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By Oliver Bowles, Carl A. Gnam

THE construction industry normally contributes extensively to the general economic welfare of all sections of the country. Billions of dollars are spent for materials and labor, and the success or failure of many business enterprises depends upon the volume of construction. The steel, aluminum, copper, cement, brick and tile, lime, gypsum, stone, sand and gravel, and several of the less prominent mineral industries are vitally concerned. Of great interest, therefore, is the accumulation of needed construction following the relative inactivity of the past five years, the recent moderate revival in building, and the prospect of a broader and more definite upturn. One may judge the magnitude of possible expenditure for construction by what has occurred in the past. The peak years were 1925 to 1928, inclusive, when the annual values of con- tracts awarded amounted to over six billion dollars. In marked contrast was the 1933 total of about 1% billion, the lowest level shown in the Federal Reserve Board Index, which goes back to 1919, and the more favorable 1935 figure of about 1.7 billion. An increase of nearly four billion over the 1935 volume would be necessary to equal the peak year 1928.

Jan 1, 1936

By L. Hartsell Cash

INTRODUCTION Created in 1944 to help rebuild those economies, principally in Europe, which were seriously damaged or destroyed during the Second World War, the World Bank--or to use its correct name, the International Bank for Reconstruction and Development-began its operational phase by making a loan to the Government of France to accomplish two tasks: (i) to import coal for space heating purposes; and (ii) to buy new machinery and equipment to help rehabilitate its coal mines. Once the thrust of reconstruction in postwar Europe was largely accomplished, the World Bank Group (for today the World Bank has three separate lending windows) turned to mobilizing funds to improve living standards in developing countries, which remains its primary goal today. Over this period of time, the World Bank Group has continued to assist the world mining industry in various ways and, since 1955 the World Bank Group has financed mining or mineral processing projects with loans/credits totalling $1.5 billion. The World Bank Group consists of two institutions--the World Bank itself and the International Finance Corporation (IFC), which was founded as a separate institution in 1956 and three separate lending windows--the World Bank, the International Development Association (IDA), and IFC. The World Bank loans are provided at commercially-related interest rates but have grace periods usually of up to 3 to 5 years and repayment periods ranging from around 15 to 20 years. Since the World Bank raises its operating funds on the international capital markets in varying currencies and in varying interest rates, it relends a basket of currencies at floating interest rates which are fixed every six months to reflect the Bank's own borrowing cost. At the present time, the interest rate is just below 10% per year and in addition, a one-time front-end fee of 1/4 of 1% is charged. Also, a commitment fee of 3/4% per year is charged on the undisbursed amount of the loan itself. For loans to industrial and mining projects, it is normal to charge an additional guarantee fee of 1 to 1.5% in addition to the annual interest rate. This guarantee fee is payable to the government of the country in which the project is carried out since, by its charter, the World Bank is required to have the guarantee of the host government for each loan made in a specific country. By far the greatest source of lending funds within the World Bank Group is that of the World Bank itself and for the fiscal year ending June 30, 1984, the World Bank approved loans totalling $12 billion. The second lending window within the World Bank Group is IDA which performs the same functions as the Bank itself and has the same staff. Nevertheless, its loans (called credits) are made on much softer terms and are made to the poorest nations only. IDA funds are subscribed by the wealthier countries, usually as grants, and these are relent as credits to those countries with the lowest per capita income. IDA credits are made for 50 year periods, including 10 years of grace, to the government itself. The credits are interest free, but there is a service charge of 3/4% per year on the amount withdrawn and outstanding to defray the administrative costs of IDA. Credits approved during fiscal 1984 totalled $3.5 billion. The third lending window is IFC. While IFC is a separate corporation and operates quite separately from the World Bank and has its own staff and regulations, it works very closely with the World Bank on its overall approach to the mining sector and to a particular country. IFC's mission is essentially to supply venture capital and to stimulate development of the local private sector in capital markets as well as to promote the international flow of private capital to developing countries. Unlike the World Bank and IDA, the IFC does not lend directly to governments

