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By John K. Hammes

INTRODUCTION This introductory paper presents a description and definition of what the finance function is and what it specifically means for the mining industry. In its simplest terms, finance is, "management of money matters". As an area within the discipline of business administration it draws heavily on the related fields of economics and accounting, and to a lesser extent on marketing and production. MINING FINANCE DEFINED In preparing to write about what finance means to the mining industry, I asked a number of mining people the question, "What does mining finance mean to you?" Most responded that mining finance was "How a company borrowed money for mine development", and perhaps half those questioned included "raising equity" in the definition. It is not surprising that the mining industry concept of finance is the providing of funds needed for the objectives of the business, for that was once a view shared by authorities in the field of business administration. Further, it is certainly the area where much of the emphasis has been placed in the past ten to fifteen years as the industry struggled with the development of more remote and more refractory or lower-grade orebodies while profitability and internal cash flow were below expectations. No wonder project finance became such a popular topic. Twenty years ago it is probable that the emphasis would have been on mine valuation, for that subject was the area of finance then most often examined in industry publications. Papers concerning the pros and cons of payback, internal rate of return, and discounted cash flow appeared regularly. Let's examine the following situations, each the result of a financial decision: - Funding the exploration program in a developing country was accomplished by buying the next six-months budget needs in local currency. One week later the currency devalued 30 percent. If the purchase had been delayed or the local currency borrowed short term, a substantial saving would have been made in funding the program. - A major mining company borrows heavily to finance both expansion of its primary mining business and its entry into several new industry segments. When markets for all of the commodities it produces turn down for a prolonged period, there is concern over the adequacy of cashflow to cover debt service in addition to other company needs. The company's financial officers, however, had arranged very large committed credit facilities from numerous financial institutions which assured the availability of funds for several years. This enabled the company to implement a strategy to conserve cash, sell assets and survive until conditions improved. Further, short term suppliers of credit also were comfortable with the assurance that longer term credit was there to support them. -A medium size mining company financed several mines independently with limited obligations on the part of the parent company. The company decided to refinance the operations under one agreement. More flexible terms, lower interest cost and a longer tenor financing were achieved in return for assuming the risk as a direct obligor. - The exploration and development group of a large mining company proposes to develop a new mine in a country in which the company does not presently operate. When the investment is rejected they are advised that one reason was that the reinvestment assumption inherent in the discounted

Jan 1, 1985

By JOHN JERMAIN

In my opinion, the explanation of the fuel-requirements involving the conception of heat available and necessary above a critical temperature, as advanced by Johnson 1 and elaborated by Howe, Raymond and others,2 affords a theoretically correct basis for such an accounting. It is the purpose of this paper to set forth a first crude attempt to construct a formula which shall show quantitatively the relation between the various factors affecting fuel-economy, and afford a means of comparing the enormous amount of data on the fuel-consumption of various blast-furnaces, at various times and under various conditions of operation. I have also applied this formula to a large number. of individual cases, and have, by its means, compared the furnace-practice of several important iron-making districts. II. DERIVATION OF FORMULA FOR FUEL-REQUIREMENTS. The general expression for the fuel-requirements of the blast-furnace, which I believe to be theoretically correct as to form, is as follows Carbon per ton of iron = Heat per ton of iron necessary in hearth above Tc./Heat per pound of carbon available in hearth above Tc. XFactor of rate of driving. +Carbon dissolved by CO2 of flux. +Carbon dissolved incidental to reduction of ore. + Carbon dissolved in pig-iron. (NOTE.-Tc = critical temperature.) Since, according to Johnson's theory, fuel-economy is usually limited by heat available and necessary in the hearth, rather than by the total heat supplied and necessary, we may write Carbon needed in hearth = Hn/Ha in which Hn is the heat per ton of iron necessary in the hearth above some critical temperature, and Ha is the heat per pound of carbon available in the hearth above this same critical tem¬perature. 1 Trans., xxxvi., 454 (1906). 2 Trans, xxxvi., 792 to 798 (1906) ; Trans, xxxvii., 216 to 237 (1907).

