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By D. M. Francois-Bongarcon

The idea of parameterizing reserves has only been formalized and scientifically applied for a few years. Its most fully developed application, that of open pits, has been operational only since 1976. Two new versions which have just been issued provide a complete solution to the problem and also a powerful tool for mine planning, and they open up a new field of investigation. This paper describes the basic principles for parameterizing reserves, their application for open-pit mines, the algorithm used, the physical interpretation of the results obtained, their economic use as well as the first prospects offered by a complete parameterization in tm of (I. ti), or of the metal price.

Jan 1, 1984

By Walter E. Duncan

The ores treated at the concentrating plant of the Mahoning Mining Co. at Rosiclare, III., come largely from the blanket replacement deposits of the northeastern part of Hardin County, Illinois, and consist of complex mixtures of galena, sphalerite and fluorspar in a gangue of quartz, limestone and sandstone. The several minerals are so intimately inter-grown that they are not liberated at the sizes usually treated by gravity concentration in the usual fluorspar plant. For this reason, an all-flotation method of concentration was developed in cooperation with the station of the U. S. Bureau of Mines at Rolla, Mo.1 This flotation separation made possible the commercial production of four concentrates: (I) lead, (2) zinc, (3) acid-grade fluorspar and (4) metallurgical-grade fluorspar.2,3 Although fluorspar had been floated in Canada in 1921 and a plant at Rosiclare had been floating fluorspar since March 1929, fluorspar flotation was given considerable impetus by the Mahoning developments, since some features of the separation were quickly adopted by other fluorspar companies. The Bureau of Mines6 reports that in the 10 years preceding 1938 only 50,552 tons of fluorspar flotation concentrates were produced in the United States. The rise from this almost nominal figure to 153,750 tons (largely acid grade) in one year (1944)6 is indicative of the activity in fluorspar flotation occasioned by the war. The industry thus proved to be in a position to expand and keep up reasonably well with the requirements imposed upon it by such developments as occurred in high octane aviation gasoline alkylation, in the use of Freon as a refrigerant and as carrier in the Aerosol "bug bomb," and in the atomic bomb project as well as in the expansion of other activities requiring hydrofluoric acid; for example, the aluminum industry. Despite the fact that the greater portion of acid-grade fluorspar produced in the last few years went directly into war uses, the future of the acid-grade field still appears bright. As a result of the activity in fluorine chemistry during the war, it seems likely that in the relatively near future almost every phase of human endeavor will find some fluorine compound involved. The other three concentrates produced deserve some attention in these introductory remarks. The lead concentrates first produced contained both zinc and fluorspar but these did not interfere with their marketing. As will be pointed out later, the quality has steadily improved until today it is a relatively high-grade product. Although some zinc smelters accept concentrates containing limited quantities of fluorspar, it is a very objectionable impurity. Since flotation methods fail in the complete removal of the fluorspar, chemical methods were developed for

