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Albin, B. R. Billings, Mont. '28 Amster, Nathan L 25 Broad St., New York, N. Y. '28 Bache, Jules S 42 Broadway, New York, N. Y. '28 Barrett, C. P 5338 Harper Ave., Chicago, Ill. '28 Baum, Frank G., Cons. Hydro-Electric Engr Cassel, Shasta Co., Cal. '28 Bayless, William S Russ Bldg., San Francisco, Cal. '28 Bean, Louis H., V.P., Dwight P Robinson & Co., Inc. 125 E. 46th St., New York, N. Y. '28 Beatty, Ross J 1105 First National Bank Bldg., Chicago, Ill. '28 Benwell, Oswald F 110 Gilpin St., Denver, Colo. '28 Beymer, Albert S., V P., Keystone National Bank Pittsburgh, Pa. '28 Blumenthal, Hugo 44 Pine St., New York, N. Y. '28 Boettcher, Charles Ideal Cement Bldg., Denver, Colo. '28 Bowlus, Thomas H Iola, Kans. '28 Brown, Colvin B. .. Chamber of Commerce, Washington, D. C. '28 Burt, Maxwell Struthers Southern Pines, N. C. '28

Jan 1, 1923

By Francois E. Heuze

INTRODUCTION Rock slope stability typically is governed by the geological discontinuities. This stability can be improved by drainage, unloading, adjustment in slope orientation, adjustment in slope angle, and also by reinforcement such as bolts or tendons. This paper addresses the modeling of bolt reinforcement in rock slopes. Most geological discontinuities such as joints have rough surfaces; they dilate during shear displacement. Their shear strength is characterized by two envelopes (Fig. 1); the peak envelope is distinct from the residual envelope when the joints can dilate. If the dilation is restrained transversely, such as with bolts, the normal stress will increase and the joint strength also will increase. It has been demonstrated that this increase may be considerable (Obert et al., 1976). The new normal stress at peak strength is a com- posite function of the properties of the rock mass and of the steel (Heuze, 1979). Hence, the dilation and its resultant effects on joint shear strength must be included in the analysis and design of the reinforcement. We present a model which can be used to perform such an analysis. Early studies of rock reinforcement in mining and civil applications (Lang, 1957 - Panek, 1962 - Osen and Parsons, 1966 - Lang, 19721, did not consider the specific effects of bolts on joint shear strength. In 1973, Heuze and Goodman reported direct shear tests on rough sandstone joints with bolts perpendicular to the joint plane (Fig. 2). The peak shear strength of such joints was greatly in excess of the shear strength of the unbolted joints. The excess

Jan 1, 1983

By Benjamin Gi ldersleeve

Uniquely colored, thin-bedded quartzite is quarried between Crossville and Crab Orchard in Cumberland County, Tenn. It is produced in all sizes up to the limits of transportation from beds usually ranging in thickness from less than 1/2 in. to 6 in. The stone is very resistant to wear and weathering and is marketed throughout the country for many different purposes in exterior and interior construction. The annual production exceeds 36,000 tons, valued at nearly $1,000,000.

Jan 1, 1950

By L. R. Plitt, M. K. Kim

The collecting properties of the fatty acid type collectors for barite were studied using zeta potential measurements, infrared spectroscopy, and Hallimond tube flotation tests. Based upon the experimental results, an adsorption model has been formulated which emphasizes the predominant role of the hydrocarbon chain in collector adsorption.

Jan 1, 1975

By E. A. G. Colls

Discusses corrosion in Trail chemical plants producing ammonia, sulphuric, nitric and phosphoric acids, ammonium phosphates, sulphate and nitrate, together with miscellaneous allied material problems and their solution using erosion or corrosion proof materials. Conclusion, that for work of this nature, most costly material may well be cheapest in the long run.

