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NEW MEMBERS The following list comprises the names of those persons who became members during the period Apr. 10 to May 10, 1914: Members ADAMS, HENRY H., JR., Merchant, Henry H. Adams & Co., and Colonial Iron Co., 149 Broadway, New York, N.Y. ADAMS, LELAND D., Mine Mgr., Supt., East Canada Smelting Co.,Weedon, Quebec, Canada. AGUILERA, EUGENIO, Chief Engr. Mining & Foresting Dept. of Santiago, Santiago de Cuba, Cuba. ALFORD, NEWELL GILDER; Min. Engr., Asst. Chief Engr., St. Bernard Mining Co,. Earlington, KY.

Jan 6, 1914

By E. M. Wise

THOUGH known as the platinum-group metal- the sextuplet, platinum, palladium, iridium. rhodium, osmium, ruthenium, might well be called the American metals or perhaps Pan-American metals, as the ore containing them eras first discovered in South America, and in recent years the largest production has come from North America. The South American alluvial deposits, which also, contain gold, are in active production, as are the alluvial platinum deposits of Alaska, but the main production is from the copper-nickel ores of Sudbury, Ontario. The Russian deposits in the Urals were the source of most of the worlds platinum for about 100 years, but since 1934 have assumed second place. For a time considerable amounts of platinum came from several rather rich deposits in South Africa but these were exhausted quickly. However, a tremendous reserve of lower-grade ore exists there, which could be worked profitably if the price of platinum were considerably higher.

Jan 1, 1942

By S. H. Chauvenet

Jan 1, 1882

Erwin S. SperRy, Bridgeport, Conn.: The analysis of refined copper is a subject of great importance, and has not received the attention it deserves. Copper metallurgists, therefore, will welcome the paper of Mr. Heath with satisfaction. The state of the art of the chemical analysis of copper has been such that consumers, if they could not afford to run any risk, have been obliged to buy copper from the smelter having the best reputation, and a specification for copper to meet certain requirements could not be drawn up by the mere giving of the chemical constituents. Mr. Heath has brought the analysis of the copper to such a state that when a specification calls for copper " equal to Lake copper " one will know immediately what percentage of the pure metal to expect. It seems to be a pretty well established fact that the copper of Lake Superior is practically free from antimony and bitmuth ; and, with the exception of arsenic, the other elements are easily separated from copper by electro-deposition in an acid solution. The authorities differ in regard to the question whether antimony is deposited with the copper in an acid solution. Classen* recommends the employment of a solution containing 10 per cent. of free nitric acid, sp.gr.1.21, and the strength of the current from 0.3 to 0.4 ampere, in order to prevent the other metals from being deposited with the copper; and for this reason, I presume, the method has been generally used. I, myself, have been accustomed to use such a solution for the analysis of copper-alloys, but have found that for such alloys only a small quantity of nitric acid is necessary, if sulphuric acid is present in sufficient amount to give the solution the required conductivity.

