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By C. Richard Tinsley

Non-ferrous econometric metal models available from consultants are reviewed for structure and computer access, using copper as an example The evolution of a computerized metals price forecasting system for a consumer of non-ferrous metals is outlined including front ends, bridge equations, and supporting databases. An empirical sensitivity analysis technique is described. A postscript discusses the subscription costs of these models.

Jan 1, 1977

By Henry J. Sandri

ACQUISITION JUSTIFICATION There are many reasons why companies consider acquisitions as a means to expand their operations. Some wish to reduce the impact of business cycles on their businesses. Others seek firms within the same industry for expansion and increased market share. Still others diversify in order to avoid takeovers. Whatever the reasons or justification, an evaluation of an acquisition candidate should be systematic and thorough. To many financial managers the concept of a systematic acquisition evaluation indicates the need for a regular set of evaluation criteria. While these are available from numerous sources, one basic parameter frequently overlooked is the application of these criteria to an industry which is different from the acquirer. This becomes particularly important when evaluating firms within the mineral industry. The mineral industry is significantly different from other industries to require different valuing techniques. • This paper will present a number of reasons why an acquisition candidate in the mineral industry should be evaluated differently from other acquisitions, including by other mineral firms. Additionally, this paper will review the most appropriate means of valuing a mineral firm. • Firms considering the acquisition of a mineral firm should understand the nature of the industry before ever making a tender offer. Some of the general considerations include the following: • Level of Capital Intensity: In the mid-1980's the start up cost for a gold mine has been between 20-200 million dollars and 500-1,500 million dollars for a bauxite operation. • Global Nature of Competition: Except for certain industrial minerals, most minerals and metals are traded worldwide and many on national exchanges, such as COMEX. • Start-Up Time: Many mining operations in developed and developing countries have long lead times, 7 to 10 years in some cases, prior to the start-up of production. • Long Term Nature of Investment: For most mineral operations payback usually occurs at least 7 years after production has started. Additionally, many mining operations will continue producing for 80-100 years. • High Level of Risk: The number of factors that a mining firm cannot control such as grade, volume, world supply and demand, plus the long payback periods tend to classify mineral firms at a higher than average risk compared to other investments. • Cyclical Nature: The mineral industry is cyclical in nature, experiencing long troughs and explosive peaks, thus making timing a critical issue. • Labor Intensive: Even with the large capital requirements needed to operate a mine, most mines are labor intensive in proportion to their capital equipment. • Location: Obviously, the nature of this industry requires operators to work in difficult locations, frequently far from civilized localities, in poor weather conditions and without proper supply and distribution infrastructure. One of the most important considerations is an understanding of asset replacement and asset value. Unlike manufacturing concerns, firms in the mineral industry are working toward the elimination, through depletion, of their asset base. Product flexibility is not available to a mining operation. A mineral firm basically has two options as its resource base is depleted: 1) replace the asset with new production, or 2) deplete the asset and close down operation, as in the South African gold mining model referred to later in this paper. An understanding of the

Jan 1, 1985

By C. Baldwin Sawyer

J. S. Vanick,* Washington, D. C. (written discussion).—To those who have been confronted with the study of the gas-metal reactions, this paper is a most welcome contribution. My personal interest in work bearing upon this general problem, stimulated by an appreciation of the difficulties inherent to problems of this type, prompts a few words of discussion. Table 2 of the paper shows a gradual increase in the nitrogen content with an increase in pressure, and an interpretation follows in which nitrogcn is used as the compressed medium when the conditions admit that cyanogen gas could be active as a contaminating ingredient. Fusions of electrolytic iron made in the induction furnace in an atmosphere of deoxidized nitrogen and out of contact with contaminating materials have shown no microscopic evidence of -a nitrogen increase; using a refractory-lined graphite crucible in the furnace under the same conditions or admitting air often resulted in the occurrence of nitride needles in the solidified melt. These results suggested that a nitrogenous compound served as a vehicle for the introduction of nitrogen and that such compound was not available when the pure gas and carbon-free refractory were used. The fusion of pure iron in pure nitrogen is perhaps a matter of theoretical interest. The author's work serves a more practical purpose when applied to steels rather than iron. Table 2 reports the absence of nitride needles in melts made under pressure of one atmosphere, although the quantity of nitrogen present would seem to exceed microscopically detectable percentages. In some recent work29 on carburized iron, nitride needles have been observed in areas analyzing as low as 0.015 per cent. nitrogen. This low percentage of nitrogen would indicate that the solubility limit is less than 0.030 per cent. for hypoeutectoid steels. There is the possibility that the areas of pearlite which exist in a hypoeutectoid steel restrict the distribution of nitrogen and limit its presence to the ferritie fields. In view of this work and the references quoted by the author, I am led to expect that the value for the solubility of nitrogen in solidified iron may approach