Jan 1, 1947

By Walter E. Duncan

The ores treated at the concentrating plant of the Mahoning Mining Co. at Rosiclare, III., come largely from the blanket replacement deposits of the northeastern part of Hardin County, Illinois, and consist of complex mixtures of galena, sphalerite and fluorspar in a gangue of quartz, limestone and sandstone. The several minerals are so intimately inter-grown that they are not liberated at the sizes usually treated by gravity concentration in the usual fluorspar plant. For this reason, an all-flotation method of concentration was developed in cooperation with the station of the U. S. Bureau of Mines at Rolla, Mo.1 This flotation separation made possible the commercial production of four concentrates: (I) lead, (2) zinc, (3) acid-grade fluorspar and (4) metallurgical-grade fluorspar.2,3 Although fluorspar had been floated in Canada in 1921 and a plant at Rosiclare had been floating fluorspar since March 1929, fluorspar flotation was given considerable impetus by the Mahoning developments, since some features of the separation were quickly adopted by other fluorspar companies. The Bureau of Mines6 reports that in the 10 years preceding 1938 only 50,552 tons of fluorspar flotation concentrates were produced in the United States. The rise from this almost nominal figure to 153,750 tons (largely acid grade) in one year (1944)6 is indicative of the activity in fluorspar flotation occasioned by the war. The industry thus proved to be in a position to expand and keep up reasonably well with the requirements imposed upon it by such developments as occurred in high octane aviation gasoline alkylation, in the use of Freon as a refrigerant and as carrier in the Aerosol "bug bomb," and in the atomic bomb project as well as in the expansion of other activities requiring hydrofluoric acid; for example, the aluminum industry. Despite the fact that the greater portion of acid-grade fluorspar produced in the last few years went directly into war uses, the future of the acid-grade field still appears bright. As a result of the activity in fluorine chemistry during the war, it seems likely that in the relatively near future almost every phase of human endeavor will find some fluorine compound involved. The other three concentrates produced deserve some attention in these introductory remarks. The lead concentrates first produced contained both zinc and fluorspar but these did not interfere with their marketing. As will be pointed out later, the quality has steadily improved until today it is a relatively high-grade product. Although some zinc smelters accept concentrates containing limited quantities of fluorspar, it is a very objectionable impurity. Since flotation methods fail in the complete removal of the fluorspar, chemical methods were developed for

Jan 1, 1947

Two separate but closely related projects now under construction on the St. Lawrence River- the Seaway and the St. Lawrence Power Project- are providing the impetus for what may become one of the most significant economic expansions in the Northeast. By 1959, or even earlier, electric power will be flowing from the largest single hydroelectric installation east of the Rockies. Simultaneously there will come into existence a great new commercial waterway which will provide cheap transportation from the farm and industrial heartlands of the U. S. and Canada to the markets and resources of the world. When the Seaway is completed, vessels with five to ten times the capacity of those now using the Canadian canal system will be able to move from the Atlantic Ocean to Lake Superior.

Nov 1, 1955

By J. E. Forciea, R. W. Salmi

Operating and research personnel at U.S. Steel's Pilotac concentrator have evolved specifications for magnetic separators suitable for use in beneficiation of Mesabi magnetic taconite. These specifications were developed as a result of investigations into the operating and metallurgical problems at the Pilotac concentrator over a period of some ten years. This paper discusses primary magnetic separator specifications, but much of the information is also pertinent to secondary and tertiary magnetic separators. Of particular significance is the proposal of a new basis for specifying the magnetic field which includes consideration of both field strength and field gradient. Other areas of discussion include flowsheet service, operating conditions such as drum speed and pulp level, tank configuration, magnet strength including field gradient, sleeve bearing design, designation of corrosion resistant materials and other details that result in a metallurgically efficient machine that has low repair and maintenance requirements. The mechanical and metallurgical design of magnetic separators at the Pilotac plant, Minnesota Ore Operations, United States Steel Corp. has progressed from the original single-stage, belt-type machines to the present multiple-stage, drum-type units, In ten years of operation, the plant operating and research personnel, in consultation with manufacturers, have made design changes to improve mechanical, electrical and magnetic features to meet process needs as flowsheet designs developed and to incorporate new permanent magnet materials as they became available. Separator specifications were an end result of this effort. The latest specifications which were developed for the Minnesota Ore Operations' plant were not all-inclusive listings; they covered only those points indicated by plant experience. For example, magnet pole piece design and dimensions were not stated. The manufacturers were given freedom to use any design as long as the field pattern was as specified. The selection of the items to be included in the specifications was undoubtedly influenced by particular conditions at Pilotac such as composition of plant water, concentration characteristics of the ore, repair and maintenance facilities available and the research programs that had been conducted. Only the developments leading to the specifications for a primary or "cobber" magnetic separator are presented in this paper. However, the same general concepts are used to specify secondary and tertiary separators. The areas of interest discussed include flowsheet service, tank configuration, magnet design, bearings, materials of construction, and some minor mechanical details. FLOWSHEET SERVICE The primary magnetic separators in the Pilotac Concentrator flowsheet are located after the first stage of grinding as shown in Fig. 1.

