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By William P. Lohden

INTRODUCTION It is recognized that, for a variety of reasons, some companies in the mineral industry today are by no means cash-rich and, in fact, are reporting a growing proportion of long-term debt in their capital structures. A review of recent balance sheets of small, medium-size, and some larger companies, indicates that a fair number still have substantial positions in cash equivalents such as U.S. government issues and other short-term money market instruments. In part, this paper concerns itself with companies which have sufficient cash and equivalents and/or cash generation to internally finance mining projects or expansions but which, for some reason, choose to borrow funds. Misconceptions which appear to frequently underlie so-called "leveraging" decisions are explored in this paper. Also considered are those circumstances under which any company, including one that is cash-rich, should consider borrowing for a project in an amount beyond what would otherwise be necessary based upon its internal financing ability. I do not 'attempt to cover the raising of equity capital in public markets in this paper. OVERALL RETURN ON TOTAL POOL OF INVESTABLE CASH SHOULD INFLUENCE FINANCING DECISIONS If you approach an individual with an investment which can be financed from his savings, or by borrowing at a rate higher than he is earning on his savings, he will quickly tell you that to pay interest at a rate higher than he is earning would reduce his overall income. Assuming he is not currently considering any additional investment

Jan 1, 1977

By Francis A. Thomson

But little has been written concerning the camp of Republic. In 1900 Chatard and Whitehead 1 reported the results of some experiments with samples of ore from the Republic mine, and a few years later Fritz Cirkel2 described the construction, operation, and results attained in the mill at the Mountain Lion mine. From time to time brief articles, mostly of a semi-technical nature, have appeared in the Engineering and Mining Journal and other mining periodicals. The general geology of the camp, especially in regard.to its areal features, has recently been ably described by Joseph B. Umpleby.3 To bring to mind the general features of the district it may perhaps be well to review briefly some facts in regard to it, before discussing the treatment of the ore. I. History and Production. The town of Republic is situated in the NW. corner of Ferry county, about 25 miles south of the International Boundary, on the head-waters of the San Poi1 river, in what was formerly the " north-half" of the Colville Indian reservation. On Washington's birthday, 1896, this portion of the reservation was thrown open to mineral location, and within a few weeks important discoveries had been made. The present Eureka mining-district was organized, the camp grew apace, and consignments of ore were shipped by wagon to Grand Forks, 30 miles away; or to Marcus, a somewhat greater distance. It is reported that the first 1,500 tons shipped from the Republic mine uetted the owners $160 per ton, after being hauled

Jan 1, 1913

Charles Catlett, Staunton, Va. (communication to the Secretary*):—Mr. Chance's suggestions that the brown hematite-ores of the Potsdam formation are due to the alteration in place of iron sulphide, and that their extension may reasonably he expected to contain valuable deposits of unaltered sulphide, are interesting; hut the facts marshaled by him are too limited

Jan 1, 1909

By R. A. Vandermeer, C. J. McHargue

The (001) fiber-texture component, found in aluminum rods extruded at subzero temperatures, consists of particles of various sizes having extremely irregular shapes dispersed in a nonuniform way throughout a matrix of the (111) orientation. Apparently the (001) texture component is not a result of recrystallization but rather is due to the presence of reimanents of the original grains which fragmented from the main body of material as it reoriented towards the (111) orientation during the extrusion process. Both X-ray line-broadening measurements and electron-microscopic observatwns indicate that, after extrusion, regions having (001) orientations are in a state of relatively less strain and distortion than (111) regions, suggesting that the former have undergone less plastic deformation. A (001) fiber-texture component is also found after complete recrystallization of extruded specimens. Approximately one third of the recrys-stallized volume has this orientation. The (001) fragments, formed during the extrusion process, act as nuclei for recrystallization; i.e., the pain boundaries separating these fragments from the matrix are capable of migrating during annealing. Electron-transmission microscopic observations and X-ray line-broadening measurements indicate that (001) regions recover at a much more rapid rate than (111) regions at annealing temperatures up to 187°C. DURING the extrusion of a rod or the drawing of a wire the individual grains comprising the piece tend to reorient towards a preferred orientation (texture) which is of the fiber type where a particular crys-tallographic direction, (uvw), in each crystallite tends to be aligned parallel to the longitudinal axis

