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By D. A. Belforti, M. P. Lepie

Spectroscopically pure copper was melted on sapphire plaques in a zydrogen atmosphere. The surface tension of the liquid metal was determined using the sessile drop technique. Measurements were made by direct observation with the aid of a specially const,mcted telescope. The value obtained, 1268 dynes per cm, is compared to that found in the literature. THERE is at this time considerable interest in the use of ceramics for vacuum tubes. The crystalline material is superior to the more conventional glass in mechanical strength, chemical inertness, dielectric properties, ability to withstand high temperatures, and so forth. However, ceramics are much more difficult to seal hermetically with metals than are the glasses. For this reason an investigation was undertaken to determine the wetting and adhesion of metals to ceramics. The sessile drop technique offers a convenient means at elevated temperatures for measuring liquid surface tension, wetting angle, density, spread- ing coefficient, and work of adhesion. Thus, from the contour of a drop of liquid at rest on a solid surface one can obtain a quantitative evaluation of the degree to which the two substances will bond. To this end a special apparatus was constructed so that various molten metals could be observed. Standardization of the apparatus was done initially by measuring the surface tension of copper since this is well documented in the metallurgy literature. Although there are many methods available for the measurement of surface energy,'+ the sessile drop technique has been used most extensively for molten metals and ceramics.5"' Fig. 1 illustrates the dimensions to be measured. From these values, the surface tension of the liquid can be obtained using the Bashforth and bdams' equation and tables.

Jan 1, 1963

By F. N. Pease, C. B. Dudley

Those who have worked a good deal on the chemistry of pig-irons of which the physical properties were known, cannot fail to have been struck by the remarkable want of relation between the physical properties of different samples, and the ultimate chemical composition. It is very well known among foundrymen that irons which will give say 4 inch of chill, and are, therefore, approximately the same in chemical composition, are very far apart, many times, in their physical properties. The foundryman's tests for strength are, of

Jan 1, 1886

By E. C. Nelson

An equation is derived for calculating approximately the solubility of nitrogen in an alloy steel over a temperature range from 1200" to 1900°C using data on the effects of alloys on the activity coefficient of nitrogen in iron at 1600°C. Calculated values are compared with experimental data. STUDIES involving the solubility of nitrogen in complex iron alloys have been aided by a system devised by Lanenberg for calculating the solubility of nitrogen in ternary and higher alloys of iron at 1600C using available data on the activity coefficient of nitrogen in binary alloys. Calculated nitrogen solubilities agree well with experimental determinations on complex alloys,' and the calculation procedure is useful when experimental data on specific alloys are not required. A method for extending calculations of nitrogen solubilities in alloy steels to temperatures other than 1600°C would be useful because of the paucity of experimental data in this area. Assumptions which must be made to permit this calculation introduce an element of approximation; however, the calculation is useful in cases where a large number of alloys and temperatures are under consideration, and the precision of experimental measurements is not required. The activity coefficient can be freed from the isothermal restriction of Langenberg's calculation if it is assumed that the solution is "regular". This is a reasonably good assumption for solutions of nitrogen in iron alloys, because usually they are dilute and the heat of solution is relatively small. The presence of large amounts of certain alloying elements would make this assumption less tenable.3 One of the properties of a regular solution is: when "f" is the activity coefficient of a solute and "T" is the temperature in OK. If the activity coefficients at temperatures T and T2 are denoted by subscripts 1 and 2 respectively: The activity coefficient of nitrogen in a complex alloy then can be calculated at any temperature from the sum of the effects of the other solutes on the activity coefficient of nitrogen at 1600°C. It will be convenient to incorporate this expression into an equation which will give directly the logarithm of the solubility of nitrogen at any temperature in the presence of alloys. Two constants, the solubility of nitrogen in pure iron at 1600 "C and the partial molar heat of solution of nitrogen in iron are required. The heat of solution value of 1400 cal at 1600 °C quoted by Kubaschewski and vans will be used. The accuracy of the calculation will suffer if the heat of solution should change materially with temperature. In the absence of experimental data on the temperature dependence of this quantity, it will be expedient to restrict the application of the calcula-

Jan 1, 1963

By D. M. Dunbar, H. C. SCHLILTZ

HE Chile Exploration Co.'s mine and reduction plant are at Chuquicamata, Chile, on the eastern edge of the Atacama Desert, 163 miles northeast of Antofagasta, 80 miles from the Pacific Ocean, and 70 miles from the Bolivian border and at an altitude of 10,000 ft. Guggenheim Brothers started prospecting in -4pri1, 1912, and purchased the main property, in October of that year; the property is now controlled by the Anaconda Copper Mining Co., which acquired it in January, 1923. The orebody strikes north 10" east, and has a dip of about 64" west. The length, as far as developed, is approximately 1% miles; the width averages sightless than mile.

