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By Robert Gillham, Victoria Yablonsky, Grover R. Castle

INTRODUCTION The commercial paper market, unique to the United States, is a direct exchange of funds between high-grade borrowers and large lenders; because it eliminates both the bank's role as middleman and also some significant transaction costs, commercial paper is the lowest cost short term instrument in the world. For this reason, virtually all borrowers would like to enter the market, but only issuers with the highest rating from Moody's and Standard & Poor can attract purchasers at the best rates. COMMERCIAL PAPER The commercial paper market, in existence for over 100 years, has traditionally been used for short-term financings, with most paper maturing within 30-45 days. Under the U. S. Securities Act of 1933, (section 3(a)3) industrial paper can avoid registration only if it matures within 270 days and is used for current transactions. It was first used to finance the short-term seasonal working capital needs of manufacturing companies. Since World War II, commercial paper use has grown steadily, serving in the 1950's as the market in which finance companies financed the explosion in consumer credit purchases of heavy consumer durables. LETTER OF CREDIT BACKING As far as is known, the use of letters of credit to support energy-related commercial paper began about 13 years ago with an arrangement to finance the nuclear fuel for Con Edison's Indian Point 3 Plant. Goldman, Sachs was the architect of this financing and Chemical Bank provided the letter of credit support. After an early burst of interest, this type of financing wobbled severely in the difficult credit markets of the mid-seventies before regaining serious momentum in 1976 and 1977. A mining project would not normally qualify as a borrower in the commercial paper market because of its credit standing and because its large capital needs require long term financing. However, lately, commercial paper has begun to take the place of a bank term loan in limited recourse project financings. L/C backed commercial paper took this new and startling turn in 1982 when it was used as part of the $700 million financing for the development of the Newlands-Collinsville coal mines of Mount Isa Mines Ltd. in Australia. This was the first use of L/C backed commercial paper in a long-term limited recourse project financing. First Boston acted as financial advisor and, again, Chemical Bank provided sole letter of credit support of $155 million. The $785 million BHP financing for the acquisition of the Queensland (Australia) coal assets of Utah International from General Electric Company followed the next year; there we acted with two other Front Banks to provide $270 million of L/C support. These two important transactions indicate that not only has commercial paper become an integral part of a long-term financing package, but also that it is no longer the exclusive domain of the best known U. S. companies. Lesser-rated companies and a multitude of foreign borrowers have gained access to this "exclusive club." How has this become possible? OPERATION OF AN L/C An instrument of the commercial banks, the "direct pay" letter of credit, has enabled lesser-rated companies to issue commercial paper in their own names. The letter of credit allows the issuer to substitute the credit rating of the supporting bank for its own. The L/C in effect allows a lesser-rated company to rent the bank's credit rating. This upgrading is possible because the bank is unconditionally obliged to pay the note-holders at maturity and then turn to the Issuer for reimbursement. The Issuer commonly "rolls over" a new short-term issue and reimburses the supporting bank from the sale of the new issue until cash flows from the project allow the borrower to reduce the level of paper outstanding. The commitment for an L/C facility, up to 12 years in the case of the Broken Hill transaction, governs the life of the commercial paper tranche of the financing. The term of the L/C commitment thus has the power to extend the ordinary 30-45

Jan 1, 1985

By Cyril Stanley Smith

The method of thermal analysis, so important in the development of metallographie science, has of recent years been falling into disuse owing to the development of other physical methods which give result's easier of interpretation and which can be used for the study of either equilibrium or transitional conditions because they do not require a continuously changing temperature. Nevertheless thermal analysis remains useful in the study of reactions that take place rapidly, and the simplicity of the experimental technique and the general availability of the apparatus involved are point's in its favor. Theoretically, thermal analysis is capable of giving specific and latent hat measurements and therefore should permit the study of reactions on a more fundamental basis than any other method. It is, however,difficult or impossible to obtain quantitative heat measurements from cooling curves obtained in the usual way. Even if the furnace containing the sample is cooled or heated at a linear rate, or if a gradient furnaec is employed to maintain a constant rate over a large range of temperature, the heat flow from or to the specimen depends on its previous history, for the difference of temperature between the specimen and its surroundings varies. The emissivity of the specimen surface, moreover, is unlikely to be constant. The able mathematical analysis by Russrll,1 although it prevent,s misinterpretat,ion of data, has an effect rather the reverse of that intended, and leaves the reader doubtful of the possibility of ever obtaining quantitative results from thermal curves. Nothing can be done to apply thermal analysis t'o the study of equilibrium conditions of reactions that arc not completed at rates of temperature change above about 1° C;. per minute, and this unfortunatetly excludes most solid transformations in alloys.† For the determination of liquidus

