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By L. VOGELSTEIN

OUTSTANDING among the year's events in copper has been the reimposition of an import duty of 4r. per pound in this country which became effective June 21. In consequence of this action by Congress, the Ottawa Empire conference recommended a duty of 2d. per pound equivalent at normal rate of exchange to our 4c. duty, on all copper originating outside of the Empire. Lip to the middle of this year only Russia and Japan had a closed market; the import duty on copper in Russia is 30 per cent ad valoremm and in Japan about 2c. Russia's consumption has always been in excess of production and she has imported from 2(1,000 to 40,000 ton, of copper per annum. Japan, with a production of 6,000 to 7,000 tons per month, has absorbed, in normal times, its production, but during recent: sears has exported varyiug quantities in 1929. 2,200 ton-: in 1930, 2,700 tons, and in 1931. 3,600 ton-. Aside from the-e two countries, the international market has heretofore been free. It and when the British Empire duty become, effective the world's markets will be divided into four unit: 1. Russia and Japan, 2. United States. 3. British Empire. 4. Rest of the world. The world's production at present is rennin it the rate of 930.000 tons per annum. This year's production will be over 1,000,000 tons because the several curtailment did not become effective until the second quarter. consumption will be slightly in excess. Deducting from 30,000 tons Russia's and Japan's production of 121.000 tons, 806,000 tons is left divided a, follows:

Jan 1, 1932

By Kyle Wightman

INTRODUCTION CRA Limited is the largest mining group in Australia by value of sales and the second largest company in Australia in terms of share market capitalisation. In the past 25 years, CRA, its predecessors and affiliates have been involved in a number of mining and further processing developments in Australia and elsewhere. Many of these have been financed using project financing techniques. These include Comalco's development of the Weipa bauxite deposits in Northern Queensland in the late 1950's, the Hamersley iron ore developments in the Pilbara region of Western Australia in the mid 1960's, the Queensland Alumina Limited alumina refinery in Gladstone, Queensland, at about the same time, and the Bougainville copper project in 1969/70. In the past three years CRA has again utilised project financing techniques to fund its Tarong steaming coal project in Queensland, the Blair Athol steaming coal project also in that State and CRA's interest in the Argyle diamond project in the Kimberley region of Western Austrlia. PROJECT FINANCE DEFINED Nevitt Definition Nevitt's is the most frequently quoted definition - "A financing of a particular economic unit in which a lender is satisfied to look initially to the cash flows and earnings of the economic unit as the source of funds from which a loan will be repaid and to the assets of the economic unit as collateral for the loan." Risk and Balance Sheet Treatment It is important to focus in more detail on two aspects of project financing, risk and balance sheet treatment. The assessment of the various elements of risk in a project and the sharing of that risk between sponsors and lenders is the most critical feature. At one end of the spectrum is full absorption of risk by the sponsor(s). This can be described as "on risk" or "on credit" or "full recourse" to the sponsor(s) and is effectively a corporate financing. At the other end of the spectrum the lenders absorb the whole risk in a non-recourse financing which is "off risk" or "off credit" for the sponsor. The other aspect is the sponsor's balance sheet treatment. If the balance sheet of the economic unit undertaking the project and the financing need not be consolidated into the balance sheet of the sponsor (because ownership does not exceed 50%) then the financing may be described as off-¬balance sheet. If consolidation is required then the financing is described as on-balance sheet. Most project financings involve some recourse to the sponsor, i.e. they are limited recourse. Very few are non-recourse or off credit to the sponsor. Limited recourse financings may be on-balance sheet although many may also be off-balance sheet insofar as consolidation is concerned. However, sponsor support may very well be a contingent liability to the sponsor and require disclosure by way of note to the balance sheet should consolidation not be required. CORPORATE FINANCE CONTRASTED A financing which is on credit or full recourse to the sponsor, whether it is directly borrowed or guaranteed by that sponsor, is a corporate financing. Lenders will tend to base their credit assessment on a historical assessment of the sponsor's activities and its financial results rather than an assessment of the project or a detailed assessment of the future activities and prospects of the sponsor. PROJECT FINANCE - A BORROWER'S PERCEPTION Although CRA could choose to arrange all finance on a corporate basis (except perhaps for the very largest projects or acquisitions), project financing techniques provide a number of specific advantages which CRA has noted and which should be carefully considered by a project sponsor. Advantages

