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By James Lorimer

THE topography at the Stan Trg mine facilitated early exploration by adits; in consequence adit levels were developed at horizons 865, 795, and 760 meters above sea level, and the levels in the mine 'are named according to their elevation. Exploitation started from the 760-m. level . upwards while simultaneously first steps were taken with regard to mining in depth. A deep dewatering adit 2.5 km. long now gives access to the deposit at the 610-m. horizon which also is connected with the 760-m. adit level by a three-compartment main hoisting shaft. Main levels have been developed internally from

Jan 1, 1936

By Porter W. Shimer

The device here described has been found useful in sampling foundry-iron, and there is no reason why it should not be equally useful in sampling other metals, which are not too hard to be drilled with a breast-drill. It consists, as shown in Figs. 1 and 2, of an ordinary plumber's gas T (without bead) of about 1/2-inch in internal diameter, over the leg of which is snugly fitted a small tin cup, about If inches deep, to catch the drillings which are made by use of a breast-drill with a 1/4-inch twist bit, working through the arms of the T. The forward arm of the T is filed down to a blunt edge, over which is stretched a short piece of rubber tubing projecting a little beyond the end. The bottom of the inside of the front arm of the ? is filed down to a slope, to facilitate the passage of drillings into the tin cup. The rear arm of the T is fitted with a tin ring, projecting about 1/4-inch, for the purpose of holding in place a stiff spiral brass spring, which serves to press the sampler firmly against the metal to be drilled. The other end of the spring is supported against a shoulder of the breastdrill. The projecting rubber prevents the loss of any drillings, and also the falling of sand from above into the sampler. With ordinary care there need be no risk of getting particles of rubber into the sample. It is, of course, not possible to get a fair average sample of drillings, representing a pile of foundry-iron, by taking drillings from any one or two pieces, because of the frequently mixed character of the iron. This observation applies more particularly to the sampling of iron as it is broken and piled at the foundry, than to sampling at the works, where, if the furnace is working regularly, a few pigs may fairly represent a whole cast. By the use of this device, it is possible for a sampler to pass

Jan 1, 1901

By J. R. Dunn

Planning quarry operations and control of the quality of rock materials at Hudson Cement Co. at East Kingston, N. Y., are special problems because of multiple uses for the stone and the great structural complexity of the rocks. Problems have been largely solved by detailed geologic work. These geologic studies have paid dividends in long and short range planning, in assessment of reserves, in vastly reduced cost of chemical analyses, and in reduced drilling costs. Limestones of the Hudson Valley outcrop along the Hudson River from Albany to Kingston. Old established cement companies are located just south of Catskill and just east and southeast of Hudson, N. Y. The new Atlantic Cement plant is being constructed at Ravena. Hudson Cement located at East Kingston, is a newcomer and is closest to the New York metropolitan area (Plate I).

Jan 11, 1961

By H.E. Brauer

Among the zinc base alloys used for casting in metal moulds, pnrticularly die casting, those alloys containing aluminum usually together with copper, are probably the most widely used. The reason lies in their desirable mechanical properties and the fluidity and absence of hot shortncss which facilitate ca,sting. Objection to the use of these alloys may be raised on account of the rather frequent instances of failure of a type variously described as disintegration, exfoliation and intererystalline corrosion. In all cases which have come to our kno~vlcdge where the conditionsof service were known, failure has occurred upon cxposurc to moisture and heat varying from a hot moist atmosphere to lligh pressure steam. RIoreover, the alloys described in all such roses contain impurities or alloying metals which the present authors have found to have enormous accelerating effects on intererystalline oxid:~t'ion in zinc-aluminurn alloys. Thus Williams1 experimented with an alloy containing a large percentage of tin exposed in Cuba. Baucr2 reports failure of a boiler plug containing over 1 per cent. of impurities, doubtless lead for the must part, and Rawdon's3 examinations were madc on an alloy containing 0.1 per cent. lead also exyosctl to thc Tropics. No thorough investigation of the nature and cause of this type of failure has been made heretofore, so far as the authors are aware, although Rawdon correctly classified it as internal oxidation. We have, therefore, carried out this investigation in order to det'ermine the exact nature of this phenonienon and the effect of other metals present as impurities or intentional additions in accelerating or retarding it. In the appendix we include a considerable amount of data which may be valuable in selecting an alloy combining good physical properties with high resistance to oxidation. At the time this work was undertaken the best available equilibrium *Investigator, Metal Section, Research Division, The New Jersey Zinc Company. 'H. W. Williams—Jour. Am. Inst. of AIet,als, Vol. 11, p. 221 (1917). 2o. Bauer—ZeiL, fiir i'vletall Kunde, Vol. 12, .No. 7, pp. 129-31 (1920). 3H. S. Rawdon—Trans. Am. Elcctrochcmic.al Society (1921).

