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By J. Chupak, D. J. Salley, G. L. Simard

Radiotracers were demonstrated to be of considerable value in a study of the interaction of dithiophosphate with galena. The interaction had characteristics of both chemisorption and chemical reaction, being complex because of the nature of the galena surface. Sorption was rapid and markedly reversible, and flotation occurred at relatively small amounts of dithiophosphate sorbed.

Jan 1, 1950

By Louise Barton Freeman, Coleman D. Hunter

The total production of oil in Kentucky during the year 1943 reached 7,010,776 bbl., which is more than at any time since 1930. Of this total, 5,287,659 bbl. was produced from the counties west of the Cincinnati arch, 692,359 bbl. from the 18 new pools opened during the year, and 3,260,765 from the Smith Mills pool, which was discovered in August of 1942. This is an important increase in western Kentucky in spite of the low price of crude, and demonstrates effectively the desire of the industry to cooperate in meeting the increased demands made by the war. Western Kentucky Two deep tests were drilled in the Kentucky portion of the Mississippi Embayment this year. Both were drilled to test the St. Peter. One well, drilled in Marshall County by the Adams Oil and Gas Co., did not encounter any St. Peter sandstone but drilled 650 ft. of formation below the position of the St. Peter and above the true Knox dolomite. The other well, in Ballard County, was reported to have tested the St. Peter and to have been temporarily abandoned at 3069 ft. At this depth the well probably was stopped in about the same formation as the Marshall County well. No accurate information is available on the Ballard County well. Several new producing areas were added to the list of fields in the western Kentucky coal basin, in Daviess, Henderson, McLean, Ohio, Union and Webster Counties. The Smith Mills pool was enlarged and production was found in the McClosky (Ste. Genevieve) in addition to the Cypress sandstone from which much of the earlier production had been obtained. There was some interest during the year in testing the Devonian and Silurian formations in the area south and east of the western Kentucky coal basin. In the fall of 1943, a 15 to 20-bbl. well was drilled in Allen County and two more wells are now being drilled. The production was obtained from within a few feet of the base of the Chattanooga black shale, probably in the upper Silurian. One well in Simpson County was drilled completely through the Silurian section before it was abandoned. Several wells were drilled in Logan, Todd and Christian Counties to test the Devonian where it is thinned by removal of the upper formations before deposition of the Chattanooga shale. None of these wells was successful but several other locations are now being tested. The Silurian thins in like manner on the eastern flank of the coal basin as the crest of the Cincinnati arch is approached, and it is along this thinning edge that such fields as the LeGrande, Logsdon Valley, Magnolia, Bowling Green and the Barren County pools were developed. A number of wells were drilled around these old pools in an effort to extend them, some of which were successful. The wells listed this year in Larue, Hardin, Barren, Hart and Warren Counties were drilled in the search for other such fields.

Jan 1, 1944

By Louise Barton Freeman, Coleman D. Hunter

The total production of oil in Kentucky during the year 1943 reached 7,010,776 bbl., which is more than at any time since 1930. Of this total, 5,287,659 bbl. was produced from the counties west of the Cincinnati arch, 692,359 bbl. from the 18 new pools opened during the year, and 3,260,765 from the Smith Mills pool, which was discovered in August of 1942. This is an important increase in western Kentucky in spite of the low price of crude, and demonstrates effectively the desire of the industry to cooperate in meeting the increased demands made by the war. Western Kentucky Two deep tests were drilled in the Kentucky portion of the Mississippi Embayment this year. Both were drilled to test the St. Peter. One well, drilled in Marshall County by the Adams Oil and Gas Co., did not encounter any St. Peter sandstone but drilled 650 ft. of formation below the position of the St. Peter and above the true Knox dolomite. The other well, in Ballard County, was reported to have tested the St. Peter and to have been temporarily abandoned at 3069 ft. At this depth the well probably was stopped in about the same formation as the Marshall County well. No accurate information is available on the Ballard County well. Several new producing areas were added to the list of fields in the western Kentucky coal basin, in Daviess, Henderson, McLean, Ohio, Union and Webster Counties. The Smith Mills pool was enlarged and production was found in the McClosky (Ste. Genevieve) in addition to the Cypress sandstone from which much of the earlier production had been obtained. There was some interest during the year in testing the Devonian and Silurian formations in the area south and east of the western Kentucky coal basin. In the fall of 1943, a 15 to 20-bbl. well was drilled in Allen County and two more wells are now being drilled. The production was obtained from within a few feet of the base of the Chattanooga black shale, probably in the upper Silurian. One well in Simpson County was drilled completely through the Silurian section before it was abandoned. Several wells were drilled in Logan, Todd and Christian Counties to test the Devonian where it is thinned by removal of the upper formations before deposition of the Chattanooga shale. None of these wells was successful but several other locations are now being tested. The Silurian thins in like manner on the eastern flank of the coal basin as the crest of the Cincinnati arch is approached, and it is along this thinning edge that such fields as the LeGrande, Logsdon Valley, Magnolia, Bowling Green and the Barren County pools were developed. A number of wells were drilled around these old pools in an effort to extend them, some of which were successful. The wells listed this year in Larue, Hardin, Barren, Hart and Warren Counties were drilled in the search for other such fields.