Jan 1, 1965

Edwin H. MessiteR, New Pork City (communication to the Secretary*):—Under the heading " Flues," Mr. Edwards refers to the Bee-hive construction, a cross-section of which is shown in Fig. 4 of his paper. A flue similar to this was designed by me about six years ago,' in which the walls though much thinner than those described by Mr. Edwards gave entire satisfaction. These walls, from 2.25 in. thick throughout in the smaller flues, to 3.25 in. in the larger, were built by plastering the cement mortar on expanded-metal lath without the use of any forms, or cribs, whatever, at a cost of labor generally less then $1 per sq. yd. of wall. Of course, where plasterers cannot be obtained on reasonable terms, the cement can be molded between wooden forms, though it is difficult to see how it can be done with an interior core only as stated by Mr. Edwards. In regard to the effect of sulphur dioxide and furnace-gases on the cement, I have found that, in certain cases, this is a matter which must be given very careful attention. Where there is sufficient heat to prevent the existence of condensed moisture inside of the flue, there is apparently no action whatever on the cement, but if the concrete is wet, it is rapidly affected by these gases. At points near the furnaces there is generally sufficient heat not only to prevent internal condensation of the aqueous vapor always present in the gases, but also to evaporate water from rain or snow falling on the outside of the flue. Further along, a point is reached where rain-water will percolate through minute cracks caused by expansion and contraction, and reach the interior, even though internal condensation does not occur there in dry weather. From this point to the end of the flue the roof must be coated on the outside with asphalt paint or other impervious material. In very long flues a point may be reached where moisture will condense on the inside of the malls in cold weather. From this point to

Jan 1, 1905

By Fred E. Carter

AT first sight, the platinum group of metals seem of little import to we, the people," although actually the life of the common man is much influenced by them; this influence is usually indirect, hence his lack of knowledge and interest. He generally associates platinum with high-class jewelry and lets it go at that. Were 11e to go deeper, he would find that platinum metals play their part in his food supply, his clothing. his health, his transportation, his home. And the technical man is in general only slightly better informed, for he usually does not realize how necessary platinum metals are in the manufacture of the many construction materials and chemical products with which he is acquainted. Certainly, our daily lives would be profoundly affected if platinum were suddenly to become unavailable.

Jan 1, 1944

By W. A. Eardley

FIFTEEN years ago the world's deepest oil well penetrated the earth about 7300 ft. That depth has now been more than doubled. Why has such deep drilling become necessary and how has it become possible? Three factors have had an important bearing: (1) Depletion of shallow zones, making it necessary to search for deeper producing measures. (2) The perfection of prospecting methods, which have been success- fully used to locate favorable buried structures, many at great depth. (3) Improvement in the quality of steels used for drilling.

Jan 1, 1940

By Charles A. Stetefeldt

This treatise is the sequel of a paper on "Russell's Improved Process for the Lixiviation of Silver-ores," etc., read at the Chicago meeting, in May, 1884, and published in the Transactions, vol. xiii., page 47. The facts it presents are principally compiled from Mr. Russell's notes on his practical experience gained in various places where the Russell process has been introduced. For a complete understanding of this paper a perusal of my former one is desirable, as can be seen from the frequent references here made to it. All silver-ores that do not carry a large percentage of lead or copper can be treated by Russell's process with success and economy. I do not mean to create the impression that from ores containing considerable quantities of lead and copper a high percentage of the silver cannot be extracted by this process. Such ores, however, will, in many localities, be reduced to better advantage by smelting. In case lead-bearing silver-ores are suitable for concentration, it may be profitable to concentrate the ore by Krom's dry system, obtaining a smelting-product high in lead, and to lixiviate the tailings and the dust. This plan has been adopted in a mill recently erected in Cortez District, Nevada. The dry system of concentration deserves the preference because it delivers the tailings and the dust in a condition ready for chloridizing-roasting. In wet concentration the drying of the tail ings would be expensive, and there would be a considerable loss of silver in slimes. Oxidized ores, containing silver chloride and lead minerals, may be lixiviated after crushing, and the tailings may be concentrated for lead. In this case wet concentration would be most suitable. This has been done at the Old Telegraph Mine, Utah. I would give, however, the preference to dry concentration in all cases which, of course, requires that concentration should precede lixiviation. The Russell process is also adapted to the treatment of tailings resulting from ores which have been worked either by the old