Jan 1, 1985

By Joseph F. Shirley

A froth flotation plant to recover byproduct molybdenite must be designed specifically for the selected separation process and the type of ore being treated. However, some general rules concerning byproduct molybdenite plant design can be suggested that would be valid for most processes. The term byproduct molybdenite in this paper is limited to the recovery of molybdenite from copper porphyry ores, which essentially amounts to selectively separating molybdenite from copper and iron sulfide concentrates. In addition, most of the discussions would apply only to the almost universally used approach of floating the molybdenite and depressing the copper and iron sulfide minerals. Thickener It is considered essential that the feed to a byproduct molybdenite plant be thickened prior to being treated for molybdenite recovery for the following reasons: 1) Thickening allows the rougher and any preconditioning stages to be operated consistently at the optimum percent solids. 2) Generally, the size of equipment used for pretreatment and the rougher flotation is considerably smaller and less expensive than if the copper flotation concentrates were treated directly. 3) The removal of as much water as practical by thickening removes flotation reagents added in the copper flotation circuit, especially frother which can be quite troublesome in a byproduct molybdenite plant. Although thickening of the molybdenite plant feed has long been recognized as necessary to optimum metallurigcal results, very often this area has been designed poorly. The thickener should be sized so that it can produce a consistent thickened product containing 60 to 65% solids without the use of flocculants. Some plants are only able to thicken to 45 to 50% solids consistently while other plants let the percent solids vary from 45 to 60% over a 24-hr period. While the former is more desirable than the latter, in many cases better metallurgical results could be obtained if the percent solids could be held consistently close to 60%. Probably the simplest and most satisfactory system of handling the thickener underflow is to spigot it into a sump, using a sphincter type valve for the orifice, controlled by a density meter. Another satisfactory approach is to use an ODS type pump to meter the underflow. There are other methods of handling thickener underflow which work satisfactorily as long as the amount of copper concentrates entering the thickener is relatively uniform. However, they often fail to operate satisfactorily when there are large fluctuations in the thickener feed rate due to fluctuations in ore tonnage and/or copper grade. If the percent solids in the plant feed could be held close to 65%. There is the possibility the molybdenite plant tailing would not have to be thickened prior to the copper filter plant. This means that the molybdenite rougher float would have to be conducted at 45 to 50% solids with all the cleaner tailings returned to the rougher for dilution. Admittedly, in some situations this approach would be impossible, but if capital or plant area is limited, it should be considered.

Jan 1, 1981

Robert W. Hunt, Chicago, Ill.:—It has been my good fortune to know of this development of Mr. York's for some time, and I think he will permit me to say that this is not the first demonstration that he has made of his method for rolling difficult shapes, and which, as he has stated, had in the past been regarded as practically impossible. I have good reason to know that Mr. York has been successful on other lines, because I myself went through a period of professional disrepute for having reported favorably on his methods, which received discredit up to the time that it was practically demonstrated that his claims were true ones. Years ago Mr. York built a mill at Duluth, Minn., for the production of structural shapes, and notably of what might be called balanced beams—beams that did not have flanges of restricted width. His scheme was to produce beams with flanges so wide that they could be used in place of built-up beams. The mill, of course, went through the difficulties that such a mill would have to encounter. I mas called upon to make an examination of the property and report. These beams were rolled on a universal mill—a mill which would admit of various-sized sections without change of rolls. I was convinced that Mr. York could do it, and I so reported. Having received condemnation and ridicule for having taken that position, later on I was glad to find that Mr. John Fritz had come to the same conclusion, and had so reported. I concluded we both could rest content, while awaiting developments. Later still, as we all know, there was another difficulty that Mr. York met with—namely, that the architects or structural engineers would not accept his proposed sections. That is still a great difficulty in America. Later, the Grey mill came into successful operation in Luxemburg, producing such sections, which are being used in England and on the Continent. In fact, the whole process, both from a commercial and a mechanical point of view, is a success. The Bethlehem Steel Co., Bethlehem, Pa.,

