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By Hans W. Schreiber

INTRODUCTION At the end of the day, the decision by the sponsor to proceed with a project and to seek financing, or the decision by the financier to grant financing are made on a judgmental basis. Cash flow projections, sensitivity and risk analysis, the innumerable ratios applied by the financier, the so-called feasibility study, etc. are all only tools, and the degree to which they affect decisions is as highly varied as are the personality differences and business conduct and outlooks of the persons who render the decision of "go or no-go". The independent consultant, then, is expected to provide an additional increment of credulity and/or reliability to the "tools" which others will use in reaching a decision; the consultant is really not in a position to directly recommend a "go or no-go". PROJECT FINANCE INGREDIENTS The project finance situation has basically three ingredients: - The project; - The inherent risks attendant with project failure; - The parties. The project, to be viable for financing, will have certain essential characteristics, namely: 1. Clear title or rights to the mineral; 2. Proven definition/establishment of mineral quantity; 3. Financial viability; 4. Physical access consistent with financial viability; 5. A market for the product at a price and for the quantity consistent with financial viability; 6. Transportation/shipping from the project facility to the market at a cost consistent with financial viability; 7. Availability and demonstrated expertise of the developer of the facility; 8. Demonstrated expertise of the operator of the facility; 9. Production processes do not involve unproven new technology; 10. Availability of management personnel; 11. The property and the facilities have value (and thus can be used as collateral); 12. Government approvals/support, as required, will have been obtained; 13. The political environment is essentially friendly and stable; 14. The owner(s) of the project have the financial, strength to make equity contributions consistent with total required investment capital and project risk; 15. Backing by credit support other than that of the financier (i.e. guarantees); The inherent risks of failure are (Nevitt, 2nd Edition); 1. Completion delays with consequent delays in the generation of revenue 2. Cost overruns 3. Technical failure 4. Financial failure of contractors 5. Government interference 6. Uninsured losses 7. Increased price or shortages of raw materials, supplies 8. Technical obsolescence 9. Loss of competitive position in the market place 10. Expropriation 11. Inadequate/poor management The parties directly or indirectly integral to the project financing are: - The mineral rights owner - The developer - The operator - The equity investor

Jan 1, 1985

By Rudolf Gahl

THE history of flotation in America is very short, at least as far as the large-scale application of the process is concerned. It is remarkable how many important developments have taken place inn the last few years and are already being extensively utilized. What was new a year ago, seems almost commonplace now. For this reason it is with hesitation that I follow the suggestion: of Dr. Ricketts, President of the Institute, to describe the experiences of the Inspiration Consolidated Copper Co. with the flotation process. TESTS CONDUCTED IN SMALL TEST-MILL When the Inspiration company first decided to build a concentrating plant, nothing was known about flotation, and the process was to be gravity concentration pure and simple. Demonstration Tests Conducted by Minerals Separation Co. While plans were being prepared by H. Kenyon Burch (who had been intrusted with the design and construction of the concentrator) the Minerals Separation Co., a concern at that time little known in America, asked and obtained permission to demonstrate the value of its flotation process for Inspiration ore. As. a consequence, a small 50-ton flotation machine of standard design was added to the company's test plant and started to operate in the beginning of 1913. This marks the beginning of flotation at Inspiration. The results obtained with this machine, which was operated by members of the Minerals Separation staff, so far surpassed what this company anticipated that it was decided to continue flotation tests for this purpose, and two of the flotation experts of the Minerals Separation Co., I. L. Greninger and G. A. Chapman, were retained. L. R. Wallace, now superintendent of the Miami works of the International Smelting Co., was at that time metallurgist of the Inspiration company and in that capacity took an active part' in these tests. Great credit is due to him for his quick recognition of the possibilities of flotation.

