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By George Harrington

THIS paper is a brief description of the design and equipment of a new coal mine in southern Illinois, which has many features not common practice in shaft coal mining and which is laid out and equipped for such unusually large capacity that it promises soon to become one of the largest mining operations of its kind. Shaft sinking for the mine, New Orient, was commenced in May, 1921, by the Chicago, Wilmington & Franklin Coal Co. In October, 1924, the plant was practically completed and was producing over 6000 tons of coal per day. There is good prospect that within a few years, when the mine is fully developed and manned, the output will attain a daily rate of 12,000 tons. The coal seam at New Orient lies approximately horizontal, about 500 ft. below the surface, and may be said to run from 9 to 12 ft. in thickness. The tendency in Franklin County has been toward large mining units (5000 to 6000 tons per day) with great care being given to protection against fire and explosion hazards, and usually with quite elaborate surface plants permitting careful preparation of the coal into graded sizes comparable with those made in the anthracite region. The field is unionized, with uniform conditions of wages for various classes of work, hours, etc., and the Illinois mining laws are quite specific with regard to fireproofing and safety measures. These conditions make it difficult for any but well-equipped and well-operated mines to meet the competition of the numerous fine properties of which this county can justly be proud. The coal company's property was already developed on the western side by the Orient. mine-a much visited and written about operation (with which many of you are possibly familiar through the Department of Mines' film "The Story of Coal ") which until recently held the 8-hr. production record with 8218 tons and usually ran quite consistently with production of slightly over 6000 tons per day. Experience at Orient was naturally one of the greatest influences in determining the location and character of the New Orient.

Jan 2, 1925

By E. E. White

In August, 1911, I read a paper before the Lake Superior Mining Institute1 on surveying and sampling diamond-drill holes. The present paper gives a more thorough descriptiou of these methods, together with a few changes and notes suggested by further experience. Since August, 1911, the methods, used constantly by the Cleveland-Cliffs Iron Co., have been developed to a higher degree of efficiency, and have given great satisfaction. Until a few years ago but little attention was paid to the determination of the actual course of drill-holes, to the accurate sampling' and analysis of the material, or to the scientific location of the drill-holes. It has now been common practice for several years in many districts to test the inclination of drillholes by etching glass tubes with hydrofluoric acid, but the direction of deviation from the vertical has not often been determined. Methods of determining the direction by means of a compass were first developed in connection with drilling in Victoria. The latest method used on the Rand in South Africa has been recently described by John I. Hoffman.2 In the same paper Mr. Hoffman describes an ingenious method of wedging-off a drill-hole so as to start new holes at several successive points. By this means a hole can be deflected in any desired direction, and the curvature can be controlled to a considerable extent, provided the rock is soft enough to permit the hole to be wedged off. Unfortunately, in the Lake Superior district, the jasper iron-formation is so hard that it is very difficult, if not impossible, to do this. I tried to deflect one hole so as to avoid drill-rods stuck in the hole, by using a

Jan 1, 1913

PRESIDENT BENJAMIN B. THAYER,1 NEW YORK, N. Y. PAST PRESIDENTS JAMES F. KEMP,1 NEW YORK, N. Y. CHARLES F. RAND,2 NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS,1 NEW YORK,. N. Y. TREASURER GEORGE C. STONE,1 NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 11, 1914