Jan 1, 1924

By Howard N. Hall

The compressibility of reservoir rock is a factor which is generally neglected in reservoir engineering calculations. This is due in part to the fact that there is little published information on rock compressibility values for limestones and sandstones. Omission of rock compressibility is undoubtedly justified in calculations for saturated reservoirs; however, in under-saturated reservoirs,* expansion of the rock accompanying decline in the reservoir pressure may be of such magnitude as to affect materially the prediction of reservoir performance. The effect of rock compressibility will be of most importance in: (1) calculation of oil in place by pressure decline data in undersaturated volumetric reservoirs when the limits of the field are unknown or indefinite, and (2) studies of natural water drive performance. To estimate its importance in such cases, a series of laboratory tests were made to obtain usable values for reservoir rock compressibility. The total, or effective, compressibility of any reservoir rock is a result of two separate factors, namely, expansion of the individual rock grains, as the surrounding fluid pressure de-

Jan 1, 1953

THE good and lofty men of intelligence are constantly discoverers of many beautiful things, because of their kindness or because they are driven by necessity. Either they shorten the method of making them after they have seen them, or they think how they can be increased in power or how they can be used for various effects in addition to the one intended by the inventor. Certainly all the effects described to you in this Tenth Book derive from gunpowder. When so many proper- ties and so much strength were observed in this, it was thought that by enclosing it in some strong thing that had the power to resist it, gunpowder would produce a marvelous effect. And thus they made a tube of bronze or iron [160v] which they closed with a wooden plug. They applied fire, and when they saw how forcefully this plug issued they thought of making one that would come out and strike in order to destroy things. They made an instrument of bronze or of iron and put some powder and a round stone inside, and called it a spingard. Developing then from this,

Jan 1, 1942

By L. M. Clarebrough, A. K. Head, G. W. West, M. E. Hargreaves

RECENTLY Welber and Webelerl reported that during the annealing of fatigued copper no energy was released, but that energy was absorbed in the range of temperature 250" to 400°C. In view of the fact that strain hardening occurs during the fatigue of copper, this result was surprising and it seemed desirable to check the measurements. This note describes measurements made by a different technique which indicates that energy is stored during the fatigue of copper. Two test bars with gage length ¾ in. in diameter and 6 in. long were machined from OFHC copper and annealed in vacuum for 1 hr at 600°C. These were fatigued to fracture in an Avery pulsator at a frequency of 2000 cycles per min. The first specimen fractured after 0.25x10 cycles under a push-pull

Jan 1, 1956

The introduction and development of the flotation process have proved to be of such momentous importance to the mining industry of the United States that they deserve to be considered historically.* The origin of the use of oily matter in separating minerals in ores is obscure, because its beginnings were unregarded. The story told by Herodotus concerning the recovery of gold from the mud of a lake by means of feathers daubed with pitch in the hands of apocryphal virgins is as pertinent to our inquiry as the yarn, two thousand years later, of a young school-teacher in Colorado that was washing oil-stained ore-sacks in her brother's assay-office when she noted the floating of pyrite on the water contaminated by the oil. In any event, the method patented by Carrie Everaon in 1885 was a complete failure, except as factitious evidence for trying to disprove the originality of subsequent inventions. An early and inadvertent use of the affinity of oil for metallic surfaces is suggested by the story of Jason and the Argonauts, who extracted gold from the gravel of the river Colchis by means of sheepskins. The woolly hide sewed, like the blankets used in our early stamp-mills, to arrest the gold, which was further detained by the oil on the fleece. Strabo, referring to a later period, says that in the country of the Soanes, who inhabit the valley of the Colchis, “the winter torrents are said to bring down even gold, which the barbarians collect in troughs pierced with holes, and lined with fleeces; and hence the fable of the Golden Fleece”.† William Pryce

