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By Michael A. Gustafson, Fernando B. Sotelino

INTRODUCTION The degree of success of any new project will ultimately depend on two factors: (i) the underlying economic strength of the project; and (ii) how successfully the parties involved can coordinate their interests to establish a financing structure which indeed capitalizes on the project's inherent economic attractiveness. A project's underlying economic attractiveness is determined by its inherent comparative advantage in accessing the factors of production, combining these factors of production to create a product and marketing this product. Initially, the decision regarding whether to go ahead with the project - the go/no go decision - has to be based on its total ability to generate cash flow returns to project participants to compensate them for resources committed and risks undertaken. The extent to which project sponsors will actually benefit from the project's inherent economic attractiveness is fundamentally dependent on their ability to establish the long-term financing arrangement which best meets the objectives and constraints of each project participant and sources the most advantageous funding. The decision regarding the financing of the project, the "how-to-go" decision, is then an attempt to find the capital structure, consistent with market terms and conditions and sound financial management policies which will best: (i) match planned outflows with cash inflows; and (ii) maximize the return for project sponsors. This article makes use of a case study to illustrate the analytical process involved in dealing with the go/no go and the how-to-go decisions on a project. Though most commonly applied to project finance situations, the guideline described herein is equally applicable to other financing situations, such as leveraged buyouts and debt restructurings, where timely repayment of debt depends largely on the future cash flows to be generated by the entity being financed. Our case study is of a hypothetical expansion of an existing copper mining operation in Latin America. The company, Latin American Copper (LAC) currently has 147 million metric tons of proven sulphide ore reserves. The existing mine complex consists of an open pit mining operation and a conventional flotation plant with a processing capacity of 20,000 metric tons of ore per day. LAC sells copper concentrates primarily to Japanese custom smelters. The mine has been in operation for 5 years, fine copper production last year was 108,240 metric tons, and LAC currently has assets of $175 million and net worth of $135 million. Due to a recent increase in proven reserves, LAC is considering doubling the treatment capacity of its flotation plant to 40,000 tons per day, and expanding its mining capacity to meet the additional concentrator capacity (the "Project"). Project capital expenditures and incremental working capital have been estimated at approximately $210 million. The construction period is expected to cover one year, including a three-month start-up phase. The Project is to be funded by a combination of equity, senior debt, including both supplier credits and/or commercial bank term loans, and subordinated debt. LAC's shareholders are willing to commit a maximum of $50 million to the Project. A government development agency, which is also a minority shareholder, might be willing to lend approximately $40 million to LAC in the form of subordinated notes, depending on the ability of the Project to generate foreign exchange reserves. Commercial banks cannot be expected to offer loans with maturities longer than ten years. The Project is expected to increase the value of the firm because: (i) It will solidify the Company's position as a low-cost copper producer by taking advantage of economies of scale. As a result of the expansion, cash production costs are expected to decrease 7.0[c]/lb. and all-in costs 11.0[c]/lb; (ii) The potential earnings stream from the sulphide ore reserves will be realized

Jan 1, 1985

By Donald B. Gillies

The fundamentals of human nature don't change much from generation to generation, or even from century to century. Except for the spur of necessity and the lure of reward and ad venture, few of us would bestir ourselves unduly. The general welfare has little appeal to the average individual. Its promotion comes about mainly as a by-product to individual efforts directed at more personal benefits and satisfactions. In discussing incentives for the mining industry, we really are talking about incentives for people who devote their energies and resources to mining. The vigorous and productive mining industry as we have known it was the product of the varied incentives we have known in the past: the lure of great financial reward if you struck it rich; the thrill of romance and adventure in the search for mineral wealth, usually along the frontiers 'of civilization; the satisfaction of developing a great, productive enterprise by the application of skill, courage, and determination in the face of obstacles. Back of the prospector and engineer were other venturesome persons willing to take a flyer with their savings in a grubstake, or in stock in a promising mining venture, hoping for large returns, but reconciled to take a loss and try again with the next opportunity. It is free enterprise-a chance for high profits, but a chance also of total loss-that created the great mining industry of this country and of the world. Free enterprise has given us, in the United States, the greatest productive system in the world, the highest standard of living, the most abundant life. The lure of gold-whether from the ground or merely incidental to the discovery and development of our mineral resources-pushed our frontiers westward across the country and northward into Canada and Alaska far in advance of the staid course of agriculture and commerce. No one guaranteed success to our forebears as they risked life and fortune in developing a new country. Self-reliance was the backbone of our economic and spiritual Progress and achievements. Our neighbors had little time to spare from their own problems. And though there was a willingness among the pioneers to help one another, they didn't lean too much on one another.

