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By Robert A. Laurence

Ore deposits in the Southern Appalachians are ( 1) sedimentary or syngenetic, ( 2) epigenetic, and ( 3) residual. In general, deposits characteristic of high temperature and pressure are found in the Blue Ridge and Piedmont provinces and those of low and intermediate temperature and pressure, including the sedimentary ores, are found in the Valley and Ridge and Appalachian Plateaus provinces. Residual deposits are present throughout the area. Recognition of several periods of intrusion and metamorphism in the Appalachians has changed former concepts which held that most mineralization was of late Paleozoic age in a zonal pattern including all four provinces. Many deposits probably are of early or midPaleozoic age. Similarly, recent studies in geomorphology indicate that the formation of residual deposits is a continuous process and not related to specific cycles of peneplanation.

Jan 1, 1968

By Charles Janin

ONE of the most interesting features of the world's platinum situation has been the steady increase of Russian production, which had dropped to 11,000 oz. in 1920, but increased to 92,000 oz. in 1926, and to probably over 100,000 oz. for 1927. It is ex-pected that Russian production of platinum will, be-fore long, closely equal its pre-war production, or approximately 200,000 oz. annually. The world production before the war was around 250,000 oz.; that for 1925 has been estimated at 160,000 oz., and for 1926 probably 170,000 oz. The consump-tion of platinum has, however, decreased. The esti-mate of the International Selling Agency was a de-mand of 130,000 oz. new platinum against a normal pre-war demand of over 200,000 oz. The high price of platinum during the war gave an added impetus to the search for substitutes for the metal, and sev-eral were developed that are now used extensively in place of platinum. The demand for platinum for high-class jewelry, however, was not greatly affected by the high prices, but "white" gold did replace platinum in the cheaper jewelry. Colombia is the most important producer of plati-num, next to Russia, and the production has increased from around 10,000 oz. pre-war production to 55,000 oz. or more in 1927. In 1924 important discoveries of platinum were made in South Africa. Prior to these discoveries practically all platinum was recovered from alluvial deposits, and the South African opera-tions are first to work an ore profitably for the pri-mary recovery of platinum. A number of companies were formed to develop these deposits, but only a few made any real progress. Total production for 1926 was about 5000 oz. The United States production is unimportant; that in Canada has increased to around 9000 oz., principally as a by-product in nickel-copper ores.

Jan 5, 1928

By Raja V. Ramani, Ralph W. Barbaro

This paper presents an application of a Mixed Integer Programming (MIP) model to the problem of locating a centralized coal preparation plant and determining the production schedule for the mines. The system used for illustrating model application is hypothetical but realistic. It consists of three mines, two potential preparation plant sites, heavy media processing plant, and one market. The goal is to maximize the total profit of the system while satisfying the coal delivery schedule over a three year period meeting both quantity and quality requirements (ash, sulfur, and heat content). In addition to the base case, four different scenarios are analyzed. These four modifications are: (1) removing the flotation circuit from the preparation plant and sending all of the fines directly to the clean coal, (2) lowering the quality of coal from one of the mines, (3) applying discounts to the unselected site to improve its competitive position, and (4) adding a new mine. A detailed discussion of the base case and the effect of these four alternatives is presented.

Jan 1, 1983

By B. Foley

IN THE first report1 disks of steel of known composition and history were exposed, under carefully prescribed conditions, to impacts of explosion products resulting from the explosion of 50-gm. charges of explosives having well-determined rates of detonation, or to impacts of a weight of known mass, falling through measured distances. There were available at the Bureau of Mines Experiment Station five explosives, having rates of detonation of 5716, 4470, 3190, 2296, and 1523 meters per second. It being desired to continue this exposure downward, and no explosives with a lesser rate of detonation being at hand, resort was had to the impact of a falling weight, the differences in the velocity of impact being attained by varying the height from which the weight was allowed to fall. It was expected by this means to demonstrate experimentally that the development of Neumann bands was determined by the suddenness of the deformation of the metal in which they were produced. But while progressive deformations were obtained with the explosive arges, the falling-weight method failed because the tup was ogressively deformed, also the disks were so flattened as to be unfit for metallographic examination. A return, therefore, has been made to the use of explosives as the source of energy, an air-gap being interposed between the charge of explosive and the disk, as the effect diminishes as the function of the distance between the charge and the object on which the products of its explosion, or the shock wave from its detonation, impinge. The details of the arrangement of the tests by the air-gap method were the same as those described by Foley and Howell,2 except that after the system had been set up and the desired apparent specific gravity for the explosive