Jan 1, 1932

By Frank Ruskey, Richard G. Burdick

Many problems associated with potential hazards in a proposed mining area may not be adequately appraised because of the complexity of trying to evaluate them in terms of production requirements. Frequently, encountered hazards have to be dealt with by day-to-day operational schemes that require the miner to either force a way through them or avoid them by blocking off the area in which the hazards are known to exist. These considerations, after the mine is in full production, can be costly to the mine operator and can increase the danger to the miners. A hazard-evasion computer program for mine planning that will appraise proposed mine layouts on the basis of existing or potential hazards has therefore been developed. The program is intended for use during the planning phase of a mine, where it should assist the mining engineer in making decisions in mine design, With the output from this program, the mining engineer should be able either to corroborate his judgments made on the basis of mining experience or to find unanticipated solutions to design problems. The program tests hundreds of possible solutions to a mining layout, and by sorting out the 10 best (based on a criteria of minimum-abandoned-coal) limits the number of choices that need to be considered and appraised for applicability to a given mine scheme.

Jan 1, 1976

Discussion of the paper of J. K. FURST, presented at the Pittsburgh meeting, October, 1914, and printed in" Bulletin No. 94, October, 1914, pp. 2493 to 2514. W..McA. JOHNSON, New York, N. Y.-On discussing this paper I am open to the criticism of "bringing coals to Newcastle," as I, a zinc man, am bringing new ideas on steel to Pittsburgh. But still the view of an outsider can be valuable to the insider. Any multistage process, where each apparatus operates on its particular part of the work at a high efficiency, constitutes an advance in the state of art. But in multiplicity there can be complication and ensuing loss and inefficiency. The duplex steel process is not the pronounced success which was predicted for it by its adherents, for several of such plants have reverted to plain open-hearth methods. If we regard broadly refining processes, such as the Bessemer, open-hearth, puddling, copper refining, lead cupelling, nickel refining, we find that in general refining processes are intermittent and 'concentration processes are continuous. (This generalization I believe to be original with me; it was communicated to Dr. E. F. Roeber, editor, and appeared as an editorial in Metallurgical and Chemical Engineering, March, 1905.) Where we desire primarily quality in a metallurgical operation we must put a batch of metal in the furnace, work on it until we get it to the required purity, test it, and take it out; whereas, if we desire primarily quantity we shove ore into a furnace and smelt it as fast as possible, allowing conditions to make a non-uniform product provided only we get tonnage. From general commercial principles, I believe that the weak point of the duplex process is that the operation is not a money maker unless the plant is kept at. 90 to 95 per cent. of its rated capacity, or unless the Bessemerizing is done so often that it is practically continuous. For in some manner the operation should be made continuous and the control on the tonnage should be commercially flexible. The commercial rigidity of having to control purity exactly increases operating costs without a corresponding gain. Conversely, the chief reason for failure of "steel from ore direct" is that it makes a final operation continuous, which should be naturally intermittent.

Jan 4, 1915

By W. W. Weigel

THE mines of the St. Joseph Lead Co. in St. Francois County, Missouri, form a roughly triangular area of about 45 square miles. Locally this is known as the Lead Belt. The four operating mines in the area at present are the Federal, Leadwood, Desloge, and Bonne Terre, in decreasing order of mine area and daily production. Mining began in 1864 and has been carried on in the district continuously since that time. [ ] As a group, the Lead Belt mines now handle 20,000 gal. per min. of water, average head about 465 ft., against a normal daily ore tonnage of 21,200 tons. For a six-day operating week this gives a ratio of 6 ½ tons of water per ton of ore. Total average pumping in 1931 was about 15,000 gal. per min. Since that time a large area of virgin territory has been opened, much of which has had temporary flush flows. About 75 per cent of the water enters in certain restricted very wet areas. Production figures are given in Table I. The figures by divisions for 1931 and 1941 are not exactly comparable, as there were several transfers of pumping loads from one division to another during that period of time. GEOLOGY The basement formation in the Lead Belt area consists of the pre-Cambrian rhyolite porphyry and granite. Overlying this is the La Motte sandstone, of Middle Cambrian age, which offers a good medium for circulation of water. It varies in thickness up to 400 ft. Above this is the Bonne Terre dolomite, approximately 375 ft. thick, which in turn is overlain by the 150-ft. Davis shale. The formations above this, present in the Lead Belt in small areas only, are of minor importance. The ore bodies occur as large, horizontal tabular masses or as long, narrow runs; they are found throughout the Bonne Terre but largely in the lower 150 ft. The rather indefinite contact with the La Motte is a favorite ore horizon. Mining is entirely by open stope and pillar breast systems. To the south, west, and north of the district, sandstone outcrops are few and limited. Heavy faulting bounds the district on those sides and probably there is little if any artesian circulation from those directions. To the east, the La Motte rises to an outcrop area of about 40 square

