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The past year has been a difficult one for the mining industry in this country, but an active and successful one for the Branch. Membership has continued to increase, albeit at a slower rate than last year, and with the increase almost all from student membership. I dwelt at some length last year on the continued increase in student membership, which I ascribed largely to deliberate policies adopted by the Branch to foster this area of membership. I don't propose to reiterate these, suffice it to say that as usual, the Otago School of Mines has been a prolific source of student members, and it will be a pity if this source dries up û more on this subject later. In fact, students form just on 29 per cent of the Branch's total membership û a far higher percentage than for any other Branch in the Institute, whose membership as a whole comprises only ten per cent students.

Jan 1, 1985

By W. J. Cruise

This paper reports on a test that was conducted underground in a mine for two years on the following: pipes coated with paint, fusion-bonded powder, metal, or impregnated tape; and aluminium, stainless-steel, 3CR12, and plastic pipes. It was found that the degree of corrosivity and mechanical damage increases substantially from the shaft of a mine towards the stope. Thus, the range of coatings that can be used successfully is fairly large in the shaft and haulageways, but corrosion-resistant materials, especially corrosion-resistant steels, need to be used close to the stope. A study of the relative costs involved showed the costs of pipes of low-carbon steel and unplasticized polyvinyl chloride to be lowest, and those of epoxy-coated steel pipes to be highest.

Jan 1, 1985

INTRODUCTION Besides the European export credit agencies covered in Ted Rides' paper in this Chapter, other agencies are also active (see Appendix) but the most notable for mining projects are The Export-Import Bank of the United States ("US Exim") and the Export Development Corporation ("EDC") of Canada. Mexico's Fomex is basically a short-term trade-finance fund administered by the Central Bank. US Exim This independent agency can provide loans, guarantees, and insurance. Like all export-credit agencies, its mandate is to support the export of goods and services from the US as a means of competing against other countries' products. If a piece of mining equipment can only he made in the US, the US Exim may very well not provide any financial assistance. (It is important not to place the order for any item for which export credit is sought because, once ordered, the situation is no longer competitive in US Exim's eyes.) Direct Credits and financial guarantees ("buyer credits") are commonly in amounts greater than 85 million and for terms longer than six years. An example here is the $48.5 million provided to PT International Nickel Indonesia (see Robert de Gavre's paper in Chapter 12). US Exim usually requires a 15% downpayment and, therefore, finances up to 857 of the goods; less if the US content is lower. The dollar funding can he US prime, London Interbank Offered Rate (LIBOR), or other sources. Exim can fund in either or both of the following ways: 1. Under a US bank Letter of Credit ("L/C") 2. Reimbursement to the buyer/borrower via a US bank account. US Exim will, without charge, issue a preliminary commitment. It will, however, need to approve the various credit agreements and prefers to tie other parallel financings into one loan agreement. US Exim's total commitments are large, up to $5R billion in aggregate under various programs. US Exim has been the world's leader in medium-to long-term minerals project financings/ co-financings but suffers from (i) aggressive foreign export-credit competition whereby other nations mix in soft-loans or aid programs ("mixed credits") to increase the percentage financed and lower the interest margin and (ii) an imbalance in its own cost of funds. A common US Exim package would be as follows: 15% Banks under US Exim guarantee, floating rate over prime or LIBOR. 35% US Exim funding, fixed rate 35% Pefco funding, fixed rate 857 Drawn down pro-rata under US bank L/C 15% Cash down payment (may have been financed within a project/corporate credit) 100% Repayment usually begins six months after planned start-up in equal semi-annual instalments, with the banks usually paid out first, Pefco next, and US Exim last. Medium-term credits ("supplier credits") are issued for US equipment exports for terms up to five years, again for 85% of the equipment costs although the exporter is expected to bear at least 10% out of that 857 for its own risk. The buyer is required to be a first-class credit such as some governments or highly credit-worthy companies. Otherwise a bank L/C would be required. (This may be wrapped into an overall project-finance package for a minerals development. The project-finance banks provide an L/C to US Exim instead of funding that portion themselves.) US Exim guarantees 100% of the political risk and either 85% or 95% of the commercial risk for