May 1, 1911

By Harry P. Hohenadel

DURING the past few years the amazing developments of the chemical industry have inspired so much publicity that the feature writers assure us that we are entering a "Chemical Age," industrially as important as the "Steel Age" and the "Electric Age," so-called. Whether or not these assurances are overstatements, it is a fact that the expansion of the chemical industry during the past 25 years has been enormous. The Chemical Bureau of the War Production Board calculates the value of chemicals produced during 1944 at $8,300,000,000, no small sum even in inflated dollars. As concerns us of the Southwest oil and gas country, four significant trends of the chemical industry are most important. (1) Many of the recently developed chemical products are new creations, not substitutes,. as new and original as the invention of the light bulb, and with a field for exploitation almost as wide. (2) Many of these chemical products will enter the mass consuming markets, which require enormous tonnages of products, and such markets are setting up an industrial demand for chemicals on a mass volume basis, compared to the relatively high-priced low-volume basis ordinarily considered as the chemical outlet of the past. (3) Most of the processes involved in producing these chemicals are adapt. able to the use, all or in part, of natural gas, oil, or refinery gases as raw mate-

Jan 1, 1945

R. G. BROWN, Bodie, Cal.: Mr. Rickard's paper, with its valuable illustrations, brings into fresh clearness the game of hide-and-seek which the miner must play with his ore-deposit; but, more than this, it goes far towards classifying those perplexing idiosyncrasies which, while unclassified, constitute a labyrinth almost without clue. Probably every engineer can add to the list by the mention of at least one fresh detail from his own experience, and I for one would like to comment on two of Mr. Rickard's divisions. To what he has written about " walls within walls" and " walls without walls," the accompanying Figs. 1 and 2 may be appropriate, the more so as they represent conditions obtaining in a part of the Butte copper-belt more typical of the copper-veins as a whole than the Gagnon, which, in some respects the most interesting mine in the camp, stands almost alone in many particulars. (See nuns., xvi., 62.) Fig. 1 was sketched in January, 1895, in the stopes above the 700-foot level of the Colusa-Parrot mine, east of the Parrot and southwest. of the Anaconda. The stope, the commercial foot-wall of which is shown at A, was 30 feet wide at this section, the pay-ore being massive chalcocite, jumbled with bornite, pyrite, quartz and thoroughly broken-down granite. A and At are inch-thick seams of black talc; B, B' and B" are also talc, possibly 1/8-inch thick. In the plane of the section the "banded quartz " and " quartz and pyrite " were both of too low grade for extraction, but 5 feet back along the stope had been of fair value. The granite with quartz and bornite between Bt and A' was pay-ore, but that to the right of B" was not. In both cases the ferro-magnesian minerals had been removed, leaving, where not obscured by ore, faint, dark patches. Between A'

Jan 1, 1897

By M. R. Geer

Coal washing assumed an important role in the mining industry of the Pacific Northwest long before washing practice became firmly established in the Appalachian field. A Scaife washer was operated in the state of Washington in 1887; and by 1927, the fist year for which complete statistics were compiled, nearly a third of the state's coal production was washed, in comparison with only about 5 pct for the country as a whole. Mechanical preparation was adopted in Alaska in 1922 in a plant constructed by the United States Navy at Chickaloon to provide bunker coal for naval forces operating in northern waters. Many of the coal beds mined in Washington and Alaska contained more impurities than those mined elsewhere, and this circumstance contributed to the early interest in mechanical cleaning. A much more important factor, however, was the inclination of the coal beds. With steeply pitching beds, hand sorting by the miner at the face is impossible; consequently, all material must be loaded and dealt with on the surface, just as is now proving the case with mechanical mining of flat beds. Thus "full-seam" mining afforded the same stimulus to the early development of coal washing in the Northwest that - it is providing under mechanization in the rest of the country today.

Jan 1, 1949

By W. R. Ingalls

IF, in this study of the outlook for the copper industry of the United states, I find myself assuming to be prophetic in some respects I shall express myself with hesitation and with the foresight that after the end of the war with Germany the war with Japan may continue; anyway there is sure to be an uneasy period before copper and the other metals begin to flow smoothly through the natural channels of consumption. It is mainly my purpose to survey conditions and suggest some probabilities, or possibilities, rather than to prophesy. In interpreting them it will be necessary to make certain aasurnptions, among which will be (1) expectation of a rise in the general price level,, which so far has been one-sided; (2) continuance of the k. tariff on copper imports; and (3) lock-up of government-owned copper as a military re- serve. Of these assumptions the first is indicated by the lessons from economic history, and by current symptoms. The second and third depend upon political action by Congress.

