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By William B. Plank

AGAIN the records show an unprecedented enrollment of students in the mineral technology schools of the United States and Canada. In the current year, 1938-'39, 9619 students were resident in the 53 schools of the United States arid 1014 in the six schools of Canada. These data are from my fifth study of the mineral technology schools of the United States and Canada. the last previous study having been made for the year 1936-'37. The undertaking as previously was made under the auspices of the Mineral Industry Education Division of the A. I. M. E. The data or, the various schools were collected in the same way as for former studies.

Jan 1, 1939

By L. K. ARMSTRING

ANYONE doubting prosperity in the mining industry should visit the Kootenays of British Columbia where the West Kootenay Power & Light Co. is kept busy running new power lines and connecting mines and mills with lines already in service. Quoting from an inspired statement "The four hydro-electric plants of the West Kootenay Power & Light Co. on Kootenay River have been in continuous operation." At the recent 35th annual meeting of the Eastern' British Columbia Boards of Trade held in Nelson, a two-day session indicated unusual activity. The following information was obtained through personal contact, through the press, and by hearsay. Much of it has been checked and proved accurate. Reversing the order of the flowsheet. Secretary J. R. Hunter reported as fol¬lows regarding the value of the 1934 production of the Consolidated Mining & . Smelting Company's metallurgical, plants at Trail and Tadanac:

Jan 1, 1935

By E. C. Pechin

The attention of the members of the Institute of Mining Engineers is asked to a description of the minerals of Southwestern Pennsylvania, as representing the minerals of an enormous area, stretching continuotisly, with local variations, along the western slopes, and at the base of the Alleghany Mountains, through Western Pennsylvania, West Virginia, and Kentucky, and destined to play no mean part in the future of the iron trade of the country. The particular locality is at and near Donbar, in Fayette County, where the most careful examinations and extensive developments have been made. The deep gorges cut by the Youghiogheny and Monongahela Rivers, in their passage through the mountains and lower lands, give admirable facilities for observing the measures lying between the sandstones of No. 11 and the upper coal measures. Apart from its varied mineral and agricultural resources this section of country has great historic interest attaching to it. It was down the Monongahela that Braddock led his ill-fated army to its defeat under the wails of Port Duquesne, and it was up the Youghiogheny River and Dunbar Creek that the shattered remnants hastily fled to gain the camp of Colonel Dunbar, the second in command, who was entrenched upon a high knob, at the head of the creek which bears his name, and which is still known and visited as Dunbar's Camp. Numerous streams, runs, and localities preserve the names of the guides and pioneers who accompanied, in early colonial times, young George Washington, who was pushing his surveys into the trackless and hostile wilderness, and many of them taking up large tracts of