Jan 1, 1985

By William Glenn

In their account of chromium, Roscoe and Schorlemmer (Treatise on Chemistry, London, 1879) state that "In 1762 Lehmann, in a letter to Buffon, de nova minerœ plumbi specie crystalline rubra, described a new mineral from Siberia, now termed crocoisite." In 1786 Lehmann analyzed it (Nicholson's Jour., Dee., 1798) and found that it contained chiefly lead, and that the " mineralizers " were arsenic and sulphur. It was next examined in 1189 by Macquart and Vauquelin, who stated that it contained an intimate mixture of iron, alumina, and lead peroxide. The account of their work was published over the name of Macquart. Vauquelin (Louis-Nicolas) was a Norman peasant, who had studied in the village school, and at the age of fourteen was a laboratory-boy in a pharmacy at Rouen. Later, he found his way to Paris, and in 1789 was assistant to Fourcroy, a pharmacist and a teacher of note. It was here that he met Macquart, with whom he did the work on Siberian red lead, and at this time his friend Cheradame taught him his Latin.

Jan 1, 1896

By Dominique François-Bongarçon

A new method for open-pit design has been devised by G. MATHERON and the writers: it replaces the search for an optimum contour by the determination of a parametrizing function. The isovalue curves of this function give the optimum pit design corresponding to varying economic parameters; The method is described and indications are given about the corresponding program. Simulated data have been processed by the program and by a standard program using LERCES-GROSSMAN graphical method: the comparative results are described.

Jan 1, 1977

APPLICATIONS for loan contracts for the exploration, development and mining of strategic and critical metals and minerals are now being accepted by the Department of the Interior. The RFC is authorized and directed by Executive Order 10161 to make such loans but the Secretary of the Interior must pass on the necessity for the loan. Applications should be addressed to James Boyd, acting deputy administrator, Defense Minerals Administration, Department of the Interior, Washington, D.C. rather than to the Field Offices of the Bureau of Mines as was first planned. Application forms are not yet available but it has been learned that data accompanying the application should include the known quantity and grade of reserves, the anticipated rate of production, the equipment, supplies, and man power required for the additional production, etc.

Jan 12, 1950

NEW MEMBERS The following list comprises the names of those persons who became members during the period Feb. 10 to Mar. 10, 1915: Members BANKS, HAROLD PURDY, Min. Engr 61 Broadway, New York, N. Y. BARAGWANATH, JOHN G., Min. Engr., Morococha Mining Co.; Morococha, Peru. BEESON, JOSEPH JOSIAH, Min. Geol Stanford University, Cal. CALLOWAY, ALFRED W Pres., Davis Coal & Coke Co., Cumberland, Md. DEETRICK, JAMES W., Mgr., Republic Iron & Steel Co., 826 Pennsylvania Ave., Youngstown Ohio.

Jan 4, 1915

By Koert D. Burnham, John G. Broughton

WOLLASTONITE in Essex County, New York, occurs as a typical contact mineral in a series of rocks metamorphosed by anorthosite. Sole current use is in various types of electric welding fluxes. Its uniform lathlike shape suggests its use as a specialized filler.