Jan 1, 1943

By C. W. Dunham

DESIGN of the structures for the Morenci Reduction Works involved many interesting problems. Naturally, the chief purpose of these structures is to house and support the equipment and other things necessary for or incidental to the conduct of production. hence most of the features of the design were developed to suit these particular conditions; however, several are so generally applicable as to warrant description.

Jan 1, 1942

HAVING previously told you about lodestone, azure, emery, and manganese, things that perhaps belong more properly to the stones than to the metals, the desire has come to me to describe rock crystal as well and, with this, some of the better-known gems, although they are things that are not classified with metals, as far as I know, or even with the serniminerals. In truth, they are neither one nor the other, but they are stones and have the nature of stones. But let them be what they may, in order to avoid straying from the subject we have begun, we shall say that they have mineral properties in their species, as for instance, in respect to their colors. It would seem an error to me if, while I am giving you information on so many other useful things, I did not give you this as well, if for no other reason than because it is a fine accomplishment for a gentleman to have some knowledge concerning gems. Thus since I have proposed to do this, beginning to speak of crystal, I tell you that it is a lustrous, transparent, and limpid stone, composed by Nature with a predominance of wateriness. Thus, contrary to the order of natural things, it has been believed by many that Nature has generated it of pure water by means of a powerful and continuous coldness that always exists in those mountains and places where it is found, for the waters and snows can never melt there because of the great cold. They have tried to prove this opinion of theirs by saying that crystal still retains the nature of frozen water, and that this is. shown not only in its appearance but also in the fact that, like ice, it floats without sinking to the bottom when it is put in water. They also say that it is customary to put it under the tongues of the thirsty on account of the, coldness and moistness which it gives, and that it quenches the dryness of their thirst. But even if all these things were true, as they are not, they do not upon consideration bring us to the conclusion that it is water, because the diamond and the beryl would do the same. Therefore it does not seem to me credible [391 that it is as they claim, for it is a stone generated as such by Nature. And then, if this were true in those places where it rains often and many snows are formed, and these should freeze and never melt but

Jan 1, 1942

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 H. N. Herrick

THE flow characteristics of drilling muds, as described in this paper, and the method given for solving problems relating to the flow of these muds through pipe and accessory equipment, are based on a conception that drilling muds are plastic solids like paints or greases; not liquids. The data presented in this report have been obtained from studies of California muds, chiefly those used in the Kettleman Hills field, by the Producing Department of the Standard Oil Company of California. Although no claim of scientific exactness is made for the formulas and diagrams, since the data upon which they are based, are not. complete even for California muds, the method has proved to be a convenient means for estimating, closely enough for practical purposes, the pressures required to force muds at various rates through pipe systems in which they are handled. Certain approximations have been made to simplify the procedures so that they can be used easily in the field.