By W. A. Ver Wiebe

Under the impetus of new demands caused by the war, the oil and gas industries of Kansas established new records during the year 1942. In all, 1513 test wells were drilled, which is somewhat of a drop from the figure of 2113 for 1941. The 1513 tests yielded 800 new oil wells, 85 new gas wells, and 628 dry holes. Thus there was an increase in two categories, the gas wells and the dry holes. Considering that last year only 592 dry holes were completed out of a much larger total, the figure of 628 dry holes causes some concern among local operators. The increase in unsuccessful tests illustrates once more the fact that each year it is becoming harder to find the remaining oil pools. When the figures are broken down, it appears that western Kansas accounted for 1177 tests, of which 689 were oil wells, 33 gas wells, and 455 dry holes. The total potential daily initial production uncovered by the successful wells amounted to 753,178 bbl. of oil and 619,734,000 cu. it. of gas. The figures for new initial production indicate a substantial drop from last year's figure of 1,691,000 bbl., and the figures on gas are slightly higher. In 1941 the new gas as based on a daily potential was 508,000,-000 cu. ft. In eastern Kansas, 336 wells were drilled. Among these in were oil wells, accounting for a daily initial potential production of 16,199 bbl. The new gas wells numbered 52 and added 253,725,000 cu. ft. per day to the gas potential production of the state. The remaining tests, 173 in number, were dry. It is interesting and perhaps significant that about half (630) of the wells drilled in western Kansas were drilled by the independent operators. Among the large companies, the Cities Service Oil Co. drilled 163 wells; the Stanolind Oil and Gas Co., 52; the Skelly Oil Co., 39; the Continental Oil Co., 48; and the Shell Petroleum Co., 21 wells. In eastern Kansas the independent operators drilled 297 out of the total of 336 wells. Among the major oil companies the Cities Service Oil Co. drilled 19; the Phillips Petroleum Co. 7; and the Sinclair-Prairie Oil Co., 6 wells. The figures based on relative percentages of dry holes to successful oil or gas wells are revealing. In western Kansas almost one half of all wells drilled by the independent operators were dry holes. The major oil companies drilled approximately 547 wells in western Kansas, of which 379 were successful in finding either oil or gas. It thus appears that the major companies fared better than the independents. In eastern Kansas the major companies drilled 39 wells, of which 29 were successful in finding commercial quantities of oil or of gas. No less than 329 wildcat test holes were put down in western Kansas and 105 in eastern Kansas, or 434 in all, during 1942. Considerably more than half of these were drilled by independent operators; 223 in western and 99 in eastern Kansas. An exploratory hole 56 mile or more from production is regarded as a wildcat well in Kansas. On a percentage basis, about 80 per cent of wildcat wells were failures. In western Kansas only 20 per cent found either oil or gas. The failures were about equally distributed among the major

Jan 1, 1943

By W. A. Ver Wiebe

Under the impetus of new demands caused by the war, the oil and gas industries of Kansas established new records during the year 1942. In all, 1513 test wells were drilled, which is somewhat of a drop from the figure of 2113 for 1941. The 1513 tests yielded 800 new oil wells, 85 new gas wells, and 628 dry holes. Thus there was an increase in two categories, the gas wells and the dry holes. Considering that last year only 592 dry holes were completed out of a much larger total, the figure of 628 dry holes causes some concern among local operators. The increase in unsuccessful tests illustrates once more the fact that each year it is becoming harder to find the remaining oil pools. When the figures are broken down, it appears that western Kansas accounted for 1177 tests, of which 689 were oil wells, 33 gas wells, and 455 dry holes. The total potential daily initial production uncovered by the successful wells amounted to 753,178 bbl. of oil and 619,734,000 cu. it. of gas. The figures for new initial production indicate a substantial drop from last year's figure of 1,691,000 bbl., and the figures on gas are slightly higher. In 1941 the new gas as based on a daily potential was 508,000,-000 cu. ft. In eastern Kansas, 336 wells were drilled. Among these in were oil wells, accounting for a daily initial potential production of 16,199 bbl. The new gas wells numbered 52 and added 253,725,000 cu. ft. per day to the gas potential production of the state. The remaining tests, 173 in number, were dry. It is interesting and perhaps significant that about half (630) of the wells drilled in western Kansas were drilled by the independent operators. Among the large companies, the Cities Service Oil Co. drilled 163 wells; the Stanolind Oil and Gas Co., 52; the Skelly Oil Co., 39; the Continental Oil Co., 48; and the Shell Petroleum Co., 21 wells. In eastern Kansas the independent operators drilled 297 out of the total of 336 wells. Among the major oil companies the Cities Service Oil Co. drilled 19; the Phillips Petroleum Co. 7; and the Sinclair-Prairie Oil Co., 6 wells. The figures based on relative percentages of dry holes to successful oil or gas wells are revealing. In western Kansas almost one half of all wells drilled by the independent operators were dry holes. The major oil companies drilled approximately 547 wells in western Kansas, of which 379 were successful in finding either oil or gas. It thus appears that the major companies fared better than the independents. In eastern Kansas the major companies drilled 39 wells, of which 29 were successful in finding commercial quantities of oil or of gas. No less than 329 wildcat test holes were put down in western Kansas and 105 in eastern Kansas, or 434 in all, during 1942. Considerably more than half of these were drilled by independent operators; 223 in western and 99 in eastern Kansas. An exploratory hole 56 mile or more from production is regarded as a wildcat well in Kansas. On a percentage basis, about 80 per cent of wildcat wells were failures. In western Kansas only 20 per cent found either oil or gas. The failures were about equally distributed among the major

