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By Carroll C. Bailey, William F. Boericke

Mine financing, or providing adequate capital for developing and bringing a mining property into production, is an essential requirement for a successful operation. Today it presents a different picture than even twenty-five years ago. The day appears to be gone when a mining property could pay its own way from grass roots to production. The country has been quite thoroughly combed for surface showings from which sufficient initial profit could be immediately garnered to pay for further development and production facilities. The four M's for success in mining-mineral, market, management, and money-are still essential; but doubled or tripled wage costs and steep advances in cost of equipment and supplies throw increased emphasis on adequate capital funds for bringing in a prospect and making it a producer. Consequently, the old picturesque, although seldom rewarding, grub- staking procedure where a single venturesome citizen might advance funds to a prospector on a fifty-fifty basis for whatever discovery he might find, has largely disappeared. Its place, to some degree, has been taken by the small syndicate of venturesome members who band together for furnishing funds to a group of prospectors for the same general purposes. Such a syndicate has a definite organization and is usually assured of sufficient initial funds, or flow of funds, to carry on work for several years. It is headed by an engineer-promoter who has had considerable field experience as well as personal knowledge of his prospecting crews. For the owner of a potential mining property who has ample capital, the problem is to determine (1) justification for the necessary investment in exploration and development, and (2) the economics of the enterprise as to size and degree of integration of the final operating entity. If the owner of such a property has little or no capital, he also faces these same basic problems but, in addition, must be able to present the findings of fact and persuade the prospective investor that the enterprise will produce

Jan 1, 1959

By Thomas T., Read

IT is difficult to judge how much influence the success attained during its first year, 1864-65, by the School of Mines at Columbia had on developments in education for the mineral industry elsewhere in the immediately subsequent years. The facts are as follows: 1. The Massachusetts Institute of Technology began giving instruction in February 1865, with a mining course included in its curriculum. 2. Early in 1865 the faculty of the Department of Science, Literature and the Arts of the University of Michigan requested permission from the Regents to establish "a course of study to be called the School of Mines . . . Also that the degree of Mining Engineering, be conferred on students who should complete the course of study prescribed in the same." A resolution authorizing this was adopted by the Regents on March 28, 1865. 3. Samuel Hooper endowed a Sturgis-Hooper professorship of geology at Harvard in 1865 with the intention of making it a nucleus of a new School of Practical Mining and Geology. 4. Yale appointed Alfred P. Rockwell professor of mining in 1865. 5. Lafayette College appointed Henry S. Osborn professor of mining and metallurgy in 1865. 6. Washington College (as Washington and Lee was then known), rising out of the ashes of Civil War destruction, made a fresh start in 1865, with Generalized as its president, and offered a mining course in the first catalogue thereafter published. 7. Lehigh University, founded in 1866, had a mining curriculum from its beginning. 8. Rensselaer Polytechnic began offering a curriculum in mining and metallurgical engineering in 1867. It would be natural to suppose that these events were a reaction, to the success of the school at Columbia, - and possibly they

Jan 1, 1941

By H. Foster Bain

Steel for any large structure must be imported, the Hanyang works being entirely unable to supply local demand. The United States Steel Products Co. has warehouses and small stocks at Shanghai and at normal times there are heavy importations from Europe. It is difficult to obtain any accurate index of prices, but comparison of customs valuations with Pittsburgh quotations shows angles, bars and plates to have averaged $10 gold per ton higher in China in 1914, while on galvanized and tinned plates the excess was- $38 per ton. The margin since has been greater. Previous to the war little machinery was manufactured in China. There were shipyards at Shanghai and at Hong Kong which built a small number of engines, and small foundry and repair works are found at a number of ports. Their capacity was limited and the difficulties and delays incident to transport in China so numerous that in practice every important mine has a small foundry, boiler works, and machine shop. This must be taken into account in plans for work in the country. While skilled workmen can be found it is to be noted that most of them have been trained

Jan 1, 1921

By W. M. Myers

MINERAL Economics is the most recent profession to be recognized as a separate division of the mineral industries. It has originated from the increasing awareness of the importance of the economic aspects of industries concerned with discovery, extraction, and utilization of minerals. It is concerned with the interrelated fields of economics and technology. The individual trained in economics alone cannot qualify. The curriculum in the School of Mineral Industries at The Pennsylvania State College was approved in May 1946, and enrollment begun in September of that year. Due to the transfer of advanced students from other courses, particularly metallurgy and electrical engineering, it was possible to graduate the first seniors in June 1947. The next class was graduated in February 1948. From experience derived from placing these graduates in industry, and from information supplied by prospective employers, valuable data have been obtained in the organization and operation of the course of study.