By T. E. Evans, C. T. Baroch

ZrB2 was produced in batches of 4 to 6 Ib by interaction of ZrO2, B4C, B203, and carbon at around 2000°C in a simple graphite resistance furnace. Techniques of production are discussed and the final design of a suitable furnace is described in detail. Several other borides were made by the same technique and the process appears to have possibilities for commercial production. N seeking out new hard and refractory com- pounds, many researchers have turned to the investigation of the borides and excellent papers have been published on the properties of these compounds. Few papers, however, have appeared on the techniques and problems concerned with the production of these high temperature substances. This report describes progress made in developing a method for preparing zirconium diboride, ZrB2, on a pilot plant scale. The literature of the borides and other refractory hard metals recently has been reviewed, annotated, and classified so completely' that it is needless to attempt such an outline here. It is enough to say that three borides of zirconium have been reported: ZrB, ZrB2, and ZrB12.2 ZrB2 is the most stable of these and is especially stable in the presence of carbon up to and including its melting point of around 3000°C. Like most borides, it can be prepared in several ways. It can be prepared by synthesis of the elements, but these are expensive and difficult to produce in a high state of purity. Obviously, production directly from the oxides would have decided economic advantages. In electrolytic production such as that of calcium boride,:' the product is recovered as a sludge mixed with electrolyte; and separation of product from adhering electrolyte and regeneration of the electrolyte is an involved and difficult process. The work on borides was started on a small scale in 1948. Late in 1949, Naval Ordnance expressed a specific interest in ZrB2 and the project then centered on this compound. After the usual experimental work necessary in a new field, ZrB2 of good quality was produced by heating mixtures of B4C, ZrO2, B2O3, and carbon to a temperature of about 2000 °C in a resistance-type electric furnace. Over 100 lb was made for experimental use tests, and the method of production probably could be expanded into a commercial operation. A similar process has been described by Kieffer and coworkers.' The main chemical problems were the development of proper charges to insure complete reduction of the elements, determination of the proper temperature range at which these reductions took place, and adoption of techniques necessary to pre- vent inclusion of such impurities as carbon and nitrides. The mechanical problems consisted of developing a simple practical furnace that would attain the high temperatures required and permit use of a controlled atmosphere when necessary and determining of suitable refractories. Both problems were solved by designing a crucible resistance furnace. Crucible Resistance Electric Furnace Attempts were first made to produce ZrB2 in an electric arc furnace, but such a furnace would not provide the degree of carbon control required for producing clean graphite-free borides, so it was decided to try working in a crucible. Obviously, the furnace would have to be constructed of graphite, as the temperatures required are too high for other refractories or heating elements. Crucibles were made by hollowing out segments of graphite electrodes, which were fitted with a cover and clamped between two electrodes so that the current passing through the thin wall of the crucible would generate heat, using the principle of the Helberger crucible furnace."? Preliminary tests with this type of furnace were encouraging and led to the furnace design shown in Fig. 1. The essential components were a thin-walled graphite crucible resting on a graphite block, which formed the lower electrode assembly, and a top electrode assembly swung from a pipe column making contact with the top of the crucible. The space around the crucible was filled with graphite prepared from waste electrodes crushed to about ¼ in. This packing had excellent insulating properties, both electrically and thermally, and could be removed easily and quickly from around the crucible by means of an industrial vacuum cleaner. The largest resistor crucibles were machined from 8 in. electrode stock and were 26 in. long, with a side wall Yi in. thick and a 1 in. bottom. Temperatures were determined optically by sighting down a 1 in. hole drilled longitudinally through the top electrode and the crucible cover. Sealing this hole at the top was a water-cooled brass sight-glass assembly, shown in Fig. 2. An opening was provided for a light flow of helium to keep the sight opening clear of smoke, and a glass prism above the sight glass changed the line of sight to the horizontal for easier reading. More recently, the prism and optical pyrometer were replaced by a photoelectric recording pyrometer. At first the charges were placed directly in the resistor crucible but this meant that everything had to be withdrawn from the furnace every time the charge was emptied. Later, smaller crucibles were made up that could be placed inside the resistor

Jan 1, 1956

By Burt A. Waite

The new OSM regulations for ground water monitoring of underground coal mines have been the source of many concerns for the mining industry. Because the regulations were initially written at the federal level, but are being administered at the state level, considerable confusion still exists within the industry as to what is really required. Based on submission and/or approval of more than 30 monitoring plans for existing mines in Pennsylvania, West Virginia, and Ohio, three basic sections are necessary. They are: 1. background data on the hydrogeologic setting of the mine, 2. the monitoring plan itself, and 3. mining procedures to minimize adverse effects on ground water. Like all of the OSM requirements, ground water monitoring will be a new burden the coal industry must bear, but with proper planning and communication with the regulatory authorities it need not be as bad as originally feared.

