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By Edwin A. Rides

HISTORICAL ORIGIN OF THE EXPORT CREDIT AGENCIES Almost since the inception of international commerce sellers, having manufactured and/or sold and shipped goods to an overseas buyer, have been obliged to accept the risk that they will not be paid for one reason or another. There are many reasons why payment may not be forthcoming, for example, the goods may be lost at sea, or rejected by the buyer or the buyer nay simply not be creditworthy. These risks were brought into sharp relief as international trading became more sophisticated and the practice of giving credit to buyers gathered momentum. Inevitably enterprises sprang up which offered same mitigation of this exposure, accepting houses and later confirming houses and banks were prepared to assure acceptable credit risks an behalf of the seller, usually by discounting trade paper, and for many years the market ticked over reasonably satisfactorily. However, after the 1914-18 War international trade was at an extremely low ebb and its inherent risks were accentuated to a point where they were often commercially unacceptable. Yet a healthy and vigorous international market was indispensable to recovery of the world economy and a number of governments, led by the United Kingdom, perceived a need to offer their exporters a comprehensive form of insurance, particularly to facilitate the extension of credit to foreign buyers. In the United Kingdom the Export Credits Guarantee Department (ECGD) was set up to encourage trade through the provision of export credit insurance. Over the ensuing years others followed suit and now most of the developed trading nations and many developing nations have similar agencies. PRESENT DAY IDLE OF THE EXPORT CREDIT AGENCIES (ECAS ) Traditionally then the BA's role was to encourage trade through the provision to exporters of insurance against the risks of non-payment by overseas buyers of their goods and services. However, during the 1970's the manufacturing industries of most of the developed nations found themselves facing severe competition for business, particularly in the developing world. As a result the more aggressive ECA's began to introduce ancillary forms of cover designed to reduce exporters' risks outside of the credit field. For instance, most of the European agencies now have a form of cover against foreign exchange risks here contracts are denominated in currencies other than that of the exporter's country. Most of the agencies also provide cover to exporters against the risk of unfair calling of bid, advance payment, performance bonds etc and in certain countries, where high inflation rates were endemic, a form of cover against cost escalation. In certain circumstances it is also possible for an exporter to obtain cover against losses arising as a result of the involvency of a partner in a consortium or joint venture. These are all forms of insurance but, also during the 1970's, many of the national export credit programmes took a major step away from their original raison d'etre by facilitating the provision of preferential financing terns for the acquisition of capital equipment by an overseas buyer. This new line of business quickly became an important ingredient of major export financing packages and, as we shall see later, turned out to be extremely costly for the countries providing it.

Jan 1, 1985

By D. F. Stoneburner

The thermoelectric power and electrical conductivity of a series of liquid alloys of thallium were determined in order to study the relation of chemical bonding to semiconduction in liquids. The results indicate metallic behavior for the alloys of thallium with arsenic, antimony, and bismuth, while the sulfides, selenides, and tellurides indicate semiconduction. The results are compared with the Properties of the same alloys in the solid state. This work supports the observation that long-range order is not a necessary requirement for semiconduction. PREVIOUS work1,5 has shown that some sulfides and oxides behave as semiconductors in the liquid state. Although the band theory has been of great help in understanding the properties of solid semiconductors, its quantitative application to liquids is difficult. The very existence of liquid electronic semiconductors shows that ascribing the discrete structure of the energy spectrum to strict lattice periodicity, or long-range order, is not always satisfactory. Rather, the short-range order determines the structure of energy levels and the width of the forbidden gap and, consequently, the concentration of free holes and electrons. This is borne out by the analysis of data accumulated by Regel and coworkers.6 The similarity of electronic structure of liquid and solid phases of certain liquid metals was pointed out by Knight et a1.,7 who examined nuclear resonance in solid and liquid Li, Na, Rb, Cs, Mg, Al, Ga, Sn, and Bi. They found noticeable changes in the electronic structure upon melting only in the cases of bismuth and gallium. They concluded that "a liquid metal possesses a band structure which is very like that of the solid, provided the short-range structure is not altered during melting." In semiconductors in which the near-neighbor arrangement remains the same on fusion, the material would be expected to retain its semiconducting properties. The quantum theory of semiconductors, with its band structure of energy levels, is linked exclusively to long-range order. Furthermore, it has limited usefulness in predicting new semiconductors. Many sulfide8-12 have made comparisons of properties on the basis of crystal structure or the position in the periodic table, both methods involving the same factors as chemical bonding. Mooser and Pearson8"10 have pointed out that crystal structure depends on chemical bonding, and that this bonding is a property of the atoms themselves. As the periodic arrangement of the atoms offers an easy comparison of such factors as atomic weight and number of valence electrons it provides clues to expected similarities of bonding for various elements or groups of elements. This approach has led Mooser and Pearson to formulate their valence-bond theory of semiconduction, in which they define a semiconducting bond. These authors state that "semiconductivity is the result of the presence in a solid of predominantly covalent bonds. These lead, through the process of electron sharing, to completely filled s and p orbi-tals in the valence shells of all atoms of elemental semiconductors while in semiconducting compounds only one atom of any two bonded together need acquire closed s and p orbitals. The presence of empty 'metallic' orbitals in some atoms of a compound does not destroy the semiconductivity provided that these atoms are not bonded together; it may, however, give rise to pivoting resonance in

