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By Charles E. Locke

DEPRESSION in all lines of the mineral industry except gold, which began in 1930 and continued, even worse, through 1931, had its effect on ore concentration. Construction was limited to the completion of plants already begun. Every possible economy was adopted. Changes and improvements involving expense were postponed. Research was largely abandoned. Operations became highly efficient and costs were cut down, although this did not necessarily mean a lower cost per ton because of the greatly reduced capacity at which mills were run. Lower metal prices caused the operators to seek the optimum ratio of concentration and grade of concentrates looking toward maximum economic recovery; that is, net profit. In the crushing field no marked changes occurred. The Symons cone crusher for intermediate work is in use almost everywhere. Its manufacturers claim that 900 machines have been installed in 21 countries, replacing two previous steps of crushing and yielding a product sufficiently fine to form a satisfactory feed for rod mills and ball mills. A new Telsmith crusher has appeared which has curved jaws something like the Symons cone and consequently the same advantage as the latter.

Jan 1, 1932

By Charles C. Goddard

Since discovery of silver-gold lode deposits in 1864, the Butte district has produced more than $2.25 billion worth of copper, zinc, manganese, silver, and gold, an unprecedented value in the mining world. Exhaustion of the gold placer deposits along Silver Bow Creek, southwest of Butte, forced the early-day placer miners to turn their attention to the bold out- crops of the many veins exposed on the hillsides above the placer diggings. These outcrops bore silver and gold, and enough so that many lode claims were located. Such famous silver mines as the Alice, Moulton, Magna Carta, Nettie, and Blue Bird were developed. These and many smaller operations contributed to making Montana the leading silver-producing state in the 1880's. As depth was gained in the silver mines in certain parts of the district, occurrence of zinc minerals became troublesome. Zinc was not recoverable at the time, and in the chloridizing, roasting, and amalgamation of the ores, silver and gold recovery was greatly reduced. A period of active silver mining continued until 1892, when a decline in the price of silver brought the silver mining period to a close. Elsewhere in the district it was discovered that while some of the veins contained silver ores in the oxidized portions, the predominant minerals that were deeper were copper-bearing. Marcus Daly exposed rich copper ore on the 300 level of the Anaconda mine in 1891, and mining in the district disclosed that copper was destined to be developed in abundance. Early copper ore shipments were made to Swansea, Wales.

Jan 3, 1959

By T. Egleston

The materials containing copper which are refined in the United Statrs, are, for the most part, the natiye noppers of Lake Superior. IJntil quite recently but little pig copper Was made for sale, and that came principally from the pure sulphorous ores of New England and the Sonth, and was generally sdd to reSneries not far from the ore filrnaceu. A stnall aiuoiint found its way into the'niarket which was produced either as the by-product of the treatment of gold and silver ores, or as the result of the treatment of impure copper ores; but both these grades, on account of the impurities they contained, were loolced on with stlspicion, and were not sought for. A11 the grtlGis of pig coppcr are sold by the unit of oopper contents, a great redtiction being made in the price when impurities are present. There are at the present time only three works which treat native copper, the two of the Detroit and Lake Superior copper Company, and the works of C:G. Hussey & Co., in Pittsburgh. There are a few works ivhich smelt sulphuroris ores and refine their pig; bo sides these t1le1-e arc a few siuall works where gig copper is refined uuly. Some of these purcIlase blscir copper, refine scrap, or simply refine such grades of ingot copper as are found in the market, but nlostly that from Lake Superior, for the purpose of getting it into swh shapes that can be handled cpmtriercially to advantage, such as in making large plates or high grades of wire fir electrical purposes. A nomher of such works are situated in the Xaugaturk Vatley aud elsewhcre in New England. The recent discoveryof vnlt~sblc ores in Ariarona makm it probable that within a few year8 the refining of capper In the United States will make great develupments. Up to the time of the discovery of the mines on Lake Superior, only a very small quantity of native copper had ever been foond, not sufficient to justify the erection of worlrs fbr its special treatment. It had, besides, never been found in very large maweq so that the discovery of greabblocks of it presented serious difficulties, not oolp in mining it,-I- but in bringing it into a merchantable condit'ion. It seemed a very simple process to melt these large maws,

