Search Documents

By Eckley B. Coxe

The subject of this paper will be treated as briefly as possible under the following heads : I. The latest designs of some of the machinery used at these collieries in the preparation of coal. 11. The means employed for elevating, conveying and transporting the coal and slate in and about the breaker. 111. The means employed for raising the coal from the mines to the top of the breaker. IV. The iron breaker as a structure. V. The preparation of the coal as effected in the iron breaker. A key to the plates and the letters and numbers designating different parts, will be found at the end of the paper. I. Preparing Coal. Anthracite coal as it comes from the mines is not marketable. The "run of mine" cannot, as in the case of bituminous coal, be sold. Anthracite, being very compact and practically free from volatile combustible matter, burns only at the surface, and it is, therefore, deemed important to have the lumps as nearly of a uniform size as possible, so that between them a large amount of surface will remain exposed to the action of the air without checking the draught too much, or allowing enough air to pass to cool the coal below the ignition-point, In other words, if the pieces of coal of the size of a chestnut and smaller are mixed with lumps of the size of an egg they fill the air-passages and prevent a free draught. It has long been recognized, therefore, that one of the most important points in preparation is to have a uniform sizing, and also to make as large a number of different sizes as can be produced without too

Jan 1, 1891

By R. Schempp

DURING the past few years, general interest in the steel-producing and steel-consuming industries has been centered on the so-called "inherent characteristics" of steels. While often vaguely described, these char-acteristics are known to influence the response to heat-treatment and the hardening characteristics of the material. Although most of the recent papers and discussions have associated the "inherent characteristics" with the austenitic grain size and empha-sized the importance of it, comparatively little is known of the variables that may affect the size of the austenite grain. The work to be described in this paper was carried out during the course of a study on the inherent characteristics of tool steel containing one per cent cart on. The discrepancies encountered in the determination and classification of the austenitic grain size led to in investigation of some of the variants influencing the austenitic grain size as determined by standard methods.

Jan 1, 1937

By Arthur Phillips, E. S. Davenport

The purpose of this paper is to present certain data and observations resulting from a series of experiments dealing with the heat treatment and microstructure of commercial white cast iron and its derivative, malleable iron. In planning the experimental work, particular pains were taken to secure for the tests white cast iron of "normal" composition; i.e., within the composition limits commonly prescribed by manufacturers of malleable castings. A review of the literature leads us to believe that much data of a fragmentary character treating of the graphitization of white cast iron have been of little value, mainly because of the diversity in chemical composition of the materials employed in the tests. Moreovcr, when feasible, annealing periods at least comparable to those of current practice have been adopted. We wish to acknowledge our indebtedness to the members of the research department of the Eastern Malleable Iron Co. for the white cast iron used in the test's and, particularly, for their active cooperation during the experimental stage of the work. In this paper the following subjects will be discussed in the order indicated: Data on the thermal critical points of white cast iron and malleable iron. Changes produced in tensile properties and microstrue.-ture of white cast iron by annealing at different temperatures within the, range, 760 to 1100° C. Relation of thickness of wall section of hard iron to microstructure and tensile properties of malleable iron obtained under normal annealing conditions. Notes on mechanics of graphitization of normal white cast iron as observed in specimens quenched after various periods of anneal at approximately 800" C.

Jan 1, 1922

By Arthur Phillips, E. S. Davenport

The purpose of this paper is to present certain data and observations resulting from a series of experiments dealing with the heat treatment and microstructure of commercial white cast iron and its derivative, malleable iron. In planning the experimental work, particular pains were taken to secure for the tests white cast iron of "normal" composition; i.e., within the composition limits commonly prescribed by manufacturers of malleable castings. A review of the literature leads us to believe that much data of a fragmentary character treating of the graphitization of white cast iron have been of little value, mainly because of the diversity in chemical composition of the materials employed in the tests. Moreovcr, when feasible, annealing periods at least comparable to those of current practice have been adopted. We wish to acknowledge our indebtedness to the members of the research department of the Eastern Malleable Iron Co. for the white cast iron used in the test's and, particularly, for their active cooperation during the experimental stage of the work. In this paper the following subjects will be discussed in the order indicated: Data on the thermal critical points of white cast iron and malleable iron. Changes produced in tensile properties and microstrue.-ture of white cast iron by annealing at different temperatures within the, range, 760 to 1100° C. Relation of thickness of wall section of hard iron to microstructure and tensile properties of malleable iron obtained under normal annealing conditions. Notes on mechanics of graphitization of normal white cast iron as observed in specimens quenched after various periods of anneal at approximately 800" C.