Jan 2, 1926

By AIME AIME

T. E. PURCELL, general chairman . of the local committee, opened the seventh meeting of the Fuels Division A.S.M.E. and the Coal Division A.I.M.E., at the William Penn Hotel, Pittsburgh, Oct. 28-29, by introducing Harry M. Moses, president, H. C. Frick Coke Co., who welcomed the 500 registrants to "our town." Mr. Moses, in his brief talk, declared that in the postwar period each of the new centers must have a reason for existence. Pittsburgh, he said, has no iron ore, or bauxite, and limestone is scattered and not near by; but Pittsburgh does have low-cost fuel within reasonable distance. Its problem is the economical utilization of the low-cost fuels that remain, as the high-quality fuels are gone. Mr. Moses expressed confidence in this group in the solution of the problem and looked forward to what they would do. Harold V. Coes, the first A.S.M.E. president to attend one of these conferences, responded. He thoroughly believed in these joint meetings - in the cross-fertilization of ideas. Each Division learns from the other. Mr. Purcell then turned the meeting over to J. E. Tobey who presided over the coal research session that followed.

Jan 1, 1943

By A. K. Mukherjee, John E. Dorn

The effects of strain rate and temperature on the critical resolved shear stress for (321)[111] slip were determined for the silver-rich CsCl type of intermetallic compound AgMg. The flow stress increased only slightly as the test temperature was first decreased below room temperature; a rapid increase in the flow stress was obtained with yet further decrease in temperature from about 250' to 4OK. The effect of both the temperature and strain rate on the flow stress over the low-temperature range could be rationalized satisfactorily in terms of the Peiwls mechanism when the deformation was controlled by rate of nucleation of pairs of kinks. IN spite of the well-documented interest of metallurgists and engineers concerning the mechanical behavior of intermediate phases and intermetallic compounds, very little definitive information is available on this important subject. As recently summarized by westbrook,1 only limited and modest progress has been made thus far in elucidating the details of the mechanism of plastic deformation for the intermetallic compounds; the available information largely concerns phenom-enological descriptions of empirical observations and experimental facts, principally with reference to poly crystalline aggregates. The present report on the elucidation of the rate-controlling mechanism for slip in the bcc structure of AgMg is part of the comprehensive program of a systematic investigation on the mechanical behavior of intermetallic compounds. The intermetallic compound AgMg has a CsCl type of lattice structureZ and is completely ordered up to its melting point of 820c3 This material was selected for our present investigation because of its simple crystal structure, moderate and congruent melting point, ordered structure persisting up to the melting point, and some solubilities of the constituent elements, which could be expected to help in the growing of single-crystal specimens. Whereas previous investigations on the properties of AgMg include hardness,*"6 slip systems,7 tensile flow stress of polycrystalline specimens,' and electrical resistivity,4 the current investigation will be directed principally at elucidating the rate-controlling dislocation mechanism responsible for slip in single crystals at low temperatures. It will be shown that the strain rate is consistent with a model involving the rate of nucleation of pairs of kinks by the Peierls mechanism for plastic deformation. EXPERIMENTAL TECHNIQUES Single-crystal specimens of the AgMg intermetallic compound were prepared and tested as follows: 1) A master alloy ingot of AgMg was produced by melting and chill casting the high-purity silver (99.995 wt pct) and high-purity magnesium (99.997 wt pct) in an induction furnace under a helium atmosphere. 2) Sections of the above-mentioned ingot were placed in a graphite mold containing a spherical cavity in which a single-crystal sphere of 1 in. diam was grown under helium by the Bridgman technique. 3) The operative slip systems were investigated at room temperature on a singlecrystal of AgMg, from measurements of the angles made by the slip traces on the two surfaces of the specimen, which were at 90 deg to each other. The investigation confirmed that the AgMg compound undergoes slip primarily in the (321) plane and in the [Ill] direction, but a small amount of secondary slip was also noticed in the (112) (111) system. No slip was observed in the (110) planes. 4) The single-crystal sphere, mentioned earlier, was oriented in a graphite mold containing a cylindrical cavity of 3/8 in. diam above the spherical receptable to give the angle xo = 45 deg between the axis of the cylindrical bar and the normal to the slip plane (321), and the angle AO = 45 deg between the slip direction [Ill] and the axis of the bar. Oriented single-crystal bar seeds were produced by melting, under a helium atmosphere, a polycrystalline bar in the cylindrical cavity above the oriented spherical seed and by growing an oriented single-crystal bar from the seed. 5) Finally, oriented single-crystal specimens were grown from these cylindrical seeds. 6) The cylindrical specimens were machined in a High-Tension Spark Cutting unit to give a 2-in. gage length. The spark-machined gage section was elec-tropolished in a bath containing 200 ml of H3PO4,