Jan 1, 1985

By Annie G. Smelley

The Bureau of Mines is testing a dewatering technique for phosphatic clay waste that will recover a portion of the water lost using conventional waste disposal methods and produce solids suitable for land reclamation. The technique utilizes a flocculant, polyethylene oxide (PEO), that forms strong, stable flocs that can be dewatered on a static screen followed by further dewatering on a rotary screen. In field tests conducted in northern Florida, clay wastes containing a nominal 2.5 pct solids have been consolidated to greater than 20 pct solids. The rate at which PEO-treated material continues to dewater in a mine cut also was monitored. Preliminary results indicate that PEO--treated material will dewater to 30 pct solids in 140 days. Pretreatment of phosphatic clay waste with lime and H202 was shown to improve the dewatering technique for problem clay wastes.

Jan 1, 1985

By Donald J. Worth

INTRODUCTION Minera Real de Angeles makes a very interesting case study in more ways than one. To begin with, it represents the first time a bulk silver deposit has been put into production in Mexico. Second, the feasibility and financing stage spanned a period when the silver price ranged from $4 to $40 per ounce. Third, there was a major devaluation of the peso and a financial crisis in Mexico at completion of the project. Fourth, the composition of the partnership (a major Canadian mining company, a major Mexican mining company and the host government's own mining entity) is worthy of note. This paper gives considerable background on the project and how it came to fruition. The political risk aspects and how the major provider of funds perceived Mexican risk at the time of decision to participate and afterwards are highlighted. LOCATION AND HISTORY The Real de Angeles deposit is located at an elevation of 2300 meters in Central Mexico in the State of Zacatecas (Figure 1). The closest village is Noria de Angeles, three kilometers to the north. The closest cities are Aguascalientes, Zacatecas and San Luis Potosi. The first-mentioned is one hour to the southwest by automobile over good roads. Exploitation of the vein outcrops probably began towards the end of the sixteenth century by the Spanish. Evidence of past mining activity is shown by numerous shafts, manways, dumps and ruins. Also, there were remnants of two rudimentary concentrating mills now obliterated by pit development and in the nearby town of Noria de Angeles the ruins of a small smelter still exist. Compania Minera Gamma, an affiliate of a major international mining company, investigated Real de Angeles from 1969 to 1971. Its evaluation program included 20 drill holes and comprehensive geological engineering and metallurgical studies. The results were not encouraging and the option on the property was dropped. In late August 1973 geologists representing Placer Mexicana which was later renamed Explomin were advised of the availability of the property and liked the prospects sufficiently to make an option payment soon due and to agree to outright purchase by year-end. A series of 34 holes were drilled by Explomin and a preliminary study indicated that the prospect had mine-making potential if the silver price was right. [ ] DESCRIPTION OF THE PROJECT Real de Angeles is best described as a large, low grade open pit silver mine because at today's prices approximately 70% of the realizable revenue is derived from that metal. One must also keep in mind that the operation produces two concentrates - a lead concentrate with high silver content and