Jan 1, 1940

By Cyril Stanley Smith

The method of thermal analysis, so important in the development of metallographie science, has of recent years been falling into disuse owing to the development of other physical methods which give result's easier of interpretation and which can be used for the study of either equilibrium or transitional conditions because they do not require a continuously changing temperature. Nevertheless thermal analysis remains useful in the study of reactions that take place rapidly, and the simplicity of the experimental technique and the general availability of the apparatus involved are point's in its favor. Theoretically, thermal analysis is capable of giving specific and latent hat measurements and therefore should permit the study of reactions on a more fundamental basis than any other method. It is, however,difficult or impossible to obtain quantitative heat measurements from cooling curves obtained in the usual way. Even if the furnace containing the sample is cooled or heated at a linear rate, or if a gradient furnaec is employed to maintain a constant rate over a large range of temperature, the heat flow from or to the specimen depends on its previous history, for the difference of temperature between the specimen and its surroundings varies. The emissivity of the specimen surface, moreover, is unlikely to be constant. The able mathematical analysis by Russrll,1 although it prevent,s misinterpretat,ion of data, has an effect rather the reverse of that intended, and leaves the reader doubtful of the possibility of ever obtaining quantitative results from thermal curves. Nothing can be done to apply thermal analysis t'o the study of equilibrium conditions of reactions that arc not completed at rates of temperature change above about 1° C;. per minute, and this unfortunatetly excludes most solid transformations in alloys.† For the determination of liquidus

Jan 1, 1940

By D. W. Loughridge

INTRODUCTION Raising capital in the 1990s is a timely subject. However, many of us thought why should raising capital in the 1990s prove to be unlike it was in the 19805, the 1970s, the 1%0s, or earlier? There are a lot of creative people in banking and in corporate treasury departments. New tools and techniques are continuing to emerge, many of which are discussed in other papers in this book. While we have new financing tools at our disposal, the underlying issue has not changed. Projects and investments must be judged on their own merits. If they cannot be justified by conventional financial analysis, they should not be built. If they can be justified, it is likely that the financing will be available. The challenges faced in raising capital in this decade will persist to the next. The issues of the 1980s -- currency fluctuation, disruptive merger and acquisition activity, commodity price volatility, political risk, and debt crisis -- will all persist in an increasingly international business environment. I will focus on the financing we have just completed for the Escondida Copper Project in Chile. The Escondida financing is structured along the classic project financing model developed in the late 1970s, but it deals with issues of the 1980s and the 1990s. The financing was intriguing, not just because of the technical issues involved, but also the challenge of reaching an agreement in a large and diverse group. Escondida had the one essential feature that made its financing possible. It was commercially very attractive. It would produce at low cost a commodity (copper concentrates) that direct consumers felt would be in tight supply. The project had the direct support not only of its sponsors, but also its customers, and, very importantly, its host government. The non- recourse financing of Escondida would not have been possible without the support of these parties, and without the robust economics that made this effort worthwhile. The issue was more complicated. Operations in all parts of the world entail some political exposure. This project is in Chile, where there was a constitutional requirement that a plebescite be held when the project would be in its early stages. This plebescite would determine the fate of a 15 year old military dictatorship. The project is copper, a commodity generally deemed to be in surplus. Copper has a history of price volatility (whose price has varied from $.58 to $1.53 per pound over the past two years). It is politically sensitive, not only in Chile, but in the United States, Canada and other developed countries. The project is international, with all the problems of dealing with a variety of currencies, a variety of cultures, and a variety of laws and commercial practices. The project is also large and capital intensive, with a total cost of U.S. $1.1 billion. ESCONDIDA PROJECT Escondida, the largest known copper ore body in the world, was discovered in March of 1981, by Utah International in a joint venture with Getty Oil Company. In 1984, both Utah and Getty were involved in ownership changes, Utah being acquired by BHP. A later restructuring of the ownership of Escondida resulted in BHP, as manager, carrying a 60% interest, Rio Tinto-Zinc Corporation (RTZ) 30%, and a consortium of Japanese companies led by Mitsubishi Corporation with 10%. The Japanese consortium is incorporated as JECO (Japan Escondida Corporation). This ownership structure, which spread ownership around the world, was the first tangible step toward managing both the commercial and political risk associated with the project.