Jan 4, 1950

By Henry Mackay

THE interesting paper recently submitted by Messrs. Tobelmann and Potter' shows that chemical problems have developed which are of great interest in this new and important branch of metallurgy. Those who realize what a process of this kind really involves will agree that it deserves a better name than "leaching process." The word leaching conveys the idea that the copper is simply leached out of the ore with acid and then precipitated on iron; the chemistry of such a process would be of little interest. As, however, during the first year's operation of this plant 24,400,532 lb. (11,067,837 kg.) or about two-thirds of the produce, was electrolytic copper, while 7,992,033 lb., or about one-third, was cement copper, it would seem more appropriate to term the process electrochemical. It further appears, from the particulars given, that efforts have been made to have the entire production in the form of electrolytic copper. -This could be done if the chemistry of the problem were kept in balance, so that it would not be necessary to discard any solutions that carried copper and acid of commercial value. A process, such as that under consideration, in which the copper is precipitated from solution by electrolysis, the solvent being at the same time regenerated, is one that requires special chemical and electrochemical knowledge and experience if all the -copper in solution that has been extracted from the ore is to be successfully and economically produced as electrolytic copper. The object of this paper is to discuss, from the practical and theoretical standpoints, the chemical and electrochemical problems involved in the working of a process of this kind, and' which must be solved to keep it in chemical and electrochemical equilibrium. In such a process, if the chemical balance is maintained, a solution can be used alternately as a

Jan 9, 1919

By Mark Sheppard

DuRing the winter of 1937, the writer visited a West Virginia stone quarry at which the overburden is stripped hydraulically. The quarry is in a bed of limestone, about 200 ft. thick, which outcrops on a hillside above a small river; the quarry face is 175 ft. high. The top of the stone is cut in all directions by erosion channels, which are filled with a tough, red clay. Some of the larger channels are 30 ft. deep and 8 ft. wide. The thickness of the clay overburden ranges from a few inches to 10 ft., the average being estimated as less than 3 feet. The topography of the district is rugged, and the hillside above the quarry face is not suited to the use of the usual mechanical methods of moving dirt. Until hydraulicking was started 10 years ago, the overburden was dug by hand labor, dumped to the quarry floor and transported to the dump in quarry cars. Cleaning deep channels was a slow and expensive process. When hydraulicking was started, the top of the quarry face was over 200 ft. above the level of the river. The pipe line was carried in a semicircle around the top of the quarry about 200 ft. from the face and about 50 ft. above it. As there is no adequate supply of water above the quarry, the water must be pumped from the river. As quarrying progressed the pipe line was moved until the discharge points are now over 300 ft. above the river. Water is pumped from the river by a four-stage centrifugal pump having a 5-in. intake and a 4-in. discharge. It is direct-connected to a 200-hp., 2300-volt, 1760-r.p.m. induction motor. At 1760 r.p.m. the rated capacity of the pump is 750 gal. per minute under a head of 600 ft. The pump is installed in a house of frame construction on the river bank, about 10 ft. above normal water level, which also houses the pump for the mill-water supply. Above the pumps are hoisting bays into which the motors are raised whenever the river reaches flood stage. An 8-in. suction line, equipped with a strainer and a foot valve, takes the water from a concrete sump at the edge of the river. The pipe line from the pump consists of 1750 ft. of 8-in. spiral steel flanged pipe and

Jan 1, 1938

By Mark Sheppard

DuRing the winter of 1937, the writer visited a West Virginia stone quarry at which the overburden is stripped hydraulically. The quarry is in a bed of limestone, about 200 ft. thick, which outcrops on a hillside above a small river; the quarry face is 175 ft. high. The top of the stone is cut in all directions by erosion channels, which are filled with a tough, red clay. Some of the larger channels are 30 ft. deep and 8 ft. wide. The thickness of the clay overburden ranges from a few inches to 10 ft., the average being estimated as less than 3 feet. The topography of the district is rugged, and the hillside above the quarry face is not suited to the use of the usual mechanical methods of moving dirt. Until hydraulicking was started 10 years ago, the overburden was dug by hand labor, dumped to the quarry floor and transported to the dump in quarry cars. Cleaning deep channels was a slow and expensive process. When hydraulicking was started, the top of the quarry face was over 200 ft. above the level of the river. The pipe line was carried in a semicircle around the top of the quarry about 200 ft. from the face and about 50 ft. above it. As there is no adequate supply of water above the quarry, the water must be pumped from the river. As quarrying progressed the pipe line was moved until the discharge points are now over 300 ft. above the river. Water is pumped from the river by a four-stage centrifugal pump having a 5-in. intake and a 4-in. discharge. It is direct-connected to a 200-hp., 2300-volt, 1760-r.p.m. induction motor. At 1760 r.p.m. the rated capacity of the pump is 750 gal. per minute under a head of 600 ft. The pump is installed in a house of frame construction on the river bank, about 10 ft. above normal water level, which also houses the pump for the mill-water supply. Above the pumps are hoisting bays into which the motors are raised whenever the river reaches flood stage. An 8-in. suction line, equipped with a strainer and a foot valve, takes the water from a concrete sump at the edge of the river. The pipe line from the pump consists of 1750 ft. of 8-in. spiral steel flanged pipe and