Jan 1, 1983

Discussion of the paper of E. G. Woodruff, presented at the Butte meeting, August, 1913, and printed in Bulletin No. 78, June, 1913, pp. 1001 to 1010. F. A. LINFORTH, Butte, Mont.:-I have not had an opportunity of reading this paper thoroughly, but I would like to call attention to the possible use of the contours on fault planes. It is obvious that if the contours of fault surfaces call be determined, we will be able to determine the axes of the hollows in the fault surface. It seems probable, and there are examples to point to the accuracy of, the assumption, that the axes of these hollows may be the direction of movements on the faults, and if that is true it will aid materially in locating faulted ore bodies or the shoots of ore on the opposite sides of faults. A few such contour maps of faults have been attempted on some of the faults of the Butte district, and those faults which are believed to have the nearly normal movement exhibit for the axes of these hollows a line nearly up and down in the plane of the fault, but in those cases where the throw is believed to bee nearly horizontal we find that the axes of the hollows are almost horizontal lines. In other words, the movements on faults, I believe, would be more nearly indicated by the larger grooves in the fault surfaces than by the small slickensides and minor hollows that are seen, so that contour maps might be valuable in geology in that way. C. W. GOODALE, Butte, Mont.:-I received a letter from Mr. Woodruff asking me to take part in the discussion of his paper, but I have not had time to give the paper any study. I can certainly add my opinion to that of all the engineers here that the topographic maps of the government are of great aid to the engineer. When I visit a new district, the first thing I do is to see if that district has been covered by the U. S. Geological Survey avid if topographic map has been issued. And I find that some of the younger engineers frequently come into my office to see if I have such maps. I know in some cases the reports made out by engineers contain copies of these topographic maps, or clippings from them. I am sure that. the topographic maps furnished by the government are of very great value to our engineers.

Jan 11, 1913

By Russell G. Haworth

Three companies, United States Potash Company, Potash Company of America, and International Minerals and Chemical Corporation, are now operating potash mines and refineries in the Carlsbad, New Mexico, area. The three mines are located approximately twenty miles east of Carlsbad. The deposits have been found ideal for mechanized mining methods. This summary has been compiled from information made available by the three operating companies.

Jan 1, 1949

By R. E. H. Pomeroy

Early in 1917, it became evident, owing to existing and pending market conditions, that a substitute for crude petroleum must be found for firing the smelter furnaces. After a review of the plants then existing, it was deemed advisable to depart from their practice and to adopt the following described system of distributing pulverized coal to the furnaces. The principal advantages of the proposed system, which influenced this decision, were: (I) Equal safety; no pulverized coal is stored at the furnaces; (2) greater ease of operation, furnace fires being controlled by regulating valves in burner branches, as in gas firing; (3) better organization; all machinery, including pulverized coal feed, is under one roof, and the organization is separate from the furnace department; (4) greater cleanliness; all machinery is under vacuum; (5) greater flexibility of application, the coal and air mixture can be piped where needcd. The design of the plant is the result of the combined efforts of the local engineering staff and of the machinery manufacturers. Many new features were embodied in this design to insure greater safety, cleanliness, and efficiency of handling. After 14 months of continuous operation, the plant has proved entirely satisfactory. The building is of structural steel, covered with corrugated steel, with many windows and is painted light gray inside and out. The building floor is of concrete with ample drains to the sewer, and the building is equipped with fire and service water piping. Fig. 1 shows the east side of the building and the incline conveyor from the raw-coal bins. The plant is operated entirely by electric power. All alternating current is 550 volts, 3-phase, 60 cycles. The pulverized-coal feeding niotors and control mechanism are operated by 220-volt direct current supplied by motor-generator sets in the building. Autamatic push-

Jan 1, 1921

By Fred A. Hale

Owing to the large area included in the Yellow Pine mining district, and the varied nature of its mineral deposits, a detailed geological description of the district could be covered only in an extensive monograph. This paper is intended as a description of the most prominent geologic features only with special reference to those of economic importance. The first mention of the district was in 1903 by J. E. Spurr, who briefly describes the structural geology of the Spring Mountain range. In 1906, H. F. Bain2 briefly described the Potosi mine. James J. Hillla of the United States Geological Survey, visited the district for a brief period in 1912, the result of which is an excellent reconnaissance report, covering the district in some detail but necessarily with brevity. Since that time, articles covering special features of the district have appeared in the technical press, including some by the writer, and a notable description of the Boss mine, by Adolph Knopf,4 appeared in 1915. Development of the district during the past few years has progressed so rapidly and with so many notable discoveries, particularly with reference to the rare metals, that a further description at this time may prove of interest. The writer's acquaintance with the district is based on 7 years' continuous residence in the vicinity, beginning with the spring of 1910. A. Location and Topography The Yellow Pine mining district is situated in the southwestern portion of Clark County, Nevada, about 300 miles northeast of Los Angeles, along the line of the Los Angeles & Salt Lake Railroad. The district extends from Mt. Olcott on the north to the California line on the south,