Jan 1, 1922

By Leon T. Eleiel

Ten years ago a broad knowledge of aerial mapping, coupled with a smattering of geology, qualified one to speak on the subject of the application of aerial mapping to geology. Today, with aerial maps a common tool in the hands of expert geologists on every continent throughout the world, it would be nothing short of presumptuous for the author of this paper, who is not a geologist, to give any geological statements on his own authority. Relatively, today we are only purveyors of general geological gossip, with a definite case here and there by way of illustration. But we can present a story of the really marvellous strides that have been made in the evolution of aerial mapping, built around a skeleton of geological tidbits, from which some useful conclusions may be drawn. The average geologist goes about reading his aerial maps much as one would approach the problem of deciphering a cryptogram. To begin with, typical key expressions appear in recurring sequences and under certain conditions. If once the meaning of these isolated bits of information can be ascertained, the message begins to take meaning. In a similar fashion, the geologist works out his key from aerial maps of territory with which he has some familiarity. He learns that a certain type of thin, white line may mean a vein of quartz. He sees that a certain change in the photographic tone of vegetation on the ground reflects two kinds of soils on opposite sides of a contact. He sees that a certain type of alignment of topographical features often means a fault. He learns that by the erosion pattern he can frequently distinguish soft formations from harder ones. And so, bit by bit, he ties together the information of the picture with his experience on the ground until he develops a reasonably creditable capacity of interpretation. Through the complete gamut of surface conditions, ranging all the way from flat, arid, exposed desert terrain to dense jungle, or rugged mountains, the evidence from which the geologist must make his interpretation varies with bewildering profusion. The quality of photographs which are obtainable may range from perfect pictures in the desert to almost useless smudges in the steaming jungles. One thing he has learned with certainty—the airplane carrying its mapping camera is a superb reconnaissance tool, only awaiting his ingenuity in correlating the pictures with the ground to simplify most exploratory problems.

Jan 1, 1937

Discussion of the paper of E. L. deGolyer, to be presented at the Colorado meeting, September, 1918, and printed in Bulletin No. 137, May, 1918, pp. 987 to1000. J. A. UDDEN,* Austin, Tex. (written discussiont).-I have read Mr. E. L. deGolyer's paper on The Theory of Volcanic Origin of Salt. Domes, with a great deal of interest. It seems to me a very able summary and discussion of the various theories set forth to account for the origin of our salt domes on the coast. It has always appeared to me that what we need is more observations on the facts involved and I regret very much that so far we have not been able to devote much time to the study of our salt-dome fields on the coast in this State. One feature that I do not find mentioned in Mr. deGolyer's paper is the so-called "cap. rock" overlying the salt. The nature of this rock seems to vary from a coarsely crystalline limestone to a fine-grained limestone containing sand and in which the limestone seems to be intersticially introduced material. We should be prepared to accept, if necessary, "more than one theory. To my mind, the igneous theory and the artesian theory, if I may so call it, may very well both be true. The "squeeze" theory and the artesian .theory may,, it seems tome also, jointly explain the phenomena. Neither the volcanic nor the salt "squeeze" theory explains the presence of the cap rock. The latter certainly does not explain the extensive sulphur deposits which occur in association with the cap rock. Whichever additional theory will be found best to explain the salt-dome structures, when we shall know them better, it seems to me that the theory first advanced by R. T. Hill and later elaborated by G. D. Harris, is not likely to be entirely replaced. Whatever cause has first set into action an upward circulation of gases and liquids in our salt domes, it seems to me that to a gentle circulation of the kind postulated by their theory is to be ascribed the uppermost and the later phenomena in our salt domes on the coast, with which we are most familiar; such as the cap rock, the sulphur, and the gypsum and anhydrite deposits.