Jan 1, 1944

In preparation for the 118th meeting, New York, Feb. 17 to 20, 1919, the following committees have been appointed: Committee on Arrangements ALLEN H. ROGERS, Chairman. W. S. Dickson, Secretary. J. E. JOHNSON, JR. F. T. RUBIDGE. H. C. PARMELEE. FOREST RUTHERFORD. P. G. SPILSBURY. Committee on Annual Dinner Committee on Luncheon F. T. RUBIDGE FOREST RUTHERFORD, Chairman. E. B. STURGIS. E. MALTBY SHIPP. Committee on Patriotic Meeting H. C. PARMELEE, Chairman

Jan 8, 1918

In preparation for the 119th meeting, New York, Feb. 17 to 20, 1919, the following committees have been appointed: Committee on Arrangements ALLEN H. ROGERS Chairman. NY. S. DICKSON, Secretary. J. E. JOHNSON, JR. F. T. RUBIDGE. P. G. SPILSBURY. H. C. PARMELEE. FOREST RUTHERFORD. Committee on Annual Dinner Committee on Luncheon F. T. RUBIDGE. FOREST RUTHERFORD, Chairman. E. B. STURGIS. E. MALTBY SHIPP Committee on Patriotic Meeting H. C. PARMELEE, Chairman.

Jan 11, 1918

In preparation for the 118th meeting, New York, Feb. 17 to 20, 1919, the following committees have been appointed: Committee on Arrangements ALLEN H. ROGERS, Chairman. W. S. Dickson, Secretary. J. E. JOHNSON, JR. F. T. RUBIDGE. P. G. SPILSBURY. H. C. PARMELEE. FOREST RUTHERFORD. Committee on Annual Dinner Committee on Luncheon F. T. RUBIDGE. FOREST RUTHERFORD, Chairman. E. B. STURGIS. E. MALTBY SHIPP. Committee on Patriotic Meeting H. C. PARMELEE, Chairman

Jan 10, 1918

In preparation for the 118th meeting, New York, Feb. 17 to 20, 1919, the following committees have been appointed: Committee on Arrangements ALLEN H. ROGERS, Chairman. W. S. DICKSON, Secretary. J. E. JOHNSON, JR. F. T. RUBIDGE. H. C. PARMELEE. FOREST RUTHERFORD., P. G. SPILSBURY. Committee on Annual Dinner Committee on Luncheon F. T. RUBIDGE FOREST RUTHERFORD, Chairman. E. B. STURGIS. E. MALTBY SHIPP. Committee on Patriotic Meeting H. C. PARMELEE, Chairman

Jan 9, 1918

By F. V. Lenel, G. S. Ansell, E. C. Nelson

IRMANN'S' discovery that extrusions of fine alumi-num-flake powders possess remarkable high-temperature strengths has led to the production of a new class of engineering materials whose properties are derived from a fine dispersion of oxide particles in a metallic matrix. A fundamental study of such materials and elucidation of the mechanism whereby the oxide parti-

Jan 1, 1958

Although the mining industry faced ever-increasing risks and uncertainties in 1974, it nevertheless pushed ahead with considerable rapidity in exploring and developing new orebodies-while expanding and improving the technologies of mining and exploration. Prepared by the SME Mining and Exploration Division, this section of the annual review covers the pertinent worldwide developments in the fields of geochemistry, geology, geological engineering, open pit mining, underground mining, rock mechanics, operations research, and solution mining.

Jan 2, 1975

By C. L. HUSTON

MY ANCESTRAL connection with the manufacture of boiler plate runs back through four generations, and my personal acquaintance with the practice reaches back to the time, in my ,boy- .hood days, when iron plates' were made in a mill operated entirely by water power. -The mill originally was driven by an old-fashioned "'breast" water wheel 20 ft. in diameter and with a20-ft. face, geared direct to the roll train. When the mill slowed up and there was danger of its stalling, the men would jump upon the rim and help the wheel around with their weight, to prevent a "sticker." Later, as large plates were called for, a flywheel was set out of line so that it could' be speeded up by gears from the water wheel and connected back again,. by reducing- gears, to the roll train. The flywheel, with its cast-iron rim and wooden spokes, made 90 r.p.m. and the roll train 45 r.p.m. In 1870, our company installed our first steam-driven plate mill two-high rolls, 84 in. long. In these early mills the hot metal was manipulated by hand.