Jan 9, 1916

By Michael Bradbury

INTRODUCTION A major change in financing exports in recent years has been the decreased importance of subsidized export credits, following the commitment of the OECD countries to eliminate the subsidy element. Subsidized export credit rates are now often more expensive than market rates as the financing for exporters has decreased in volume and importance. The forfait market, in recognition of this decreasing importance, provides a rapidly expanding source of nonrecource finance for exporters. The following is a step by step guide to what it is, how it works, its benefits and problems. WHAT IS FORFAITING? Forfaiting is not new. It has been used in Europe for about 25 years to provide export finance for both capital goods and commodities without recourse to the exporter. Although long the preserve of exporters in Germany, and more lately Italy, forfaiting is now used increasingly by exporters in Great Britain, the United States, Canada and Scandinavia. It is a fairly simple operation with easy straight-forward documentation. The transaction involves the purchase by the forfaiting bank of a bill of exchange or a series of bills without recourse to the exporter. These bills will have been drawn by the exporter, accepted by the importer, and will usually bear the unconditional guarantee of the importer's bank. They are normally drawn payable at intervals during the credit period agreed between importer and exporter and are purchased at a discount by the forfaiter. The exporter thus obtains his cash payment and the importer receives his credit period. The forfaiter collects the amount of the bills as they mature directly from the importer. Credit periods vary, depending upon the type of goods and the country and commercial risk of the importer. The period is generally between one and five years with six monthly maturities. The usual forfait currencies are US dollars. Deutschmarks and Swiss francs and others, such as sterling, French francs, and the Scandinavian currencies are being used more frequently. CHOOSING FORFAITING Most types of financing require the continued involvement of the exporter in the financial side of the transaction during the credit period. Forfaiting has certain comparative advantages. In particular, it is possible to forfait 100 percent of the risk without recourse to the exporter, unlike government sponsored export finance schemes, where some retention of the risk by the exporter is required. In addition, exports from country sources do not present problems and forfaiting can also cover trade within the EEC. Other benefits for the exporter are: (a) The exporter's balance sheet is improved; debts are turned into cash thus improving the liquidity of the company and enhancing its cash flow. And there are no contingent liabilities for bills of exchange. (b) If the sales contract is in a foreign currency forfaiting removes the risk to the exporter of adverse movements in foreign exchange during the credit period. (c) Fluctuations in interest rates during the credit period can be ignored since in forfaiting the transaction is usually done on fixed interest rate terms on a discount basis. (d) The political and transfer risks are taken by the forfaiter. (e) The commercial risk is taken by the forfaiter. (f) The costs of administration and collection etc. during the credit period are removed.

Jan 1, 1985

By HENRY COLEMAN

WE as employees of these related companies, I am sure, are proud to be affiliated with them, and have great faith in the sagacity and fore- sightedness of our employers. Most of us here have been called into important positions in these organizations, and it should be our most earnest endeavor to sense and carry them out as if they were our very own. We have been asked to supervise and carry on a work over which our employers cannot personally watch. It has been well said that the most efficient organization is that which requires the least attention from its head. Because of the very nature and condition of our work, which separates us by many miles from our employers and makes it impossible for us to receive attention and instructions from the heads of our departments, save for occasional visits and correspondence, we are given a great opportunity to prove that we can be efficient workers without too much attention from the heads of our departments. There are few employees who cannot do their duty when it is laid before them in specific terms, and when their employers are always there to see that their plans are carried out. But the employee who is really giving efficient service sees his duty himself and willingly does it. '

