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By W. B. Tucker

UNUSUAL interest has recently centered in the Mojave mining district of California, owing to new discoveries of gold ore at the Silver Queen mine, and subsequently at other neighboring proper- ties. These finds have proved that opportunities exist for the prospector even in old mining districts, where careful search may still be rewarded. The Mojave district is characterized by a group of small hills centering around Soledad Butte, four to six miles southwest of Mojave, in Kern County. This butte is 1250 ft. higher than the surrounding desert and 4000 ft. above sea level. Four miles west of Soledad Mountain are the so-called Middle Buttes, a group of flat-topped hills. Gold was first discovered in the district in 1894, and the following productive mines developed: Queen

Jan 1, 1936

By Dogan E. Gücer

In the following note, with the help of a new parameter of strain hardening, the attention is drawn to the close relationship between the relative performances of steels under plastic range cycling and their strain hardening characteristics. If a cantilever beam of rectangular cross section is tested with the arrangement shown in Fig. 1 in reversed bending between constant deflection limits at the lever head, the longitudinal strain-deflection hysteresis shown in Fig. 2 is obtained. There is no lateral strain due to constraint at the rectangular test section.' If the absolute value of strain undergone between a maximum state of tension and maximum state of compression is called A, it will be seen that A decreases with cycling rapidly due to the strain hardening in the test section and the ensuing change in the bent beam profile. It will also be seen that A reaches an approximately stable value around 10th cycle. If we call the first cycle strain range, A,, and that of 10th cycle, A,,, then is an index of the strain hardening capacity at a particular deflection level. A plot of n vs ? is reproduced in Fig. 3 for two ASTM steels: A-302 and A-201. A-302 is a low alloy structural steel, A-201 a low-carbon steel. The specimens were first normalized at 1650°F for 75 min then grooved with a milling cutter; and the notches were ground to 50G finish. The final operation before testing was a stress relief at 1150°F for 75 min. The behavior of the two steels changes around ?1 = 0.8 pct or A,, = A, -n = 0.7. If these curves are compared with the endurance life curves given in Fig. 4, it will be seen that the relative performance of the two steels also change around A,, =. 0.70 pct. The steel with lower strain hardening capacity (7) at a certain strain level shows a longer endurance life, irrespective of their strength levels. Since the exponent governs strain hardening at lower strain levels than the Modulus, the relative values of both parameters also coincide with the change in n values and the relative performances of the two steels at different strain levels. These two observations indicate to the close relationship be-

Jan 1, 1962

By G. R. St. Pierre, A. J. Wilhelem

In connection with the reduction of hematite or magnetite to metallic iron, it appeared desirable to study the rate of reduction of each oxide to the next lower oxide under conditions which excluded all other condensed phases. For this purpose, pellets of Fe,O,, Fe,O,, and oFeOo were prepared. A gas train for the preparation of Ar-Hz-H20 mixtures was employed to establish a continuous flow of a controlled atmosphere over a pellet suspended on a balance. In this manner the following individual reduction steps could be studied: For example, pellets of hematite were reduced solely to magnetite by adjusting the gas atmosphere such that it was oxidizing to wustite. In other words, the reaction was complete when the hematite pellet had been totally converted to magnetite. The pellets were prepared from Baker Chemical ferric oxide. The ferric oxide powder was moistened and handrolled. Air sintering at 950°C produced Fe,0, pellets with a density of 3.65 g per cm3. The pellets ranged in size from 0.6 to 1.2 cm diam. The magnetite and