Jan 1, 1964

By C. S. Smith

It is the policy of The Metallurgical Society to provide, in the TRANSACTIONS OF THE METALLURGICAL SOCIETY OF AIME, a prompt and accurate medium for publication of reports of significant new research in both the scientific and engineering aspects of metallurgy. Papers submitted to the Society are judged by competent reviewers according to established criteria for technical merit, accuracy, originality, and presentation. STAFF: Editor, Dr. Gerhard Derge; Editorial Assistant, M. A. Redmyrski; Staff Coordinator, James J. Burke. THE METALLURGICAL SOCIETY: W. R. Hibbard, Jr., President; J. C. Kinnear, Jr., Post-President; John Chipman, Vice President; T. D. Jones, Treasurer; R. W. Shearman, Secretory. PUBLICATIONS COMMITTEE OF THE METALLURGICAL SOCIETY: A. W. Thornton, Chairman- Dennis Carney John Chipman J. C. Fulton J. H. Hollomon H. H. Kellogg, A. E. Lee, R. Moddin, J. D. sullivan, and D.' Swan. Review and selection of manuscripts is under the supervision of the following Publications Committees: Extractive Metallurgy Division: T. B. King, Chairman; S. J. Dickenson, R. P. Hermsdorf, R. Schuhmann, Jr., and P. T. Stroup. lnstitute of Metals DM lion: Robert Maddin, Chairman. F. Lincoln Vogel, Jr.. Vice chairman. W. A. Backofen R. W. Boliuffi J. H. Bechtold' M. B. Bever R: S. Busk C 6. Goetzel poul Gordon C. D. Grobom, Jr., Robert F. Hehe-mann R. I. Joffee F. i. Joumot Jr. lrvin R. Kromer, A. J. Leno. Horold Morgolfn, C. J. McHargue, Russell A. Meussner, J. B. Newkirk, H. W. Paxton, G. E. Pellissier, I. S. Servi, Alon U. Seybolt, A. J. Shaler, and Jack Washburn. Iron and Steel Division: J. C. Fulton, Chairman. T. B. King, F. C. Laogenberg, W. O. Philbrook, and T. 0. Winkler. Publishod bimonthl by the American Institute of Mining Metollurgicol and Petroleum Engineers Inc., 29 West 39th Street, New York 16, N. Y. Telephone: PEonylvanie 6-9220. Subscription $20 par yew for non-AIME members in United States and North, South and Control Americo $25 foreign; $5 for AIME members. Single copies, $4.00, single copios foreign $5,00. The AIME is 1958 by the Amarican mode or opinion axpressed in it* publications ... Copyright by the Amarican lnstitute of Mining, MataIlurgicol, and Petrolum Engineers, Inc,. . . Reg. istered cable address AIME New Yark ... Indexed in Engineering Inderx, Industrial Arts ...Index and Chemicol Number5. Absrtracis . . . Second class postage paid at New York,Indor. N. Y., Industrialond Ann Arbor, Mich.