Jan 7, 1918

By J. T. Mackenzie

Henry Marion Howe, in whose memory we are gathered together, was one of the great thinkers who develop from time to time to whom is given the rare gift of synthesis. Analysis is given to few, but synthesis, the ability to show the relation of all parts to each other and thus to give a clear picture of the whole, is reserved for the very few. Analysis can be achieved by honesty, intelligence, and industry, but synthesis is only given to genius. Professor Howe's crowning achievement is the picture of the whole iron-carbon series shown in Fig. I, which places steel, malleable, gray iron, mottled and chilled irons in their proper relation to each other and shows the essential unity of the series. Perhaps his best statement of the case is found on page go of the Metallography of Steel and Cast Iron in these words: " Each member of the gray cast-iron series consists of the metallic matrix approximately equivalent to that member of the steel-white-cast-iron series to which it corresponds in percentage of combined carbon with its continuity broken up—by masses of graphite ..." Apparently he had taken considerable interest in this idea around the turn of the century, for he refers to a discussion at the Franklin Institute in I900 in which he said: "Though many others had probably conceived this relation between the steels and cast irons, it was here enunciated for the first time, so far as I know. It was received with great incredulity." The concept was explained in some detail in a paper on "The Constitution of Cast Iron" presented before the A.S.T.M. in 1902 when Professor Howe was retiring president of that young society. In the discussion Dr. Sauveur stated that he was "very well acquainted with Professor Howe's theory of the constitution of cast iron," and went on to say that while he "shared it to the fullest extent, some foundrymen . . . claim cast iron is a metal entirely different from steel . . . that steel and cast iron have very little in common, and that therefore the knowledge gained in the study of steel is of little or no value in the study of cast iron." Dr. Moldenke, in discussing the same paper, said he had been working on the same theory for 12 years but he laid no claim to publication. Discussing the difference in the micro-structure of the metallic matrix, Professor Howe pointed out that "such minor structural differences are indeed to be expected, because of the difference in the conditions under which these constituents are generated. "One difference in these conditions is that the steel of most micrographs has been either forged or at least treated thermally in such a way as to give a new structure radically different from that which formed during the initial solidification, whereas the cast irons have not. Hence what we see in the steels is a transformation structure, but in the cast irons a solidification structure. By giving the cast

Jan 1, 1944

By J. T. Mackenzie

Henry Marion Howe, in whose memory we are gathered together, was one of the great thinkers who develop from time to time to whom is given the rare gift of synthesis. Analysis is given to few, but synthesis, the ability to show the relation of all parts to each other and thus to give a clear picture of the whole, is reserved for the very few. Analysis can be achieved by honesty, intelligence, and industry, but synthesis is only given to genius. Professor Howe's crowning achievement is the picture of the whole iron-carbon series shown in Fig. I, which places steel, malleable, gray iron, mottled and chilled irons in their proper relation to each other and shows the essential unity of the series. Perhaps his best statement of the case is found on page go of the Metallography of Steel and Cast Iron in these words: " Each member of the gray cast-iron series consists of the metallic matrix approximately equivalent to that member of the steel-white-cast-iron series to which it corresponds in percentage of combined carbon with its continuity broken up—by masses of graphite ..." Apparently he had taken considerable interest in this idea around the turn of the century, for he refers to a discussion at the Franklin Institute in I900 in which he said: "Though many others had probably conceived this relation between the steels and cast irons, it was here enunciated for the first time, so far as I know. It was received with great incredulity." The concept was explained in some detail in a paper on "The Constitution of Cast Iron" presented before the A.S.T.M. in 1902 when Professor Howe was retiring president of that young society. In the discussion Dr. Sauveur stated that he was "very well acquainted with Professor Howe's theory of the constitution of cast iron," and went on to say that while he "shared it to the fullest extent, some foundrymen . . . claim cast iron is a metal entirely different from steel . . . that steel and cast iron have very little in common, and that therefore the knowledge gained in the study of steel is of little or no value in the study of cast iron." Dr. Moldenke, in discussing the same paper, said he had been working on the same theory for 12 years but he laid no claim to publication. Discussing the difference in the micro-structure of the metallic matrix, Professor Howe pointed out that "such minor structural differences are indeed to be expected, because of the difference in the conditions under which these constituents are generated. "One difference in these conditions is that the steel of most micrographs has been either forged or at least treated thermally in such a way as to give a new structure radically different from that which formed during the initial solidification, whereas the cast irons have not. Hence what we see in the steels is a transformation structure, but in the cast irons a solidification structure. By giving the cast