Jan 1, 1962

By C. G. Rhodes, D. Kramer

High-field critical transport current density (J) measurements at 4.2 °K as a Junction of applied magnetic field (H) were made on samples of cold-rolled and annealed columbium with H parallel to J. Microscopic examination of the samples revealed a well-defined planar fiber structure produced by the cold rolling. J was found to he lower when fibers are parallel to the direction of magnetic field penetration than when they are perpendicular. This effect may he a consequence of the interaction of flux movement with fiber boundaries. THE severe changes in microstructure brought about by cold working superconductors leads to profound changes in their superconducting behavior. In particular, the ability of a superconductor to carry a transport current with zero resistance (the maximum value of this current density will be called "J" in the presence of large external magnetic fields (to be referred to as "H") is greatly influenced by the microstructure. In the case of columbium, LeBlanc and Little1 and Autler et a1.2 have observed an increase in J due to cold work. LeBlanc and Little also observed an anisotropy in J in cold-rolled columbium strips, which Hake et al.3-6 have shown to depend upon the angle between H (H ? J) and the rolling plane. An increase in J due to cold work has been found in a variety of high-field superconducting alloys3'4'7-9 as has the anisotropy effect.10 First explanations of why cold work raised J invoked the idea that dislocations carried the high-field supercurrents,8,11 since cold working drastically increases the dislocation density and presumably the number of supercurrent paths. However, recent ideas on the nature of high-field superconductivity together with new experimental evidence reveal that the bulk of certain superconductors can remain superconducting in high fields while carrying high transport currents. These later developments have been discussed by Berlin-court and Hake12 and a comprehensive review has been prepared by Berlincourt.13 According to the ideas of Gorter14 and Anderson,15 one would expect that the influence of microstructure on high-field supercurrent density will depend on tine interaction between microstructure and penetrating flux and on the direction of the Lorentz

Jan 1, 1965

By THOMAS LEONBRD WATSON

I. INTRODUCTION. THE results embodied in this paper are based on a careful field- and laboratory-study of the lead- and zinc-deposits of the Virginia-Tennessee district, begun in the latter part of the summer of 1904 and completed in the spring of 1905, preparatory to the publishing of a State report .on them. A separate description of the individual deposits in Virginia is purposely omitted, since I have already described them in considerable detail in a State report. The Tennessee deposits are described here in some detail for the reason that no detailed record of them has yet been published. Practically, this paper summarizes the results obtained from a study of the geology of the ore-deposits of the district as, a whole. (I had the pleasure of visiting the deposits of Virginia and Tennessee with Dr. H. Foster Bain of the U. S. Geological Survey, in April, 1905. Figs. 21 and 22 are from photographs taken by Dr., Bail.) II. HISTORICAL. . The first authentic records of lead-mining .in Virginia date hack more than 150 years; and the old lead-mines at Austinville, on New river in Wythe county, V a., were the first to be worked. Colonel Chiswell, a native of Wales, and one of the earlier adventurers in southwestern Virginia, was one of the first operators of the Austinville mines. Chiswell's operations at Austinville commenced in the year 1750, and closed shortly after the beginning of the Revolutionary War, in the' year 1776, covering a period of about 25 years. From that time to the present, mining has been carried on almost continuously in the Virginia area. For many years after the Virginia mines were operated, mining was confined exclusively to the lead-ores. The zinc-ores

Mar 1, 1906

By A. Raja, C. C. Harris

Apparatus for maintaining constant — but adjustable — pulp level and rate of froth removal are described. The results of preliminary experiments into the effect of scraping speed on the rate of solid and liquid recovery with a semi-batch system are presented. Glass spheres restricted to a narrow size range is the solid under investigation. Graphical methods for estimating the mass of recoverable material and the zero error are given. The semi-batch procedure1 is extensively used in laboratory flotation testing, though the method is subject to variability of moderate severity. Raffinot2 concluded from a statistical study of the difference between replicate tests, that the ptincipal source of errot was the test itself and not sampling or chemical analysis. These differences can be ascribed principally to changes in pulp volume and reagent concentration, and uncontrolled rate and depth of scraping. Semi-batch testing has been criticized1 on these grounds as a means of investigating flotation kinetics. This paper discusses and describes modifications to laboratory flotation equipment which reduce the number of manual operations and lead to improved control. Kinetic studies were the primary reason for developing the apparatus described. It should, however be a useful aid in normal flotation testing. Some preliminary results of experiments are presented.