Jan 1, 1959

By C. E. Mills

STUDIES of ground movement and subsidence resulting from mining operations cover a broad field. It is also a very important consideration and one that eventually affects nearly every mining operation of any extent. The damage to surface buildings, removal of mine surface plants and replacements of main hoisting shafts must reach an astounding expenditure were these cost figures available over a period of years. Were the subject one of mathematical formula and dependent only on the angle of draw of the walls or country rocks, the problem would be relatively simple. Consideration must be given to depth and extent of workings; structural conditions of the orebodies and enclosing country rock; physical properties of these same rocks, including schistosity, bedding, jointing, slips, dikes, faults, and other structural weaknesses. The method of mining, extent of openings, supporting pillars, and amount of moisture or water underground are other pertinent factors. With such a large number of variable factors, it is apparent that the subject of subsidence is one that must be based largely on experience and results at other mines where conditions are somewhat comparable. In presenting this paper, it is the intent to describe the progressive results of past ground movements at the United Verde, to bring out physical conditions largely responsible for this movement, but to refrain from theorizing on the ultimate extent of subsidence resulting from future mining operations.

Jan 1, 1934

By W. P. Barba

IN THE early summer of 1917, it became evident that the then existing sources of supply of guns and gun forgings were totally inadequate for the enormous and rapidly growing requirements of the Ordnance Department of the Army, so arrangements were made with sixteen makers of other products to take up the manufacture of guns and gun forgings. Nine of these makers were required to produce their own steel from the raw materials and convert it into rough machined gun forgings; the others finished and assembled these forgings into completed guns. In December, 1914, four of these makers of steel and rough gun forgings were instructed to manufacture the same amount of the 6-in. and 9.5-in. guns and howitzers. It, therefore, seemed practical .and profitable to assemble these makers into a small group, together with the officers of the Ordnance Department, and provide standard 'equipment in each of the four works for the production of these two types of guns. The advantages of this cooperation were immediately manifested, and there commenced an interchange of shop practice and a free discussion of facilities and methods that covered not only the equipment but the manufacturing processes.

Jan 1, 1920

By Kirtley F. Mather

FROM almost every point of view, petroleum was "strategic mineral number one" during the World War that ended in 1945. Even the spectacular advent of the atomic bomb in the final days of the conflict did not displace it from its position of prime importance, although within a few years uranium will almost certainly be the "number one" material in the minds of military strategists, if it is not even now in that position. But both as fuel and as raw material for chemical industries, petroleum will hold the center of the stage for many years to come. Hardly any other substance illustrates so fully the manner in which science and technology may be combined to achieve the utmost success in contributing to human efficiency and comfort. Fundamental to any understanding of the problems implied by my topic

Jan 1, 1948

Albin, B. R Billings, Mont. '28 Amster, Nathan L 25 Broad St., New York, N. Y. '28 Bache, Jules S 42 Broadway, New York, N. Y. '28 Barrett, C. P 5338 Harper Ave., Chicago, 111. '28 Bayless, William S Russ Bldg., San Francisco, Cal. '28 Bean, Louis, H 60 E. 42nd St., New York, N. Y. '28 Beatty, Ross J Room 604, 6 N. Clark St., Chicago, III. '28 Benwell, Oswald F Hold Mags. '28 Beymer, Albert S., V.P., Keystone National Bank Pittsburgh, Pa. '28 Blumenthal, Hugo 44 Pine St., New York, N. Y. '28 Boettcher. Charles Ideal Cement Bldg., Denver, Colo. '28 Bowlus, Thomas H., Banker, Pres., Allen County State Bank Iola, Ran. '28 Brown, Colvin B Chamber of Commerce, Washington, D. C. '28 Burt, Maxwell Struthers Southern Pines, N. C. '28

Jan 1, 1934

By Sherwin Kelly

IN presenting this brief historical perspective, it is not my purpose to address myself to the geophysicists, to most of whom the story is already well known. My objective is to draw the attention of those who hold the belief that geophysics is something new, typically twentieth century, to the fact that fundamentally, whether it was known by the name of geo-physics or not, the science is an ancient and an honorable one. It began many centuries ago, and our modern civilization and its commerce owe a great debt to its founders, who today are likely to he overlooked and their names forgotten. The word "geophysics" means the physics of the earth, and is descriptive of a science that in many ways bears the same relationship to geology that astrophysics does to astronomy. When dealing with dis-tant stars or deeply buried rocks, the experimenter cannot reach them to obtain samples, which can be taken to his laboratory for study. He therefore exhibits the resourcefulness of Mahomet in the mountain episode, and makes the terrestrial globe or the cosmic universe his labora-tory, studying the effects of distant bodies on certain "fields of force"" which come to him across interstellar space, or through the rocks that make our earth. The application of these techniques of the physics laboratory to the study of the stars is the science of astrophysics, and to the investigation of the earth is geophysics. Yet the origin of the most valuable contribution to the world's trade and commerce ever made by geophysics remains lost in deep obscurity. Unknown even is the country wherein lived the unsung genius who invented the first geophysical instrument, the mariner's compass! Worse yet, it is not certain whether this invaluable guide of man had its begin-nings in Europe or in Asia. A Chinese legend tells of the Emperor Hwang-ti, who attacked his enemy Tchi-yeou on the plains of Tchou-lou in the year 2634 B.C., whereupon the latter magically raised such a fog that the Emperor could not pursue the retreating troops. Not to be outdone, the mighty ruler constructed a chariot that indicated the cardi-