Jan 1, 1881

By Kyle Wightman

INTRODUCTION CRA Limited is the largest mining group in Australia by value of sales and the second largest company in Australia in terms of share market capitalisation. In the past 25 years, CRA, its predecessors and affiliates have been involved in a number of mining and further processing developments in Australia and elsewhere. Many of these have been financed using project financing techniques. These include Comalco's development of the Weipa bauxite deposits in Northern Queensland in the late 1950's, the Hamersley iron ore developments in the Pilbara region of Western Australia in the mid 1960's, the Queensland Alumina Limited alumina refinery in Gladstone, Queensland, at about the same time, and the Bougainville copper project in 1969/70. In the past three years CRA has again utilised project financing techniques to fund its Tarong steaming coal project in Queensland, the Blair Athol steaming coal project also in that State and CRA's interest in the Argyle diamond project in the Kimberley region of Western Austrlia. PROJECT FINANCE DEFINED Nevitt Definition Nevitt's is the most frequently quoted definition - "A financing of a particular economic unit in which a lender is satisfied to look initially to the cash flows and earnings of the economic unit as the source of funds from which a loan will be repaid and to the assets of the economic unit as collateral for the loan." Risk and Balance Sheet Treatment It is important to focus in more detail on two aspects of project financing, risk and balance sheet treatment. The assessment of the various elements of risk in a project and the sharing of that risk between sponsors and lenders is the most critical feature. At one end of the spectrum is full absorption of risk by the sponsor(s). This can be described as "on risk" or "on credit" or "full recourse" to the sponsor(s) and is effectively a corporate financing. At the other end of the spectrum the lenders absorb the whole risk in a non-recourse financing which is "off risk" or "off credit" for the sponsor. The other aspect is the sponsor's balance sheet treatment. If the balance sheet of the economic unit undertaking the project and the financing need not be consolidated into the balance sheet of the sponsor (because ownership does not exceed 50%) then the financing may be described as off-¬balance sheet. If consolidation is required then the financing is described as on-balance sheet. Most project financings involve some recourse to the sponsor, i.e. they are limited recourse. Very few are non-recourse or off credit to the sponsor. Limited recourse financings may be on-balance sheet although many may also be off-balance sheet insofar as consolidation is concerned. However, sponsor support may very well be a contingent liability to the sponsor and require disclosure by way of note to the balance sheet should consolidation not be required. CORPORATE FINANCE CONTRASTED A financing which is on credit or full recourse to the sponsor, whether it is directly borrowed or guaranteed by that sponsor, is a corporate financing. Lenders will tend to base their credit assessment on a historical assessment of the sponsor's activities and its financial results rather than an assessment of the project or a detailed assessment of the future activities and prospects of the sponsor. PROJECT FINANCE - A BORROWER'S PERCEPTION Although CRA could choose to arrange all finance on a corporate basis (except perhaps for the very largest projects or acquisitions), project financing techniques provide a number of specific advantages which CRA has noted and which should be carefully considered by a project sponsor. Advantages

Jan 1, 1985

By W. Smith, F. G. Rinker, D. Beggs

Early in 1965 the Surface Combustion Division of the Midland-Ross Corporation was awarded the contract to engineer and construct a taconite pelletizing plant for the National Steel pellet plant, administered by the Hanna Mining Co., near Keewatin, Minn. This plant, which will have an annual capacity of 2,400,000 long tons, will produce pellets from magnetite concentrate using a new process developed through a joint research program by Midland-Ross, Hanna Mining, and the National Steel Corp. The work that culminated in the decision to construct this plant is the result of a research program for the development of the Midland-Ross heat fast process for the production of prereduced or metallized pellets. PELLETIZING PROCESS There are many acceptable methods for producing oxide pellets from ground iron ores and concentrates, and all of these give an acceptable product for blast furnace utilization. The vertical shaft furnace, the traveling grate, and the grate-kiln have been installed in many pelletizing plants in the northern hemisphere; therefore, the acceptance of these methods and the problems associated with them are well understood. However, this research project investigated a method for improving upon these processes to produce a high quality oxide pellet at a low operating cost.

Jan 9, 1966

By F. William Bloecher, William B. Plank

CURRENTLY 12,892 students are enrolled in the mineral engineering schools of the United States and Canada, marking an all-time record high for these schools. It shows a remarkably rapid recovery from the effects of World War II. Enrollment in all the other engineering branches has also increased but not so rapidly as in the mineral engineering branch. Almost all the data in this report are from the eighth questionnaire study of the mineral engineering schools made, as formerly, under the auspices of the Mineral Industry Education Division of the AIME. Every school is represented in the data, for which the authors thank the deans and professors who supplied the information. For this reason, the data of all the studies are comparable, an achievement not always possible in endeavors of this kind. For comparison with the general engineering enrollment situation, data are included from the January 1947 issue of the Journal of Engineering Education.

