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By George Otis Smith

WHAT American can enter this Western empire without his imagination being stirred by the stories of its past-yes, and even more by visions of its future! Whether we travel by rail or by auto, our pathway has its traditions of exploration and its records of early settlement. The mountain passes and the routes used by today's commerce are lasting memorials of the pathfinders whose unconquerable purpose was to search out a way-Lewis and Clark, Bonneville, Pike, Long, FrBmont, their names still live in your rivers and lakes and peaks. It was the glory of these adventurers that they spied out the land so that others might follow that long pro- cession of pioneers who occupied the new country- fur traders, gold miners, cattlemen, and homesteaders. Each of these pioneers attacked the problem of transportation in his own way, and each sought by his own method to win the resources whose richness had been reported by the pen of the Government explorer or by the swift rumor of the unnamed and unfamed adventurer. Trails were worn deep by these home or fortune seekers as they passed through the mountain barriers in successive waves-and these were waves that did not ebb, for this was an army of occupation. Along these main pathways of the West, as one historian has pointed out, the figure of chief interest was the sad- faced woman sitting on the front of the covered wagon.

Jan 1, 1926

Organization Place Date 1919 American Chemical Society Philadelphia, Pa. Sept. 2-6 National Assn. of Stationary Engineers Huntington, W. Va. Sept. 8 American Peat Society Minneapolis, Minn. Sept. 22-24 American Iron, Steel Electrical Engineers St. Louis, Mo. Sept. 22-26 American Institute of Min. and Met. Engineers. Chicago, Ill. Sept. 22-27 American Steel Treaters' Society, First Annual Convention Chicago, 111. Sept. 22-27 National Exposition of Chemical Industries.... Chicago, Ill. Sept. 22-27 National Safety Council Cleveland, O. Sept. 29-Oct: 2 American Foundrymen's Association Philadelphia, Pa. Sept. 29-Oct. 4

Jan 9, 1919

By John A. Gann

THE Iron and Steel Division has shared in the general increased activity of the industry. The fall meeting at Chicago was not only well attended but particularly characterized by the virility and scope of the discussions at the various sessions. The program for the February meeting indicates a similar interest in technological developments. The Blast-Furnace Committee continues to have the hearty support of the industry with discussions of such a nature as to be of real help to the operator as well ass the technologist. The work of the Open-Hearth Committee continues to be outstanding, with ever increasing attendance and ever mounting interest in the meetings. Formation of a conference on the physical chemistry of steelmaking has given those interested in this phase of work an organization allowing the same

Jan 1, 1936

By Kyle Wightman

INTRODUCTION CRA Limited is the largest mining group in Australia by value of sales and the second largest company in Australia in terms of share market capitalisation. In the past 25 years, CRA, its predecessors and affiliates have been involved in a number of mining and further processing developments in Australia and elsewhere. Many of these have been financed using project financing techniques. These include Comalco's development of the Weipa bauxite deposits in Northern Queensland in the late 1950's, the Hamersley iron ore developments in the Pilbara region of Western Australia in the mid 1960's, the Queensland Alumina Limited alumina refinery in Gladstone, Queensland, at about the same time, and the Bougainville copper project in 1969/70. In the past three years CRA has again utilised project financing techniques to fund its Tarong steaming coal project in Queensland, the Blair Athol steaming coal project also in that State and CRA's interest in the Argyle diamond project in the Kimberley region of Western Austrlia. PROJECT FINANCE DEFINED Nevitt Definition Nevitt's is the most frequently quoted definition - "A financing of a particular economic unit in which a lender is satisfied to look initially to the cash flows and earnings of the economic unit as the source of funds from which a loan will be repaid and to the assets of the economic unit as collateral for the loan." Risk and Balance Sheet Treatment It is important to focus in more detail on two aspects of project financing, risk and balance sheet treatment. The assessment of the various elements of risk in a project and the sharing of that risk between sponsors and lenders is the most critical feature. At one end of the spectrum is full absorption of risk by the sponsor(s). This can be described as "on risk" or "on credit" or "full recourse" to the sponsor(s) and is effectively a corporate financing. At the other end of the spectrum the lenders absorb the whole risk in a non-recourse financing which is "off risk" or "off credit" for the sponsor. The other aspect is the sponsor's balance sheet treatment. If the balance sheet of the economic unit undertaking the project and the financing need not be consolidated into the balance sheet of the sponsor (because ownership does not exceed 50%) then the financing may be described as off-¬balance sheet. If consolidation is required then the financing is described as on-balance sheet. Most project financings involve some recourse to the sponsor, i.e. they are limited recourse. Very few are non-recourse or off credit to the sponsor. Limited recourse financings may be on-balance sheet although many may also be off-balance sheet insofar as consolidation is concerned. However, sponsor support may very well be a contingent liability to the sponsor and require disclosure by way of note to the balance sheet should consolidation not be required. CORPORATE FINANCE CONTRASTED A financing which is on credit or full recourse to the sponsor, whether it is directly borrowed or guaranteed by that sponsor, is a corporate financing. Lenders will tend to base their credit assessment on a historical assessment of the sponsor's activities and its financial results rather than an assessment of the project or a detailed assessment of the future activities and prospects of the sponsor. PROJECT FINANCE - A BORROWER'S PERCEPTION Although CRA could choose to arrange all finance on a corporate basis (except perhaps for the very largest projects or acquisitions), project financing techniques provide a number of specific advantages which CRA has noted and which should be carefully considered by a project sponsor. Advantages