Jan 5, 1950

By D. S. Kingery, D. W. Mitchell

Experience in Europe indicates that the control of dust production and dissemination by water or foam systems is not successful except during undercutting. Cybulski, Dawes, and DeBraaf-respectively Director, Mines Research Establishment "Barbara", Katowice, Poland; Principal Scientific Officer, Safety in Mines Research Establishment, Sheffield, England: and Chief, Central Mines Research Establishment, Hoensbroek, Treebeek, The Netherlands-believe that wetted dust becomes readily dispersible and abatement measures should be considered only as a temporary means for reducing the health hazard. In an effort to reduce the health hazard, calcium chloride is used on the floor of main haulageways in Dutch mines and water infusion is practiced in Germany in mines where the coal is relatively porous. With respect to wet coal dust, the Belgians, British, Dutch, French, and Russians reportedly have accepted the results of research from the Polish and American experimental mines on the effectiveness of water as an inert in arresting explosion propagation. The Polish use the two test methods proposed by the U.S. Bureau of Mines for evaluation of the adequacy of wetness of mine dust; they require that water be added to the wet dust to maintain a minimum of 50% moisture by weight if dependence is placed on water alone.

Jan 7, 1964

By A. E. Bellis

The time effect in reheating certain steels below the critical range is very marked. The increased toughness, shock-resisting power, and machinability of steel subjected to a long, high drawing temperature has been thoroughly demonstrated and is of practical importance, particularly in the manufacture of L'smokeless" rifle-barrel steel. The time effect in tempering is most important when a maximum drawing effect is desired, in which case the highest physical properties as well as ease of machining are important considerations. These are the conditions in drilling a rifle barrel. A hole, 0.30 in. in diameter and 24 in. long for the Springfield rifle, and 30 in. long for the Russian military rifle, has to be drilled in the heat-treated material. This barrel-drilling operation is probably the most difficult one in rifle manufacture, and anyone who has been connected with rifle manufacture knows how seriously production is affected when "hard" or non-uniform steel for barrels is encountered. The importance of high physical properties (tensile strength, toughness and resilience) in a rifle barrel is obvious. The physical properties of two different lots of barrel steel are given below. The first lot, No. 1, gave serious trouble in the drilling operation; the second gave no trouble at all. No. 1 No. 2 Elastic limit, lb. per sq. in.................... 117,450 116,800 Tensile strength, Ib. per sq. in................. 132,500 131,750 Elongation, per cent........................ 16.0 20.0 Reduction of area, per cent................... 42.1 51.0 Impact strength, ft.-lb. per sq. in.............. 450.0 520.0 This difference in machining and physical properties was due entirely to the time of reheating. The first lot was given a reheating time of 30 min., the second lot remained at the reheating temperature 2 hr. Both

