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By James F. Howe

EveRy engineer and user of wire rope is desirous of information that will enable him to determine whether the performance of any particular piece of rope is satisfactory, and what conditions can be changed so as to increase the life of a rope. In most cases, it is far from easy to analyze the conditions of service and tell which is the greatest factor in determining the life of wire rope. If we start on a layout for an entirely new rope system, the task of making conditions satisfactory is simplified so far as the engineering details are concerned; but if the plant requiring wire rope is in operation, any change is likely to involve the expenditure of considerable money to replace and change over machinery that must be kept in constant operation, because a large monetary loss will result from a shutdown for even a few days. Often wire rope is kept operating under bad conditions, as the user thinks that it is cheaper and quicker to replace the rope than to make alterations in the hoisting machinery. A typical case is a metal mine operating in what is now almost the center of a large mining city, where it owns a few acres of mineral rights. It was expected that the shaft would go to a depth of 1000 ft. (305 m.), so a moderate-sized rope, about 1 1/4in. (31.7 mm.), was used on a 6-ft. drum with a 7-ft. head-frame sheave and rather short lead from drum to head sheave. This mine has gone deeper each year until it is now 2500 ft. deep and the rope speed has been increased from 1500 ft. per min. to over 3000 ft. The original rope just filled the drum in one layer, now it overwinds three layers. The original ropes were probably 6 X 19 crucible steel and lasted from 12 to 18 mo.; now, the highest grade plow steel is used, yet the average service is only about 6 mo. The cause is not hard to find. If the engineers had known at the outset what would be done with this hoist, the design would have been very different. Conditions at this mine, from a wire-rope standpoint, have gradually become worse and it is difficult to see how rope service on this hoist can be compared with the service of previous years with any fairness to the wire-

Jan 1, 1923

By James F. Howe

EveRy engineer and user of wire rope is desirous of information that will enable him to determine whether the performance of any particular piece of rope is satisfactory, and what conditions can be changed so as to increase the life of a rope. In most cases, it is far from easy to analyze the conditions of service and tell which is the greatest factor in determining the life of wire rope. If we start on a layout for an entirely new rope system, the task of making conditions satisfactory is simplified so far as the engineering details are concerned; but if the plant requiring wire rope is in operation, any change is likely to involve the expenditure of considerable money to replace and change over machinery that must be kept in constant operation, because a large monetary loss will result from a shutdown for even a few days. Often wire rope is kept operating under bad conditions, as the user thinks that it is cheaper and quicker to replace the rope than to make alterations in the hoisting machinery. A typical case is a metal mine operating in what is now almost the center of a large mining city, where it owns a few acres of mineral rights. It was expected that the shaft would go to a depth of 1000 ft. (305 m.), so a moderate-sized rope, about 1 1/4in. (31.7 mm.), was used on a 6-ft. drum with a 7-ft. head-frame sheave and rather short lead from drum to head sheave. This mine has gone deeper each year until it is now 2500 ft. deep and the rope speed has been increased from 1500 ft. per min. to over 3000 ft. The original rope just filled the drum in one layer, now it overwinds three layers. The original ropes were probably 6 X 19 crucible steel and lasted from 12 to 18 mo.; now, the highest grade plow steel is used, yet the average service is only about 6 mo. The cause is not hard to find. If the engineers had known at the outset what would be done with this hoist, the design would have been very different. Conditions at this mine, from a wire-rope standpoint, have gradually become worse and it is difficult to see how rope service on this hoist can be compared with the service of previous years with any fairness to the wire-