Jan 1, 1990

By E. Cortese

Phosphate occurs in many places in Egypt, in two main zones: one in Upper Egypt, along the Nile Valley, principally on the right side, and one near the Red Sea coast. In the Nile zone, the principal layers of phosphate rock are to be found: in the mountains east of Mahamid (right side of the valley); in the hills near Sibaiya, also called Sebaieh (both sides); in the hills of Agula, Hagaza and Gurn (right side); and further on, along the camel road leading from Kena to Kosseir, a few miles east of Legheita's Oasis. Following that track, after having crossed the watershed, underlain by rocks like granite, serpentine, porphyry, and diabase, one comes again to the Cretaceous formation containing considerable quantities of phosphate, at Gebel Duwi, Gebel Nakheil, and Gebel Kosseir El Kadim, not far from the coast. More to the north, in the hills near Safaga Bay (Um El Uettat El Wasif) is another rich bed of the same formation. There are reports of phosphate existing near Suez and in the Sinai peninsula, and possibly some other zones can be traced or discovered in the future. The mines are well developed on the right bank of the Nile at Sharawna (near Sebaieh Station) and along the Red Sea coast, at Safaga and near Kosseir. Prospecting work has been done at Gebel Duwi, Gebel Gurn, Agula, Hagaza, and near Mahamid. The phosphatic formation in Egypt is quite variable, not only from place to place, but even within small areas. The phosphate is all of Cretaceous age, as is proved by the fossils found in it. It is considered to belong to the Campanian or, more appropriately, to the Maestrichtian series. The principal fossils are: Alectryonia Villei Coq. sp.; Roudereia Aures-sensis Coq. sp. = R. Drui Mun. Chalm.; Trigonoarca multidentata, Newton.; Cardita libyca, Zittel; Libycoceras Ismaely, Zittel; Nautilus sp.; Ancystrodon libycum Dam.; Corax pristodontus Ag.; Lamma biauriculata Zittel sp. Above the Maestrichtian beds, we have the Danian series, unconform-ably covered by Lower Eocene beds. Under the phosphate is a grayish marly clay, and beneath this, bluish-gray scaly shales resting on the Nubian sandstone (Santonian).

Jan 1, 1918

By Roswell H. Johnson

The principle of sliding or graduation in royalties is accomplished either by the block, period, cumulative, or class method. The block method calls for a very low royalty rate on all oil produced up to a certain amount. This amount would normally be that which is believed to suffice to repay the cost of the well. A higher rate would be charged after the well is making a profit. This method, common in many industries, is peculiarly inadaptable to any industry such as this where the productivity per day of the units gradually and inevitably decreases. This, for reasons given later, is because it forces an early abandonment of the well and so offends against conservation. In the period method, the royalty rate is changed by some definite amount when the well produces less than a specified quantity per day or other given unit of time. While simple to explain, it operates badly because a great deal is made to depend upon a small reduction in production, whereas the reduction as a matter of fact declines rather erratically owing to the exigency of lease management, connecting of tankage, and vagaries of the gaugers. These disadvantages are obviated by the cumulative method. In this method, all the production less than a certain amount per week has one rate of royalty, or none at all, and the oil produced in excess of that amount pays an additional rate of royalty. In the long run the calculation is probably no greater than with the period method, for simple tables will be published and printed in the oil papers that can be cut out, enabling quick readings to be made. Even without the table the calculation is easy with the few royalty rates, two or three, which would be used. In this method, the amount paid in royalty declines gradually, rather than suddenly as in the period method. The following reasons might be advanced for the adoption oi cumulative royalties: 1. To distribute the burden in accordance with the capacity to pay. This principle is a unique one in business, although familiar in taxation. This is because it does not distribute reward in proportion to efficiency.