Jan 1, 1943

TO THE BOARD OF DIRECTORS AND MEMBERS OF THE AMERICAN INSTITUTE OF MINING AND METALLURGICAL ENGINEERS GENTLEMEN Submitted herewith are the report of the Treasurer for the year 1937 and the reports for the same year of the following standing committees: Admissions, Membership, Papers and Publications, Library, Student .Relations, Speakers for Local. Sections and Student Societies, and Mining and Metallurgy. To these reports members are referred for further details. Finances.-Income for the year was the largest since 1930, the figure being $189,394, an increase of $18,803 compared with income for 1936, exclusive of a special Rocky Mountain Fund appropriation of $2500 in that year for visits to western schools and Local Sections. Major items of increase were: $8,000 from current dues and arrears; $7,700 from advertising in MINING AND METALLURGY and the two periodical "Technologies"; and $4,800 from sales of TECHNICAL PUBLICATIONS (pamphlets) and TRANSACTIONS volumes for both current and former years. Initiation fees and clues from new members declined $2,300, principally because of the larger 'proportion of Junior Members to Members among the new enrollments. Junior Members pay no initiation fee and dues are $10 compared with $15 for Members.

Jan 1, 1938

By H. W. Hitzrot

THE new 4800-ton fine-grinding plant at the Hollinger Consolidated Gold Mines property at Timmins, in the Porcupine district of northern Ontario, went into operation in November 1937, and represents the culmination of an experimental program. The plant is a moderately low rectangular building of hollow tile on a steel frame, large enough to house four 7 by 15-ft. ball mills, with a 12 by 27-ft. classifier beside each mill. At one end is space for the addition of another mill and classifier or a mill and classifier for the regrinding of table concentrates. This regrinding is now done in the old grinding department of the main mill building. Also within the new building are the four 6-in. sand pumps for lifting the product from the low-dis- charge ball mills up to the classifier feed launders and the containers and appurtenances of a complete dust-collecting system. Together with the usual overhead crane, these constitute the major units of equipment within the new plant. The location is at the lower end of the main mill buildings toward the old tailings pond, now so neatly leveled off and sodded to rival the very best of our own W.P.A. projects. Close by the new grinding plant is a large dome-shaped structure-the new fine-ore bin designed arid built by Mr. Longmore and the Hollinger milling and engineering staffs. There are four separate automatically loaded inclined belt conveyors leading up from the bottom of the bin to the grinding plant. Each belt is equipped with a recording weightometer, in the grinding building. The whole structure and the machinery within it give the impression of permanence and a carefully integrated design with close attention to details, giving the operators every advantage for consistently good work. The many ideas and opinions behind this achievement were all ably organized and executed by the Hollinger milling and engineering staffs, anti not a few were directly initiated by them. Excellent cooperation was afforded by the Hollinger staff to the engineers helping to conduct the grinding and classification test program. It was the author's privilege