Jan 1, 1923

By H. E. Brauer

Among the zinc base alloys used for casting in metal moulds, pnrticularly die casting, those alloys containing aluminum usually together with copper, are probably the most widely used. The reason lies in their desirable mechanical properties and the fluidity and absence of hot shortncss which facilitate ca,sting. Objection to the use of these alloys may be raised on account of the rather frequent instances of failure of a type variously described as disintegration, exfoliation and intererystalline corrosion. In all cases which have come to our kno~vlcdge where the conditionsof service were known, failure has occurred upon cxposurc to moisture and heat varying from a hot moist atmosphere to lligh pressure steam. RIoreover, the alloys described in all such roses contain impurities or alloying metals which the present authors have found to have enormous accelerating effects on intererystalline oxid:~t'ion in zinc-aluminurn alloys. Thus Williams1 experimented with an alloy containing a large percentage of tin exposed in Cuba. Baucr2 reports failure of a boiler plug containing over 1 per cent. of impurities, doubtless lead for the must part, and Rawdon's3 examinations were madc on an alloy containing 0.1 per cent. lead also exyosctl to thc Tropics. No thorough investigation of the nature and cause of this type of failure has been made heretofore, so far as the authors are aware, although Rawdon correctly classified it as internal oxidation. We have, therefore, carried out this investigation in order to det'ermine the exact nature of this phenonienon and the effect of other metals present as impurities or intentional additions in accelerating or retarding it. In the appendix we include a considerable amount of data which may be valuable in selecting an alloy combining good physical properties with high resistance to oxidation. At the time this work was undertaken the best available equilibrium *Investigator, Metal Section, Research Division, The New Jersey Zinc Company. 'H. W. Williams—Jour. Am. Inst. of AIet,als, Vol. 11, p. 221 (1917). 2o. Bauer—ZeiL, fiir i'vletall Kunde, Vol. 12, .No. 7, pp. 129-31 (1920). 3H. S. Rawdon—Trans. Am. Elcctrochcmic.al Society (1921).

Jan 1, 1923

By Richard E. Chism

Some years ago, when I was seeking an illusive fortune and gaining a precarious existence in the primeval forests of Brazil, there penetrated, even to my headquarters in that far-off land, the story of a new-found mining district, where mountain peaks were ribbed with silver, and valleys teemed with virgin gold. Such were the stories that caused hundreds of men to seek their fortune in Sierra Mojada, and to return heaping curses, loud and deep, upon the vivid imaginations that had evolved the glittering fiction. Nevertheless, the rumors had some foundation of truth. The ribs of silver exist, if not the placers of gold; and a flourishing town, of some three thousand people, with two leading mining companies and several smaller ones, in operation, represents what was permanent in the excitement of 1879. Geographical Situation. The town of Sierra Mojada is situated in the State of Coahuila, Republic of Mexico, in latitude 27' 24' N., and longitude 26' 40' W. of Washington, 4' 36' W. of the City of Mexico, and 103' 43' TV. of Greenwich. It lies about 70 miles, in an air-line, N. E. of Escalon station, on the Mexican Central Railroad; but by the present wagon-road, which makes a long detour to turn the mountain range, the distance to the station is about 105 miles. The nearest towns are Huajuquilla, in the State of Chihuahua, about 125 miles due west, and Cuatro Cienegas, in the State of Coahuila, 112 miles to the eastward. Between these points and the town of Sierra Mojada, and to the north of this town, the country is an immense desert, entirely uncultivated, almost uninhabited, and very little known. This