Jan 1, 1985

By John Stewart

The market at present supplied by shipments from the phosphate districts of Quebec, Ontario, and New York State requires high-grade ore, carrying from 75 per cent. to 90 per cent. of phosphate of lime. In sorting out such material by hand, much valuable phosphate is necessarily left in the "culls" or refuse, besides which, much phosphate-rock of low-grade is not now mined at all, because it cannot be made available by the crude method of cobbing and hand-sorting. The utilization of such material, which would, of course, greatly benefit this industry, requires either a mechanical separation or a chemical process which would concentrate the phosphate in a form suitable for agriculture. Considering the rich phosphate now shipped as the first class, we may arrange the lower grades in three classes, as follows: Second Class.—Cull-ore from the first class, and the mass of deposits having, as gangue, pyroxene or hornblende. The following table gives the hardness and specific gravity of the minerals concerned: Hardness Spec. gravity. Apatite,....... . 5 3.1 to 3.25 Crystalline limestone (pink calcite),. 3 to 4 2.5 to 2.9 Pyroxene,..5 to 6 3.23 to 3.5 Hornblende,.5 to 6 2.9 to 3.4 Feldspar (orthoclase),. .. . 6 to 6.5 2.5 to 2.6 It is evident that when pyroxene and hornblende are present in large proportions, this ore cannot be successfully concentrated by crushing and jigging. It may be reduced to fine powder by successive treatment in a rock-breaker and a Sturtevant or Frisbee-Lucop mill, or other suitable apparatus, and in this condition it could be largely used by applying it freely upon exhausted clay soils, such as occur in Quebec and Ontario. The occupants of these once fertile river-lands are, however, hard to move in the direction of such improvements. When water-power is at hand, the cost of crushing

Jan 1, 1893

By H. C. Rickaby

BY August 1944 Canada expects to be shipping 56 percent hematite ore from its new Steep Rock iron mine, via Port Arthur on Lake Superior, to the steelmaking centers in Canada and the United States. This is indeed welcome news to steel men, especially if they operate open hearth furnaces, as the Steep Rock ore is a high-grade lump and will be valuable as charge and feed ore. But better news is the fact that this first big producer of high-grade hematite ore in Canada, since the exhaustion of the Helen mine in the Michipicoten area north of Lake Superior in 1918, has a proved ore body of 16,757,000 long tons and a probable ore body of 14,000,000 long tons, thus giving an over-all total of 30,757,000 long tons and assuring production for a number of years to come.

Jan 1, 1943

By E. A. Holbrook

IT may be taken for granted that a mine official knows his duties, as outlined by the bituminous mining laws of the State, he knows how coal should be mined and transported, and he has judgment on any possibly unsafe condition in his mine. Certainly, if he is weak on any of these points, there are definite ways in which he can acquire the needed knowledge. If with this knowledge the mine official has the necessary practical experience to bring self-confidence, he stands before the world as a man who knows his job. There is, however, another side to his work, one not found in hooks, a side even that may not be learned at the face even though one spends a lifetime there. The actual duties a mine official knows and performs are the tangible and definite things about his work. There are other things which may be termed intangible, because they are hard to pin down and see, and. which appear to be of equal importance in successfully handling a job and which in time determine the very success of the company itself.

Jan 1, 1930

By V. V. Clark

WHEN a district is more or less primitive, and a trained mining engineer attempts single- handed to prospect it according to old standards, he generally fails. He has not the ability to live out in the open alone for months at a time and carry on with enthusiasm and determination like the old-time prospector. But the same engineer, placed in an organized group where modern prospecting methods are employed, is immediately put on his mettle and his chances of winning are greatly increased. Marsman Investments, Ltd., with headquarters in Manila, has at the present time, Sept. 4, 1937, six prospecting parties in the Netherland East Indies. Three of these groups are combing their assignments for lode mines, studying structures, developing and reaching out into veins and zones with diamond drills. The other three are searching for placer mines with pans, pits, and Empire drills. I am in charge of one group seeking commercial gold placers on the Island of