Jan 1, 1948

By Joseph Domenico

AMONG others, one of the most important duties of the accounting department is to disclose to the management the cost of production accurately and as quickly as possible after the ore has been produced and treated. A report is issued daily showing man shifts and the cost of labor, supplies, power, and miscellaneous charges to each department of the operation: mining, crushing, milling, packing and loading, and general expense. Mining costs are broken down into stoping, handling, development, exploration, and miscellaneous, and each of these subdepartmental costs are further broken down into the branches making up the subdepartment. Costs of crushing, milling, packing and loading, and general expense are detailed in the same manner. With such a detailed daily report as this, the management is able to keep in close touch with the efficiency of the entire operation. Because no expense items are deferred or spread over a period, and so that the report does not lose its comparative valve, appearances of unusual charges are explained.

Jan 1, 1946

By AIME AIME

ENGINEERS in the past have been largely associated with private enterprise and there has been a considerable tendency on the part of some members of our profession to depreciate government service for engineers. We engineers must change our mental attitude about employment in government service, particularly in view of the present most friendly attitude of the U. S. Civil Service Commission toward engineers for major posts in our Government. We must also take a much more active interest in public affairs. It must be realized that the national-defense program, which we are now organizing, will require for its effectiveness large numbers of engineers skilled in a wide range of technical and administrative services. In fact, the success of this undertaking will depend largely upon the extent to which our Government can command expert engineering talent to serve during the emergency. There is an acute shortage of technical and supervisory engineering personnel not only in the industries concerned with national defense but also in the Army, Navy, and other defense agencies of the Government. By an Act of Congress, approved on Oct. 9. 1940. $9,000.- 000 was turned over to the U. S. Office of Education, the regular defense agency of the Government which has co-operated with higher education for

Jan 1, 1941

By T. B. Nolan, R. N. Hunt

In terms of present metal prices, analysis of extant records of the Eureka district indicate past production of the magnitude of $200,000,000 in recovered silver, lead, and gold. Production to date has been thoroughly oxidized ore from massive replacements, fissures, manta, and pipe-like bodies-in large part from the massive Eldorado (middle Cambrian) and Hamburg (middle to late Cambrian) dolomite horizons. In the productive area of about 6 square miles carbonate rocks comprise 80 per cent of the section, which includes early Cambrian to late Ordovician horizons. Four-fifths or more of the district's production came from a block of Eldorado dolomite in Ruby Hill that was moved in over younger horizons on strands of a regional thrust fault. The lower 500 to 600 feet of the block was much fractured and brecciated and became host to the ores. The Ruby Hill fault, a late normal fault, limits the Ruby Hill block of dolomite on the north for its entire length of nearly a mile and terminates the downward extent and exploitation of its ores. It introduced an hiatus of some 40 years in the district's development. Drilling of the past 20-odd years, followed by underground work, has now exposed the down-faulted extension of the Ruby Hill block of Eldorado dolomite and its contained ores, dropped 1800 feet in a dip shift to depths beneath the surface of 2000 to 3000 feet. The ores at depth are the sulfide counterpart of those mined in early years on the footwall side of the fault. The ores of the district may be attributed to the same source as the intrusive quartz diorite outcropping in a limited way south of Ruby Hill but found at depth elsewhere in drill holes. The long north-south axis of the district, its anticlinal structure, its major faults, and the distribution of the intrusives and, in their relation to the surface, the ores themselves, all suggest that erosion has not cut deep enough to expose the extent of intrusives and the ores consequent upon them.

