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By Herbert D. Drechsler

Mining Finance is the interrelated aspects of "determining the total amount of funds to employ in a mining firm; allocating these funds efficiently to various assets; and, obtaining the best mix of financing in relation to the overall valuation of the firm." The first section is an overview of the financing problem through examination and discussion of the Balance Sheet and Income Statement. The next section is a discussion of the nature of the criteria developed in feasibility study. The third section describes type of capital funds, and the final section describes case studies of mining finance

Jan 1, 1985

By Herbert D. Drechsler

Mining Finance-is the interrelated aspects of "determining the total amount of funds to employ in a mining firm; allocating these funds efficiently to various assets; and, obtaining the best mix of financing in relation to the overall valuation of the firm". The first section is an overview of the financing problem through examination and discussion of the Balance Sheet and Income Statement. The next section is a discussion of the nature of the criteria developed in feasibility study. The third section describes type of capital funds, and the final section describes case studies of mining finance.

Jan 1, 1978

By William F. Boericke

THE Christy Creek clay mine of the General Refractories Co., in the Olive Hill District, ranks with the most important producers in the north-eastern Kentucky fire clay field, both from production of high-grade flint clay, as well as unusual extent and thickness of deposit. The property is but one of a number controlled by the General Refractories Co. in this district, but is given first consideration among them by the operating staff. Its total area is over 5000 acres, owned in fee or by lease of clay mining rights, and although mining operations have been in progress for over five years, scarcely one per cent of the ground has been worked as yet. The mine is near the southwestern end of the clay field, which extends in a belt 12 miles wide and 55 miles long, in a southwestern direction from Kenova, W. Va., which, as the name indicates, is at the junction of Kentucky, Ohio, and West Virginia. Olive Hill, where there is one of the l1Ulin plants of the General Refractories Co., and to which the clay from the mine is shipped, is about 26 miles distant from the mine. Connection is made with the Chesapeake & Ohio R. R. by a spur line . 8 miles in length, owned and operated by the company.

Jan 1, 1929

By Sales, Reno

Since leaving school my efforts have been geared to the task of making geology useful to the mining industry. The responsibility of the economic geologist or mining geologist of today has grown to be more, than that of merely finding a faulted segment of a vein. The very life of our mining industry is at stake. The tremendous progress in every branch of our modern civilization has been made possible through the developments in the use of metals. Many of our great industries, including that amazing field of aircraft production live and thrive only because of metals.

Jan 1, 1942

By Reno H. Sales

Since leaving school my efforts have been geared to the task of making geology useful to the mining industry. The responsibility of the economic geologist or mining geologist of today has grown to be more, than that of merely finding a faulted segment of a vein. The very life of our mining industry is at stake. The tremendous progress in every branch of our modern civilization has been made possible through the developments in the use of metals. Many of our great industries, including that amazing field of aircraft production live and thrive only because of metals.

Jan 1, 1942

By AIME AIME

YOU can place an exclamation point after the "and How" if you want to, but the way it stands it sum¬marizes the Mining Geology sessions quite nicely; "Why" in the morning, "How" in the afternoon. It is altogether fitting that Prof. McLaughlin and Reno Sales, who have themselves achieved enviable reputations in company work, should have led the program by presenting informally a chapter from the volume dedicated to the beloved dean of all economic geologists, Waldemar Lindgren. In opening the morning session, over which Sydney Ball presided, Donald McLaughlin emphasized the continuous role mining geology should play in operating technique. He pointed out the importance of structural relations in a broad sense, and the preponderant role they play in developing the manner of ore occurrences. He illustrated this by an account of the work at Homestake, using slides to show the stratigraphic sequence, the folding, and the orebodies of that camp. An interesting piece of detail was the distinction they found could be made be¬tween the chlorite near the ore masses, and that in the country rocks. Whether the cummingtonite, characteristic of the rock in which the ore is found, is of regional or of contact metamorphic origin caused some discussion. Dr. Lindgren inclined to the belief that it was contact, but L. C. Graton replied that they had found the weight of evidence was for a hydrothermal origin. D. F. Hewett raised the question as to whether, in the advancing development of the mining industry, there was still a place for the U. S. Survey geologist, and the consensus seemed to be that there should be. His role is changing from that of mapping mining districts in detail, now the task of the companies, towards a more general serving of the industry through the wider perspective his work gives him in contradistinction to the greater detail of knowledge accumulated by the resident geologist.