Jan 1, 1947

To the members of the A. I. M. E., who have given much and risked all to fight "Over There" with pick, or gun, or brain, and to the members who have chosen the sometimes more self-denying duty of remaining at home to help produce metals for fighters: Your experience in foreign lands has bred in you that spirit of internationalism which will soon be infused into every corner of our country by virile lads thrilling from a great experience in an old, yet new, land over the seas. To them the East will not seem as far from the West as it was, nor the North from the South. Sectional jealousies will seen despicable to one who has fought for a great ideal shoulder to shoulder with real men of other nations. And they who have willingly sacrificed much on the altar of service will have little patience with an egotist, be he laborer, tradesman, capitalist or engineer. The problems which peace brings to us are more difficult than those of war and their solution requires not only cool heads, tolerance, and wise judgment, but the "getting together" of sections and classes and individuals. The triumph of justice over individualism, represented by the draft law, must be repeated, for there are "slackers" in peace Is well as in war, and the spirit of self-denial expressed in response to Liberty Loans, Red Cross, and Welfare drives and Food Administration appeals must live. We have only just begun to learn how to serve. It is often claimed by our members that the engineer is not given, in the community at large, the recognition which his training should merit; that his reward is not as great nor his service as welcome as it should be. Public service is generally assumed to be a logical activity for a lawyer,

Jan 12, 1918

By John Wellington Finch

THE- impression which the public has of northern Canada is that it is a' vast wilderness of forests; river's, and. lakes, sparsely inhabited by. a few Indians and `containing a few, scattered trading posts of the Hudson Bay Co. This is far from the facts. The building of the Canadian Pacific Railway led to the discovery, in 1883, of the nickel deposits of Sudbury, Ont.; these are the largest known nickel deposits in the world and produce about 90 per cent. of the world's output of nickel. The building of the Temiskaming and Northern Ontario Railway north, from North Bay, to open up farming lands along Lake. Temiskaming, resulted in the discovery and development of the great silver deposits of the Cobalt area, Ontario. Since the discovery of these deposits in 1903 to Dec. 31, .1923, Cobalt has produced a total of ' 327,301,897 oz. of silver, valued at $212,668,434, and paid in. dividends $88,338,185. In 1923 the production of Cobalt amounted to 10,285,247 oz. of silver. Just south of Cobalt, in South Lorrain,. a. new silver district has recently been developed and mills have started production. These deposits are of such extent that 'a branch railroad is under construction from Cobalt to that area. Northwest of Cobalt is the Gowganda silver area which is also a producer of silver ore and is now attracting outside attention. This area is not connected by railroad.

Jan 1, 1924

By John Wellington Finch

WHAT is an engineering opportunity? To the mining .engineer the natural assumption is that the first requisite 'is a mineral deposit, but, of course, it is not so simple as that. There are at various points on the earth really very great mineral deposits which, on account of geographic location, backwardness of the country, or hostility of its natives, are now, and for a long time to come will be, quite valueless. The mining engineer, and for that matter the civil engineer, is more dependent upon the decisions of capital than upon any other factor in his profession. Ordinarily it is to be assumed that money will go to any place where it is clear that an adequate return upon its investment can be secured, but for many years it has not been safe to depend upon this. ' As already stated, there are many places where local conditions are such that mining is not safe to engage in and there are still other places in which conditions have been so aggravated by the Great War and by the social unrest which has upset the Asiatic region that capital is naturally most reluctant to venture, even when engineering data makes the undertaking appear attractive. It will be evident, I. believe, that there are many factors vital to the success of a mining enterprise in some of the remote countries which we do not have to consider in the United States and which do not, in fact, exist here.

Jan 1, 1924

By R. S. Handy

DOES hand-sorting of mill feed pay? The fact that the practice is so general would seem to indicate that there must be good reasons for following it; yet, to my mind, the advantage in many cases is doubtful enough to invite a thorough discussion of the subject, in an effort to determine under what conditions hand-sorting does pay. A typical sorting plant in the Coeur d'Alene district handles about 800 tons of mine-run ore per day. The material is run over a grizzly with about 4-in. opening; the oversize is crushed to about 4-in. size and joins the undersize, and the whole product is washed and screened on trommels with about 1 ½ -in. openings. The oversize from these trommels is spread on a belt and the waste and first-class ore are sorted out by hand, the residue being further crushed, and passes, together with the trommel undersize, into the mill feed bins. About 50 tons of shipping ore and 150 tons of waste are sorted out per day, leaving about 600 tons of mill feed. To sort out this material requires 20 ore sorters and five bosses and repairmen. The normal cost of hand-sorting is about 16 c. per ton of run-of-mine ore, or 65 c. per ton of material sorted out. I believe that straight crushing and milling of the run-of-mine ore, in this case, is not only cheaper, but is metallurgically moree canonical and efficient than hand-sorting followed by milling of the residue. At one of the Bunker Hill rock-houses, 1250 tons of run-of-mine ore are reduced to pass 30-mm., or about 1 ¼ -in. opening in six hours, requiring five men. The equipment and the power consumed are not greatly different from that required in a sorting plant of the same capacity, and the normal cost of thus preparing the feed for milling is under 3 c. per ton of mine product. The relative cheapness of this method as against hand-sorting is thus clearly established, the saving being about 13 c. per ton. If there is any virtue in hand-sorting, then, it must lie in the metallurgical results achieved.