Jan 1, 1967

(Members are urged to send in for this column any notes of interest concerning themselves or their fellow-members.) Members and guests who called at Institute headquarters during the period May 10, 1916 to June 10, 1916: G. Aertsen, Philadelphia, Pa. Hennen Jennings, Washington, D. C. Frederick C. Alsdorf, Wickenburg, Ariz. H. M. LaFollette, LaFollette, Tenn. A. H. Anderson, Worcester, Mass. E. T. Lednum, Chicago, Ill. J. H. Batcheller, Mattapoisett, Mass. Francis Church Lincoln, Reno, Nev. Arthur B. Clark, Sheridan, Mont. H. Mortimer-Lamb, Montreal, Canada. J. Murray Clark, Toronto, Canada. Andrew W. Newberry, San Francisco, Cal. J. H. Collier, Oakland, Cal. C. E. Pettibone, Cleveland, 0. H. S. Emlaw, Spring Lake, Mich. Heinrich Ries, Ithaca, N. Y. E. L. Estabrook, Platteville, Wis. C. S. Robinson, Youngstown, 0. James W. Hambleton, El Paso, Tex. - M. K. Rodgers, Basin, Mont. James Henderson, London, England. E. J. Rossbach, St. Louis, Mo. G. P. Hulst, East Chicago, Ind. J. B. Tyrrell, Toronto, Canada. William F. Jahn, Riebeling, Mont. G. B. Waterhouse, Buffalo, N. Y.

Jan 7, 1916

By H. E. Hawkes, D. A. Barr

Time variations in the copper content of the sediments of streams draining mineralized areas were studied in two areas of contrasting climatic environment, one in northern and one in southern British Columbia. In each area, samples were collected and observations made of rainfall, stream discharge and air and water temperature at intervals throughout the summer season. Samples were analyzed for total and cold-extractable copper. Results showed a weak inverse relation between cold-extractable copper and discharge in two out of the three test sites in the southern area, and a decrease in ratio of COld-extractable to total copper over the duration of the test period at a highly anomalous site in the northern area. In suspended rock flour resulting from glacial erosion of mineralized rock in the northern area, virtually all the copper was found to be soluble in cold, dilute hydrochloric acid. None of the variations observed is sufficient to cause serious problems in geochemical sediment surveys. Systematic collection and trace analysis of stream sediments has seen wide application in recent years as a method of primary prospecting in primitive areas. Common practice is to collect fine-grained samples of sediment either from the active channel or from the flood plain near the channel. Samples are dried, sieved and the -80-mesh fraction analyzed after breakdown of the sample by a relatively strong attack, such as by fusion or by treatment with hot perchloric acid. Drying, sieving and rigorous chemical attack requires established facilities, either in a well equipped central laboratory or in base camp. Thus analysis for total metal involves a substantial delay from the time the samples are collected until the analytical data can be reported. An alternative system uses a cold aqueous extrac-tant in place of the hot acid or flux.4 Advantages of the cold-extraction techniques are that kits can be prepared for use directly at the sample site and that, in some problems, the patterns in cold-extractable metal, usually abbreviated cxMe, are more useful as ore guides than the patterns in total metal.' In the course of operational geochemical sediment surveys, a problem that has come up repeatedly is failure to reproduce anomalous values or patterns by resampling the same areas. The mystery of the vanishing anomaly has led to speculation as to whether there is a significant variation in the metal content of sediment samples with the weather or with the time of year. Review of the published literature shows that a number of experiments have been carried out on time variations in the metal content of stream water.1,2,5,7-9 The only published report on time variations in stream sediments that has come to the authors' attention, however, is by Govett,3 working in Northern Rhodesia.

Jan 1, 1963

Remarks of Mr. Robert W. Hunt, General, Superintendent, Albany and Rensselaer Iron and Steel Company., Troy N. Y.—In discussing Dr. Dudley's two most interesting papers, I feel a natural hesitancy in disagreeing with conclusions formed after such careful and conscientious work. But I think he has made his deductions from too meagre premises. The analyses of but twenty-five samples are entirely too few to justify the establishment of so important a formula. When we consider that he indirectly proposes to regulate an interest amounting, even at the present low prices, to over $20,000,000 per annum, we may well hesitate before accepting a formula based upon the chemical and physical analyses of but twenty-five steel rails. Dr. Dudley touches the keynote in referring to the proposed labors of the Government Test Commission. They based their hopes of attaining success upon the chemical and physical analyses of a very large number of samples, and in the only branch of investigation which the short-sighted policy of Congress has allowed them to complete, i.e., chain cables, we find that a dozen, twenty-five or one hundred tests gave no satisfactory results. It was only after many hundreds that they were enabled to' draw conclusions. There are so many circumstances hearing upon the life of a rail, that the task of extracting a correct result seems herculean. I presume I am right in stating that in our Northern latitudes early winter and spring months witness the breaking of the greatest number of rails, thus seeming to prove that an unstable road-bed has much to answer for. Then, again, broken and flattened wheels must be taken into account, but I am convinced that more rails have been broken by the treatment which they received before leaving the rolling-mill