Jan 1, 1887

By FOSTER HEWElT

THE scope of this paper is the description of two districts in Peru in which deposits of vanadium have been found, and the consideration of much laboratory-work that I and others have done to determine the nature of these deposits. It is with regret that I present some of the data in a state of evident incompletion, particularly the analyses of a few of the minerals, which leaves some doubt as to whether the true nature of the minerals is understood. I make no apology, however, since in this case, as in many others referring to ore-deposits, conclusive opinions cannot be stated until a great amount of work has been done, and the deposit has been thoroughly exploited. I believe that the data and the tentative conclusions here presented indicate a unique and interesting condition which may assist others in work along similar lines; and further, what is of more practical importance, stimulate a search for a metal which, though long considered rare, is probably so merely because proper care has not been taken to recognize it. An excellent bibliography on the occurrence of vanadium in nature is given by F. W. Clarke in his paper, Data of Geo-chemistry;1 and in the preparation of this paper I have consulted many of the references contained in the Bibliography of the Chemistry of Vanadium, by M. Moissan.2 A brief review of the subject having special reference to the metallurgy of vanadium is contained in the small book by P.. Nicolardot.3 One of these vanadium-deposits has already been briefly

Mar 1, 1909

By Edward F. Divers

Face ventilation is generally the most critical area in the coal mine ventilation system. Various studies have repeatedly shown that good ventilation is by far the most effective and least costly method of controlling dust and gas problems created during face operations. The Bureau of Mines has recently developed and assisted in the development of several new concepts in face ventilation systems, and in methods to accurately evaluate these systems underground. A new type of scrubber and ventilation system design built into the auger support frame of a continu- ous miner was developed. The objective was to improve face ventilation and reduce respirable dust concentrations. With this arrangement, one scrubber is mounted into each side of the boom. Laboratory and underground tests of various scrubber discharge arrangements showed good to excellent dust and methane control. Combined face ventilation systems, using both blowing and exhaust curtain, potentially offer dust and gas control and deeper cutting. Bureau tests at a mine using a combined face ventilation system and remote- control-operated continuous miners showed excellent dust and methane control. The advancement of line curtain systems beyond permanent supports without exposing workmen to roof fall hazards can be accomplished only with specially designed extendable devices. Numerous concepts for line curtain extension have been developed and tested. For the past several years, the Bureau has been testing various types of extensible face ventilation systems. These extensible systems can generally be classified as floor-, roof-, machine-, and rib-mounted systems. In the past 6 years, approximately 40 systems have been evaluated for feasibility. From these, several have been selected as practical or innovative and are presented herein. A technique developed by the Bureau to accurately and safely evaluate the effectiveness of face ventilation is also presented.