Jan 1, 1931

By Oliver C. Ralston

This paper reports the results of the use of salt in some research work carried on during the past 3 years at the Salt Lake City Station of the Bureau of Mines, which is quartered in the University of Utah, whose Metallurgical Research Department cooperates with the Bureau. Only the work involving the use of salt is described. The authors wish equal credit given to J. F. Cullen, C. L. Larson, C. Y. Pfoutz, C. E. Sims, H. C. Neeld, R. W. Johnson, F. G. Moses, N. C. Christensen, and G. H. Wigton, who have all in some way contributed toward the success of this work, while connected with the station in one way or another. Lead Metallurgy Popularly Supposed to be Without Problems In lead metallurgy it is difficult at first to find metallurgical problems, as the prevailing conception has been that lead is so easily concentrated in its various ores and so easily reduced to its metallic form that the only progress possible is that involved in cheapening methods of mining and of reduction. Most of the problems usually considered are of minor nature and do not involve radical metallurgical changes. During the three years of work of the Salt Lake Station, the following classification of problems in the metallurgy of lead has been made: Oxidized Ores. 1. Ores containing only lead. 2. Ores containing lead and silver or gold. 3. Ores containing lead and zinc, with or without silver. Sulphide Ores. 1. Ores of pyrite carrying some lead. 2. Ores of complex zinc-lead-iron sulphides. 3. Complex sulphides containing precious metals.

Jan 1, 1918

By AIME AIME

FEW mining engineers-noted as the profession is for migratory predilections.--can point to as varied a record as Scott Turner, director of the U. S. Bureau of Mines and newly elected vice-president of the Institute. His record as printed shows that from the time of his graduation from the Michigan College of Mines in 1904 until he went to the Bureau in 1925, he worked for 21 different companies. Geographically the record is no less imposing, although one reason for this is the fact that he was field engineer for several exploration companies. Virtually every important mining state in the Union is represented in addition to Canada, Alaska, Panama, and several countries each in South America and Europe. In addition to all of the common metals he has mined tin and coal. He opened and operated for five years a group of coal mines in 73" 13' S. Lat., on the Island of Spitzbergen. This was 825 miles north of the Arctic Circle on No Man's Land, where Mr. Turner claimed and maintained pos- session under the American flag of an area of 600 square miles. Incidentally, he was a survivor of the ill-fated Lusitania, sunk by a submarine in May, 1915.

Jan 1, 1930

By A. B. Parsons

LAST YEAR (1934) saw the completion of a ten-year program of reconstruction and modernization of the world's largest lead- smelting plant, that of the ' Broken Hill Associated Smelters Proprietary, at Port Pirie, South Australia, which has a capacity for smelting and refining 220,000 (short) tons of lead per year. It deals with the entire output of lead concentrates from the famous Broken Hill district in Australia, being owned .jointly by the three leading companies: North Broken Hill, Broken Hill South, and the Zinc Corporation. These companies, together with the Sulphide Corporation, are credited with a production of 198,000 tons of lead in 1934. When one says regarding any metallurgical plant that modernization is "completed" he should add "for the moment." Development in the art of metallurgy and in the equipment used never ceases; that which seems close to the last word today is likely to be obsolete in a few years even in a process so well standardized as smelting and refining lead. However, the reconstruction at Port Pirie has altered the procedure materially. More im-

Jan 1, 1935

By John Birkinbine

The experience of the past five years has furnished opportunities to study and to partially explain the operation and some of the causes of the short blast of Warwick Furnace at Pottstown, Pennsylvania, as described in the paper read at the Lake Superior Meeting, in August, 1880.* The many inquiries concerning the details of furnace operation which followed the publication of the paper, and the expressed desire of furnace managers to be informed as to future operations of this plant, have encouraged the preparation of the following data. To make the record continuous, and add to the value of both contributions, the present paper commences where the review of a short blast of Warwick Furnace ended, and includes the data of another short blast of two months, and a subsequent continuous campaign of nearly five years, which, by comparison, we shall designate as "the long blast." Frequent visits to the plant in the five years, during which its operation could be studied, and correspondence with the manager, Mr. Edgar S. Cook, have given a knowledge as to general features and details, and the courtesy of the officers of the Company which has given free access to the books of record permits the presentation of data which it is believed will be welcomed by furnace managers. Interest will undoubtedly be increased by the remarkable results which Mr. Cook has achieved chiefly with anthracite coal in a furnace whose details of construction will scarcely be generally admitted as embodying advanced ideas, its height being but 55 feet, with a bosh diameter of 15 feet 6 inches, its bosh-slope comparatively flat, its crucible smaller than the average, and the heat of the blast never reaching 1000' Fahrenheit. At present writing the credit of the best anthracite blast-furnace practice recorded in our Transactions is conceded to be that pursued by Mr. Fackenthal, at the Durham furnace, and Mr. Cook, at War-