Jan 1, 1879

Remarks Of Mr. Robert W. Hunt, General Superintendent, Albany And Rensselaer Iron And Steel Company., Troy N. Y. - In discussing Dr. Dudley's two most interesting papers, I feel a natural hesitancy in disagreeing with conclusions formed after such careful and conscientious work. But I think he has made his deductions from too meagre premises. The analyses of but twenty-five samples are entirely too few to justify the establishment of so important a formula. When we consider that he indirectly proposes to regulate an interest amounting, even at the present low prices, to over $20,000,000 per annum, we may well hesitate before accepting a formula based upon the chemical and physical analyses of but twenty-five steel rails. Dr. Dudley touches the keynote in referring to the proposed labors of the Government Test Commission. They based their hopes of attaining success upon the chemical and physical analyses of a very large number of samples, and in the only branch of investigation which the short-sighted policy of Congress has allowed them to complete, i.e., chain cables, we find that a dozen, twenty-five or one hundred tests gave no satisfactory results. It was only after many hundreds that they were enabled to draw conclusions. There are so many circumstances bearing upon the life of a rail, that the task of extracting a correct result seems herculean. I presume I am right in stating that in our Northern latitudes early winter and spring months witness the breaking of the greatest number of rails, thus seeming to prove that an unstable road-bed has much to answer for. Then, again, broken and flattened wheels must be taken into account, but I am convinced that more rails have been broken by the treatment which they received before leaving the rolling-mill * The remarks of the participants in this debate have been written out by the speakers, and are here given without any attempt to retain the order of the dis¬cussion. While the report does not, therefore, preserve the vigor and spontaneity of the debate, it is believed that it gains in value by giving the matured views of the speakers. The continuation of this discussion at the Pittsburgh Meeting, May, 1879 (beginning with remarks of Mr. Cloud on page 401), is appended for convenience of reference.-T. M. D., Sec'y

Jan 1, 1879

Jan 1, 1965

By G. Caetani

I. INTRODUCTION. WE owe to the courtesy of Mr. R. M. Raymond, Manager of the El Oro Mining & Railway Co., Ltd., the permission of publishing in this paper the results of a series of experiments and tests made in view of determining the economical limit to which the fine grinding of the ore by tube-mills could be carried on. For the sake of clearness, the following definitions are given of certain terms used in this paper, as well as of the units and screens in the experiments. Slime : In a general way " slime" is that mill-product, of which from 90 to 95 per cent, will pass a 200-mesh screen (0.067 mm. aperture), and which is treated as one class of material in the El Oro cyanide-plants. As a screen-product, slime constitutes all material that *ill pass a 200-mesh, screen. In sizing, the following products are distinguished:- Coarse Sand : That material remaining on a 100-mesh (0.111 mm. aperture) screen. Fine Sand : That passing through. 100-mesh and remaining on a 200-mesh (0.067 mm. aperture) screen. Slime: That passing through 200-mesh. Fines, which pass through 200-mesh and settle in 30 seconds, and silt, which does not settle in 1 minute. Sand-index : The number proportional to its total fineness considered from the economical point of view, as explained on page 93. Absolute extraction : The percentage of values actually brought into solution. Actual extraction: The percentage of values actually brought to the ziuc-boxes. Units : Dollars, U. S. Currency; pounds; and short tons (2,000 lb.). Gold is valued at $20.67, and silver at $0.50 per ounce. Screens : In the sizing-tests the screens used were:¬ Mesh (per 1 in.), . 24 30 40 60 80 100 150 200 250 Aperture (mm.), . 0.740 0.515 0.424 0.250 0.159 0.111 0.090 0.067 0.058 Strengths of solution : Strengths are expressed in the percent- . age of KCN contained, though the sodium cyanide, which is