Jan 4, 1918

By Albert Hill Fay

IN giving a sketch of the geology and mining of the tin-deposits of Cape Prince of Wales, a short description of the geographic and climatic conditions may be of special interest on account of this being a part of the world of which very little is known, even by the reading public. As shown in Fig. 1, the location of the Cape is lat. N. 65° 35' and long. W. 168°. It is bounded on the north by the Arctic ocean ; on the west by Bering strait and on the south by Bering sea. It is the western-most point of the mainland of North America, and to the west, across the strait, one can see East Cape, Siberia, which consists of a rugged, steep coast of granite cliffs. The climatic conditions are of interest because of the part they have had in the surface geology, and also because they affect mining from an economic standpoint. In connection with the climate and geography, it does not seem out of place here to quote a few lines from the prologue of The Wandering Jew, written by Eugene Sue, under the caption '1 The Land's End of Two Worlds."

Sep 1, 1907

By NORMA D. MACFADDEN

WHILE the library work of the Woman's Auxiliary to the A. I. M. E. was founded three years after the formation of the Auxiliary, its present policy of establishing permanent libraries in mining camps throughout the United States dates only from 1924. Since then sixteen libraries have been established and thousands of books have found their way to homes of far-away miners, bringing pleasure and knowledge to a multitude of Americans and future citizens. Library work was initiated under the presidency of Mrs. H. W. Hardinge in 1922 and firmly established with her aid as one of the main activities of the Auxiliary. The first chairman served but a short time and Mrs. A. O. Ihlseng then took over the work of chairman of the Library Committee. To place the surplus books of Auxiliary members and their friends in use in mining camps was the immediate work of the committee. This was accomplished by placing a traveling library in the Bureau of Mines' cars and also by sending books for distribution to section chair- men in our larger mining camps.

Jan 1, 1929

L. D. GODSHALL, Everett, Washington: This very interesting paper cannot fail to command the attention of every one who has ever had experience in the amalgamation of gold-ores. I wish to call attention to three very important facts brought out very prominently by the paper, namely: 1. The extent of accumulation of amalgam on copper plates in the form of scale, not removable in the ordinary manner; 2. The change in the relative quantity of the two metals in the amalgam as we. recede from the battery-discharge; 3. The difference in fineness of the bullion obtained from the above-mentioned scale as compared with the bullion from the daily clean-ups. From Mr. Bayliss's figures we find that during the life of the plate in question 14,942 tons of ore were crushed, yielding amalgam of the value of $5.03 per ton, or a total value of $75,158.26. The amalgam accumulating on the plate during this time as scale, we find to have had a value of $8340.54, or $0.558 per ton of ore treated, representing 11.09 per cent. of the total amount of amalgam saved in the ordinary clean-up; or, taking the amalgam saved by daily clean-up plus the amalgam-scale as representing the total saved on this plate, or 100 per cent., we find that the daily clean-up saved 90.01 per cent., while the scale represented 9.99 per cent. The above figures do not include some additional amalgam still adhering to the plate after scale had been removed. We are told that this was not an exceptional case at the Drum Lummon, but that other plates have even yielded a third more than the one in question. The interesting query now comes up, whether this experience at the Drum Lummon is exceptional or universal at all mills; and another question arises, as to how long such an accumulation might continue,

Jan 1, 1897

By J. R. Thoenen

IN five years mineral wool has grown to a thirty-million-dollar industry from one whose output was valued, in 1933, at $1,700,000. Ten years ago, in 1928, there were only seven producing companies, with an annual output of but 50,000 tons. By 1936 fifty or more companies were producing half a million tons. The industry is still growing vigorously and will profit from the expected activity in building in 1339, for two-thirds of this material is used for building insulation and to assist in fire-retarding, in both new and old homes. It is as useful in the South, to protect against heat, as in the North, to keep out the cold, if one may speak nontechnically. It is a concomitant of air conditioning, that new addition to the American standard of living that began in theatres, department stores, and railroad dining cars, and is rapidly progressing down to small homes. Here, then, is an industry that is only beginning to have a present, and one with an almost certain important future; one that depends upon mining and the by-products of mining for all of its raw materials; one that every progressive mining man should know something about.