Jan 1, 1925

By W. Barbarowicz, H. E. Uhland

AT the Noralyn mine and mill of International Minerals & Chemical Corp. in Bartow, Fla., process instrumentation has been incorporated in three departments-mining, flotation, and preparation. Use of the dragline is the most difficult aspect of the mining operation to control automatically. At the Noralyn mine there are two draglines, a Bucyrus-Erie 1250-B with 29-yd bucket and 235-ft boom and a Bucyrus-Erie 1150-B with 21-yd bucket and 215-ft boom. These are equipped with a minimum number of instruments, but further instrumentation would increase the operator's efficiency.

Jan 7, 1957

By R. C. de Lange

An improved replica technique is developed for a nondestructive study of the nucleation and growth of fatigue cracks. Three different growth stages of a fatigue crack were observed. An initial stage of high growth rate is followed by a long period of very slow growth, until finally a third period of high growth rate leads to fracture. THE metal-fatigue process is of a very complex nature. The experimental approach towards fatigue is susceptible to many minor influences which, together with the unavoidable scatter in testing results, makes the interpretation a matter of extreme care. The generally accepted fact that, in a homogeneous material, the fatigue cracks start at a free surface indicates that surface studies may contri-but in an essential way to a better understanding of the fatigue mechanisms. Indeed metallographic observations of the fatigue phenomena have been very fruitful in the last decade. The study of extrusions, intrusions, and persistent slip bands has contributed much to the present knowledge of the early processes in fatigue.' The drawback of the current metallographic techniques lies in the fact, however, that either observations of fatigue phenomena had to be made in a destructive way after an only partly executed test or a sequence of observations on the same test bar was only possible on notched specimens.2 4 In both cases an uncertainty exists as to the nucleation and growth of the fatigue crack in an unnotched test bar, where the crack can start at any place of a large area and develops in a test bar, which is macroscopically

Jan 1, 1964

By S. R. Goodman, Hsun Hu, R. S. Cline

The quenching technique has been used to study phase relations in the composition area 2FeO.SiO2-FeO-SiO2-MnO.Si02-ZMnO.SiO2 of the system iron oxide-manganese oxide-silica under strongly reducing conditions such as exist in a gas mixture consisting of equul parts of carbon dioxide and hydrogen. Liquidus and solidus temperatures of most mixtures in the composition area studied are in the range of 1173° to 1345°C. EQUILIBRIUM relations existing among the oxides of iron, manganese, and silicon are of particular interest in two areas of steelmaking: slags and ingot inclusions. Mixtures of these oxides represent about 90 pct of the slag in the acid steelmaking process, and so dominate the chemistry of the whole refining process. These constituents also play an important role in the early slags existing at the time of the "lime boil" in the basic open hearth process. If these slags are liquid, they "wet" the lumps of lime rising from the bottom of the bath, and react with them. A liquid slag rich in CaO is then formed at the very beginning of the refining. Because the temperature is still low, all conditions for a good dephosphoriza-tion are fulfilled at this stage of the operation. Metal deoxidized with ferromanganese or silico-manganese is likely to contain, as inclusions, phases made up from among the oxides of iron, manganese, and silicon. A knowledge of stability relations existing among the phases present in this system, therefore, enables one to predict the hardness of the inclusions encountered. Moreover, because the shape of the inclusions in steel has a profound influence on the physical properties of the metal, it is important to establish whether or not the oxidic material is present as liquid or crystalline phases during heating and rolling of the steel (-1150 to 1350°C). A knowledge of melting relations in synthetic mixtures of iron oxide, manganese oxide, and silica will give a clue to these problems. Methods for determining such relations and the results obtained are described iln this paper. I) PREVIOUS WORK A number cf previous studies have dealt with the three "binary"* systems bounding the system iron oxide-mangar,.ese oxide-silica. The system iron oxide-silica was studied by Bowen and shairerl in 1932. Their data were obtained by equilibration of mixtures in contact with metallic iron. Phase relations for the system iron oxide-silica ill atmospheres of different oxygen pressures car1 be derived from data on the system FeO-Fe2O3-SiO2 as determined by Muan.2 The diagram shown iri Fig. l is a section of this system in an atmosphere of CO2 and H2 in ratio 1:l. The system manganese oxide-silica has also been the subject of several investigations. Most of the early studies suffered from a lack of proper control of the atmosphere under which the equilibrations were carried mt. Phase diagrams for the system at two well defined levels of oxygen pressures have been determined recently. Glasser3 determined stability relations in an atmosphere consisting of carbon dioxide and hydrogen in ratio 5:1, diagram Fig. 2, and Muan4 studied phase relations in the system in air.