Jan 1, 1982

lv. H. Blauvelt, Great Falls, Montana (communication to the Secretary): In his remarks on Mr. Stetefeldt's paper (Trans., xxiii., 587)) Mr. Goetz observes: " Trouble experienced with producers at Great Falls influenced me to try Taylor producers instead of those of Wellman. But recent reports show that the Wellman producers work better, besides coating nearly 50 per cent. less than Taylor producers of equal capacity. Indiana and Illinois coals cannot be used in the Taylor producers by reason of the large size and hardness of the clinkers which they form." I think that Mr. Goetz must have been misinformed regarding the work of this producer in Illinois. One of the large mauafacturing concerns in that State, the Illinois Zinc Company, situated at Peru, which uses a coal mined in the vicinity, tried one Taylor producer, some four years ago, in competition with those of an older type, which it had been using. As a result of this trial, the company has now thirteen Taylor producers, which have been in operation for about three years. A recent report from these works says that the Taylor producers have largely reduced the loss of coal through the grate, and have also improved the quality of the gas, as compared with that produced from the same coal in the producers of the older type. This Illinois coal is, perhaps, the worst in the country for making gas; since, besides containing from 20 to 40 per cent. of ash, it carries a large quantity of pyrites, so that the clinkers are large and extremely hard, and the capacity of the producer is most severely tested.

Jan 1, 1895

By Herbert Hoover

THE time has arrived in our national development when we must have- a definite national- program in the development of our great engineering problems. Our rail and water transport, our water supplies for irrigation, our reclamation, the provision of future' fuel resources, the development and distribution of electrical power, all 'cry out for some broad-visioned national guidance. We must create a national engineering sense of provision for the nation as a whole. If we are to develop this national sense of engineering wand its relations to our great human problems, it must receive the advocacy of such institutions as this. We, together with our sister engineering societies, represent the engineers of the United States. It is our duty as citizens to give voice to those critical matters of national policy which our daily contact with this, the fundamentally constructive profession, illuminates to us. Just as our medical associations voice the necessity of -safeguards to national health; as the bar associations of safeguards to our judiciary, so the engineers should exert themselves in our national engineering policies. We have none; but we need some, or the next generation will face a lower instead of a higher standard of living than ours.

Jan 1, 1920

By Jack Green

Within three major tectonic time frames of earth history: Microplate (±3.8 - ±2.6 billion years), intraplate (±2.6 - ±1.3 b.y.), and macroplate (=1.3 b.y. - present), precious - metal deposits are confined to specific structural, depositional and physico-chemical environments. Precambrian primary gold deposits are localized in two microplate greenstone episodes (±3.7 and ±2.7 b.y.); secondary gold in Witwatersrand placers (±2.6 b.y.). Precambrian primary platinum group metals are in anorthositic facies of layered mafic intrusions (±2.8, ±1.8 and ±1.0 b.y.). Most radioisotope mineral dates cluster - at these times and are coincident with inflections on polar wandering curves. These coincidences may reflect episodicity in lunar tidal disruptions and global deceleration effects in crust and outer core during micro- and intra- plate phases. Macroplate tectonics and an oxygenated atmosphere created favorable conditions for strata-hosted and plate suture gold and silver deposits. "Black smokers" at constructive plate margins and calc-alkalic calderas at destructive plate margins are loci for hydrothermal gold and silver.

Jan 1, 1984

By Lawrence F. Rooney

One of Edgar Allan Poe's stories that haunts my subconscious is the Masque of the Red Death. These days, whenever I join a group like this, especially during the cocktail parties, I see myself and others as those mythical swingers seemingly isolated from the plague. The world, but this country especially, has had a ball plundering, spending, and wasting its natural resources for 100 years. And, as in days of yore, it is fitting that we end this ball with spectacular fireworks: trips to the moon, so that our grandchildren, huddled in their caves along the Ohio, will better understand how it all began.