Jan 1, 1968

By Walter Renton Ingalls

IN SEVERAL papers and addresses during the past two years, I have dwelled upon some of the economic consequences of the war. The fundamental thought that I have sought to convey is that the world became immensely poorer by the war, not only in material wealth and population, but also in the psychology and morale of the people. I do not see how there can be any intelligent dissent from that statement. All the ideas of post-war prosperity were manifestly fallacious, manifestly fallacious from the outset. If there had been any truth in them it would have followed logically that a great war, with all its destruction of wealth, health and life would be a good thing. Therefore, let us have a great war every ten years or so. Such an idea would be both monstrous and absurd. Assuming then the acceptance of my premise, I have tried to show that the losses by the war could be made good in a short time, i.e., in a relatively short time, only by doing things a great deal better than formerly, and that the accomplishment of such a result called for greater transparency in industry, for industrial cooperation, for thinking in terms of industries as a whole, and for the greater exercise of engineering functions. All of this introduced, of course, the position and psychology of labor. I say frankly that I do not look for labor to contribute any constructive thought to the upbuilding. I neither expect it nor hope for it. This is a pity, for it could do so much for its own economic advancement if it would. However, it never has done so, but rather has benefited only from the exercise of the talents of the few, and the main hope now is to bring it into a passive state, dispelling the resistive fallacies that developed during the war. Let us briefly examine the nature of these.

Jan 1, 1921

By JOHN JANNEY

STABILIZATION of the adjustment of normal consumption to normal production of world commodities is quite different from reducing production until visible surpluses are consumed. The first means restoration and maintenance of prosperity, the second means merely a temporary alleviation of a condition with the prime cause remaining uncorrected. Overproduction of foodstuffs in some sections of the world while millions starve in other sections represents not so much overproduction of foodstuffs as mal-distribution of foodstuffs. The flour mills of Washington and Oregon normally ship quantities of flour to China. Now, the wheat that would make this flour goes East instead of West. Is this overproduction, or is there something wrong that calls for study, analysis and correction? Can the plan used by the ostrich of hiding its head in. the sand get us by this present world tragedy, or must the challenge to solve this problem be met, constructively? Can we not make out of this breakdown in the world's economic system an opportunity? And use it as the stimulus for remedying the basic cause of the trouble and not content ourselves with devising temporary expedients that aim at remedying this or that of the obvious conditions, in themselves not causes at all but rather the evidence of causes, or that are the symptoms of the real trouble.

Jan 1, 1931

Jan 1, 1902

By Charles H. Morgan

THE case of Henry Cort comprises: (1) the nature of Cort's inventions;, (2) their value to England and to mankind,; (3) the remuneration received therefor by him or his family; and (4) the suitable permanent record and recognition of his services by the representatives of the art lie founded-a debt long over-due, and still unpaid. I. CORT'S INVENTIONS. Under this head, it is unnecessary here to enter into details. The facts have been repeatedly published, and a brief outline of them will be sufficient for my present purpose. . Henry Cort, born in 1740 at Lancaster, England, became a navy broker in. London about 1765, and gained from that business in about ten years. something more than £20,000, which lie devoted to perfecting the manufacture of iron, building a mill at Fontley, near Portsmouth, and prosecuting, between 1777 and 1783, the experiments which culminated in .his two patents, one for puddling iron and the other for shaping it by rolling between grooved rolls.: Careful study of the contemporary evidence, including Cort's specifications, the testimony (in act as well as word) of his business rivals, the public declarations of eminent authorities, and the history of the times, leaves no possible doubt that Cort was the real inventor, of

Mar 1, 1905

By F. W. Lee

A GREAT CURTAILMENT of field activities among the geophysicists occurred last year, especially in prospecting for the common metals. In gold, however, an "outstanding achievement . . . was made by the engineers of Consolidated Goldfields. Here the suboutcrop of the Main Reef Series was traced from Middelvlei through properties of the westward area, a distance of from 30 to 40 miles. Here Drs. Reineche and Krahman prospected with the aid of a sensitive magnetometer and established the singularities of the various beds which heretofore had not been sufficiently appreciated. Several underlying shale beds were used to determine this suboutcrop under the dolomite. This area promises to be the equivalent of one-half the size of the present gold fields and to rank in value with the Far East Rand." The present temperature compensated magnetometers permit accurate field observations to less than 5 gammas. Since magnetic anomalies may have their origin due to a change of elevation as well as to the outcropping of a bed of another magnetically different material, intimate geological knowledge is of great assistance in the interpretation of these measurements. To what extent magnetic measurements reflect the basement when the material is homogeneous, consisting primarily of red granite, was determined by members of the Bureau of Mines and described by Dr. J. H. Swartz. Because of the diverse causes of magnetic anomalies, some of which were discussed and correlated by Stratton and Joyce upon known conditions, magnetometer measurements are often difficult to interpret.