Jan 1, 1944

By A. Lubinski, C. R. Stewart, K. A. Blenkarn

Storage porosity has been considered one of the important pore geometry characteristics of heterogeneous-porosity limestones. Storage pores are only containers for fluids, in contrast to flow channel pores which both contain fluids and provide continuity for fluid flow. The concept of another geometry characteristic, "poro-striction", is presented as a second pertinent variable in describing limestone pore space. In simple terms, poro-striction is a measure of the flow resistance between storage and flow channel pores. Alternating-flow core-testing theory provides flow relationships which can be used to divide the pore space of heterogeneous-porosity media into flow channel and storage pores and to measure the "porostriction" of the latter. Experimental application of this theory to naturally occurring heterogeneous limestones shows that "porostriction" and the ratio of storage to flow channel pores can be estimated. Porostriction and porosity ratio are microscopic characteristics which should influence oil-recovery efficiencies during certain types of displacement processes. A knowledge of pore geometry should be valuable in designing or selecting the most effective oil-recovery process for heterogeneous limestones containing storage porosity. INTRODUCTION The primary and secondary recovery of oil from limestone (carbonate) reservoirs has been and will continue to be a major source of the world's supply of petroleum. Oil recovery from this type of formation is strongly influenced by the size, shape and arrangement of the pore spaces which hold the formation fluids. Therefore, it is expected that better knowledge of pore geometry would lead to design of more effective recovery processes. The concept of storage and flow channel pores has been presented as an important characteristic of limestone porosity.1 In this concept, storage pores are only containers for fluids, whereas flow channel pores are those pores which both contain and transmit the fluids. The work reported herein involves the concept of an additional pore characteristic called "porostriction". This characteristic can be visualized as the flow resistance between the storage and flow channel pores. This resistance is an important pore geometry characteristic because it determines how easily gas and oil can replenish fluids removed from the flow channel pores. Fatt and co-workers at the U. of California have studied the effect of storage porosity and a factor similar to porostriction on transient-flow response of models of porous media during a pressure build-up or drawdown test.55 These models consisted of porous sandstone cores with artificially simulated storage pores. It is the purpose of this paper to describe tests which permit the storage porosity and porostriction of actual reservoir core samples to be estimated. The tests used for this purpose involved not transient tests but, rather, an alternating-flow technique in which pressure and flow are varied according to a sine-wave relationship. This technique may offer advantages over transient methods. THE POROSTRICTION CONCEPT Before discussing alternating-flow (A.F.) tests in core samples, it is necessary to define the porostriction parameter. For this purpose attention is focused upon an elemental volume v representative of a porous medium having both flow channel pores and restricted-access storage pores. For such an elemental volume, it is considered that the storage porosity is combined to form a single pore and that the access into the storage porosity may be represented by a single capillary tube connecting the single pore to the flow channels of the elemental volume. Let the radius of the capillary tube be designated as Rc and its length as L,. When fluid flows into or out of the pore, the following equation (Poiseuille's law) relates flow rate q to pressure drop p, and the physical characteristics of the tube and the fluid of viscosity jx.

By AIME AIME

THE meeting of the Petroleum Division at Houston, Oct. 10-12-headquarters, Rice Hotel-was preeminently a technological success. Two hundred and twenty-five attended the Thursday morning session and approximately 200 attended the sessions on Thursday and Friday afternoons and Saturday morning. Harry Power, Chairman of the Division, in his opening remarks, credited Paul Weaver and M. Albertson, respectively chairman and vice-chairman of the local committee, with working long and prodigiously in organizing the program. The theme of the initial session was indicated by Mr. Albertson in a statement relative to the estimation of developed petroleum reserves. He said that the problem of securing more accurate estimates of developed petroleum reserves existed prior to curtailment of production. With curtailment, however, the problem became an acute one. Mr. Albertson gave some of the more important reasons for this situation. Since the decline-curve method became inapplicable, the volumetric method has become the chief one used. It depends on the factors of productive formation volume, porosity, saturation, and recovery. He briefly discussed the factors necessary for application of the volumetric method. P. P. Gregory discussed the estimation of petroleum reserves in prorated lime¬stone fields (see his paper in the October