Jan 1, 1965

By Thomas W. Wälde

BACKGROUND Foreign investment has been a major factor in bringing about the substantial mining industries of Chile, Peru, Bolivia, Venezuela, Brasil and Guyana. But economic nationalism and sentiment against foreiqn domination of vital national industries grew in the 1960s and most major mining projects were transferred into state owner ship. Among the state mining enterprises formed were CODELCO - Chile, MINERO-PERU/ CENTRCMIN - Peru, CCMIBOL - Bolivia (in 1952), Hierro-PERU, GUY-BAU/BIDCO - Guyana, etc. New investment during that time was discouraged because it was subject to the restrictive conditions of the investment regulations of the Andean-Pact, a grouping of Chile, Bolivia, Peru, Ecuador, Venezuela and Colombia. The philisophy was that mineral resources were to be developed exclusively by national enterprises. Essential foreign inputs had to be acquired "depackaged" as separate purchases of equipment and technical assistance services. As a result of the worldwide economic recession which hit the mining industries in 1980-1982, many projects that were viable in 1970 were not developed by the new state enterprises due to lack of capital, managerial and technical abilities and due to problems with marketing. As a consequence of the long-term decline of metal prices, governments experienced difficulty in getting investment organized through national or foreign enterprises and have had to face up to the trade-offs between national control and active mineral development. A change has since taken place in governmental policies. The 1981 Peruvian mining law, the 1982 mining law of Uruguay, the 1979/1980 mineral promotion laws of Argentina, all witness the gradual shifting of emphasis from restriction to promotion. The investment rules of the Andean Pact have been progressively softened through national regulation and today are more or less irrelevant. Nationalizations and forced renegotiations have not occurred in the last few years. Countries have gone to great lengths (without much success) to re-attract foreign investment on terms that accommodate the political sensitivities of the South American countries and the practical requirements of investors and financiers. For this analysis, three contracts have been selected which reflect this accommodation in three South American countries, where miner a1 production plays a major role in the national economy. These con tracts reflect both the attitudes and traditions of the individual countries, but also mark the shift in mineral investment policies that has taken place. EL INDIO AGREEMENT The 1977 investment agreement between Chile and St. Joe Minerals marked a dramatic relationship between Chile and foreign mining investor s. In Chile, mining of copper has played a major role in the country's history. Large scale copper mining was initiated and developed by Kennecott and Anaconda. The nationalization of these two companies under the Allende government in July 1971 started a wave of nationalizations of foreign-held mining and petroleum operations since then in many parts of the world. The military government supported the new Chilean state mining companies ((30DELCO and ENMI) , but it also attempted to accelerate mineral development by prom ting foreign private investment, thus reversing the nationalistic policies followed by the Allende and the preceding Frei government. The new policy by the military government is expressed in Decreto-Ley 600 (1974) which governs foreign investment in Chile. Decreto-Ley 600 is

