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A1 in carbon steel, equilibrium temperature, XLVII, 740-747. A2 and A3 in pure iron, critical ranges, XLVII, 665-739. Abbott, Ai Arthur: [biog. notice, Bulletin No. 27, Mar., 1909, xxvii]; death, XXXIX, . [xl]. Abbott, Arthur Vaughan: [biog. notice, Bulletin No. 16, July, 1907, 6581; death, XXXVII, [xxxix]. [ ]

Jan 1, 1918

By Francis C. Krauskopf, Carl E. Swartz

Metallurgists differ considerably in their opinions regarding the effect, if any, of small amounts of iron pyrites, or other iron compounds on zinc sulfide ores during the roasting operation. As a result, the literature on this subject expresses many conflicting ideas. The ore, previously crushed to pass through a 1-mm. screen, dries in the roasting kiln, losing water up to 200° to 300° C. At 150° C. iron pyrites begin to lose sulfur. As the temperature increases, while the ore is passing to the hotter part of the furnace, the sulfur burns to sulfur dioxide, leaving the metals as zinc oxide and ferric oxide. These two substances then interact to form zinc ferrite, a compound, yellow brown in color, having the general characteristics of a spinel. Like magnetite, another spinel, zinc ferrite is insoluble in alkalis and dilute acids. As a result, when leached with 10 per cent. sulfuric acid solution, zinc values tied up in this compound remain behind History In the electrolytic recovery of zinc from its ores, the roasted ores are usually leached with a 10 per cent. sulfuric acid solution. When the zinc ore contains iron pyrites as an impurity in an appreciable amount, the actual yield of metallic zinc is much lower than a theoretical calculation would indicate. Further, losses of zinc are, in a rough way, directly proportional to the amount of iron pyrites or other iron compounds present. When the iron is present in the ore in an isomorphous relation to the zinc, as in the case of a marmatite, a greater amount of zinc remains insoluble than when present as a true pyrite or marcasite. Work on the insoluble residues obtained from leaching of the calcines shows that the zinc lost is intimately tied up in this residue. Some investigators have suggested a definite compound, such as zinc ferrite; others merely a mixture of zinc and iron compounds. As early as 1851, Pelouze(')' prepared calcium ferrite by fusion of calcium oxide and ferric oxide. Ebelman, 2) about the same time, prepared

Jan 1, 1928

By D. B. Crouch, D. A. Poulter

The engineering and metallurgical assessment of the McLaughlin Project ore body concluded that an open-pit mine and cyanide leach mill process would be feasible, producing both waste rock and residual mill tailings. As a part of the planning and permitting process, site selection studies were conducted for the tailings and waste rock disposal. The site selection process began with a regional identification of potential disposal sites and proceeded through 1) regional screening, 2) elimination of sites with obvious fatal flaws, 3) qualitative ranking of site evaluation criteria, 4) quantitative ranking of sites, 5) field investigation, 6) evaluations of field data, and 7) selection of preferred sites. Based on this approach of site rankings and field evaluations, tailings and waste rock disposal sites were selected and recommended for the preliminary design phase of the permitting and project development process. The site selection study provided the documentation necessary to justify the use of these sites for waste disposal and enabled Homestake Mining Co. to anticipate and integrate environmental concerns with agency requirements into the planning process.

Jan 1, 1986

Jan 1, 1892

New York Meets first Wednesday after first Tuesday of each month. DAVID H. BROWNE, Chairman. PERCY E. BARBOUR, Vice-Chairman. A. D. BEERS, Secretary, 55 Wall St., New York, N. Y. C. A. BOHN, Treasurer. Boston Meets first Monday of each winter month. W. E. C. EUSTIS, Chairman. - R. L. AGASSIZ, Vice-Chairman E. E. BUGBEE, Secretary-Treasurer, Mass. Inst. of Technology, Boston, Mass. ALBERT SAUVEUR, H. L. SMYTH. Columbia Holds four sessions during year. Annual meeting in September or October. STANLY A. EASTON, Chairman. FREDERIC KEFFER, Vice-Chairman. LYNDON K. ARMSTRONG, Secretary-Treasurer, P. O. Drawer 2154, Spokane, Wash. D. C. LIVINGSTON. FRANK A. ROSS.