Jan 1, 1918

By O. I. Deschon, Ralph Arnold

Deep drilling was the keynote of the more important developments in the North Rocky Mountain region during 1929, with Montana recording the most important achievement through discovery of three new oil fields. Alberta produced 1,000,000 bbl. of 74 gravity naphtha, showing a considerable gain over 1928, developed a commercial oil pool in Turner Valley and extended that field 8 miles southward. Wyoming's discovery field was deepened to a second producing horizon, giving impetus to deeper drilling, and practically every Wyoming oil field will have a deep test either this year or in the near future. Whereas Montana prospecting has been confined to the shallow plains structures, since the discovery of Kevin-Sunburst field, the coming year will see an active search for new oil and gas pools in sharp-dip structures, following the success of prospecting in the Sweetgrass Hills during 1929. A dozen or more structures have been mapped in North Central Montana, several of these straddling the Alberta border. Four structures tested thus far have all shown commercial oil or gas or both. Sweetgrass Hills The first important development in the Hills area was the Rogers-Imperial gasser, which had an initial of 51,000,000 cu. ft. of dry gas per day, with a rock pressure of 1080 lb. This well is located on a sharp nose running north from the hills into Alberta. Several wells drilled by independent operators on the American side, on the west flank of reserve structure, have developed a total open flow capacity of 30,000,000 cubic feet. The third structure tested in the Hills area is known as Bears Den, where commercial oil was found at the base of the Cretaceous at 2470 ft. The existence of oil in three lower sands has been established by two wells on the top of the structure, these two wells finding gas flows of 10,000,000 and 15,000,000 cu. ft., respectively, in the horizon where

Jan 1, 1930

My predecessor in the office of President of the Institute started a custom of visiting the various local sections, thus obtaining their points . of view and their ideas as to how the Institute can best serve the interests of its members. Exceedingly valuable- exchange of ideas was thus brought about. I am following this custom as far as the limited amount of free time at my disposal will allow me, and I trust that my successor in office will appreciate the benefit to be derived from following the custom thus initiated and will continue the swing around the circle of the local sections. The activities of the Institute are increased by the prestige gained from large numbers and I trust that every member of this local section will consider himself a member of the committee on increase of membership and will see if he is not able during the coming year to gain at least one new member for the Institute. This is a perfectly possible proposition for, although the membership of the Institute is at present approximately seven thousand, I feel sure there are at least seven thousand more men in the United States who are interested in mining, metallurgy or geology from the metal-mining point of view who would make admirable members or associate members of the Institute. The first consideration of the Institute as a body, and of each member as an individual, is to win the war and defeat the Huns. In order to accomplish this, the Institute, as a body, has cooperated with the other national engineering societies and the great bureaus of the Department of the Interior, the United States Geological Survey and the Bureau of Mines in forming committees to study and advise the Government on pressing problems of vital importance.

Jan 5, 1918

By C. L. Berrien

Before the present company was formed, in 1916, each group of mines comprising the old organizations made its detailed daily and monthly mine cost records along the lines used before the consolidation; that is, there was no attempt made to standardize and compare the stope costs of all mines. The general cost sheets for all mines, however, were standardized, and cumulative labor cost sheets were compiled in the general superintendent's office. At most of the mines, a daily record or distribution sheet for each working place was kept, showing the number of men, hours of drilling, hours of timbering, hours of tramming, cars of ore, cars of waste, sticks of powder and feet of fuse. This information was kept by each shift boss and entered on the distribution sheet by him or, at some mines, by a tram boss. The superintendent solved his own problems under the direction of the general superintendent, but without coming in touch with other superintendents, either through records or general conferences. Probably 95 per cent. of the stopes were square-set worked by day's pay; there were some back-filling and shrinkage stopes. Many of the development places, such as shaft sinking, station cutting, drifting and raises had always been run by contract. These contracts were given, for no definite period, at so much per linear foot and were measured monthly, or when completed, the men being paid monthly. In some cases, fairness to the employee was not maintained. On the whole, there was no standardization. There were no stope contracts, because of the objections of the Western Federation of Miners to general contracting in the mines. Changes in Stoping Methods Early in 1916, W. B. Daly, then general superintendent, and the author, then assistant general superintendent, visited the Southwest mining districts with the object of finding some improved mining