Jan 1, 1935

By E. D. Gardner, E. M. Sipprelle

The Synthetic Liquid Fuels Act (58 Stat., 190; 30 U.S.C. Sup., Secs. 321-325) was approved by Congress April 5, 1944; it directed the Bureau of Mines to build demonstration plants to produce synthetic liquid fuels from coal, oil shale, and agricultural products. The most important oil-shale deposits in the United States are in the Green River formation of Colorado, Utah, and Wyoming. The oil shale of western Colorado generally is more amenable to exploitation, more persistent, and apparently richer than elsewhere in the Rocky Mountain Region. It occurs at the top of a high plateau surrounded by bold, nearly vertical escarpments 500 to 600 ft in height. The top 400 to 500 ft of these escarpments comprises an oil-shale measure that averages 15 gal of shale oil per ton; the bottom 70 90 100 ft of the measure, called the Mahogany Ledge, averages over 30 gal per ton. The full measure in a 1000-square-mile area is estimated to contain 300 billion barrels of shale oil;' the Mahogany Ledge is estimated to contain 100 billion barrels of oil. These estimates are based on numerous surfac,e samples and on core-drill holes drilled by the Government and by private enterprise. The oil-shale beds are undisturbed and lie nearly horizontal. The name "oil shale" is unfortunate, as the rock is a tough, strong marlstone. Organic matter named "kerogen" is a constituent of the rock. The oil-shale demonstration mine is on Naval Oil-Shale Reserve No. 1; it is about 5 1/2miles by mountain road from the plant site, which, in turn, is 2 miles from U.S. Highway 6 and 10 miles west from Rifle, Colo. The highway parallels the Colorado River, the Denver and Rio Grande Western Railroad, and a 66,000-volt public-utility power line. Early in the program it was realized that an oil-shale enterprise would have to be on a large scale to be commercial, and that unusually low mining costs would be necessary. The physical characteristics of the Mahogany Ledge and an overlying roof stone are unusually favorable both for large-scale operation and low mining costs. Quarry practices largely will be followed underground to mine the Mahogany Ledge. The aim has been toward complete mechanization of all mining operations. A mining unit would comprise a square mile containing 100,000,000 tons of oil shale with allowance for mining losses. An investment of $1,000,000 would be $0.01 a ton; such an expenditure, therefore, could be made to save, say, $0.015 per ton daily operating cost. A goal of a mining cost of $0.50 per ton was set up in 1945. Open-cut mining costs then were about $0.25 per ton of material handled; it was hoped that a cost double this amount could be obtained in mining the Mahogany Ledge. Costs of labor and supplies have increased since 1945 and so has the selling price of petroleum products. To those unacquainted with the character of the Green River deposits, the name "shale" suggested high mining costs. Others assumed that coalmining costs of $2 to $5 per ton would apply. To many, the expected mining costs appeared the principal handicap to the establishment of an oil-shale industry. The purpose of the Bureau of Mines is to demonstrate methods and to establish costs for mining the oil shale on a large scale. It is hoped this work will lead to the establishment of a large-scale, commercial oil-shale enterprise.

Jan 1, 1950

Willet G. Miller, Toronto, Canada (communication to the Secretary): In his interesting paper Mr. Lindgren says: " As to ultimate results, it would seem as if we should be justified in concluding, with Prof. Suess, that the gold-supply of the world will gradually decrease if no further important improvements are made in the processes for the extraction of this metal; but regarding events so far distant no predictions may safely be made." It seems to the writer that no very important improvements require to be made in order at least to keep up the present production for many years to come. In many parts of the world there are large deposits of auriferous material which can be worked if present conditions are slightly changed. In the territory occupied by the Archean protaxis of the Province of

Jan 1, 1903

By Thomas B. Douglas

INSTRUMENTATION in the process industries can no longer be regarded as a convenience, but rather an absolute necessity. Although many chemical processes must already be conducted with instruments, every properly designed application of automatic process control will improve operation: 1) the product will be more uniform and of higher quality; 2) the manual labor saved will reduce cost; 3) uniformity of flow and uniform control of process will increase production; and 4) surges will be eliminated, making it possible to operate equipment near ultimate capacity at all times. Industrial instruments fall into two general classifications-those that measure and those that measure and control. The cement industry has been using instruments for a number of years, particularly in the burning process, primarily for indicating and recording. Automatic process control makes additional use of these instruments, and others, to control variables. Assisted by the instrument manufacturers, engineers at Ideal Cement CO. achieved considerable progress in determining how well the usual recording instruments could be made to control various phases of cement-making. The results of these experiments were used to make the new plant at Houston as wholly automatic as possible.