Jan 1, 1985

By Robert Gillham, Victoria Yablonsky, Grover R. Castle

INTRODUCTION The commercial paper market, unique to the United States, is a direct exchange of funds between high-grade borrowers and large lenders; because it eliminates both the bank's role as middleman and also some significant transaction costs, commercial paper is the lowest cost short term instrument in the world. For this reason, virtually all borrowers would like to enter the market, but only issuers with the highest rating from Moody's and Standard & Poor can attract purchasers at the best rates. COMMERCIAL PAPER The commercial paper market, in existence for over 100 years, has traditionally been used for short-term financings, with most paper maturing within 30-45 days. Under the U. S. Securities Act of 1933, (section 3(a)3) industrial paper can avoid registration only if it matures within 270 days and is used for current transactions. It was first used to finance the short-term seasonal working capital needs of manufacturing companies. Since World War II, commercial paper use has grown steadily, serving in the 1950's as the market in which finance companies financed the explosion in consumer credit purchases of heavy consumer durables. LETTER OF CREDIT BACKING As far as is known, the use of letters of credit to support energy-related commercial paper began about 13 years ago with an arrangement to finance the nuclear fuel for Con Edison's Indian Point 3 Plant. Goldman, Sachs was the architect of this financing and Chemical Bank provided the letter of credit support. After an early burst of interest, this type of financing wobbled severely in the difficult credit markets of the mid-seventies before regaining serious momentum in 1976 and 1977. A mining project would not normally qualify as a borrower in the commercial paper market because of its credit standing and because its large capital needs require long term financing. However, lately, commercial paper has begun to take the place of a bank term loan in limited recourse project financings. L/C backed commercial paper took this new and startling turn in 1982 when it was used as part of the $700 million financing for the development of the Newlands-Collinsville coal mines of Mount Isa Mines Ltd. in Australia. This was the first use of L/C backed commercial paper in a long-term limited recourse project financing. First Boston acted as financial advisor and, again, Chemical Bank provided sole letter of credit support of $155 million. The $785 million BHP financing for the acquisition of the Queensland (Australia) coal assets of Utah International from General Electric Company followed the next year; there we acted with two other Front Banks to provide $270 million of L/C support. These two important transactions indicate that not only has commercial paper become an integral part of a long-term financing package, but also that it is no longer the exclusive domain of the best known U. S. companies. Lesser-rated companies and a multitude of foreign borrowers have gained access to this "exclusive club." How has this become possible? OPERATION OF AN L/C An instrument of the commercial banks, the "direct pay" letter of credit, has enabled lesser-rated companies to issue commercial paper in their own names. The letter of credit allows the issuer to substitute the credit rating of the supporting bank for its own. The L/C in effect allows a lesser-rated company to rent the bank's credit rating. This upgrading is possible because the bank is unconditionally obliged to pay the note-holders at maturity and then turn to the Issuer for reimbursement. The Issuer commonly "rolls over" a new short-term issue and reimburses the supporting bank from the sale of the new issue until cash flows from the project allow the borrower to reduce the level of paper outstanding. The commitment for an L/C facility, up to 12 years in the case of the Broken Hill transaction, governs the life of the commercial paper tranche of the financing. The term of the L/C commitment thus has the power to extend the ordinary 30-45

Jan 1, 1985

By James M. Barker

Jan 1, 1985

By S. Zamna, M. E. Defoe, Franklin T. Davis, Earl Rau, Yarroll. Warren H., Paul D. Chamberlin

This section contains a description of the ore processing methods of the walled industrial minerals that are not described in major sections of the book. Table I contains the production figures for each of these commodities in the United States and the world. Specifications for concentrates or final mineral product are also summarized as well as prim for them at the time the section was written. In each chapter an attempt has been made to provide the reader with information on the common commercial mineral or minerals involved with the commodity, some of the uses. the processes used to recover and concentrate the minerals, as well as geographical areas where these process are utilized.

Jan 1, 1985

By Donald E. Rossow

In the mining industry ANFO continues to be the primary source of explosive energy. The three most commonly used loading methods are bulk, pour in 50 lb. multiwall bags and cylindrical shaped wet hole bags. Each loading method has its advantages. Each method has certain disadvantages which limit its effectiveness. The expandable bag system developed by ECONEX overcomes the disadvantages of the traditional bulk, pour in bags and wet hole package products.

Jan 1, 1985

By L. "Andy" Anderson, Stephen N. Short, James E. Friant

Since the introduction of "boxhole" drilling in South Africa in 1973, the concept of a blind raise, drilled upward from below, has become an accepted mining practice. A combination machine, capable of constructing raises to a mining level below, or blind raising upward from a single setup position adds a further dimension in versatility. A machine with these dual operating modes was designated by The Robbins Company as the 53R and was introduced into the Western Deep Level Mines, South Africa in 1984. The unit is powerful (200 hp) and compact (18,000 lbs., in a 10 ft x 4 ft 5 inch x 4 ft 6 inch package). This paper describes the design considerations for the new machine, provides field data from early trials, and looks briefly at its overall market and potential.