Jan 1, 1985

By John A. Graves

Anaconda's Jackpile-Paguate mine, located between Albuquerque and Grants, N.M., is situated at an elevation of 6000 ft in a semi-arid desert region. The original Jackpile deposit was discovered by Anaconda air and ground exploration parties in Nov. 1951. A large percentage of the uranium mined in New Mexico comes from the Jackpile-Paguate, which is one of, if not the largest, open pit uranium mines in the world. From 1953 to the present, 120 million tons of overburden, mining waste, and low-grade material have been removed to produce approximately 10 million tons of merchantable uranium ore, having an average grade of about 0.25% uranium oxide. Identifying the Orebody Surface drill holes delineate the ore bodies on a predetermined grid which varies in dimension but usually affords 100-ft control. These holes are probed immediately after drilling by geophysical logging trucks, resulting in a gamma log and digital readout from each hole. From this information it is possible to arrive at an almost immediate conversion to percentage of U3O8 on 6-in. intervals. Initially a hole is probed at a reconnaissance speed of 10 fpm with a time constant of 8 sec. Wherever the gamma recording goes off scale on an initial run, that particular zone is rerun at 2 fpm and at a time constant of 2 sec. This time constant is the interval that emissions are counted and accumulated for recording purposes. The search radius of the Geiger probe is approximately 18 in.

Jan 8, 1974

"NAME…""Utah"" is derived from the name of the Indian tribe, variously spelled ""Yuta, “Ute"" ""Youta,"" ""Uta,"" ""Eutaw,"" and finally ""Utah."" It means ""in the tops of the mountains,"" or ""on the heights."" The state emblem is the ""Beehive,"" typical of industry. State nickname is ""Beehive State.""AREA…Utah is the tenth state in area. It contains 84,990 square miles, of which 2,806 miles are water. When admitted as a territory in 1850, Utah included all the area from the east line of California to the summit of the Rocky Mountains between the 37th and 42nd parallels, which embraced practically all of the present state of Nevada, all of western Colorado, part of Idaho and part of Wyoming, in addition to the present area of Utah.TOPOGRAPHY…Utah is generally mountainous, with several main ranges and also detached groups of mountains. The valleys are broad and level. The mean altitude of the state is 6,100 feet above sea level, which makes the state the third highest of the Union. The highest point in Utah is King's Peak (13,498) in the Uinta range. The lowest point is Beaverdam Creek (2,000) in Washington county.CLIMATE…The climate is diversified between mild temperate in the northern portion to semitropical in the southern portion. There are four distinct seasons. Snowfall is heavy at the greater altitudes and rare in the southern portion. Rainfall is moderate throughout the state. Extremes of heat and cold are unusual."

Jan 1, 1925

By John F. Burst

GENETIC correlations of the various types of Cheltenham fireclays found in Missouri have been the subject of several papers. The correlations usually have been attempted on the basis of stratigraphic and leaching patterns (Wheeler,18 1896; Allen, 1,2 1935 and 1937; McQueen,13 1943). Herold10 (1943), as well as Allen,l,2 has dealt at length with the mineral¬ogy of Missouri fireclays and postulates genetic relationships from min¬eralogical findings. Both researchers cite kaolinite as the primary clay mineral of the Cheltenham formation and suggest that differences in physical proper¬ties are due to clay mineral impurities such as halloysite or illite (not recog¬nized by the name "illite" at the time of Allen's papers). By ascribing the differences to impurities, it is possible to use weathering as the only major alteration factor. This paper seeks to probe still farther into the clay mineral composition of the Cheltenham formation and to show thereby that the mineralogical differ¬ences that have been found to exist within the "kaolinite" component of the Cheltenham fireclay may alter somewhat the previously held theories of diagenesis. Two Missouri fireclays, which have been rather thoroughly investigated, were chosen for comparison of genetic relationship to clay mineral content. One is a typical plastic fireclay of the middle Cheltenham (McQueen's classification13) obtained at Mexico, Audrian County, Missouri, from a large open pit operated by the A. P. Green Fire Brick Co. The other-a typical hard flint fireclay-was obtained from a pocket deposit in southwestern Mont¬gomery County, Missouri.

Jan 1, 1952

By Terry G. Richard, Vernal H. Kenner, Sunder H. Advani

This paper presents and discusses the results of thirty-one fracture toughness tests on Pennsylvanian Age Clay Shale. Two different orientations for this anisotropic material were studied and two series of tests were conducted, namely, 1. a test series to determine the effect of moisture content on fracture toughness, and 2. a test series to study mixed mode fracture. Increased absorbed moisture is found to reduce fracture toughness. Several analyses of mixed mode failure are found to give varying non-conservative predictions of failure stress intensity level.