Jan 1, 1933

By John J. Cioston

THE steadily rising flood of gold production from all parts of the world has created an avalanche of rumors regarding the stability of the present price of this metal. Markets have been unsettled from Johannesburg to London from New York and Toronto to Melbourne, despite repeated denials from, American and British authorities of any immediate intention to alter the price. Various economists and financial writers have blossomed forth with predictions that the price would be set at the old level of $20.67 per oz.; some have even been so brash as to state That a price of $15 would be necessary to bring production within control. These effusions, based entirely upon monetary theories and with no regard to production costs, serve to confuse rather than clarify the situation.

Jan 1, 1937

By John Fritz

TROUGH it is not a condition of the Award, the fact is that the John Fritz Medal never has been given to an engineer who had not already received one or more similar awards. This "medal for medalists," on the evening of April 20, was presented to Daniel C. Jackling at a special dinner held at the Union League Club in New York. The citation read "For notable industrial achievement in initiating mass production of copper from low-grade ores through the application of engineering principles." The present award recognizes the same accomplishment-the launching and guiding to the port of marvelous success of the Utah Copper Co., first of the so-called "Porphyries"-as did the award of the William Lawrence Saunders Gold Medal by the A.I.M.E. in 1930, and before that the Award of the Gold Medal of the Mining and Metallurgical Society of America in 1926. Following the custom a biography of the Medalist had been published in a small pamphlet as a supplement to the John Fritz Medal Book. T. A. Rickard was the au¬thor of the sketch of Mr. Jackling, an innovation being the placing of a copy of the booklet at the place of each of the diners. The committee in charge of the dinner consisted of two past-presidents: R. E. Tally, of the A.I.M.E., who was chairman; Bancroft Gherardi, of the A.I.E.E.; and Thaddeus Merriman, director of the A. S. C. E., the John Fritz Medal being a joint award of the four societies. Frederick M. Becket, President of the A.I.M.E., as chairman for the occasion, briefly stated the purpose of the dinner. He stressed his satisfaction that the award was symbolic of the cooperative professional activities of the four great national organizations of engineers. He introduced Francis Lee Stuart, past-president of the A.S.C.E. and now chairman of the John Fritz Medal Board of Award. Mr. Stuart outlined the history and purpose of the Medal established in 1902 in memory of John Fritz, of Bethlehem, Pa., one of the great pioneers of America's iron and steel industry, metallurgist, and president of the A.I.M.E. in 1894. Mr. Stuart called the roll of former John Fritz Medalists, three of whom, Ralph Modjeski, J. Waldo Smith, and Ambrose Swasey, were present to do honor to Mr. Jackling. He then introduced George Otis Smith, whose privilege it was to present the Medalist for 1933. Dr. Smith was the senior of the four A.I.M.E. representatives on the Board that last year selected Mr. Jackling for the honor. His speech follows in full.

Jan 1, 1933

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

By John K. Hammes

INTRODUCTION This introductory paper presents a description and definition of what the finance function is and what it specifically means for the mining industry. In its simplest terms, finance is, "management of money matters". As an area within the discipline of business administration it draws heavily on the related fields of economics and accounting, and to a lesser extent on marketing and production. MINING FINANCE DEFINED In preparing to write about what finance means to the mining industry, I asked a number of mining people the question, "What does mining finance mean to you?" Most responded that mining finance was "How a company borrowed money for mine development", and perhaps half those questioned included "raising equity" in the definition. It is not surprising that the mining industry concept of finance is the providing of funds needed for the objectives of the business, for that was once a view shared by authorities in the field of business administration. Further, it is certainly the area where much of the emphasis has been placed in the past ten to fifteen years as the industry struggled with the development of more remote and more refractory or lower-grade orebodies while profitability and internal cash flow were below expectations. No wonder project finance became such a popular topic. Twenty years ago it is probable that the emphasis would have been on mine valuation, for that subject was the area of finance then most often examined in industry publications. Papers concerning the pros and cons of payback, internal rate of return, and discounted cash flow appeared regularly. Let's examine the following situations, each the result of a financial decision: - Funding the exploration program in a developing country was accomplished by buying the next six-months budget needs in local currency. One week later the currency devalued 30 percent. If the purchase had been delayed or the local currency borrowed short term, a substantial saving would have been made in funding the program. - A major mining company borrows heavily to finance both expansion of its primary mining business and its entry into several new industry segments. When markets for all of the commodities it produces turn down for a prolonged period, there is concern over the adequacy of cashflow to cover debt service in addition to other company needs. The company's financial officers, however, had arranged very large committed credit facilities from numerous financial institutions which assured the availability of funds for several years. This enabled the company to implement a strategy to conserve cash, sell assets and survive until conditions improved. Further, short term suppliers of credit also were comfortable with the assurance that longer term credit was there to support them. -A medium size mining company financed several mines independently with limited obligations on the part of the parent company. The company decided to refinance the operations under one agreement. More flexible terms, lower interest cost and a longer tenor financing were achieved in return for assuming the risk as a direct obligor. - The exploration and development group of a large mining company proposes to develop a new mine in a country in which the company does not presently operate. When the investment is rejected they are advised that one reason was that the reinvestment assumption inherent in the discounted