Jan 1, 1964

By Mark R. Lamb

The various methods of treating pulp in air-agitation tanks offer problems for experiment and study which are fascinating as well as practical. The usual method heretofore has been to fill each tank in turn, agitate the mixture the required period and then discharge the treated pulp into a storage-tank, from which it is drawn to the filter as required. A later method is to run the pulp from the tube-mill, classifier, thickener, or settler into the first of a set of tanks, and thence continuously or in series through the remaining tanks, finally drawing off the pulp to a continuous filter, or to a pulp-storage tank if the filter is of the intermittent type. It is this method which I propose to discuss here in a preliminary way, with the idea of going exhaustively into the examination of the results of a series of experiments in a later paper. It may be of interest to note that the design of a cyanide-plant has recently been completed in which the estimated cost of the agitation-tanks, storage-tanks, and pumps was 30 per cent. higher for the charge-agitation arrangement than for the series plan. The first question in studying the series method is, " What is the actual period of treatment undergone by the pulp ?" One first supposes that by chance some of the pulp may get through with little or no treatment, while other portions may stay in the tanks a needlessly long period. The former is not probable or even possible, and the latter is, practically, true

Jan 1, 1910

By P. de Vitry, Willis P. Mould

The wire saw is a tool not less than 60 years old, probably nearer 100 years old. It was developed in Europe and is reputed to have originated in Belgium. Frombold is said to be the original patentee. Wire sawing equipment, as indicated in Fig. I, is very simple. It consists of a three-strand wire cable, usually pis or 1/4 in. in diameter, or a single flat ribbon of medium hard, tough, alloy steel twisted into a helix of those diameters, made to form an endless belt of any length up to several thousand feet. The wire is guided into the cut by sheaves mounted in slides on steel columns situated close to either end of the cut. The feed motion usually is controlled either by gravity or by hand-operated feed screws. The steel columns or "standards" range from 15 to 30 ft. in length. At the top is a swiveled arm supporting a sheave similar to the traveling sheave below. Immediately under the swivel-mounted sheave is a guy plate or collar with shackles attaching four chain or wire-rope guys with suitable tightening devices, or with two guys and two jack legs for supporting the standard vertically or at any desired anale. The usual drive is by a 10-hp. motor through a gear reducer, on which are Insti- two grooved sheaves, One of which is keyed and the other free running On the shaft. Tension is provided by a car running on a track in line with the driving sheave

Jan 1, 1948

By Arthur C. Spencer

Having suggested magmatic waters as the probable agents of vein- and ore-deposition in Southeastern Alaska in a paper entitled, The Geology of the Treadwell Ore-Deposits,' it is with particular interest that I note Mr. W. Lindgren's application of the hypothesis of igneous emanations to the gold-quartz veins of Victoria and of California. After describing the similarities of the veins and of the changes in the wall-rock due to the action of vein-waters in the two regions considered by him, Mr. Lindgren formulates the hypothesie that the veins of this type " have been deposited chiefly by ' eruptive after-effects ;' in other words, chiefly by hot ascending waters originally contained in the granitic magma and relased from it by decreasing pressure, due to its irruption into the upper parts of the litho-sphere. It is quite possible that atmospheric waters may have played a certain part by aiding the precipitation and by effecting certain forms of concentration in the deposits." There are many reasons for extending this hypothesis to southeastern Alaska. This region and the Sierra Nevada belt of California are undoubtedly parts of one geologic province, throughout which the main events of geologic time are evidenced by identical or closely similar records in the rocks. Our knowledge of the former region is still fragmentary, to be sure; but the origin-dates of the most prominent features of geology have been located in the time-scale, and found to correspond completely with the red-letter dates in the Californian record. In both there are: (1) intense folding and meta-

Jan 1, 1906

By E. Gybbon Spilsbury

It is not my purpose in this paper to describe all the different contrivances which have been devised, during the last quarter of a century, for the purpose of Iessening the expense of mining and tunnelling operations; I wish merely to call your attention to the crying want of the Western miners for some cheap and effective machine, capable of economizing on the heavy item of hand-drilling, and to enumerate a few of the latest improvements which have been made in machines of this class. This necessity for the introduction of some kind of labor-saving machinery in mining, especially in the West, begins to make itself felt more imperatively every day. No branch of industry has remained so conservative to the old customs and systems of working, as has mining; and yet no branch is so entirely dependent on economical working for a successful issue; and in very few is the proportion of cost of hand-labor to profits obtained so preponderantly heavy. Perhaps the chief reason for this seeming apathy towards progress in this direction arises from the fact that nearly all mining operations, especially in this country, are carried on in regions more or less remote from the great centres of civilization, thereby rendering the carriage and erection of machinery extremely difficult and expensive. Another reason, however, exists in the fact that a large number of men in charge of mining operations are greatly prejudiced against the introduction of machinery underground, from the idea that it cannot be made to adapt itself to the various positions and