Jan 1, 1985

By Fred A. Curtis, Kathryn E. Moore

"The past 14 years have brought an increased awareness of environmental problems. Surface mining for mineral aggregates has been one o f the issues which ha s sparked fierce controversy and debate. Various level s of government, industry, and the public have engaged in an unending battle for adequate planning, regulation, and rehabilitation of pits and quarries. Agreement has seldom been reached and, as a result, few standards, guidelines or policies have been established, or enforced province-wide.Surface mining ca uses a number of environmental problems including noise, dust, water table disturbances, aesthetic degradation, increased traffic, and health and safety hazards. These problems are particularly serious in urbanizing area s, where people are exposed to the mining operations. Associated with the operational phase of surface mining are the issues generated by the multiplicity of abandoned pits and quarries which dot the countryside. These large, gaping, often dangerous waterfilled holes are a blight o n the landscape, and represent a misuse of land.The environmental problems connected with pit s and quarries are compounded by the fact that accessible reserves of mineral aggregates are being lost through the process o f urbanization. In addition, restrictive zoning at the municipal level is restricting access to even more aggregate rich land. This results in the paradox that the very urbanizing process which creates the demand for aggregates is rapidly reducing the available supply. These problems have stimulated the Ontario Ministry of Natural Resources to call for a province-wide program of inventory, assessment and planning for the protection o f high-quality reserves in Official Plans. These proposals have met with strong opposition from municipal leaders, who are jealously protecting their autonomy.Environmental management education is a prerequisite for all parties involved in pit and quarry planning, regulation or rehabilitation. To this end the following bibliography of selected articles with attention given to the Ontario experience, should provide helpful information on these topics."

Jan 1, 1985

Mr G. Maude was educated at Huish's Grammar School (Taunton) and Leeds University. He graduated in 1961 with a B.Sc. degree in Mining. Mr E.B. Crocker was educated at Florida Park High School, Witwatersrand Technical College, and the University of the Witwatersrand.

Jan 1, 1985

By Thomas J. Keefe, O&apos

The effects of cobalt, B-naphthol, glue and antimony on the polarization behavior of zinc sulfate electrolyte were investigated. It was found that B-naphthol was beneficial in reducing the detrimental effects of cobalt while antimony and excess glue were each harmful. Since the nu cl eat ion over potential was insensiti1ve to coba1t, other regions of the polarization curve were used to indicate electrolyte balance. The low? current density area occurring in the reverse or anodic sweep direction was? often an indicator when an ?unstable condition existed. The two parameters evaluated were the degree of inflection in the polarization curve in the low current density region during scanning and the rate of current rise observed when the sample was potentiostated at -0.781 Volts (SHE). Using this technique, a two-additive system was shown to be desirable to control cobalt and antimony containing electrolytes. The structure of the deposits was examined using scanning electron microscope techniques.

Jan 1, 1985

With the continuing move towards digital signal based control and measurement, it is inevitable that such technology will be increasingly employed on remote sites. The benefits of increased metallurgical performance, of reduced energy and manpower requirements far outweigh the problems associated with high technology in remote locations, provided that the installation is well thought out from both technical and manpower viewpoints. The new accessibility of vast quantities of process data will uncover previously unthought of savings and profit opportunities but brings with it the responsibility to carefully design the data presentation methods. The resulting changes in installed hardware will force changes in the maintenance and engineering workforce and will affect even the stores and purchasing department methods.