Jan 1, 1907

By I. C. White, G. H. Ashley, J. A. Bownocker

Among the rich mineral deposits of the great Appalachian field, the Pittsburgh coal bed stands pre-eminent. Other coal beds may cover a wider area, or extend with greater persistence, but none surpasses the Pittsburgh seam in economic importance and value. It was well named by Rogers, and his able assistants of the First Geological Survey of Pennsylvania, in honor of the city to whose industrial growth and supremacy it has contributed so much. Whether or not the prophetic eye of that able geologist ever comprehended fully the part which this coal bed was to play in the future history of the city that gave it a name we do not know; but certain it is that the 7 ft. of fossil fuel, which, in Rogers' time, circled in a long black band around the hills and, overlooking the site of Pittsburgh from an elevation of 400 ft. above the water of the Allegheny and Monongahela, extended up the latter stream in an unbroken sheet for a distance of 200 miles, has been the most potent factor in that wonderful modern growth that has made the Pittsburgh district the manufacturing center of America, and that bids fair to continue until it shall surpass every other district in the world, even if it does not now hold such primacy.' The Pittsburgh coal bed stands today as probably the largest contributor of wealth of any single mineral deposit in the world. If it is not, what other deposit is? It has contributed to Pennsylvania alone more than 2,500,000,000 tons of high-grade coal worth nearly $4,000,000,000; since 1910, it has added more than $2,500,000,000 to the value of Pennsylvania's mineral output. In 1920, this bed2 contributed 127,227,000 tons of coal as follows: Pennsylvania, Pittsburgh district........................ 38,245,000 Connellsville district................................. 34,095,000 Weatmoreland-Ligonier district........................ 16,107,000 88,447,000 West Virginia, Fairmont district........................ 15,571,000 West Virginia-Ohio, Panhandle No. 8 district............. 21,128,000 Maryland-Potomac (Est. one-third of production)......... 2,081,000 38,780,000 Total........................................... 127,227,000

Jan 1, 1927

By K. R. Price, M. Gauna

A high seam geologic condition exists at Jim Walter Resources No. 4 mine that requires immediate rib support after a continuous miner cuts a place. High seam mining heights are typically 2.4 to 2.6 m (8 to 9 ft) and a thick rock layer is present in the upper portion of the coal rib side. The 610-m (2000 ft) mining depth at No. 4 mine induces horizontal rib line movement after excavating an entry. Horizontal rib movement greater than 305 mm (12 in.) have been noted. When lateral movement occurs in the high seam areas, the thick rock layer, and the coal above the rock layer, become fractured and tend to roll into the entry. If not adequately supported, large rib rolls develop in the place being bolted as well as in previously mined areas that endanger men and equipment. To control this, rib support must be installed in the roof bolting operation as the bolting crew works toward the face. A rib control system has been developed for this high seam mining condition using a mechanical anchor bolt placed at an angle in the rib and installed with a modified Fletcher DDM-15 bolting machine. More than 120 km (75 miles) of entry have been supported with angle rib bolts. These angle bolts constitute 43% to 60% of the total roof and rib bolt footage in the high seam portions of No. 4 mine. The angle rib bolting system has proven safer, more effective, and more efficient than the earlier support method using bolts installed horizontally into the rib. No rib roll accidents have occurred since the angle drill bolting machines were placed in service in 1981. By securing the broken rib material with an angle bolt anchored above the coal pillar, a more effective means of rib control is achieved. Angle rib bolting does not interfere with continuous miner productivity. In addition, bolting crews are now reduced from three to two people. Total drilling supply costs are about 60% the previous cost, when compared to the previous support method using horizontal rib bolts:

Jan 1, 1985

US 4,132,635 -In the froth flotation beneficiation of low- grade siliceous iron oxide ore, an aqueous pulp of undeslimed ore is conditioned first with a reagent formed by incorporating a water-soluble polyvalent metal salt into an aqueous solution of sodium silicate and then with oleic acid or other anionic collector and optionally pine 011 or other frother. The conditioned pulp is subjected to flotation to concentrate Iron oxide values in the froth D. C. Yang, assigned to Michigan Technological University Jan 2, 1979 7 pp (209-1 66) Filed 1-1 3-77 (759,094) Drawing below.) [ ] US 4,133,038-In the froth flotation beneficiation of copper sulfide ore or other ores, an aqueous suspension of a mineral sample of uniform grain size and composition is conditioned with a strongly adsorbable collector in an amount which is a fraction of the amount sufficient to create a monomolecular layer on the mineral grains, and the conditioning continued until the entire amount of collector is adsorbed The conditioned pulp is subjected to flotation, the floated particles separated at timed intervals, and the flotation rate coefficient determined. By varying the degree of adsorption in repeated treatments, the dependence of the flotation rate coefficient on the degree of adsorption may be determined A Nieml Jan 2, 1979 10 pp (364-502) Filed 12-7-77 (858,353) Priority Finland, 5-26-75 (75/1,525) Same: British 1,533,723, dated Nov 29, 1978 Same Canadian 1,065,066, dated Oct 23, 1979 US 4,133,746System and method for maintaining substantially steady state conditions in the froth flotation beneficiation of copper ore, molybdenum ore, or other metal ores The mass flow of flotation concentrate from the cell is monitored continuously, and the rate of admission of aeration air into the pulp in the cell is varied inversely with respect to variations in the mass flow control of rougher flotation cells is accomplished with a single valve G W Dopson, assigned to Magma Copper Co Jan 9, 1979 6 pp (209-1) Filed 11- 23-76 (744,306