Jan 1, 1932

By J. P. Martin, A. H. Geisler, J. H. Crede, E. Both

The investigation of a 50 pct Co alloy was undertaken to determine whether there was any direct correlation between the structure and properties of Co-Fe alloys which were given various magnetic heat treatments. The magnetic anisotropy and texture of the 0.002-in. cold-reduced 98 pct material tend to decrease and change in nature with increasing temperature of the recrystallization anneal. Annealing samples in a magnetic field had little effect on either the magnetic properties or texture. However, cooling them in a magnetic field greatly improved their magnetic properties. THE beneficial influence of a magnetic field applied during the heat treatment of certain soft magnetic materials has been known for a long time. Early work showed that the presence of a magnetic field of a few oersteds during the heat treatment of Fe-Ni alloys will cause a large increase in maximum permeability. A pronounced increase in the residual induction which is produced by the magnetic anneal causes the hysteresis loop to approach the shape of a rectangle. Such results are beneficial since the desired properties are high permeability, high induction at maximum permeability, high residual induction, and low coercive force. More recently Libsch and coworkers1 studied the effect of magnetic annealing on the hysteresis properties of a series of Co-Fe alloys prepared from powders. They observed good response for the 35 and 50 pct Co alloys but little response for the 42 pct Co alloy. They pointed out that this was somewhat surprising since the 42 pct alloy has a high linear magnetostriction and zero crystal anisotropy and similar conditions in Fe-Ni alloys give excellent response to magnetic annealing. They found optimum properties to be at the 50 pct composition with residual induction, Br = 19,000 gauss and coercive force, Hc = 0.68 oersteds after the magnetic anneal. Before the magnetic anneal these values were B, = 12,600 gauss and Hc = 1.15 oersteds. The optimum treatment consisted of cooling from above the y-a transformation temperature to 900°C in a field of 20 oersteds, holding 11/2 hr at 900°C, then cooling at a rate of 20° to 25°C per min in the field to below 230°C. Cooling rate mainly affected coercive force with the value decreasing from 1.09 to 0.88 oersteds as the rate was increased from 3° to 48°C per min. Cooling from 1020" to 900°C in a field followed by further cooling to 230°C without the field gave properties decidedly inferior to those for samples annealed with the field applied throughout the cooling. They concluded that to get the best properties the samples must be cooled in a field to a threshold temperature above which the alloy is plastic enough to be affected by magnetostriction. In this respect the holding temperature must be high enough so that the alloy exhibits good plasticity to permit the optimum orienting of magnetic domains by relaxation of magnetostriction. In contrast, the holding time was of less significance for there was little improvement when the time exceeded 1/2 hr. The improvement in properties effected by magnetic annealing has usually been attributed to the establishment of a domain texture caused by the "freezing in" of magnetic strains. On the other hand, Smoluchowski and Turner2,3 apparently found that a magnetic field applied during recrystallization could alter the crystal texture. If this effect is real, improved properties would also be expected when

Jan 1, 1954

Discussion of the paper of E.. C. LEE, presented at the St. Louis meeting, October, 1917, and printed in Bulletin-No. 130, October, 1917, pp. 1825 to 1832. H. M. WILSON, Pittsburgh, Pa.-The statement ill the paper of T. T. Read, "Increasing Dividends Through Personnel Work;" that the offering of substantial money rewards for avoidance of accidents is much more effective than mere propaganda or education respecting accident prevention, is a, point fully substantiated in the experience of insurance inspection under workmen's compensation acts. The first year under the Workmen's Compensation Law in Pennsylvania, during which over 2000 mines were tinder the observation and protection of the inspectors of the insurance companies, has resulted in several inspections of each mine, a splendid cooperation .between the operators, the State mine inspectors and the insurance inspectors, and an average reduction in premium rate for insurance from $3.83 to $2.77, a reduction of more than $1 per $100 of payroll, on an average payroll of nearly $100,000,000, In other words, the insurance companies have

Jan 1, 1918

By T. Egleston

In the year 1881 I presented to the Institute two papers containing the resnlts of researches on gold, in which I endeavored to make plain some of the causes of the losses in the working of gold-ores. Since that time I have continued this investigation at intervals with the following results. In the papers previously presented to the Institute I made no attempt to make compounds containing more than two substances. Since then I have endeavored to make more complex compounds. The experiments consist in fusing mispickel free from gold with a certain amount of metallic gold, and experimenting with that; also fusing the same mineral with sulphide of antimony, and fusing iron pyrites with gold and compounds of antimony. The mixture was made with mispickel taken from a vein not far from Stamford, Conn., absolutely free from gold. It was fused