Jan 1, 1906

Jan 1, 1969

By H. J. Modi, D. W. Fuerstenau

pH effectively regulates the flotation of corundum through its control of the surface charge. Since collector ions function as counter ions in the double layer, the collector must be anionic when corundum is positively charged and cationic when it is negatively charged. Even a long-chained xanthate will float positively charged corundum. Association of the hydrocarbon chains of the adsorbed collector ions gives rise to increased adsorption and increased rate of flotation. Because of this phenomenon, neutral organic molecules aid flotation although the unionized collector cannot promote flotation independently. Na2SO4 was found to depress the flotation of corundum with animic collectors through ionic competition whereas the same salt activates corundum for flotation with cationic collectors. A close connection between ion association, electrokinetic behavior, and floatability is suggested. As part of the increasing interest in the physical chemistry of flotation, strong experimental evidence has been obtained which indicates that organic ions are adsorbed as counter ions by non-metallic oxide minerals mainly because of the electrical forces which exist at interfaces(1-3). Thus flotation of such minerals without activation should then be appreciable only when the mineral and the collector are oppositely charged. Since only limited work has been reported on the effect of surface charge upon flotation behavior(3) this general hypothesis on the flotation of insoluble oxide minerals has not been tested thoroughly. Investigating the flotation of a mineral for which extensive electrokinetic data exist yields a way to test this hypothesis more extensively. The electrokinetic behavior of corundum in solutions containing both organic and inorganic electrolytes has been studied quite thoroughly' Electro-kinetic measurements have shown that in the case of corundum, simply by controlling pH the solid surface can be charged either positively or negatively. For this reason corundum was chosen for study. The object of this paper is to present a study of the flotation of corundum and to explain the results in the light of our knowledge of adsorption mechanisms gained from streaming potential investigations. This paper is concerned mainly with the effect of surface charge on flotation with anionic and cationic collectors, but in addition such flotation phenomena as collector hydrolysis, Van der Waals attraction between hydrocarbon chains, ionic competition, and activation are discussed. While the present paper is confined to a reporting of the data obtained and some of the more immediate conclusions, it will be seen that the results, in combination with those on other systems, do promise a

Jan 1, 1961

By Thomas Donnelly

Introduction THE Province of San Cristobal is situated on the south side of the island of Santo Domingo about 25 miles west of Santo Domingo city, the capital of the republic. The copper mineralization is found about 1.-CAMP BUCARO. THE TOP OF THE RIDGE IN THE BACKGROUND MARKS THE CONTACT OF THE LIMESTONE AND TUFFS. S miles north of the town of San Cristobal, in the section known as Bucaro Hill; in San Francisco Hill; on the Nigua River; and on the Jaina (Liver. The district is reached by automobile from Santo Domingo city over an excellent road for 25 miles to San Cristobal, and then, by horse-back 6 or 8 miles up the Nigua River to what is locally known as "Camp

Jan 8, 1915

By G. W. Tower

THE YEAR 1931 was for most American copper producers one of restricted output but extremely low production cost.. When compared with 1929, the marked reductions in costs achieved in 1931, operating at rates in many instances a third to a half of capacity, can only be regarded as remarkable. In fact, the recent shut-down of several large operations suggests the probability that 1931 costs represent a bare minimum for many properties. Before discussing the 1931 results a few remarks on cost data are appropriate. The type of cost tabulation here presented was first published in 1929, (A. B. Parsons. E. & M. I. June 8, 1929), and has appeared each, succeeding year following in general the calculation method and company set-up of the original article. (. G. W. Tower, E. & III. L, July 8. 1930; S. D. Strauss, E. & M. J.; July 27, 1931). As far as possible the leading American copper companies are included. In considering these cost tabulations it must be borne in mind that the information from which they have been prepared is entirely contained in the annual report of each company; and that a multiplicity of interests and a condensed income statement for some of the larger companies, such as Cerro de Pasco and Kennecott, make the cost figure an arbitrary one depending upon sundry metal credits, metal products, miscellaneous income, etc. For Granby, Howe Sound. Magma, and Noranda, sundry metal credits are important. Furthermore Andes, Chile and Greene Cananea give costs only against copper sold. Although the individual costs here figured are by no means absolute they are computed by the same method each year and offer a basis of annual comparison; and with attention to footnotes the premises on which the costs are based may be easily followed.