Jan 1, 1886

By Tom Westgarth

As papers are placed before you upon large gas-engines in Belgium and Germany, it was considered that some information should be given upon the same subject in Great Britain. I therefore agreed to compile these notes, which I have made very short in view of the somewhat full nature of the other papers presented to this meeting, and considering the complete nature of the many publications which have been made recently upon the subject of large gas-engines. I give below Tables I. to VI., showing the number and particulars of large gas-engines which have been built or are building by British makers, and in view of the growing size of gas-engines I have concluded that engines of less than 500 h.p. cannot now he included in the category of large gas-engines, and therefore I have not considered engines under that power. Table I.—-" Oechelhauser " Type Gas-Engines. Built or Building by William Beardmore Co., Limited, Glasgow Indicated ! Engines. Horse-Power Type. Nature of Work. Gas Used. 6 2,500 Twin cylinder. Dynamo. Producer. 1 in Single cylinder. Rolling-mill. Producer. 4 1,250 Twin cylinder. Dynamo. Producer. 2 1,250 Single cylinder. Dynamo. Producer. 4 625 Single cylinder. Dynamo. Producer. 1 625 Single cylinder. Rolling-mill. Producer. 1 625 Single cylinder. Air compressor. Producer. 2 500 Single cylinder. Air compressor. Producer. 7 500 Single cylinder. Cement-mill driving Producer. Total, 28 engines ; 32,600 indicated horse-power. * Presented at the Joint Meeting of the Iron and Steel Institute and the American Institute of Mining Engineers, London, July, 1906, and here published under a mutual agreement between the Councils of the two Institutes.

Jan 1, 1907

||Abad, Leopoldo F, Min Engr, Div of Mines, Bureau of Science Manila, P I '23 Abadilla, Quirico A, Geol , Logo Pet Corp Box 172, Maracaibo, Venezuela '20 ||Abarquez, Ramon F, Met, Bureau of Science Manila, P I '24 ||Abbey, Robert Graham, Student, Case School of Applied Science Cleveland, Ohio '21 Abbott, A N , Mines Supt, Mazapil Copper Co, Ltd Concepcion del Oro, Zac , Mexico '23 Abbott, Clarence E , Mgr, Mines & Quarries, Tenn Coal, Iron & R R Co. 1242 Brown Marx Bldg, Birmingham, Ala '04 Abbott, Louis Benjamin, Chief Engr, Consolidation Coal Co, Elkhorn Div Jenkins, Ky '15 Abbott, Robert R , Met Engr, Peerless Motor Car Co Cleveland, Ohio '12 ||Abbott, Wells Osborn, Ray Consolidated Copper Co Hayden, Ariz '23 Abeel, George H., Jr, Cons Min Engr 4612 W 17th St, Los Angeles, Cal '18 Abel, Albert E , Asst to Pres , Valley Mould & Iron Corp Sharpsville, Pa '19 Abernathy, George Elmer, Prof of Geol & Min , Kansas State Teachers College, Pittsburg, Kan '20 Abey, Hiroshi, Min & Met Engr, Chief Engr, Takata Min Co, 2 Yeirakucho, Nichome, Kojlmachiku, Tokyo, Japan '17 ||d'Ablamg, Philip R , Millman, Old Dominion Silver-Lead Co Ellensburg, Wash '25 Aborn, R H, X-Ray Metallographic Research, Mass Inst of Tech Cambridge, Mass '19 Abouchar, Sylvain Sley, Min Engr & Geol, care of S H Sekaly, 13 Rue El Nimr.