Jan 1, 1898

By L. C. Brown, C. St. John, C. C. Sanderson

The diffusion rate in Cu-Te couples is very sensitive to compressive stress, with a load of 20 psi making a significant difference to the width of the diffusion zone. At zero stress, two phases appear in the diffusion zone (Cu4Te3 and CuTe). Under compressive loading the third stable phase (Cuz Te) also appears, and its thickness increases progressively with increasing stress. The results are explained on the basis of an incipient Kirkendall porosity which restricts the transfer of atoms from the copper into the diffusion zone. DURING a study of the Kirkendall effect in Cu-Te couples prepared by clamping together the two components, it was found that the diffusion-zone width and shape in the plane of contact were not reproducible. Although the stresses involved in clamping are not normally sufficiently high to affect diffusion rates, preliminary tests established that the Cu-Te system is particularly stress-sensitive. The phase diagram for the system Cu-Te given in Hanssen1 shows that there is practically no solid solubility at either end of the phase diagram. Many areas of the diagram are not fully substantiated, but there appear to be three intermediate phases: Cu,Te—hexagonal in structure, having a grey luster; Cu4Te3—a tetragonal defect structure, having a red-purple luster; CuTe—orthorhombic in structure and having a golden-green luster. The existence of a fourth phase, the X phase at 37 at. pct Te, is considered doubtful. The composition ranges of the three stable phases are small, and are not accurately known. The phase diagram changes little with temperature up to 305°C, at which temperature a polymorphic transformation takes place in Cu2Te. The nature of the Cu-Te phase diagram indicates that the diffusion zone in a Cu-Te couple would consist of a series of layers of intermediate phases. The relative thickness of any one phase will depend on its diffusion coefficient and composition range.' In this type of diffusion couple it is often found experimentally that some phases are not visible at all in the diffusion zone due either to a small diffusion coefficient or to a restricted composition range.3 Since the composition ranges of the phases in Cu-Te are not known, it is not possible to determine diffusion coefficients in this system from a knowledge of the phase thicknesses. Several investigations have been carried out to determine the effect of compressive stress on diffusion rates in multiphase systems. Diffusion couples of Ni-A1 have been investigated by Storchheim et al.4 and by Castleman and Seigle.5 Two phases (ß and ?) appear in the diffusion zone under zero stress and the thickness of both phases is progressively reduced with increasing stress. According to Storchheim et al.4 a stress of 25,000 psi reduces the thickness of the diffusion zone by 50 pct. In a-brass—?-brass couples the thickness of the 0 phase formed in the diffusion zone was reduced by 20 pct at a stress of 20,000 psi.6 In other investigations the compressive load has been observed to increase the width of the diffusion zone. In A1-U, several investigators3,8 have found the width of the whase UA13 to increase with stress. According to casileman,8 the rate of formation of UA13 at 520°C is 75 pct faster at a stress of 20,000 psi as compared with a stress of 2500 psi. In Cu-Sb the effect of stress is greater than in the other systems described. According to Heumann9,10 only one phase (y) appears in the diffusion zone at a stress of 500 psi, but at a stress of 850 psi two phases (y and k) are present. If a diffusion couple containing both y and k phases is annealed at a low stress level, the y phase grows at the expense of the k phase. EXPERIMENTAL The diffusion couples were prepared from electrolytic copper bar stock with a nominal purity of 99.92 pct and from tellurium of 99.7 pct purity. The tellurium proved difficult to machine because of its brittleness and a technique was developed for casting the tellurium into a graphite slab mold and spark-machining specimens from this slab. Both the copper and tellurium were produced in the form of discs 2 in. diam by approximately 1/4 in. thick with surfaces ground flat to 3/0 emery paper. The diffusion apparatus is shown in Fig. 1. Auni-axial compressive stress was applied to the system through a simple lever system. A stainless-steel rod actuated by the lever arm lay inside a stainless-steel tube. The diffusion couple lay on top of the steel rod, and pressure was applied to the couple between the rod and a plug welded into the center of the tube. To ensure a uniform stress across the couple, a hemispherical boss and cup were used to transmit the load to the diffusion couple. A 400-w tube furnace with a uniform hot zone 3 in. long slid around the stainless-steel tube and maintained the assembly at temperature. A thermocouple situated 3 in. from the specimen operated a proportional temperature controller which maintained the specimen temperature constant to ±2°C. Most diffusion runs were carried out at 250C although a few tests were made at other temperatures in the range 235° to 300°C. The specimens were inserted and removed with the furnace at operating temperature, and took only 2 min to reach diffusion temperature—a time small compared with the total diffusion time. All the diffusion experiments were carried out in a hydrogen atmosphere, since consistent results were obtained in hydrogen and nitrogen atmospheres and in