Jan 2, 1958

By AIME AIME

THE annual meeting of the Auxiliary to the A. I. M. E. was marked by the most delightful cordiality and warm spirit of welcome on the part of the members of the New York Section and an equally charming spirit of cooperation and appreciation on the part of the visitors. On Monday Mrs. Ernest H. Wolfes and Mrs. Charles A. Bohn had charge of registration and most efficiently .provided everyone with the necessary tickets and badges. The reception hall and regisfration booth were gay with beautiful flowers that reflected the welcoming spirit one found there. The smooth efficiency with which the whole program ran was due largely to the tireless efforts of Mrs. Donald M. Liddell and Mrs. Louis D. Huntoon, joint chairmen of the Ladies' Committee, and Miss Margaret Callow, chairman of the Junior Committee. After registering, the ladies proceeded to- the fifth floor, where they had luncheon with the members of the A. I. M. E. On that day Mrs. W. H. Bassett and Mrs. Lucius W. Mayer were the hostesses.

Jan 1, 1929

By MARCELS CHLUMBER

BY the term making an "electrical log" the authors designate an operation conceived for the purpose of determining electrically the characters of formations traversed in drilling, the determination being carried out by means of measuring the electrical resistivities of the rocks along the uncased portions of drill-holes. As in the case of an ordinary core record, this process connotes a geological studs of the strata, and for that reason it is given a similar designation. The paper is divided into three parts, of which the first deals with the resistivities of rocks in general, since it is through this electrical parameter that they are to be characterized. The second deals with the technique, and the third with the description of practical applications of the electrical logs.

Jan 1, 1929

By F. B. Plummer

GEOLOGICAL engineering as applied to oil fields, or production geology as some prefer to designate the profession, is designed to fill in the border line between pure geology and pure petroleum engineering. Therefore the production geologist may, and frequently does, reach out to grasp much in both professions. Where once the oil geologist was content to pick samples out of a mud ditch and try to identify oil formations from the color or appearance of flakes of rock bailed out of a well, now he has to deal with graphic electrical logs obtained by intricate and highly technical electrical apparatus and to make exact determinations to the fraction of an inch of the depth and thickness of an oil sand 2 miles below the surface.

Jan 1, 1944

By ALBERT C. RUBEL

RECENT developments in the use of the core barrel in rotary drilling have led to its wide application in all types of development. Its use is essential to the wild-catter and a valuable guide and check even in the most closely developed areas. A perfect core would be an unbroken sample of formation whose length is equal to the amount of hole made by the core barrel, whose diameter is great enough to show the lithologic character, texture and attitude of the material encountered, whose formation is so unaltered in character and so free of contamination from outside sources that it represents a true and complete sample of the formation penetrated. From such a core it would be possible to determine the lithologic character and economic importance of the formation, whether it is oil bearing or barren, the nature and attitude of the sands and shale bodies, valuable fossil evidence and other points which would assist in the correlation or in the selection of suitable points for water shut off or production.

Jan 1, 1924

By James R. Cudworth

OUR colleges and universities have met many difficulties during the past year. From a period of small enrollments and depleted faculties, the educational institutions have passed quickly to a period of the largest enrollments in their history with inadequate facilities and staffs. The results of the shortsighted policy of the Selective Service system which drained the technical schools and universities of many of the students who were potential teachers are now being felt. The movement of faculty members into positions in industry during the war years has resulted in many of them forsaking permanently the educational field for the higher salaried positions they now occupy. Competition is keen between the educational institutions, and between the institutions and industry, for technically trained men. Dean Holbrook's statement in last year's annual review that he thought it would take three or four years to restore our engineering departments to their former level in quality of instructors is even more convincing today. Somehow, the institutions must not only reach their former level in quality of instruction but they must also increase the quantity of their staffs to meet the demands of the ex-service men and the high school graduates for engineering education. The enrollments in the mineral industry fields of mining, metallurgical, geological, petroleum, and ceramic engineering, although greatly increased, are not expanding as much as in the more widely known fields of electrical, mechanical, aeronautical, and civil engineering. In fact, many educators are tremendously worried about the segregation of so many young men in a relatively few fields while the needs of others will remain unanswered.