Jan 1, 1918

By R. Hastings Keller, Ralph E. Esarey

Oil and gas activities in Indiana during 1943 continued to decline at about the same rate as in 1942. New development, production, and prospecting, all showed the results of Federal regulation, low price for crude oil and shortages of labor and materials. Several local stripper-well operations were shut down, but no large-scale abandonment has occurred as yet. During the year, 277 holes were drilled for oil and/or gas, of which 99 were completed as oil wells, 19 as gas wells and 159 as dry holes. This record was a decline of 21 per cent over last year in the total number of completed tests, 20 per cent in the number of oil wells and 9.5 per cent in the number of gas wells. As in the previous year, most of the drilling (82 per cent) was in the southwestern part of the state, Gibson County ranking first, with 77 completions and 49 oil wells. Posey County was second, with 59 completions and 20 oil wells. The remaining 18 per cent of the drilling was in the old Trenton oil and gas area. The total footage drilled during the year was 482,799 ft., a decline of 18 per cent from the previous year. Of this, 146,559 ft. was wildcat footage. The total initial production of the oil wells completed was 6362 bbl. and of the gas wells was 2,562,000 cu. feet. Three tests in the old Trenton area were drilled into the Cambrian and reported nothing more than tar residue. A Devonian test was to be made in the Griffin field in the Wabash River but owing to the delay caused by Federal restrictions this test did not get started in 1943. It is expected to spud in March 1944. The new discoveries in 1943 were virtually all in the southwestern part of the state, and all, so far, one-well pools, except the North Owensville pool, in Gibson County. The latter was brought in during the month of February and by the end of the year nine wells were producing in the pool, with a reported initial yield of 1260 bbl. per day. By the end of the year it had a daily average production of 401 bbl. and an accumulated production of 39,129 bbl. The average gravity of the oil is reported to be 35.6. On the Ohio-Indiana state line, early in 1943, a new pool was opened up in the old Trenton area. The discovery well was on the Ohio side of the line. An offset well was completed on the Indiana side, with an initial yield of 64 bbl., and settled down to 5 bbl. per day. This well produced 1154 bbl. up to Dec. 31, 1943. There was no further development here, because of the Federal Conservation Order M-68, restricting drilling to one well on 40 acres. The development pattern usually followed in this area is one well to 5 acres. The E. Rogers field was extended by one pool (Table 4). Most of the development in the oil-field pools during the year took place in the Kirksville pool, in Gibson County, and the Caborn pool, in Posey County. The crude-oil production in 1943 was approximately 5,273,000 bbl., a decline of 29 per cent from the previous year. The Griffin field, of Gibson and Posey Counties,

Jan 1, 1944

By R. Hastings Keller, Ralph E. Esarey

Oil and gas activities in Indiana during 1943 continued to decline at about the same rate as in 1942. New development, production, and prospecting, all showed the results of Federal regulation, low price for crude oil and shortages of labor and materials. Several local stripper-well operations were shut down, but no large-scale abandonment has occurred as yet. During the year, 277 holes were drilled for oil and/or gas, of which 99 were completed as oil wells, 19 as gas wells and 159 as dry holes. This record was a decline of 21 per cent over last year in the total number of completed tests, 20 per cent in the number of oil wells and 9.5 per cent in the number of gas wells. As in the previous year, most of the drilling (82 per cent) was in the southwestern part of the state, Gibson County ranking first, with 77 completions and 49 oil wells. Posey County was second, with 59 completions and 20 oil wells. The remaining 18 per cent of the drilling was in the old Trenton oil and gas area. The total footage drilled during the year was 482,799 ft., a decline of 18 per cent from the previous year. Of this, 146,559 ft. was wildcat footage. The total initial production of the oil wells completed was 6362 bbl. and of the gas wells was 2,562,000 cu. feet. Three tests in the old Trenton area were drilled into the Cambrian and reported nothing more than tar residue. A Devonian test was to be made in the Griffin field in the Wabash River but owing to the delay caused by Federal restrictions this test did not get started in 1943. It is expected to spud in March 1944. The new discoveries in 1943 were virtually all in the southwestern part of the state, and all, so far, one-well pools, except the North Owensville pool, in Gibson County. The latter was brought in during the month of February and by the end of the year nine wells were producing in the pool, with a reported initial yield of 1260 bbl. per day. By the end of the year it had a daily average production of 401 bbl. and an accumulated production of 39,129 bbl. The average gravity of the oil is reported to be 35.6. On the Ohio-Indiana state line, early in 1943, a new pool was opened up in the old Trenton area. The discovery well was on the Ohio side of the line. An offset well was completed on the Indiana side, with an initial yield of 64 bbl., and settled down to 5 bbl. per day. This well produced 1154 bbl. up to Dec. 31, 1943. There was no further development here, because of the Federal Conservation Order M-68, restricting drilling to one well on 40 acres. The development pattern usually followed in this area is one well to 5 acres. The E. Rogers field was extended by one pool (Table 4). Most of the development in the oil-field pools during the year took place in the Kirksville pool, in Gibson County, and the Caborn pool, in Posey County. The crude-oil production in 1943 was approximately 5,273,000 bbl., a decline of 29 per cent from the previous year. The Griffin field, of Gibson and Posey Counties,