Jan 1, 1970

By AIME AIME

THE ninth International Petroleum Exposition held at Tulsa, May 16-23, broke all size, sales, and attendance records of previous shows. More than $12,500,000 worth of equipment was on the grounds. There were 546 companies exhibiting and every available inch of the fifteen acres allotted to exhibit was taken. Drake Drive, the main street of the exposition, was literally "supply row" with National Supply, Frick-Reid, Continental Supply, Oil Well, Bridgeport, International Derrick and Equipment, and Parkersburg Rig and Reel companies occupying the entire space. The exhibitors were a cross section of American industry, with such firms, besides the strictly oil equipment firms, as the United States Steel Corp. and others allied to the oil industry, exhibiting. Between $10,000,000 and $15,000,000 of equipment is estimated to have been sold on the grounds during the exposition. Valuable contacts were made by the exhibitors with key oil men. Attendance passed the 175,000 mark for paid admissions in contrast with 154,000 for the eighth exposition in 1934. Visitors registered from Venezuela, Soviet Russia, India, Germany, Spain, Mexico, England, Canada, France, Colombia, Greece, West Indies, and Rumania. Hotels were overflowed and a housing bureau found rooms in private homes for thousands. Oil companies set up a schedule of shifts in order that as many of their field men might attend as possible. It is said that the companies want a two-weeks' show in 1938 so that more time will be avail-

Jan 1, 1936

By A. M. STROKG

Discussion of the paper of Charles R. Keyes, presented at the Spokane meeting. Bulletin o. 34, October, 1909, pp. 867 to 903. A. M. STRONG, Bishop, Cal: (communication to the Secretary*) The paper of Mr. Keyes gives us the most complete account of the geology of the borax-deposits in the Death Valley region that has yet been published, and is a valuable addition to the geological literature of a very interesting though little-known territory. During the past ten years I have been over much of the northern part of the country described by Mr. Keyes and the region immediately north of it. Mr. Keyes seems to give the impression that Furnace creek is the northern end of these borate-bearing deposits, but such is not the case. Of the seven principal marsh-deposits which for years furnished the greater part of the borax supply in the manner described by him, four are north of the boundary-line as given on his map. The entire territory immediately east of the Sierra Nevada is composed of a series of sinks, each with a well-defined drainage-area.. Of these, Death valley is the deepest, and its drainage-area one of the greatest. The section given in the paper is typical of any line drawn eastward from the Sierra Nevada. At the lowest point of each of these sinks is a marsh, which, in times of heavy rain-fall in the mountains, is converted into a lake. These marshes always contain borax, which is now considered to have been derived from the washing of the Tertiary lake-beds in the surrounding mountains, of which they form a considerable part. Additional territory which I have studied shows that the boundaries given on Mr. Keyes's map should be considerably extended to the north. Just how far these borate-beds extend I am not prepared to say. J. E. Spurr says of them : 1

Feb 1, 1910

By Richard Hodgson

FMC Corporation, at their mine and soda ash refinery near Green River, Wyoming, currently mines in excess of 3 million tons per year of trona. Upon completion of the current expansion, the mine will be producing in excess of 4.0 million tons per year. The single level mine, approximately 1,500 feet in depth, is currently serviced by five (5) concrete lined circular shafts varying in diameter from 12 ft. to 24 ft. A sixth shaft is complete, but not yet operational and the seventh is currently being sunk. Two of the shafts are equipped with single drum hoists. The original production shaft is equipped with a double drum hoist. The newest production shaft and the main service shaft are both equipped with ground mounted friction hoists. These friction hoists have given excellent service and another will soon be installed as a man and material hoist at No. 7 Shaft. There are a number of advantages that the ground mounted hoist has over a tower mounted hoist. There are also operating problems common to both. FMC's original experience with ground mounted friction hoists began in 1962 with the conversion of a single drum hoist to a friction hoist. The converted hoist was an Ottumwa with a 5 ft. diameter drum and a 4 ft. face. This hoist had been installed at the No. 3 Shaft for some years prior to its conversion to a friction hoist. At the time the conversion of this hoist was made, there were no friction hoists in service in Wyoming. Wyoming mining laws required that all conveyances carrying men be equipped with safety dogs. Since it was desired that wire rope guides be used, safety dogs were impractical. Agreement was reached with the State Mine Inspectors that safety dogs would not be necessary provided that recommended rope safety factors for hoisting men would still be maintained if one hoisting rope was broken. Since-the shaft is approximately 1,500 ft. deep, the recommended safety factor is 6.0 so that this installation has a safety factor in excess of 8.0 for hoisting men when new ropes have been installed. The hoist conversion was engineered by Lake Shore, Incorporated. The friction ring was made in halves and bolted over the original drum face which had been machined to remove the grooves. The ring provided for four 3/4 in. diameter ropes on 8 inch center to center spacing. The pitch diameter of the modified drum was 72 inches. The grove liners are hald in place by hard-wood wedges bolted to the drum. The other modification required by the conversion was an increase in size of bearing caps and the hold-down bolts because of the increased force tending to lift the drum.