Jan 1, 1916

By J. J. Bodmer

Although the similarity between puzzolana, or trass, and blastfurnace slag, as seen by comparison of the analyses, is a well-known fact, blast-furnace slag has not been used commercially as a substitute for those cementing materials. The reason, the writer apprehends, lies in the fact that unless such slag is disintegrated or subdivided by rolls, the process must either be too costly, or the material is not in a fit and proper condition for the purpose. In order to produce a reliable slag cement, the slag must be ground together with the lime into an impalpable powder. The subdivided slag must, therefore, be perfectly dry, and, at the same time, friable. The stronger the hydraulic properties of the lime, the more reliable the slag cement will be, and practice has proved, that the slag from a gray-iron furnace gives the best results. The slag cement which has given the results shown in the annexed table, under pressure tests, was composed of six parts of slag, from a blast-furnace producing No. 3 foundry iron, and one part of lime, of medium hydraulic properties. The above-described class of cement bears storing as long as most Portland cements, and the cheapness of its production is self-evident.

By J. J. Bodmer

ALTHOUGH the similarity between puzzolana, or trass, and blast-furnace slag, as seen by comparison of the analyses, is a well-known fact, blast-furnace slag has not been used commercially as a substitute for those cementing materials. The reason, the writer apprehends, lies in the fact that unless such slag is disintegrated or subdivided by rolls, the process must either be too costly, or the material is not in a fit and proper condition for the purpose. In order to produce a reliable slag cement, the slag must be ground together with the lime into an impalpable powder. The subdivided slag must, therefore, be perfectly dry, and, at the same time, friable. The stronger the hydraulic properties of the lime, the more reliable the slag cement will be, and practice has proved, that the slag from a gray-iron furnace gives the best results. The slag cement which has given the results shown in the annexed table, under pressure tests, was composed of six parts of slag, from a blast-furnace producing No. 3 foundry iron, and one part of lime, of medium hydraulic properties. The above-described class of cement bears storing as long as most Portland cements, and the cheapness of its production is self-evident.

Jan 1, 1874

By E. F. La Vigne

ON Aug. 10, 1884, the Retsof Mining Co. began the sinking of an 18 by 12-ft. shaft at Retsof, N. Y. Rock salt was reached in 1885, in September, at 1008 ft. below the surface. The first salt was shipped in the fall of 1885. A timber breaker was built in 1886. In July, 1895, there was a consolidation of the Retsof Mining Co., the Greigsville Salt & Mining Co., the Livonia Salt Co., and the Lehigh Salt & Mining Co. These consolidated salt companies are now known as the Retsof Mining Co., a subsidiary of the International Salt Co. Eventually all of the mines were closed except the mine of the Retsof Mining Co., at Retsof, Livingston County, New York. On July 6, 1921, about ½ mile south of the original shaft and plant of the Retsof Mining Co., a new 9 by 28-ft. concrete-lined shaft was started. The shaft is 1063 ft. deep from the top of the shaft collar to the bottom of the salt bed. At the same time a reinforced-concrete breaker and other buildings were erected. This new plant began opera-tions on Dec. 15, 1923. It was designed for a capacity of 3000 tons in 8 hours.