Jan 1, 1923

By AIME AIME

HE State of Utah has an area of 84,990 sq. mi., and like other inland states in the West its population, although steadily increasing, is relatively small. The fact that it is a state possessing vast mineral resources is attested by a careful study of statistics which have been compiled by Federal and State investigators. Some idea of the extent of these resources and the degree of development of a particular state or region may be gained by such a study, but in the case of Utah statistics and other available information fail to portray completely the true extent and value of its existing metallic and non-metallic resources. The State is probably more widely known for its production of metallic ores which has placed it in an eminent position among the metal mining states of the Nation.

Jan 1, 1925

The primary purpose of the Institute is to advance those sciences embraced by it through interchange of knowledge This can best be done by the presentation and discussion of technical papers by its mem¬bers Short practical papers are especially welcome In any case the author should satisfy himself that his material is of a quality that will be a credit to him and to the Institute The preparation of a good paper frequently leads to a reorientation of the author's thoughts, which is extremely valuable, and pertinent dis¬cussion thereof contributes in no small way to the professional standing of the author Members are urged to submit papers presenting the results of their work Attention to the following suggestions will greatly further the prompt and efficient handling of manuscripts 1 Subjects: The subject must be within the field of the Institute Original work, the results of field, plant, laboratory or theoretical investigations, new views on old but important problems and occasion¬ally reviews of timely and important subjects of wide interest to our members may constitute the basis of a paper The mere fact that the work is original does not necessarily justify publication it must be of a substantial nature, of value to a reasonable number of our members and worthy of permanent record It is rarely desirable to subdivide the results of a single research for publication in a variety of journals Pre¬vious publication is a bar to acceptance 2 Construction : Papers should be clearly and concisely written in good English Care in this regard insures wider reading and the saving in space permits the Institute to publish more papers The terminology and units employed should be those current in the particular field An examination of Institute publications will afford useful guidance in such

Jan 1, 1937

Aamot, Olav Crone, Chem. Engr., Norsk Elektrokemisk, Kongensgt. 18, Oslo, Norway. '29 Abbott, Clarence E., V.P., Charge of Raw Materials, Tennessee Coal, Iron & R. R. Co., 1242 Brown-Marx Bldg., Birmingham, Ala. '04 Abel, Raymond L., Prof., Dept. of Pet. Refin., Univ. of Pittsburgh ..Pittsburgh, Pa. '28 Abel, Walter D., Cons. Engr 364 S. Cloverdale Ave., Los Angeles, Calif. '32 Abele, Louis T R.F.D. 1, Adamsville, Ohio. '31 Abell, Leo M., Ore Dressing Investigator, School of Mines Adelaide, S. Australia. '31 Abenius, Hakan V., Mine Supt., Bolidens Gruvaktiebolag Boliden, Sweden. '37 Aborn, Robert H., Asst. Met., Research Lab., U. S. Steel Corp., Lincoln Highway, Kearny, N. J. '19 Abraham, W. E. V., East India United Service Club, 16 St. James' Sq., London, S.W. 1,, England. '28

Jan 1, 1937

By R. G. Jones, W. L. Kinney, R. E. Schilson, R. S. Wilson, G. A. Clark, H. Suralo