Jan 1, 1944

These pages may be used as order sheets. Mark the number desired opposite title of pamphlet wanted, add your name and address, tear out the sheets and mail them to us. Single orders 25 c. Pamphlets 10 c. each in lots of three or more. Pamphlets 5 c. each in lots of fifty or more. These prices prevail for orders for pamphlets of the same or different titles, when cash accompanies order. The pamphlets listed on the following sheets are advance copies printed to facilitate discussion at the meetings of the Institute. They are offered for sale at the reduced prices given above as long as-the supply lasts. This list is published in the Bulletin in order that members may have the first opportunity to secure pamphlets, which sometimes are in such great demand that the supply is exhausted before the wants of members can be supplied. The following list includes only a fraction of the pamphlets that have been published by the Institute. Any other paper published by the Institute may be obtained for the price of $1, except those published in Volume XXXI, which are rare. The Institute is still selling back volumes of Transactions at reduced prices, but some of these volumes are becoming rare and members who desire to complete their sets of these very important books on mining and metallurgy are advised to send in their orders as soon as convenient. (See Advertising page 15.) , The attention of members is also called to the bibliographical index of the science of ore, deposits contained in the Emmons Volume which is selling at $3 in paper and $4 in half morocco. The Posepny Volume is already exhausted and members who do not get in their orders for the Emmons Volume at the present reduced price may soon find themselves unable to obtain it on such favorable terms.

Jan 6, 1917

By Corliss R. Kinney

Since the first atomic bomb exploded over Japan, a great deal of speculation has been published about the use of atomic energy instead of coal for the production of power. Atomic energy, in time, may displace coal for this purpose, but atomic energy will not displace coal in supplying chemical raw materials to the rapidly expanding carbon-chemicals market. Modern civilization demands large quantities of carbon compounds and the logical source of many of these is coal. Consequently, many progressive operators are considering the possibilities of the utilization of coal as a chemical raw material as never before. Furthermore, the demand for clean, smokeless, and ashless fuels will continue to increase and the only way to handle coal under those conditions is to take it apart, just as crude petroleum is taken apart. One can readily imagine where the petroleum industry would be now if it had insisted on selling customers only crude oil, perhaps emulsified with a little salt water to correspond to the moisture and mineral matter in raw coal. The time seems to be coming at an accelerated Dace when mine operators will find that competing for a highly selective fuel market by producing a larger tonnage at smaller cost will be less profitable than to increase the value of a smaller tonnage many fold by producing something more valuable to industry and civilization than raw coal. For example, about 750,000 tons of carbon black selling for $50 to $60 per ton was produced in the United States in 1945. This tonnage is insignificant compared with the total production of coal in the United States, but a very tidy tonnage, together with the coal necessary to operate the process, for any mine operator fortunate enough to obtain a method of producing a better carbon black from coal. From the point of view of tonnage, the manufacture of coke of various kinds and its by-products is at present the most important source of carbon chemicals from coal. Nearly 20 per cent of the coal mined in this country is used for this purpose. A large proportion of the coke is used for the production of iron and steel, but even in this operation a considerable part of the coke is used for a chemical purpose; that is, the reduction of the ore to metallic iron. In addition, large quantities of coke are used in manufacturing many important products that find their way into the market. Possibilities of Acetylene One of the important chemicals manufactured from coke is calcium carbide, from which many products are made. One of these is acetylene. This hydrocarbon can also be manufactured from natural gas or from waste oil-refinery gas and these industries will probably offer competition for the manufacture of acetylene. Coke-oven gas can be used for making acetylene and should receive consideration