Jan 1, 1985

By P. J. Shenon

ENROLLMENT in geological and mining engineering curricula is declining at an accelerated rate despite the greatest need for trained men ever extant in the minerals industry. Industrial and military demand is mounting, but the number of freshmen selecting the mineral field continues to fall. Estimates on the needs of industry range as high as 30,000 new engineers a year. The current deficit is more than 60,000 engineers less than the 350,000 to 450,000 which eventually will be needed. The indisputable fact is that the colleges are turning out fewer and fewer engineers despite the greatest enrollment in colleges and universities ever experienced in the United States. In 1950 a record 52,000 young men stepped out of the confines of ivy covered walls with engineering degrees in their hands. By 1951, however, the number dropped to 41,000 and present enrollment indicates a national graduating class of only 25,000 for 1952. No letup in the drop is forecast. About 19,000 can be looked for in 1953 and 1954 may reach an unhappy 12,000. It becomes clear that something must be done to attract high school graduates to engineering. One immediate possibility could be to make the course burden carried by the engineering student somewhat lighter. The prescribed curriculum in many schools is such that the student takes the path of least resistance, and instead of training for an engineering future, studies for a vocation which will allow him to learn and at the same time get at least a nominal enjoyment out of college life. Review geological and mining curricula of 20 colleges and it will be found that the engineering student is a veritable pack mule compared to a lad taking liberal arts or some other non-technical program of study. The curriculum for geological engineering at one school calls for 202 semester hr, with almost 23 hr carried per semester. Multiply this figure by three hr, the minimum supposedly to be devoted to a credit and you get 69 hr per week. With a bare minimum of 84 hr for sleeping and eating, about two hours a day remain for recreation. However, the load of other schools investigated is about 19 hr. The University of Utah requires 238 quarter hr for graduation with a degree in geological engineering, while requiring only 183 quarter hr for baccalaureate degree from University college, Utah's liberal arts school. It can be stated with a measure of surety that the same proportions exist in other universities. The first step would be for ECPD to review its requirements for mining and geological engineering. It must recognize that mining and geological engineers operate in a specialized field, as do other types of engineers. Although a geological engineer may not design a bridge, as pictured by the ECPD Committee on Engineering Schools, his field of design calls for similar engineering precision, a knowledge of materials, construction methods, economic considerations, and financing. Six schools have been accredited by the ECPD. What is the basis for approval and can the requirements be modified and still be kept in line with the needs of the geological engineer? Course work from school to school varies with the exception of mathematics, chemistry, and physics. Even in those courses the not inconsiderable variation lends dubious creditability to the mean. One accredited school requires 7 1/3 semester hr of chemistry, compared with 24 hr required by another, making an average for the six schools of 17 1 /3 hr. Required credit hr in mechanics ranges from 4 to 18 and in surveying from 2 to 15. Several non-accredited schools require more hr than do the accredited schools in some courses. Why is the engineering student forced to carry such a back-breaking load? The answer is of course fairly obvious. He is irrevocably set apart from the rest of the student body because of the nature of his life's work. He is training for a place in a world where technology is becoming increasingly involved. He must be prepared to do a job now-and not later. Mining and geological engineering require the same essential backgrounds as other engineers, and more. The "more" is a knowledge of mining methods, metallurgy and geology for the mining engineer. The geological engineer must know in addition, mineralogy, petrography, and geophysics. The load is compounded finally by the addition of liberal arts courses. Should anything be done to relieve the situation? Today's engineer must be a whole man, capable of handling the tools of communication and with an understanding of the economics of industry. He must be able to write clear simple English, and he must be man who can think from some other position than bent over a work table. He must be aware of the history of his country and to some extent that of the world. Not all schools share this view. Only two of the accredited schools require history courses. However, five of the non-accredited schools make it mandatory. Four accredited and five of the nonaccredited schools require economics. Courses in mathematics, physics, and chemistry are fundamental in engineer training. The average for the accredited schools could serve as a guide in