This paper discusses the results of the Fry conventional or cocurrent in situ combustion test, which was conduct-ed in a 3.3-acre inverted five-spot. The depth of the formation was between 880 and 936 ft; the oil had a specific gravity of 28.6° APl and a viscosity of about 40 cp at the reservoir temperature of 65°F. Preceding the combustion test, air injection tests were conducted which, in conjunction with geological studies, were used to evaluate the characteristics of the reservoir. Combustion was initiated on Oct. 13, 1961, with ignition being accomplished by a 40 kw electrical heater. The test phase of the project ended on Oct. 1, 1963. During the test, the average air injection rate was 1,520.-000 scf/D. Throughout the test, production of all fluids— gas, oil, and water—was monitored. Cumulative oil production credited to the project was 100,586 bbl. The cumulative air-oil ratio was 11,500 scf/bbl oil, and the oxygen uti1ization efficiency was 87 per cent. INTRODUCTION The Marathon Oil Co. conducted a successful in situ combustion test, beginning Aug. 22, 1961, at the Fry unit, Crawford County, 111. The purpose of the project was to test the feasibility of cocurrent in situ combustion as a means of oil recovery in the Fry type reservoir. Interest in in situ combulstion as an oil recovery tool has been stimulated mostly by the existence of large reserves of heavy viscous crudes with low expected recovery, usually less than 10 per cent. These are the so-called unrecoverable reserves, and most combustion tests to date have been conducted in this type of reservoir.1-4 In contrast, the Fry combustion test was conducted in a reservoir with a relatively high gravity oil having a relatively low viscosity. This paper discusses the performance of the test. The geology of the reservoir and the field operations are discussed in separate papers.5 TEST SITE The Fry combustion test was carried out in a 3.3-acre inverted five-spot portion of a lenticular body of Robinson sandstone. Net sand was 50 ft thick, porosity averaged 19.7 per cent, oil saturation was 68 per cent of pore volume, and water saturation was 20 per cent of pore volume. The oil in place was estimated at 1,040 bbl/acre-foot, or 171,600 bbl within the 3.3-acre pattern. The water in place was 326 bbl/acre-foot, or 53,800 bbl. The oil has a specific gravity of 28.7° API and a viscosity of 40 cp at the reservoir temperature of 65°F. AIR INJECTION PERFORMANCE Air injection took place in two phases, the phases separated by ignition of the reservoir. In the pre-ignition phase, air injection tests were conducted in the summers of 1960 and 1961. These indicated that the Fry reservoir was confined, and a high return rate of injected air could be expected. This proved to be an outstanding characteristic of the project, as cumulative gas production was 95.3 per cent of the air injected. The difference between the cumulative air injected and the total gas produced can be largely accounted for by the quantity of air stored in the reservoir. An estimated 16 X 10 cf of air remained in the burned-out portion of the reservoir and an indeterminate amount of gas was stored in the unburned but pressurized reservoir. Hence, a complete material balance of gases would account for nearly 100 per cent of the air injected. At times during the test, the daily gas production rate was 98 per cent of the daily air injection rate. Fig. 1 presents the air injection history of the Fry com-

Jan 1, 1966

By Sherwin F. Kelly

THAT gold ores occur in Georgia is a fact apparently not widely known outside of that state, yet in the last hundred years nearly $18,000,000 worth of gold has been mined there. The discovery of gold-hearing quartz was made in 1823 on the "Forty Acre Lot" (which now belongs to the Columbia Mining Co.), in McDuffie County, and about seven years later the first stamp mill on record was erected near there. In recent years Georgia's gold production has dwindled to an insignificant figure. However, with the increase in gold price, interest in this district has been revived, so an electrical geophysical survey was undertaken to aid in discovering new quartz veins, on a part of the Forty Acre Lot, the adjoining Hamilton mine, and the nearby Woodall property.