Jan 1, 1887

By P. B. Bucky

IN previous publications1 it was shown that a scalar model of any weighty structure, where the stresses produced are mainly due to gravita-tional forces, will behave similarly to its prototype if the model and proto-type material are the same arid the model is placed in a centrifugal field of force (substituted for the gravitational field) which has been increased in the same proportion as the linear model scale is decreased. This principle is now being applied to a study of the behavior of mine structures in an attempt to determine the laws that control them. The importance of using models as a means of solving mining problems has been discussed previously, yet it may be well to reiterate here that this method of research and type of solution have been productive of far-reaching results in other engineering fields, notably those of hydraulics and aerodynamics. Model research is a comparatively cheap and time-saving method of checking practical experience. Up to the present time the best guide to what will happen underground has been the judgment of the man who has observed most and been longest acquainted with the local conditions. His experimental work underground is limited by the elements of cost, time and danger, while failure is seldom permissible. In a model, as in a test tube, all elements that affect the solution of a problem are under definite control. Each element may be varied independently at will and its effects noted. Experimental work on a small-scale model may there¬fore be performed at a comparatively small expenditure of time and money, instead of on a full scale in the mine, where the cost, time, and danger elements are necessarily great. The experiments described in this paper are to be considered as part of a progress report and a continuation of Technical Paper 425. One object of the research program is to make each experiment point the way for further research on that particular phase of the general problem. The results and conclusions presented here are therefore not to be considered as final, but are to be interpreted as

Jan 1, 1933

By Laurence Pellier

Electron microscopical studies were made of the effect of sensitization at 1200oF on a Type-.104 stainless steel with high carbon and low nitrogen and oxygen contents, after solution annealing and after cold working. The loci of the carbide precipitates in the early stages of sensitization were followed in dry stripped plastic replicas. Some observations were made by direct electron transmission on thinned films. Intragranular dislocations showed a high degree of stability through the annealing necessary to produce sensitization. I HE present work was undertaken to determine the effect of sensitization, at 1200°F, for 1/2 hr, on the electron microstructure of a Type-304 stainless steel with high carbon, and low nitrogen and oxygen contents, after solution annealing and after cold working. Many electron microscopical studies of sensitization of 18-8 stainless steels have already been made. Most of them utilized extraction replicas, from which the morphology and composition of the precipitated carbides could be established.'-" ry stripped replicas were seldom used for such studies, although it was demonstrated that they are applicable, in general, to EurveYs of the general microstructure of many alloys' and, in particular, to the observation of precipitated carbides in austenitic stainless steels.3

Jan 1, 1963

By L. Obert, D. E. Stephenson

The objectives of this investigation were to develop a laboratory procedure in which core discing could be produced under known (and variable) stress conditions, and to study the discing characteristics of several fypes of rock. Discing of rock cores refers to the formation of discs or wafers of relatively uniform thickness which fracture or rupture on surfaces approximately *Fracture is a type of failure in which there is a complete loss of cohesion and fresh surfaces are created. Rupture is a type of failure in which there Is only a partial loss of cohesion. normal to the axis to the core (see Fig. 1). Usually the surfaces of the discs are concave-convex with the concave side toward the collar of the hole. The surface of the fractured discs are like those created by a tension failure (or possibly a shear failure with virtually no normal compressive stress). This phenomenon has been observed by a number of investigators1-5 in the course of diamond drilling in underground mines, especially in areas suspected of being under high stress. The state of stress in the core required to produce discing is not exactly known. Tranter and craggs6 theoretically investigated the stress distribution in an infinite cylinder, subjected to hydrostatic pressure, minus p, from z = 0 to z = 8 and unloaded from z = 0 to z = 8, Fig. 2. The exact solution to this problem shows that a tensile stress develops in the loaded region near z = 0 with the greatest tensile stress on the axis of the cylinder. A tensile stress also developed on the surface of the cylinder at a point just outside of the loaded zone. Jaeger and Cook3 experimentally investigated the discing mechanism by biaxially loading cores in a pressure jacket sealed at the ends by O-rings. According to the Tranter and Craggs theory it would be expected that failure should occur at the pressure discontinuity at the O-rings. The experimental results showed that if the specimen was unjacketed it broke at random points within the pressurized zone and at a pressure somewhat greater than the tensile strength of the specimen, presumably due to the development of a

Jan 1, 1965

By Harrison Souder

THE object of this paper is to bring to. the notice of engineers a safety detonating fuse by the use of which misfires in blasting may be eliminated and safety in blasting operations promoted. This new detonator is a French invention and is known as Cordeau detonant or detonating fuse and is sold under the name of Cordeau-Bickford. It consists of a lead tube 5 to 6 mm. in diameter, filled with trinitro-toluene. While applicable to all classes of mining it will appeal especially to those who have to do with deep-hole blasting in open-cut clines or quarries, or any operations where a large number of holes are to be shot at one time. Since the introduction of the deep-hole blasting in the Cornwall iron mines, much trouble has been experienced from misfires and many experiments were made to determine the best and safest method of blasting. Before the introduction of the detonating fuse it was found that to insure the best results, two or more high-power electric exploders, not less than No. 6, with specially insulated conductors, should be placed in each hole; the holes wired in parallel, and for a large number of holes the current to be supplied by a live wire to the bus or lead wires at about the middle of the bench. The voltage in general use is 110 to 220, but as our material is a magnetic iron ore and the holes are generally damp, we found it advisable to reduce this to about 30 volts to prevent short circuits. A No. 7 or No. 8 special insulated detonator was adopted. But with the best of care and attention to the minutest detail, we were not able to eliminate occasional misfires and the consequent ever present danger of accidents.