Jan 1, 1947

By A. S. Nowick, E. S. Machlin

ONE of the main criteria used to rate the heat-resisting properties of alloys is stress rupture.1 During a stress-rupture test a tensile specimen is held under a constant load at a constant temperature until it fractures. The chief measurement made during this test is the time required for rupture at the specific test stress and temperature. It was found empirically from a series of stress-rupture tests at a constant temperature that when the logarithm of the time for rupture is plotted against the logarithm of stress a straight line is obtained within experimental error.2~3 This method of showing stress-rupture data has been adopted by many investigators and the KACA.4 By interpolation and extrapolation from these plots, values of the stresses required to rupture the specimens (the rupture strengths) in 10, 100, and 1000 hr are obtained for specific temperatures. Alloys are then rated for a particular application on the basis of their rupture strengths at the rupture life that most nearly represents the application. Inasmuch as stress rupture is an important criterion in rating heat-resisting alloys, it would be advantageous to know the quantitative dependence of the time for rupture on stress, temperature, com- position, and structure. In order to obtain this information, an investigation was made at the KACA Cleveland laboratory during the spring of 1945. The theory of rate processes was used because it has been found to apply to certain processes such as chemical reactions, viscous flow, and creep that occur at a definite rate for given conditions. It was thought that stress rupture was such a process. An equation was derived that gives, for a given com- position and structure, the dependence of the time for rupture on stress and temperature. The investigation is part of a general program to provide information that will lead ultimately to the development of better alloys in order that the efficiency and power output of gas turbines used in aircraft propulsion can be increased. THEORY The theory of rate processes will first be discussed as a general theory. It will then be shown that if stress rupture of heat-resisting alloys can be treated as a rate process, certain equations must be satisfied. Later sections will then show that these equations are satisfied. General Theory of Rate Processes The theory of rate processes5 eveloped by Eyring and others has been applied to chemical reactions as well as to other processes such as viscosity of liquids and diffusion. In every case in which rate- process theory can be applied, there is a small subdivision, so that the macroscopic process is the net effect of all the small processes. This smallest subdivision is called the "unit process.'' For example, in a chemical reaction the unit process is

Jan 1, 1947

By G. A. Vissac

MOISTURE in coal must be considered as an impurity, just the same as ash, from the standpoint of utilization of the coal. Being incombustible, it reduces directly the heating value of the coal, and in addition absorbs heat for its evaporation. Its presence means useless expenditures in handling and transportation. In coke plants, extra moisture reduces capacity and may cause damage to brick work and equipment. Accordingly, the removal of extra moisture can be considered just as important as the removal of other impurities, such as ashes, in the modern coal preparation plant. Moisture, which can be removed by heating the coal up to a temperature of 100°C, may be retained in various forms: 1. As a film, on the surface of each coal particle, and in the interstices between particles, retained by capillary forces. 2. Or "occluded" inside the coal particles. This occluded moisture may be either free moisture (as in a sponge), or hygroscopic moisture which varies with atmospheric conditions, (also called "regain").