Jan 1, 1937

By E. H. Rose

IN the realm of ore dressing the most pregnant feat of all time was announced in 1945: the winning of the mineral raw materials which made the harnessing of atomic energy possible. Lost in the stupendous implications of the end result, in the two billion dollar hugeness of the project, and in the famous names attached thereto, the fact that crude uranium ores had to be concentrated received relatively little notice in the press. Only the final link in the concentrating chain was publicized-ether extraction of uranyl nitrate, developed by Hoffman and carried on by the Mallinckrodt Chemical Works, or methods developed by the Ames group under Spedding. Some of the earlier links represented less glamorous but equally difficult and exacting research. One may only speak a word of admiration for those who worked hard, accomplished much, and said nothing. The universal lament for most of the year was "man shortage." A group of Canadian engineers expressed it as "being so short of labor that no labor was available to develop laborsaving devices." . Despite this, an outstanding amount of mineral-dressing progress was made in 1945. Necessity allowed no alternative. The insatiable demand of war for minerals forced the exploitation of lower and lower grade ores, and of others not before considered of commercial character or use, requiring the mineral dresser to fight for and win new bridgeheads on the home front.

Jan 1, 1946

By Lewis Robert M.

The importance of phosphate in feeding the people of the world has been recognized by mining companies as they continue their search for new ore deposits and ways of improving phosphate production. An extensive phosphate-recovery research project involving investigation of beneficiation variables by batch testing, flotation pilot-plant processing of the major portion of the ore, gravity separation of the coarse fraction, and recovery of byproduct heavy minerals of a North Carolina phosphate deposit has been completed. Data obtained through batch tests enabled the development of an economical flowsheet which proved successful for the efficient recovery of a good quality phosphate concentrate in a pilot plant.

Jan 1, 1975

By Milton H. Fies

EARLY in 1945 the laboratories of the Southern Research Institute will begin active research investigations on behalf of industrial clients. This achievement has come after four years of planning by a group of Alabama businessmen, and is in partialanswer to an urgent need in the South. Those who conceived the Institute have long realized that a marked relationship exists between scientific research and the economic well-being of the several regions of the country. Clearly, technological research, generally absent in the South, is the medium through which are created new finished goods industries, and the increase of technological research is perhaps the most important long-range project in the South.

Jan 1, 1945

By J. R. Linney

A HISTORY of the ore-mining and iron-smelting industry of the Adirondacks comprises a century and a half of pioneering by rugged individualists, both men and women. By geographical location, the climate is most severe-long, cold winters with heavy snowfall, and short seasons of vegetation growth; this, together with its remote location from large centers of population, adds considerably to the difficulties of conducting mining operations in this area.

Jan 1, 1943

By Clyde E. Williams

THIS review of the progress made in iron and steel metallurgy during the past year is confined to developments in this country. It attempts to give examples to illustrate progress made rather than to appraise results. As a result of the gradually diminishing supply of rich iron ores and of predictions made as to the probable life of the iron-ore reserves of the Lake Superior District, attention of iron and steel executives was directed to the question of beneficiation of iron ores. Laboratory and plant-scale experimental work was conducted on the wash ores .of Minnesota and an investigation, was, begun on the Old Range low-grade ores.

Jan 1, 1931

By H. D. Wilde

DURING 1934 conditions in the production division of the petroleum industry were reasonably satisfactory but nevertheless a decided feeling of insecurity existed largely because of the uncertainty of controlling production to consumptive demand. Over-production, especially in the East Texas field, threatened a general collapse of crude prices but in spite of this, posted prices were high. Stimulated by the prevailing posted prices, wildcatting activities were wide-spread. Although a number of small discoveries were made, particularly in the Gulf Coast belt and Oklahoma, no fields of major importance, unless it was the Fitts pool in Southern Oklahoma, were brought in. Meanwhile, the Petroleum Division of the A.I.M.E. continued its activities. It sponsored the collection of production and geological data on both foreign and domestic fields. The data on all but a few producing districts in the world were published in the "Petroleum Development and Technology" volume of the "Transactions" and comprise one of the most complete tabula¬tions of this sort ever published. Work of this kind is being continued.

Jan 1, 1935

By Games Slayter

NO reasonably well-informed person believes that the role of minerals, both metallic and nonmetallic, will be any less important in the future than it has been in the past. The contrary is true. Industrialization is based on mineral resources and man's ability to make use of them. A nation's standard of living, its political and military power, will continue to depend largely upon the extent to which it is industrialized-and minerals are the raw materials both of the machine and the power to run the machine. Minerals are also the raw materials of human health and stamina. The world's healthiest, most vigorous, and most long-lived peoples have always been those that have lived in regions of the globe where the earth is rich, and kept rich, in the phosphates and other minerals required for the production of the so-called growth foods. Only a small proportion of the land surface of the globe is suitable under any circumstances for large-scale production of these and other essential foods. As things stand, only a part of this land is capable of such production either because the soil minerals have been exhausted by cultivation, or because they never existed in the soil in sufficient quantities.