Jan 1, 1938

By T. Watanabe, S. Karashima, H. Oikawa

Creep tests of a! iron and its solid-solution Fe-Mo, Fe-Co, and Fe-Si alloys with bcc structure were conducted under constant stresses in ferromagnetic and paramagnetic temperature regions above 0.5T,(T, is the absolute melting temperature). It was found their high-temperature creep behavior changed in the vicinity of the magnetic transformation temperature, that is Curie temperature, TC. In the ferromagnetic region below the steady-state creep rates were lower than those expected from the extrapolation of the data in the paramagnetic region, the amount of decrease being affected by solute addition. Also, activation energies for steady-state creep were different in the two temperature regions. The observed changes were concluded to be due to the effect of ferromagnetism on diffusion. It is well-known that plastic deformation of metals and alloys in the temperature region where mobility of atoms becomes high enough is controlled by atomic diffusion." Many experimental results394 on fcc and hcp materials have been reported to confirm this view. In bcc metals and alloys, not much basic investigation of creep deformation has been performed. In particular, experimental work on iron5-&apos; and its alloys, covering a quite wide temperature range is extremely scarce. On the other hand, the effect of ferromagnetism on diffusion has recently been demonstrated in a iron and its alloys;&apos; it has been made clear that diffusion rates in ferromagnetic temperatur~e region are significantly lower than those expected from diffusion measurement in the paramagnetic region. Therefore, it is concluded that the magnetic effect influences the high-temperature creep behavior in a! iron and in its alloys. The present authors have conducted creep experiments on a iron and its solid-solution alloys over a very wide temperature range, and have demonstrated the magnetic effect. A part of the result has already been reported elsewhere.26 In this paper, the experimental results will be described in detail. While the manuscript was in preparation, a similar magnetic effect on creep deformation of a iron was reported by Ishida . Though their experiments covered an extremely wide temperature range, the creep stresses varied from several thousand psi to several ten thousand psi with decreasing temperature. Consequently, it may be said that there remain some questions concerning their results. I) EXPERIMENTAL PROCEDURE The materials used in the experiments were pure iron and its alloys; they were prepared by vacuum melting (10"" mm Hg) electrolytic iron (99.9 pct), molybdenum powder (99.9 pct), ultrapure silicon, and cobalt pellet (99.5 pct) in alumina crucibles. The ingots were hot-forged to plates 10 mm thick and 50 mm wide, and then were hot-rolled at about 700°C into sheets 1 mm thick. Creep specimens, 5 mm in width and 15 mm in gage length, were machined from the sheets. They were annealed at temperatures which were well above their respective recrystallization temperatures. The chemical compositions of the metal and alloys are shown in Table I together with their heat treatments. High-temperature creep tests by the use of a lever-type creep testing machine were carried out in argon atmosphere under constant tensile stress. In order to keep &eep stress constant within about *0.5 pct, stress change due to specimen elongation was compensated by tensile force of a stainless-steel bellows which was inserted between the loading lever and lower specimen grip with the assumptions of a linear relationship between change in cross section and strain and uniform strain along the section. Beyond the limit of compensation by the bellows, small amounts of load were removed after appropriate strains. The testing temperatures were maintained to within i2"C of the reported values. Creep deformation was auto-graphically recorded at the upper (moving) specimen grip using a linear differential transformer which was held by a stainless-steel rod mechanically connected to the lower specimen grip. It was also directly measured with a dial-gage reading to -& mm. 11) EXPERIMENTAL RESULTS AND DISCUSSION 1) Creep Curves of a Iron and Its Alloys. Creep curves of a! iron, Fe-Si, Fe-Co, and Fe-Mo (<2 at. pct Mo) alloys usually consisted of three stages, that is transient (primary), steady-state (secondary), and accelerating (tertiary) stages. An example is illustrated in Fig. 1 for a! iron. However, in Fe-Mo alloys with more than 2 at. pct Mo, an inverse transient creepZ8 was observed as indicated in Fig. 2. The inverse behavior, which varied with the amount of molybdenum, may be due to the substructure* in the annealed specimen as was sug-