Jan 1, 1934

By AIME AIME

ON Sept. 24, 1875, a remarkable deposit of silver ore was discovered by James Ryan and Samuel Hawkes at the east base of Grampian Hill in central Beaver County, Utah.. A shaft was begun and had been sunk about 30 ft. in ore when the claim was sold on Feb. 17, 1876, to A. G. Campbell, Matthew Cullen, Dennis Ryan, and A. Byram for $25,000. To them is due the credit of having developed the mine and started the district on the road to its present state of prosperity. Their development resulted in proving the vein to a depth of over 280 ft. and about 2500 tons of ore was extracted and turned into bullion. In February, 1879, the mine came into the possession of the Horn Silver Mining Co., and since then over $65,000,000 worth of ore has been taken from the mine. Two smelters were built in 1878, near the mine; 400 men were employed underground, and 1000 on the surface, burning charcoal, hauling wood from the surrounding hills, and freighting and hauling hay for the hundreds of horses used in the work. Ore was hauled thirty miles to the

Jan 1, 1936

By Rossiter W. Raymond

(Canal Zone Meeting, November, 1910.) THE death of Professor Blake removes the oldest of American economic geologists and mining engineers, and deprives this Institute of one of its, earliest and most illustrious members. To many of us it brings a personal loss also, the loss of a friend. William Phipps Blake was born June 21, 1826, in New York City. -His father, Elihu Blake, was a surgeon-dentist of eminence, a direct descendant of William Blake, who settled in the Massachusetts Bay Colony about 1630. He was prepared for college at private schools in New York, and entered the Sheffield School of Yale, where he was graduated as Ph.B. in the chemical course, class of 1852, the first graduating-class of the institution. In the same year he became chemist and mineralogist of the New Jersey Zinc Co., and chemist of chemical works at Baltimore, Md. In 1853, lie started the Department of Mineralogy of the World's Fair at New York City. In 1854, 1855 and 1856, he was mineralogist and geologist of the United States Pacific Railroad Surveys of Williamson, Pope, and Whipple, and for the War Department at Washington. His writings, during this period comprise reports on the geology and mineralogy of California and other parts of the Southwest, and constitute well nigh the earliest scientific accounts of the regions described. One of them. was a translation of the Resume and Field Notes of Jules Marcou, of Whipple's expedition. From 1856 to 1859, he was engaged in explorations of the geology and mineral deposits of North Carolina, :and other parts of the country. In 1859, he became editor and proprietor of The Mining Magazine. This was a monthly periodical, founded in 1853 by W. J. Tenny, who conducted it until 1858, when it passed into the hands of Thomas McElrath, a New York publisher, and appeared in May of that year as The Mining and Statistic Magazine, with the name of

Sep 1, 1910

By T. S. Lovering

The use of geothermal energy is expanding very rapidly. This type of energy has proven commercially profitable for generation of electricity, for space heating, process heating, auxiliary heating of water in conventional steam power plants and for recovery of chemicals contained in natural hot water and steam. Two types of geothermal energy sources are recognized: 1) hot springs in regions of nearly normal heat flow that tap a deep reservoir through which water moves slowly to a hot springs conduit and then rapidly to the surface; 2) hyperthermal areas in which the water is heated by a relatively concentrated heat source related to volcanicity. If there is a geologic trap that provides a geologic analog to a steam boiler, as at Larderello, Italy, the hyperthermal area will have a convecting system that develops superheated water at relatively shallow depth and may provide natural steam in large quantities. If a hyperthermal area is to be productive for a long time, the underflow into the reservoir should be slow enough to allow the heat source and convective system to heat the underflow to the working temperature, and the production rate must not exceed this rate of underflow. A model based on a typical aquifer suggests that the rate of movement of water through the reservoir be such that a few years are spent in transit between isotherms that are spaced about 2°F apart. The possibility of finding blind geothermal areas is illustrated by discussion of the techniques developed in evaluating the subsurface temperatures in the East Tintic district of Utah where a map of isotherms at water level (2000 to 2000 ft below the surface) shows that a hyperthermal area may exist a short distance southeast of the mining district. Very nearly all of the energy that man currently uses comes ultimately from the sun's radiation. This includes water power, fuels such as wood, peat, coal and petroleum, the wind and all our animal power. In the paper summarizing a conference on solar energyl6 the average amount of solar energy received daily on the earth is taken at about 1 cal per m2 per min or slightly less than 2 pcal per cm2 per sec; this is almost exactly the amount of energy on the average that the earth liberates in regions of normal geothermal gradient due to its own internal heating. In many places, however, the energy released is many times the average and in some of these hyperthermal areas, geothermal steam is used for generation of electricity, and hot springs are used for heating buildings and private dwellings, process heating, auxiliary heating of water in conventional steam power plants, and chemicals may be recoverable from both hot water and steam. The use of hot springs waters for heating houses goes back hundreds of years but until recently was confined to a few dwellings close to the hot springs. In Korea, some houses had hot spring water channeled through conduits in the floor centuries ago and thus the Koreans can be credited with pioneer development of radiant heating. In Iceland at present nearly a third of the population uses natural thermal water for domestic heating." The Reykjavik system pipes hot spring water at about 94°C throughout the city and has devised insulated double pipes that allow the water to be piped for some 25 km with a drop of only 1°C for every 5 km. The actual cost to the Icelandic consumer is only one-third the cost of heating by imported coal and yet the industry is one of the most profitable in Iceland. The most profitable use of geothermal energy has been its conversion into electricity which can be transmitted economically much greater distances than hot water. The largest installation at the present time is that at Larderello, Italy, where the Count of Larderello began to experiment in the production of electricity from geothermal steam 60 years ago — in 1904. He installed his first steam turbine, with a capacity of only 250 kw, in 1912 as the result of a local quarrel with the power company which furnished the current required in the Larderello chemical industry - an industry that then dated back nearly a century. As experience was gained in drilling deep holes to tap geothermal steam and in converting it to electric power, the capacity of the installation of Larderello gradually increased, but was all destroyed by the Germans during their retreat from Italy in the closing