Jan 1, 1985

By Christian F. Baiz

INTRODUCTION Industrial minerals can have similar financing requirements to those needs of metaliferrous and coal mining projects. One of the outstanding differences is the understanding of the many different markets that these industrial minerals represent. There are in excess of 30 principal industrial minerals ranging in terms of annual production from the largest quantity such as sand and gravel, to possibly the smallest quantity of production of a legitimate industrial mineral which may be defined as industrial and rough gem diamond. (See Tables 1 and 2) Project finance techniques, analytical methods, and information requirements are covered elsewhere in this Chapter and Chapter 10. Some comments on equity finance aspects follow. EQUITY AMOUNT The amount of equity in a financing transaction provides a cushion to the lender in case the project runs into trouble. Generally speaking, the greater the amount of risk in a project, the more equity a lender will require. The amount of cash equity in a project financing transaction is between 25 and 40 percent. The amount of leverage (debt/equity) is negotiable based on such factors as the strength and extent of the sponsor's undertakings, of the project's economics, and the term of a strong sales contract. Naturally, a borrower seeks to obtain d loan with as little equity required as can be negotiated. Zero percent equity is usually associated with a take-or-pay contract (a hell-or-high- water unconditional commitment under which the purchaser must pay for the commodity as though it were shipped regardless of whether it is actually mined or shipped) with a financially strong corporate entity i.e., the parent company or an end user. As a take-or-pay contract is tantamount to a guarantee of payment, the banker views the credit basis of the loan as being other than the borrower's mining operation and therefore will analyze the creditworthiness of the institution purchasing the commodity on the basis of its corporate balance sheet. Do not confuse a take-or-pay contract with a take-if- tendered or take-and-pay contract. Another means in the United States of obtaining zero percent equity is the carved out production payment financing, typical of coal mine financing. This involves the sale, or conveyance, by the owner of the mineral property of a production payment to a nominally capitalized company. The nominally capitalized company is formed solely to buy the production payment and usually borrows 100 percent of the purchase price from a lender. Equity amounts of 10 to 20 percent generally are found in transactions which employ techniques such as an advance sale or a subordinated lease/loan. These agreements are viewed as quasi equity by most banks for several reasons. First, the proceeds represent a cash infusion early in the project's life - usually prior to the bank lending any funds. Thus, the repayment schedule is "behind" that of the bank debt. In the case of an advance sale, repayment is in the form of a long-term supply contract with favorable terms, usually priced close to the mining operation's costs. There is also usually a requirement that all costs of the project be paid for by the loan or equity, often making the sponsors financially responsible for any cost overruns. Cost overruns are a major risk in any project, large or small, and are often due to unforeseen factors such as wildcat strikes, a piece of faulty equipment, or any event which delays completion, e.g., remote location, weather, etc.. . The question of how overruns are covered can be negotiated. For example, in addition to the original debt/equity ratio of the project, there can also be a cost overrun ratio that will

Jan 1, 1985

By F. A. Gates, Bengt Samuelson, James E. Edmunds, S. McCune, Neil Hario, Norman L. Weiss, J. M. Bertram, A. M. Cavaliere, F. M. Jr. Stephens, D. D. Chiang