Jan 1, 1947

By Corliss R. Kinney

Since the first atomic bomb exploded over Japan, a great deal of speculation has been published about the use of atomic energy instead of coal for the production of power. Atomic energy, in time, may displace coal for this purpose, but atomic energy will not displace coal in supplying chemical raw materials to the rapidly expanding carbon-chemicals market. Modern civilization demands large quantities of carbon compounds and the logical source of many of these is coal. Consequently, many progressive operators are considering the possibilities of the utilization of coal as a chemical raw material as never before. Furthermore, the demand for clean, smokeless, and ashless fuels will continue to increase and the only way to handle coal under those conditions is to take it apart, just as crude petroleum is taken apart. One can readily imagine where the petroleum industry would be now if it had insisted on selling customers only crude oil, perhaps emulsified with a little salt water to correspond to the moisture and mineral matter in raw coal. The time seems to be coming at an accelerated Dace when mine operators will find that competing for a highly selective fuel market by producing a larger tonnage at smaller cost will be less profitable than to increase the value of a smaller tonnage many fold by producing something more valuable to industry and civilization than raw coal. For example, about 750,000 tons of carbon black selling for $50 to $60 per ton was produced in the United States in 1945. This tonnage is insignificant compared with the total production of coal in the United States, but a very tidy tonnage, together with the coal necessary to operate the process, for any mine operator fortunate enough to obtain a method of producing a better carbon black from coal. From the point of view of tonnage, the manufacture of coke of various kinds and its by-products is at present the most important source of carbon chemicals from coal. Nearly 20 per cent of the coal mined in this country is used for this purpose. A large proportion of the coke is used for the production of iron and steel, but even in this operation a considerable part of the coke is used for a chemical purpose; that is, the reduction of the ore to metallic iron. In addition, large quantities of coke are used in manufacturing many important products that find their way into the market. Possibilities of Acetylene One of the important chemicals manufactured from coke is calcium carbide, from which many products are made. One of these is acetylene. This hydrocarbon can also be manufactured from natural gas or from waste oil-refinery gas and these industries will probably offer competition for the manufacture of acetylene. Coke-oven gas can be used for making acetylene and should receive consideration

Jan 1, 1947

By A. Eilers

NO one who has visited our Western mining districts, and studied the economical part of the beneficiation of the ores occurring all over that vast extent of country, can underrate the high importance of the above subject. By far the larger number of the districts which contain smelting ores, i. e., argentiferous and auriferous lead, or copper ores, are situated in the Great Basin, that great plateau between the Rocky Mountains on the east, and the Sierra Nevada on the west, almost the whole of which is comprised at present in the boundaries of Nevada, Utah, and part of Arizona. This region is essentially a barren country. The extreme dryness of the atmosphere permits but a scanty vegetation in the plains; and even in the detached mountain-chains running through it-generally from N. to S., or from N. W. to S. E.-there are no trees found except dwarfed pines and mahogany, at the head of sheltered ravines, and a few cottonwoods and willows, which fringe the insignificant streams, before the water sinks in the arid plains. Nearly all the mountain-chains in this region are rich in silver ores. That class of these ores which is adapted to amalgamation, and rich in silver, has been worked with profit for more than ten years. But before the advent of the transcontinental railways, mining was restricted to these ores alone, and the consumption f fuel could be met with the scanty supply of forest trees in the immediate vicinity of the mining districts. Since, however, the Union and Central Pacific Railroads have brought the Great Basin nearer to the commercial centres of the East and the Pacific coast, thus reducing the expenses of freight and labor materially, other silver deposits, containing poorer ores in greater abundance, have been rapidly taken