Jan 1, 1944

By John Greenawalt

IN view of the increasing importance of sintering in the beneficiation of iron ores preparatory to their reduction in the blast furnace, the writer believes the time is opportune for an up-to-date, though brief, discussion of the general principles of sintering, as well as a discussion of some of the recent improvements and mechanical developments that have been achieved in this industry, its present trend and future possibilities. Sintering may be defined as the agglomeration of fine mineral particles into a porous mass by incipient fusion caused by heat produced by com-bustion within the mass itself. Its first successful application, in connec-tion with the treatment of lead sulphide ores, was known as blast roasting. In this process the lead ore was given a preliminary roasting in a reverber-atory furnace, then the incandescent mass was placed in a pot with a grate and an updraft was applied. It was soon discovered that much better results were obtained by cooling the ore, moistening it, and placing it upon an incandescent layer of fuel previously placed upon a grate, and then applying the updraft blast of air until the charge was converted into a more or less agglomerated mass. The fuel was sulphur and the process one of desulphurization, which was the principal result desired. The application of downdraft to blast roasting brought about tremen-dous results; the principal one of which was that an air blast of high pressure could be passed through a layer of ore deposited on a grate, or on a grate covered by a layer of coarse porous material, without disturbing the particles of which the layer is composed. The air current is compelled to filter through the pores of the charge, whereas if the same pressure applied to the top surface of the charge with downdraft were applied to the bottom of the charge with updraft, the charge would be completely blown off the grate. Another result of reversing the draft was that a flame could readily be applied to the top surface of the charge for ignit-ing purposes.

Jan 1, 1938

By Earl Bardwell

THE determination of suitable and safe annealing temperatures is one of the most important problems arising in the operation of a copper rolling mill. Certain of the larger mills have worked this problem out for themselves and in these mills the operation has become more or less standardized. In some of the mills pyrometers are used to measure the temperature of the annealing furnaces and careful watch is kept to see that overheating does not take place. In a considerable number of the mills, however, dependence is placed entirely on the judgment of the operator. The almost total lack of literature bearing on this subject seems sufficient warrant for the publication of this paper. The discussion of this subject naturally divides itself into two parts: (1) The effect of annealing temperature on physical properties; and (2) changes in the microstructure of refined copper due to cold rolling and annealing. I. THE EFFECT OF ANNEALING TEMPERATURE ON PHYSICAL PROPERTIES For the purpose of investigating this phase of the subject six test bars were selected, varying in oxygen content between the limits of 0.036 and 0.070 per cent. The chemical composition of each of these test bars was as follows:

Jan 8, 1914

The University of North Dakota, State Geological Survey, Grand Forks, N. D A G. Leonard, State Geologist. Two publications of the State Geological Survey are of interest Fourth Biennial Report, The clays and clay industries of North Dakota, and Bulletin 4, Lignite deposits and lignite industries of North Dakota. Bulletin 11 of the University is of interest: Geology and natural resources of North Dakota For further information, address the above

Jan 1, 1933

By Waldemar Lingren

CONTENTS. PART I.-GENERAL FEATURES. [ ]

Jan 1, 1902

By W. P. Sykes

THIS investigation was undertaken primarily to establish the relations existing between temperature and mechanical properties in molybdenum, nickel, and an aluminum-copper alloy. Molybdenum (m.p. 2500° C.) was chosen because it is partly similar to tungsten and partly similar to the common ductile metals. Also it is known to furnish, by proper treatment, a desirable material to use in studying relation of grain size and physical properties. The molybdenum used was of the quality that is drawn into wire 0.003 in. in diameter for use as filament supports in incandescent lamps; chemical analysis shows less than 0.1 per cent. of impurities. Nickel belongs to the same class as iron. Its melting point is 1450° C. and an allotropic change at about 370° C. results in a loss of magnetism above that temperature. This feature made nickel doubly valuable for the purposes of these tests. The nickel used was obtained from the Driver-Harris Co. as 0.090 in. (2.3-mm.) wire, annealed; analysis showed 99.8 per cent. nickel and 0.150 per cent. iron. Aluminum is one of the low melting-point metals. Some tensile tests at elevated temperatures have been reported by Bengough but the possibility of learning more with the low temperature and sensitive apparatus available recommended this metal. The samples marked Al are an aluminum-copper alloy; they contained 3 per cent. copper, 0.42 per cent. iron, and 0.21 per cent. silicon. The presence of the copper somewhat complicates the analysis of the results; but the action of copper in aluminum has been studied so that its influence might have been foretold, in part at least. The material and analyses were furnished by the Aluminum Castings Co. The nickel wire, which was deformed at 400° C., was drawn under a bath of molten lead and through a die, which also was immersed in the bath. A thermocouple was suspended in the molten metal to indicate