Jan 1, 1944

By William P. Lohden

INTRODUCTION It is recognized that, for a variety of reasons, some companies in the mineral industry today are by no means cash-rich and, in fact, are reporting a growing proportion of long-term debt in their capital structures. A review of recent balance sheets of small, medium-size, and some larger companies, indicates that a fair number still have substantial positions in cash equivalents such as U.S. government issues and other short-term money market instruments. In part, this paper concerns itself with companies which have sufficient cash and equivalents and/or cash generation to internally finance mining projects or expansions but which, for some reason, choose to borrow funds. Misconceptions which appear to frequently underlie so-called "leveraging" decisions are explored in this paper. Also considered are those circumstances under which any company, including one that is cash-rich, should consider borrowing for a project in an amount beyond what would otherwise be necessary based upon its internal financing ability. I do not 'attempt to cover the raising of equity capital in public markets in this paper. OVERALL RETURN ON TOTAL POOL OF INVESTABLE CASH SHOULD INFLUENCE FINANCING DECISIONS If you approach an individual with an investment which can be financed from his savings, or by borrowing at a rate higher than he is earning on his savings, he will quickly tell you that to pay interest at a rate higher than he is earning would reduce his overall income. Assuming he is not currently considering any additional investment

Jan 1, 1977

By T. F. Petty

Oil and gas production in North Central Texas has been found in sands and limestones in the Cisco, Canyon, Strawn and Bend series of Pennsylvanian age and in lime of pre-Pennsylvanian age. Production ranges in depth below the surface from 150 to 4500 ft.; a few wells have been drilled to depths in excess of 5500 ft. and penetrated rocks of pre-Cambrian age. In Table 1, the average depth of the pools is shown. No mention, however, is made in this table of approximately 30,000 bbl. of oil produced in Callahan County from a pre-Pennsylvanian pay, presumably the Ellenberger, and an excess of 1,000,000 bbl. of oil produced from limestone, which has been identified as Silurian in the south part of Young County. This well is being produced at the present time. In Table 1 a great many pools of minor importance are listed, which are merely productive spots, and throughout the various producing counties there are numerous similar spots, which might be listed as pools. Their production, however, is listed in the county totals. In Table 2, the totals of the oil wells, gas wells, and dry holes drilled before Jan. 1,1935, include only wells on which records are available to the writer. In Brown, Callahan and Shackelford counties 2924 very shallow wells (150 to 600 ft. deep) have been drilled, on which the record is not available. Possibly there are other wells that were drilled before the district was adequately scouted. No classification as to the depths of this total of 30,644 wells is available at present. Initially, nearly all the oil wells of North Central Texas produced gas, and several areas producing dry gas have been partly developed. A number of casinghead gasoline plants strip the gasoline from the gas produced with the oil, and the manufacture of carbon black is an important industry in Stephens County. Dry and residue gas are marketed through systems serving the various towns of the district, San Angelo to the southwest and the cities of Forth Worth and Dallas to the east. Considerable gas is used in repressuring several pools, the most important of which are the Stover of Brown County and the Cook of Shackelford County. During the past year, 32 gas wells were completed, adding a