Jan 1, 1933

By George M. Fowler

MINING geology is a progressive study, so we must look to the future for the solution of many of its most significant problems. These problems, world-wide in scope, offer ample opportunity for the exercise of the utmost skill and intelligence by all that attempt to solve theta, as it is generally recognized that many ore deposits of the future will he found only by months or years of combined intelligent effort by the several engineering groups. Renewed appraisals are continually being made to better understand the relationship of physical-chemical processes to ore deposition and other mineralization and to interpret the findings of the geophysicists and others in terms of economic results. A study of current geologic activi¬ties clearly reflects the growing tendency for cooperation between the different branches of geology in order to appraise their united efforts. In line with these activities arrangements have been made to transfer the geophysical section of the U. S. Bureau of Mines to the Geological Survey.

Jan 1, 1936

By J. D. Forrester

Developments of the year make geologist's industrial position even more secure and important-Professional shortage remains acute-

Jan 2, 1953

Succession of Minerals and Temperatures of Formation in Ore Deposits of Magmatic Affiliations BY WALDEMAR LINDGREN (Tech Pub 713 10,000 words ) The paper presents data accepted by many geochemists and geologists regarding the succession of minerals and the temperatures of formation in ore deposits affiliated with igneous rocks It also presents the individual views of the author on the composition of the solutions that were active and on the mode of deposition He does not regard these views as speculations or hypotheses but as forming a well motivated and con¬sistent theory It is not certain, however, that all investigators will subscribe to them The mining engineer may not always be interested in the field of stability and tempera¬ture of origin in the mineralogy of ore deposits, but he certainly is interested in the succession of minerals because this has a definite bearing on the understanding of the ores and on the best processes of extraction The author, therefore, summarizes in plain language the principal features of succession as shown in metallic ores

Jan 1, 1937

By Olaf N. Rove

YEAR 1951 has been bright for the mining geologist. He has arrived after struggling for a generation or two to sell his wares through service to the operator, the mine superintendent, and the manager. But as he establishes himself on the operating front, he is faced with even greater challenges; namely, the development of basic geologic principles governing ore-forming processes and the occurrence and distribution of mineral deposits. These principles are needed to guide his ever-widening search into new areas. He must now stimulate the interest, confidence, and imagination of the mining executive and layman in fostering the research essential to expand rapidly the basic science of geology and its more specific applications to the mining industry. The hallowed time-tested tools of the prospector and the industry are no longer adequate. New basic data, principles, and ideas are needed to guide industry's exploration. The entry of Government into exploration, by lending money to prospectors and operating companies to partly finance exploration, is one of the major events of the year. This was one of the activities for which the Defense Minerals Administration was established in the Department of the Interior. DMA was staffed largely with men from industry, but the Bureau of Mines and the Geological Survey have acted as its technical advisors and have provided its field staff. Since the start of this work in May 1951 to November 19, 1951, the DMA has approved 208 exploration projects while denying 318 others. The contracts involve about eleven million dollars worth of exploration, of which Government's share is about sixty percent. A few contractors have already made discoveries and are into production to repay their loans; others have completed their projects without making a discovery. In November, the DMA was split into two successor units. The Defense Minerals Exploration Administration was set up in the Interior Department to carry out the exploration program. The Defense Materials Procurement Agency was organized as a separate agency to carry out the other functions of the former DMA, as well as general strategic materials procurement. The strategic materials group of the Economic Cooperation Administration was transferred to DMPA in order to centralize the procurement from foreign sources into one agency, although the authority and scope of activities of this group have not been announced as of the middle of December. The DMA-DMEA-DMPA programs are making large demands upon the technical manpower of the Geological Survey and Bureau of Mines. It is still too early to evaluate with confidence the productiveness of this diversion so far as the immediate and long-range effects are concerned. Many of the individuals associated with these programs, as well as others in the industry, are convinced that from a long-range national viewpoint, the regular programs of both the Survey and the Bureau equal or even exceed in importance the current emergency mineral activities of these two agencies. Uranium Uranium continued to be the glamour-girl metal of the mineral industry, and at the request of the Atomic Energy Commission uranium and thorium were included in the DMA exploration program. Industry's intensive prospecting and mining activities in 1950 were further expanded early in 1951 when the Atomic Energy Commission announced an increased price schedule and a new bonus payment