Jan 1, 1962

By Robert E. Ogilvie, Zvonimir Ban

Oxidation experiments were conducted above 600°C to investigate the oxidation products formed on the surface of MoSi2. Results are presented which indicate that minor iron impurities play a key role in the oxidation behavior of MoSi2 above 600 °C. Based on considerations of the crystal chemistry of the oxidation products, MoSi2 with rhenium and iron additions was found to be resistant to oxidation in the pesting temperature range. AS early as 1914, Honigschmidtl observed that some silicides of molybdenum exhibited high resistance to oxidation at elevated temperatures. This fact did not arouse much interest until 1950, when Kieffer and cerwenka2 examined this property in more detail. They found that Mo-Si alloys with approximately 70 pct Mo (by weight) could be heated to 1600°C in an oxidizing atmosphere without any significant damage. The surface was found to be protected by the formation of an extremely thin silica glass layer which had no tendency to spa11 during subsequent thermal cycling. In 1955, Fitzer3 discovered that even solid bodies made of MoSi2 completely oxidized within a relatively short time when exposed to the air in the temperature range from 300° to 600°C. To describe this phenomenon he proposed the name "molybdenum disilicide 'pest' ", clearly analogous to the previously observed "tin plague" ("tin pest") which, however, arises as the result of a phase transformation. Studies performed by Fitzer and, in particular, one published recently by Berkowitz, Blackburn, and Fel-ten,' comprise the most extensive research to date on the pest phenomenon in MoSi2, as far as the fundamen- tal mechanism of the process is concerned. The first of these studies revealed the existence of a crystalline phase which appeared at the surface at 750°C and dissolved in the glassy silica layer at 1150°C. The logical assumption was that this phase was some reaction product of MOO3 and SiO2. The formation of a reaction product of this type seemed probable since it had been mentioned by Glemser and Lutz6 in a paper describing their studies of molybdenum oxides; however, this assumption was later disproved.8 It is our belief that information concerning the exact nature of this crystalline phase may be important for a better understanding of both pesting and the protection mechanism. Therefore, since the only available general description of the pest phenomenon was that of Fitzer, it was decided to reproduce his experiments. These experiments established that, in addition to the "pest" and "nonpest" temperature range, an intermediate region exists between 600" and approximately 650°C. This region is characterized by the appearance of a variable amount of yellow to orange colored crystals. The electron-beam microanalyzer was used to qualitatively determine their composition. Iron and molybdenum were found to be major constituents. This result can be explained based on the following facts: 1) iron, according to literature data,* is the most common impurity in molybdenum powder, and its content can be as high as 0.25 pct; 2) technical silicon powder usually contains iron; 3) steel ball mills are often used for the crushing and grinding of MoSi2. In order to clarify the exact role of iron, it was deliberately added to a stoichiometric mixture of molybdenum and silicon. The observed results corroborated the previous experiment, proving that iron (probably as some silicide phase) concentrates along the grain boundaries. I) EXPERIMENTAL PROCEDURE A) Oxidation of MoSi2 with Iron Additions. 1) Specimen Preparation. Specimens were prepared by both

Jan 1, 1967

[NORTH AMERICA UNITED STATES ALABAMA Birmingham CORD, Richard H DISMUKES, Edward B Citronelle PERRIN, Huey P Fairfield PAGEL, Herbert Ervin Huntsville ENG, Harvard KELLEY, Dean W WAGGONER, J B Mobile HORNER, William L PETROUTSON, Peter C Montgomery GAMBLE, Halbert R Redstone RAWLINGS, William E Tuscaloosa MASON, William L University CUDWORTH, James R JONES, Walter B]

Jan 1, 1961

By G. C. Fryburg, H. M. Murphy

ThE rates of oxidation of metals are usually obtained by heating the metal specimens in furnaces. Such a procedure is satisfactory for most metals. However, there are several metals that oxidize according to the reaction.

