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PRESIDENTS DAVID THOMAS 1871 R W RAYMOND 1872 R W RAYMOND 1873 R W RAYMOND 1874 A L HOLLEN 1875 ABRAM S HEWITT 1876 T STERRY HUNT 1877 ECKLEY B COXE 1878 ECKLEY B COXE 1879 WILLIAM P SHINN 1880 WILLIAM METCALF 1881 RICHARD P ROTHWELL 1882

Jan 1, 1910

PRESIDENTS DAVID THOMAS 1871 R W RAYMOND 1872 R W RAYMOND 1873 R W RAYMOND 1874 A L HOLLEN 1875 ABRAM S HEWITT 1876 T STERRY HUNT 1877 ECKLEY B COXE 1878 ECKLEY B COXE 1879 WILLIAM P SHINN 1880 WILLIAM METCALF 1881 RICHARD P ROTHWELL 1882

Jan 1, 1910

CONTENTS PAGE. WHITE, DAVID.-Environmental Conditions of Deposition of Coal. Discussed by E. C. Jeffrey, George H. Ashley, Reinhardt Thiessen, S. W. Parr, David B. Reger, Wilbur A. Nelson, James F. Kemp, E. S. Moore, Homer G. Turner, David White, A. C. Noé, W. A. I. M. van Waterschoot van der Gracht 2 THIESSEN, REINHARDT.-The Constitution of Coal. Discussed by Edward C. Jeffrey, Reinhardt Thiessen, Ralph H. Sweetser, David White 12 TURNER, HOMER G.-Microscopical Structure of Anthracite. Discussed by E. S. Moore, Edward C. Jeffrey, Reinhardt Thiessen, H. J. Rose, James F. Kemp, David White, Clarence A. Seyler, A. C. Noé 14 JEFFREY, EDWARD C.-Coal in Relation to Coke. Discussed by H. J. Rose, David White, E. S. Sinkinson, S. W. Parr, James F. Kemp, Edward C. Jeffrey, Reinhardt Thiessen, Chas. R. Fettke 17 FRANCIS, W., and WHEELER, R. V.-The Resolution of Coal by Oxidation. Discussed by Edward C. Jeffrey, S. W. Parr, E. S. Sinkinson, Reinhardt Thiessen, David White 23 TIDESWELL, F. V., and WHEELER, R. V.-The Constitution of Coal. Discussed by David White, A. C. Fieldner 24 JOLLY, J., and WHEELER, R. V.-Organic Sulfur Compounds in Coal. Discussed by S. W. Parr 25 SINNATT, F. S.-Selective Combustion in Coal. Discussed by J. D. Davis, A. C. Fieldner, Geo. S. Rice, W. M. Grant, H. J. Rose, S. W. Parr, David White 25 COBB, JOHN W.-Nitrogenous Constituents of Coal. Discussed by S. W. Parr, H. J. Rose, Reinhardt Thiessen 28 PARR, S. W., and HOBART, F. B.-Coal and Oxygen. Discussed by J. D. Davis, W. T. Thorm, Jr., S. W. Parr, H. J. Rose, A. C. Fieldner, F. F. Jorgensen, David White, W. M. Grant 30 FIELDNER, A. C., and DAVIS, J. D.-Modern Views of Chemistry of Coals of Different Ranks as Conglomerates. Discussed by S. W. Parr, David White, Reinhardt Thiessen, A. C. Fieldner, Clarence A. Seyler 32 EBY, J. BRIAN.-Contact Metamorphism of Some Colorado Coals. Discussed by Geo. C. McFarlane, W. T. Thom, Jr 35 WHITE, DAVID.-Progressive Regional Carbonization of Coals. Discussed by A. C. Fieldner, Homer G. Turner, W. A. J. M. van Waterschoot van der Gracht, A. C. Noé 37 THOM, W. T., JR.-Moisture as a Component of the Volatile Matter of Coal. Discussed by A. C. Fieldner, S. W. Parr, Clarence A. Seyler, W. T. Thom, Jr., R. D. Hall 39