Jan 1, 1936

The regular activities of the Insti¬tute are financed mainly by income derived from members' dues, from advertising in MINING AND METALLURGY, and from the sale of publications to the public. In addition, collateral activities and special projects are financed each year by means of income from endowed funds controlled and administered by the Institute. In the aggregate, the principal sums of these endowments amount to more than $560,000. An active effort is being made to in¬crease the endowment funds of the Institute through a standing committee, of which H. T. Hamilton is chairman; Paul D. Merica, vice-chairman, and of which the other members are: W. H. Aldridge, George D. Barron, Cleveland E. Dodge, John V. M. Dorr, Howard N. Eavenson, D. C. Jackling, Henry Krumb John M. Lovejoy, Harvey D. Mudd and J. V. W. Reynders. This committee feels that there exists a tremendous opportunity for the Institute to be of ever-growing service to the public, to the mineral industries, and to the profession. It welcomes suggestions as to names of men of means who are vitally interested in the mineral industries, and to whom the opportunity to make a contribution or bequest might appeal favorably if presented in the proper light by the committee.

Jan 1, 1943

Discussion of the paper of J. E. Johnson, Jr., The Effect of High Carbon on the Quality of Charcoal-Iron, presented at the Cleveland meeting, October, 1912, and printed in Bulletin. No. 74, February, 1913, pp. 173 to °14, and of the paper of Albert Sauveur, Notes on Cast-Iron, presented at the New York meeting, February, 1013, and printed in Bulletin No. 75, March, 1913, pp. 503 to 524. CHAIRMAN. JOHN BIRKINBINE :-Just 20 years ago I had the pleasure, when I retired from the Presidency of the Institute, of introducing my successor, and this afternoon it is my pleasure to ask my good friend Dr. Howe to open this discussion. PROFESSOR HENRY M. HOWE, New York, N. Y. :-This paper of Mr. Sauveur's is extremely interesting. It is one of those papers that one wishes to read in the quiet of one's study, where it can be read with great profit. There are many points which he makes which I think are of very great value, in particular as to the importance of getting fine ;grained graphite by a relatively rapid cooling, combined with a high percentage of silicon. That theory would seem to be very promising; how far it has actually been carried out very likely Dr. Moldenke can. tell us.

Jan 5, 1913

By J. M. Camp

In conforniity with the design of the oficials of the United States Steel Corporation for the standardization of the methods employed in the sampling and analysis of all materials encountered in their various lines of manufacture, the Chemists' Committee presents this compilatioti of standard methods for the sampling and subsequent analysis of molten pig-iron. In selecting the methods, the Committee employed the same line of procedure as in former cases, viz., the careful consideration of all the methods employed in each laboratory of the Corporation, evolving therefrom the several methods herein described, the immediate adoption of which is desired. The services of Messrs. W. B. N. Hawk, William Brady, and C. H. Rich, a sub-committee appointed for the preparation of the present paper, are gratefully acknowledged. II. Introduction. A quite obvious cause of nonconformity of results of comparative analyses in the various laboratories of the Corporation has been an apparent lack of uniformity of method in the sampling and analysis of molten iron. This condition is particularly apparent with regard to the determination of the sulphur, numerous discrepancies in which would appear t.o indicate the absence of, and the necessity for, some uniform method of procedure. The estimation of the

Jan 1, 1913

By Samuel Lasky

WITH the movement of American capital into foreign investment, a new field of specialization for the American mining engineer is gradually opening a field hitherto entered almost wholly by chance and without full appreciation of its possibilities. Our age has been fitly called the "Age of Specialization." The special application of one's knowledge and ability to a definite and restricted branch of .his profession is purely a modern condition. Any profession, or branch of a profession or, industry, in which the problems may be segregated into definite types, calls for specializa-tion. Modern industry demands efficiency and that, reduction and ultimate annihilation of waste. Effort and time wasted by workers' on a problem with which they are not familiar is as flagrant a waste of money -the final standard-as any waste of materials. One of the subdivisions of mining engineering which is beginning to be recognized is of engineers who are clearly conversant with the particular and peculiar problems obtaining under foreign operating conditions. The need is as yet obscured, however, by the domestic prosperity of our American mining industry. The opportunity here lies more with the American engineer than with other nationals. The foreign en-gineer now in that service is not there through a realiza-tion of the special opportunities that exist, but through necessity, whereas, with the American engineer, more especially ,the recent graduate or those who will soon graduate, this is a new field to be entered wholly by choice. As a matter of fact, many engineering students will find it necessary to seek foreign service if they wish to remain in mining. Although the scope of the domes-tic industry is tremendous and there are many positions open to the junior engineer, there are not enough for the great number of graduates turned out yearly from our, mining schools. Educators tell us that less than 40 per cent. of the students in engineering schools gradu-ate; and of these but a minority continue in engineering. Even this minority is too great for our domestic. In-dustry, and although the young engineer realizes that condition after a few years he rarely seeks foreign work. A. perusal of the directory of the American Institute of Mining Engineers indicates that, but about one-half of one per cent of the Junior Associates are in positions outside of North America. Granting that most of them are still in school, the figure is surpris-ingly small.