Jan 1, 1952

By William Paxton Hewitt

Mineral deposits of western Utah and eastern and central Nevada have produced in excess of $8,500,000,000 since 1871. Through 1965, Bingham Canyon had produced over $4,600,000,000 and seven other camps over $100,000,000 each, principally from base metals. In addition, they yield iron and uranium ores; contain the world's largest beryllium reserves; and have produced the United States' most important gold discovery in 25 years. The area is famous for its silver production and its bonanza-type precious metal deposits, but such production has become unimportant. The area's greatest producers of metallic wealth are base-metal deposits in limestones and porphyry-type copper ores. In contrast to silver's decline, gold production has been rising-the result of by-product operations at Bingham Canyon. The area also contains gold deposits in which the gold is so finely disseminated it is not recoverable by panning. The area's gold ores frequently are associated with realgar, cinnabar, and carbon. The ore deposits generally are attributed to Tertiary intrusives,* but, at Mountain City, they may be related to Paleozoic volcanism. Mountain City has yielded rich chalcocite from quartz-pyrite-chalcopyrite bodies in siliceous sediments. Regional stratigraphy and structure are difficult to interpret, 69 per cent of the area being obscured by alluvium or volcanics. In general, central Nevada consists of chert, shale, silty sandstones, lavas, and pyroclastics; eastern Nevada and western Utah of many alternations of limestone, shale, and sandstone. Central Nevada has been structurally active since late Devonian. Although granitic stocks may have intruded eastern Nevada and western Utah prior to the Cretaceous, these areas remained quite stable until affected by the Laramide Revolution. Precambrian exposures, occupying 3 per cent of the area, have not been important hosts. However, the question is raised as to whether Precambrian carbonates, properly situated with respect to invading mineralizers, might yet prove to be important. This paper describes 16 precious metal camps, 6 limestone replacement districts, 2 silver-base metal vein deposits, and 9 miscellaneous types and discusses briefly the 11 * Some ores, as at Ely, are associated with intrusives of. Cretaceous age. major camps that are described in detail in this Volume.

Jan 1, 1968

By C. L. Dake

AN insistent and steadily growing demand is evident for the broadening of undergraduate curricula in engineering. Among suggested additions are training in public speaking, report writing, business law and contracts, accounting, finance, money and banking, scientific management, economics, social and labor problems, psychology, and ethics. The demand for these subjects comes from the older engineers and from the industries that employ our graduates. Of course, many of the men who suggest such changes are influenced largely by their personal needs and contacts, but the demand is sufficiently widespread to merit serious study by educators. In fact, many educators themselves concur in the proposals for broader training. These matters were examined intensively a few years ago in an exhaustive study of engineering education. Opinion at that time was rather strongly against any profound change. Since then, however, the whole economic system has undergone violent disruption. Even if recommendations made a few years ago were appropriate to the conditions then- obtaining, the enormously changed conditions of the present make advisable a further careful study of this problem. In recent years, mergers, to reduce costs, have sharply limited the number of engineers employed and have thereby intensified the struggle to secure positions. In this stiffer competition, engineers with the most adequate training undoubtedly fare the best.

Jan 1, 1934

By Richard P. E. Hermsdorf

IN the nonferrous sessions this year, magnesium wiggled its way into a dace of prominence such as it has never before enjoyed. This was evidenced not only by the number of papers presented on that metal but by the attendance at the meetings. The atmosphere permeating these magnesium meetings was similar to that which exists in a family with a new baby. Everybody crowded around to see what it looked like and then wondered whether it would be a success and credit to the family. Well. magnesium appeared to be a vigorous youngster, full of life, and raring to go. A close relative of maenesium named " aluminum, although much more grown up, also attracted much attention. From the activity and spirit in these sessions

Jan 1, 1944