Jan 1, 1939

By Cleveland Dodge

THE present organization of Copper Queen employ-ees, known as the Employees' Conference Com-mittee, is really an outgrowth of the former Grievance Committee, which, in turn, had developed from the original Hospital Committee. The relatively small membership of these older organizations, the practical limitation of their activities to the presenting of grievances, and their lack of initiating powers, were the principal defects which the plan now in operation seeks to overcome. A somewhat parallel scheme was instituted in our Sacramento Hill division about four years ago; this gradually developed into the Ways and Means Committee, which, in addition to providing a forum for the discussion of operating problems, was instrumental in establishing an excellent and mutually satisfactory bonus system. Before recommending adoption of the plan now in force, we made extensive inquiries among those who have had any experience in such matters, and ended by proposing a modification of a scheme developed by John Leitch,1 which was characterized by its similarity to the constitution of the Federal Government. As finally remodeled, the. plan was submitted to vote of the entire working forces at the Copper Queen mines, and was adopted by them in May, 1920. Mining opera-tions since that date have been so interrupted that it is scarcely possible to state exactly what the results have been. The following quotations are from a printed pamphlet containing the constitution of the organization, as finally adopted. The first extract is from a letter addressed by the management to the employees: The plan submitted for your approval and adoption is modeled after the constitution of our own country, under which every individual is given an opportunity for advancement, according to his ability and determination, and every citizen is given a voice in the laws that shall govern him. So it is to encourage the individual employee in advancement, and to give him a voice in making the rules that shall govern his conduct, that we favor the adoption of the proposed constitution.

Jan 1, 1923

By Francis Lucas

EACH year we gather in this auditorium to honor the memory of a . distinguished American metallurgist and educator. I cannot bring to you reminiscences of Prof. Henry Marion Howe as other lecturers have done. It was not my good fortune to enjoy the privilege of studying and ,working under his direction. As I have reflected on the published works of Professor Howe, it has seemed to me that his mind was trained on the nature of metals and on the mechanism which produced known but unexplained effects. He was interested in controlling and regulating the causes so as to produce specific effects, useful in serving mankind. I recall an afternoon in May, 1925, when, at the invitation of Mrs. Howe, I visited his former home, Green Peace at Bedford Hills, N. Y. The purpose of my visit was to receive at the hands of the widow -an engraving of Professor Howe, a reproduction of a painting from life. Mrs. Howe showed me his study. The walls of this large attractive room, brilliantly illuminated by the spring sunshine, were literally covered with the scrolls of honors and of decorations which had been conferred on Professor Howe by governments, academies, universities, societies and. institutions the world over. As we walked about the room, she pointed out the significance of each honor and recited a few details of each occasion. I sensed the pride with which Mrs. Howe, then in the late autumn of her life, told me of her husbands' achievements, of his struggles, of his disappointments and of his successes. There was a surprisingly familiar note in the recital to which I was listening. I have found the same theme running as a disconnected thread through the written accounts of the lives of most men of science. We then went to the drawing room to chat for a few minutes before I said my farewells. As we seated ourselves, Mrs. Howe turned to me and asked: "Mr. Lucas, what of this great microscope of yours? Cannot it be applied to the study of disease? What a great blessing it would be if it could be directed to relieve the suffering of mankind."