Jan 1, 1967

By J. R. Low, A. M. Turkalo

ManY qualitative observations have been made concerning the relationship of the carbide dispersion and the mechanical properties of steel. With reference to the strength and hardness we know that for a given composition a steel having a fine pearlitic structure is stronger than that having a coarse pearlite. The martensitic structure tempered at a relatively low temperature and having finely dispersed carbides gives greater strength than that given by the martensitic structure tempered at a relatively higher temperature and having a coarser

Jan 1, 1959

New York L. W. FRANCIS, Chairman, WILLARD S. MORSE, Vice-Chairman. THOMAS T. READ, Secretary, Woolworth Bldg., New York, N. Y. P. A. MOSMAN, Treasurer. LOUIS D. HUNTOON. WILLIAM A. POMEROY. Boston HENRY L. SMYTH, Chairman. ALFRED C. LANE, Vice-Chairman. AUGUSTUS H. EUSTIS, Secretary-Treasurer, 131 State St., Boston, Mass. ROBERT H. RICHARDS, ALBERT SAUVEUR. Columbia FRANK A. ROSS Chairman. RUSH J. WHITE, Vice-Chairman. LYNDON K. ARMSTRONG, Secretary-Treasurer, P. O. Drawer 2154, Spokane, Wash. FREDERIC KEFFER, FRANCIS A. THOMSON.

Jan 3, 1915

(Members are urged to send in for this column any notes of interest concerning themselves or their fellow-members.) Members and guests who registered at Institute headquarters during January: A. Neustaedter, Jersey City, N. J. William Jones, Kent, England. A. J. Sweetser, Boston, Mass. Percy E. Barbour, Candor, N. C. Algernon Del Mar, Los Angeles, Cal. Herbert S. Kohlberg, El Paso, Texas. W. B. Cogswell, Syracuse, N. Y. I. N. Knapp, Ardmore, Pa. R. E. Chambers, New Glasgow, N. S.

Jan 2, 1914

By S. H. Chauvenet

HARRISBURG is situated on the Pennsylvania Railroad, one hundred and five miles from Philadelphia, two hundred and forty-eight miles from Pittsburgh, and ninety miles from Baltimore, and has running through it the Pennsylvania, Northern Central, Philadelphia and Reading, and Cumberland Valley Railroads, and the Pennsylvania Canal. Surrounded by a thickly settled farming country, from which to draw native labor, within easy distance of anthracite and bituminous coal, with ores and limestone near at hand, and with the Susquehanna River as a never-failing water supply, Harrisburg has advantages for manufacturing which warrant the investment of the capital that has already been made, and has a future as a manufacturing city second only to Pittsburgh and Philadelphia. THE PENNSYLVANIA STEEL COMPANY, L. S. BENT, SUPERINTENDENT. The works of this company, the largest in Harrisburg, lie between the Pennsylvania and the Philadelphia and Reading Railroads, on. the Pennsylvania Canal, and are essentially devoted to the manufacture of Bessemer steel rails. Capital stock, $2,000,000; invested in business, $5,000,000; wages per month, $80,000; employs 2000 men; capacity, 100,000 tons of rails per year, which is being increased to 130,000 tons. The plant, as it now stands, comprises five Bessemer converters, two 7-ton and three 8-ton converters, two 15-ton open-hearth furnaces in operation, and two 30-ton open-hearth furnaces in course of construction, one blooming mill, one rail mill, seven steam hammers, two blast furnaces in operation, two blast furnaces in course of construction, foundry, pattern $hop, machine shop, blacksmith shop, and frog shop, and merchant mill in course of construction. Bessemer No. 1 was built in 1865, with two 7-ton converters, 2 spiegel cupolas, 3 feet diameter, and 3 iron cupolas 6' 6" diameter,

Jan 1, 1882

DR FRANK DAWSON ADAMS Montreal, Canada HENRY STURGIS DRINKER Bethlehem, Pa PROF HATON DE LA GOUPILLIERE Paris, France SIR ROBERT A. HADFEILD London, England HERBERT C. HOOVER Leoben, Austria ROBERT W. HUNT Chicago, ILL JAMES FURMAN KEMP New York, N.Y. PROF HENRI LOUIS LE CHATELIER Paris France EZEQUIEL ORDONEZ Mexico City, Mexico ALEXANDRE, POURCEL Paris, France RICHARD H, RICHARDS Boston Mass. JOHN E. STEAD Middlesborugh, England PROF DIMITRY CONSTANTIN TSCHERNOFF St Petersburg, Russia CHARLES D WALCOT Washington D.C.