Jan 1, 1935

By Henry S. Drinker

THE Butler Mine property is situated in the vicinity of Pittston, in the Wyoming coal-field of Pennsylvania. The coal has been worked out from the fourteen-foot or Baltimore vein for a number of years on part of the tract, the old chambers remaining open as when originally abandoned. This vein outcrops on the Butler property, and is nowhere more than sixty feet below the surface of the ground on the line of the cut-off to be described. Above the fourteen-foot vein and about, say midway, between it and the surface of the ground, there is another small vein or rider of coal, about twelve inches in thickness. The rock between the two veins is a carbonaceous slate, about twenty-five feet in thickness. Above the smaller vein is a bed of sandstone, varying in thickness, but generally not less than from eight to ten feet. This sandstone is also carbonaceous, but the proportion of carbon is much less than in the slate below. Both rocks have been analyzed, and before the next Institute meeting, the writer hopes to be able to furnish the exact proportions. The sandstone is overlaid with debris up to the surface of the ground. Some time during the spring of 1876, it was found that the coal left in the worked-out mine had been set on fire, and that the fire was gradually spreading. Inquiry developed the fact that the fire had originally been started by a woman, who had taken up her abode in an old tunnel leading into the workings. Owing to some delay in the early attempts made to extinguish the fire, it finally gained such headway that no ordinary means were found to be effectual. Finally, Mr. C. F. Conrad, civil and mining engineer, of Pittston, Penna., was called in as consulting engineer. He advised the making of a thorough cut through such portion of the old workings as had not been reached by the fire. It was found by survey that this cut could be limited to a length of about one thousand two hundred feet, as the vein faulted on both sides, and that the greatest depth of the cut would be about sixty feet. Subsequently it was decided to tunnel part of the way, thus saving the deepest portion of the cut. In 1856-7, there occurred a fire in the same mine. Two stone-walls in V-shape running from the apex of the V towards the outcrop, were built to cut the fire off, and these walls were carried as far as the vein had at that time been worked. After the walls were finished

Jan 1, 1879

By Henry S. Drinker

The Butler Mine property is situated in the vicinity of Pittston, in the Wyoming coal-field of Pennsylvania. The coal has been ' worked out from the fourteen-foot or Baltimore vein for a number of years on part of the tract, the old chambers remaining open as when originally abandoned. This vein outcrops on the Butler prop erty, and is nowhere more than sixty feet below the surface of the ground on the line of the cut-off to be described. Above the four teen-foot vein and about, say midway, between it and the surface of the ground, there is another small vein or rider of coal, about twelve inches in thickness. The rock between the two veins is a carbon aceous slate, about twenty-five feet in thickness. Above the smaller vein is a bed of sandstone, varying in thickness, but generally not less than from eight to ten feet. This sandstone is also carbonaceous, but the proportion of carbon is much less than in the slate below. Both rocks have been analyzed, and before the next Institute meet ing, the writer hopes to be able to furnish the exact proportions. The sandstone is overlaid with debris up to the surface of the ground. Some time during the spring of 1876, it was found that the coal left in the worked-out mine had been set on fire, and that the fire was gradually spreading. Inquiry developed the fact that the fire had originally been started by a woman, who had taken up her abode in an old tunnel leading into the workings. Owing to some delay in the early attempts made to extinguish the fire, it finally gained such headway that no ordinary means were found to be effectual. Finally, Mr. C. F. Conrad, civil and mining engineer, of Pittston, Penna., was called in as consulting engineer. He advised the making of a thorough cut through such portion of the old workings as had not been reached by the fire. It was found by survey that this cut could be limited to a length of about one thousand two hundred feet, as the vein faulted on both sides, and that the greatest depth of the cut would be about sixty feet. Subsequently it was decided to tunnel part of the way, thus saving the deepest portion of the cut. In 1856-7, there occurred a fire in the same mine. Two stone walls in V-shape running from the apex of the V towards the out crop, were built to cot the fire 06 and these walls were carried as far as the vein had at that time been worked. After the walls were finished