Jan 1, 1982

By Peter J. Szabo

INTRODUCTION The time period from the detailed feasibility study to the post investment audity usually ranges from three to eight years depending upon the nature of the mining project considered. It is the only after the post investment audit that we know the adequacy of the assumptions made concerning operational risk assessment in the detailed feasibility or acquisition economics. The post investment audit results from numerous mining projects can best be described by a verse by John Greenleaf Whittier's Maaud Muller. It reads "For all sad words of tongue or pen the saddest are these 'It might have been!"' Dissecting the negative results of numerous mining projects we find faulty assumptions concerning markets, geology, capital investment and operational risk assessment. Although in hindsight many of these assumptions could have been considered impossible or impracticle to have forecast with any degree of certainty, we find that refined assumptions concerning operational risk assessment could have been made with only a modicum of additional "Due Diligence". Anyone who invests in a mining property should employ a much higher discount rate of future cash flow, (usually in the minimum range of 25%-30%), than he would expect from such safe investments as Treasury Bills or high grade Utility Bonds. The nature of this steep discount translates to a large uncertainty concerning the timing and actualization of assumptions contained in the detailed feasibility study. We must remember that when a project gets beyond 20 years, any contribution to the value of the project of cash flow is minimal due to the nature of the discounting process. Thus for each full or partial day lost in the development or early operation stage of a project, the financial impact will be greater than similar lost days later on in the project. Adequate operational risk assissment is particularly critical when bidding on competitive tenders for coal deposists in remote locations such as the Bowen Basin in Queensland, Australia. Because of the market attractiveness of these coal deposits for supplying end users in the Far East, Middle East and Europe, state governments require competitive tender biddings via the Authority to Prospect process. Front end bonuses and super royalty payments must be commited before the actual mining conditions are known. Time to submit firm offers from the actual request for proposal vary from 90 to 120 days. Thus any operational risk assessment must be detailed, realistic and reflective of the actual project. When one searches the literature, one finds limited qualitative data on operational risk assessment in valuation papers. Usually this facet of valuation takes a secondary role to such areas as reserves, markets, and environmental considerations. When one comes to the question of operational risk assessment more often than not one finds the use of "rules-of-thumb", such as tons per man shift, average production, average seam height, etc., are used to forecast results on which banks and other financial institutions are required to make investment decisions. Because of the extremely competitive environment of the 1970's and 1980's numerous financial institutions approved loans without adequate "Due Diligence", and are currently paying a steep price in terms of non performing loans and charge offs. One must always remember that each operation is unique with its own characteristic

Jan 1, 1985

September 28, 1915. The Nominating Committee of the American Institute of Mining Engineers has the honor to present the following nominations for officers of the Institute to be voted for at the 1915 Annual Meeting: For President: L. D. Ricketts District 0 For Vice-Presidents: Karl Eilers District 0 James MacNaughton District 4 For Directors: Thomas B. Stearns District 7 Charles F. Rand District 0 Charles W. Goodale District 5 Edwin Ludlow District 2 George D. Barron District 0 F. W. BRADLEY, Chairman.

Jan 11, 1915

By F. Weinberg

WHEN impure Zn (< 99.99 pct)&apos;&apos;Z or Zn-Cd alloys3 are progressively solidified, a cell or "corrugation" substructure4 is produced in the solid, with a high impurity or solute concentration along the cell walls. When these materials are polished and suitably etched, etch pits are often observed along the cell walls. For the Zn-Cd alloys these etch pits have been associated with decorated dislocations, present in the corrugation boundaries to accommodate the lattice strain. In the course of an investigation of Zn-2 pct Au alloy, molten metal of this alloy was poured into cold water and the resultant solid pieces were sectioned, polished and etched with a Cr0 ethant. An extremely regular cell pattern was observed on the etched surface, similar in general to the corrugation structure previously reported for impure zinc and Zn-Cd alloys. At higher magnification, regularly spaced pits were observed along the cell boundaries. An example of the regular cell pattern at the center of a specimen is shown in the center and lower portions of Fig. 1; the top of the figure shows the pattern near the specimen surface. Typical etch pits in the cell walls are shown in Fig. 2. It was surprising that a cell pattern as regular as that shown in the center of Fig. 1 was produced at the very rapid solidification rates used (estimated as > 1 cm per sec). In addition, the distribution coefficient for the Zn-Au system is greater than 1. Accordingly, the center of the cells should be rich in solute and should etch