Jan 1, 1923

AARONS, J. BOYD, Major. AGNEW, FRANK VANS. ALLEN, HERMAN H., Private, D Co., 8th Reserve Engineers. BANKS, H. R., Lieutenant, Canadian Engineers, B. E. F. BARBOUR, PERCY E., Deputy Supt. (Captain), New York State Troopers; Captain, 22d Regiment, N. Y. N. G. BARLING, H. B., 1st Lieutenant, Engineer Officers' Reserve Corps. BIGELOW, BRAXTON. BLOOMFIELD, E. C., Lieutenant. BORROW, F. K. BROOKS, ALFRED H., Captain, Engineer Officers' Reserve Corps. BROWNE, DE Courser, 1st Lieutenant, Ordnance Dept., Fortress Monroe, Va.

Jan 8, 1917

ASSOCIATED MINERS, UNIVERSITY OF IDAHO The following officers of the Associated Miners of the University of Idaho have been elected for the academic year for 1918-1919: President, Lloyd A. McDougal; vice-president, Russel D. Bowers; secretary-treasurer, Charles M. Otter. While the society has been somewhat quiescent during the existence of the S. A. T. C., we are now looking forward to an active session with the resumption of normal university life. CHARLES M. OTTER, Sec'y-Treas.

Jan 2, 1919

J. E. JOHNSON, JR., New York, N. Y. (communication to the Secretary*).-The discussion of Mr. Henrich's paper took place at a meeting from which I had the misfortune to be absent, and has just come to my attention. I do not wish to let the subject pass without contributing to it a little information which has come into my possession. In 1912, I published a brief note in the Transactions on The Effect of Alumina in Blast-Furnace Slags, giving in tabular form three typical slags used in iron blast-furnace practice, one of them the high alumina slag of, which Professor Richards speaks. That table is reproduced herewith. TABLE 1.-Composition of Slays. 1 3 3 4 5 6 7 CaO by Neutral Ratio Ratio Ratio Al2z03, SiO2, Differ- Substan- Cat Ca0 a A1203 Ratio Per Per ence, ces, CaO Cent. Cent. Per Per Al2O3 + Sioz Sit: SiO2 Cecil_ Cent. Virginia practice 6.5 36.0 54.0 3.5 1.27 1.6S 1.50 Lake-ore practice 13.5 33.0 50.0 3.5 1.08 1.92 1.51 Special experiment... 36.0 24.7 36.8 3.5 0.59 2.90 1.44 It supplies what seems to me convincing evidence that, for the purposes of the iron blast furnace, alumina can be regarded only as a neutral substance, dissolving in the slag and materially altering its viscosity, but not affecting its chemical activity. In subsequent experience with charcoal furnaces, I found the same rule to hold; that the chemical effect of alumina could be disregarded, providing the ratio of the lime and magnesia to the silica were kept constant. This is exactly the experience which Messrs. Dwight and Mathewson had in copper- and' lead-smelting furnaces. I have never seen any evidence or argument adequate to support the contention of Professor Richards-that the alumina acted as a base in the charcoal iron furnace and as an acid in the coke furnace, and that the function of alumina in iron-furnace slags is inherently different from that in copper- and lead-furnace slags-and I am compelled to differ absolutely with his conclusions in that respect.