Jan 1, 1879

By H. P. Reid

PORTLAND cement is manufactured under either of two general proc-esses, the wet or the dry. The raw materials in general consist of limestone, shells, marl, cement rock, clay, shale, blast-furnace slag, etc., so proportioned that when calcined the desired composition will be obtained. In the wet process the combined raw materials are ground to extreme fineness in the presence of water, to a resulting slurry of from 30 to 50 per cent moisture content. The moisture of the slurry may be reduced by thickening or filtering processes for feed to the cement kiln or the slurry may be fed to the kiln with its full percentage of water. The dry process differs from the wet in that the surface moisture of the raw materials is removed prior to grinding. For the drying of these materials heat is required and in most cases is produced by burning of raw fuel either on grates or stokers before the dryers or in suspension in the form of pulverized coal, oil or gaseous fuel. The power required for making the cement is sometimes purchased from outside sources; sometimes it is generated from the heat in the waste gases leaving the cement kilns, or generated at the plants direct from raw fuel. We have, then, as the possible requirements of fuel in the cement industry: (1) fuel for power generation, (2) fuel for drying raw materials, including coal before pulverizing, and (3) fuel for burning the raw materials to cement clinker. There is no essential difference in quality required in fuel for burning the materials by the wet and dry processes.

Jan 1, 1932

By J. W. Taylor, E. G. Zukas

THE results of shock-loading studies on copper were reported several years ago by smith. In his experiments, Smith found that there was a correlation between the shock direction and the orientation of twins which the shock produced. By using free-surface-type shots in which the free surface of the specimen was not normal to the shock direction, he showed conclusively that twinning of copper in impulsive loading was caused by the rarefaction wave. Similar tests with iron, however, showed that it twinned during compression. More recent studies of iron2 and on Fe-Si single crystals3 have shown that twinning can be suppressed in these materials by shock loading at pressures high enough so that the velocity of the shock wave exceeds the elastic-wave velocity. From these observations, it appeared that twinning was caused by the shear stresses present in the zone undergoing adjustment from one-dimensional to three-dimensional loading. At high pressures, such a zone becomes so thin that there is insufficient time for the relatively ordered motion of atoms involved in twinning to occur. Twinning in copper, therefore, cannot be produced by a single compressive shock wave because resolved shear stress large enough to create twins exists only for a very short time (0.01 psec or less) before the pressure increases suddenly and loading becomes essentially hydrostatic. (A typical pressure vs time record for a copper shot, illustrating the short rise time of the compression wave, is shown in Fig. 1.) If, on the other hand, a second shock wave can be created in a precompressed sample, then the new elastic limit is several kilobars,4 and a resolved shear stress sufficient to cause twinning should be maintained for an adequate time period (0.1 psec or more). This experimental situation can, in fact, be realized. The experimental arrangement used to do so is shown in Fig. 2. By utilizing the pressure transformation in Fe-V alloys, it was possible to shock-load the copper in compression while the copper was already precompressed. In the first test, an 8 wt pct V-Fe sample was used as a driver for loading the copper, and the copper was exposed to the following series of compressive shocks: 1) an elastic wave of about 8 kbars, which is usually ignored in shock studies; 2) the pressure transformation wave for the driver of 200 kbars; and 3) the driving shock wave of 270 kbars pressure. Metallurgical determination of the angular twin distribution, shown in Fig. 3, with respect to the shock direction and the shock rarefaction direction (which was 23 deg from the shock direction) showed that twinning took place

Jan 1, 1965

ZAY JEFFRIES, Cleveland, Ohio (written discussion?).-The authors conclude that there is a certain average size of precipitated CuAl2 par-ticle which produces maximum strength and hardness in duralumin; that when the size of particle is smaller or larger than this particular size the hardness decreases. The writer agrees with this conclusion, because it seems to he directly indicated by the facts. Why does duralumin present this apparent discrepancy? Let us con-sider some physical aspects of the precipitation of CuAl2 from a saturated solution on cooling. When a molecule of CuAI3 is removed from the solvent, or matrix, and added to another group of CuAl2 molecules, as is known to occur on slow cooling, the forces of adhesion between the CuAl2 molecule and the solvent have been exceeded. Since a. change in tem-perature only is sufficient to cause precipitation, it must also be sufficient to cause the loss of adhesion bonds between the excess CuAl2 molecules and the solvent, or matrix. Lost adhesion bonds means loss of cohesion of the mass as a whole. When duralumin is cooled from 500° in a furnace, globules of CuAl2, large enough to be seen easily with a high-power microscope, are formed. There are, however, globules so small as to be hardly distinguishable, and others too small to be resolved are suggested by the non-uniformity of the surface appearance of the section. As the smallest globule of CuAl2 resolvable with a high-power microscope contains about 2,000,-000,000 molecules, it is evident that with rapid cooling submicroscopic particles of CuAl2 must be present in large numbers; in fact, after quench-