Jan 1, 1923

By C. L. Berrien

Before the present company was formed, in 1916, each group of mines comprising the old organizations made its detailed daily and monthly mine cost records along the lines used before the consolidation; that is, there was no attempt made to standardize and compare the stope costs of all mines. The general cost sheets for all mines, however, were standardized, and cumulative labor cost sheets were compiled in the general superintendent's office. At most of the mines, a daily record or distribution sheet for each working place was kept, showing the number of men, hours of drilling, hours of timbering, hours of tramming, cars of ore, cars of waste, sticks of powder and feet of fuse. This information was kept by each shift boss and entered on the distribution sheet by him or, at some mines, by a tram boss. The superintendent solved his own problems under the direction of the general superintendent, but without coming in touch with other superintendents, either through records or general conferences. Probably 95 per cent. of the stopes were square-set worked by day's pay; there were some back-filling and shrinkage stopes. Many of the development places, such as shaft sinking, station cutting, drifting and raises had always been run by contract. These contracts were given, for no definite period, at so much per linear foot and were measured monthly, or when completed, the men being paid monthly. In some cases, fairness to the employee was not maintained. On the whole, there was no standardization. There were no stope contracts, because of the objections of the Western Federation of Miners to general contracting in the mines. Changes in Stoping Methods Early in 1916, W. B. Daly, then general superintendent, and the author, then assistant general superintendent, visited the Southwest mining districts with the object of finding some improved mining

Jan 1, 1923

By Harry A. Lipsitt, Douglas Y. Wang

A fatigue study in completely reversed axial tension-compression has been perforried on high-purity titanium and on three high-purity alloys of titanium. The alloys each contain approxi7nately 0.75 at. pct of a single interstitial element; carbon, nitrogen, and oxygen, respectivley. The results corroborate a previously published theory which proposed that strain aging under alternating stress was responsible for the fatigue limit behavior of certain alloys. The present data indicate that in these alloys an increasing strain-talline aging effect under alternating stress is provided by oxygen, carbon, and nitrogen, respectively. CURRENT research on the nature of the fatigue limit in metals suggests that the presence of a fatigue limit in metallic materials is a manifestation of strain aging that occurs under alternating stress.lm5 A comprehensive theoretical model based on the above hypothesis has been developed to explain the existence of a fatigue limit.' This model also provides increased insight into several other fatigue phenomena as under stressing, overstressing, and coaxing effects. The theory, as well, provides equal understanding for those cases where no real fatigue limit is observed. Briefly, this theory assumes that the S-N curve for a pure metal is a smooth function of the applied stress, and the effect of adding an element that is soluble (or forms a precipitate) in the pure metal is simply to shift the S-N curve to the right. If the added element confers the power to strain age, the result is a further shift of the S-N curve, this time upward and to the right. Since strain aging is not expected to be a strong function of stress, and since damage per cycle is known to be quite stress dependent, it is to be expected that there will be some limiting lower stress at which the strengthening due to strain aging will balance the damage due to crack propagation. This stress is the fatigue limit. The position of the fatigue-limit knee was thought to be a function of the magnitude of the strain-aging effect on both the finite and infinite life portions of the S-N curve. Although the strain aging hypothesis seems to be reasonably valid for bcc materials,2'6 it needed to be tested for both fcc and cph metals. This report is the first of a series concerning the fatigue-limit behavior of titanium with varying amounts of the interstitial solutes (C, N,, and 4) that are known to cause static strain aging in titanium. Yield-point effects have been reported for polycrys-talline high-purity titanium alloys containing either carbon, nitrogen, or oxygen.7'9 These effects were observed at testing temperatures in the range 100 to 300'. In addition yield-point and strain-aging effects have been reported for single crystals of titanium containing 0.1 wt pct C plus N.' These yield points were observed over a wide temperature range, but no room-temperature aging occurred. Aging at 180' was required to cause the return of the yield point. The magnitude of the yield phenomena in titanium containing interstitials is not expected to be as large as is observed in bcc metals because of several factors. Titanium has a very high chemical affinity for oxygen and nitrogen. The thermodynamic stability of solutions of oxygen or nitrogen in titanium is recognized. Lattice parameter measurements of titanium containing arbon, oxygen,1° or nitrogen" show that the "c" parameter is expanded more than the "a" parameter, but that up to about 2 wt pct this results in an insignificant change of the axial ratio 'c/a." Ehrlich" has shown that the sites occupied by interstitial atoms in titanium are spherically symmetrical and therefore a lattice expansion, at a constant c/a ratio, results in a simple dilation of the interstitial site. Such a dilation involving no shear has been shown to react only with edge components of dislocations.13 This causes only a weak pinning action. Shear stresses would be anticipated locally when only one of the two interstitial positions was occupied. The carbon atom will cause a symmetrical distortion of the lattice whereas the oxygen and nitrogen atoms have, in addition, the previously mentioned chemical affinity of titanium for these elements. These factors will result in a considerably smaller reduction of free energy upon the association of interstitial atoms with dislocations, and therefore a much weaker pinning than has been observed for the bcc metals. These considerations would lead to the hypothesis that of the interstitial elements considered here carbon would cause the strongest pinning effect in titanium where the amount of interstitial in solution is constant. This hypothesis will be borne out in the analysis of the present results.