Jan 1, 1959

By A. Mitchell, T. Bagshaw

A recent paper by Thomas1 has presented new data on the solubility of hydrogen in solid silver at 1 atm pressure in the temperature range 600° to 963°C. However, no data is reported in the literature on hydrogen solubility in liquid silver. The Sieverts technique which has been described previously2,3 was used in the present work. Charges of approximately 160 g were melted in Morgan "purox" recrystallized alumina crucibles and purified helium was used for the determination of the "hot volume" during each experiment. A chemical analysis of the silver indicates that the impurity content (Cu + Al) is less than 0.02 wt pct. Hydrogen solubility in the temperature range 963° to 1200°C was investigated. The results of three experiments are shown in Table I. Fig. 1 shows an Arrhenius plot of the present work together with the solid-state data of Thomas, Steacie, and johnson,4 Eichenauer et al.,5 and Siegelin et al.6 The following expression has been derived from the Arrhenius plot of the present data: log (solubility of hydrogen, cm3 per 100 g) = 2.154-3512.0/ToK The heat of solution derived from Fig. 1 is 31,150 cal per g mole H2 compared with the value of 33,020 cal per g mole H2 obtained by Thomas and 12,000 cal per g mole H2 obtained from the data of Steacie. It was observed that hydrogen evolution took place when the silver melts were solidified under 1 atm of hydrogen, which would not be expected from an extrapolation of the results of Steacie. Schenck and Lange7 have observed that, for several transition metals at their melting points, the ratio of the hydrogen solubility in the liquid to that in the solid lies in the range 2.1 to 3.1. The present results and those of Thomas are in accord in this respect having a ratio of 2.8. 'C. L. Thomas: Trans. TMS-AIME, 1967 vol. 239, pp. 485-96. 2T. Bagshaw and A. Mitchell: I. Iron Steel Inst., 1966, vol. 204, p. 87. 'M. Weinstein and J. F. Elliott: Trans. TWS-AIME, 1963, vol. 227, p. 382. 'E. W. R. Steacie and F. M. G. Johnson: Proc. Roy. Soc. (London), Ser. A, 1928, vol. 117, pp. 662-79. 'W. Eichenauer et al.: Z. Metallk., 1958, vol. 49, pp. 220-25. 6W. Siegelin et al.: Z. Elektrochem., 1957, vol. 61, pp. 359-66. 'H. Schenck and K. W. Lange: Arch Eisenhuettenw., 1966, vol. 37, no. 9, pp. 739-48.

Jan 1, 1969

By Walter W. Bradley

Mining by hydraulic process of the important gold-bearing gravels of the Sacramento Valley in the basins of the Yuba, Bear and American rivers began in 1853, and continued at an ever-increasing rate for 30 years. In its most active days it reached an annual production of $15,000,000, and averaged $10,000,000 per year over the 30 years. During that period no provisions were made to prevent the debris from being discharged into the water courses, and ultimately large quantities of silt, sand and gravel were washed down to the lower valleys; filling channels, causing overflow of agricultural lands and difficulty in maintaining navigable depths in the Sacramento River. Agitation and suits filed because of these damages finally resulted in the injunction decision of Judge L. B. Sawyer,' in the U.S. Circuit Court, Jan. 23, 1884, which closed down practically all hydraulic mining operations not having means to restrain their debris. In 1893 (approved March 1, 1893), Congress passed the act introduced by Representative Anthony Caminetti, of California, creating the California Debris Commission, composed of three officers assigned from the Engineer Corps of the U.S. Army, and since that time it has been legal and possible within the drainage systems of Sacramento and San Joaquin rivers to conduct hydraulic mining of gold-bearing gravels behind dams built under this commission's permit and supervision. In the watersheds of the Trinity and Klamath rivers, which flow directly to the Pacific Ocean and do not affect navigation or agriculture, operating permits from the California Debris Commission are not required. There is a measure of restriction there, however, through what is known as the Trinity and Klamath River Fish and Game District. Chap. 215, Stat. 1931, in order to secure relatively clear water for the fishing season, provides that between July 15 and October 15 each year there must not be discharged into these rivers debris that will cause a turbidity greater than a content of 50 parts per million in the