Jan 1, 1931

By W. A. Ver Wiebe

The year 1940 was singularly unmarked by sensational developments in Kansas. Routine operations were carried on in a systematic, orderly fashion and the efforts of oil producers were concentrated on extending known fields. In Kansas an arbitrary yardstick for wildcats has been set up. A well drilled mile or more from a known pool or well is now considered a wildcat. A "rank wildcat" is one that is drilled at least 2 miles from any known producer. During 1940, rank wildcats resulted in the completion of 116 test wells, among which 16 were successful in finding new oil pools and the remaining I00 were dry holes. The ratio of successful wells to dry holes, therefore, was approximately I:6. During the year, 1890 wells were completed in eastern and western Kansas. This figure is somewhat lower than that given in several trade journals, because it does not include wells that were deepened or wells that were recompleted in a different geological horizon. About three fourths of these (1423) were completed as commercial oil wells (I220 in western and 203 in eastern Kansas). The commercial gas wells completed number 58 of which 10 are in eastern Kansas and 48 in western Kansas. Of the remzining completions 147 are dry holes in eastern and 262 are dry holes in western Kansas. Based on daily potential capacity, the new discoveries of the year account for a cumulative initial production of 46,000 bbl. in eastern and 2,128,000 bbl. in western Kansas. The state of Kansas attained a new peak in production, with the total of 66,245,000 bbl. for the year 1940, the number of contributing wells being 20,779. Thus the increase over 1939, when about 58 million barrels was produced, is considerable. The previous peak occurred in 1937, when 70,761,000 bbl. was marketed. In another still earlier peak, in 1917, slightly more than 45,000,000 bbl. was produced and sold. The production of gas probably reached a new peak also during 1940, with its total of 85 1/2 billion cubic feet. Between the peak of the year 1908, when over 80 billion cubic feet was produced, and that of 1940, the production dropped to a low point of 16 billion cubic feet in the year 1921. The number of test wells drilled was larger than in 1939; that is, 1890 compared with 1458. The first peak was reached in 1904, when 2782 wells were drilled. The number dropped off rapidly, to 368 three years later, but rose to the second and highest peak in 1918, when 4671 test wells were completed. In the period between 1904 and 1912 more gas wells were completed than oil wells. Between the high peak of completions in 1918 and somewhat lower peak of 1937, the low point was reached during 1931, with the completion of only 470 test wells. In the number of new pools discovered, Kansas again ranks high among the states. The exact number depends somewhat upon the interpretation of a "new" area— whether it should be called a new pool or a long extension of an old pool. Unfortunately, the matter of securing the right kind of production allowable also enters into this question. Often the decision regarding a new pool cannot be made until other wells

Jan 1, 1941

By W. A. Ver Wiebe

The year 1940 was singularly unmarked by sensational developments in Kansas. Routine operations were carried on in a systematic, orderly fashion and the efforts of oil producers were concentrated on extending known fields. In Kansas an arbitrary yardstick for wildcats has been set up. A well drilled mile or more from a known pool or well is now considered a wildcat. A "rank wildcat" is one that is drilled at least 2 miles from any known producer. During 1940, rank wildcats resulted in the completion of 116 test wells, among which 16 were successful in finding new oil pools and the remaining I00 were dry holes. The ratio of successful wells to dry holes, therefore, was approximately I:6. During the year, 1890 wells were completed in eastern and western Kansas. This figure is somewhat lower than that given in several trade journals, because it does not include wells that were deepened or wells that were recompleted in a different geological horizon. About three fourths of these (1423) were completed as commercial oil wells (I220 in western and 203 in eastern Kansas). The commercial gas wells completed number 58 of which 10 are in eastern Kansas and 48 in western Kansas. Of the remzining completions 147 are dry holes in eastern and 262 are dry holes in western Kansas. Based on daily potential capacity, the new discoveries of the year account for a cumulative initial production of 46,000 bbl. in eastern and 2,128,000 bbl. in western Kansas. The state of Kansas attained a new peak in production, with the total of 66,245,000 bbl. for the year 1940, the number of contributing wells being 20,779. Thus the increase over 1939, when about 58 million barrels was produced, is considerable. The previous peak occurred in 1937, when 70,761,000 bbl. was marketed. In another still earlier peak, in 1917, slightly more than 45,000,000 bbl. was produced and sold. The production of gas probably reached a new peak also during 1940, with its total of 85 1/2 billion cubic feet. Between the peak of the year 1908, when over 80 billion cubic feet was produced, and that of 1940, the production dropped to a low point of 16 billion cubic feet in the year 1921. The number of test wells drilled was larger than in 1939; that is, 1890 compared with 1458. The first peak was reached in 1904, when 2782 wells were drilled. The number dropped off rapidly, to 368 three years later, but rose to the second and highest peak in 1918, when 4671 test wells were completed. In the period between 1904 and 1912 more gas wells were completed than oil wells. Between the high peak of completions in 1918 and somewhat lower peak of 1937, the low point was reached during 1931, with the completion of only 470 test wells. In the number of new pools discovered, Kansas again ranks high among the states. The exact number depends somewhat upon the interpretation of a "new" area— whether it should be called a new pool or a long extension of an old pool. Unfortunately, the matter of securing the right kind of production allowable also enters into this question. Often the decision regarding a new pool cannot be made until other wells