Jan 9, 1917

By Donald B. Gillies

TO me a graduating class of engineers constitutes one ' of the finest inspirations I can imagine. You have finished your four- year scholastic career and are starting out in competition with thou- sands of other young men from other universities to make your mark. Be- cause of your training you men are such an essential part of our present- day civilization that a great weight of responsibility rests on your shoulders, especially at this time, for this is an engineering era. Today, it is the engineer who dreams the dreams and makes our civilization better. It's the engineer who carries those dreams into realization and fulfillment. No matter where we go in business and industry, we find- engineers in key positions, charged with great responsibilities.

Jan 1, 1939

IN accordance with a programme arranged by a committee of the Institute, consisting of Mr. William P. Shinn, of St. Louis, chairman, and Mr. Joseph D. Weeks, of Pittsburgh, secretary, the member's of the Institute, with their ladies and invited guests, assembled in Chicago on Sunday morning, August 22d. A special train, provided by the Chicago and Northwestern Railway,. left Chicago on Monday morning at 7.50 o'clock, and conveyed the party to Marquette, arriving at 9 o'clock P.M. Here the steamer Northern Queen, which had been chartered by the committee for the accommodation of the Institute, was in waiting, and the members and ladies at once took up their quarters on the boat. EXCURSIONS IN THE MARQUETTE IRON REGION. Local Committee. EXECUTIVE. -J. C. Morse, chairman; C. Y. Osburn, secretary ; D. F. Wadsworth, treasurer; C. H. Hall, H. Merry. RECEPTION.-S. P. Ely, J. P. Pendill, E. Breitung, W. F. Swift, A. P. Swineford, J. C. Fowle, C. G. Griffey. TRANSPORTATION.-Samuel Schoch, D. Morgan, D. H.. Merritt, J. Pickands. FINANCE.-Peter White, A. W. Maitland, W D. Rees, E. R. Hall. EXCURSIONS.-W. E. Dickinson, H. A. Burt, A.. Kidder, C. E. Wright. REFRESHMENTS.-J. Q. Adams, H. H. Stafford, Joseph Kirkpatrick, D. H. Bacon. On Tuesday the iron mines in the vicinity of Negaunee and Ishpeming were visited, transportation being provided by special trains on the Marquette, Houghton and Ontonagon Railroad. In the morning the McComber, South Jackson, and Jackson mines were inspected, and in the afternoon the Cleveland, New York, Lake Superior, and Barnum mines. Dinner was provided at Negaunee, and gracefully served by, the ladies of the town. In the evening the first session of the Institute was held in the saloon of the steamer. The President, William P. Shinn, of St. Louis, congratulated the Institute on the happy consummation of the wishes of its members to have a meeting on Lake Superior. After tedious and baffling negotiations arrangements had been com-

Jan 1, 1881

HUDSON MAXIM, Brooklyn, N. Y.-Immediately after the creation of the Naval Consulting Board, Admiral Strauss, Chief of the Bureau of Ordnance of the Navy, told members of the Board that the most important problem for the scientists to solve was erosion in large guns. The Navy, for years, had been working on the problem with marked suceess, but there was much yet remaining to be accomplished. As Chairman of the Committee on Ordnance and Explosives of the Naval Consulting Board, I communicated with several experts in the manufacture of steel, principal among whom was Prof. Howe. He generously agreed to help in every way possible, and the work that he has done and the time that he has spent upon it can he appreciated only by reading his paper. Prof. Howe asked for some rings. from a, certain 14-in. gun which Admiral Strauss had mentioned in particular, and in which, he had informed us, at each shot the bore of the gun, was enlarged about 0.001 in.,' and that after a relatively small number of rounds it was considerably eroded. It has puzzled scientists for a long time to account for the peculiar erosive effect produced by the powder gases in a gun, arid: what Prof. Howe has done in his paper is worthy of Sherlock Holmes. He is a veritable Sherlock Holmes of science.