Jan 1, 1969

(The following list contains the names of those members of the Institute of whose connection with military service. we have only recently become acquainted; it also includes the names of a few who have recently been promoted or transferred. A complete list was published in the Year Book, issued as a supplement of the Bulletin for March, 1918.) ADAMS, HENRY, Major, Assistant to Department Engineer, North-eastern Dept. ALINE, P. A., Co. C, 316th Supply Trains. * Low-cost cottage construction in America; a study based on the housing collection in the Harvard Social Museum, by Winthrop A. Hamlin. Cambridge, Mass., Harvard University, 1917. (Publications of the Department of Social Ethics, No. 7.) 30 pp., 4 charts. Illus.

Jan 5, 1918

By Paul C. Merritt

Chrysotile asbestos producers in Quebec may soon experience a unique situation-i.e., strong competition from American ore sources for the short fiber market west of the Mississippi River. This com- petition will be forthcoming from Copperopolis and Coalinga, two deposits now being developed on opposite flanks of the San Joaquin Valley in central California. The combined output now planned from both deposits is 100,000 tons annually, equivalent to about 50% of the annual market demand in the western, central and Gulf States, and more than twice the tonnage sold in 1960 by all other American asbestos producers combined. The principal companies involved in these new undertakings are Jefferson Lake Asbestos Corp. (subsidiary of Jefferson Lake Sulphur Co.), Hidden Splendor Mining Co., Coalinga Asbestos Co. (Johns- Manville Corp. in conjunction with Kern County Land Co.), Union Carbide Corp., and Asbestos Corp. Ltd. Jefferson Lake&apos;s principal interest is at Copperopolis where the company&apos;s new 70,000-ton per yr mill recently went on stream. The company also holds some claims at Coalinga, but this latter area is better known as the site where Hidden Splendor, Coalinga Asbestos Co. and Todd Industries (a local company) have established operating mines and mills capable of turning out 30,000 tons of fiber each year. Coalinga is also the site of exploration by Union Carbide Nuclear and Asbestos Corp. Ltd.

Jan 9, 1962

By Leendert de Witte, Fred J. Radd

In many areas caring failures can be directly related to electrical currents observed in the casings. It is the thesis of this paper that the observed casing currents are mainly due to electrochemical potentials of the type in evidence on spontaneous potential curves of electrical logs. The general nature of these potentials are discussed and an equivalent circuit is given for current and potential distributions around open holes. The casing forms a short circuit to these potentials and tends to average the effects of local cells. The case of casing corrosion opposite the Dakota water sands in the salt-mud area of Kansas is discussed anil used us a qualitative, illustration of the relation between SP&apos;s and casing currents. A method of quantitative derivation of casing current distribution frorn electric log SP curves, using linear transform theory, is described and results are compared with a measured current profile. The effects of hydrogen over-potentials at the cathodic portions of the pipe are considered and some laboratory data are given in support of conclusions regarding the over-1.01tuge.s. INTRODUCTION To date an appreciable amount of work has been done on the measurement of oil well casing currents and on the correlation of the anodic portions of the current profiles with corrosive casing failures. Speculations on the origin of the casing currents have, however, remained rather vague; and although almost every plausible cause has been mentioned, there is to the writers&apos; knowledge no clear-cut expose&apos; on the details of the causes of the corrosive currents in the literature. A study of current surveys and casing failures in the N.W. Burnett field, Ellis County. Kan.. indicated the probability that concentration cell emf&apos;s between the Wellington salt section and the relatively fresh waters in the Dakota sands were a major cause of the corrosion currents. A more general concept evolved upon analysis of the severe corrosive conditions in the Pleistocene sands in the Ventura Avenue and San Miguelito fields in California. In this area no major variations in the salt content of the formation waters occur and yet large casing currents are observed. An explanation is found in the fact that the local spontaneous potentials which are set up due to concentration contrast between the drilling fluid and the connate water are short circuited when casing is set. The very conductive path through the casing increases the magnitude of the currents and has the tendency to average local sources over fairly large intervals. Current will flow between the sections that are predominently shaly and the sections that are mostly sandy. At the places where the current leaves the pipe, corrosive attack will occur. This same phenomenon will be present wherever unprotected pipe is set through sections that show large SP kicks on the electric logs over reasonably thick interval~. GENERAL- NATURE OF THE SPONTANEOUS POTENTIALS When a sequence of sedimentary rocks is penetrated by a drill hole filled with a mud which has a different salt concentration from that in the formation waters, various types of electrochemical potentials are established between the formations and different parts of the mud column. Opposite clean sand sections. a simple liquid-liquid junction potential will be observed; while opposite argillaccous formations, a membrane potential, often referred to as shale potential, will be established. The first quantitative analysis of these emf&apos;s in terms of liquid junction and membrane potentials is due to Wyllie.1