Jan 1, 1923

Jan 1, 1912

By T. D. Yensen

IN the investigation of the magnetic properties of iron-nickel alloys,1 it was found necessary in order to make the alloys forgeable, or malleable, to add small quantities of some other element. Iron-nickel alloys have been known for nearly a century, but have been made in commercial quantities only since 1885. Their remarkable mechanical properties were disclosed by Riley in 1889 and from that time on a large amount of research work has been done both to discover new properties and to correlate the results obtained.2 Lately the Bureau of Standards has collected the published data in a special circular3 giving in compact form an account of the properties of the iron-nickel alloys. It also contains a clear historical sketch of the development as well as a selected bibliography. The chief difficulty with the development of iron-nickel alloys was that the "pure" alloys do not forge readily. The addition of small amounts of manganese, however, made the alloys forgeable, and manganese has therefore come to be regarded as a necessary constituent of nickel steels. The present paper shows to what extent manganese is needed for various nickel contents and also what is the effect of other alloying elements on the forgeability. It also touches upon the cause of forgeability but refers to other sources for more exhaustive treatises, on the subject. The alloys were prepared by melting electrolytic iron and electrolytic nickel with of without other alloying elements in the desired proportions in a magnesia crucible in a vacuum furnace under a. pressure of 1 mm. mercury. The ingots weighing about 2 kg. were allowed to cool in vacuo. If pipes or blowholes were present, the ingots were cut in such

Jan 1, 1920

By Arthur A. Center

WAR demand- motivated developments in the zinc industry during 1942. Stocks of Prime Western were built up and High-Grade remained tight. The Prince The Prime Western stocks are expected to be cut down and the demand for High-Grade more easily filled as the Depue reflux plant of the New Jersery Zinc Co. increases - production. Subistition of steel for brass in artillery shell cases will have a considerable effect on the zinc situation of the country one estimate of the saving in zinc in 1943 by this substitution being a little under 100,000 ton, of metal. The metal saved will, of course be High-Grade. If the substitution occurs, the present tight situation in High-Grade may be entirely relieved as new production comes on the market and zinc may find itself approaching a situation as comfortable as that of lead provided the supply of zinc-hearing raw materials is sufficient to keep all reduction plants tip to capacity production. The premium price of the per pound of zinc over set quotas which went into effect early in 1942, helped to bring about the new lead-slag-fuming plant and other new sources of raw materials.

Jan 1, 1943

By Lewis T. Wright

It is commonly believed by metallurgists that in copper-smelting, the copper in the slags, which is irreducible by continued " settling," is retained in the form of " prills " of matte. I have frequently held well-settled slag in a molten condition for a long period without being able thereby to reduce the copper-content. The slag acted as though it contained a minimum of dissolved or combined copper that could not be settled out by gravity. I have used reagents, but without satisfying myself in what form this copper existed. The same slags, by fine grinding and elutriation, could not be separated into portions containing more or less copper than the average content. By treating copper-slags in an electric furnace a button of metallic iron and copper was produced, but the high temperature and the strong reducing-action of the furnace mere influences that suggest an explanation of a result not obtainable with ordinary smelting-temperatures. If all the copper in the slag were in the form of copper-matte, and not existing as a dissolved compound with some of the elements of the slag, then the other metals in the matte, such as gold and silver, should occur in the slag in the same ratio to the copper as to the copper in the accompanying matte. This reasoning led me to study the ratio of metals in the products of smelting, and, apart from the issues discussed in this paper, the research has proved both interesting and illuminative. On the assumption of a similar ratio of metals in matte and slag, if the percentage of copper in the slag accompanying a matte containing 50 oz. of silver and 1 oz. of gold per ton of copper was 0.3 per cent., or 96 oz. per toll of slag, there should be found 0.15 oz. of silver and 0.003 oz. of gold per ton of slag; but, in my experience, there is less silver and much