Jan 10, 1914

By E. A. Anderson

THIS seems to be the year for superlatives in A.I.M.E. meetings. The programs of the various Divisions and Institute committees offered an abundance of interesting and valuable information in the form of technical papers, symposia. and lectures to large and interested audiences. The Institute of Metals Division may hold up its head with pride for its own program. With six technical sessions, three full-day symposia, and the annual I.M.D. dinner, four meeting days were not enough and many simultaneous sessions were required. The quantity and quality of the paper were equaled by the numbers and interest of those attending.

Jan 1, 1944

By H. L. Marcus, P. W. Palmberg

As can be seen from the phase diagram A1-W1 the equilibrium solubility of tungsten in aluminum is practically nil at room temperature. By quenching from the liquid state (50,000°C per sec), Varic, Burov, and Kolesnicenko2 obtained A1-W solid solutions up to 0.15 at. pct W. The quenched alloys were in the form of foils, 0.2 to 0.3 mm thick. Considering the results of Duwez and Willens,3 it is obvious that this thickness, which makes impossible a sufficiently rapid quenching, was the main reason for the relatively low content of tungsten dissolved in aluminum found by Varic.2 he present note shows that the metastable solubility of tungsten in aluminum can be appreciably extended in aluminum-rich A1-W alloys. The quenching technique and the procedure employed for the preparation of the alloys have been described previously.475 The resulting quenched flakes varied in thickness from 1 to 20 µm from experiment to experiment. However, the measurements of the lattice parameters were carried out only with flakes thinner than 5 µm. The areas of quenched flakes were between 0.1 and 15 mm2. The quenched flakes were placed into a 0.3-mm glass capillary tube which was then mounted in a 114.6-mm-diam Debye-Scherrer camera. Straumanis asymmetric film position and nickel-filtered CuKa radiation were used. The lattice spacings were computed taking X(CuKa1) = 1.54050A for resolved and ?(CuKa) = 1.54178A for unresolved doublets. All specimens were rotated at room temperature, 26" +2°C. The lattice parameters were estimated from extrapolation against the Nelson-Riley function. It was estimated that the error in the lattice parameter of the measurements on a single film lies within +0.0004A for lower and about +0.001A for higher concentrations of tungsten. The lattice parameters of the metastable solid solutions A1-W are plotted vs the concentration of tungsten in Fig. 1 together with the parameters measured by previous investigators.' Each point of the present measurements represents a determination of the lattice spacing on different quenched flakes, for a given concentration of tungsten. With experimental accuracy, the lattice parameters of the metastable solid solutions fall on the straight line passing through the already known data.' As estimated from the uncertainties in the lattice spacings of the solid solutions, the alloys were homogeneous within 0.1 at. pct W. The solubility of tungsten in aluminum-rich A1-W solid solutions obtained by a very rapid quenching technique is increased to about 0.95 at. pct W. This value is 6 times greater than the amount known up to now. -he lattice parameters of the resultant aluminum solid solutions with higher concentrations of tungsten than 0.95 at. pct W did not remain constant AUGER electron spectroscopy has been used to clarify the role of impurities in the embrittlement of AISI 3340 steel. Analysis of fracture surfaces has shown that the embrittled condition is correlated with appreciable antimony segregation at grain boundaries. The low temperature (400" to 600°C) temper embrittlement of low alloy steels containing various combinations of Cr, Ni, Sb, Mn, P, Sn, and As has been examined extensively for many years. General reviews of the area have been made by McMahon1 in 1968, LOW' in 1959, woodfine3 in 1953, and Holloman4 in 1946. Recent work by Low, Stein, Turkalo, and LaForce5 has done much in separating the alloy and