Jan 1, 1921

By E. R. Borcherdt

IT is notable that the first large-scale mine operation equipped entirely with detachable bits was the Badger State mine of the Anaconda Copper Mining Co. in Butte, Montana, just 30 years ago. This mine in 1922 was producing approximately 1200 tons of ore per day. Much of the data presented in C. L. Berrien's article' describing the development and installation of the Hawkesworth detachable drill bit were obtained from these operations. As in any pioneering effort, no precedent existed and many difficult problems required solution, so that the changeover to detachable bits at all Butte hill mines was not completed for 6 years. There was widespread disbelief as to the probable efficiency of the new installation. Some attempts were made in 1931 by the owners of the Hawkesworth patents to interest Ontario gold mine operators in the bit. These efforts were not successful, but they undoubtedly stimulated thinking which resulted in the invention and patenting of several well-known Canadian detachable bits, one of which is now a widely used throwaway bit. The success of the Butte installation also led to the development of the threaded type of bit connections by several well-known manufacturers, and in 1935 these bits were introduced to the mining industry on a national scale. The original Hawkesworth bit was not provided with a water hole but, depended upon water passing through the clearance opening between the tongue in the bit and the groove in the rod to flush cuttings from the drill hole, see Fig. 1. In December 1935 it was found that this method of introducing drilling water to the bit face resulted in high dust counts. To correct this a water hole was drilled on the central axis of the bit, passing through the tongue. Unfortunately, quenching water would rise through the small water hole, spot-hardening the tongue to cause breakage, never completely eliminated. In the fall of 1936 large-scale tests indicated that savings would be effected by use of a threaded type of bit, which was therefore adopted as standard for all Butte mines. This type of bit was used until 1947, when it was superseded by a one-use slip-on type. Since the first use of the Hawkesworth bit every detachable bit of importance has been investigated, and where advantages which might reduce costs or increase efficiency were indicated, substantial tests of the bit were carried on in the Butte mines. When tests demonstrated the advisability of changing from one kind of detachable bit to another the change was made at one level or in one area each day until the new rod and bit equipment was used throughout the mine. This involved a minimum of cost and disruption of drilling. Intelligent selection of a detachable bit to obtain optimum results requires careful consideration to achieve a balance between the three principal types of equipment used in the drilling process: 1—drill bits, 2—drill steel, and 3—drilling machines. Optimum results imply maximum output and minimum cost per unit of output. Since every rock type differs in drillability and it is generally impractical to provide equipment for more than one or two types of rock which may occur in one operation, selection of equipment must encompass average drilling conditions. However, on exceptional occasions several widely differing conditions may make it mandatory to provide equipment best suited to each condition. The choice of rock-drilling equipment is a most controversial subject and one that is further complicated by unreliable and frequently misleading performance claims. Small operators without the means for making accurate evaluations of equipment frequently suffer from these over-enthusiastic claims. It is apparent from experience in rock drilling throughout the world that rock drillability is not alike in any two places, and that selection of proper equipment can only be made after conducting thorough trials of various types of equipment. Some recent drilling tests in tactite and hornstone at the Darwin, California mine of the Anaconda Co. present some interesting clues on rock drillability. Microscopic examination of thin sections of these rocks reveals that mineral composition and rock texture are equally important in governing drillability. The Darwin hornstone is at times so abrasive that the carbide bit cutting edges become flattened to 3/32 in. in 2 to 4 ft of drilling, and some carbide bits were dulled to this point after 9 to 10 in. of drilling. This wear was determined to be the proper point for resharpening to eliminate carbide insert breakage or breakage of the steel rod when drilling with 1½ to 1?-in. bits, with a drifter of 2 3/4-in. diam and 90 to 100 psi air pressure, see Supplement A. Before considering the merits of various bit designs it may be well to review the mechanics of drilling rock with percussion drills. A sharp bit cuts by penetration and chipping. The amount of penetration governs the amount of chipping and depends upon the contact area of the cutting edge, the foot-