Jan 7, 1925

By AIME AIME

QUALITY and size do not ordinarily go hand in hand, but there is good evidence that both these attributes reached a new peak at the Annual Meeting of the Institute in New York just concluded. Certainly, the total attendance of 2500 was far above any yet attained, as might be expected with the recent rapid growth of Institute member- ship. General comment indicates that the quality of the papers also was notable, though not measurable by so definite a yardstick as attendance. During the meeting 49 technical sessions were held, at which more than 250 formal papers were presented. In addition, there were some thirty special meetings of committees, Divisions, and other Institute groups. In reporting the Annual Meeting eleven years ago the statement was made that "unless the Engineering Societies should build for themselves a new building it is probable that no meeting can be larger," and "the fifth floor, where a buffet lunch is served each day, has reached its full capacity and it seems quite evident that any future development of Institute meetings must be along the lines of quality, not size." Unfortunately the angel to succeed Andrew Carnegie, who financed the building of the present home of the Institute 35 years ago, has not yet ' appeared. Even if some one would merely build another elevator or two in the present building it would help. Fortunately, the modern auditorium of the American Radiator & Standard

Jan 1, 1940

Apr. 9, AIME, Chicago Section, Chicago Bar Assn., 29 S. La Salle St., Chicago. Apr. 11-12, Geological Society of America, Cordilleran Section, annual meeting, University of Arizona, Tucson. Apr. 15, AIME, Morenci Subsection, Longfellow Inn, Morenci, Ariz. Apr. 15-17, AIME, South West district meeting, Jefferson Hotel, St. Louis, Mo. Apr. 17, AIME, Utah Section, New House Hotel; Salt Lake City. Apr. 21-22, American Zinc Institute, annual meeting, Hotel Statler, St. Louis. , Apr. 21-23, Chemical, Metallurgical, and Mining Society, and Diamond Drilling Research Laboratory, symposium on diamond drilling, Johannesburg, South Africa. Apr. 22, Assn. of Consulting Chemists & Chemical Engineers, Inc., general symposium, Hotel Belmont Plaza, New York. Apr. 25-26, AIME, New England Regional Conference, Kenmore Hotel, Boston. Apr. 26-May 11, Liege International Fair, Liege, Belgium. May 4-8, Electrochemical Society, Inc., Spring meeting, Benjamin Franklin Hotel, Philadelphia.

Jan 1, 1952

By Vernon A. Mrak

The Powder River Basin of northeast Wyoming was the first area in the state to receive attention during the early days of uranium exploration. Although the uranium occurrences are many and widespread, most of the known ore deposits are quite small and difficult to mine. As a result of this, detailed regional exploration in the Powder River Basin has been neglected. The uranium ore deposits occur in that part of the Wasatch Formation that is of earliest Eocene age, and they are scattered over an area of about 400 square miles. All uranium ore deposits are associated with red beds or altered sandstones within the Wasatch Formation. Uranium ore was first shipped from the region in 1953. Total production through June of 1965 is 506,257 tons of uranium ore containing 1,922,527 pounds of U3O8. The average grade of ore is about 0.19 per cent U3O8. The major producing area of the Powder River Basin is the Monument Hill district where about 91 per cent of the basin's total uranium ore has been mined. The source of uranium is presumed to have been the Oligocene, Miocene, and perhaps Pliocene tuffaceous rocks that once overlay the area. Joints, fractures, and permeable beds or zones were the passageways for the migration of uraniferous waters from the overlying beds to the Eocene host rocks.