Jan 1, 1980

By C. J. Osborn

In oral discussion at the Columbus midyear meeting, September 26, 1949, these pertinent questions were asked: Was a satisfactory separation of metal and matte obtained? The matte was quite fluid and in most cases the separation was satisfactory. Were the mattes chlorinated after aging? The mattes were stored in sealed glass mason jars, and chlorina-tion experiments made after standing for several weeks gave satisfactory results. Was ferric chloride volatilized? Most of the iron content of the matte was converted to ferric chloride. However, because of the low chlorination temperatures used (150" to 250°C) the major part of the ferric chloride remained with the residue. Undoubtedly, some ferrous chloride was also formed, because of the reducing conditions within the reaction vessel, but no effort was made to separate it from the ferric chloride. Could the reaction be stopped before making metallic iron? No attempt was ever made to stop the reaction before making metallic iron. Generally, 20 to 60 pct of the iron in the charge was obtained as metallic iron which could be readily separated from the matte. In certain cases, metallic iron was dispersed through the matte in the form of globules, which could be removed by magnetic separation. Could other sulphides, i.e., calcium sulphide or sodium sulphide be used in place of iron sulphide? No other sulphides were investigated. It was felt that titanates of calcium and sodium would be formed should these sulphides be used to replace the pyrite. What were the sulphur volatilization losses during matte smelting? In the course of this laboratory investigation, a rather wide variety of variables was introduced from highly oxidizing to reducing conditions and various ratios of pyrite, rutile, and coke. These and other factors all have a definite bearing on the sulphur losses. In general, the higher the sulphur in the charge the higher were the sulphur losses and the percentage of titanium in the matte decreased. With sulphur additions more nearly the theoretical amount, the sulphur losses averaged approximately 10 to 15 pct. With a higher percentage of sulphur on the charges, the losses were in the order of 15 to 30 pct.

Jan 1, 1951

By Robert S. Baker

It has been demonstrated in the laboratory by A. J. Phillips1 that a transformation or conversion from beta directly to alpha may take place in a brass of 61 to 62.5 per cent copper content. The completion of the transformiation is dependent on a rapid rate of cooling from the all-beta field through the alpha + beta range to the alpha field. Phillips states that in a slowly cooled alloy containing 62 per cent copper and 38 per cent zinc the copper content of the beta is progressively decreased from 62 to 56 per cent by precipitation of alpha. Rapid cooling tends to prevent the separation of alpha with a copper content of more than 62 per cent by reducing to a minimum the time required for passing through the alpha + beta range. Upon crossing beyond the (alpha + beta) (alpha) boundary to the all-alpha region below, the material is transformed from beta to alpha. It, is essential that there be no change in composition. Phillips obtained his results by quenching a 62:38 copper-zinc alloy from 850" C. in iced brine at -8" C. No reference to the occurrence of this transformation in a manufacturing process has been found in the literature. An investigation of the microstructures of a number of hot forgings made from leaded brass rods yielded one forging in which this striking conversion from beta to alpha had occurred. The purpose of this paper is to describe the transformation and certain conditions under which it may occur during the hot pressing of brass. The conversion was noted in a shape forged from a leaded brass rod, the composition of which was: Cu, 60.26 per cent; Zn, 37.86; Pb, 1.88. In this study the lead content was disregarded and the alloy was considered to be equivalent to an alloy of 61.40 per cent copper and 35.60 per cent zinc (9812 parts = 100 parts). The possibility that the lead might obstruct or accelerate the precipitation of alpha was not studied. The lead appears as black globules in the photomicrographs and has a negligible solubility in the alloy.