Jan 1, 1938

By Earl S. Bardwell

The determination of suitable and safe annealing temperatures is one of the most important problems arising in the operation of a copper rolling mill. Certain of the larger mills have worked this problem out for themselves and in these mills the operation has become more or less standardized. In some of the mills pyrometers are used to measure the temperature of the annealing furnaces and careful watch is kept to see that overheating does not take place. In a considerable number of the mills, however, dependence is placed entirely on the judgment of the operator. The almost total lack of literature bearing on this subject seems sufficient warrant for the publication of this paper. ' The discussion of this subject naturally divides itself into two parts: (1) The effect of annealing temperature on physical properties; and (2) changes in the microstructure of refined copper due to cold rolling and annealing. I. The Effect of Annealing Temperature on Physical Properties For the purpose of investigating this phase of the subject six test bars were selected, varying in oxygen content between the limits of 0.036 and 0.070 per cent. The chemical composition of each of these test bars was as follows: Bar Number 1 2 3 4 5 6 Copper + silver...... 99.95 99.92 99.945 99.94 99.95 99.93 Oxygen.............. 0.041 0.070 0.046 0.050 0.036 0.058 As + Sb............. 0.0038 0.0038 0.0038 0.0038 0.0031 0.0031 The bars were heated in an electric muffle to about 1,650" F. and rolled into rods. The rods were annealed, pickled, and drawn to No. 12 B. & S. gauge wire. The wire which was to be used for the annealing test was cut into 38-in. lengths and each length made into a coil 6 in. in diameter. The separate coils were marked so that they might readily be identified

Jan 1, 1915

By John H. Hall

The Frémont test for measuring the energy consumed in breaking a notched bar of steel is not so well known in this country as it deserves to be. The test specimen used in this test is about # by 6 by about 16 in., notched with a hack saw on the lower side to cause the piece to break at a fixed point. A weight of 10 kg. falling 4 m., and provided with a knife or chisel which strikes the specimen, breaks the test piece by impact. The residual force in the falling weight after it has broken the specimen is recorded by a suitable device, and the difference between the total energy and the residual energy of the weight (in kilogrammeters) is the force consumed in breaking the specimen. An experience of several years with the Frémont testing machine has shown its great value in readily detecting brittleness not revealed by tensile testing or slow bending testing. In this paper it is proposed to discuss (1) the supersensitiveness of the test as applied to cast steel and (2) its value in revealing the effect of heat treatment under certain conditions. In testing coupons cut from castings heat treated by quenching and annealing, attention was drawn to the wide variations in the value of the Frémont test of specimens cut from different parts of the coupon. The latter was of the form and dimensions shown in Fig. 1, and Fremont test pieces were cut from two parts of this coupon, marked A and B in that figure. The results of the tests are shown below, tests A and B in each instance being from the same coupon: A. B. A. B. Coupon. Kilogram- Kilogram- Coupon. Kilogram- Kilogram- meters. meters. meters. meters. 1,........ 12.0 12.5 9,........ 27.5 32.5 2,........ 11.0 32.5 10,........17.5 31.0 3,........ 11.5 30.0 11,........ 14.5 31.0 4,........ 20.0 33.0 12,........ 15.0 27.5 5,........ 17.5 33.0 13,........ 19.0 30.0 6,........ 17.5 20.0 14,........ 17.5 25.5 7,........ 17.5 13.0 15,........15.0 30.0 8,........ 10.0 30.0