Jan 1, 1968

THOSE NOT MARKED ARE MEMBERS; MARKED THUS ?ARE ASSOCIATES. HEAVY-FACED TYPE SIGNIFIES HONORARY MEMBERSHIP JUNIOR MEMBERS ARE MARKED ' . THE FIGURES AT THE END OF THE ADDRESS INDICATE THE YEAR OF ELECTION. AARONS, J. BOYD See Honor Roll. '05 ? AARONSON, ALFRED E Pres., Tuloma Oil Co., Unity Bldg., Tulsa, Okla. '18 ABADIE, EMILE R., Min. En r Box 291, Porterville, Tulare Co., Cal. '76 ABBOTT, CLARENCE E., Gen'l Supt., Iron Mines Div., Tenn. Coal, Iron & R. R. Co., 1405 Minnesota Ave., Bessemer, Ala. '04 ABBOTT, Louis BENJAMIN, Chief Engr., Consolidation Coal Co., Elkhorn Div., Jenkins, Ky. '15 ABBOTT, ROBERT R Met. Engr., Peerless Motor Car Co., Cleveland, Ohio. '12 ABE, ASAKA Fujitagumi Taiwan Office, Taipeh, Formosa, Japan. '14 ABBY, HIROSHI Min. & Met. Engr., Mitsubishi Co., Tokyo, Japan. '17 ||ABOUCHAR, S. S., Cia. de Minerales y Metales, S. A., Minas Viejas, Villaldama, N. L., Mexico. '17 ABRAHAMS, A. I 1391 Madison Ave., New York, N. Y. '14 ?ACKER, E. O'C., Met.,128 East Washington Lane, Germantown, Philadelphia, Pa. '86 ? ACKERMAN, ERNEST R., Pres., Lawrence Portland Cement Co., Plainfield, Union Co., N. J. '15 ACOSTA, J. N., Min. Engr., Cons. Engr Hotel Brewster, San Diego, Cal. '15 ADACHI, JINZOO 11 Shiba Park, Shiba-Ku, Tokyo, Japan. '88 ADAMI, CHARLES J., Min. Engr., Gen'l Supt., St. Joseph and Doe Run Lead Companies, Bonne Terre, Mo. '12 ADAMS, ARTHUR K., Min. Geol., Andes Copper Min. Co., Casilla 230, Antofagasta, Chile. '06

Jan 1, 1923

J. L. CHRISTIE, Chairman T. S. FULLER, Past-chairman W. M. PEIRCE, Vice-chairman W. A. SCHEUCH, Vice-chairman E. M. WISE, Secretary International Nickel Co., Bayonne, N. J. W. M. CORSE, Treasurer Executive Committee H. A. BEDWORTH G. O. HIERS D. K. CRAMPTON R. H. LEACH E. H. DIX, JR. R. F. MEHL J. A. GANN J. WALTER SCOTT' JEROME STRAUSS Finance Committee T. S. FULLER, Chairman W. M. CORSE H. S. RAWDON C. H. MATHEWSON SAM TOUR

Jan 1, 1934

By C. K. Leith

OTHERS here are far better qualified than I to discuss some of the specific proposals for government regulation of the oil industry. I shall make no attempt to carry oil to Oklahoma. The question of public control, however, is inherent in other branches of the mineral industry in varying degrees, and my comments will be directed mainly toward some of the trends affecting the mineral industry as a whole, as a background for your more specific consideration of oil legislation. A proud American tradition has been the insistence on freedom of competition, on equality of economic opportunity, on a policy of laissez faire. Nowhere has this principle been given wider application than in the mineral industry. The mineral field has been open to all comers, and the job of mineral exploitation has naturally attracted daring and independent spirits. The laws governing conditions of discovery and development, as well as the anti- trust laws, have been devised to foster the spirit of private initiative. The result has been the building of a mineral industry on a scale never before approximated anywhere in the world. The impetus thus gained, the methods, the technique, the financial resources, have been projected be- yond our boundaries and have made the American mineral industry the purveyor to the world for many essential commodities and first in the exploitation of the world's minerals. Our habits of individual self-reliance and success are deeply ingrained, and there is hardly an individual in the entire mineral field who does not instinctively recoil fro111 the extension of collective control, whether public or private.

Jan 1, 1932

By John V. Beall

BROMO Seltzer blue has gone to war. The blue of the Bromo Seltzer bottle is a product of cobalt, the Nation's No. 1 strategic metal. When the National Production Authority, on Nov. 21, 1950, ordered a 70 pct cutback in domestic use of cobalt, a stab of pain was felt in the hearts of the glass, porcelain enamel, steel, paint, pottery, and electrical and electronic equipment industries. The reason: A full-scale wartime economy with astronomical requirements for jet engines, high velocity projectiles, armor plate, electronic equipment, and the many products needed to win a war. There is little potential comfort for cobalt users in nonessential manufacturing, and the military will be pinched for optimum supplies of the metal. However, if proper measures are taken immediately and current plans are completed, in two years there will be far more cobalt available than ever before. When normal times return, cobalt supplies should be sufficient to meet peacetime military requirements, and greatly expanded domestic requirements that will result from new technological development for wartime but adaptable to peacetime products. The pres-