Jan 1, 1943

By AIME AIME

THE Fall Meetings of the Institute of Metals Division and of the Iron and Steel Division were held in Cleveland from Tuesday, Oct. 20, to Thursday, Oct. 22, as a part of the National Metal Congress. The registration at the technical sessions was something over 450 and the attendance at the joint dinner of the two Divisions on Wednesday evening taxed the capacity of the dining room. The president of the British Institute of Metals, W. R. Barclay, consulting metallurgist to the Mond Nickel Co., Ltd.; of London, was in attendance at several of the technical sessions and was one of the after-dinner speakers at the banquet. He commented on the desirability of greater international amity and cooperation in these troubled times and of the role that technical societies, such as the A. I. M. E. and his own British Institute of Metals, can and indeed are playing in bringing this to pass, with their membership and contacts reaching to all parts of the world. He also referred to the new reciprocal membership arrangements in effect between the A.I.M.E. and the British Institute of Metals.

Jan 1, 1936

By AIME AIME

MICA is perhaps our No. 1. strategic mineral problem because of its large requirements in a variety of equipment for use in the military services, and because the principal source of this material has heretofore been British India, a source now threatened partly because of distance and lack of ships. [Block mica and bauxite were added to the "most critical" list published by the W.P.B. on Nov. 6.] No satisfactory substitute has yet been found for most of the uses of mica, which largely involve electrical insulation. Brazil is now our nearest and best major source of this material. No splitting plants have yet been established there but in 1941 we imported about a million pounds of block mica from that country and in 1942 that quantity will be considerably exceeded. In Brazil, mica is found almost exclusively in the pegmatite dikes along the mountain range bordering the eastern part of Minas Gerais. A belt, roughly 180 miles long by 100 miles wide, extends from Theophilo Ottoni to Carangolo. The principal mica-mining districts in this belt are the Governador Valladares area to the north and the Espera Feliz district to the south. The dikes are usually 10 to 50 meters wide and a mile or two long and intrude the old metamorphic schist formation. They are weathered and easily mined.

Jan 1, 1942

BULLETIN 177. The decline and ultimate production of oil wells with notes on the valuation of oil properties, by C. H.- Beal. 1919. 84 pp., 4pls., 80 figs. BULLETIN 179. Abstracts of current decisions on mines and mining, reported from September to December, 1918, by J. W. Thompson. 1919. 166 pp. TECHNICAL PAPER 214. Motor gasoline; properties, laboratory methods of testing, and practical specifications, by E. W. Dean. 1919. 33 pp., 2 figs. TECHNICAL PAPER 219. Combustion and flue-gas analysis, by U. S. Fuel Administration. 1919. 12 pp., 5 figs. TECHNICAL PAPER 223. Cost-keeping for small metal mines, by J. C. Pickering. 1919. 46 pp. Only a limited supply of these publications is available for free distribution. Publications should be ordered by number and title. Applications should be addressed to the Director of the Bureau of Mines, Washington, D. C.

Jan 7, 1919

By Guy N. Bjorge

HOMESTAKE'S mining methods today are of necessity controlled to a considerable extent by that which has been done in the past. This may be shown by the fact that our two main operating shafts now, the B. & M. and Ellison, were begun in 1878 and 1896 respectively, so that-the loca-tions of shafts, locations of all the drifts on the upper levels, and a great deal of sloping was done before any of us now connected with the mine had anything to do- with it. Anything that I may say is not to be construed as criticism of those who have gone before for it would be a sad commentary indeed on us if we had not learned something from their experience. The levels down to the 1100 in the Homestake mine are spaced at 100-ft. intervals, and below that at 150-ft. intervals. The general plan of develop-

Jan 1, 1934

By R. S. Dean

REQUIREMENTS for war materials have led to large scale experimentation upon metallurgical innovations. It is of interest to inquire what this may contribute of permanent value to our existing technology, as innovations adopted during war are apt to be discarded promptly at its end. This is because utilization of substandard ores usually requires a new technology for ore treatment, and a new use-pattern for employment of the products. Thus two very different problems are involved: first, devising a process; then, adopting its products by industry, with readjustments of the use-pattern if necessary. A new process may be as good or better than an old one, but the readjustments required for use of its products may prevent its general adoption if this implies scrapping existing plants and investing much additional capital. Metallurgical innovations are of three kinds: I. The use of substandard material in processes already established; 2. The grading-up of substandard material to render it more suitable for established processes; 3. The adjustment of technology and use-pattern to the raw materials that we have.

Jan 1, 1945