Jan 1, 1970

By A. J. Stosick, J. R. Hoffman, E. Rudy, St. Windisch

The binary alloy system Mo-C zoas investigated by means of X-ray, metallog/aphic, thermoanalytical, and melting-point techniques on chemically analyzed specimens. The system, Fig. 39, is characterized by three congruently melting, intermediate phases, Mo2C, n MoCi-x, and aMoC1-,, of which only Mo,C is stable at temperatures below 1650°C. Substoichio-metrzc (~32.5 at. pct C) dimolybdenum carbide undergoes a homogeneous sublattice order-disorder transformation at temperatures of approximately 1400°C, whereas hyperstoichiorrletric compositions undergo a discontinuous Phase change. The order-disorder transitions in the Me, C phases are discussed in terms of the structural changes involved in the transformation processes and the absence of long-range sublattice coherency in stoichiometric or hyperstoiclziomet-ric compositions attributed to the impossibility of obtaining long-range order in a linear chain of alternating carbon atoms and vacancies. From the experimental phase relutionships and the known thermody-namic data for Mo2 C, limits for the free energies of formation for the high-temperature phases r) MoC1-, and aMoC1-, are deriued and found to be in good agreement with data previously obtained from phase equilibria in ternary metal-carbon systems. IN the course of studies of the high-temperature phase relationships in ternary systems of refractory transition metals with carbon,' a number of inconsistencies found in previous work necessitated a reex-amination of some of the related metal-carbon binaries. A reassessment of the binary system data also seemed

Jan 1, 1968

By J. R. Linney

THE Eastern Magnetite Industry produced approximately 7,850,000 long tons of crude ore in 1945 from which was obtained approximately 3,650,000 long tons of shipping product or a ratio of 2.10 to 1. Lack of skilled or experienced miners was the greatest handicap. Veterans returning to work improved the underground labor shortage in some localities but as a whole the labor shortage was keenly felt throughout the industry. One cannot now predict what may be accomplished in 1946 but barring major steel strikes a worthwhile improvement can be expected. At the Richard mine of the Richard Ore Co., the shipping product for the year amounted to approximately 124,650 long tons of concentrate and lump ore. Crude-ore production was 160,600 long tons. The average analysis for lump ore was 63 per cent iron and for concentrates 66.05 per cent. The Warren Foundry and Pipe Corp. at their Mt. Hope mine produced 73,000 long tons of lump ore averaging 59.5 per cent and 57,000 long tons of concentrate averaging 67 per cent. The total mine hoist was approximately 209,000 long tons. Operations were commenced through the new Leonard shaft on Jan. 18; the Brown shaft through which operations had been conducted since 1912 caved beyond repair on Sept. 26. No one was injured but pumping facilities were somewhat disrupted. In order to reach designed capacity a total of 400 men will be required with 300 underground. Due to shortage of labor all operations in 1945 were concentrated on the 1700 level. As fast as men can be hired and trained development of the 2100 and 2500 levels will commence. Mt. Hope has a consider-

Jan 1, 1946

By Walter Miller

NOW, after a year's continued impact of war, the task of the petroleum-refining industry stands out clearly and looms up in larger aspect. This time it is not, as it was so largely in the first World War, simply a matter of increased quantity- more and more of the same petroleum products that had substantially been standard for years. In this era the emphasis is largely on newer and improved materials which had been produced, if at all, in comparatively insignificant quantities, and for which manufacturing equipment was not available on a large scale. At the beginning of 1942 four great product needs (besides a number of lesser one-) confronted the industry: 100-octane aviation gasoline, toluene for T.N.T. production, high-quality lubricating oils for aviation and Army equipment service, and petroleum chemicals for synthetic rubber manufacture.

Jan 1, 1943

By Alden B. Greninger, Victor G. Mooradian

Microscopic examinations of quenched (beta) 60:40 copper-zinc and quenched (beta) 74:26 copper-tin alloys have frequently disclosed long, thin parallel bands or markings within the polyhedral beta grains. Apparently, it has been accepted that these markings are mechanical twin bands, although there is no published account of experimental data that might tend to substantiate this belief for the copper-zinc system, and only meager evidence has been submitted for the copper-tin system. Johnsonl0 commented upon the markings he observed after deforming a quenched brass of 55.6 per cent copper and 44.4 per cent zinc. Clark's papers4 on the heat-treatment of Muntz metal contain many photomicrographs of markings in beta brass; these she referred to as Neumann bands (inasmuch as repolishing and re-etching failed to remove them) and stated that markings present in Muntz metal as quenched were the result of shock imparted during the polishing operation. Van Wert18 first suggested that these parallel markings in quenched beta brass (60:40) might be alpha precipitated along certain crystallographic planes of the matrix lattice. He showed that upon reheating the specimens to temperatures below 800" C., obvious precipitation of alpha within the large beta grains first occurred at the markings. In a discussion of this paper, Phillips stated (pp. 505-507) that in his opinion the markings observed by Van Wert were mechanical twins resulting from contraction strains produced during the quenching operation. In a study of segregate structures in beta copper-tin, Smith17 observed that in the quenched beta phase (containing 74.92 per cent Cu) parallel . bands or markings very similar to those in metastable beta brass could be