Jan 1, 1941

CONTENTS PAGE Simons, Theodore.-Basic Principles of Gravity Concentration-A Mathematical Study : :.. 1 Taggart, Arthur F. and Gaudin, A. M.-Surface Tension and Adsorption Phenomena in Flotation 11 Hersam, Ernest A.-Factors Controlling the Capacity of Rock Crushers 12 Shaw, S. F.-The Ore Deposits of Sierra Mojada, Coahuila, Mexico 12 Wilson, Philip D.-The British Columbia Batholith and Related Ore Deposits 26 Greensfelder, N. S.-Shot-firing by Electricity 27 Mitke, Chas. A.-Metal Mine Ventilation in the Southwest 28 Foley, F. B. and Howell, S. P.-Neumann Bands as Evidence of Action of Explosives upon Metals 30 Schwartz, H. A., Payne, H. R., Gorton, A. F., and Austin, M. M.-Conditions of Stable Equilibrium in Iron-carbon Alloys 30

Jan 12, 1922

By Howard Eavenson

THE low-volatile, or smokeless, coal field of southern West Virginia is in Fayette, Raleigh, Wyoming, Mercer, Summers and McDowell counties, in the extreme southern portion of the state, and extends into the adjacent counties of Tazewell and Buchanan in Virginia. McDowell County is the largest producer, with Fayette and Raleigh counties next. The total area of the field (Fig. 1) is approximately 1600 square miles, or 1,024,000 acres. The percentage of volatile matter in the various seams ranges from 15 to 26 per cent. The upper limit of true low-volatile coal is usually considered to be 23 per cent volatile matter; above this point, the coal usually is classed as medium volatile. This limit will be used in this paper.

Jan 1, 1931

By S. B. King

IT is the purpose of this article to give those not familiar with the subject an idea of the extent to which coal is mined by machine in the United States; to describe some types of electrically operated coal cutters; and in particular, some of the latest improvements and developments in these machines. Generally speaking, the article deals with the mining of bituminous coal in room-and-pillar mines, as the use of undercutting machines in the anthracite region of Pennsylvania is in its infancy, and when machine mining is referred to bituminous coal is taken for granted. The number of mines in the United States that are operating on the long-wall principle is very limited, and the number of long-wall machines in use is a very small percentage of the total. The advantages of mining by machine may be summed up briefly as follows: A. Increased safety to property and life, due to the large decrease in the amount of powder required when the coal is properly undermined. B. Reduction in the cost of mining. C. Improvement in the quality of the product; and, consequently, increase in market value, due to the greater proportion of lump and screen sizes secured by machine mining. D. Increase in the capacity of the mine, and more rapid development of new mines. E. Ability to mine veins in which the height of the coal or the character of the roof has prevented mining by hand, on a commercial basis.