Jan 1, 1963

The failure of finely-divided sulfide particles to respond to flotation has resulted in a significant loss of our natural resources. As mentioned by Professor Arbiter, the overall recovery of copper from porphyry copper ores is generally between 80 and 85 percent. The recovery of copper sulfides from these ores is about 90 percent, the difference in these recoveries being due to failure of oxide copper minerals to respond to flotation. The 10-percent loss of sulfide copper has not been studied. Losses are known to be in the fractions finer than 74 microns, but the sizes that are not responding to flotation have not been established. In the case of molybdenite, however, it is known that particles finer than about five microns are not recovered. Work in other systems, notably the hematite-quartz system, has shown that good flotation of very fine particles from natural ores is possible (1, 2). The size distribution of one ore that was researched is given in Table 1, and as shown, approximately 50 percent of the ore was finer than 10 microns. Flotation experiments were conducted with this ore, which contained 45 percent iron, utilizing octyl hydroxamate as collector and without any desliming (1). The results of these experiments are presented in Table 2. From the standpoint of mechanisms of collector adsorption, similarities exist between those occurring in the hydroxamate-hematite system and many xanthate-sulfide systems. .This is, multilayers of ferric hydroxamate are present on hematite under flotation conditions (1,3).

Jan 1, 1979

By James Norman

SPODUMENE is a lithium-bearing pyroxene, and is an important source of lithium compounds. Because of its high alumina and lithia content, it might be a desirable constituent of glass batches. The use of spodu-mene in ceramics will undoubtedly increase, as it has been shown that a mixture of the proper proportions of this mineral with soda feldspar and potash feldspar has a much lower maturing temperature upon firing than has any one of the three components.1 The mineral spodumene seldom occurs as pure mineral, but ordinarily with feldspars, mica and quartz. All spodumene-bearing rocks tested contained these minerals as gangue. Small amounts of iron and manga-nese oxides also were present, usually as stains on the silicate grains. Mica associated with the spodumene carried a considerable amount of lithia. This was discovered in flotation tailings, which, although virtually free of spodumene grains when examined microscopically, showed 0.4 to 0.5 per cent Li2O on chemical analysis. The lithia content of micas picked from the North Carolina spodumene rock was variable. Some samples contained little lithia, others more than 3 per cent. In 1938, under the supervision of Oliver C. Ralston, ? the Bureau of Mines, in cooperation with the Tennessee Mineral Products Corporation, undertook to study the beneficiation of North Carolina spodumene by froth flotation. The Bureau had previously published investigations on the beneficiation of spodumene.2,3 The methods described in the second publication&apos; did not give good results with badly weathered spodumene rock, so that more thorough investigation of the subject was warranted.

Jan 1, 1940

Geological and Natural History Survey of Wisconsin, The University of Wisconsin, Madison, Wis - E. F Bean, State Geologist. A complete list of publications of this Survey will be sent upon request Only a portion of the Bulletins and Maps fall within the scope of this directory, and most of them are available They are: Bulletin 4, Building and ornamental stones of Wisconsin (1898), $2 50, 6, Preliminary report on the copper-bearing rocks of Douglas County, and parts of Washburn and Bayfield counties (1901), 50 cents, 7, The clays and clay industries of Wisconsin (pt 1) (1901), 50 cents; 14, Report on lead and zinc deposits of Wisconsin (the report is out of print but the 18 maps which accompanied it can still be had) (1906), 20 cents (a series of six maps, supplementary to these (1909), may be had for 6 cents), 15, The clays of Wisconsin and their uses (1906), 50 cents; 16, The geology of north-central Wisconsin (1907), $2, 17, The abandoned shore lines of eastern Wisconsin (1907), 50 cents, 19, Zinc and lead deposits of the Upper Mississippi Valley (1907), 25 cents; 34, The limestone road materials of Wisconsin (1914), 50 cents, 35, Underground and surface water supplies of Wisconsin (1915), $150, 36, The physiography of Wisconsin (new edition now in press) (1916), $125, 41, A study of methods of mine assessments and valuation (1914), 50 cents; 44, Mineral land classification in parts of northwestern Wisconsin (1915), $5, 45, The peat resources of Wisconsin (1915), 50 cents, 46, Mineral