Jan 1, 1937

By G. B. Kasik, George Sachs, George Espey

IT has been reported frequently that the hardness and strength vary over the cross section of cold-worked, particularly cold-drawn, material. Brass rod and wire usually has been found to possess a maximum strength and hardness near the surface.1,2 According to Sachs,1 the center fiber has about the same strength as a wire stretched by the same amount in a tensile-test machine, the strength increasing toward the surface (Fig. I). These differences are particularly large for wire given a small reduction on drawing through a die with a wide opening. However, with increasing reduction and hardness, a tendency to form a thin soft surface skin becomes apparent. On the contrary, copper wire has usually been found to possess a soft surface skin" and it has been reported by Harris3 that during the cold-drawing of hot-rolled wire the surface layer becomes increasingly softer than the core, while the layer of maximum strength moves toward the core, it being found near the surface at first. The increase of strength and hardness from the core to the skin is readily explained by the observation that, in addition to the stretching, the layers of a rod or wire are sheared more the closer they are to the surface.1,6-8 However, the presence of a soft surface layer can be attributed only to an annealing effect. The source of such a softening might be the extremely high temperature that originates from the friction between [ ]

Jan 1, 1941

By Harlan A. Walker

Rock-drill steel has an important bearing on costs in many mining operations, both directly and indirectly. Direct factors include such items as shop expense, steel consumed per ton of ore produced, cost of distribution and the dust hazard. The latter, although no specific amount may be assigned to it, is an ever-present problem, and is receiving increased attention as the science of mining progresses. Indirectly drill-steel performance affects consumption of compressed air, maintenance of drills and drilling speed. The latter, in turn, increases or retards the tempo of mining and development. These factors, while not all inclusive, are preponderant in their importance. Thus it is evident that in an extensive operation drill-steel expense may run to many thousands of dollars and that thoughtful research leading toward more efficient practice is warranted. Experimental Work During the late spring of 1939, experiments were undertaken at Homestake in reducing changes in drill-steel gauge from ? in. to 1/16 in. In drifts and crosscut headings mounted machines were set up and holes were drilled with ?-in. bit-gauge changes and other holes a few inches

Jan 1, 1940

By Harlan A. Walker

Rock-drill steel has an important bearing on costs in many mining operations, both directly and indirectly. Direct factors include such items as shop expense, steel consumed per ton of ore produced, cost of distribution and the dust hazard. The latter, although no specific amount may be assigned to it, is an ever-present problem, and is receiving increased attention as the science of mining progresses. Indirectly drill-steel performance affects consumption of compressed air, maintenance of drills and drilling speed. The latter, in turn, increases or retards the tempo of mining and development. These factors, while not all inclusive, are preponderant in their importance. Thus it is evident that in an extensive operation drill-steel expense may run to many thousands of dollars and that thoughtful research leading toward more efficient practice is warranted. Experimental Work During the late spring of 1939, experiments were undertaken at Homestake in reducing changes in drill-steel gauge from ? in. to 1/16 in. In drifts and crosscut headings mounted machines were set up and holes were drilled with ?-in. bit-gauge changes and other holes a few inches

Jan 1, 1940

By L. C. Glenn

IN the preparation of this paper the writer has drawn freely upon the writings of Orton, Munn, Shaw, Mather, Miller, Hoeing, St. Clair, Jillson, and others, as well as upon his own personal knowledge of the fields of both states. It is to be regretted that certain data gathered by him and his assistants last fall are not available for publication. OIL IN TENNESSEE A few wells drilled for brine for salt making in Tennessee between 1820 and 1840 obtained oil, but no definite search was made for oil until just after the close of the Civil War. Active drilling was then begun in Overton and counties southwest of it on the eastern half of the Highland Rim. A number of strikes were made at shallow depths in the basal part of the Mississippian but the wells were soon exhausted and abandoned. Drilling was revived, about. 1892, when the Spurrier district in Pickett County was developed and was followed by the Riverton district in the same county in 1896. A pipe line was laid from the Wayne County, Ky., fields and about 60,000 bbl. of oil were run before a very heavy slump in the production, a failure to find an extension of the field, and excessive local taxation caused the removal of the pipe line in 1906. There was then no production in Tennessee until the discovery, in 1915, of oil near Oneida, Scott Co., at about 950 ft. (289 m.) in fissures in the Newman or St. Louis limestone. This field, however, soon failed and was abandoned. In 1916, oil was found at Glen Mary, Scott Co., in the Newman limestone at a depth of 1232 ft. (375 m.) A number of wells have since been drilled there, some of which were dry while others, close by, were producers. The largest one yielded, at first, about 340 bbl. per day and produced for several months, when it suddenly went dry. Several of the first wells began at 6 or 8 bbl. per day and are still maintaining that