Jan 1, 1952

By S. G. Lasky

W E seem to have assumed the careless habit in recent years of treating mining geology as synonymous with exploration geology, and exploration synonymous with exploration for new deposits-to be forgetting that mining geology includes also the geologic control or guidance of day-by-day mining operation. In the publicized romantic spotlight of the search for new deposits, we forget the man with the dirty over-alls, grubbing away at the daily tasks of finding new shoots and of helping to keep production up and cost down. During 1949, as in previous years, the resident geologist continued his quiet efficient functioning while the exploration geologist continued to stay in the spotlight-although this time he shared it with what may be called the resource-appraisal geologist. Many broad problems of national import such as tax modification, the operations of the Economic Cooperation Administration, and certain international relations have come up against an unexpected factor lurking in the background, namely, appraisal of world and domestic reserves and latent resources. T. M. Broderick opened the year with his address as retiring president of the Society of Economic Geologists, wherein he analyzed the problems of exploration geology listing among them "the shortcomings of the geologists themselves, of the educators, the mining companies, our Published by permission of the Director, U. S. Geological Survey. technical publications, the Federal Survey and Bureau of Mines, and the property owners."

Jan 1, 1950

By Hans Lundberg

Jan 1, 1927

By Donald McLaughlin

INCREASING variety of interests among mining geologists is becoming more and more marked, as the frontier of their science and of its applications continues to expand. Each of the traditional lines of inquiry provides its crop of new and better defined problems, and answers to them are being found in far more precise terms than in the past as older uncertainties .are swept away with the sharper techniques and the even sharper ideas of modern geology. A glance over the assemblage of projects and publications in 1939 reveals conspicuous activity in many different parts of the front, such as the attack on the controversial question of the acid or alkaline character of ore-forming solutions, the place of mineral districts in the larger structural framework of continents, and the place of ore shoots in the local patterns of districts. Instructive comparisons are being made which cut across lines of older correlations or which reinforce them by pointing out heretofore ne-

Jan 1, 1940

By G. E. Anderson

The Asientos-Tepezala district is in the north of the State of Aguasca-lientes, about 30 miles north of the city of Aguascalientes, the capital. The district is reached by a standard-gage railway on the west side through the junction, Rincon de Romos, which is on the main line of the National Railways of Mexico from El Paso to Aguscalientes. The terminal is Tepezala. On the east side a narrow gage connects Asientos with the junction, San Gil, on the main line, Asientos to San Luis Potosi. Tepezala on the west side of the Asientos hills is about 2 miles from Asientos on the east side. The area between the two mining centers is separated by a low subdued divide which forms the central part of the hills. The district is in a group of isolated hills surrounded by characteristic bolsón plains. The hills rise above the surrounding plains about 6500 to 10,000 ft.; the highest peak is Alta Mira. The two mining districts lie somewhat upon the flanks of the hills at about the same elevation, 7200 ft. The district is an old one and has been known since early in the 17th Century when the mines were worked by the Franciscan Monks. Their mining operations, which were limited to the oxidized ore above the water level, consisted chiefly in extracting silver from the Santa Francisca vein. To judge from the old workings and the remains of surface plant, the operations were on a large scale. By modern mining operations since about 1900, the various mines of the district have been one of the principal sourees of ore for the smelter located at Aguascalientes. Topography The topographic features of the Asientos hills are largely controlled by the character of the underlying rocks. During the Tertiary period, the entire group of hills was probably covered by extrusive volcanic material in the form of cones and lava flows. The central part of these have since been carried away by erosion, so that remnants have been left along the borders of the hills. These remnants form rather conspicuous peaks,

Jan 1, 1927

By Richard W. Smith

There are three distinct varieties of phosphate rock, in Tennessee, known commercially as: (a) the "brown" rock, which is the residual product of the weathering and natural concentration of certain phosphatic Ordovician limestones; (b) the "blue" rock, which is an unaltered phosphatic stratum of Mississippian or Devonian age; and (c) the "white" rock, which is the result of chemical replacement and deposition. Before 1894, South Carolina and Florida had supplied most of the phosphate of the United States, South Carolina leading until that date and Florida from then until the present time. In December, 1893, the blue phosphate of Tennessee was discovered almost simultaneously on Swan Creek, in Lewis County, by two independent parties—by one as the result of a careful and systematic search for a workable deposit of the long known kidney phosphate, and by the other through mistaking it for a "bloom" of coal. Leases were taken and, with further prospecting disclosing other deposits in the region, the development progressed as rapidly as could be expected without railroad transportation. In January, 1896, Judge S. Q. Weatherly, who was interested in the development of the blue phosphate, while riding along the road south of Mt. Pleasant, noticed some slabs of a brown rock in place above the limestone. He took samples, and had them analyzed, thus discovering the high-grade brown phosphate of this district. This discovery was kept a secret until July, 1896, when mining was started at the village of Mt. Pleasant. Development proceeded rapidly, many owners obtaining their capital by the sale of their rock fences, which were largely composed of slabs of high-grade brown phosphate. The development of the brown rock, which is richer and more easily mined than the blue, caused Tennessee to advance from a poor third in production to second, surpassing the output of South Carolina, and being excelled only by Florida.