Jan 1, 1910

By F. J. Radd, R. L. McGlasson

The mechanisms of corrosion and corrosion fatigue damages to sucker rods are examined from a fundamental electrochemical viewpoint, and the relationships of sucker rod microstructures to these damaging effects are defined. The common corrosive agents in crude oil production and storage are discussed as to types of attacks that they cause. The variations of fatigue strength with alloy content, surface preparation, and stress ranges are analyzed. Finally, conclusions are drawn as to how microstructures largely influence and control sucker rod performance. INTRODUCTION Greater than 90 per cent of the crude oil produced by artificial lift methods is produced through sucker rod pumping systems. In the USA each year more than $14 million is spent for sucker rods in new and old pumping installations. It is important to make this investment a wise one. Essentially, the sucker rod system is a long series of steel rods, operating under alternating stress loadings and under mechanical vibrations, which connect the surface power source with the subsurface pump. These rods often operate in a variety of corrosive media, including water, brines, carbon dioxide, hydrogen sul-fide, and air. Basically, this paper is concerned with the problem of the behavior of certain steels in various corrosive media under high and dynamic stress patterns. The main objective of this paper is to show how, once the stress effects and the corrosive environments are defined, one can still realize structural control and beneficial influence upon corrosion and corrosion fatigue. FUNDAMENTAL DEFINITIONS AND ANALYSIS In the corrosion and stress behavior of this solid state mixture of iron and iron carbide called steel, one must analyze upon what major factors does its service life depend and of what, exactly, is steel composed. The former question can be referred to two external factors and two internal factors. The two major external factors are: 1. the nature of the stress patterns — size and range of stresses present 2. the nature of the corrosion — erosion environment — the corrodent and/or wear involved The two fundamental internal factors that govern the strength and useful life of a steel both in normal duty and in heavy-duty corrosion service are: 1. the nature of the steel volume properties 2. the nature of the steel surface properties For the latter question normal steel is defined as a solid mixture of iron and iron carbide particles, generally with certain accidental and intentional elements present. (The amount of iron carbide present is determined by the carbon content of the steel.) These additional elements generally dissolve into either the iron (ferrite) or the iron carbide (cementite) components.

Jan 1, 1955

By L. Frank, Nason

THE complete statistics of zinc-ore production in the United States for 1916 are not yet available. The following figures are, therefore, only approximate. The total production of concentrates for this year, including New Jersey and Tennessee, amounts to 1,280,000 tons. Of this tonnage, five mines produced approximately 536,000 tons, or about 42 per cent. The remaining concentrates came mainly from the "Valley States," Missouri, Wisconsin, Kansas, Oklahoma, and Arkansas. The 1,280,000 tons of concentrates represent about 25,000,000 tons of crude or run-of-mine ore. Of the five mines producing the 42 per cent., the dimensions of three are approximately 25 by 1,500 by 2,000 ft. (7.6 by 457 by 610, m.) or more. Tour of the five mines are undoubtedly veins in the common acceptance of the term. They are located in great vein systems. The mines of "Valley States" have not, so far, been classed as veins; simply as "secondary deposits." The origin of these secondary deposits has been a warmly debated subject. Many geologists contend that they are the results of leaching from overlying and from adjacent rocks carrying but traces of zinc, these traces leached out and deposited in favorable loci. If this theory is correct, deposition is strictly limited to shallow depths. No volume of ore comparable to that of "true fissure veins" is to be expected. Just what this means to the future of zinc mining in these States is here indicated. The total zinc areas of these States amounts to about 9,124- sq. miles (23,631 sq. km.).- Assuming that 10 per cent. of this total will be more or less productive, there are 912 sq. miles (2,362 sq, km.) of "mineral? ground. The average depth of the operated mines is something like 100 ft. or less. In Bulletin 606, U. S. Geological Survey (1915), p. 202, Siebenthal makes the following statement: "The writer is informed by William Waugh, one of the drillers of the Stone City well, that cuttings from other wells which he drilled in the vicinity of Pittsburgh, Kan., have shown galena and sphalerite taken from a depth of 591 ft. (180.14 m.) and that the showing of ore at some places would be considered good enough to justify the sinking of a shaft had it been found in the Joplin district and at shallower depths." Leaving out of the question the prohibitive cost of such a shaft, there is