Jan 12, 1919

By J. J. Bodmer

THE substances or materials employed in this manufacture, are the same as those used in the preparation of mortar and concrete, viz., the different kinds of lime and sand. Instead of, or in conjunction with, sand there may be used calcined clay, blast-furnace slag, clinkers or ashes from furnaces, natural puzzolana, powdered chippings from stone quarries, etc. Of the different kinds of sand, pit-sand-siliceous sand, as it commonly occurs mixed with gravel-and the sand found on the seashore, where the salt has been washed out by long exposure, whilst out of reach of the tide, may be used. The purer the above-named materials are from admixtures of clay, earth, or organic substances, the more complete will be their combination with the lime, the quicker will the manufactured brick or block set, and the more satisfactory will be the quality which it ultimately attains. For this reason, subdivided blast-furnace slag is preferable in most cases to sand, and the only sand which, in reference to setting capacity, is analogous to blast-furnace slag, is the volcanic sand occurring in different localities in North and South Wales, as an almost pure calcined silica. The lime used for the manufacture may be either slaked or unslaked. In the first case, (slaked), in order to obtain satisfactory results, the lime must be strongly hydraulic. The use of unslaked lime, however, is by far preferable. A process for using fresh or unslaked lime has been patented in England by Major-General Scott. Lime thus prepared is called " selenitic lime," and consists of a mixture of fresh (un¬slaked) lime with sulphate of lime, or plaster of Paris. The gray-stone lime, for instance, found by the Medway, is mixed with from 5 to 7 per cent. of plaster, which has the effect of keeping the lime from slaking when water is added. This mixture also partakes of the nature of cement, and when used for mortar, or concrete, attains in a shorter time a greater degree of hardness than the same lime would ever have obtained after being slaked. Bodmer's process for the manufacture of artificial stone bricks consists chiefly in the use of automatic measuring, forwarding, and mixing apparatus, by means of which the materials are supplied and unite in a continuous stream, and are accurately measured. They

Jan 1, 1874

By I. I. Gardescu

Rumania produced during 1936 some 62,500,000 bbl. of oil. Of this production, 99 per cent comes from an area running east and west along the southern foothills of the Carpathian Mountains just north of Bucharest. This almost rectangular area measures 20 by 40 miles and is located in the districts of Dambovita and Prahova between the cities of Targovigte to the west and Mizil to the east. The remainder of the production is about evenly divided between the oil fields north and east of Mizil in the Buzh district and those to the north on the eastern flanks of the Carpathian Mountains in the district of Baciiu. The Transylvanian Basin to the north and west of the Carpathian Mountains has produced to date only dry gas from its numerous salt domes. Bucsani Field The Bucgani oil field produced 15,600,000 bbl., or 25 per cent of the total production of Rumania in 1936. Bucgani is a deep-seated salt dome 7 miles south of the old Moreni oil field. A slight surface doming, not dissimilar to the topography observed on some of the oil fields of the Californian basin, called attention to the area. It is the southernmost oil field and, together with the deep-seated and prolific Boldesti field, points to the great oil possibilities of the deep-seated domes along the northern edge of the Rumanian plains south of the Carpathian foothills. The Government is the principal owner of the oil and gas subsurface rights in the areas south of the foothills. The acquisition of leases by the operating oil companies may be made either by application for an exploration permit, the company being assigned part of the acreage in case of successful wildcatting, or, if the area has already been declared as proven territory, through competitive bidding. A block of 164 acres was auctioned recently for $200,000, or $1200 per acre. The largest producer in the Bucgani oil field is the Steaua Romana, which produced 39.5 per cent of the total for the field. The Steaua Romana is a post-war company and 50 per cent of its shares are owned by the British Steaua and the Steaua Franpaise and the other 50 per cent by a group of Rumanian banks and by the Government. The Colombia,