Jan 1, 1932

ALABAMA Aldrich.-Lloyd, T. W. Ashland.-Downs, F. G. Geary, E. S. Auburn.-Brown, R. L. Bessemer.-Abbott, C. E. Ball, T. L. Ferguson, V. Salmon, H. S. Stuart. Q. W. Birmingham.-Adams, J. H. Aldrich, T. H. Aldrich, T. H., Jr. Allen, A. W. Armstrong, W. D. Ball, E. M. Bonnyman, J. Bush, M. W. Crawford, G. G. Davis, C. B. Ellis. E. E.

Jan 1, 1923

By F. M. Morris

A large reserve of thick coal in southwest Virginia was developed by Clinch-field Coal Co. in 1957-1958 to produce a nominal rate of 1500 tph raw coal. Operation features coal cleaning in transit. Refuse removed averages 35 pct. Evolution of plant from initial conception to completion is discussed, selection of means applied is explained, and performance to date us design expectation is described. The long-range plan calls for ultimate handling capacity of 40,000 tpd raw coal with anticipated clean coal capacity of 26,000 tpd on a three-shift basis. From a materials handling viewpoint, the Moss No. 3 operation is principally of interest as an ensemble. Generally speaking, it uses time-tested equipment and ideas but some of these are employed on a scale that may be new in the industry. At present about 20,000 tpd of raw coal are being handled. This is expected to increase to 40,000 tpd as soon as business conditions justify it. The purpose of this paper is to discuss the evolution of the plant as to materials handling practices, to describe briefly the equipment and methods used, and to comment on performance in certain areas. The subject divides itself naturally into four phases: 1) operations at the mines, 2) transportation from mines to plant, 3) raw coal handling into the plant, and 4) transportation of refuse away from the plant. OPERATIONS AT THE MINES The coal reserves for Moss 3 are in southwest Virginia where Dickenson, Russell, and Buchanan Counties come together. This area contains about 15 square miles and over 100,000,000 tons of coal. Here the No. 4 (Tiller) and No. 5 (Jawbone) seams of the Norton Formation lie so closely together that for practical purposes, they constitute one seam of coal. This seam, which is called the Thick Tiller, varies from 10 to 18 ft in thickness and underlies Sandy Ridge, a mountain cresting between 2400 and 3300 ft above sea-level. At 18-ft seam height (which is considered to be the maximum practical mining height) the parting between seams will be about 3 1/2 ft thick and each bench of coal will be about 7 ft thick. Depending on the amount of impurities in the seams Drover. total reject in this height coal may approximate 50 pet by wt. It will average about 35 pet for the property as a whole. The first move in developing this resource was made in 1953 when contour maps of several square miles around Duty, Va., including all the known outcrop, were made by photogrammetry. At this time, it was felt the prospective operation would be served by the Clinchfield Railroad and a photogrammetric route survey was made by this railroad from Haysi to Duty. Study of the resulting maps indicated only one site—adversely owned—which might accommodate the size washing plant to be erected. Water resources of a dependable nature seemed nonexistent. In 1954 bulk washability tests were made on the Tiller Bench at the Moss No. 1 preparation plant. The tests indicated this portion of the seam, mined separately, would wash to 4 pet ash with good recovery. Also in 1954, development of Moss No. 2, south of Sandy Ridge, was begun. This mine is in the Tiller Seam where it is about 100 ft below the Jawbone Seam. The reasons for developing a mine in the normal Tiller Seam before tackling the Thick Tiller seemed compelling: Railroad service could be established quickly, communications were better (though not good!), more was known of the seam (it had been mined in the years 1911 to 19241, and there was no essential property to be acquired. After some legal skirmishing, the Norfolk & Western Railroad was granted the right to serve the new mine. Three decades earlier the old mine had been served by the Clinchfield Railroad. The event which triggered active development of Moss 3 was the Appalachian Power Co.'s decision in 1956 to build a 450,000-kva power plant on Clinch River at Carbo. This solved the problem of marketing the steam coal which inevitably must be a product of a mine in the Thick Tiller. Management promptly decided to build the preparation plant at Carbo where an excellent site was owned; where railroad service existed; where telephone service could be obtained; and where roads, bridges, and water supply were tolerable.