Jan 5, 1917

By Frank L. Nason

The complete statistics of zinc-ore production in the United States for 1916 are not yet available. The following figures are, therefore, only approximate. The total production of concentrates for this year, including New Jersey and Tennessee, amounts to 1,280,000 tons. Of this tonnage, five mines produced approximately 536,000 tons, or about 42 per cent. The remaining concentrates came mainly from the "Valley States," Missouri, Wisconsin, Kansas, Oklahoma, and Arkansas. The 1,280,000 tons of concentrates represent about 25,000,000 tons of crude or run-of-mine ore. Of the five mines producing the 42 per cent., the dimensions of three are approximately 25 by 1500 by 2000 ft. (7.6 by 457 by 610 m.) or more: Four of the five mines are undoubtedly veins in the common acceptance of the term. They are located in great vein systems. The mines of "Valley States" have not, so far, been classed as veins; simply as "secondary deposits." The origin of these secondary deposits has been a warmly debated subject. Many geologists contend that they are the results of leaching from overlying and adjacent rocks carrying but traces of zinc, these traces leached out and deposited in favorable places. If this theory is correct, deposition is strictly limited to shallow depths. No volume of ore comparable to that of "true fissure veins" is to be expeeted. Just what this means to the future of zinc mining in these States is here indicated. The total zinc-bearing areas of these States amount to about 9124 sq. miles (23,631 sq. km.). Assuming that 10 per cent. of this total will be more or less productive, there are 912 sq. miles (2,362 sq. km.) of "mineral" ground. The average depth of the operated mines is something like 100 ft. or less. In Bulletin 606, U. S. Geological Survey (1915), p. 202, Siebenthal makes the following statement: "The writer is informed by William Waugh, one of the drillers of the Stone City well, that cuttings from other wells which he drilled in the vicinity of Pittsburgh, Kan., have shown galena and sphalerite taken from a depth of 591 ft. (180.14 m.) and that the showing of ore at some places would be considered good enough to justify the sinking of a shaft had it been found in the Joplin district and at shallower depths." Leaving out of the question the prohibitive cost of such a shaft, there is

Jan 1, 1918

By E. J. KENNEDY

THE 142D MEETING of the Institute is rapidly shaping up with splendid prospects of a strong technical program and the lighter side of this annual occasion amply provided for. The date is February 20 to 23. The technical sessions will be held in the Engineering Societies building; the smoker-dinner, the informal dance, and the annual reception and dinner, at the Commodore Hotel, Monday, Tuesday and Wednesday respectively. The news to date on the technical side is as follows: Mining Methods-Subsidence The Mining Methods Committee has prepared an interesting program which will be divided into two sessions to be held early in the week. At the first there will be papers on mining methods and development, including a description of the "Sinking and Equipment of No. 2 Shaft at Minas de Matahambre," by Dudley D. Homer and R. H. Cromwell. They describe in considerable detail the equipment used and the practice followed in sinking this important shaft, giving detailed costs and performance figures. Hoist¬ing ?arrangements and mining practice at the "Red Ore Mines of the Woodward Iron Co. at Bessemer, Ala.," are described by Tenny C. DeSollar, superintendent of mines, in a second paper. At this session of the Mining Methods Committee, H. M. Roche and R. E. Crockett, of the Committee on Eastern Magnetite Mining and Milling Methods, will present their paper, "Iron Ore Mining at the Scrub Oak Mine." This mine is in the highlands of New Jersey about 40 miles west of New York City. Prof. Robert K. Warner of Yale University will present a paper on "The Selection of a Mining System," which should have an interesting discussion. Pierre R. Hines, of Portland, Ore., will present, with stereopticon slides, his paper on "The Owyhee Tunnels, U. S. Reclamation Project, Owyhee, Oregon," describing one of the recent irrigation undertakings.

Jan 1, 1933

By AIME AIME

THE MODEL LAW previously referred to', in these columns several times, prepared by Engineering Council, to be o ered in any state where legislation is introduced for licensing engineers, is given in abstract below. , Mining engineers throughout the country should watch legislation of this sort and see that the draft prepared by Engineering Council is in the hands of any state legislative committee which proposes to frame a licensing law. So far as this office is informed, the mining engineers are a unit against licensing, but if we must be licensed the most innocuous law that has been submitted is the draft prepared by Engineering Council. ABSTRACT OF MODEL LAW -FOR REGISTRATION OF PROFESSIONAL ENGINEERS, ARCHITECTS, AND LAND SURVEYORS

Jan 1, 1920

By O. M. Schaus

REDUCED activity of mining, because of the business recession, had the effect of lowering working time, hence of reducing exposure to accidents, so it is probable that 1938 will be found to have had a lesser number (both fatal and nonfatal) though the accident rate may remain about the same as in 1936 and 1937. During periods of re-employment, such as occurred during 1936, 1937, and 1938, the new men entering the industry are less experienced and not as well trained in accident prevention as are the older, more experienced men and are frequently subject to more accidents. This situation should tend to correct itself as the new employees be- come better trained.