Jan 1, 1949

By Paul R. Bluekamp

The Mather Mine property is composed of a 5.2 sq km (2 sq mile) area within the Cities of Ishpeming and Negaunee which are located in the Upper Peninsula of Michigan. Production in this mine started in 1943; it ran continuously until its closing in 1979, having produced slightly over 55 million tons of iron ore. This mine was a joint venture between several steel companies and The Cleveland- Cliffs Iron Company (CCI), with CCI being the fee holder and operator. For the first 17 years of operation, the ore was shipped in its natural state directly from the mine to the steel mill. By 1960, iron ore pellets were on the market and they proved so superior to the natural soft Mather ore that the latter became difficult to sell except for the coarser portions. It was decided to develop a pelletizing process for the Mather ore, and this was accomplished by 1965 when the first Mather pellets were produced. From this date, all but the coarse fraction of the Mather ore was shipped as pellets. The geological setting is that of a large east-west trending synclinorium which plunges to the west. The lowest member of this trough-like structure is, for the most part, a quartzite-like graywacke, the upper 20 m of which grades into a softer, fine grained slate. Lying conformably on this graywacke footwall member is an iron- formation member which is over 1,300 m in thickness. This iron-formation is cow posed of thin alternate bands of iron oxides and chert and is intruded by a number of diorite sills - some up to 122 rn (400 ft) in thickness. The north limb of this synclinorium dips at approximately 45' and bottoms out at about 1,000 m from surface in the central part of the mine. There are two sets of faults, many of which are intruded by diorite dikes, which trend east-west and southeast-northwest. Displacements are varied, reaching a maximum displacement of 243 m (800 ft). The ore is found lying directly on the slatey footwall and its position is largely controlled by the faults and dikes, with the bulk of the ore being on the upper side of these structures. The ore is composed of soft earthy hematite and martite with vertical thicknesses up to 122 m (400 ft) although the average thickness would be closer to 46 m (150 ft). The ore averaged 60% iron and 7% silica on a dried analysis. The Mather Mine is located on the north limb of the syncline and was worked from two shafts, the deepest of which. was 1,09 7 m. These two shafts are about 2 km apart and serviced a total of 8 working levels between them during the life of the mine. The level spacing was about 61 m (200 ft). The main haulageways were driven parallel to the ore/footwall contact in the hard cow petent graywacke wherever possible. On the lower levels, deeper into the footwall, naked development was common. This material graded into roof bolting ground towards the upper stratigraphic portion. As drifting progressed further into the upper stratigraphic portion of the footwall, progressively stronger steel sets had to be used. From the main haulageway, cross-cuts were turned into the orebody on 61 m (200 ft) centers and extended as far as needed to recover the ore available to that particular cross-cut. The main haulageways and cross-cuts were driven 3 m (10 ft) high, 3 m (10 ft) wide at the top and 4.6 m (15 ft) wide at the bottom. This configuration would accomodate a set composed of a 2.7 m (9 ft) cap on top of two 2.7 m (9 ft) legs angled out at 18'. A sill plate was used under each leg to prevent its sinking into the ore below. The type of steel used was dependent on the expected weight to be experienced. Sets were placed on 1.63 m (5 ft 4 in.) centers; however, in extremely heavy areas, it was sometimes necessary to install sets on 0.8 m (2 ft 8 in.) centers. On the top two levels (5th and 6th), the ore was considerably hard-er and was mined by sub-level stoping and long hole drilling. Very light steel sets were used in the main haulageways and cross-cuts and timber was used in the production drifts. Some con- crete production drifts were installed on 6th level, but proved to be uneconomical. However, as mining reached greater depths, the ore became softer and more massive, reaching its maximum vertical heights on 11th and 12th levels. On levels 7 through 10, yielding steel sets were used extensively in the slusher drifts. While they were satisfactory on 7th and 8th levels, their success diminished with depth and they were

Jan 1, 1981

By R. Laird Auchmuty

A NUMBER of factors, of varying importance, should be considered in assessing mineral land-here specifically coal land -for tax purposes. (1) Is the coal developed or un- developed'! (2) If undeveloped, is it surrounded by active development in adjoining properties? (3) Accessibility of railroad facilities to the property. Sometimes the railroad itself is of importance. (4) Cost of development of the seam under consideration, whether it can be developed by a drift from the outcrop or whether it will require deep and costly shafts or slopes. (5) Is it definitely known that the coal seam being assessed is of minable thickness and quality on the property? (6) Thickness of recoverable coal from the seam. (7) Quality of the coal. (8) Is the seam being assessed likely to be more costly to mine than other seams in the same district? (9) Is there an active market demand for coal from the seam being assessed? (10) Is the coal held only as protection to surface structures and in such location that it can never be mined? (11) Is the coal in a solid piece or is it in pillars that have been standing for some years as a result of incomplete mining in an old operation? (12) Expected percentage of recovery from the seam being assessed as determined by present mining practice in similar properties. (13) Value of the seam as indicated by sales of similar mineral rights in the immediate district. (14) Current royalty rates of leases for coal in the seam under consideration.

Jan 1, 1939