Jan 1, 1884

By John E. Udd

Introduction During the very long period in which man has mined minerals from the crust of the earth, falls of ground and collapes of under- ground workings have been the causes of a significant part of those accidents which have resulted in either death or in injury. At present, because of improvements in the approaches to the design of underground structures, in equipment, and in attitudes towards accident prevention, the proportion of accidents due to instability of rock is probably far less than it was historically. Nonetheless, in spite of the many advances which have been made, instabilities still account for about one-quarter of all fatalities, and one-tenth of all of the injuries, in the minerals industry. The means must be found whereby both the numbers of accidents and the accident rates due to falls of ground can be reduced to the lowest levels possible. At the outset it should be stated that, short of suspension of all mining activity, it will probably never be possible for us to eliminate accidents completely. Most human enterprise involves unknowns and risks, and mining is no exception. A certain number of accidents, then, must be viewed as the inevitable consequence of our attempting to work with unknowns and to make decisions that involve uncertainties. However, in retrospect, many instabilities can be attributed to factors which could have been within our control. The preventable accident must be eliminated. It should be our goal that we make every effort to direct our skills and technology to the creation of a safer working environment and should be constantly striving to

Jan 1, 1983

By AIME AIME

A SYMPOSIUM on current. conditions in Mexico, particularly in the oil and mining industries, was a most successful feature of the May meeting of the New York Section of the A.I.M.E. Heath Steele, vice-president of The American Metal Co.. Ltd., with an intimate knowledge of Mexico gave the principal address, and asked that his analysis of the present situation he regarded neither as an endorsement of Mexico's policy nor as the criticism of a disgruntled operator. To explain the .attitude of the great mass of the Mexican people towards recent developments, he first described briefly the political, social, and religious beliefs and customs of tile Mexican Indian. In spite of their contact with foreigners these beliefs and customs have remained unchanged throughout many generations. The old communal spirit and the idea of common ownership of the land still persist especially in the rural districts and villages; the old custom of a council for local self-government is reflected in the present-day labor committee. Mr. Steele discussed in order land oil, and mines.

Jan 1, 1938

By William G. [Peryam], Bishop Ottey M., Fred E. Johnson

THE Lepanto Consolidated Mining Company is the largest copper producer in the Philippines, and the only one that makes a concentrate valuable principally for its copper; also, it has the only productive copper mine situated at considerable distance from the sea, and is the only one in the islands operating its own smelter. The Lepanto mine is in the Municipal District of Mankayan, sub-province of Benguet, near the heart of the Mountain Province of Northern Luzon. It is 165 km. from its shipping point at San Fernando, Province of La Union, on the shore of the China Sea. Elevations at the property range from 3200 to 4500 ft. The climate is very mild; temperatures are seldom below 50° or above 80°F. Annual rainfall approaches 170 in. and is mainly confined to a rainy season lasting from May to October. The months from December to April, inclusive, are usually extremely dry. This climatic pecularity entails the problems of landslides on the roads during the rainy season and water shortage during the dry season. The Mountain Trail, an improved rock-surfaced toll road maintained by the Commonwealth Government, gives access to the property. The 105 km. over this road may be traveled in about 4 ½ hr. during the dry season. Very few sections of the road are straight for more than 100 meters, and about one third of it is a one-way road controlled by gates. All freight for the property is delivered by the Manila Railroad Company to Bauang, La Union, 45 km. west of Baguio and at sea level, where it is picked up by freight trucks and hauled via Baguio to Lepanto. Granulated matte is hauled in bulk from Lepanto in four-ton lots on freight trucks to the storage bins at San Fernando. Freight rates from Bauang to the property amount to P8.00 per ton, and from the property to San Fernando the rate is P16.00 per ton. The company pays the road toll, P1.00 per truck, each way. THE CAMP The company maintains a modern camp, well separated from the mine and reduction plant. Comfortable and sanitary living quarters, water, and light, as well as free medical service are provided all employees. A hospital staffed by a doctor and two nurses takes care of all medical treatment. Considering recreational facilities of great importance, the company has provided two tennis courts, two basketball courts, and badminton courts for employees. Bowling alleys and a motion picture theater are operated by the company, the profits being expended for other recreational purposes. A moderate sized recreation hall serves for barrio dances, meetings,

Jan 1, 1942