By P. de Vitry, Willis P. Mould

The wire saw is a tool not less than 60 years old, probably nearer 100 years old. It was developed in Europe and is reputed to have originated in Belgium. Frombold is said to be the original patentee. Wire sawing equipment, as indicated in Fig. I, is very simple. It consists of a three-strand wire cable, usually pis or 1/4 in. in diameter, or a single flat ribbon of medium hard, tough, alloy steel twisted into a helix of those diameters, made to form an endless belt of any length up to several thousand feet. The wire is guided into the cut by sheaves mounted in slides on steel columns situated close to either end of the cut. The feed motion usually is controlled either by gravity or by hand-operated feed screws. The steel columns or "standards" range from 15 to 30 ft. in length. At the top is a swiveled arm supporting a sheave similar to the traveling sheave below. Immediately under the swivel-mounted sheave is a guy plate or collar with shackles attaching four chain or wire-rope guys with suitable tightening devices, or with two guys and two jack legs for supporting the standard vertically or at any desired anale. The usual drive is by a 10-hp. motor through a gear reducer, on which are Insti- two grooved sheaves, One of which is keyed and the other free running On the shaft. Tension is provided by a car running on a track in line with the driving sheave

Jan 1, 1948

By Worthen Bradley

A BETTER understanding of what is happening in the domestic quicksilver industry, and what is likely to happen, can be had after reviewing some of the highlights of the past four years. Hitting the high spots in chronological order, they are: February 1939-Army and Navy Munitions Board starts investigation on civilian and war needs of certain "strategic materials," including quicksilver, with a view to recommending stock piles. Every known producer is canvassed by the end of the year.

Jan 1, 1942

GENERAL GEOLOGIC DESCRIPTION The Escalante silver deposit located in southwestern Utah is an epithermal vein system consisting of a hanging wall and footwall vein, straight along strike and dipping about 1.2 rad (70°). The veins consist of banded quartz and calcite fissure fillings between volcanic wall rock that are silicified for some distance outward from the vein. The walls of the veins are sharp and the silver values are irratically distributed through the various bands within the vein. Only very low grade values are to be found in the wall rock on either side. The portion of the veins above the water table have been somewhat leached, with some secondary enrichment below. The mineralogical zonation is variable due to a fluctuating water table through geologic time. SAMPLE MANAGEMENT AND COMPOSITE ASSAYS Sample data for the deposit was obtained from over 50 diamond drill holes, from channel samples cut at intervals across a drift, and from scattered surface trenches along the out- crop of the hanging wall vein. Fig. 13-1 is a surface plan map showing the vein outcrop and some diamond drill locations. Two cross sections through the vein are shown in Figs. 1 3-2 and 13-3. Nearly all of the diamond drill core of vein material was assayed in 0.3-m (I-ft) lengths, from which weighted composite assays were manually calculated for the horizontal thickness of the vein. The centers of the composited samples were plotted in north and east coordinates and by elevation, and locations and assay

Jan 1, 1980

CHARLES CATLETT, Staunton, Va. (communication to the Secretary*). -I hesitate to discuss in general terms a paper such as Mr. Wysor's, which bears evidence of so much careful and detailed investigation, yet it is the broad possibilities which his paper presents that are really attractive and his cautious conservatism may make us unappreciative of these possibilities. Mr. Wysor calls attention to the fact that the iron-ore mixture which he uses, carrying 0.28 per cent. of potash, is probably above the average. No doubt this is true, but on the other hand it may be very much less than the mixture at some blast furnaces or very much less than would be the case with special mixtures bearing the question of potash in mind. Unfortunately, iron ores are not ordinarily examined for potash, and with the ordinary analyst there is opportunity for very considerable error in the determination. The 10th Census gives 270 complete analyses of iron ore, on the accuracy of which we may rely. Of these, there are 21, or 8 per cent., that carry more potash than Mr. Wysor's mixture; 14 of these carry approximately twice as much, or more; eight carry approximately three times as much, or more; three carry approximately five times as much; one carries over seven times as much. It may be worth while to take some of the ores that are known to be high in potash and consider the possibilities in the light of Mr. Wysor's investigations.