Jan 1, 1920

By George J. Simchuk

Selection of an applicable stripping method and the subsequent determination of appropriate sizes of selected equipment are discussed. The case in point is Utah International, Inc.'s Goonyella mine located in central Queensland, Australia. A detailed study of the various types of stripping methods now practiced throughout the world led to the conclusion that large draglines would be the logical choice for Goonyella. The optimal size of dragline was then determined by first designing a series of cut diagrams using an array of machine and pit geometries followed by a cost comparison of the various sizes of machines, in terms of their effective spoil radius. A dragline with a 51-cu-yd bucket was determined to be of optimum size. Further calculations, incorporating total overburden moved from both the highwall and spoil sides, required that four drag lines, two equipped with 40-cy-yd buckets and two with 54-cu-yd buckets, be used to satisfy the stripping requirements at Goonyella.

Jan 1, 1973

By D. S. Jacobus

It is proposed to give in this paper an estimate of the cost at which carburetted and uncarburetted water-gas will have to he sold, in order to compete successfully for steam-boiler use with anthracite coal. The following are analyses of the gas direct from the generator, and of the same after it has been carburetted for illuminating pnrposes. Per cent. by Volumes. I. 11. Uncarburetted. Carburetted. Nitrogen,.4.69 2.5 Carbonic acid,.3.47 .3 Ethylene,....... 0 12.5 Oxygen,....... 0 .2 Benzole vapor,...... 0 1.5 Carbonic oxide,.36.80 29.0 Marsh-gas,.2.16 24.0 Hydrogen,.52.88 30.0 100.00 100.0

Jan 1, 1889

K. W. Turner, Sail Francisco, Cal. (communication to the Secretary*): The recent papers in the Transactions by Vogt,' Lindgren2 and Weed: on ore-deposits that have formed as a direct result of igneous intrusions, show that deposits of this class are widely distributed over the world, and are occasionally of commercial value. This is especially true if we consider under this head all deposits in the zone of contactrnletamorphism, the origin of which may be ascribed to the gases and vapors generated by the heat of the intrusive rock. Mr. Smith's description of the Chillagoe garnet-formations containing copper, leads one to regard these depoaits as of contactrmetamorphic origin, although he gives certain reaeons for supposing them to be of igneous origin.

Jan 1, 1904

PHILIP D. BLOCK, JR., vice president of Inland Steel Co., visualizes a fine future for the Menominee Range of the Upper Peninsula of Michigan. He sees a future unclouded by threat from foreign ore imports or the development of low grade ore processing in Minnesota. The statement was made during the opening of Inland's new Cayia mine near Crystal Falls. Inland, according to the vice president, is planning to use an increased amount of the high phosphorous ores found on the Menominee Range. He said that other steel companies will probably do the same, because the steel industry has learned how to use ores of high phosphorous content. He said: "I do not mean to imply that we can use an unlimited amount of high phosphorous ores or that we can burden our blast, furnaces with 100 pct high phosphorous ores, but we have reached the point where we can absorb a much larger percentage of these ores without any detrimental effects. Foreign ores and lowgrade Minnesota ores cost too much to offer real competition, Block said. Transportation costs from the Menominee range to steel producing centers in Chicago and on Lake Erie are less than for any other range in this country. In the meantime, the American operators of the Bomi Hills iron ore mine in Liberia, have reportedly signed a new agreement with the Government. Several months ago, President Tubman of Liberia expressed a definite dissatisfaction with the original contract. Informants state that the agreement only needs the approval of the Export-Import Bank, which loaned Liberian Mining Co. $4 million to develop the iron ore properties. Majority stockholder of the Liberian Mining is Republic steel, with 61.57 pct of the stock. Under the new contract, the Liberian Government will start to share in the profits when the indebtedness is liquidated and the return of invested capital accomplished, or April 1, 1957, whichever is earlier. Under the old agreement the Liberian Government received a 5 cent per ton royalty and an additional sum based on the price of pig iron. The royalty rate reached more than 17 cents per ton this year. After debt liquidation the Liberian Government will receive 25 pct of net profits for the first five years; 35 pct for the next ten years; and 50 pct thereafter. Until the Government starts to share in profits it will receive a royalty of $1.50 per ton in U. S. currency, in addition to royalties provided for in the old agreement.

Jan 1, 1952