Jan 1, 1939

By E. P: Mathewson

Discussion of the paper of E. P: Mathewson, presented at the Butte Meeting, August, 1913, and printed in Bulletin No. 78, June, 1913, pp. 1033 to 1037. PROF. JOSEPH W. RICHARDS, South Bethlehem, Pa. :-Speaking to the question of the development of the basic lining, and speaking from a somewhat considerable study of the history of the process, ,I think Mr. Mathewson's conclusion (in the last paragraph. of his paper) is perfectly justified and is very fairly stated. Messrs. Smith and Pierce worked at developing their process for many years ; copper men had been trying their level best to get away from the silica lining of the converters and had uniformly failed. On one page of Mr. Mathewson's paper we read that at the old works of the Anaconda Company, at Anaconda, the experiments " were abandoned on the score of cost and lack of advantages." On the next page, after describing the work of Messrs. Smith and Pierce, we have the statement that the Anaconda Company lined a shell with mangnesite brick and the ?results were excellent." I think Mr. Mathewson's statement that to Smith and Pierce belongs the credit of developing a long-discredited idea, is correct. C. D,. DEMOND, Anaconda, Mont. :-It seems to me that the matter of the lining is important; my impression is that they used tar in their basic lining and that did not seem to be at all successful at Anaconda, but silicate of soda was very successful. MR. RICHARDS :-I did not know that they- had abandoned the use of tar. MR. DEMOND :-I said I thought that was the practice. At Anaconda that was not at all satisfactory in the basic linings. Silicate of soda was very satisfactory and is so.