Jan 1, 1954

By A. B. Kinzel

PRECISE knowledge regarding the effect of heat treatment on the properties of steel has made possible the detailed specifications and instructions covering optimum heat-treating temperatures and practices that are in current use. A distinct contrast is presented by the metallurgical treatment of steel adjacent to a fusion weld, as such steel is subjected to each temperature from room temperature to fusion temperature, and cooled at a rate that is not generally controllable but is predetermined by the nature of the assembly to be welded, the kind of welding used, and the surrounding conditions. This is true regardless of the type of fusion welding: oxyacetylene, electric arc, thermit or flash resistance. Therefore it seemed desirable to investigate the effect of this metallurgical treatment on the characteristics of carbon steels commonly used for welding, by a detailed study of metal subjected to each temperature range; i.e., each heat-affected zone. Oxyacetylene welding was chosen for the investigation because of the experimental facility of accurately segregating and studying each temperature zone. The nature of the zones produced by other types of welding is the sane. The difference is primarily a matter of dimensions of each of the temperature zones involved. The advantages and disadvantages of the extent of the zone are of prime moment, and are discussed after the presentation of the detailed zone study. No mention is made of the fused metal proper, as this has been the subject of much published research and the nature of the solidified metal is fairly well known. GENERAL METHOD The scheme of procedure in the work herein reported involved the testing of the metal of each temperature zone adjacent to the weld in so

Jan 1, 1935

By Oswald J. Heinrich

During the last twenty years much has been done to investigate and define the Mesozoic formatibn of the United States along the Atlantic States, as well as in' the Territories. The investigations of Professors Hitchcock, Emmons, Hayden, H. D. Rogers, and those now in progress in connection with the geologicd surveys of Penn-

Jan 1, 1879

By W. E. D. Jr. Stokes

THE application of aviation to mining and petroleum operations, on the basis of economy and attainment, has become a demonstrated fact. According to Dominion Government records, 30. Canadian companies engaged in air transportation with northland mining camps, carried 13,000 tons of freight in 1935, and in 1936 carried 16,000 tons. In addition, many mining companies used planes to transport prospectors with canoes, outboard motors, gasoline drums and supplies to remote locations, and one company maintained a plane to take radium-bearing ore from its mine on Great Bear Lake nearly 1000 miles south to the rail-way at Waterways, Alberta. Heavy pieces of mining machinery weighing 2 tons are being carried by Ford trimotor planes over the Andes, at an altitude of not less than 15,000 feet. At Bulolo, New Guinea, 17,500 tons of disassembled gold-dredging equipment has been flown over inaccessible terrain, while supplies and building materials for a, community of 1000 whites have been transported by airplane. A 3 1/2-ton shaft was carried on one notable trip, while at another time an automobile, 2 tons of rice and a large safe went over the mountains in one plane. Fig. 1 shows an electric generator that was carried by plane to Bulolo.

Jan 1, 1937

By W. L. Dennen, V. H. Wilson

THIS paper is a description of the opera¬tion and results of a Humphreys Spiral Silt Cleaning Plant at the Powderly Colliery of The Hudson Coal Co. during the first nine months of operation and follows a pre¬liminary description given at the Anthracite Institute in May, 1947, in a paper titled "Preparation of Anthracite Sift for Boiler Fuel in a Humphreys Spiral Test Plant" by H. H. Otto, V. H. Wilson and W. L. Dennen. This plant is considered a full size operating test plant and, like all new plants, numerous minor changes in the methods of operation have been made from time to time to secure the results desired. Views of the silt preparation plant and of the screening house are given in Fig 1 and 2. This plant consists of 48 spirals in 8 batteries of 6 spirals each, 36 of which were to be operated as primary spirals and the remaining 12 as secondary spirals. A brief description of the plant and its operation follows. The only material cleaned at the plant during 1947 was that carried in the underflow from the Thickener which handles the Breaker waste water. This underflow, amounting to approximately 2000 gpm of water and containing 12.6 pct of solids, is pumped .to vibrating screens where the plus 316-in. material is removed. (Fig 3). This oversize material drops into a pocket from which it is trucked to the run-of-mine