Jan 1, 1965

By W. F. Boericke

WORLD production of silver in 1929 totaled 256 million ounces. In 1928 production was 258 million ounces, and in 1927, 254 million ounces. With an actual decrease in the amount of silver produced last year, as compared with 1928, and an increase over 1927 of less than one per cent, obviously there has been no overproduction of the metal in the popular sense. But the price of silver tells a different story. For 1927, the average quotation was 56.37 cents; it was 58.17 in 1928, and 53.0 in 1929. During the last year it reached a high point of 57 cents in January, and fell steadily, without interruption to the downward trend, to a low of 47 cents in December. Since then it has dropped to an all time low of 43 cents on February 6.

Jan 1, 1930

By Eli T. Conner

(Wilkes-Barre Meeting, June, 1911.) My connection, under a commission from the Councils and Board of School Control of the city of Scranton, Pa., with a recent investigation of mine-caves and the resultant damages to surface-improvements, has led to the preparation, at the invitation of our Secretary, of the present paper. It is notorious that there are, in the anthracite-fields, frequent subsidences of the surface, due to the removal of the coal beneath. No particular attention is paid to such occurrences, unless they happen to injure surface-improvements. Many caves have happened in Scranton and its vicinity, which have excited but little remark, since they have generally caused no serious damage. In August, 1909, a cave occurred in the Hyde Park section of the city, generally known as the West Side, which nearly destroyed school-house No. 16 and considerable adjacent property. 'Fortunately, there were no pupils in the building at the time; but the thought of the possible result, bad the usual number of pupils and teachers been present, aroused the public to the gravity of the situation; and the School Board employed engineers to investigate the case. Two reports were made by separate sets of engineers, which differed in some particulars. These differences were pointed out in the public press and magnified, and the consequent agitation of the subject was taken tip and greatly exaggerated by some of the metropolitan newspapers, giving to uninformed people the very erroneous impression that the whole city of Scranton was in danger of sinking into the bowels of the earth. All this tended to affect the credit of the city and to depress real-estate values. The matter was considered at a joint meeting of the Board of Trade, the Councils, and the School Board. The Hon. J. Ben. Dimmick, a former Mayor, suggested that it

Sep 1, 1911