Jan 4, 1918

By A. D. Zunkel, A. H. Larson

Equilibrium antimony contents of pb-sb alloys in contact with PbO-Sb2O3 slags containing less than 45 mole pct Sb203 uleve determined at 650', 700°, and 750°C in an inert atmosphere. In this ten~pevature range, the antimony contmzt of the alloy increased with increasing temperature at all slag compositions. The PbO-Sb203 phase diagram below 28 mole pct Sb2O3 was determined by thermal analysis and by application of a log sbZ4/y$b0 us plot determined from the equilibrium-activity data. The resulting phase diagram showed a eutectic at a temperature of 604°C and a comfiosition of 21.6 mole pct Sb2O, with a maximum terminal solid solubility of Sb203 in PbO of 5.6 mole pct. These results are compared with existing data in the literature. In the past three decades, only a small amount of experimental work has been done on the slag-metal equilibria in the Pb-PbO-SbaO3 or the analogous arsenic and tin systems. These systems are important in commercial lead-refining processes such as softening and dross fuming since it is impurities such as antimony, arsenic, and tin in lead bullion and Sb2O3, As2O3, and SnOz in lead drosses which must be re-

Jan 1, 1968

By J. S. Owens, R. W. Marsden, J. W. Emanuelson, R. F. Werner, N. E. Walker

The iron ores of the Mesabi Range occur in a 340 to 750-foot thick, Precambrian cherty iron formation termed "taconite." For about 65 years, extensive natural iron ore bodies were mined, and the ores either shipped as a direct ore or processed by gravity methods to a shipping grade iron ore. Since 1956, magnetite taconite ores, occurring in magnetite-rich horizons in the Biwabik iron formation, have been commercially concentrated and agglomerated. The transition from natural ores to concentrating-grade ores is progressing rapidly so that, in the near future, a major percentage of the iron ore shipped from the Mesabi Range will be as iron ore pellets produced from taconite. Natural iron ores of the Mesabi Range occur in the Biwabik formation as trough ore bodies in elongated channels and as irregular and tabular deposits in fractured areas associated with faults and folds. Ore bodies range in size from a few thousand tons to hundreds of millions of tons and may occur in any part of the iron formation. In some areas of strong ore development, ore was formed from the hanging-wall argillite to the footwall quartzite. The natural ores and beneficiating-grade natural crude ores were formed by the oxidation of the iron minerals, magnetite, greenalite, stilpnomelane, minnesotaite, and siderite, to hematite and goethite and by the removal of much of the silica in the cherty quartz and in the associated silicates by leaching. The ores are believed to have formed by the oxidizing and leaching action of surface waters. Magnetite taconite ores occur as stratigraphic zones in the Biwabik formation where it contains sufficient magnetite to be concentrated profitably, by magnetic methods, to give a magnetite concentrate that is agglomerated into a high quality product. Unoxidized taconite has an extensive distribution away from and between channels of oxidation and leaching but only a part of the unoxidized taconite is of ore grade. Two general types of magnetite taconite ore occur: ( 1) magnetite taconite of the Main Mesabi Range, generally west of Mesaba, which is composed of magnetite associated with cherty quartz, greenalite, stilpnomelane, minnesotaite, and carbonates and (2) magnetite taconite of the Eastern Mesabi, generally east of Mesaba, composed of magnetite associated with quartz, cummingtonite, actinolite, ferrohypersthene, hedenbergite, fayalite, hornblende, pyroxene, garnet, and biotite. The Mesabi taconite is a metasediment derived from an iron- and silica-rich chemical sediment that has been regionally metamorphosed and, on the eastern end, additionally metamorphosed by the Duluth Gabbro Complex.