Jan 1, 1951

By Arthur R. Still, Paul Gilmour

The ore deposit of the Iron King mine occurs in a group of steeply-dipping metamorphosed eugeosynclinal volcanic and sedimentary rocks of Precambrian age. Within this sequence, the ore deposit lies at the contact of a unit made up of rhyolitic tuff and interbedded andesite and a structurally underlying series consisting of andesitic tuffs, minor rhyolitic tuffs, and argillaceous sediments. Field evidence suggests that these rocks have been overturned. The ore deposit is made up of a series of overlapping, conformable or bodies consisting of massive pyrite and associated lenses of massive quartz. These contain recoverable amounts of gold, silver, lead, zinc, and copper. A parallel zone of copper mineralization occurs within the hanging-wall rocks. The deposit is considered to belong to a large and important group characterized by mineralogical composition and the lithology and structural type of the host rocks. Evidence regarding the origin of the deposit is reviewed, and it is concluded that the ore bodies were formed through the agency of volcanic hot springs on, or near, a submarine surface of deposition

Jan 1, 1968

By Burk, Hugh A.

AT THE inception of the cyanide process and its adaptation to the practice of gold and silver metallurgy much difficulty was experienced in applying it to auro-cupriferous ores, both in economy of treatment and recovery of the gold from solution. The presence of copper in the ore effected a high chemical consumption of cyanide during treatment, and in the solvent solution, it retarded the precipitation of the gold on zinc shavings. The coating of the copper on the zinc shavings presented even worse difficulties than the increased cyanide consumption as most ores contain a small amount of copper. This interference of copper led to the use of other precipitating methods and attempts to recover the cyanide which was consumed during ore treatment. Of the other methods used, electrolytic precipitation was the most practical until a better understanding of the application of zinc shavings and zinc dust developed. In September, 1905, a patent entitled, "Method for Recovering Precious Metals from Solution," was granted to Isaac Anderson and Michael Scanton. This method is adaptable to precious metal ores containing a small percentage of copper but has never been extensively used or perfected. The process has

Jan 1, 1925

By James Howe

EVERY engineer and user of wire rope is desirous of information that will enable him to determine whether the performance of any particular piece of rope is satisfactory, and what conditions can be changed so as to increase the life of a rope. In most cases, it is far from easy to analyze the conditions of service and tell which is the greatest factor in determining the life of wire rope. If we start on a layout for an entirely new rope system, the task of making conditions satisfactory is simplified so far as the engineering details are concerned; but if the plant requiring wire rope is in operation, any change is likely to involve the expenditure of consider-, able money to replace and change over machinery that must be kept in constant operation, because a large monetary loss will result from a shutdown for even a few days. Often wire rope is kept operating under bad conditions, as the user thinks that it is cheaper and quicker to replace the rope than to make alterations in the hoisting machinery. A typical case is a metal mine operating in what is now almost the center of a large mining city, where it owns a few acres of mineral rights. It was expected that the shaft would go to a depth of 1000 ft. (305 m.), so a moderate sized rope, about 1 ¼ in. (31.7 mm.), was used on a 6-ft. drum with a 7-ft. head-frame sheave and rather short lead from drum to head sheave. This mine has gone deeper each year until, it is now 2500 ft. deep and the rope speed has been increased from 1500 ft. per min. to over 3000 ft. The original rope just filled the drum in one layer, now it overwinds three layers. The original ropes were probably 6 X 19 crucible steel and lasted from 12 to 18 mo.; now, the highest grade plow steel is used, yet the average service is only about 6 mo. The cause is not hard to find. If the engineers had known at the outset what would be done with this hoist, the design would have been very different. Conditions at this mine, from a wire rope standpoint, have gradually become worse and it is difficult to see how rope service on this hoist can be com-pared with the service of previous years with any fairness to the wire-