Jan 1, 1933

1. Healthy and active Local Section organizations are vital factors in promoting the vigor and growth of the Institute. 2. Activity on the part of Local Sections should be recognized and stimulated by appropriation of funds from the Institute&apos;s treasury; and these appropriations should be as large as is consistent with the relative needs for other activities. 3. As between different Sections, the amount of such appropriations should be based primarily on the extent of activities as reflected in the number and character of meetings held and the attendance of the members at such meetings. 4. In making a request for funds for any year, the officers of a Local Section should submit a report on the printed form approved by the Directors at their meeting on November 19, 1937. 5. A standing Committee on Local Section Appropriations, consisting of one past Chairman of a Local Section, one member of the Institute&apos;s Executive Committee, and one member of the Finance Committee, shall be appointed by the President and shall pass upon requests for appropriations and authorize payments within bounds of the budget. The committee will be guided by the principles herein outlined, always having in mind the vital importance of healthy, active Sections to the welfare of the Institute as a whole. 6: According to Article XI, Section 2 of the Bylaws, requests for appropriations shall be signed by the Chairman, Secretary and Treasurer of the Section. 7. Requests for appropriations must be in the hands of the Secretary of the Institute by February 15 of the year for which they are desired.

Jan 1, 1946

Works Manager or General Superintendent.-Technical graduate, for position with a company whose works consist of a large machine shop and foundry. This company manufactures well-known power plant equipment. Location, Pennsylvania. Salary, $5000-$8000 per year. R-871. Motion Study Engineer with extensive experience in shop operation and motion study. Must have sufficient technical experience to recognize inefficiency and waste in plant. Salary, $175-$200 per month. Location, New Jersey. R-876. Metallurgical Engineer.-Technical graduate with at least 2 or 3 years&apos; practical experience in the operation of zinc smelters. Duties will be to take charge, under the guidance of -the superintendent of the smelter, of the operating end of the furnaces, and the roasting kilns, as well as the mix room and ore crusher. Man desired should not be over 30 years of age and should be progressive and able to handle men. Salary, $250 per month. Location, Oklahoma. R-877. Private Secretary to Vice-president in charge of development department and laboratories of large manufacturing plant; must be technical man of good personality, and A-1 in every respect, as position is an important and responsible one. Location, Ohio. R-896. Sales. Engineer familiar with his local territory, particularly with the fanning trade. Should have had at least 2 years&apos; experience in selling tractors; and in any event, must have had at least 5 years&apos; experience in selling machinery. High grade, energetic, and capable; man who is not satisfied with less than $3000 per year and who can earn up to $7000. Location, Iowa. R-897.

Jan 8, 1919

By John B. Pearse

THE works heretofore used in carrying out the Bessemer process have been constructed substantially as follows : The whole works or plant has been divided into three parts. 1. The division in which the metals for conversion are melted. 2. The division in which the metals are converted into steel and cast into ingots, or the converting department. 3. The engine and boiler department which supplies the hydraulic power required to move the machinery, and which furnishes the blast used for converting the crude metal into steel.

Jan 1, 1876

In accordance with the provision of the Constitution, notice is here given to all Members, Associates, and Junior Associates, that the dues of the year 1919 will be payable on Jan. 1, 1919, at the office of the Secretary. The clues for Members and Associates are $12 per year and the sum of. $2 additional is asked of those Members and Associates who desire to &apos;have the two volumes bound in the Institute&apos;s standard binding. The clues of Junior Associates are $5 per year.

Jan 12, 1918

Noranda Mines, of Quebec, signed a contract for construction of a $20 million copper refinery at Gaspe, P.Q. The plant is expected to have a 65500-ton daily capacity for both concentrator and smelter. Extensive drilling. around Gaspe has revealed more than 65 million tons of 1 to 2 pct copper in several deposits. Cerro de Pasco Corp. has called a special stockholders meeting for August 19 to obtain permission to engage in the oil and natural. gas business, in addition to its present production of zinc, lead, copper, silver and other metals. St. Joseph Lead Co. recently entered the oil development field. The United States, Canada and Great Britain have agreed to establish a permanent organization to work on unification of engineering standards. General accord has been reached on drafting standards and practices, screw threads, fittings for gas cylinders, and fits and tolerances. Permanent committees will study these fields. Reconstruction Finance Corn approved the largest sum in its history. for a mining enterprise when it loaned $94 million to San Manuel Copper. Corp., of Pinal County, Ariz. The loan will be used to increase production of copper and molybdenum, in what was described as-the biggest copper deposits in the country. Three large gold mining concerns operating in the Philippines told the Philippine Wage Board that they would be forced to close if they had to boost miners&apos; wages 500 to $2 per day. The companies are Mindanao Mother Lodes, Benguet Consolidated, and Balatoc Mining Co.