Jan 6, 1914

By Harold Vance

The Lafitte field, the largest oil reserve in South Louisiana, is in Jefferson Parish, some 25 miles due south of the City of New Orleans. The discovery well, The Texas Company's No. I, Louisiana Land and Exploration Co., in the southeast corner of sec. 19, T. 17 S., R. 24 E., was completed on May 15, 1935. The initial production of this well was 960 bbl. of 34.9º A.P.I, gravity oil per day, through 1/4-in. choke, with a tubing pressure of 1600 lb. per sq. in. Producing depth was 9558 to 9572 ft., the total depth being 9572 feet. The development of the field has been at the rate of three to eight new producing wells per year. Up to Jan. I, 1944, 60 producing wells and three dry holes had been drilled, while two of the original producing wells had been abandoned, Although the field is not unitized, The Texas Company was the sole operator in the field until the Lafitte Oil Co. completed its NO. I Jefferson Parish, near the center of the west line of the NW/4 sec. 20, T. I7 S., R. 24 E., on July 27, 1941. No additional wells have been drilled by the Lafitte Oil Company. Drilling and WeLl-completion Practices All drilling operations have been conducted with the steam-driven rotary equipment mounted on submersible barges. A canal is dug to the well location and the drilling unit is floated into position. The seacocks are then opened and the barge settles to the bottom. After the well is completed, seacocks are closed and water is pumped out of the barge. This procedure permits the barge, with drilling equipment still in place, to be floated and moved off the location. The conventional open-hole and the gun-perforation method of completing wells has been used in this field. Where possible, the initial completion is from the deepest 'sand and recompletions are made progressively up the hole, by plugging back with cement to the upper sand and gun-perforating opposite the new sand. The oil string usually is 7 5/8 in., 26 to 34-lb. casing. Three wells have been completed using 9 5/8-in. 44-lb casing set below 10.000 feet. Fig. I shows the completion and recom-pletion practices on one well in the field. This figure also shows the relative locations of the different producing sands as shown on the electric well log. Structure The structure is an elongated dome, cut by two north-south faults, which divides the field into three segments. The west segment is the highest structurally and contains most of the recoverable oil and gas. The center segment is less important and the east segment is of little value. Figs. 2, 4, 6, 8 and 10 are depth contour maps on top of the five main producing sands in the field. These maps show the relative size of the five reservoirs and the

Jan 1, 1945

Meeting, June 26, 1913).-On the petition of 29 members residing in and near San Francisco, Cal., the San Francisco Local Section was established. The territory of the St. Louis Local Section was established to include the following States and parts thereof: All the State of Missouri ; That part of the State of Illinois south of and including the city of Urbana ; That part of the State of Indiana south of and including the city of Indianapolis ; That. part of the State of Kentucky west of and including the city of Frankfort ; That part Of the State of Tennessee west of and including the city of Nashville That part of the State of Arkansas north of and including the city of Little Rock.

Jan 7, 1913

By H. W. Morse

THE CHAIRMAN (H. W. MORSE).-Gentlemen, for the first time in the history of the American Institute of Mining Engineers, we have a full session on the subject of leaching-especially on the leaching of copper ores.. This branch of metallurgy is rather in its infancy. We have had one big plant running for a year or more, and pretty successfully; and another one which will be started in February or March, the New Cornelia. We have another one at Garfield for the Utah company, which is just designed and construction begun; and from several other points come reports of interesting test work. The first paper on the program this evening is one of some of the test work on the New Cornelia ore by myself and Mr. H. A. Tobelmann. LAWRENCE ADDICKS, New York, N. Y. (written discussion).-The Ajo proposition has had, as I understand it, two great advantages: it has not been obliged to measure leaching against flotation or some other metallurgical process, and it deals with a copper content high enough

Jan 12, 1916

By James S. Baker

LARGER than continental United States but with only about one third the population, Brazil is a land of enormous potential wealth, waiting to be developed. During a recent visit to that country I saw Brazil at war and learned about some of the recent mineral developments. Many engineers and geologists have been sent to Brazil by various U. S. Government agencies to assist the Brazilian producers and co-operate with the Brazilian Government in producing needed war minerals. The Foreign Economic Administration staff of engineers has been active and through their assistance to the Brazilian producers, steadily increasing quantities of strategic minerals were provided to aid the United Nations' war effort. Mineral wealth has been found in almost every state of Brazil. Many mineral deposits have been discovered during the war period. Examples are: barite near Bahia; the tungsten and molybdenum deposits in Rio Grande do Norte; and corundum, beryl, and tungsten ores in Ceara.