Jan 1, 1968

Remarks Of Mr. Robert W. Hunt, General Superintendent, Albany And Rensselaer Iron And Steel Company., Troy N. Y. - In discussing Dr. Dudley's two most interesting papers, I feel a natural hesitancy in disagreeing with conclusions formed after such careful and conscientious work. But I think he has made his deductions from too meagre premises. The analyses of but twenty-five samples are entirely too few to justify the establishment of so important a formula. When we consider that he indirectly proposes to regulate an interest amounting, even at the present low prices, to over $20,000,000 per annum, we may well hesitate before accepting a formula based upon the chemical and physical analyses of but twenty-five steel rails. Dr. Dudley touches the keynote in referring to the proposed labors of the Government Test Commission. They based their hopes of attaining success upon the chemical and physical analyses of a very large number of samples, and in the only branch of investigation which the short-sighted policy of Congress has allowed them to complete, i.e., chain cables, we find that a dozen, twenty-five or one hundred tests gave no satisfactory results. It was only after many hundreds that they were enabled to draw conclusions. There are so many circumstances bearing upon the life of a rail, that the task of extracting a correct result seems herculean. I presume I am right in stating that in our Northern latitudes early winter and spring months witness the breaking of the greatest number of rails, thus seeming to prove that an unstable road-bed has much to answer for. Then, again, broken and flattened wheels must be taken into account, but I am convinced that more rails have been broken by the treatment which they received before leaving the rolling-mill * The remarks of the participants in this debate have been written out by the speakers, and are here given without any attempt to retain the order of the dis¬cussion. While the report does not, therefore, preserve the vigor and spontaneity of the debate, it is believed that it gains in value by giving the matured views of the speakers. The continuation of this discussion at the Pittsburgh Meeting, May, 1879 (beginning with remarks of Mr. Cloud on page 401), is appended for convenience of reference.-T. M. D., Sec'y

Jan 1, 1879

By Tomek Ulatowski

INTRODUCTION In 1974, Industrial Miners Mexico, S.A. (IMMSA), agent for the borrowers, was the largest privately-held mining, smelting, and refining company in Mexico (accounting for 32% of Mexico's nonferrous metal and coal production in 1974), the fourth largest company in terms of sales, and the second most profitable company in Mexico, excluding government wholly-owned and operated industries. The company was engaged in the mining, smelting and refining of coal, copper, fluorite, gold, lead, silver, zinc and related by-products for domestic consumption and export. A combination of favorable factors led IMMSA to propose an investment plan amounting to US$286 million for 1974 through 1978, of which US$150 million was to be financed. These factors included: Substantial profits in 1973 and 1974 Positive near-term outlook for metal prices Success of the reinvestment program in increasing productivity Substantial additions to proved reserves during 1973-1974 and Fiscal incentives provided by the Mexican government to stimulate investment in the mining industry. The primary purpose of the investment program was to construct a new electrolytic zinc refinery and to expand and modernize many of the company's existing mining and refining facilities. THE BORROWER Company History Compania Miners Mexico, S.A. was incorporated in the city of Monterrey in 1918 as a wholly-owned subsidery of ASARCO Inc. (formerly American Smelting and Refining Company, New York) for the purpose of mining and processing non-ferrous metals and related products. In compliance with the Government's Mexicanization program, ASARCO Inc. divested itself of 51% of its equity in Compania Miners Asarco, S.A. on June 30, 1965. Subsequently, ownership in the divested share was apportioned as follows: 15% ownership in Compania Miners Asarco, S.A. to a group of private investors, and 36% in trust for subsequent public sale. The company's name was changed to Asarco Mexicana, S.A. in 1965. Mexican ownership in Asarco Mexicans, S.A. was increased to 51% in 1967, following the purchase of the 36% share ownership held in trust, and then to 66% in 1974 when ASARCO Inc. divested itself of an additional 15% of its holdings in Asarco Mexicans, S.A. Following its 1974 divestiture of 15% of Asarco Mexicans, S.A., ASARCO Inc's ownership in Asarco Mexicana, S.A. was reduced to 34%. In 1974, the company changed its name for the second time to Industrial Miners Mexico, S.A. (IMMSA). Fiscal Agreement IMMSA entered into a fiscal agreement with the Mexican government in 1969. The agreement, which was renewed in 1974, provided for 100% of the production and export tax corresponding to the federal government with a minimum of 50% of the amount refunded to be reinvested in fixed assets. Further, the agreement permitted the company to

Jan 1, 1985