Jan 1, 1938

By Alden B. Greninger, Victor G. Mooradian

Microscopic examinations of quenched (beta) 60:40 copper-zinc and quenched (beta) 74:26 copper-tin alloys have frequently disclosed long, thin parallel bands or markings within the polyhedral beta grains. Apparently, it has been accepted that these markings are mechanical twin bands, although there is no published account of experimental data that might tend to substantiate this belief for the copper-zinc system, and only meager evidence has been submitted for the copper-tin system. Johnsonl0 commented upon the markings he observed after deforming a quenched brass of 55.6 per cent copper and 44.4 per cent zinc. Clark's papers4 on the heat-treatment of Muntz metal contain many photomicrographs of markings in beta brass; these she referred to as Neumann bands (inasmuch as repolishing and re-etching failed to remove them) and stated that markings present in Muntz metal as quenched were the result of shock imparted during the polishing operation. Van Wert18 first suggested that these parallel markings in quenched beta brass (60:40) might be alpha precipitated along certain crystallographic planes of the matrix lattice. He showed that upon reheating the specimens to temperatures below 800" C., obvious precipitation of alpha within the large beta grains first occurred at the markings. In a discussion of this paper, Phillips stated (pp. 505-507) that in his opinion the markings observed by Van Wert were mechanical twins resulting from contraction strains produced during the quenching operation. In a study of segregate structures in beta copper-tin, Smith17 observed that in the quenched beta phase (containing 74.92 per cent Cu) parallel . bands or markings very similar to those in metastable beta brass could be

Jan 1, 1938

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

By H. S. Strouth

JAMAICA-bauxite and gypsum-but what else? J Does the Caribbean island have anything more to offer in the form of mineral wealth? One answer may be iron ore deposits which show enough promise to warrant exploitation in the near future by a company associated with Standard Ore & Alloys Corp. In addition, Jamaica is reported to have gold, silver, platinum, copper, lead, zinc, manganese, cobalt, and a great many nonmetallic minerals. Of these, only platinum has not been produced commercially in the past. Right now, Jamaican bauxite is getting most of the publicity, but not too long ago other mining operations were in progress. Lack of proper interest, insufficient roads, and scarcity of venture capital forced those mining properties to suspend production.

Jan 7, 1954

By Howard C. Dunkle

Various factors can affect the quality of BIII2 and BIII3 steel as produced in a bessemer plant; among them: vessel-charging practice, blowing practice, ingot-pouring practice, ingot delivery-time practice, pit-heating practices, and ingot-rolling practice. Evaluation of the influence of ingot delivery time on quality has been chosen as the subject for this paper because this time is completely within the control of the operator, and on this particular factor there is a tremendous amount of information in the dusty archives of the average steel plant. In order to know how much improvement can be made and when attention should be directed to other factors that influence quality, in the continual struggle for improvement, the effect of ingot delivery time must be accurately evaluated. Once this is done, the importance of other variables can be accurately obtained, thus eliminating the necessity of resorting to opinions that are of doubtful value at best. In the study described herein, extensive use was made of the statistical card system as a method of determining the effect of ingot delivery time as a quality factor in bessemer screw-stock grades by simple direct correlation. The value of this statistical method as a means of accurately determining the influence of various factors has been amply demonstrated by Work1 for the bessemer process and by Hand and Gould2 and Fetters and Chipman3 for the open-hearth process. The quality records of 300,000 tons of bessemer screw-stock billets were used in this study of the effect of ingot delivery time on the rejections for breaks, pipe, check and seams. The reduction in the number of rejections for poor quality reduces the costs and increases the productivity per man-hour. The operator today, more than ever before, must know how to keep costs down, how to do it most quickly and in the best way, and how to obtain the highest quality in line with the ever increasing demands of the customer. It is necessary for him to know the individual relations and interrelations between various factors affecting the quality of the manufactured product if he is to produce material that will meet competitively the cost, performance, and quality demands of the trade. Significance of Steel Manganese, Mixer Silicon and Steel Sulphur as Quality Factors In order to obtain the highest grade of material it is necessary to control many factors—not just one or two, as operators

Jan 1, 1945