Jan 12, 1916

E. G. Spilsbury, New York, N. Y.:—Do I understand correctly that the rolls are at first simple cylinders, one longer than the other, and that flanges are subsequently formed on the longer roll as the result of wear only ? Mr. Payne :—The flanges are formed by the wearing of the shorter roll into the other, which is about an inch longer. When the roll-shells are new, the longer one has machined at each end a ridge about 1/8 in. or 0.25 in. higher than the face. These slight projections help to center and steady the rolls, by locating the flanges in advance. Possibly they might be left off at the start; but Mr. Frazee has found it better, in machining the new roll-shells, to turn such small flanges upon the longer one. In his practice the feed-stream is extended a short distance beyond the two ends of the shorter roll-shell. This allows a small amount of crushing to be done between the flange-ftices and the vertical ends of the shorter roll-shell, which prevents any ridges from forming at the ends of the shorter roll-shell.

Jan 1, 1913

By Eugene Guccione

Before answering the question raised in the title, let's briefly consider how East-West trade is viewed within the entire US political spectrum. Essentially, there are four major schools of thought: (1) The Peaceful-Coexistence School. Advocates of this school call themselves free-traders and hold to the premise that: (a) trade benefits all parties involved, hence it is the best tool to achieve peace; (b) US trade barriers should be removed, and the quicker the better; and (c) negotiations, cultural exchanges, and political compromise should be used extensively.

Jan 9, 1974

By Keijiro Nishio

At a time of great antiquity when our Yomato tribe had not yet found its way throughout the country, there lived in Japan barbarous tribes of the stone age, whose dwellings were vertical caves covered with roof's of twigs and weeds. In a cave lately discovered at the village of Morita, 10 miles west from the port of Aomori, there were found pieces of micaceous iron-ore and psilomelane, with oval holes pierced from both sides. Apparently these objects were regarded as ornaments or curios, without being applied to any practical use. Among the traditions given in the Nihonshoki, an ancient history of Japan, there is one relating to the mining industry. According to this tradition, in the mythological age Izanami-no-Mikoto gave birth to Kanayamahiko-no-Mikoto, god of mines, and Amaterasu-Okami (the sun-goddess) was armed with swords. It came to pass at one time that she concealed herself in Ama-no-Iwato ("Heavenly Cave"), and several gods made contrivances to entice her out. Among them, Ishikori-dome, a smith, made a mirror with copper obtained from the Ama-no-Kagoyama, by means of a pair of bellows known as the Ama-no-habuki, which was made of a deer-skin. It is recorded also that Susanb-no-Mikoto, her younger brother, observed the abundance of gold and silver in Korea, where his descendants were to reign, and urged them to provide themselves with boats to convey them across the Sea of Japan. In the course of time he accomplished his object, proceeding to Korea with his son, Isotakeru-no-Mikoto. These accounts

Jan 1, 1913

One-half fare return rate again available to members of the Institute and dependent members of their families. DON'T FORGET YOUR RAILROAD CERTIFICATE Over 300 members of the A. I. M. E. and dependent mem-bers of their families attending the last annual meeting se-cured return railroad tickets at half price by means of the railroad certificate, thereby saving several thousand dollars. DIRECTIONS 1. Be sure to obtain your railroad certificate when pur-chasing your railroad tickets for the meeting or you will lose money. 2. Purchase your tickets at regular one-way adult tariff fare between the dates specified for your territory in the accom-panying table. 3. Present your certificate for valida-tion at Institute headquarters in New York immediately after registration. Certificates will be validated on Feb. 21 and 22 between 9 a. m. and 5.30 p. in. 4. You must use your return half-rate tickets not later than Feb. 27. 5. Use the same route for both going and return trip. PLEASE REMEMBER THIS 1. Unless-250 certificates are validated at headquarters it will be impossible for anyone to secure the reduced rate. 2. Unless you secure a certificate you cannot take advantage. of the half-rate return fare, even if the necessary 250 certificates are validated.

