements of this country for at least a hundred years.

Jan 1, 1925

By M. L. Requa

EVERY forward step in civilization brings with it an increase in population and increasing demand for raw materials. Modern civilization, because of its industrial development, depends more and more for its well-being on ample supplies of raw materials; the higher the type of that civilization, the greater its dependence. No fact is more obvious than that the raw materials should be put to use with greatest prudence and efficiency. National life is not a matter of a decade or a century. Conservation is no longer a matter for political discussion; it is a vital element in the future welfare of all nations. Unfortunately, to the minds of many, conservation means the locking up of natural resources, their arbitrary withdrawal, bringing about, in short, a condition of industrial stagnation. This has occurred in past centuries through misdirected governmental effort. Two eminent engineers have variously defined conservation as follows:

Jan 1, 1925

By F. W. Lee

A GREAT CURTAILMENT of field activities among the geophysicists occurred last year, especially in prospecting for the common metals. In gold, however, an "outstanding achievement . . . was made by the engineers of Consolidated Goldfields. Here the suboutcrop of the Main Reef Series was traced from Middelvlei through properties of the westward area, a distance of from 30 to 40 miles. Here Drs. Reineche and Krahman prospected with the aid of a sensitive magnetometer and established the singularities of the various beds which heretofore had not been sufficiently appreciated. Several underlying shale beds were used to determine this suboutcrop under the dolomite. This area promises to be the equivalent of one-half the size of the present gold fields and to rank in value with the Far East Rand." The present temperature compensated magnetometers permit accurate field observations to less than 5 gammas. Since magnetic anomalies may have their origin due to a change of elevation as well as to the outcropping of a bed of another magnetically different material, intimate geological knowledge is of great assistance in the interpretation of these measurements. To what extent magnetic measurements reflect the basement when the material is homogeneous, consisting primarily of red granite, was determined by members of the Bureau of Mines and described by Dr. J. H. Swartz. Because of the diverse causes of magnetic anomalies, some of which were discussed and correlated by Stratton and Joyce upon known conditions, magnetometer measurements are often difficult to interpret.

Jan 1, 1933

By E. H., Edwerd H. Robie

WILLIAM CHURCH was one of the founders and the first president of the Detroit Copper Mining Co. and was the first man to interest the Phelps Dodge company in the possibilities of the Morenci district, in the '70's. One rather interesting story concerning him is told by James Colquhoun, at one time president of the Arizona Copper Co., in his "History of the Clifton-Morenci Mining District." It seems that a geologist visited the Detroit company's mines and gave Alec McLean, then mine superintendent, quite a lesson on the proper mineralogical terms for what he saw in passing. Later, McLean handed out a few of them to Mr. Church as they walked through the mine on a tour of inspection. The latter had even less regard for a geologist than he did for sulphide ore, which meant little indeed, for in those days the rich ore was all oxidized, and there was no money in the sulphides. So Church was completely unimpressed by the geological and mineralogical terms that McLean had acquired from the visiting geologist. Church turned on him and warned him that so long as he was a member of his staff he was to understand that there were only two kinds of rock in his mines-the one was smelting ore and the other was waste rock, and he was not to forget it.

Jan 1, 1942

By F. Robertson Jones

IF the tendency toward extending the scope of the workmen's compensation system to include life, health, accident, old age, and unemployment insurance for workers is not promptly altered, I believe there will be a complete breakdown of that system. This is not because of any objections, there may he to requiring industries to provide these additional forms of protection in whole or in part to their employees. It is rather because our workmen's compensation laws, their scale of benefits, and the administrative procedure under them are not adapted or suited to such situations. If the compensation principle is limited to its own proper sphere and is not enlarged so as to include all the ills that the flesh is heir to, it is practical, "workable, and beneficent. If it invades foreign realms, it is bound to grow into a veritable Frankenstein' which will harm principally those it 'is supposed to aid, and, at the same time, will promote waste, fraud, and Industrial demoralization. Compensation risks will become almost uninsurable; the cost to business will be intolerable; and the development of sound relief measures which will give to labor the protection now sought by the uneconomic device of enlarging the compensation law territory will be retarded.