Jan 1, 1961

By David White

The submission of carefully prepared estimates of the oil reserves of the United States calls for no apology or explanation. In this country, petroleum is a rapidly wasting asset and an occasional appraisal of the amount remaining in the ground is a simple business procedure to safeguard the general welfare and the prosperity of the republic. The rumored danger of failure, in the near future, of the foreign supply on which we depend in constantly increasing amounts makes the immcdiatc review of our available reserves the more imperative. The Director of the U. S. Geological Survey, in March, 1921, requested the American Association of Petroleum Geologists to cooperate in the preparation of new estimates of the oil remaining in the graund. With the members of this cooperative committee, state geologists, regional geologists, oonsulting specialists, and geologists and engineers attached to many companies worked both independently and through subcommittees. The reports for districts, counties, fields, etc., after review by local or state committees, were discussed by the joint cooperative committee in conferences that, in some instances, were attended by the original compilers of estimates for the states or smaller areas. Finally the data were reviewed and the figures revised by the joint cooperative committee, so that the totals given in Table 1 represent the opinion of the committee, which was composed of F. W. DeWolf, W. E. Wrather, Roswell H. Johnsont Wallace A. Pratt, Alexander W. McCoy, Carl H. Beal, C. T. Lupton, G. C. Matson, K. C. Heald, W. T. Thom, Jr., A. E. Fath, Kirtley F. Mather, R. C. Moore, and David White, chairman. Oil geologists and engineers understand well the speculative nature and the chances of error that must attend estimates of the petroleum in the ground when they cover not merely prospective territory, but possible territory. Neither the character nor the magnitude of the factors of uncertainty is to be disguised. Further, the inevitable differences of opinion between geologists of equal rank and experience must also bc

Jan 1, 1923

By David White

The submission of carefully prepared estimates of the oil reserves of the United States calls for no apology or explanation. In this country, petroleum is a rapidly wasting asset and an occasional appraisal of the amount remaining in the ground is a simple business procedure to safeguard the general welfare and the prosperity of the republic. The rumored danger of failure, in the near future, of the foreign supply on which we depend in constantly increasing amounts makes the immcdiatc review of our available reserves the more imperative. The Director of the U. S. Geological Survey, in March, 1921, requested the American Association of Petroleum Geologists to cooperate in the preparation of new estimates of the oil remaining in the graund. With the members of this cooperative committee, state geologists, regional geologists, oonsulting specialists, and geologists and engineers attached to many companies worked both independently and through subcommittees. The reports for districts, counties, fields, etc., after review by local or state committees, were discussed by the joint cooperative committee in conferences that, in some instances, were attended by the original compilers of estimates for the states or smaller areas. Finally the data were reviewed and the figures revised by the joint cooperative committee, so that the totals given in Table 1 represent the opinion of the committee, which was composed of F. W. DeWolf, W. E. Wrather, Roswell H. Johnsont Wallace A. Pratt, Alexander W. McCoy, Carl H. Beal, C. T. Lupton, G. C. Matson, K. C. Heald, W. T. Thom, Jr., A. E. Fath, Kirtley F. Mather, R. C. Moore, and David White, chairman. Oil geologists and engineers understand well the speculative nature and the chances of error that must attend estimates of the petroleum in the ground when they cover not merely prospective territory, but possible territory. Neither the character nor the magnitude of the factors of uncertainty is to be disguised. Further, the inevitable differences of opinion between geologists of equal rank and experience must also bc