Jan 2, 1922

By W. B. Finkeldey, C. H. Mathewson, C. S. Trewin

This paper was prepared upon request as a contribution to a symposium covering the manufacture, properties, and uses of the important non-ferraus metals. In approaching a subject as broad as this, there is a natural desire to build up a comprehensive and finished production which shall constitute a dependable source of information on all questions properly belonging to this branch of metal technology. There are, however, a number of circumstances, apart from the mere routine of labor and thought involved, which operate rather effectively against the possibility of completing such .an ambitious program at the present time. First of all, as far as any public record of results is concerned, the commercial rolling, drawing, and forming of zinc with relation to changes of structure and properties—and this we consider to constitute the clement~ of metal technology—might as well be an unpractised art. We have never seen a published photomicrograph showing the structural characteristics of either hard or soft sheet or strip, although the structure of castings has been frequently described, and other coarse-grained structures resulting from hard-hammering and annealing have been reproduced. Thus, an author in this field must proceed to his task without much assistance from the literature, and the outcome can represent only a personal estimate of principles, facts, or findings, and not a summary or survey of progress in the entire field as determined by varied experience, practice, and settled opinion.

Jan 1, 1921

Jan 1, 1886

By Northcutt Ely

This chapter deals with the systems of laws by which governments regulate the exploration for and production of the minerals within their jurisdictions. It is a summary, restricted by necessary space limitations, of material assembled by the author for a publication of the United States Bureau of Mines, "Summary of Mining and Petroleum Laws of the World," (Information Circular 80 1 7, 196 1. ) The present study is organized in three parts, dealing with (1) the historical background of these legal systems, (2) laws of the United States, and (3) laws of other countries of the world. The reader's attention is invited to the acknowledgments at the end of the chapter, which inadequately express the appreciation due those who have assisted in the collection of this material. Part I. Historical Development of Major Western Systems of Land Tenancy with Respect to the Ownership and Control of Minerals The use of metals in primitive societies was largely confined to the manufacture of weapons for self-preservation. The ruler's control over copper, then bronze, then iron, was essential to maintenance of his own ascendancy at home and his group's position against neighbors who had access to similar metals. Ancient societies were thus characterized by the ruling group's ownership of minerals and metals. The Egyptian civilization, which emerged in the fourth millenium B.C. upon the agricultural subjugation of the lower valley of the Nile, was responsible for extensive development of the upper valley as a source of mineral wealth. The production of gold during the height of that civilization has been estimated at $30,000,000 per year, thus equaling the early placers of California and Australia. The mines of Egypt were the property of the Pharaohs and were controlled at their direction. Greek mining developed a different scheme of land tenancy which more closely resembled modem concepts. Development of mineral resources was

Jan 1, 1964

PICK AND SHOVEL CLUB, CASE SCHOOL OF APPLIED SCIENCE The last meeting of the year of the Pick and Shovel Club of Case School of Applied Science was held on May 20, 1919. The speaker, Dr. Zay Jeffries, gave a very instructive and interesting talk on the Metallography of Non-ferrous Metals. The club has had a very successful year in spite of the loss of a few months time through the S. A. T. C. Among the speakers for the year were Dr. F. R. Van Horn, Dr. C. H. Fulton, and Dr. W. R. Veazey of our school; Dr. E. S. Moore of Penn. State College; Dr. Ansel St. John, of the National Carbon Co.; and Mr. V. S. Bidle, of the W. S. Bidle Co. The graduating members wish the club the best of success for the coming year. BERTRAND R. WARMELING, Secretary.