By J. B. Umpleby

The function of gas in the development and production of oil has far-reaching consequences that should be emphasized. The technical aspects of the subject have recently had a great deal of attention but less thought has been given to fundamental concepts underlying oil and gas law and the many customs and practices that have grown up in the industry. I shall review briefly the advance in knowledge of the subject and attempt to relate these concepts to legislative, judicial and operating problems. Early writers on oil and gas in Pennsylvania noted their close association in oil pools and their contemporaneous decline in output; also, that as gas pressure decreases so does production, that new offset wells reduce the output of existing wells, and even that tubing a well lengthens its flowing life. Expanding gas was deduced as the principal expulsive force. These fundamental observations had been made at least as early as 1880.1 They were treated, however, as academic considerations and did not greatly influence law or practice for many years except to instill into all operators an urgent desire to hasten offset drilling in order to obtain as much of the flush as possible. The most noteworthy later advance in knowledge came in 1926 when Beecher and Parkhurst published their paper on Effects of Dissolved Gas upon the Viscosity and Surface Tension of OiL.² This paper added to the old idea of an expelling force the concept of a modifying agent that actually changes the physical characteristics of the oil and facilitates its movement through the pore spaces of the reservoir rock. Largely since the publication of this paper, intensive study and concerted effort have been given to means of using to a maximum, in producing oil, these combined properties of gas. This is shown clearly by the number of papers dealing with the subject, and the new and revived terms now widely used to express thought, such as the expressions gas energy, reservoir pressure, reservoir energy, gas-oil ratio, bottom-hole pressure, beaning, tapered tubing and back-pressure. These terms, some of which are

Jan 1, 1932

By V. H. Wilhelm

The trend initiated in January 1936, of stabilized gasoline prices, increased demand and extraordinary drilling activity, continued in California during the year 1937. Crude prices were maintained during the year at the highest level since September 1930. Wildcat activity with resultant new discoveries and development of proven acreage were greater than in any year since 1928. Many fields in California in former years have been produced at full capacity, with consequent loss of reservoir energy, but at the present time continued activity is maintained to develop adequate reserves, so that production in these fields can be taken at a rate to correspond with good operating practice. Naturally, this good operating practice will be influenced to some degree by gas outlets and, in certain instances perhaps, by oil outlets. In any event, these last two controlling features will result in favorable rather than detrimental operation. In fields producing from great depths, ultimate production will be practically limited to the flowing and compressor life of the well, since there is as yet no economical method for pumping wells below depths of approximately 7000 ft. Experience has shown, however, that such pumping difficulties will be overcome and that production secured by pumping will add some to reserves established on the flowing life of the wells. California continued to operate under voluntary curtailment, but with unlimited transfers of allowable between various fields. Even though there was at all times considerable production above the Umpire's established quota, a constantly increasing demand reduced storage during the year. This increasing demand was due mainly to the rapid rise in Pacific foreign shipments from May to September. It is questionable, however, whether this favorable condition will be maintained over a prolonged period. (See Fig. 1.) Field Discoveries The great drilling activity during the year resulted in the discovery of three new fields in the San Joaquin Valley, as well as many extensions

Jan 1, 1938

By C. A. Heiland

WITH seventeen papers submitted. and thirteen presented in three sessions, the geophysicists had a most successful meeting at New York in February. The first paper on Monday morning dealt with the location of a diabase dike near Chapel Hill, N. C., by magnetic and resistivity methods. The magnetic indications were pronounced directly over the dike. whereas the anomalies of apparent resistivity were less distinct and displaced away from the dike. In the second paper, Professor Keys reported on the results obtained with four different methods of depth calculation on known portions of the Falconbridge

Jan 1, 1937

By Benjamin F. Tillson

The hammer drill rightly receives the credit for having made the one-man drill possible, and so many economies seem possible through the proper application of different types of hammer drills to various mining, quarrying, and excavating operations, that an indication of the 'economies effected by the New Jersey Zinc Co. at its Franklin mines may be of pertinent interest. When this company commenced its trials of hammer drills in 1907, these tools had not been developed to one-fourth the capacity and refinement which they have at present. At that time it was frequently stated that such a small tool, drilling holes of less diameter than the reciprocating rock drill, could not drill enough holes in a shift to permit the placing of sufficient explosive to break a tonnage of ore comparable with that produced by the "rock drills;" that the placing of small holes inclined upward, at angles steeper than 40' above the horizontal, could not be expected to produce results equal to the large flat, wet or dry, holes in the breasted back of an overhand stope, and would only shatter the ground so as to make the back unsafe. In spite of these adverse opinions, the hammer drills first showed their superiority over both heavy and light reciprocating drills in raising and in stoping, and then in drifting and quarry work. As a result, all of the reciprocating drills at the Franklin mines were scrapped three years ago, all of the mining work being accomplished with increased efficiency, as shown in detail in this article. With the advent of the hammer drill in this property, it was considered advisable to make comparative tests of all the tools accessible, and it has since been the policy to investigate the merits of any advance of the drilling art in order to get the maximum amount of work from the tools. The necessity of devising some means of standardizing drill tests, and of measuring the consumption of compressed air as well as the drilling speed, was early realized. The common test was to fill a measured air receiver with compressed air at a certain gauge pressure, run the drill until the pressure had dropped to too low a figure, then compute from the time, drop in pressure, and