Jan 1, 1956

By R. J. Lloyd

INTRODUCTION The Mount Isa Mine is a large modern underground mine located in North-Western Queensland, Australia. Two ore types are mined and treated separately. Currently silver-lead-zinc ore is mined at the rate of 2.6 million tonnes per annum and copper ore at the rate of 4.6 million tonnes per annum. The silver-lead-zinc orebodies are mined by sub level open stoping and cut and fill methods whilst all copper ore is extracted by various forms of sub level open stoping. The mining operations are highly mechanised and utilise diesel powered load-haul-dump units of various sizes, two and three boom face drilling jumbos, electric-hydraulic rotary-percussive ring drills, in-the-hole hammer drills, rotary blasthole drills, raiseborers, battery/trolley locomotives, a large fleet of rubber tyred service and supply vehicles plus light rockdrills mounted on airlegs, rail mounted overshot shovels and battery and diesel powered locomotives. All stoping production ore is extracted with diesel powered load-haul-dump units. The ore is tipped into orepasses which connect to the main rail haulage levels. On the haulage levels electric battery/trolley locomotives are used to pull rakes of bottom dump or side dump trucks which feed the ore into primary crushers. Following two stage crushing the ore is conveyed to the shaft and hoistod to surface in bottom dump skips. Each ore stream has its own rail transport system, crushing stations and hoisting shaft feeding separate concentrators. This paper will consider some aspects of the role of equipment and machinery in the growth of the mine, will discuss in some detail the machinery and equipment in use today and will conclude with a look at some possible developments in mining equipment for the future, with particular reference to the Mount Isa Mine. A summary of mining equipment in use at Mount Isa is given in the Appendix. THE PAST Silver-lead-zinc ore was discovered at Mount Isa in 1923 and within a very short time many small mines were being developed. However the rich surface ore traces did not continue and by 1928 Mount Isa Mines Limited had acquired sufficient leases to plan for a large scale mine to exploit the low grade orebodies. At this early stage it was recognised that the mine would need to adopt the most mechanised mining techniques then available in order to overcome its twin disadvantages of low graaes and extreme remoteness. The Company introduced bar mounted drifters and overshot shovels to replace hammer and tap and hand shovelling in development work and by 1930 headings were advancing at the rate of 30 metres per week. In keeping with the concept of mechanisation the early engineers designed the Man and Supply shaft with a very large, for those days, cage compartment measuring 3.8 m x 3.4 m. This shaft was the main means of access into the mine for 36 years until the K57 shaft (now R62 shaft) was commissioned in 1966. Man and Supply is still in regular use. Production commenced in 1931 at an annual rate of approximately 660 000 tonnes of silver-lead-zinc ore. The mine was mechanised to an extent which was previously unknown in Australia; whilst the concentrator, smelter and power house utilised the most modern and efficient equipment available. Even so, the mine was very near to closure on several occasions and did not return a dividend to its shareholders for many years. Production levels remained at or slightly below 660 000 tonnes until a separate copper ore streani and mill was commissioned in 1953, doubling the existing production levels. The first underground crushers were installed at this time. Production rates expanded in the years between 1953 and 1973. By 1960 production reached 2740 000 tonnes of ore. In 1965-66 total production was 3650 000 tonnes and in 1973 the production rate plateaued at the current level.