Jan 1, 1920

NEW MEMBERS The following list comprises the names of those persons who became members during the period Jan. 10, 1919, to Feb. 10, 1919. ADAMS, FRANCIS SPEARMAN, Supt., Power Dept., Anaconda Copper Min. Co.; Anaconda Mont. ALDERSON, G. E., Min. & Met. Engr 1317 Sloane Ave., Lakewood, Ohio. BENJOVSKY, T. D., Min. Engr., Cons. & Constr 2045 Vine St., Denver, Colo. BROPHY, OSCAR, Met 1523 S. Broad St., Philadelphia, Pa. BUTTRAM, FRANK, Chief Geol., Fortuna Oil Co., 424 Liberty National Bank Bldg., Oklahoma City, Okla. COCHRAN, R. B., Mine Supt., The Teziutlan Copper Co., Aire Libre Puebla., Mexico. CONNAR, T. C., Civ. & Min. Engr. & Geol.; Chief Engr., Zanesville Coal Co., Zanesville, Ohio. DAVE, E. O Capt., Co. A, 212th Engineers, Camp Devens, Mass. FOLEY, CHARLES B., Electro-Met., Martin Rockwell Corpn., 347 Madison Ave., New York,. N. Y. HOSFORD, WILLIAM F., Asst. Tech. Supt., Western Electric Co., Inc., Hawthorne Station, Chicago, Ill. HOSTER, M. T., Supt., French Creek Mines, E. & G. Brooke Iron Co., St. Peters, Pa. KAWASAKI, SHIGETARO, Chief Geol., Geological Survey of Chosen, Government General of Chosen, Keijo. Korea.

Jan 3, 1919

By Henry D. Hibbard

A NOTED ordnance engineer once said to a friend, in speaking of the production of great steel guns, "How is it? We design our guns with a factor of safety of eight, and the guns burst." The vague way in which internal stresses and strains in iron and steel are often considered and spoken of makes it worth-while to examine them, as to their nature, their causes and results, how they may, for useful purposes, be advantageously dealt with, and how, when detrimental or dangerous, they may be reduced or kept within harmless proportions. Rankine defines ?strain " as a change of form or dimensions of a solid or liquid mass produced by a stress. This definition seems not intended to cover strains due to internal stresses, and it will help us in the present inquiry to consider strain as a tendency to change as well as an actual change of form. Internal strains in iron and steel are the result of stresses within the mass of the piece, some parts pulling and others pushing in resistance to them; or, in other words, some parts are in tension and some in compression, each part striving to relieve itself from strain and make the piece assume a form in which all parts are at rest. Subdivision, so that each part could relieve its strain by motion relative to the other parts, would, if carried out far enough, practically obliterate strain. The internal strains we are now to consider are not those due to the stresses of the service which the piece is rendering, either alone or as, a part of a structure, which may be termed service-strains, but those which originate or at least are contained in the piece itself. Internal stresses in a piece of metal are, like action and reaction, always equal and in opposite directions. The stresses

Sep 1, 1906

By Charles P. Williams

DURING the fall of the year 1873, attention was redirected to the occurrence of lead ores in Southwestern Arkansas (chiefly in Sevier County), and somewhat extensive explorations of the deposits have since been made in the hope of finding the ores sufficiently argentiferous to be profitably worked. How far the expectations have been realized I am not authentically advised, but samples of the galena ore, yielding 62.09 per cent. of lead, gave on assay at the rate of 15 3-10 ounces of silver to the ton of ore. This was the highest result obtained by myself, though I am informed that higher yields have been obtained by others. Among the samples of ores from this locality, forwarded to me in January last, was one specimen which I at once recognized as stibnite, and, on notification, other specimens of the same from Sevier County were forwarded me. The first specimen of the several received contained 11.51 per cent. of gangue, 57.62 per cent. antimony, 4.57 of bismuth, with small amounts of arsenic and iron. The latest result from a portion of another hand specimen I append in full, with duplicate estimations of the arsenic, bismuth, and gangue. The analyses were all conducted by Mr. C. R. Winters, under my direction, and in the case of those given below the ore was separated as closely as possible from the gangue before analysis. The results are for the mineral freed from hygroscopic moisture, and are as follows:

Jan 1, 1875

Prof. Frank H. Probert, dean of the College of Mining of the University of California, visited the mining areas in the devastated regions as a member of the Bureau of Mines committee, which is studying the problems presented in the rehabilitation of mines there. He says that the absolute destruction of the coal mines in the Pas de Calais section makes it-necessary to use either the Westphalia or the Saar valley coal. The Saar mines, however, produce a poor quality of coking coal: therefore, it will not be possible to operate blast furnaces very efficiently unless provision is made for the introduction of better coal. He believes

Jan 6, 1919

By J. J. Jakosky

A REVIEW of the progress in applied geophysics during the recent depression years reveals marked advances over the methods employed several years ago. Of late, geophysical work has been curtailed to a Con-siderable extent in the fields of oil and base-metal exploration, its especial domains a few years ago. Greater attention has been directed toward the use of geophysical technique in other engineering problems. Constantly maintained research programs have developed new instruments and per-fected better field, laboratory and interpretation techniques based on experience and skill acquired from years of application in the older geophysical field. During the past two years, geophysical methods have been employed in problems that required information on thickness of fill materials and subsurface bedrock contours. Considerable success has been attained, with subsequent drilling checking the predicted depths within one to five per cent. In general, these problems were similar as far as the fundamen-tal physical and geological conditions were concerned, but they have varied widely in specific detail and in engineering aspects. Character-istic of the different problems are: (1) yardage and bedrock profile in gold-placer mining; (2) water supply, involving underground drainage and storage conditions; (3) bedrock contours in dam-site and other structural investigations; (4) gravel and fill yardage, and other structural features along rights of way and in rock and gravel quarrying. Of particular interest, perhaps, to mining men are the problems of gold placer deposits and water supply. Geophysical work on gold placers is of especial interest because of the present expanded activity in all phases of gold mining. The development of a suitable water supply at an economical cost is often of prime importance in insuring a successful mining venture. Particularly is this true in the arid Southwest. How-ever, the use of geophysical work in water supply is not confined to the needs of mining development.

Jan 1, 1933

By Norman Goss

IT is generally agreed that cold-working mechanically refines the grains into smaller fragments and with continued working these are oriented with certain crystallographic directions bearing a relation to the direction in which the metal is worked. Some of the energy expended on the metal during plastic deformation appears in the form of heat, but a very small portion remains in the metal as stored energy. The entropy, specific heat capacity, temperature at which recrystallization will just begin, density, ductility, elasticity, tensile strength, and resistance to corrosion are affected. These properties have been studied extensively and some of the changes in the physical properties due to cold-working were attributed to lattice distortion.1-8 The broadening of the K. lines on the X-ray diffraction diagrams of plastically deformed metals is believed to indicate lattice distortion, and consequently the existence of internal stresses. The evidence supporting this theory rests solely upon the observed experimental fact that the dif-fraction lines are broadened and the K a doublets are completely diffused. Elam9 has reviewed the matter of lattice distortion in relationship to the hardening of metals by plastic deformation. The X-ray diagrams of plastically deformed metals differ in general from annealed metals. The hardening of a metal was believed due to lattice distortion.9 The resolu-tion of the doublet is lost when a metal is cold-worked and the Lane spots are elongated. At one time this elongation was thought to indicate the elastic bending of the crystal planes. However, more careful work showed that the asterism was due to new orientations developed within the fragmented grains during plastic deformation. Some theories attrib-uted the hardening to fragmentation of the grains into smaller units.

Jan 1, 1940