Jan 1, 1914

By PERCY E. BARBOUR

SECONDARY copper1 has &come more or less of a bugbear generally. What is its influence is often the subject of heated argument. The inedapable fact usually quoted is that since in 1929 primary production of copper in the United States was 1,026,348 tons and secondary production was 626,550 tons, there- fore, 0.6 lb. of secondary is produced for every pound of primary, and "How can you get around that?" The matter seems very plain, now that I have reached my conclusions, but they are the result of much laborious study and research. I shall show that' the production of secondary copper is not 0.6 per lb. of primary, in spite of statistical appearances; that the production of secondary is a function of primary production rather than of price; that secondary production has 'only a sub-. ordinate influence on the price of copper and then only in abnormal times; that there is not an accumulating reservoir of secondary from which the country is some- time to be drowned in copper, as is believed by some, or a reservoir from which we are going to draw much needed and more or less inexhaustible stores in the future, as is believed by others; and finally, that the United States always produces more copper than it uses and exports the surplus. These are all controversial points, and for that reason and to anticipate argument I have set forth my reasoning in considerable detail.

Jan 1, 1931

By 000-001-568

August 15th, 1871. THE Institute assembled in Packer Hall of the Lehigh University, the President, Mr. David Thomas, of Catasauqua in the chair. Professor Henry Coppée, President of the Lehigh University, made an address of welcome to the Institute, and placed at its disposal a convenient hall for purposes of meeting. Mr. Thomas tendered his resignation as President of the Institute, as advancing years prevented him from actively participating in its meetings. The Institute declined to accept the resignation, and, on the assurance that active duties would not be expected of him, Mr. Thomas was induced to withdraw it. Invitations were received from Mr. B. C. Webster, President of the Lehigh Zinc Company, to visit the mines and works of the company; from Mr. Charles Brodhead, to visit the Chapman Slate Quarries ; and from the Lehigh Coal and Navigation Company, to visit their works at Summit Hill and Mauch Chunk and the Nesquehoning Tunnel. The Council reported the names of persons already elected in the two classes of members and associates. The following resolutions were passed: Resolved, That a committee of three be appointed, who shall take into consideration the printing and publishing of papers originating with the Institute, and that a uniform system as regards size and execution be adopted. The committee appointed consisted of Messrs. R. W. Raymond, E. B. Coxe, and the Secretary. Resolved, That the Council design and prepare a seal for the Institute at the earliest practicable time. Resolved, That a committee of six, with power to add to its numbers, be appointed to examine into the question of the more economical production of iron in this country. The committee appointed consisted of Messrs. G. W. Maynard,

Jan 1, 1873

By Thomas T., Read

T HE preceding chapter has recorded the initiation of mineral industry education during the period 1890-1910 in numerous institutions that had not previously offered it. It should also be emphasized that in many institutions where instruction had begun before 1890, as recorded in earlier chapters, but had not yet become firmly established,, this period was one of marked growth and development. This was not universally true, however, for at the Universities of Pennsylvania, Michigan, Illinois, Wisconsin, Washington (St. Louis), Iowa, Vanderbilt and Tennessee, and at the Polytechnic College of Pennsylvania, mineral industry instruction was being dropped during this period, instead of gaining in strength. It is necessary to emphasize this, because writers on the subject have not infrequently , attempted to make a much too simple correlation between mineral -discovery or production and the intensity of student interest in mineral industry curricula. It would naturally be true that periods of large mineral production would, in general, coincide with cycles of business prosperity, and the latter are conducive to starting new ventures, educational as well as business. It should be equally evident that opportunities for business and professional success might, in such periods, appear to increase at a more rapid rate in industries other than mineral, or in the utilization of minerals rather than in their production. The author has not been able to perceive any simple and clear relation between interest in mineral industry education and mineral discovery, production, and utilization, or general business prosperity. On the contrary, the more the problem is studied the more complex the factors involved in it appear to be. In a later chapter an attempt will be made to analyze them in more detail.