Jan 11, 1913

By P. R. Sahm, T. V. Pruss

Mixtures of fine GaSb and Gds as well as preal-loyed GaSbl,As, powders were hot-pressed at 690°C and 25,000 psi. Dense alloys with compositional gradients of less than 5 pct were obtained from mixtures containing about 20 mol pct GaAs. For x < 0.2, there were increasing compositional gradients, and for x > 0.2 a GaAs-rich second phase appeared in the microstructure. Densification as well as alloying wlechanisms were enhanced by dissociation and, possibly, oxidation reactions of the powders. Densification of coarse prealloyed material, however, primarily depended on plastic flow phenomena and required temperatures just below solidus and pressures of 50,000 psi Thermal and electrical properties were measured. Although in no case was the figure of merit of melt growth materials approached closer than to within 25 pct, the better overall thermoelectric properties were found in coarse-grained, prealloyed materzals which had been compacted to near theoretical density and where grain regrowth had been induced. Similar results are believed to hold in other binary 111-V compound systems if processed under similar conditions. The densification of unalloyed GaSb powders during pressure sintering (= hot pressing) was shown to depend strongly on powder particle size.&apos; Fine powders displayed a "liquid skin effect" that enhanced compaction through the presence of liquid gallium, whereas coarse powders compacted predominantly by plastic flow. The liquid skin effect, in particular, appeared attractive for alloying GaSb with other, higher-melting, III-V compounds, and to densify these in a one-step operation. This is of special interest in the case of III-V compound alloys as the conventional techniques of melt growth or long-time annealing of powders2 is very time-consuming, especially in cases where a large separation of liquidus and solidus can be expected, such as in GaSbl alloys.2 It was felt that experimentation with this system, a particularly unfavorable example, would allow us to extrapolate to several other, more favorable, cases. Uses of Ill-V alloys are most evident in thermoelectric energy conversion devices.&apos; For this reason certain thermal and electrical properties were measured and compared to those of melt-grown material and to hot-pressed prealloyed powders. EXPERIMENTAL PROCEDURE The pressure-sintering apparatus has been previously described.&apos; Using this equipment, both powder mixtures of GaSb with GaAs and prealloyed GaSbl-,As, powders were hot-pressed. The mixtures were pre- pared from cast GaSb and melt-grown GaAs. The prealloyed material was obtained from stoichiometric melts, initially heated to 1200°C in an evacuated quartz ampoule, and then annealed in the solidus-liquidus interval. A typical annealing cycle consisted of a heating to 850°C (1 hr), extended successive annealing at 750°C (65 hr), and slow stepwise cooling (25 hr) to below solidus. The GaSb, GaAs, and GaSbl-,As, materials were ground in a vibrational mill to particle sizes below 500 . A jet mill reduced these further where necessary. Fine powders were analyzed by Coulter counting for their size distribution. Average sizes by volume were calculated from the data. Mixing of the powders, where necessary, was carried out through rapid vibrational motion. The hot-pressing operation consisted of a degassing period of 15 hr, in most cases at 690°C, followed by several hours of compression, normally 25,000 psi at 690°C for powder mixtures and 50,000 psi at 710°C for prealloyed powders. The chemical compositions were confirmed by X-ray fluorescence analysis. To estimate the degree of solid solution achieved, lattice parameters were determined and interpreted according to Vegard&apos;s rule. In addition, optical microscopy helped to correlate the relative amounts of the phases present as well as the degree of porosity to the measured density. To reveal grain boundaries, polished surfaces were etched4 with H 2 O:H 2 O:HCl = 2:l:l. In several cases microscopic concentration gradients were monitored by electron-probe analysis-. RESULTS AND DISCUSSION Alloying and Densification of GaSn-GaAs Powder Mixtures. After preliminary experiments showed that no appreciable alloying took place in mixtures of coarse GaSb (22.5 p) and fine GaAs (2.5 p) powders, hot pressing of mixtures was confined to fine powders only (3.1 and 2.4 p, respectively). Alloying and densification apparently occurred simultaneously with a grain regrowth mechanism which depended on the presence of a liquid phase.&apos; The liquid phase was provided by the dissociation of GasbS particles into liquid gallium and antimony above 555°C. This not only enhanced grain regrowth and densification, as in unalloyed GaSb,&apos; but took on additional importance here for the alloying process. Alloying was speeded up by the resulting liquid-solid interaction as compared to the very slow solid-state diffusion process normally expected at these temperatures.&apos; The results obtained with a series of powder mixtures have been compiled in Table I. It is seen that for mixtures with less than 20 mol pct GaAs, x < 0.2, the compositional ranges increased and for x > 0.2 a GaAs-rich phase and free antimony appeared in the microstructure in sizable amounts.

Jan 1, 1968

By Guy D. Bruno

Through the remainder of this century, world consumption of fluorine per ton of primary aluminum produced will continue to be substantially reduced. Growth of the primary industry will offset some of the unit consumption, but demand for new fluorine sources will decline sharply. Continued application of dry fume scrubbing systems will be the most significant factor in reducing demand.

Jan 11, 1978

By Stanley Lefond

Industrial Minerals, often called the Cinderella Minerals or the Building Blocks of industry continued their growth patterns through 1973, although profits were slightly lower due to the cost-price squeeze. Most of the individual reports which follow indicate growth rates of 3-15%. Surprisingly such commodities as sulfur held firm in spite of the over supply in the Canadian gas fields; cement was in short supply while the asbestos industry reported a worldwide shortage of group 4 and 5 fibers. Talc and perlite production set new records. In synopsis, 1973 was a productive year for industrial minerals. However 1974 onward appears to be one of contradiction. The unsettled conditions of world economics, the energy shortage, compounded by the Arabs oil embargo have created great problems for all industries. The high energy consuming segments of the Industrial Minerals field will be under intense pressures. On the other hand limestone, lime and perhaps trona, nahcolite might be consumed in ever increasing tonnages in SO2 removal systems connected with smelters and coal-fired power stations. The effects of the proposed changes in the staking, claiming and exploitation of federal lands by the BLM may also have serious repercussions not only to the industrial minerals field but to the entire mining industry. 1974-1975 will certainly be ear-marked as a year of frustrations and difficult decisions.