Jan 1, 1927

By Adolph Knopf, L. G. Westgate

Pioche lies 240 miles southwest of Salt Lake City, in southeastern Nevada, 19 miles west of the Nevada-Utah line. It is at the end of a branch line (33 miles), which connects at Caliente with the Los Angeles and Salt Lake division of the Union Pacific System. Its commercial relations are with Salt Lake City and Los Angeles, chiefly with the former. The surrounding area is part of the Great Basin, an arid region of alternating mountain range and intermont plain, the latter floored with out-wash from the mountains. About Pioche the plain varies between 4700 and 6000 ft. above sea level. The town lies in a valley at the east base of a low northwest-southeast range (the Pioche Hills) 12 miles in length, which rises about 1000 ft. above the adjacent flat. West of the Pioche Hills is a higher north-south range consisting of two parts: to the south the Highland Range, between Bennett Pass and Stampede Gap; to the north the Bristol Range, from Stampede Gap to Bristol Pass. This double range reaches altitudes of 8000 to 9000 ft., or more (the highest point, Highland Peak, is 9395 ft.), and rises some 2500 ft. above the surrounding plain It is continued in lower hills to north and south. Smaller ranges rise from the flat west of the Highland and Bristol ranges. The area studied and shown on the map (Fig. 1) is covered by three inch-to-the-mile topographic sheets: the Highland Range, the Bristol Range, and the Panaca, the latter mapped in part only. The sedimentary rocks of the district include Paleozoic limestones, sandstones and shales, Pliocene tuffs, and modern wash. Igneous rocks are represented by intrusive dikes and stocks and by extensive lava flows of mid-Tertiary time.

Jan 1, 1927

By C. W. Hall

Owin to its isolation and comparatively small tonnage, the Yoquivo district is not widely known; though financially important andgeologically, quite interesting. San Francisco de Yoquivo, the center of the mining district, is in the western part of the state of Chihuahua, Mexico; about 35 miles west of San Juanito, on the Kansas City, Mexico & Orient R. R. The town can be reached from the railroad by a good trail over a rugged country. The elevation of Yoquivo is 6500 ft., and peaks surrounding the town are 2000 ft. higher. The mining towns of Concheño and Ocampo are 25 miles northwest, and Uruachic is 20 miles southwest. The climate, temperate and healthful, is almost ideal. The rainy season begins in July and ends the latter part of September. There is usually, though not always, some precipitation in all months except April, May, and June. The mountains are covered with pine and scrub oak. Water, wood and lumber are plentiful for all ordinary purposes, and hydroelectric power is available for about six months of the year, when wood for steam power is utilized as an expedient. The district has been worked recurrently for over 60 years. The Yoquivo province lies on the steep western slope of the Tara-humara division of the Sierra Madre range of mountains. The province is traversed by many deep canyons, most of which flow west. The town is situated on the San Francisco arroyo, which makes a confluence with the Huevachic stream 236 m. southwest; the Huevachic in turn joins the Candemeña river farther down and these two drain the western flank of the Tarahumara mountains and form the headwaters of the Mayo river. The claims of the Yocluivo Development Co., which is the only organization in the district with a record of any considerable production, lie within an area roughly l½ m. square. Thc area extends from the San Francisco arroyo north, and from the Dolores arroyo west, and is confined to the andesite formation. General Geology The terrane about Yoquivo is composed of a series of Tertiary eruptives that consist of numerous phases of andesite and rhyolite, and