Jan 1, 1932

By JAMES BRADLEY

THE Spanish mine is in Nevada County, California, 21 miles northeast of Nevada City by road, and 3 miles north of the town of Washington. The mill and surface buildings are on Poorman's Creek at an ele¬vation of 3,000 ft. About 35 men are employed at the property, which is producing 50 tons of ore per day. Electric power, purchased from the Pacific Gas and Electric Co., is brought in from Alleghany, seven miles away. In the early days the mine was operated by F. W. and P. R. Bradley. Between 1883 and 1899 the production was approximately $900,0)0 in gold. The ore treated during; that time yielded an average of 60 cents per ton and was mined and milled at a profit. The surface, oxidized, ore deposit was 30 to 100 ft. wide and was mined by the glory-hole method. The milling-plant at first consisted of a Blake crusher an-1 a small Huntington mill; later three large Huntington mills were added to the plant. In 1893 a new mill was built at a lower adit- It consisted of 10 stamps and four Huntington mills. The gold was secured by amalgamation, the recovery being about 50 per rent.

Jan 1, 1931

By E. J. Roberts

Hydrometallurgical operations and many processes in the chemical industry require the separation of dissolved material from solids. One of the decisions which has to be made in designing a plant for such an operation is how this separation shall be accomplished. It is the purpose of this paper to set forth the general principles involved in such separations in order that the optimum flowsheet and equipment may be selected. Countercurrent Decantation with thickeners, or C.C.D. as it is generally known, is, of course, only one way of separating dissolved material from undis-solved. Other unit operations such as Countercurrent Filtration (C.C.F.) and Countercurrent Classification (C.C.C.) are widely used. The same principles may also be applied to centrifugally assisted decantation, as with nozzle or solid bowl type centrifugals, and to separations using screens, either gravity or centrifugal type. Another form of countercurrent washing applicable to granular materials is practiced in continuous ion exchange operations. All of these operations depend on two basic principles, or combinations of these principles. In C.C.D. type operations the solids are concentrated into the smallest possible volume of liquor in each step and the resulting pulp then mixed with a more dilute liquor and recon cen trated, the liquors separated from the more dilute stages being advanced to dilute the more concentrated liquor in a previous solids concentrate, as is shown in Fig. I. This will be termed the solids concentration-solution dilution principle, or, for short, solution dilution. countercurrent decantation- type circuits. The second principle used in washing solubles from solids is that of solids concentration-solution displacement. Here the solids are restrained from movement while wash solution is forced through the interstices in a counter-current fashion, as in Fig. 2. In the simplest application of this principle, once the "cake" has been formed, it is not disturbed until the operation is completed. In continuous filters, the cake is merely moved under the successive washes and the displaced filtrates removed as in Fig. 4. Often, however, after one or two displacement washes, a repulping step is introduced, the cake reformed and washed again. This procedure brings the solution dilution principle into play as well as the solution displacement principle. Merely thickening ahead of filtration, which is often operationally advantageous, does not hybridize he circuit. It still can be a pure solution displacement operation from the washing

Jan 1, 1961

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

Oct. 8 to 13, inclusive, 1917 COMMITTEES Committee on Arrangements H. A. BUEHLER, Chairman W. E. MCCOURT, Secretary C. J. ADAM L. L. HUTCHISON VICTOR RAKOWSKY J. A. CASELTON EUGENE MCAULIFFE J. D. ROBERTSON .F. W. DEWOLF P. N. MOORE ARTHUR THACHER E. F. GOLTRA MRS. P. N. MOORE H. A. WHEELER Committee on Ladies', Entertainment MRS. PHILIP N. MOORE, Chairman MRS.. W. E. MCCOURT, Vice-Chairman MRS. D. M. ARMISTEAD MRS. R. G. HALL MRS. A. A. BONSACK . MRS. J. W. HEGELER MRS. B. F. BUSH MRS. J. N. HOUSER MRS. G. 0. CARPENTER MRS. EUGENE MCAULIFFE MRS. F. V. DESLOGE MRS. RUDOLPH PORTER MRS. F. W. DEWOLF MRS. N. P. ROOD MRS. A. W. DICKINSON MRS. ARTHUR THACHER

Jan 12, 1917