Jan 1, 1941

By John Mathews

IT is twenty years since the writer made his first molybdenum steels and others were making them commercially five years earlier but the prevailing opinion seems to be that molybdenum steels are new; from time to time the daily press speaks of important discoveries in Europe and intimates that American steel makers have much to learn in regard to alloy steels. The earlier experiments were largely confined to the use of relatively high percentages of molybdenum in tool steels and permanent magnet steels. Recent developments deal with the types of alloy structural steels used for airplane, automobile, and other engineering requirements; in these, the molybdenum content is usually less than 1 per cent. The earlier types generally have been unsuccessful commercially, but the newer types of steels are becoming of increasing importance. The war showed our dependence on foreign sources for alloying metals; molybdenum alone is widely distributed in the United States and seemingly abundant. Many deposits are not now of commercial interest, owing to location and relatively small amount of ore available, but other deposits are being developed and a stable source of supply seems well assured. In tool and magnet steels, it was early found that 1 part of molybdenum was equivalent to from 2 to 2.5 parts of tungsten. The permanent magnet steels investigated by Madame Curie,1 in 1898, contained from 3.36 to 4.05 per cent. molybdenum; in 1902, Dr. E. L. French and the writer thoroughly tested steels containing from 2:0 to 4.0 per cent. These steels gave satisfactory tests for permanence, but were low in residual density and much more sensitive to hardening than the corresponding tungsten products. We discontinued work with them, therefore, and have no advice that such steels have been used commercially here or abroad.

Jan 2, 1921

INTRODUCTION The International Finance Corporation (IFC) is affiliated with the International Bank for Reconstruction and Development (World Bank) but operates with a separate staff and funding. It supplements the activities of the Bank by providing, to private business, equity and loans without government guarantees in whatever form and combination most suited to the project. IFC frequently complements the Bank's activities by utilizing, for example, the Bank's public sector infrastructure activities to support IFC's private sector projects. In the case of local financial institutions especially, IFC collaborates with the Bank by providing technical and financial assistance. IFC is the world's largest multilateral organization which finances private sector business in developing countries. IFC's fundamental purpose is to promote the economic development of its developing member countries through the support of the private sector. Of the 124 member countries of IFC, more than 100 are developing countries. Since it began operations in 1956, IFC has been associated with more than 2,000 companies and financial institutions in supporting over 700 business ventures in more than 80 countries. The total capital costs of these projects exceeds $26,000 million. In the 1984 fiscal year, IFC approved 62 projects in 37 countries with a total project cost of $2,473 million. IFC will make investments only if sufficient capital cannot be obtained on reasonable terms from other sources. IFC often serves as the catalyst for a project by encouraging other investors--from inside and outside the host country--to make their own equity investments along with the local sponsor for a particular project. IFC'S SPECIAL ROLE The significance of IFC's role extends beyond just its financing and technical assistance: IFC's capability to raise investor confidence in a project and to help all the participants to arrive at mutually satisfactory investment arrangements is its distinctive character. Direct Investments IFC invests in all types of projects both large and small. Heavy industrial ventures not only supply essential materials and equipment for other domestic enterprises, but also earn foreign exchange through exports. In recent years, increased emphasis has been placed on agriculture and agribusiness products, aquaculture, food and food processing, and other renewable and nonrenewable resources such as metals and energy. [ ] An overall objective of IFC is to assist entrepreneurs and others in the private sector raise the needed capital for business ventures. IFC does not compete with, nor seek to replace private initiative and capital. Rather, IFC helps to raise funds in order to undertake projects that would otherwise be held back by the lack of adequate funding. IFC can do this in several ways: IFC can invest in equity and make loans for its own account. But beyond that, IFC can reach out into the international capital markets in search of additional capital. Because of IFC's 25 years experience and record, outside investors who might otherwise be

Jan 1, 1985

By Donald W. Gentry

Many firms in the minerals industry are facing enormous capital-equipment requirements for existing operations, planned expansion programs, pollution control systems, etc. Yet, because of existing economic conditions, mining companies find it increasingly difficult to obtain reasonable financing for the acquisition of large, high-cost capital equipment. One way of obtaining the use of mining and other major pieces of high-cost capital equipment is through leasing. The popularity of this approach is evidenced by the growing number of leasing companies, equipment manufacturers, and financial institutions now offering this service to their customers. Indeed, leasing has become a billion-dollar industry, and many commercial banks have developed sizeable portfolios in this area. "Should we buy or lease?" This question eventually comes up whenever a mining company needs additional major capital assets. Unfortunately, many buy-or-lease decisions are made on an emotional basis-rather than on a proper financial evaluation that would yield the…

Jan 9, 1975