Jan 1, 1915

By J. C. Swartz

New measurements of graphite and cementite solubilities in ferrite have been obtained to resolve disagreements among previous data. To measure graphite solubility, specimens of iron were equilibrated with rarious carburizing atmospheres at temperatures be-twee~z 480" and 1435°C. The carbon activity of each atmosphere relative to graphite was taken from published data. After quenching from each equilibration treatment the concentration of carbon (typically 10 pprn by wt) was determined from the height of the Snoek peak in the internal friction spectrum. A few inclividual analyses by combustion support the reszdts of Smith on the solubility of graphite near the eutectoid temperature. Combination of these combustion and internal friction analyses determines In a, (at 0.01 wt pct) = 24,000/RT - 12.72, where a, is the activtity relative to graphite in ferrite at fixed cornposition. The same specimens were used to determine the solubility of self-stressed cementite precipitates. The results indicate solubilities of 6.3, 23.2, and 68 pprn carbon by wt at respectively 400°, 500". and 600°C. The once large discrepancy between the cementite solubility determined by internal frictiori and that calculated from flee energy data has been almost completely resolved. A recent study1 (hereafter designated I) on the solubility of cementite in a iron did not fully resolve the disagreement among previous data. The remaining disagreement is illustrated by the phase diagram in Fig. L The data of I are represented by the line labeled "stress-free" cementite. They determine a heat of solution of cementite of (14.8 * 0.2) kcal per mole which contrasts with the (20 * 1) kcal per mole derived from Smith's graphite solubility2 and the formation energy of cementite.3 Toward resolving this disagreement we have obtained new data on the solubilities of graphite and cementite. METHODS As in I the Snoek peak in the internal friction spectrum was used to measure the concentration of carbon dissolved in ferrite. This method relies on the relation C=kQ-1 [1] in which C is the concentration of dissolved carbon, Q-I is the Snoek peak height, and k is a proportionality factor which is a function of the peak temperature, polycrystalline texture, and other parameters characteristic of the ferrite lattice. To determine true heats of solution via Eq. [1], it is necessary to establish that k is independent of the temperature from which the specimen is quenched. Some evidence on this point is contained in a separate report.* Additional evidence is shown by the data points in Fig. 1. These represent the Snoek peaks of two specimens carburized to about 10 ppm C, copper plated, and quenched first from 888º then from 588°C. The copper plate was removed before each Snoek peak measurement. These data show that there is no detectable dependence of k on quenching temperature. The solubility of graphite was determined by repeatedly carburizing various specimens of iron wire with gas mixtures of known carbon activity relative to graphite. To cover a wide temperature range within the a phase boundaries it is desirable to use as low a carbon concentration as is compatible with reasonable precision. With the present internal friction apparatus the best compromise of these desires is a concentration near 10 wt ppm. The dashed line in Fig. 1 was used to approximate the activity of carbon* for