Jan 1, 1937

By William P. Shinn

MR. GAYLEY'S admirable paper on the " Development of American Blast-Furnaces" has set forth very fully the history of the development of the Edgar Thomson furnaces since the construction of Furnaces A and B ; but it throws no light on the genesis of these furnaces. That earlier history it is the purpose of the present paper to record. Mr. Gayley truly says: "A new era in the manufacture of pigiron began in 1880 with the putting in blast of the Edgar Thomson furnaces." That era had its beginning with the construction of

Jan 1, 1891

By U. K. Custred

To the layman, the term "strip mining" usually applies to the appearance of mined-over land after an operation is completed, not to the technique. This attitude, however, is becoming pass6 in the central Florida pebble phosphate field as eight mining companies in the area pursue a mutual program of land reclamation. The Florida phosphate industry is fortunate in this respect because it occupies an area favorable to reclamation. The terrain is flat; overburden is sand and clay which will support vegetation fairly readily; a high ground water table naturally converts mine pits into lakes. Too, this is water which readily supports marine life, not the acidic water so frequently found in the coal industry.

Jan 4, 1963

By Garfield Schnee

MACHINERY has not taken the place of manual labor in steep pitch coal in the anthracite field and there is a shortage of miners experienced in this type of work. To overcome these difficulties several coal companies have resorted to different types of mining such as the diamond or zig-zag method, the slant method, long hole drilling, and several other variations. For the past 5 years the diamond shape method has been used extensively in the heavy pitching beds of both the Knickerbocker and Yatesville basins at Knickerbocker colliery of the Philadelphia & Reading Coal & Iron Co.

Jan 10, 1950

By Chester N. Truax

Still another shadow was cast over coal's largest market-the electric utilities-when President Johnson signed into law the Federal Clean Air Act of 1967. Air pollution-sulfur reduction-was thus brought into sharper focus as one of the central problems of the coal industry. Industry executives testified in both Houses of Congress to enable the lawmakers to develop a workable and economic law. The new legislation calls for the Secretary of Health, Education and Welfare to establish air control regions. After the regions are outlined the Department will publish air quality criteria on pollutants. Anticipating this legislation, the coal and utility industries have for the last several years been involved in extensive research programs to develop solutions to the air pollution problem. Even though the coal industry has been under strong attack for its part in adding contaminants to the atmosphere, it is by no means the major contributor.

Jan 2, 1968

By William P. Blake

The mineral, garnet, is a common associate of copper-ore in the southwestern portion of the United States. This association may be observed on a large scale in southwestern Arizona, in southern New Mexico and in Sonora, Old Mexico, especially at El Cananea, and at Nacozari. At other localities in Mexico the general occurrence of garnet " as a contact metamorphic mineral" in the copper-deposits of the Cretaceous limestone is noted by José G. Aguilera.1 It is usually found at the contact of this limestone with diorites, granites, etc., at numerous mines. The same authority also cites the occurrence of garnet in metamorphosed Cretaceous limestone alongside of diorite dikes in association with iron-ore. Other foreign examples are found in the Banat and Servia, at Rezbanya in Hungary, and Offenbanya in Transylvania, and at Bogoslovsk in the Urals. In New South Wales, at Broken Hill, the gangue in the Proprietary mine is chiefly garnet, with quartz, opal and rhodonite.2 Also, in a recent paper by George Smith, entitled, " The Garnet-Formations of the Chillagoe Copper-Field, North Queensland, Australia,"3 it is shown that in the copper-field of Chillagoe, Australia, where there are many lode-formations, about one-half of the number are garnetiferous, and many of this garnet-type are associated with magnetite, which is regarded as of analogous origin. The two minerals are found merging imperceptibly into each other. These examples suffice to show the very general and wide distribution of garnet as an associate of copper-ore. In addition to the localities already mentioned as known in Arizona may be mentioned the copper-mines and occurrences

Jan 1, 1904