Jan 1, 1981

By David R. Poirier

THE activity of carbon in Fe-C-Cr liquid solutions has been measured by Richardson and Dennis,1 Fuwa and chipman,2 and Goto et aL3 Fuwa and Chipman2 have presented their data along with data of Richardson and Dennis1 and utilized an interaction parameter. However, the interaction parameter is only valid for dilute solutions of carbon, because, as indicated, the same interaction parameter does not apply to more concentrated solutions of carbon (i.e., the effect of chromium on the saturation of graphite in liquid iron). Ohtani4 has attempted to account for the effect of carbon concentration on the interaction parameter; however even his analysis does not apply to the saturation data. Also, the effect of temperature on interaction parameters must be taken into account. Therefore, in any process where the concentration of carbon and/or the temperature changes (such as solidification), the use of an interaction parameter is not adequate to know the activity of carbon. The purpose of this communication is to make use of the existing data on the effect of chromium on the activity of carbon in liquid iron solutions in such a way that the activity can be described as a function of both composition and temperature. The method is an extension of Rist and chipman&apos;s5 analysis for the binary Fe-C solutions. As in Rist and Chipman&apos;s analysis, the activity coefficient is assumed to obey the relation: log y1 = at(l -X1)2 + It [1]

Jan 1, 1969

By Richard H. Terhune

The use of water-cooled breast-jackets or cinder-tap blocks is a great convenience in lead-smelting, even when siliceous slags are made. If the charges are at all basic it is almost imperative. Jackets of riveted wrought-iron or steel are expensive; those of cast-iron are liable to crack; those of bronze are costly and not durable, being easily penetrated by tapping-bars or destroyed by streams of matte impinging against them. To overcome these objections I introduced at the Hanauer works, in April, 1886, castjackets of steel, which have been in constant use since that time and are to-day as good as new. These jackets were made for us by the Chester Steel Castings Company, of Chester, Pa., at a cost of ten cents a pound at the works of that company. The metal is 5/8-inch thick, and the jackets were cored and tapped for l1/2-inch bushings, affording two large holes for the removal of dirt and incrustations. The same holes are used for feed- and discharge-water through 3/4-inch pipe. I hope the successful introduction here of cast-jackets of steel will lead to their more extended use in all branches of metallurgy where water-cooled surfaces are severely taxed, and where the size and thickness of the castings are not unfavorable to the production of a sound article, impervious to water and of high tensile strength.

Jan 1, 1889

By W. Spencer Hutchinson

THE relative importance of mineral production in British South Africa is about as follows: Gold, $200,000,000; diamonds, $40,000,000; coal, $18,-000,000; asbestos; $3,000,000; chrome ore, $2,000,000. In 1926 the gold mines paid $42,000,000 in dividends, the diamond mines $13,000,000, coal nearly $3,000,000, others less than $500,000. The recorded history of South Africa starts with the visits of the Dutch and the English in the sixteenth century, followed by the settlement of Cape Colony by the Dutch East India Company in 1651: The English acquired Capetown in 1806 and conflicts between English and Boers were a part of the history, from that, time on. Transvaal was settled in 1835, following the Great Boer Trek. The mining of diamonds became im-portant in 1870; the production of gold from the Rand in 1890;&apos; the export of chrome ore in 1910; and the dis-covery of platinum in 1925. South Africa has a race problem, resulting not alone from the disparity of numbers between whites and natives, more than seven blacks to each white, twenty to one in Southern Rhodesia, and three. hundred to one in Northern Rhodesia; but because of the division of the white race between English and Cape Dutch or Afrikaans. The natives are also of many tribes.

Jan 6, 1927

Annual Meeting, February 17 to 19, 1914.-The following Committees have been appointed to have charge of the arrangements for the Annual Meeting in New York City: . General Committee: Louis D. Huntoon, Chairman; Arthur S. Dwight, Vice-Chairman; W. deL. Benedict, George F. Kunz, Thomas T. Read, E. Maltby Shipp. Reception Committee for Each Day: Chairmen to be announced later. Banquet Committee : Theodore Dwight, Chairman. Luncheon Committee: E. Maltby Shipp, Chairman. Ladies&apos; Committee: Mrs. Arthur S. Dwight. Badge Committee : George F. Kunz, Chairman; E. Maltby Shipp, Vice-Chairman. Program Committee: Thomas T. Read, Chairman. Bureau of Registration and Information: Burr A. Robinson, Chairman.