Jan 1, 1970

Rossiter Worthington Raymond, Ph.D., LL. D-1840 to 1918.-Dr. Rossiter W. Raymond, Past President, Honorary Member and Secretary Emeritus, died suddenly of heart failure at his home, 123 Henry'St., Brooklyn, N. Y., on the evening of Tuesday, Dec. 31, 1918. He was one of the founders of the Institute and its second President. A Memorial 'Service will be held on Monday afternoon, Feb. 17. James Douglas.- The Institute suffered a second very severe loss by the death of Dr. James Douglas, Honorary Member, Past President (having served as President for two years), and in three separate respects the greatest benefactor of the Institute: first, in raising funds by volun¬tary subscription and his own personal gifts to pay the Institute's share of the money owed on the land on which the Engineering Societies Build¬ing now stands; second, as original donor to Engineering Societies Library; and third, by his bequest of $100,000 for the maintenance of the library of the American Institute of Mining Engineers. A resolution regarding the death of Dr. Douglas was passed by the Board of Directors and at the meeting of the Institute on Sept. 4, 1918, in Colorado, at which time a memorial service was held in the thea¬ter of the Hotel Broadmoor, attended by about 400 members and guests. A copy of the resolution was prepared and sent to the family. A bronze tablet is now being prepared and will be placed in the Members' Room and unveiled at the February meeting. A biography and portrait of Dr. Douglas was published in the September, 1918, Bulletin. There is also placed in the Engineering Societies Library an oil portrait of Dr. Douglas which had his own approval and was presented by him. American Institute of Metals.--During the Spring of the year, plans were completed with the American Institute of Metals whereby this society became the Institute of Metals Division of the American Insti¬tute of Mining Engineers. This body was a dignified aggregation of metallurgists which had been in existence for about 11 years. A bronze tablet commemorating the American Institute of Metals is now being placed in the Members' Room of the Institute, and during the year 1919 the Bulletin will bear the following title: "Bulletin of the American Institute of Mining Engineers, with which is consolidated the American Institute of Metals." Visits to Local Sections.-During the year President Jennings made visits to six of the Local Sections, on three of which occasions he was accompanied by the First Vice-president and the Secretary. First Vice-president Goodale made five visitations and the Secretary made eight.

Jan 1, 1923

By R. E. H. Pomeroy

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

Jan 1, 1921

By B. A. Stainton, John D. Gill

OUR combined economic activities have as their goal the maximum of individual well-being and national security. In this age of intense international competition the two objectives are closely related. For many decades, the maximum of well-being and ability to maintain national security have moved generally upward. The best single measure-perhaps the only adequate measure -of the level of the rising goal is the per capita real national income (national income corrected for price changes). For centuries before the industrial revolution the income of the world's population changed little from generation to generation. In our country prior to 1800 the growth of national income was hardly measurable from decade to decade. Since 1850, perhaps since the "industrial revolution," the growth of per capita real income has been increasing geometrically. Of major importance is the accelerative growth of the productive ability of our economy. Inadequate consideration of its implications is partly responsible for periodic delays in solving our princi-

Jan 1, 1946

By C. Richard Tinsley

INTRODUCTION Documentary complications arise from the risk apportionment in project financing which generally means that once the project is up and running and has satisfied the lender's completion test, the loan agreement specifically limits the lender's recourse to the project and its assets. It is the purpose of this paper to describe the special considerations which apply to industrial minerals projects and explore the reasons why so few project financings are negotiated in this industry. SIZE Small projects do not warrant the relatively high costs of negotiating and documenting project financing. The extent of the documentation is directly proportionate to either (a) the degree of risk apportionment, or (b) the amount of control given to lawyers to negotiate the documents. Although one would like to believe that project-finance documentation could be off-the-shelf, it is almost always necessary to tailor the documents to the mine development itself and the individual desires of the borrower. Accordingly, the documentation costs and initial expenses are seldom less than $40,000, and for complex projects can reach $400,000. In addition, banks often charge an up-front fee to partly compensate them for their staff time and partly to increase their yield on what is deemed to be a "riskier" loan asset. Another factor is the generally lower debt:equity ratio when bankers are uncertain of the accuracy of the cash flow projections. The ratio of the amount of cash flow left over after debt service to debt service itself is a key tool for project finance (debt service coverage). Bankers will require a higher coverage ratio for industrial minerals projects because of the relatively higher uncertainties in the following categories: Prices Markets Geology/Quality Transportation Environmental This, in turn, means that lower debt:equity ratios are the norm for new industrial minerals projects. INDUSTRY STRUCTURE It is hardly worthwhile to generalise about a field as diverse as industrial minerals, but there are four other structural reasons why project financing has not been widely applied. 1. The most obvious example is the predominance of small-sized operations, largely a function of transportation economics. Geological conditions also contribute to their dispersion. 2. Often, the product is only a small part of a company's business in contrast to many petroleum, metals, or coal companies whose sole business is the production of the raw material. The construction industry is a good example here for cement, gypsum, crushed stone, sand and gravel, and the drilling-mud services business for barite and bentonite. A company is unlikely to jeopardise its main business through the failure of a project financing on one of its key inputs. The corrollary is that the mined input is often regarded as a cost centre and not run on the sort of economic basis suitable for project financing. 3. There may be a reluctance to reveal key aspects of an industrial minerals venture to an outsider for purely competitive reasons. Unlike the other minerals industries which readily share technical information at plant visits and