Jan 2, 1974

By R. L., Fullman

During the past year there have been a number of significant investigations that have furnished evidence on the driving forces governing grain growth and on the role played by boundary impurities. Thus Burke has shown that in high purity alpha brass the rate of grain growth in the earliest stages is approximately inversely proportional to the existing grain size. This relation agrees with one derived by Zener assuming that surface energy was the driving force in grain growth. Also in confirmation of the surface energy hypothesis, Burke found that growth virtually stopped when the grain boundaries or even only the grain corners were melted.

Jan 1, 1949

By James L. Poole

INTRODUCTION Companies in the mining industry are subjected at times to currency exchange rate risks and interest rate risks. The former occurs any time a firm deals in more than one currency. The latter occurs anytime a firm is financing itself with borrowings that have a floating interest rate (although a fixed rate can be a problem at times). FOREIGN EXCHANGE RISKS There are two general reasons why exchange rate risks (FX risk) can occur: First, a firm may be building a mine or plant in another country where financing for the plan is denominated in funds other than the country hosting the plant. For example, if a Canadian firm is building a smelter in another country which is being financed with Canadian dollars, the C$100 million for labor, which must be paid in the local currency, has subjected the firm to a C$100 million FX exposure risk. If after the cost estimates were made the local currency appreciates 30% against the Canadian dollar, the cost of labor has increased to C$130 million. (Of course, the local currency could also devalue during this period making the labor cost component less than estimated.) The other reason exchange rate risk arises is due to the fact that the costs of production in one country producing minerals may be incurred in one currency while the production is sold in another currency, such as coal being exported from Canada to Japan under contracts denominated in Yen. In this example, the Canadian firm is exporting coal to Japan and being paid in yen in 30 days at a contract price of 100 Y per ton. Furthermore, assume that the mining firm anticipates a depreciation of the yen against the Canadian dollar of 5% in the next 30 days. Therefore, the mining firm stands to lose 5% of the value of its shipment in a month&apos;s time not including carrying costs. In both cases, the mining company risks an adverse change in the exchange rate, that is, the currency the company holds may decrease in value relative to the other currency. There are a number of ways to mitigate the exposure to foreign exchange which can be utilized by the mining company. Optimally, a company should try to match all their inflows and all their outflows in the same currency. For example, if a Canadian firm has mining costs and debt service costs both denominated in Canadian dollars then 100% of their receipts would need to be in Canadian dollars. If a Canadian firm has 70% of its cash outflows in Canadian dollars and 30% of its cash outflow in American dollars in the form of a loan amortization then their receipts would need to be 70% in Canadian dollars and 30% in U.S. dollars. This general principle of matching cash receipts and cash costs in the same currency works fine in a perfect world but what of the real world when these cannot be matched? In actual practice, however, the financial markets have developed a number of ways in which foreign exchange risks can he managed or reduced. FORWARD MARKETS One method is to use the forward markets which are made on a world-wide basis by the commerical banks for foreign exchange. If a firm wanted to lock in the current exchange rate for the receipt of a foreign currency at some point in the future, they could do so by contracting on the forward market with a bank selling that foreign currency at the current rate at the future date. For example, assume that a Canadian firm is exporting coal to Japan which would pay yen in 90 days. If a firm wanted to lock in today&apos;s exchange rate they could contract with a bank to sell on the forward market yen in 90 days. When the yen was received the contract would be executed by selling the yen to the bank and receiving the previously agreed upon number of Canadian dollars. Generally speaking, the forward market can be used to sell forward about 12 months. The costs of selling (or buying) forward