DESIGN BASIS Size of Project The size of the project generally is expressed in tons of ore milled per day, but company policies differ widely in this respect with a few adhering to this set figure but many expecting the design capacity to be liberal. To some companies that follow the latter practice a 25,000-tpd milling plant that cannot reach 30,000 or 35,000 tpd with¬out major additions is a disappointment. The engineers responsible for planning the operation must know what is intended. Other projects are sized according to the tonnage of product rather than of mine ore; examples are iron ore mills that express size in terms of tons per year of pellets or high-grade concentrates, heavy minerals plants in tons per year of rutile or ilmenite, cement plants in barrels per year, potash in tons per year of muriate, phosphate in tons per year of washer rock and flotation concentrate, and others. However, tons per day milling rate is also the common denominator in most of those instances because the major equipment has to be selected on that criterion. Equally important are operating schedules, particularly the number of operating days per week and shifts per day for ore delivery, crushing, grinding, and processing. Hours per shift also are an impor¬tant factor in design, particularly in the case of ore delivery, and the lost time expected for maintenance, cleanup, inspection, preventive maintenance shutdowns, and many others, has to be taken into ac¬count. Frequently, the ore deposit will vary in hardness and grade to such a degree that the capacity of the mill will vary widely from year to year and cannot be expressed as a fixed figure, but rather as an average over a calculable period, such as ten years, or as a specific daily capacity over the first two years, next four years, etc., or some similar projection. A good example of this kind of situation is Asarco's Mission operation 15 miles southwest of Tucson, Ariz., described by Weiss and Vincent,1 where the major rock types differed widely in hardness, so that a change in the proportion of these types in the mill feed could have imposed difficult design problems if a constant tonnage rate had been expected. Expected Life The life of a mining operation depends upon the size of the deposit and the rate of mining. The latter is a policy decision based on an economic analysis2 which, in turn, is based on many factors. From the point of view of mill planning, the estimated life of the operation determines many criteria and affects many decisions on strength of structures and degree of protection of men and materials, the quality of the materials-handling and process machinery, the type of delivery systems for ore to the mill and concentrates to the smelter or market, environmental considerations, and many others. Costly installations that may be excellent investments for a 20-year project may be waste¬ful for a 5-year operation. An example is the comparison of different methods of crushing or grinding. Take single- vs. multiple-stage grind¬ing-the former may be found more economical for a 5-year operation, and the other, more costly method more economical for a 15- to 20-year life. Mining and Ore Transportation The mining method and the means of transportation of the ore to the first crushing stage have far-reaching effects upon mill design, particularly the crushing sections, and upon site selection (see Chapter 2, Situation of Mill). Consequently, mill design cannot advance until the mine planning has reached at least tentative decisions concerning these important matters, or reach the final stages until much is known about the ore that may be expected month by month and year by year for a reasonable period. Methods of ore transportation used in over 90 underground and open-pit mines are listed briefly in Section 32 (Table 1), and more detail is found later in this section and in Section 10, Storage and Transport. These methods include surface railroad, trucks, conveyors, surface skips, underground skips, and tramming from hoist or tunnel. In surface mining, transportation of the uncrushed ore by rail or truck to the primary crushing plant-conveniently located for lowest overall cost-is most common. Rail transportation provides low perton-mile costs. Truck transportation, though in some cases less eco¬nomical, is more flexible and more adaptable to mountainous terrain; furthermore, recent improvements have reduced the operating costs to keep trucks competitive on low-grade ores. The design of the primary crushing plant will be essentially the same whether delivery is by truck or rail, but the location of the plant is subject to more rigid restrictions in the latter case because of grade limitations, and these in turn may adversely affect the selec¬tion of the mill site as well. The influence of truck haulage in reducing the stripping ratio in open-pit mines is an added reason for predicting a minor role for rail transportation in the future. The use of conveyors to transport ore from the pit to the milling plant involves (in most cases) crushing the ore to a reasonable size (10 to 20 in. maximum with today's crushers) before conveying. The Twin Buttes system3 which went into operation in late 1969, utilizes primary crushers (two) and conveyors to receive rock waste, ore, and low-grade stockpile material from trucks, then transport them to the appropriate destination. Flexibility is dependent upon the porta¬bility of the primary crushers. In the face of this development, inclined skip hoists are no longer important to the mill designers. Underground mines generally pose fewer problems of design; these will be discussed in Chapter 2. Character of Deposit The degree of homogeneity of the ore in various parts of the mine is an important factor. The characteristics that concern the millman (approximately in order of importance) are: hardness, assay, metallurgical response, size distribution,4 and moisture content. Under metallurgical response may be included degree of oxidation, mineral¬ogy, clay content, and reagent consumption, as well as process re¬sponse in general. Short-term variations-hour-to-hour, day-to-day, or even week-to-week-make operation of the plant more difficult, require greater flexibility of process design and, perhaps, also require more instrumentation and manpower. Uniformity of the ore in the characteristics noted previously and