Jan 1, 1962

Powder Metallurgy Committee Local Sections DETROIT Robert Henderson, President, Victor Gallatin, Vice-President, Secretary, J I Farmer, Treasurer John Check, NEW YORK K H Roll, Chairman

Jan 1, 1957

By H. L. Teicliman, E. M. Sipprelle

ENACTMENT of Public Law 290 by the 78th Congress authorized the U. S. Department of the Interior, Bureau of Mines, to conduct an experimental program to develop the technology for obtaining oil from oil shale. In adopting and later extending this legislation, the Congress recognized the impending necessity of supplementing ground petroleum reserves with synthetic fuels. Under the provisions of this legislation, the Bureau of Mines, among other things, was charged with the responsibility of developing mining techniques, methods, and equipment for mining the oil shales of the Green River formation of Colorado, Utah, and Wyoming.

Jan 1, 1950

By E. D. Peters

It frequently occurs in the establishment of reduction works, in an entirely new and untried mining district, that the metallurgist in charge finds considerable difficulty in determining the process best adapted to the ores which he receives for treatment. At the first glance it would seem easy enough to decide what style of furnace is best adapted for beneficiating any one class of minerals. If the ore possessed a quartzose gangue and was comparatively free from base metals, while salt could be obtained at a reasonable price, one would naturally resort to a chloridizing roasting, and pan or barrel amalgamation for the extraction of its silver contents. If galena or carbonate of lead was the prevailing mineral, and charcoal could be obtained at moderate figures, the blast-furnace would beneficiate the ores most advantageously. But if, as is usually the case in Colorado, the ores consisted of an intimate mixture of galena, zinc-blende, copper-pyrites, and noble silver minerals, associated with an overwhelming mass of siliceous heavy spar, or limestone gangue, the common reverberatory furnace can be used to the greatest advantage ; and, although the product is only a copper matte, I do not hesitate to affirm that it can be treated, and the silver, gold, and copper produced at nearly the same price for which silver and lead can be separated. In Germany, blast-furnaces are frequently used for this same purpose, both for argentiferous and non-argeutiferous copper ores; but any one who will take the trouble to examine the statistics of smelting at Fahlun, the Oberharz, and other Continental works of this description, will see that the expenses are far too great, and the production much too small to think of employing this method in our mining districts, where only the softest and most miserable kind of charcoal is obtainable. I propose in this paper to give an accurate account of the expenses incurred at the Mount Lincoln Smelting Works in treating the same kind of ore, and producing the same end-product in both blast and reverberatory furnaces. I have taken for comparison a favorable campaign of the blast-furnace, and a good average month's running of the reverberatory. In the blast-furnace estimate I have included the calcining and concentration of the matte produced during that campaign, as I always, when possible, concentrated the regulus made