Jan 7, 1919

By C. R. Van Hise

Introduction.............29 The Three Zones of the Lithosphere ..30 Zone of fracture............31 Zone of flowage............ 31 Factors influencing depth at which flowage occurs.. 32 Zone of combined fracture and flowage.. 33 The Water-Content and Openings in Rocks....36 Condition of rater in the zone of fracture.. 36 The openings in rocks...........38 Size and number of openings..... 40 Ore-deposits derived from zone of fracture..45 The source of underground water......... . 47 The cause of the flowage of underground water..47 Belts of underground circulation.. 51 Upper belt of underground circulation.. 51 Lower belt of underground circulation.. .... .52 Capacity of water for work in the lower belt of underground circulation........... 53 Movementsof water in the lower belt of underground circulation. 54 The preferential use by water of large channels.. 60 Physico-Chemical Principles Controlling the Work of Under ground Waters..........62 Chemical action............63 Underground aqueous solutions..64 The relations of solution and temperature..... 65 The relations of solution and pressure..66 Precipitation........... 67 Precipitation by change in temperature..68 Precipitation by change in pressure..69 Precipitation by reactions between aqueous solutions.. . 69 Precipitation by reactions between liquid solutions and solids. 70 Precipitation by reactions between gases and solutions. and solids............71 The General Geological work of Underground Waters.. . 71 Division of the zone of fracture into a belt of weathering and a belt of cementation............72

Jan 1, 1901

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 Robert T. DeGavre

INTRODUCTION The $645 million financing for Inco Ltd's Soroako nickel project in Indonesia not only represents a significant human achievement but also there are certain important lessons that can be derived from Inco's experience in financing the project. The paper will not present a technical assessment of the project since Inco Ltd. submitted a series of papers on this subject at the international Laterite Symposium as part of the 108th Annual Meeting of the AIME in February 1979. BRIEF HISTORY OF THE SOROAKO PROJECT Table 1 summarizes the milestones achieved in the Soroako project and its financing. Exploration Phase A contract of Work was signed on July 27, 1968 by the Republic of Indonesia and F.T. International Nickel Indonesia (P.T. Inco) covering an extensive area of over 25,000 square miles on the two southeastern arms of the island of Sulawesi. The Contract provides that P.T. Inco has the sole responsibility for financing the project and determining the terms on which the financing should be obtained, that P.T. Inco has the right to receive and hold outside of Indonesia foreign exchange revenues and to freely dispose of such revenues, and that Indonesians have the right to purchase up to 20% of the equity of P.T. Inco over a period following start of production. P.T. Inco began field investigations in the Contract Area in August 1968. Preliminary reconnaissance sampling with portable drills broadly outlined areas of favorable laterite terrain which were then systematically sampled on surveyed grids. By early 1971 sufficient exploration work had been completed to indicate that the laterite deposits near Soroako could sustain a major nickel-producing plant (figure 1). Pilot plant studies in 1970 and 1971 at Inco's research station in Port Colborne, Ontario, using two bulk samples of Soroako ore material, also confirmed that the ore could be upgraded and treated for the recovery of its metal values. Feasibility Phase Encouraged by the results of its exploration program and pilot-plant work, Inco Ltd. commissioned Toyo Engineering Company of Japan in August 1971 to prepare a capital cost estimate for a relatively small nickel project called "Stage I". Stage I was to be a single-line pyrometallurqical process plant with an annual capacity of approximately 15,000 metric tons of nickel contained in 75% nickel sulphide matte (see Figure 2). Electric power was to be supplied by a thermal power station. It is important to recognize that Inco's strategy was to develop the Soroako ore deposits in several stages: first, construct a small project to gain experience and to reduce the initial capital outlay and then later expand in one or more steps to a much larger project to achieve maximum economies. The strategy reflected both Inco's financial position in 1971 as its sales and earning dropped sharply and the difficulties previously experienced by Inco in trying to launch in the late 1960's very large "greenfield" nickel projects in New Caledonia and Guatemala. Toyo's Project Development Study was completed. in January 1972. Based upon Toyo's cost estimate for physical facilities, Inco estimated the total capital cost of Stage I to be $115 million. For the next several months, Inco ran numerous in-house financial feasibility studies, using as inputs Toyo's cost estimate and the results of its exploration and pilot plant programs. In September 1972, Inco completed a project feasibility study which was based upon a capital cost estimate of $135 million. The feasibility study was immediately made available to potential partners and lenders. Partner Negotiations The Japanese nickel market had from the outset been central to Inco's planning for the Soroako project. That market had been growing dramatically at rates in excess of 20% per annum during the 1950's and 1960's. Japan had established, for rational security and other reasons, a domestic

Jan 1, 1985