Jan 1, 1985

By Phillip O. Tyree, Joseph W. Mussey

Bio-epigenetic sulphur deposits occur in Pecos, Reeves and Culberson Counties of far West Texas. Sulfate reducing bacteria, utilizing hydrocarbons as energy, transformed gypsum into replacement limestone and hydrogen sulfide. Hydrogen sulfide, retained in the pores of the replacement limestone, was subsequently oxidized by highly oxygenated groundwaters, and native sulphur precipitated. West Texas sulphur was first recognized at surface exposures by William P. Blake, a geologist attached to the Captain Pope Military/ Scientific Expedition of 1854. Attempts were made in the early 1900's to mine these sulphur vent exposures by a retort method, but the ventures met with little success. In 1967, Duval discovered a large sulphur deposit near some of the old sulphur works in Culberson County. Duval also expanded reserves in a small sulphur deposit in Pecos County. The Frasch process, developed for producing sulphur from Gulf Coast salt domes, proved successful in West Texas type sulphur deposits also. However, modifications of the process were necessary to provide economical and efficient sulphur recovery from the varied ore occurrences. West Texas conditions and logistics require the ultimate in productivity to be competitive in the domestic and foreign sulphur markets. Several companies, in addition to Duval, are producing or have produced sulphur in West Texas. As of June 1, 1984, a total of 29.87 million mt (29.4 million long tons) of sulphur had been produced west of the Pecos River. Duval Corporation has produced more than 88 percent of that total.

Jan 1, 1985

By Gary P. Thomason

INTRODUCTION One may have heard about how various projects were financed or certain companies were successful in obtaining a bank loan, but there are many more projects and companies who fail to get the money they need. At least a portion of these failures, and a large percentage of the frustrations connected with even the successful financings, are a result of not understanding the process of obtaining money. Recent years have seen a proliferation of debt financing sources available to finance minerals operations (see the next Chapter 11), but these represent only a minor portion of the minerals financing market. The fundamental source of borrowed money to many minerals related companies remains the banks. Therefore, understanding the "Loan Approval Process" can easily mean the difference between getting the money or not. LOAN APPROVAL PROCESS The initial stages of the loan approval process should begin long before the bankers, and the organizations they represent, enter upon the scene. The loan approval can be broken down into six stages: 1) Generation 2) Preparation 3) Presentation 4) Evaluation 5) Approval 6) Documentation As you can see in Figure 1, the bank is only directly involved in the second half of the process. The perils in obtaining financing for the smaller minerals venture are primarily in the first three stages, not the last three. The minerals venture making application for a loan can, in almost every case, improve its chances of success by carefully planning and preparing itself and the information that will be required of it in the loan approval process. Generation This first step in the process is deciding on the need for a loan. (Earlier papers in this Book and in Chapter 11 provide some guidance.) It is surprising how many ventures confuse the need for money with the need for a loan. Suffice to say that the equity investor risks both the timing of the yield on his capital and, ultimately, his capital. The lender, on the other hand, advances temporary funds which he expects to be repaid on a specific schedule with a fixed

Jan 1, 1985

By S. Zaman, F. F. Aplan, Franklin T. Davis

This section deals with the oxides of heavy metals, namely, columbium and tantalum, rare earths, chrome, manganese, titanium, tin, and tungsten. Table I contains the production figures for each of these commodities in the US and in the world in 1977. Specifications for concentrates are also summarized as well as prices for concentrates in 1977. In each chapter an attempt has been made to describe the more common commercial mineral involved with the commodity and the processes used to recover and concentrate the minerals, as well as geographical areas where these processes are utilized.

Jan 1, 1985

By Hal D. Peterson

In research sponsored by the Bureau of Mines, a technique was developed for simulation of heap leaching on uranium ores. The equipment used for this simulation consisted of 2-ft-diam columns, constructed in sections, such that ores as coarse as minus 4-in could be treated in bed depths ranging from 8 to 18 ft with test condition variations. The technique consisted of the separate steps of ore preparation, column loading, charge wetting, leaching, washing, and residue recovery. For the ores studied, sulfuric acid was found to be generally superior to alkaline lixiviants. The rate of uranium extraction by acid leaching proved" to be primarily a function of percolation rate, alkalinity of the ores and oxidant requirements of the ores. Column leaching was closely comparable to field-scale heap leaching in terms of uranium extraction rate and recovery results. Acid and oxidant requirements were lower for the field-scale operation. All column tests, as well as the field-scaly heap, achieved in excess of 96-pct uranium extraction on a Bear Creek, Wyoming ore.

Jan 1, 1985