By John B. Hastings

THE occurrence of such a large amount of gold in the Hartsel granite, even though the surmised existence of similar areas is not new, brings freshly to mind the pegmatite type of magmatic differentiation lately brought again to attention by occurrences at Silver Peak, Nev., described by Spurr; and in Alaska, described by both Spurr and Brooks. In both localities graunitic rocks or dikes are thought to pass into metalliferous quartz-veins. An interesting association in this connection is the occurrence of diamonds in residual pegmatitic clay of San Juao de Chapado, Brazil, described by Derby :1 (P. 142) "Bodies of pegmatite are quite common in the older rocks of Brazil, both in the. diamond regions and elsewhere, occurring not only in the gneiss and granite, but in the schistose series as well. Those that have been examined are dike-like in their mode of occurrence and granitic in composition." (P. 143) "The question of the eruptive or secretionary origin of pegmatites has long been a subject of discussion among geologists. . . . The recent studies . . . seem to have clearly established that most if not all of them are essentially eruptive masses, though possibly modified in some way by aqueous agencies. Even before becoming acquainted with the literature of the subject this view had seemed to me to be the only acceptable one as regards the typical pegmatites of Brazil." What is pegmatite ? J. F. Kemp says ". . . veins or dikes-it is an open question which is the more correct term-are met formed of very coarsely crystalline aggregates of the same minerals that constitute granite. These are called pegmatite and in them is the home of graphic granite, the curious intergrowth of quartz and feldspar, such that a cross fracture of the blades of quartz suggests cuneiform characters. . . . In regard to the larger veins or dikes it seems improbable that true igneous fusion could have afforded such coarsely crystalline aggregates, and so we are forced to assume such abundance of steam and other vapors, i.e, mineralizers, as to almost, if not quite, imply solution."

Jan 5, 1908

FOR this Famous Mining Enterprise issue MINING ENGINEERING selected the company that started the zinc in dustry in the United States. The New Jersey Zinc Co. has been a supplier of zinc products to the nation's industries for more than 104 years. Its Horse Head trade mark is famous throughout the world.

Jan 12, 1953

By Carl L. Renzoni

INTRODUCTION This paper defines equity as the issuance of a permanent interest in the business on a broadly distributed basis. As such, it excludes the issuance of equity to either a merchant bank or to another corporation. Nearly twenty years ago the equity markets were very simple: The instruments used were primarily common shares, convertible debentures or convertible preferred shares. Another equity-type option often used, especially by junior companies, was the sale of joint venture interests. Issue sizes were generally in the order of $25 - $100 million and issues were syndicated primarily in North America and Europe by one or two investment dealers. Mining corporations today benefit from a market with much more depth. Issues are syndicated by dealers on a truly international basis, and issue sizes now often range up to $300 million. Moreover, dealers are now willing to take significant risk in buying the issues for redistribution. This discussion of trends in equity markets will encompass: 1) common shares 2) warrants to buy common shares 3) convertible debentures 4) commodity backed instruments A review follows of events that affect the mining industry and investment dealers as they have a bearing on the equity markets for the metal producers. FACTORS AFFECTING THE MINING INDUSTRY The current business cycle, up to October 1987, had been characterised by a buoyant stock market and depressed base metal prices. Mining companies entered this period with weak balance sheets and little prospect of cash flows meeting capital needs. The issuance of equity and the sale of assets were used extensively to reduce debt to manageable levels. During this period, the relative high price for gold, and more important, the very high earnings and cash flow multiples afforded to gold producers, caused companies to target gold as the only game in town. The need for capital to acquire and develop gold properties prompted an unprecedented volume of equity issues. (Burns Fry led or co-managed over $1 billion of mining equity issues per year during this period). This high demand for equity capital by the industry prompted an increase in the use of equity instruments, such as commodity backed instruments. In addition, government tax incentive programs in Canada, such as flow-through shares, allowed smaller companies to raise significantly more equity than would otherwise have been possible. Over $1 billion in flow-through equity was raised in 1987 alone. The abundance of flow-through capital in Canada made it easy to form a new company. One flow-through share fund developed a system of providing the working capital required for a company to be eligible to receive flow-through share capital so that an entrepreneur required only a mining property to get started. Many new companies were formed and several flourished in a buoyant stock market environment to the point that market capitalizations grew to $100 million or more. The current period is in stark contrast to that before October 1987. The equity markets are generally available to the resource industry only on a window basis and only for senior companies and for special situations. The industry is benefitting from buoyant metal prices, and bankers are anxious to provide debt capital. Investment dealers previously processing several equity issues

Jan 1, 1990