Jan 2, 1928

Jan 1, 1900

By Robert Baschwitz, John Chipman

The distribution of silicon between liquid silver and Fe-Si-C alloys has been studied at 1420oand 1530°C. The data are consistent with earlier studies. New data of Hager on the liquidus lines of the system Ag-Si and the distribution data are used to obtain the activity coefficient of silicon in both liquid phases. Data on the heat of mixing in iron permit accurate extension to 1600°C. Equilibrium data involving SiO2 and silicon in liquid iron together with revised data on the free energy of SiO2 are used to fix the activity of silicon in the infinitely dilute solution. The binary system exhibits strong negative deviation from ideality. At infinite dilution ? Si at 1600" is 1.25 x 10'3, and at concentrations up to NSi = 0.4 the slope d InySi/dNSi has a constant value of r; = 13. It is found that logysi in the ternary solutzon is approximately but not exactly the same function of Nsi + NC as of NSi in the binary. The results are consistent with currently available data on the free energy of Sic and its solubility in molten iron. LIQUID solutions of the system Fe-Si-C have acquired considerable importance as the laboratory prototypes of blast furnace hot metal. Equilibrium studies involving such solutions and slags approximating those of the blast furnace have yielded useful information concerning the thermodynamic properties of blast furnace slags. In studies of this kind great importance attaches to a knowledge of the thermodynamic activity of silicon in the solution as a function of temperature and composition. An attempt was made by Chipman, Fulton, Gokcen, and askey' to evaluate all of the pertinent data on this system and to deduce the desired relation between activity, composition, and temperature. These authors published data on the solubility of graphite and Sic in molten Fe-C-Si solutions and on the distribution of silicon between liquid iron and liquid silver. They showed further how the activity of silicon in very dilute solutions in liquid iron could be calculated from equilibrium data involving the molten alloy and solid SiO,. These calculations rested on the published thermodynamic properties of SiO, in- cluding its heat of formation which at that time was recorded as -209.8 kcal. This value has been under suspicion for some time and has recently been replaced by the concordant results from two independent laboratories2,3 which place the heat of formation of a-quartz at -217.6 kcal. This revision necessitates a re-evaluation not only of the activity of SiO2 in slag but also of silicon in molten iron. It is the purpose of this paper, therefore, to recalculate the activity of silicon, and in furtherance of this objective to present new data on its distribution between liquid Fe-Si-C alloys and liquid silver. HEAT OF SOLUTION OF SILICON IN IRON In order to determine the effect of temperature upon the activity coefficient it is necessary to know the heat of solution of silicon in iron as a function of composition. This is found in the data of Korber and Oelsen4 shown in Fig. 1. The curve corresponds to the following equation, which is of a form suggested by Wagner:5 Here AH is the heat absorbed in kilocalories in forming one gram atom of molten alloy from its molten elements and the N's are atom fractions. The relative partial molal enthalpies of the components, each referred to its pureliquid state and defined as zFe = aFe - PFe and zsi = HSi — -psi, are shown graphically. At low concentrations zSi = -28.5 kcal, in agreement with Kijrber and Oelsen's computation. This is in good agreement with the value of -29.3 kcal obtained by Chipman and Grant6 using an entirely different method. ACTIVITY AT INFINITE DILUTION From the known free energy of SiO, it is possible to obtain the activity of silicon in dilute solution in liquid iron from equilibrium studies. The heat of formation of a-quartz is —217.6 kcal and the heat capacity and entropy data are given by Kelley and ~ing.' The free energy of formation of ß-cristo-balite at temperatures above the melting point of silicon is expressed by the following equation: Si(Z) + O2(g) = SiO2 (crist); AF" =-226,500 + 47.50T [I] The value of the deoxidation product for silicon [%Si] x [%O]2 at 1600°C according to Gokcen and chipmans is 2.8 x 10"5, in agreement with results of Hilty and Crafts.9 More recent works of Matoba,