Jan 1, 1985

By N. H. Fisher

Geographical Distribution &apos;he most important known deposits in Australia of what are commonly referred to as the beach-sand minerals are along the most easterly part of the Australian coast, between Southport, 17 miles north of the Queensland-New South Wales border, and Ballina, 50 miles south of the border, and most of the production has come from this area (Fig I). Smaller deposits are known to occur farther to the south at intervals for several hundred miles, and beaches have been worked at Yamba, 96 miles south and Woolgoolga, 150 miles south of the border and at Swansea, 60 miles north of Sydney. Important deposits have been shown to exist on north Stradbroke Island and others have been located farther to the north, as far as Tin Can Bay at the south end of Frazer Island. (Fig 2). Table I gives the list of operators with the location of their deposits and workings, their approximate maximum monthly capacity expressed in tons of heavy mineral produced by their concentrating plants before separation into individual mineral concentrates, their methods of mining and concentrating the minerals, and the products obtained. This table applies as of June 1948, but all the operators are remodeling or improving their plants and plant practices will be modified accordingly. In addition, active boring campaigns have been carried out by Alluvial Gold, Ltd., of Sydney, in the Cudgen-Cudgera area, and by Zinc Corporation Ltd., of Melbourne, on Stradbroke Island, and in other places. Physiography Submergence of the order of 100 to 200 ft at the close of the Pleistocene period left the pre-existing hills as promontories and the valleys as deep inlets. Wave action has built bay-bars and sandspits in a northerly direction from the headlands, and lakes and marshes have formed between these bars and the initial post-submergence coast line. These lakes and swamps have been or are being filled in by river-borne sediments or wind-blown sand. Beasley1 has presented evidence that suggests a recent emergence of the coast line of about 10 ft. The evidence for this belief is the presence of a black sand seam 1/3 mile inland and 17 ft above sea level (Fig 3), and although it is not entirely certain that this seam is of beach formation and owes nothing to windblown concentration, other evidence supports the suggestion of recent emergence. Such emergence would undoubtedly aid the formation of bars and sandspits and the easterly progress of the beach front, leaving a series of parallel dunes (Fig 4). This belt of north-south coastal dunes ranges up to 56 mile in width and as many as 15 lines of dune have been counted (Fig 3). The foredune is generally the highest, upto 25 ft high, and there is in many places a flat platform in front of the dune known as the berm. The dunes behind the foredune are lower and less well defined

Jan 1, 1949

By T. A. Rickard

Among the names which won a world-wide fame during the golden age of the early fifties, Bendigo and Ballarat were to Australia, what the Yuba and Grass Valley were to California. The map of Victoria did not for a long time show the name of old Bendigo;* for this first and more distinctive name was replaced with the more English Sandhurst, just as the alluvial diggings gave place to quartz mining. Towards the close of last pear, steps were taken to give back the old name, as associated with the early days of rich alluvium, and more suggestive than the application taken secondhand from an English military academy. History. The first discovery of gold? in this district, was made in the autumn of 1851 ; but there has never been any certainty as to the day or the man. At that time the country around Bendigo Creek was a part of the Ravenswootl sheep-run, and its resemblance to the Forest Creek district (now Castlemaine), induced the first prospecting. It was late in November when the "rush" broke out; the shepherds left their flocks; the sylvan solitudes were disturbed by * The name of Bendigo is said to have been derived from a hut-keeper on the Ravenswood sheep-run, who on account of his fondness for " fisticuffs " was nicknamed Bendigo, after the prize-fighter of that name. It is not aboriginal, as is often supposed, but Spanish ; and equivalent to our Benedict. There must always be some confusion between the two names of Sandhurst and Bendigo; the town, and with it the gold-field, having been three tinies named. Several other old familiar names have been likewise unfortunately replaced by second-hand English ones; so that an old digger talks of Forest Creek when he means the modern Castlemaine, Mt. Ida for Heathcote, Growler&apos;s Creek for Bright, etc. I shall use the names Sandhurst and Bendigo interchangeably. The first discovery of gold in Australia, was made by E. H.Hargraves, February 12, 1851, near Bathurst in New South Wales. In August of the same year the discovery at Buninyong, near Ballarat, inaugurated the first of a series of rushes to the Victoria gold-fields.

Jan 1, 1892