Jan 1, 1923

By Marlin J. Veesaert

Urban quarries offer one of the greatest opportunities for profit in nonmetallic mining with limited financial risk-if properly evaluated, planned and developed to meet market needs. Location, with respect to market, is the prime consideration. Geologic considerations and quality of rock are nearly as important. Cost factors and return on investment (ROI) are the principal financial considerations. Risk of capital is determined by weighing all factors that should be considered and how well judgments are based on information acquired. It is a simple, true axiom of business that an investment must be founded on amount of capital required with its expected return plus profit, expertise required to operate, and time involved. Urban quarries generally offer excellent stone product market opportunities. Costs of land with mineral containment and processing operations are much greater than in rural areas. Environmental problems have become increasingly severe. Competition from other quarries in the market area is usually directly proportional to the profit attractiveness. Risk of capital (initial, developmental and operational) can be evaluated and reduced only by thorough analysis of the entire situation. Time and money expended on planning and preliminary investigations probably represent the most productive investment of available company resources. Basic Reasons to Establish a Limestone Quarry Profit Motive: Certainly the dominant and overriding motive must be that of attaining a reasonable profit. In certain situations a quarry firm may acquire land, necessary rezoning (if required), and satisfy all of the other prerequisites preparatory to beginning operations but delaying the actual development.

Jan 1, 1980

By Wilson B. Emery

The Hidden Dome gas field, situated in Washakie County, Wyoming, was discovered Sept. 26, 1917. Subsequently five additional gas wells were completed and a large reserve was developed. For a number of years this field completely supplied the domestic market at Basin and Greybull, as well as the refinery at the latter town, and it is still supplying gas in small amounts to this market. Production is obtained from the sands of the Frontier formation at depths ranging from 1000 to 1500 ft. The original rock pressure was 725 Ib. and initial production ranged from 4,000,000 to 28,000,000 cu. ft. per day per well. Porosity of the sand, determined from the size of the productive area and the amount of gas recovered, is over 18 per cent. Area and Management It is estimated that the productive area is about 640 acres. Its outline is indicated on Fig. 5, on which are also shown the locations of holes drilled on the structure and the area of unit operation. The unit area is owned by the Ohio Oil Co. and development and operation have been by this company. No productive well has been completed outside this area. The entire area was Government land filed on under the placer mining law. Results of Unit Operation With six producing wells, or an average of one to each 160 acres, the pool is completely developed. Location of the wells was made with respect to structural conditions plus the requirement that at least one well be drilled on each 160-acre placer claim. Perhaps a somewhat more uniform spacing of the wells might have been accomplished and one well eliminated, but it must be borne in mind that the holes, on account of their shallow depth, were not expensive and that the object was to develop as reliable a reserve as possible. There is no cause to suspect that these holes have not adequately drained the reservoir and there is every reason to think that any additional wells, which might have been drilled under diversified ownership and operation, would have been an economic waste. Unit operation by a competent company has not only resulted in the elimination of loss of gas through careless development and operation

Jan 1, 1930

By C. Richard Tinsley

INTRODUCTION Documentary complications arise from the risk apportionment in project financing which generally means that once the project is up and running and has satisfied the lender's completion test, the loan agreement specifically limits the lender's recourse to the project and its assets. It is the purpose of this paper to describe the special considerations which apply to industrial minerals projects and explore the reasons why so few project financings are negotiated in this industry. SIZE Small projects do not warrant the relatively high costs of negotiating and documenting project financing. The extent of the documentation is directly proportionate to either (a) the degree of risk apportionment, or (b) the amount of control given to lawyers to negotiate the documents. Although one would like to believe that project-finance documentation could be off-the-shelf, it is almost always necessary to tailor the documents to the mine development itself and the individual desires of the borrower. Accordingly, the documentation costs and initial expenses are seldom less than $40,000, and for complex projects can reach $400,000. In addition, banks often charge an up-front fee to partly compensate them for their staff time and partly to increase their yield on what is deemed to be a "riskier" loan asset. Another factor is the generally lower debt:equity ratio when bankers are uncertain of the accuracy of the cash flow projections. The ratio of the amount of cash flow left over after debt service to debt service itself is a key tool for project finance (debt service coverage). Bankers will require a higher coverage ratio for industrial minerals projects because of the relatively higher uncertainties in the following categories: Prices Markets Geology/Quality Transportation Environmental This, in turn, means that lower debt:equity ratios are the norm for new industrial minerals projects. INDUSTRY STRUCTURE It is hardly worthwhile to generalise about a field as diverse as industrial minerals, but there are four other structural reasons why project financing has not been widely applied. 1. The most obvious example is the predominance of small-sized operations, largely a function of transportation economics. Geological conditions also contribute to their dispersion. 2. Often, the product is only a small part of a company's business in contrast to many petroleum, metals, or coal companies whose sole business is the production of the raw material. The construction industry is a good example here for cement, gypsum, crushed stone, sand and gravel, and the drilling-mud services business for barite and bentonite. A company is unlikely to jeopardise its main business through the failure of a project financing on one of its key inputs. The corrollary is that the mined input is often regarded as a cost centre and not run on the sort of economic basis suitable for project financing. 3. There may be a reluctance to reveal key aspects of an industrial minerals venture to an outsider for purely competitive reasons. Unlike the other minerals industries which readily share technical information at plant visits and