Jan 1, 1927

By R. W. Baldwin

As used in geophysical exploration, the term overvoltage applies to secondary voltages set up by a current into the earth which decay when the current is interrupted. These secondary effects may be measured by pick-up electrodes. The term induced polarization has often been employed to describe this same phenomenon. In its own operations Newmont Exploration Ltd. commonly uses the word pulse. The basis of this method in prospecting is that metallic particles, sulfides in particular, give a high response, whereas barren rock, with certain exceptions, gives a low response. Overvoltage has been tried in searching for many types of mineral occurrence but has been most successful in outlining the widespread disseminated mineralization associated with porphyry coppers. History:' Newmont Mining Corp. has been interested in overvoltage since 1946, when Radio Frequency Laboratories of Boonton, N. J.. drew the company's attention to phenomena observed in the laboratory. At the instigation of A. A. Brant further model studies were undertaken, and the first tests were performed in 1947. Tests at San Manuel, Ariz., in 1948 were very encouraging, clearly demonstrating that the method could be used to distinguish scattered sulfides at depth. H. 0. Seigel followed up the San Manuel work with a study to determine the phenomena involved.'

Jan 1, 1960

By John L. Burns

The object of this chapter is to present data concerning the effect of the introduction of relatively slight amounts of carbon and nitrogen into supersaturated solution in iron. The study is confined to the alpha temperature range of both the Fe-C and Fe-N systems. The age-hardening characteristics of these two systems are considered. These data are compared to those of other age-hardening alloy systems and a "classification" is essayed. A.—Relation of Lattice Parameter and Electrical Conductivity to Changes in Physical Properties Due to Aging of Fe-C Alloys Since Whiteleyl in 1927 showed that some of the iron carbide that is normally present in slowly cooled low carbon-iron alloys disappears on rapid cooling from just below the A, point, interest has been manifested in the possibilities of age-hardening in these alloys. Masing and Koch,~ and at the same time and independently, W. Koster,~ proved these alloys to be age-hardenable. A. A. Bates4 a little later also published an interesting paper on changes in physical properties due to the aging of low-carbon steels. Many other papers have appeared showing changes in physical properties in specific instances due to this same phenomenon.

Jan 1, 1934

By T. Clinton Taylor

QUALITATIVELY, galena (native lead sulfide) reacts with aqueous solutions of the xanthates,1 and has its surface sufficiently altered so that there is a tendency for air bubbles to attach themselves to the mineral crystals where there was no such effect before the treatment. This property is utilized in froth flotation operations where the mineral sulfide particles are raised into the froth and the gangue whose surface is not altered remains behind. The results of a study of this reaction were reported" recently and certain tentative suggestions about the interaction of galena and the alkali xanthates were offered. In this paper, there is set down the results of a detailed quantitative investigation of the ions involved in this inter-action with a view to finding out more about the condition existing imme-diately at the surface of a crystal like a heavy metal sulfide after treatment with an organic reagent. Past experimental experience showed that finely ground galena shaken with aqueous potassium xanthate abstracts xanthate ion and at the same time sulfate ion, reducing ions of the type (SmOn)= where the ratio of m to n is less than 4:1 (as in sulfate), sometimes hydroxyl ion are thrown into solution.,