Jan 1, 1963

By John Birkinbine

Mr. Neilson was born Aug. 12, 1842, at Philadelphia, Pa., where he died Dec. 30, 1906. His business career began with his graduation, in the class of 1862, from the Polytechnic College of the State of Pennsylvania. For a short time after graduation he was instructor in mathematics at the college, and then became associated with Messrs. Booth & Garrett, chemists, of his native city. In 1867 he was sent to the Adirondack mountains to care for mining interests of the late Jay Cooke, and spent about three years there, operating the forges at Elizabethtown, Essex county, N. Y. He also prepared an interesting monograph on Catalan forges and their operations. In 1868 he published a chart showing the material progress of the United States, and the cost of certain staple products during a series of years, which is believed to be the first of its kind issued in this country. In 1870 he made a trip to the Pacific Coast, prior to entering the service of the Pennsylvania Steel Company.

Jan 1, 1908

By S. Dinda

A series of as -quenched 4340 bars were drawn through a carbide die to various reductions. The X-ray diffraction technique of Lopata and Kula was employed to detect preferred orientation in drawn martensitic steel bars with low amounts of deformation, as lord as 0.8 pct The specimen face of each bar examined was cut at a 45-deg angle to the bar axis. The reflecting planes in the 45-deg face were varied by appropriate rotation of the sample using a spectrogonionzeter. TIE X-ray bean of a diffractometer was reflected from the center of the bar and the diffracted intensity was delected with a proportional counter and recorded. Intensity peaks were developed by cold working for 110 planes oriented at 0 and 60 deg to the bar axis. The intensity peaks increased with increasing defortnalion us a preferred orientation with a 110 texture developed parallel to the drawing direction. The intensity peaks for deformed as-quenched specimens remain unchanged after tempering at temperatures as high as 1000°F. The same amount of preferred orienlalion was observed both inferritic (hot-rolled) and martensitic (as-quenched) structures after an equivalent amount of deformation. THE deformation of martensite with medium carbon content. less than 0.5 pct, has been studied by Breyer et a1.1,2 It was reported that changes in properties such as resistivity, carbide precipitation, and the introduction of a yield point phenomenon were produced after cold reduction of as-quenched AISI 4340 steel bars. Later, Breyer and Nachtman3 studied the effect of cold reduction upon X-ray line intensity. They showed that the integrated 110 line intensity increased with increasing deformation when the planes examined were perpendicular to the die drawing direction. The integrated 110 line intensity for planes oriented at 45 deg to the die drawing direction, in contrast, were found to slightly decrease. These changes were proposed to be consistent with the previously proposed model of a stress-induced ordering of carbon atoms in the vicinity of dislocations.1,2 Objections can be raised to the above interpretation of the X-ray results on two grounds: a) Rough structure factor calculations indicate that the intensity changes are too large (50 pct observed vs 2 pct calculated4,5) to be the result of changes in the location of iron atoms produced by the stress-induced ordering of the carbon atoms. b) The results might be explained in terms of preferred orientations, although X-ray evidence of the development of texture has not been reported in the literature for deformations as slight as 1 or 2 pct. The aim of the present work was to determine if preferred orientation was present in such cold-drawn martensitic steel bars. In drawn rod or wire there is generally a certain crystallographic direction which is aligned in the direction of the wire axis, and the crystallographic planes are distributed symmetrically around this "fiber axis".6-8 This type of cylindrical specimen, with the fiber axis located at the center, will show rotational symmetry. Lopata and Kula9 proposed an experimental method utilizing a specimen cut at 45 deg, see Fig. 1. The X-ray beam is diffracted from the center of this bar cross section. The specimen is rotated around an axis perpendicular to the bar axis and lying in the 45-deg cut face. This permits the angle between the normals to the reflecting planes and the bar axis to be varied from 0 to 90 deg.9 With this arrangement the errors due to absorption and irradiated volume compensate each other.' This greatly simplifies analysis of the data and is of considerable advantage for quantitative measurements. If there is preferred orientation in the specimen, more planes are oriented in a particular direction in the bar. When the bar is rotated to the favorable Bragg condition for that particular orientation, the intensity will be higher than that for some other angle. This technique was adopted for the present investigation.