Jan 5, 1917

By R. P. Rothwell

THE first difficulty mentioned is that in some instances two or more beds of coal separated by sandstone or slate rocks of considerable thickness in one part of a basin, are found running together in another part. Of course, we may happen to strike first the part of the basin where there is but a single seam, and in this case the bed would appear 60 divide into two or more branches within a short, distance. Such cases are not rare in the anthracite coal-fields. I would suggest as an explanation of this phenomenon the gradual sinking of the peat-marsh-the embryo coal-bed-on one side, and the moving forward of the marsh, so that on one part of the bed the formation of peat would still be progressing, while another part, being under water, would be covered with mud and sand. Thus we have different portions of the same bed of different ages. Now if the sinking of the marsh be stopped for a time, the bed will become thicker in the portions left exposed, and if the sinking now changes in direction, so that the part that had previously gone down commences to rise, we should have the phenomenon of a bed, continuous throughout, with one portion overlying another, and separated from it by rock strata. These are exactly the conditions observed in splitting beds. While one side of the lake is sinking, and the peat marsh moving on in that direction, the other side may be rising,

By R. P. Rothwell

THE first difficulty mentioned is that in some instances two or more beds of coal separated by sandstone or slate rocks of considerable thickness in one part of a basin, are found running together in another part. Of course, we may happen to strike first the part of the basin where there is but a single seam, and in this case the bed would appear to divide into two or more branches within a short distance. Such cases are not rare in the anthracite coal-fields. I would suggest as an explanation of this phenomenon the gradual sinking of the peat-marsh-the embryo coal-bed-on one side, and the moving forward of the marsh, so that on one part of the bed the formation of peat would still be progressing, while another part, being under water, would be covered with mud and sand. Thus we have different portions of the same bed of different ages. Now if the sinking of the marsh be stopped for a time, the bed will become thicker in the portions left exposed, and if the sinking now changes in direction, so that the part that had previously gone down com¬mences to rise, we should have the phenomenon of a bed, continuous throughout, with one portion overlying another, and separated from it by rock strata. These are exactly the conditions observed in splitting beds. While one side of the lake is sinking, and the peat-marsh moving on in that direction, the other side may be rising,

Jan 1, 1873

By O. B. Hopkins

The total production of oil in Peru in 1940 was 12,127,135 bbl., or about 10 per cent less than in 1939. Most of the reduction can be attributed to the fact that the export market under war conditions is much restricted and naturally is more than ordinarily competitive. Development and Exploration in Older Areas As evidenced by Table I, almost all production continued to come from the three established fields in coastal northwestern Peru. Zorritos Field.—Exploration in this small field, which was purchased by the Peruvian Government in 1939, continued with that in near-by areas in the adjoining National Reserve. Several wells were drilled, regarding which details are not as yet available. It is estimated that the production rate for a total of some 45 old and 15 new wells approximated zoo bbl. per day, or about 3 bbl. per well per day. Lobitos Fields.—The Lobitos area produced 2,435,504 bbl.; about 10 per cent less than the amount for 1939. La Brea-Pari9zas.—This property of International Petroleum Co. continued to account for nearly 80 per cent of Peru's production. During the year, drilling was stepped up to 139 wells, as compared with 73 wells completed in the previous year; 123 were producers and aggregated a total of 287,867 ft. Of this total, more than 85 per cent was drilled by rotary tools, which are steadily displacing other equipment. Although most of these wells were drilled in the proved or semiproved areas, eight

Jan 1, 1941

ROBERT E. TALLY,* Jerome, Ariz. (written discussion ?).-Mr. Sherman's paper, entitled "Measures for Controlling Fires at the Copper Queen Mine," embodies two new and very important features: First, automatic closing of doors communicating with the dangerous area; second, the use of a portable storage-battery fan. His other procedures, such as giving a general fire alarm, getting workmen to the surface, etc., are equally important, but have long been in use in other places. Fire and ventilating doors in connections leading to shafts, air raises, and other large timbered areas, have been in use at other mines; but the method described by Mr. Sherman for operating these doors by compressed air, through a valve on the surface, is, so far as I know, original, and should be installed in every mine where there is danger of fire. Nearly all large mines are now using artificial ventilation, with the result that there are strong air currents in the shafts and other important workings. The most important feature in mine fires is a quick and positive control of the ventilation, for it takes but a few moments for smoke to travel over a large area, with the usual results of suffocation, and destruction of property. A strong air current in an upcast shaft acts as a draft in case of fire, and unless quickly cut off the fire would soon get beyond control. An upcast shaft usually changes to a downcast when large amounts of water are used. Human lives are in more danger from downcast currents, as the smoke travels into the workings.