Jan 1, 1939

By Philip J. Shenon

IN 1947 the mining industry strove desperately to regain operating normalcy. During the first part of the year the industry in this country was plagued with labor shortages, strikes, and portal-to-portal lawsuits. Then followed the uncertainty of Government policy with respect to subsidies and tariffs; and the long and bitter controversy as to whether we are a nation of mineral "haves" or "have-nots." As the year progressed the labor supply impoved somewhat and the Taft-Hartley law brought partial relief to strike-troubled industry. The uncertainty with respect to tariffs was partly answered by President Truman on April 29 when he announced the suspension of the 4¢ import duty on copper until March 31, 1949, and later, near the close of the year, by the announcement of the tariff agreement signed by the United Nations at Geneva. By this agreement tariff rates are to be adjusted downward, or "bound" at their present levels, for three years, on commodities amounting to some 60 per cent of United States trade. Effective Jan. 1, 1948 the rate of duty will be substantially reduced on ores, concentrates, or metals of zinc, aluminum, copper, manganese, tungsten, iron, steel, barytes, nickel, cadmium, and antimony.

Jan 1, 1948

By J. H. Bain, D. C. Haigh, L. C. Parsons

Jan 1, 1964

By S. A. Swensrud

NINETEEN Thirty-Six was the biggest year in volume in the history of the oil industry, and unquestionably the best since 1929 in respect to profits. The quota of new and difficult problems to face seemed a little smaller during 1936 than in most recent years, and a somewhat better balance existed between the different branches of the industry. 'Domestic consumption of gasoline in 1936, estimated at about 475 million barrels-the highest on record, was approximately 11 per cent above 1935, and 26 per cent above 1929. Demand for crude oil increased in about the same proportion: over 1935, and the average production, of about three million barrels daily,' constituted a new high level.

Jan 1, 1937

By Carl Scholz

FROM the engineer's standpoint, labor organizations are of interest in so far as they 'affect efficiency, maximum production and unit cost, and in this respect the earlier labor organizations' which existed in the age of the Guilds were ideal, inasmuch as they stood ' for competency of the apprentice and close cooperation ' between employers and employees. In later years the tendencies of the labor organizations have gone in the opposite direction and, instead of cooperating 'with the engineer, they usually oppose him on the mistaken theory, that labor-saving devices reduce forces, and costs; in this respect, the united Mine Workers of America have been particularly active and, to a very great extent, successful.

Jan 1, 1921

By Alan M. Bateman

POSSIBLE postwar trends of the more important world minerals will be determined in part by their present world position and by the acts and forces that have operated during the war period, so it is desirable first to review briefly what has been happening in the foreign field of metals and minerals. When we first entered this war we of the mineral profession were all acutely conscious of our lack of strategic minerals and other materials, which had to be imported in great quantities-minerals such as manganese, chrome, tin, mercury, nickel, and antimony. But we realized also that we had to acquire vast quantities of those minerals of which we had thought we were bountifully supplied. Our assumed domestic abundances turned out to be woefully deficient, and demands also arose for new minerals never before produced in large quantities. Some threescore minerals entered the strategic list of our imports. Ores from new sources had to be sought, developed, and transported. Tonnages in the millions of such bulk materials as zinc, lead, copper, chrome, and manganese flowed to feed our war efforts. Sparsely distributed minerals such as tin, mercury, antimony, tungsten, cobalt, mica, and corundum had to be lured from their rock lairs in greatly increased quantities to feed the hungry maw of war industry, and the rare minerals such as tantalite, columbite, beryl, and quartz crystals had to be developed and procured in quantities never before dreamed of. New uses such as radio and radar created demands for many minerals formerly thought of only as adornments of museum collections and not as pressing industrial minerals. Such minerals were never before mined in quantity.

Jan 1, 1945

By E. Just

The mining industry is guaranteed an important future because its products are indispensable. However, this can be anything from a brilliant, efficient, profitable future to one of being a heavy-handed, dull-witted claimant for public handouts, according to the caliber and training of the young men who enter the industry. Many views have been expressed about the type of education needed for today's mining industry. Criticisms have been aired to the point that further controversy amongst ourselves could be detrimental to both mining education and the mining industry. It is time we get together and start going somewhere. To canvass the various attitudes of mining educators, a questionnaire was sent to a group of these dedicated, intelligent men, whose primary interest is to help the industry and the profession. The following is a summary of their views.

Jan 9, 1961