Jan 1, 1952

By Alfred H. Bell, Paul F. Simpson

The year 1929 was one of continued activity in the petroleum industry of Indiana and Illinois but the new production obtained has not been sufficient to offset the decline in the production of the old wells. (Table 1). Drilling costs have not changed materially during the year and the prices of crude oil have increased slightly so that the prospects for further testing are good. The total number of completions in Illinois in 1929 (Table 2) was greater than for any year since 1917. More than half of these were in the Dupo field, St. Clair County, and the development of this field was largely responsible for the increased ratio of producers to dry holes in the state as a whole. In the southeastern Illinois field which has produced about 97 per cent. of the state&apos;s petroleum the number of completions was greater than in 1928 and the percentage of producers was a little higher. Although a number of scattered wildcat tests were drilled most of them were not located on favorable structure and the only noteworthy discovery was that of a shale-gas horizon at shallow depth in Morgan County in western Illinois where gas has been produced for a number of years from sandstone and limestone. In Indiana the number of completions (Table 2) was only slightly less than in 1928. Most of the new wells were drilled in the southwestern part of the state, which now produces more than 90 per cent. of Indiana&apos;s petroleum.

Jan 1, 1930

LIBERIAN ore has been called the richest iron ore mined in the world, and thus far, the output from the Liberian Mining Co.&apos;s Bomi Hills mine has lived up to its reputation. Iron content has been variously given as 68.47 pct to 68.825 pct. A recent United Nations survey gave it first place, surplanting the previously top-rated Swedish product. The first shipment of Liberian ore to the United States reached Baltimore in June, 1952 and went into blast furnaces at Republic Steel&apos;s Cleveland plant, where excellent results were reported. The physical make-up of the ore was hard, dense lumps, free of fines and with ideal size distribution. The Bomi hills mines were scheduled to be in full operation by the end of 1952. At the close of 1951, 200,000 tons of ore had been delivered to Baltimore. Liberian Mining Co. states that production is about 90,000 tons of ore per month at present. Between 1200 and 1500 men are employed at the mine site, with about 25 pct of them Americans. The Bomi Hill project was financed with the aid of the Export Import bank, which loaned Liberia Mining part of the sum needed to initiate and put the development into production. No definite expansion plans are in the making but extensive diamond drilling is being pursued. Original estimates of annual production for Bomi Hills ran in the neighborhood of 1.5 million tons, but the figure is no longer applicable. Liberia&apos;s potential as an iron producing country has been known for a long time, but the physical obstacles in the way of large scale production were such as to prohibit even contemplation of the project. Until recent years, the only route from the mine site to Monrovia was a foot trail. Once to the coast, over swamps and unbridged rivers, the ore was still useless because of the lack of loading facilities. Transportation Solved One problem was solved with the completion of the artificial harbor at Monrovia. Harbor construction was well under way when the mine project began in 1948. The island location of Monrovia also made the building of a bridge across the St. Paul River necessary. The 980 ft reinforced concrete structure, accommodating railroad and vehicular traffic, was opened in 1949. Meanwhile, preliminary work on railroad construction started. Grading was completed quickly. In April, 1951, the first train made the trip from Monrovia to the Bomi Hills. About half of the cost of the entire project went into railroad construction. More than 2200 men, often forced to resort to primitive methods, were engaged in clearing a path through the heavy forests between the mine and port. Swamps were drained and filled, and bridges, including the William V. S. Tubman, named for the Liberian President, were constructed. At the port, a Robbins Conveyor Belt Co., orehandling plant was installed. Ships can be loaded from the stockpile at the rate of 3000 tons per hr and vessels need spend only one day in port. Liberian Mining is operating under an 80 year lease, giving the company exclusive mining rights to all minerals, except gold, platinum, and diamonds, within a 40 mile radius of Bomi Hills. The contract provides a fixed royalty to the Liberian Government of five cents per ton of ore extracted, and a premium -based on the New York market price for Bessemer-grade pig iron. The entire project started because an American,

Jan 1, 1952