Jan 1, 1945

By A. M. Gsudin, F. W. Bloecher, C. S. Chan-s, P. L. De Bruyn

M ANY elements can now be obtained in radioactive form. The radioisotopes have the same chemical properties as the corresponding inactive forms, differing from them only by their nuclear instability. This combination of properties permits radioelements to act as atomic tracers, the tracer atoms revealing themselves at the time of their decay with emission of electrons and positrons (beta radiation), helium nuclei (alpha radiation), or electromagnetic radiation (gamma radiation). The tracer technique is particularly attractive for the study of surface chemistry problems in general and flotation problems in particular because of its extreme sensitivity. A large proportion of the ionizing events, initiated by the characteristic decay emissions in a radioactive sample, can be recorded by radiation probes of suitable design and geometry. An idea of this sensitivity can be gathered from the following example: assume that 0.001 mg of pure RaD (radiolead), a beta-ray emitter, is used in a flota¬tion tracer experiment. This is 1210 X 10-1 mole; since the fraction trans¬formed per second (the so-called decay constant), is 9.92 X 10-10, the number of ionizing events per second would be (6.023 X 1023 X y,,, X 10-1) X 9.92 X 10-10 = 2.845 X 106. (The decay constant is expressed in sec-'. Its product with the half life, expressed in seconds, is the pure number, natural logarithm of 2 = 0.693. The half life is the length of time required for decay of one half of the total number of radioactive atoms of one particular type.) (See reference (1) at the end of this article.)

Jan 1, 1948

By Grover R. Castle

INTRODUCTION "Project Financing" or "Project Loans" have become increasingly popular in recent years, and commercial banks are being asked to consider more and more of such financing. However, the analysis of this type of loan is quite different from the analysis of a loan to a financially sound corporation based on the company's balance sheet. For this reason Chemical Bank did a study of project loans in an attempt to be more sophisticated in our approach to them. As part of this study, we examined 29 project financings for which information was available. In this article I shall describe project loans and set forth the guidelines we developed, as an aid to credit officers who might have occasion to analyse this type of financing. DEFINITION OF "PROJECT FINANCING" OR "PROJECT LOAN" The terms "project financing" and "project loan" commonly describe the various methods that banks and institutional lenders use to finance the construction of new projects on a basis whereby payout is anticipated from the revenue stream generated by the project. A project financing often involves a loan to a new entity formed specifically to own the project. The analysis of a project loan proposal is quite different from the analysis of other term-loan proposals since it involves a credit decision based on the review of a projection or forecast rather than of historical earnings and/or it involves the reliance on contractual obligations of third parties. Lenders are asked to assume the added risks associated with project loans because: 1. Project financing may permit a company to obtain additional leverage. It is possible for companies to arrange financing on a project basis that could not be arranged as a direct borrowing. For example, a company may not be permitted to borrow more money directly, due to a limitation in a bond indenture. However, a project financing can sometimes be negotiated on a basis not prohibited by the indenture. 2. Often the sponsors of, or the stockholders in, the project are seeking an off-balance-sheet financing. For example, 11 of the 29 projects in our study were arranged on an off-balance-sheet basis and one showed on the balance sheet as a deferred income item. An off-balance-sheet financing, for the purpose of this article, is a financing which does not show as a direct liability on the balance sheet of the sponsors of or stockholders in a project. 3. Projects are often located in a foreign country. The financing is arranged so that the lenders assume the political risk on the loan because many companies rightly believe that this arrangement affords a degree of insulation from political risk not otherwise obtainable. 4. Many projects are jointly owned by several sponsors. This form of financing lends itself well to a situation where a new entity is formed to own a project and do the borrowing. Project loans can be used to finance a variety of activities including development of iron-ore deposits and associated pelletizing plants; development of coal reserves; construction of pipelines, alumina plants, fertilizer plants and refineries; etc. The specific areas of analysis can be quite different, depending upon the type of project being financed. It is important, therefore, to classify the proposal according to the type of project, and also by the nature of the financing - nonrecourse financing, financing covered by a guarantee of completion and financing supported by an undertaking lasting for the life of the financing. I will discuss each of these types in more detail later, but first, I should like to make some

Jan 1, 1985