Jan 1, 1927

By Paul Billingsley

The Asientos-Tepezala district is in the north of the State of Aguasca-lientes, about 30 miles north of the city of Aguascalientes, the capital. The district is reached by a standard-gage railway on the west side through the junction, Rincon de Romos, which is on the main line of the National Railways of Mexico from El Paso to Aguscalientes. The terminal is Tepezala. On the east side a narrow gage connects Asientos with the junction, San Gil, on the main line, Asientos to San Luis Potosi. Tepezala on the west side of the Asientos hills is about 2 miles from Asientos on the east side. The area between the two mining centers is separated by a low subdued divide which forms the central part of the hills. The district is in a group of isolated hills surrounded by characteristic bolsón plains. The hills rise above the surrounding plains about 6500 to 10,000 ft.; the highest peak is Alta Mira. The two mining districts lie somewhat upon the flanks of the hills at about the same elevation, 7200 ft. The district is an old one and has been known since early in the 17th Century when the mines were worked by the Franciscan Monks. Their mining operations, which were limited to the oxidized ore above the water level, consisted chiefly in extracting silver from the Santa Francisca vein. To judge from the old workings and the remains of surface plant, the operations were on a large scale. By modern mining operations since about 1900, the various mines of the district have been one of the principal sourees of ore for the smelter located at Aguascalientes. Topography The topographic features of the Asientos hills are largely controlled by the character of the underlying rocks. During the Tertiary period, the entire group of hills was probably covered by extrusive volcanic material in the form of cones and lava flows. The central part of these have since been carried away by erosion, so that remnants have been left along the borders of the hills. These remnants form rather conspicuous peaks,

Jan 1, 1927

By Duncan MacVichie

The iron fields described here are located in the Iron Springs and Pinto mining districts, Iron County, Utah. This region is in southwestern Utah, about 260 miles south from Salt Lake City, and is reached by the Los Angeles & Salt Lake railroad of the Union Pacific system. The iron fields lie at an elevation of 5500 to 7500 ft. above sea level, and are essentially desert in character. They are covered with a light growth of sage brush, piñon pine, and scattered cedar. Weather conditions are unusually favorable for all-year mining operations, the winters being mild with little or no snow; and the summers not excessively hot, the temperature rarely rising to 100 during the day, while the nights are invariably cool. The iron-ore bearing area extends from the Iron Springs district to the Iron Mountain mining district, being approximately 25 miles long in a northeast-southwest direction, and from 1 to 3 miles wide in a northwest-southeast direction. In the Iron Springs and Pinto mining districts, the ore occurs at various points around three sides of Granite Mountain and Iron Mountain. This is readily understood by reference to Figs. 1-4. These mountains are composed of andesite, which has been forced up through the surrounding sedimentary formation, in the form of laccoliths. An extensive report on the geology of these districts was made by Leith and Harder,' who state: The three dominating geological features of the district are three large andesite laccoliths which constitute the Three Peaks, Granite Mountain, and Iron Mountain; lying in a northeast-southwest line across the area in question. Three unconformable sedimentary series, aggregating 4000 ft. in thickness, outcrop in successive rings around these laccoliths, dipping outward asymmetrically, very steeply at the contact, less steeply farther away. Still farther from the laccoliths, lava-flows 2000 ft. thick rest in nearly horizontal attitudes on the tilted sedimentary rocks. These general relations are modified by faulting. All of the rock formations of the district are more or less covered on the middle and lower slopes by unconsolidated and partly consolidated erosion debris, both aqueous and subaerial, which spreads out on the lower ground to make the deserts.

Jan 1, 1927

By Waldemar Lindgren

No one would maintain that all ore deposits or all deposits of useful minerals have been formed by the same processes. Generally they have originated by special processes of concentration but these may be of many different kinds. Some deposits have their origin in chemical or biochemical processes of concentration in rivers, lakes or seas, others developed on land by means of chemical reactions of surface waters on various forms of rocks. Certain insoluble substances remained behind; others were dissolved and precipitated in favorable places. This action proceeded in the realm of the oxidizing surface waters or in the deeper zones to which the waters from the surface could find their way. Examples of the latter kind may be found in the extensive copper and vanadium deposits of some sedimentary beds or in the lead and zinc deposits of certain broad limestone strata. In these instances the evidence for any other mode of origin would seem to be very weak indeed.' Nor does it seem possible to deny that circulating waters may form deposits of the more common metals along fissures after having dissolved many constituents from paths traversed. Another very large class has been formed by magnetic processes of concentration. The last 40 years have been a period of intense activity in the investigation and description of a vast number of deposits; all modern methods have been employed and the result is an accumulation of data, difficult or impossible to master. It has been a period similar to that in petrography. The generalizations, the able deductions, have lagged behind. Evidently several geologists have become weary of this "infinite detail" and a mistrust of the microscope seems to have arisen. Although this feeling of being swamped in microscopic detail is a painful experience, nevertheless only through the detail in combination with the large features, and only by utilizing all the related sciences shall we

Jan 1, 1927