Jan 1, 1969

By Chas. Y. Clayton, Francis B. Foley, W. E. Remmers

DuRing the summer of 1919, the late Dr. Henry M. Howe, then Chairman of the Division of Engineering of the National Research Council, organized a committee to obtain a better insight into the behavior of carbon steels under the influence of various treatments by a proper control of the time and temperature factors. During part of 1919 and 1920, work in connection with this investigation was carried on at Dr. Howe's laboratory at Bedford Hills, N. Y. During 1921 there was an enforced hiatus in the work, occasioned by the illness which resulted in Dr. Howe's death in 1922. At that time one of the present authors compiled the results of the work which had been done and this was published in 1923.' Following the publication of this work, it seemed desirable to carry on in the same manner an investigation of steel of C 0.75 per cent., which steel had not been as fully treated as had the other steels of C 0.34 and 0.52 per cent., used in the published work. Furthermore, certain unusual results have been obtained in the treatment of C 0.52 per cent. steel by quenching and drawing, and repetition of this part of the work seemed advisable. This has been done during the past year at the School of Mines and Metallurgy of the University of Missouri at Rolla, Mo., by a cooperative undertaking of the School and the Bureau of Mines, working in conjunction with the Committee on Heat Treatment of Carbon Steels of the National Research Council. The present paper is a report of the results obtained in this work.

Jan 1, 1926

Map

Jan 1, 1938

By Richard H. Hopkins, R. W. Kraft

A new technique facilitating the rapid determination of the three-dimensional morphology of phases suspended in an opaque matrix is described. The vapidity of the technique is based upon continuous cinephotomicrographic recording of specimen microstructure as the specimen surface is removed under controlled conditions in an electrolytic cell. The advantages of the technique for determining spatial morphologies in opaque materials are illustrated by application of this method to the study of the configuration of faults in a specimen of directionally solidified CuAl2-Al eutectic alloy. A spatial model of the eutectic fault network deduced in this manner has substantiated the facts that faults in this alloy tend to lie parallel to one another in a direction close to that of the specimen growth axis and that the majority of faults tend to bridge lamellae rather than run parallel to them as growth proceeds. For the specimen studied fault density decreased as growth proceeded. ALTHOUGH metallographic observation is a powerful tool for investigating the correlation between structure and properties in metallic alloys, ordinary metallographic methods suffer the fundamental limitation that any conclusions concerning the three-dimensional structure of these opaque materials must rely upon inference from two-dimensional microsections. For this reason it is frequently impossible to make valid judgments regarding the true spatial distribution of the micro-constituents in specimens under investigation. Several techniques have been devised to circumvent the basic limitation of planar microsec-tioning and employed with varying success. These include construction of three-dimensional models of alloy microstructure from sequences of photomicrographs,1-3 quantitative deduction of spatial features based upon statistical studies of data from random and/or selected plane microsections,4-6 and selective dissolution of one phase in a two-phase alloy to reveal the topography of the phase remaining.' However these techniques also have certain obvious disadvantages. Construction of three-dimensional models is a very time-con- suming procedure due to the tedious polish-etch-photograph cycle needed to obtain the necessary photomicrographs to portray the spatial microstructure. Statistical methods by their very nature give only average values of the quantities being studied and cannot therefore give a detailed physical picture of the microstructure to be observed. Finally, the technique of selective dissolution is only applicable in systems where the phases are of vastly different chemical reactivity; it is of little use in the study of single-phase alloys. Since the determination of the three-dimensional structure of opaque materials is hindered by two facts—the materials are opaque to radiation in the visible spectrum and construction of spatial models of microstructure is quite laborious—two solutions to the problem suggest themselves: 1) use radiation of energy great enough to render the alloy transparent, i.e., some microradio-graphic method, or, 2) devise a rapid means to section and record alloy microstructure. Stereomicroradiography has indeed been used to study internal arrangements of phases in several materials8,9 but the method, in general, is limited to very thin specimens (due to X-ray absorption) and simple microstructures. It would seem then that development of a rapid, simple, and generally applicable technique for studying the details of alloy microstructures in three dimensions can best be undertaken by following the second approach above. Using this idea a new technique for rapid evaluation of spatial microstructures was developed based upon cinephotomicrographic recording of the micro-structure of a specimen undergoing controlled electrolytic dissolution. It was further felt that application of this technique to the careful study of the spatial configuration of faults in a CuAl2-Al eutectic alloy would yield information that could be correlated with the extensive data3,6,10-12 already compiled concerning the solidification and crystallography of this eutectic. The practicality and usefulness of similar methods for studying three-dimensional features in alloys has recently been illustrated by the study of dislocation loops in zinc13 and spheroidized structure in steel.14