Jan 4, 1918

By Henry B. Kaeding

This paper presents the results of experiments in the treatnient of the gold-bearing ores of the Pis Pis district, near the Atlantic coast of Nicaragua, C. A. Up to the present time, the methods in use in this section of the country for the extraction of the values from the ores have been of the crudest, and the waste has been criminal in its enormity. The transportation of heavy machinery being difficult and costly, recourse has been had to flimsy and inadequate installations, involving great wastes in operation. In some places $15 ore is considered the lowest workable grade. One mine that came under my observation had a 7-ft. vein of $23 ore when examined for purchase; it has been running for years and is now deeply in debt. The future metallurgy of these ores must depend upon chemical, mechanical, and economical considerations—the last being, of course, a resultant of the two former, discussed in the light of prevailing or realizable commercial and industrial conditions. I. Chemical. The ores consist principally of quartz, carrying galena, pyrite, marcasite, and chalcopyrite, and occasionally magnetite, hematite, pyromorphite, and sphalerite, in which minerals the gold lies. The quartz veins occur between malls of andesite, " porphyry," or dioritic rocks, occasionally limestone and dacite. Often the dacite itself is heavily ribbed and filled with auriferous quartz, and is mined as ore. Owing to the excessive rainfall of the country, the ores above water-level have been oxidized and leached of their sulphides, and have become in that operation highly acid and free from

Jan 1, 1912

By O. B. Hopkins

The total production of oil in Peru in 1940 was 12,127,135 bbl., or about 10 per cent less than in 1939. Most of the reduction can be attributed to the fact that the export market under war conditions is much restricted and naturally is more than ordinarily competitive. Development and Exploration in Older Areas As evidenced by Table I, almost all production continued to come from the three established fields in coastal northwestern Peru. Zorritos Field.—Exploration in this small field, which was purchased by the Peruvian Government in 1939, continued with that in near-by areas in the adjoining National Reserve. Several wells were drilled, regarding which details are not as yet available. It is estimated that the production rate for a total of some 45 old and 15 new wells approximated zoo bbl. per day, or about 3 bbl. per well per day. Lobitos Fields.—The Lobitos area produced 2,435,504 bbl.; about 10 per cent less than the amount for 1939. La Brea-Pari9zas.—This property of International Petroleum Co. continued to account for nearly 80 per cent of Peru's production. During the year, drilling was stepped up to 139 wells, as compared with 73 wells completed in the previous year; 123 were producers and aggregated a total of 287,867 ft. Of this total, more than 85 per cent was drilled by rotary tools, which are steadily displacing other equipment. Although most of these wells were drilled in the proved or semiproved areas, eight

Jan 1, 1941

By Sherwin F. Kelly

SINCE we used Chief Buehler's name last year to give our annual report a semblance of respectability, we can follow the good precedent thus established by telling of the work his Missouri State organization has been carrying on, as reported by H. S. McQueen. Considerable value is set upon their magrletorneter working which has covered over 13,000 sq. mi.), for the indications it gives of the major structural features of the region. Numerous geological problems have been tackled Ly resistivity techniques, among which are the locating and outlining of filled sink deposits of sulphides, of iron ore, and of fire clay; tracing of faults and solution channels; mapping of the preglacial structural pattern; measurement of depth of overburden; and

Jan 1, 1937

By E. L. Bruce

THE district of. Patricia, in the province of Ontario, lies northwest of the Albany River and extends northward to Hudson's Bay. Formerly this was the unorganized district of Keewatin, the southern part of which was divided in 1912 between the provinces of Manitoba and Ontario. The interprovincial boundary now runs north from Lake of the Woods for 275 mi. and thence northeast 375 mi. to Hudson's Bay. This district is comparable in size to all the older part of Ontario south of the Canadian Pacific Railway east of Lake Huron-thus it is roughly one-third of the whole of the present provincial area. The central part of this great triangle is one of the least accessible parts of Canada. From it streams flow southward to the English River, southeastward to the Albany, northward to Hudson's Bay and the Hayes River, and westward to Lake Winnipeg. None of the streams is large and canoe travel is not easy. The only industry it has ever had is the trade in furs. Until the development of the airplane on a commercial basis, the only means of travel was by canoe or dog-train. There is not a mile of railway in the whole district. The two areas to be dealt with lie in the southwestern part of Patricia. Red Lake is 50 mi. east of the Manitoba boundary and 75 mi. north of the transcontinental railway from Cochrane to Winnipeg. Woman Lake is 50 mi. farther east and slightly farther north. The late Dr. D. B. Dowling, of the Geological Survey of Canada, visited Red Lake and spent some time there during his exploration survey from Lac Seul to Berens River in 1893. He also visited the Woman Lake basin during the same journey, but his examination of it was much less detailed, the great area covered by him during the one field season making it impossible to make more than a hurried reconnaissance. Some prospecting in the Red Lake district followed Dowling's exploration, but the distance from railway was too great for any systematic work to be done.

Jan 1, 1928