Jan 1, 1934

By Oscar H. Hershey

COMPLAINT has been made that in the literature of economic geology the work of the "company or practical" mining geologists does not get enough attention. I propose to attempt to overcome this com¬plaint in reference to one important lead-mining district, that of the Coeur d'Alene in northern Idaho. Furthermore, I will assume that the reader is not so much interested in the geology of the district as in the methods of application used and incidents that have arisen in the work. All the important discoveries of ore in the Coeur d'Alene were made without benefit of geology. Certainly I would not claim the reputed discoverer of the Bunker Hill mine as a fellow geologist. It appears also that the mines were operated quite successfully for many years without geological specialists, though doubtless certain properties were visited at long intervals by such men as Waldemar Lindgren. It was known that the ores occur in quartzite, graywackes and slates as stated by J. R. Finlay in 1903. (TRANS., VOL. 33.) He described the ore as occurring in typical fissure veins that occupy fault-planes of indeterminate displacement. The Bunker Hill lode was based on a definite fissure with the mineralization all on the hanging-wall side, extending as far as 300 ft. from the fissure.

Jan 1, 1933

By Kyle Wightman

INTRODUCTION CRA Limited is the largest mining group in Australia by value of sales and the second largest company in Australia in terms of share market capitalisation. In the past 25 years, CRA, its predecessors and affiliates have been involved in a number of mining and further processing developments in Australia and elsewhere. Many of these have been financed using project financing techniques. These include Comalco's development of the Weipa bauxite deposits in Northern Queensland in the late 1950's, the Hamersley iron ore developments in the Pilbara region of Western Australia in the mid 1960's, the Queensland Alumina Limited alumina refinery in Gladstone, Queensland, at about the same time, and the Bougainville copper project in 1969/70. In the past three years CRA has again utilised project financing techniques to fund its Tarong steaming coal project in Queensland, the Blair Athol steaming coal project also in that State and CRA's interest in the Argyle diamond project in the Kimberley region of Western Austrlia. PROJECT FINANCE DEFINED Nevitt Definition Nevitt's is the most frequently quoted definition - "A financing of a particular economic unit in which a lender is satisfied to look initially to the cash flows and earnings of the economic unit as the source of funds from which a loan will be repaid and to the assets of the economic unit as collateral for the loan." Risk and Balance Sheet Treatment It is important to focus in more detail on two aspects of project financing, risk and balance sheet treatment. The assessment of the various elements of risk in a project and the sharing of that risk between sponsors and lenders is the most critical feature. At one end of the spectrum is full absorption of risk by the sponsor(s). This can be described as "on risk" or "on credit" or "full recourse" to the sponsor(s) and is effectively a corporate financing. At the other end of the spectrum the lenders absorb the whole risk in a non-recourse financing which is "off risk" or "off credit" for the sponsor. The other aspect is the sponsor's balance sheet treatment. If the balance sheet of the economic unit undertaking the project and the financing need not be consolidated into the balance sheet of the sponsor (because ownership does not exceed 50%) then the financing may be described as off-¬balance sheet. If consolidation is required then the financing is described as on-balance sheet. Most project financings involve some recourse to the sponsor, i.e. they are limited recourse. Very few are non-recourse or off credit to the sponsor. Limited recourse financings may be on-balance sheet although many may also be off-balance sheet insofar as consolidation is concerned. However, sponsor support may very well be a contingent liability to the sponsor and require disclosure by way of note to the balance sheet should consolidation not be required. CORPORATE FINANCE CONTRASTED A financing which is on credit or full recourse to the sponsor, whether it is directly borrowed or guaranteed by that sponsor, is a corporate financing. Lenders will tend to base their credit assessment on a historical assessment of the sponsor's activities and its financial results rather than an assessment of the project or a detailed assessment of the future activities and prospects of the sponsor. PROJECT FINANCE - A BORROWER'S PERCEPTION Although CRA could choose to arrange all finance on a corporate basis (except perhaps for the very largest projects or acquisitions), project financing techniques provide a number of specific advantages which CRA has noted and which should be carefully considered by a project sponsor. Advantages

Jan 1, 1985