Jan 1, 1965

By G. K. Williams

The continuous process of lead refining as at present operated at the Port Piric plant of The Broken Hill Associated Smelters Proprietary Ltd. was a development from investigations conducted in connection with the ordinary Parkes desilverizing process. It is not proposed here to discuss the theoretical considerations involved in continuous desilverizing because this aspect has already been dealt with in previous publications.1 Continuous Softening Process For economical desilverization of lead bullion, the bullion must first be subjected to refining processes for the removal of such impurities as copper, sulphur, arsenic, antimony and tin. This refining is effected by first drossing to remove copper and sulphur and then preferentially oxidizing the arsenic, antimony and tin from the bullion in the softening process. The theoretical basis of the continuous softening process is illustrated by the portion of the Pb-Sb-O ternary equilibrium diagram shown in Fig. 1. Under conditions of complete liquefaction, metal of the composition of softened bullion is in equilibrium with an oxide slag containing about 9 per cent antimony. In practice, of course, arsenic also is always present, and while the 0Pb-Sb-As-O quaternary system has not been worked out in detail, it has been found that in softening drossed smelter bullion of the composition produced at Port Pirie, arsenic is always reduced to 0.001 per cent or less when the antimony in the bullion is reduced to a satisfactory figure. In the operation of the continuous softening process, a two-phase system of a bullion low in arsenic and antimony and an oxide slag relatively high in those components exists in equilibrium. To this system is added continuously a bullion containing 0.2 per cent As and 0.8 per

Jan 1, 1937

By John L. Schroder

INTRODUCTION-SYSTEM DESIGN The design of an underground mining operation requires the integration of transportation, ventilation, ground control, and mining methods to form a system which provides the highest possible degree of safety for mine personnel; the lowest cost per ton of product ; the most suitable quality of final product, considering its intended use; the maximum percent recovery of the reserve, consistent with cost and subsidence rights ; and the minimum disturbance to the environment. The selection of mining method is generally the controlling factor in overall mine design. Some important considerations in the choice of mining method are: 1) Depth of cover over the coal seam. 2) Strength and thickness of rock strata in the overburden. 3) Characteristics of the coal seam, including thickness, nature and location of impurities or irregularities, dip (or pitch), nature and direction of cleavage, hardness, and structural strength of the coal. 4) Nature and strength of the immediate roof (top) over the coal seam. 5) Nature and strength of the floor (bottom) under the coal seam. 6) Presence and amount of explosive gas (methane). 7) Quantity of water likely to be encountered in the mining operation. 8) Any previous or concurrent mining in seams above or below the coal seam to be worked. 9) Any restrictions on recovery required for subsidence control. Topographical and geological reports and maps of the area are usually available from state and federal geological surveys, and contain excellent general information to guide more detailed investigations. Exploratory drilling, and the plotting and analysis of the information thus obtained, are essential steps in any development program, and aid in the correlation and evaluation of information gained by other means. Other good sources of information are operating coal mines that may be in the same