Jan 1, 1948

By Thomas P. Bispham

INTRODUCTION From the lender's point of view, the greatest period of risk in a project financing occurs during the construction phase. Therefore, most projects are supported during this phase by completion guarantees supplied by some credit-worthy entity; for example, the project sponsors in the case of a joint venture, such as that of W.R. Grace, Hanna Mining, and Liberty Capital; or by a strong contract with a utility or foreign importer/investor, such as the way North American Coal Corporation has structured many of its transactions. THE PROJECT LOAN REQUEST A project financing is a more complex form of term loan than one using an ongoing corporation's balance sheet as a credit base and, therefore, a potential lender will subject the loan request to a more rigorous analysis. To support this effort, the financial institution will require a more detailed information memorandum to evaluate the credit and technical risks of a project - especially since much of the necessary information is not otherwise available. (See also Gibbs and Sroka paper above in this Chapter) A well-prepared information memorandum will impress prospective lenders with the planning ability and general competence of management. Also, the process of preparing the memorandum will help management understand the true extent of the opportunities and limitations of its venture. Appendix A outlines the topics which comprise a complete information memorandum for a loan request. Of some interest to those seeking to sell a currently-operating mining venture, a similar information memorandum should be prepared i.e., covering the same topics discussed here, for the investment banker to use with potential purchasers. For that purpose, though, one might not want to prepare quite as much detail as for a lender. Appendix B outlines the elements of a reserve evaluation and feasibility study, often called the "Bankable Document." Usually, these studies are prepared by independent engineering consultants for use by potential borrowers and sellers. (Potential purchasers will often contract for a similar study for their use in evaluating an acquisition.) ELEMENTS OF A LOAN INFORMATION MEMORANDUM 1. Outline: The information memorandum should begin with a one-page outline covering such topics as: a. The borrower's name, address, and phone number. b. Principal contact at the borrower. c. Amount of the proposed financing. d. Desired pricing and structure of the proposed financing. This should include a description of the amount and source of equity in the proposed financing. e. Use of the proceeds and timing. 2. Summary: The most important information contained in the memorandum should be summarized in two pages. Note - If the borrower is a recently-formed single-purpose company, then elements 3, 4, and 5 will apply to the guarantors of completion and to the project sponsors. 3. The Borrower: This section is a brief biography of the borrower including such topics as date and state of incorporation, founder(s), lines of business, etc. 4. Capitalization: The borrower's current debt and equity position, including leases and trade debt, with amounts, terms, names, and addresses enumerated. Equity owners, and percentage ownership, should be identified. 5. Historical Financial Statements: If available, a minimum of five year's worth of complete historical financial statements

Jan 1, 1985

On the following pages are abstracts of papers published by the Institute during the year 1935 as TECHNICAL PUBLICATIONS and CONTRIBUTIONS, papers in bound volumes appearing for the first time, and papers in MINING AND METALLURGY. For abstracts of papers that appeared in bound volumes in 1935 but that were published as TECHNICAL PUBLICATIONS in 1934, see the YEAR BOOS dated January, 1935.. Many of the TECHNICAL PUBLICATIONS have been reprinted in bound volumes. Information regarding this disposition, and number of pages in each paper, may be found in the list beginning on page 64. Volume numbers are given as listed at the beginning of the index, page 71. The abstracts are grouped as follows: [Page Metal Mining 17 Uses of Metals 23 Milling and Concentration 23 Iron and Steel Division 26 Nonferrous Metallurgy (Reduction of Ores)...: 34 Institute of Metals Division (Founding and Metallography of Nonferrous Alloys) 36 Page Coal Division 43 Petroleum Division 50 Industrial Minerals Division (Nonmetallics) 57 Mining Geology 60 Mineral Industry Education Division 62 Geophysical Prospecting 62]

Jan 1, 1936