Jan 1, 1933

By A. R. Troiano, E. A. Steigerwald, F. W. Schaller

D. N. Williams(BatteZle Memorial Institute)-The authors have presented an extensive collection of arguments pertaining to the role of stress in hydrogen embrittlement. The basic assumption of these arguments is that stress is essential as a driving force for diffusion of hydrogen. However, in view of the rapid diffusion rate of hydrogen in steel at low temperatures as evidenced by the ability to alloy with hydrogen by electrolytic charging, it seems unlikely to me that stress acts in this manner. Instead, I would like to suggest that stress may be essential for the nucleation of hydrogen in steel. I believe that such an assumption would equally well satisfy the experimental data presented by the authors. I should also like to comment on the interpretation of the data presented in Figs. 5 and 6. Fig. 5 shows the effect of hydrogen content on ductility in a rupture test. The curve as drawn by the authors indicates an abrupt transition from ductile to brittle behavior at about 0.001 amp per sq in. (5 ppm). The data points would equally well support a gradual transition from ductile to brittle behavior extending over the range from 0.0008 to 0.02 amp per sq in. (4 to 8 ppm). A gradual transition would be the ex-

Jan 1, 1962

His face wreathed in smiles, J. Richard Lucas, Chairman of the Keynote Session, conceded that "the papers appeared to have been of some interest." This was a modest description of the opening day of technical sessions at the SME Fall Meeting and Exhibition, October 13 to 15, in Tampa, Fla. The auditorium had capacity for 800 spectators and there was hardly a vacant seat visible. The topic, Resource Development of the Fertilizer Minerals, was covered in four authoritative papers. H. S. Ten Eyck set the stage. Resources are always viewed in relation to future requirements, and these depend largely on population. If the population trend continues, the world's 3.3 billion people will increase to 6.7 billion people by the year 2000. About 70% of this increased population will be in developing areas which are not capable of supplying sufficient food and fiber for their needs. Fertilizer is a means of bridging the crop shortage. Projections of fertilizer requirements by 1970 are from 53 million to 67.5 million long tons of plant nutrient which compares with 1964 consumption of 37.7 million tons. Looking ahead to 1980, the growth continues with an estimated demand of 80 million to 113 million tons combined of N P and K.

Jan 12, 1966

By W. A. Hooker

This portion of Mexico is quite beyond the ordinary routes .of travel, and is seldom visited. Its mines have not the record of enormous wealth which has recently attracted foreign capital to other parts of the republic; but for many centuries it has been a mining country, and at some periods evidently a productive one. In 1881 the writer visited the State and spent some time in the inspection of the mines. The absence of published information regarding its mining industry is his apology for presenting to the Institute these notes on the subject. Oaxaca is, with one exception (Chiapas), the most southerly of the Mexican States. It extends from latitude 18o 20' to 15' 45' N.— about 180 miles, by some 300 miles, in an east and west direction, and embraces a large part of the Isthmus of Tehuantepec. The coast-line is wholly on the Pacific. The State has an area of 27,470 square miles, nearly that of the State of Maine, and a population estimated at one million, or thirty-six to the square mile. The great continental Cordillera which farther north and west expands into broad table-lands, is here converged into narrower limits and occupies the greater portion of the country; the main

Jan 1, 1887

By Harvey S. Chase

During the recent great depression in iron, little has been done in the magnetic separation of iron-ores; and previous to the present decade the art was in its infancy, so that there were few, if any, successful separators on the market, and but scanty practical data could be obtained as to the industry itself. Moreover, the recent development of the great Mesabi Bessemer beds, coincident with the intense depression in business, has discouraged active attempts to solve the problems presented in the crushing and separation of the refractory magnetites of the South. Experiments have been carried on, however, upon a practical scale in separating these ores magnetically, at the well-known Cranberry mines, in Mitchell county, N. C., with results which are encouraging. The magnetites of the Blue Ridge, in the South, have been known, and the soft ores of the region have been used in Catalan forges, since very early times. The original settlements in East Tennessee were made along the Watauga river by Daniel Boone, William Bean, John Sevier, and other stalwart pioneers; and this valley lies parallel with the " Cranberry " lead, which is undoubtedly the most celebrated and the most extensive deposit of workable magnetic ore in the Southern States. This lead I have personally traced along the outcrop, be-

Jan 1, 1896