Jan 1, 1985

By Robert A. Laurence

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

Jan 1, 1968

By P. Barnes

The sums given in the accompanying table are those actually paid for material and labor up to about August, 1875; but, as some parts of the machinery were not wholly completed at the starting of the works in September, 1875, the statement cannot be taken as an absolutely correct note of the total cost. A complete description, with engravings of the building and machinery, was given in Engineering, April 26th, 1878, in a paper by Messrs. A. L. Holley and Lenox Smith, to which convenient reference may be made. A detailed list of the construction accounts has been given in a paper, by the present writer, in vol. vi, Transactions of the Institute. A summary is given in the table of the items in each class which enter into the total cost, and also a note of the proportion which each of these items forms of the whole. A concise view may thus he obtained of the facts embodied in the statement as a whole, even though it cannot lay claim to completeness in showing the entire or final cost. An urgent suggestion has reached the writer from a distant country that such statements of cost to be really most serviceable should give the details in days of labor, in weight of iron, and in number of brick, and to this an assent is most cordially yielded. It is true, however, that the mere labor of copying arid compiling these details to such a degree of minuteness, would be very great, and, in any event, the probable difference between the plans of an existing establishment and one projected, would be so wide as to render even so complete a statement of cost of little more real service than the approximate notes given herewith.

Jan 1, 1879

By P. Barnes

THE sums given in the accompanying table are those actually paid for material and labor up to about August, 1875; but, as some parts of the machinery were not wholly completed at the starting of the works in September, 1875, the statement cannot be taken as an absolutely correct note of the total cost. A complete description, with engravings of the building and machinery, was given in Engineering, April 26th, 1878, in a paper by Messrs. A. L. Holley and Lenox Smith, to which convenient reference may be made. A detailed list of the construction accounts has been given in a paper, by the present writer, in vol. vi, Transactions of the Institute. A summary is given in the table of the items in each class which enter into the total cost, and also a note of the proportion which each of these items forms of the whole. A concise view may thus be obtained of the facts embodied in the statement, as a whole, even though it cannot lay claim to completeness in showing the entire or final cost. An urgent suggestion has reached the writer from a distant country that such statements of cost to be really most serviceable should give the details in days of labor, in weight of iron, and in number of brick, and to this an assent is most cordially yielded. It is true, however, that the mere labor of copying and compiling these details to such a degree of minuteness, would be very great, and, in any event, the probable difference between the plans of an existing establishment and one projected, would be so wide as to render even so complete a statement of cost of little more real service than the approximate notes given herewith.

Jan 1, 1879

By Alfred James

Some months since, in the Johannesburg gold-fields of South Africa, the attention of the author was directed to certain statements to the effect that the gold-contents of foul or extremely dilute cyanide-solutions could not be effectively precipitated in practice by the usual zinc-method. Such statements caused all the greater surprise, because it is well known that this difficulty is not encountered in other wellknown districts, as, for example, in New Zealand, where solutions containing less than 0.05 per cent. of KCy are regularly reduced in practice to below 1 grain of gold per ton, while in Mexico and the United States almost equally satisfactory precipitations are not uncommon. As a result of these representations, however, the author visited several plants at work in the Transvaal, and noted that while at some few mines the precipitation was really excellent, at others the effluent, after treatment, was much too high in bullion-contents. An investigation into the causes of these unsatisfactory results disclosed the fact that more attention to the close packing of the zinc-shavings in the extractor-compartments tended to improve the results, even with the most dilute solutions. The function of the zinc being one of surface, it stands to reason that a compartment well filled with zinc would be more effective than a half-filled one. Moreover, the quality of the zinc was inferior. This should be in long, tough, thin, light threads; light enough to ignite readily, and tough enough not to disintegrate easily into a slime. The coarse shavings too frequently employed appear to give the reverse of the best practice ; they are brittle, contain less surface, and take up more room. It is almost impossible to pack a compartment properly

Jan 1, 1898