Jan 1, 1981

By Nicholas J. Grant, Irmgard Rump, Bill C. Giessen

The system W-Hf was determined by use of metal -lographic and X-ray methods. The only interrnetal-lie phase W2Hf melts peritectically at 2650° ± 50°C. A eutectic between W2Hf and ß-Hf solid solution exists at 78 at. pct Hf arul 1930º ± 10°C. The addition of tungsten loulers the hafnium transfornzation; there is a eutectoid at 93 at. pct Hf and 1560°C. The solubility limits of the terminal solid solutions were determined. At the beginning of this investigation, the system had not been elaborated; only crystallographic work had been done to determine the structure of the occurring intermetallic compound W2Hf, and a certain analogy to the system W-Zr was to be expected. Special emphasis was placed in this program on the Hf-rich part of the diagram. Following the completion of our experiments, a phase diagram was suggested by Braun and RUdY.1 EXPERIMENTAL METHODS The investigation utilized tungsten powder supplied by the General Electric Co. with a purity of about 99.9 pct and hafnium crystal bar of about 97.7 pct purity, 2.3 pct Zr, supplied by Foote Mineral Co. Typical analyses are given in Table I. The procedures followed were identical with the ones described for the Re-Nb diagram.' Tungsten powder was compacted at 16,000 psi and the necessary amount of hafnium was added in the form of small pieces cut from the crystal bar, with a reasonable excess of tungsten powder to make up for powder losses on melting. High hafnium or tungsten melts were prepared from premelted tungsten and hafnium or by employing master alloys. The melting was done in a Heraeus arc-furnace under argon. Melting and remelting up to 8 times resulted in fairly homogeneous alloys. No weight

Jan 1, 1962

By Klaus M. Zeitler

INTRODUCTION One cannot discuss the subject of "Raising Capital in the 1990s" without having a crystal ball and a reliable fortune teller. This discusses "Raising Capital for the 1990sW, which is what Metal1 Mining Corporation did in 1987. We raised (3166 million in an IPO (initial public offering) that was originally planned for only some (375 million. Why did we raise this money? How did we do it, and why was this IPO so successful? The answer to the first question requires a description of the promoter and principal shareholder of Metal1 Mining Corporation, Metallgesellschaft AG. This West Germany company was founded over 100 years ago in Frankfurt as a trading house for non-ferrous metals. It has developed into one of the world's leading firms in the non-ferrous metals industry. The company's worldwide activities in all areas of that business include mining, smelting and refining, the trading of ore, base and precious metals, the production of semi-fabricated and finished metal products, and the provision of engineering, construction and transportation services. Metallgesellschaft AG has also diversified into many other areas, the most significant of which are manufacturing, the production of chemicals, the development and application of technical and chemical processes, the planning and construction of industrial plants, and activities associated with finance, insurance, shipping and freight forwarding, and the provision of barter and countertrade services. The company maintains a network of more than 100 offices around the world; it employs some 25,000 people in its worldwide activities. [Selected financial data, as of September 30, 1987: (MetaUgesellschafl AG) Working Capital DM 8%.6 million CDNS 672.8 million Long Term Debt DM 568.0 million CDNS 426.2 million Sales DM 14.9 billion CDNS 11.2 billion Net Income DM 87.7 million CDN$ 65.8 million Market Capitalization at April 27, 1987: (Metallgesellschafi AG) Outstanding Shares ~,6oo,o0o DM 1,875 million CDNS 1,407 million] For the fiscal year ended September 30, 1987, Metallgesellschaft AG had, on a consolidated basis, net sales of DM13.3 billion, net income of DM100 million and total assets of about DM7.0 billion. Metallgesellschaft AG established the American Metal Company, a predecessor of AMAX Inc. one of the largest ventures undertaken by Metallgesellschaft AG then was the acquisition, through the American Metal Company, of a majority share in the Mexican Penoles mine, a large lead and silver deposit. METALLGESELLSCHAFT AG Figure 1 depicts an overview of Metallgesellschaft AG before and at the time the initial public offering of Metall Mining Corporation's shares took place. It shows that mining was far from the centre of Metallgesellschaft's activities. Therefore, it could not expect to receive an extraordinary amount of board attention. Thus, mining investments not only had to compare well with other mining opportunities, but were in fierce competition with projects from other divisions. In addition, mining was sub-divided into two separate departments -- domestic and international. These two departments had different management styles and diverging interests which resulted in a minimum co-operation between them. The domestic mining department was primarily interested in the survival of the local mines. These mines were characterized by rising operating costs and declining ore grades. It took a special commitment and continued ingenuity to develop and adjust to local conditions, and modern mining and processing technology, in order to remain competitive, or at least survive within the international mining industry. Local management

Jan 1, 1990