Jan 1, 1975

INTRODUCTION Trade financing is a particularly important component of short-term financing for a minerals company since errors, extra costs, or payment delays/defaults can easily wipe out the profit margin on a particular shipment or can cause problems when arranging purchases of e.g. reagents. It is required to make any minerals operation function and does not have to be cross-border to require proper management. Sources of working capital are as follows: 1. Extended credit terms from suppliers 2. Inventory loans from banks, finance companies 3. Accounts receivable financing or factoring 4. Credit lines or overdraft facilities from banks. TRADE CREDITS These are provided under the familiar terms "net 10 days" or payment due by the "10th day of the following month." Thirty days for payment is usual but longer periods can be negotiated with regular suppliers. Shipment may be made on open account with specified periods for settlement. In the mining industry, a custom smelter gains trade credit by paying for concentrates three months after the month of shipment. INVENTORY LOANS Various forms of inventory finance are provided via "floor-plan" or warehouse financing. A set percentage, usually 60%-80%, of a good-quality, readily saleable inventory item (e.g. bullion, concentrates, ingots) will be provided by a bank or finance company which will usually have security over these products and has a right to inspect the goods from time to time. Legal security will he achieved by warehouse receipts, floating liens, chattel mortgages, trust receipts, or through collateral management service companies. The latter certify control over stock or distribution outlets and often carry insurance against fraud. Costs range around 1.5% - 2.0% p.a. or more plus some fees to cover out-of-pockets or other costs. ACCOUNTS RECEIVABLES Accounts receivable financing is based on the company's generation of satisfactory receivables which are continuously assigned to a bank or finance company ("factoring"). Because of the risks in being able to collect receivables, such as payments to a smelter for its blister copper shipments to a refinery, this form of financing costs as much as 3% - 5% of the debt amount purchased plus an additional charge for processing paperwork. Receivables can be purchased with or without recourse and on a notification or non-notification basis to the client's customer to, respectively, pay the invoice directly to the bank or not. LETTERS OF CREDIT Letters of Credit ("L/C's") are a common feature of international trade finance whereby a bank, at the request of the buyer, issues a written undertaking to an exporter to pay a specified sum of money within a set time on presentation of previously specified documents. This undertaking means that the exporter is no longer relying on the credit standing and integrity of the foreign importer. A dispute about shipment does not otherwise affect the obligation to pay upon presentation of a "clean" set of documents. These documents include the hill of lading and other documentation, often on standard "form" bases. There are a number of conventions and techniques in L/C's such as irrevocable/revocable L/C's, time L/C's, confirmation/advising L/C's and transferable L/C's. These are tools to adjust for the varying risks that the importer will not pay. Other routes where one is comfortable with an importer include documentary sight hills (D/P hill), documentary term bills (D/A bill), and, of course, open account.

Jan 1, 1985

THE CHAIRMAN (G. C. STONE, New York, N. Y.).-It is a matter of history that the smelting of zinc ore in, a reverberatory furnace was the first process used in this country for making oxide of zinc, and it was abandoned for three reasons: it was very expensive, the recovery was, very poor, and the color of the oxide was worse. It is probable, however, that the Anaconda company is working in a totally different way. While Mr. Ingalls does not say so, my own suspicion is that they are using coal-dust firing, very much as they do in the copper furnaces, and by that method there is much more chance of getting good recovery.

Jan 1, 1918