Jan 1, 1985

By R. R. Templeton

THE year 1924 was particularly notable in the petroleum industry of California as it was a period in which extensive town-lot drilling, with attendant overproduction and allied problems, virtually ceased and the industry returned to a nearly normal condition. Nearly all major field operations were conducted by large operating and marketing companies; in contrast to 1922 and 1923 field operations, when small promotion companies set the pace and forced the large companies to follow. The outstanding features of petroleum development were: 1. The three major fields of 1923, namely Huntington Beach, Long Beach, and Santa Fe Springs, declined from a production of 13,042,939 bbl., in January, to 6,764,417 bbl., in December, a drop of nearly 52 per cent: During this period, Huntington Beach declined 35 per cent., Long Beach 42 per cent., and Santa Fe Springs 63 per cent. 2. Methods of pumping deep wells were improved in some particulars; this contributed toward sustaining the productions of these three famous fields above what was predicted. 3. Of the fields producing previous to 1924, only three increased in production to any appreciable degree, during the year, as the result of bringing in new wells. These fields are Dominguez, Torrance, and Wheeler Ridge. Dominguez, discovered in September, 1923, produced 56,851 bbl. in January and increased regularly to a production of 1,641,042 bbl. in December. Torrance increased from a production of 972,261 bbl. in January, to 1,783,670 bbl., in May, and then declined to 1,393,215 bbl. in December. Wheeler Ridge, discovered in January, 1923, produced 23,254 bbl., in January, 1924, increased to a high of 33,678 bbl., in September, and declined to 27,430 bbl. in December. 4. Nearly all the production that had been shut-in during 1923 was opened in 1924, except some wells chiefly in Coalinga, Fullerton, and Santa Maria districts. The opening up of this shut-in production, combined with the increased productions from Dominguez and Torrance, were the chief factors that held the rate of decline for the state to a gentle slope.

Jan 7, 1925

By AIME AIME

Council.* PRESIDENT OF THE COUNCIL. ROBERT W. HUNT CHICAGO, ILL. (Term expires February, 1907.) VICE-PRESIDENTS OF THE COUNCIL. WILLIAM P. BLAKE TUCSON, ARIZ. THOMAS F. COLE DULUTH, MINN. IRVING A. STEARNS WILKES-BARRE, PA. (Term expires February, 1907.) HENRY AL HOWE NEW YORK, N. Y. J. B. GRANT DENVER, COLO. JAMES D. HAGUE NEW YORK, N. Y. (Term expires February, 1909.)

Nov 1, 1906

By William L. Batt

IT IS becoming increasingly evident to management that it has other obligations than merely to earn dividends for stockholders. The head of one of America's largest organizations has stated it in these words: "There rests upon them a far broader responsibility than the mere production of goods and services, or solely the interests of their stockholders. They must assume the important obligation, through proper policy, of attuning industry to a rapidly changing world, from social as well as economic standpoints." Stockholders might as well reconcile themselves, therefore, to the fact that management cannot always put their interests first in the obligation of business enterprise: and that the legitimate requirements of customers and employees have acquired a new significance which must be recognized if the business of today is to prosper.

Jan 1, 1938

By AIME AIME

Council.* PRESIDENT OF THE COUNCIL. ROBERT W. HUNT CHICAGO, ILL. (Term expires February, 1907.) VICE-PRESIDENTS OF THE COUNCIL. WILLIAM P. BLAKE TUCSON, ARIZ. THOMAS F. COLE DULUTH, MINN. IRVING A. STEARNS WILKES-BARRE, PA. (Term expires February, 1907.) HENRY AL HOWE NEW YORK, N. Y. J. B. GRANT DENVER, COLO. JAMES D. HAGUE NEW YORK, N. Y. (Term expires February, 1909.)

Jan 1, 1907