Jan 1, 1914

Jan 1, 1933

INTRODUCTION Trade financing is a particularly important component of short-term financing for a minerals company since errors, extra costs, or payment delays/defaults can easily wipe out the profit margin on a particular shipment or can cause problems when arranging purchases of e.g. reagents. It is required to make any minerals operation function and does not have to be cross-border to require proper management. Sources of working capital are as follows: 1. Extended credit terms from suppliers 2. Inventory loans from banks, finance companies 3. Accounts receivable financing or factoring 4. Credit lines or overdraft facilities from banks. TRADE CREDITS These are provided under the familiar terms "net 10 days" or payment due by the "10th day of the following month." Thirty days for payment is usual but longer periods can be negotiated with regular suppliers. Shipment may be made on open account with specified periods for settlement. In the mining industry, a custom smelter gains trade credit by paying for concentrates three months after the month of shipment. INVENTORY LOANS Various forms of inventory finance are provided via "floor-plan" or warehouse financing. A set percentage, usually 60%-80%, of a good-quality, readily saleable inventory item (e.g. bullion, concentrates, ingots) will be provided by a bank or finance company which will usually have security over these products and has a right to inspect the goods from time to time. Legal security will he achieved by warehouse receipts, floating liens, chattel mortgages, trust receipts, or through collateral management service companies. The latter certify control over stock or distribution outlets and often carry insurance against fraud. Costs range around 1.5% - 2.0% p.a. or more plus some fees to cover out-of-pockets or other costs. ACCOUNTS RECEIVABLES Accounts receivable financing is based on the company&apos;s generation of satisfactory receivables which are continuously assigned to a bank or finance company ("factoring"). Because of the risks in being able to collect receivables, such as payments to a smelter for its blister copper shipments to a refinery, this form of financing costs as much as 3% - 5% of the debt amount purchased plus an additional charge for processing paperwork. Receivables can be purchased with or without recourse and on a notification or non-notification basis to the client&apos;s customer to, respectively, pay the invoice directly to the bank or not. LETTERS OF CREDIT Letters of Credit ("L/C&apos;s") are a common feature of international trade finance whereby a bank, at the request of the buyer, issues a written undertaking to an exporter to pay a specified sum of money within a set time on presentation of previously specified documents. This undertaking means that the exporter is no longer relying on the credit standing and integrity of the foreign importer. A dispute about shipment does not otherwise affect the obligation to pay upon presentation of a "clean" set of documents. These documents include the hill of lading and other documentation, often on standard "form" bases. There are a number of conventions and techniques in L/C&apos;s such as irrevocable/revocable L/C&apos;s, time L/C&apos;s, confirmation/advising L/C&apos;s and transferable L/C&apos;s. These are tools to adjust for the varying risks that the importer will not pay. Other routes where one is comfortable with an importer include documentary sight hills (D/P hill), documentary term bills (D/A bill), and, of course, open account.

Jan 1, 1985

By Edward Halse

THE occasional occurrence in metalliferous veins of rounded fragments of rock, matrix or ore, lying loose, embedded in clay, or enclosed in some kind of cement, may be attributed to four causes:¬ I. They have been washed in from the surface, or from an upper portion of the vein. II. They are of concretionary origin. III. They have been produced by movements in the country-rock or in the walls of the vein. IV. They have been found in situ, by the upward, downward or lateral flow of water in the vein itself. In this paper the word " conglomerate " is confined to a rock composed of rounded fragments or pebbles cemented together, as distinguished from a " breccia," in which the rock-fragments are angular. I. BOULDERS AND PEBBLES WHICH HAVE BEEN WASHED IN FROM THE SURFACE, OR FROM AN UPPER PORTION OF THE VEIN. In this type it is presupposed that the vein at onetime com¬municated by a fissure or open space with the surface, or with the upper portion from whence the fragments have been washed. One well-authenticated occurrence was described long ago by Fournet. Owing, no doubt, to later dislocations in the lode, pebbles from an old alluvium and sands containing titaniferous iron, as well as fragments of wood, were found in a vein at Huelgoët, in France. "Toutes les parties tendres du filon de Pranal ou ces pédnomènes sont les plus prononcés ont été excavés jusqu&apos;a d&apos;assez grandee profondeurs par l&apos;impétuosité des torrents, qui ont deposé la matière alluviale."1

Jul 1, 1905