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By Stewart, J. B.

THE property at which this work was done consists of a large deposit of potash salts occurring in massive beds of rock salt, overlain by 600 ft. of salt-impregnated shales and marls. It is in the Province of Cataluiia, Spain, about 45 miles from the railway station of Mauresa and about a mile south of Suria. In addition to sinking the shaft, the program of construction work laid out by the European owners (not Spaniards) included a single-track narrow-gage railroad from Mauresa to the mine; one large office building and several large shop buildings, all of brick and concrete with steel truss roofs; two extensive benches for the future recovery plant; and a large village of stone dwellings for employees. The pay-roll showed approximately 1200 to 1500 men employed. After two years' operation, ending early in the autumn of 1920, the shaft had been sunk 325 ft. and still had an equal distance to go to reach the potash; all tunnels for the railroad were done and the road-bed $0 per cent completed; only a little more than the foundations were completed for all the large buildings, and the excavations of the benches were about 75 per cent done-while only a fair start had been made upon the employees' village. This was the state of affairs when the European owners decided to offer this property under a one-year option to an American syndicate, providing that they agreed to carry on the entire building program and to sink the shaft as fast as was consistent with the quality of work which they demanded, for they wished the shaft to endure at least 200 years.

Jan 1, 1926

By Vince Poxleitner, John Delaney

Introduction In the mining industry, comminution typically begins in the mine with a blast of explosive to break rock so that it can be handled by the avail- able equipment. Though the breaking of the rock is essential for material handling in the mine and plant, this is not the only reason for ore reduction in the mineral industry. Comminution is primarily required to liberate minerals from ore so that they can be concentrated into valuable products or to prepare minerals, such as talc, for market as mined. The size of the equipment used for comminution ranges from small to massive. Regardless of equipment size, the power required to reduce the rock is a major expense. Years ago, mineral deposits could be mined more selectively and required less grinding to produce saleable products. However, as richer deposits were depleted, it has become necessary to mine low-grade deposits, with the valuables dispersed throughout the rock. Comminution equipment evolved in physical size and capacities to meet the new mine and process requirements. A modern, modestly sized mining operation, with a capacity of 25.000 TPD may use crushers two stories high weighing over a million pounds, SAG mills 36 feet in diameter driven by dual motors putting out 10.000 horse- power, and ball mills over 16 feet in diameter . Because of the increasing size and weight of modern equipment, the builder is faced with the problems of erecting massive foundations and field assembling equipment on these foundations. As equipment costs and plant construction costs increase, builders are finding that owners are asking for more detailed progress and cost data. Comminution construction projects are generally classified as grass roots plants or expansions or modifications to existing plants. It is estimated that 60-702 of the jobs involve existing plants. Today ' s costs for construction of small, new comminution plants can reach tens of millions of dollars; larger plants can cost hundreds of millions of dollars. Modifications, on the other hand, usually run from a few thousand to several million dollars. Though many problems are common to the construction of both new plants

Jan 1, 1982

By Charles V. Jenkins

The structure of steel, when rendered coarse by over-heating, is made fine by re-heating to a certain temperature, the determination of which has received much attention from eminent metallurgical authorities. Among these, I may particularly mention Prof. D. Tschernoff' [Chernoff], who, about thirty years ago, studied this question in connection with his investigations on the structure of steel in genera1. † Some years later, Mr. J. A. Brinell took up the inquiry, and arrived at many important conclusions, stated in his well-known rules on the treatment of steel. ‡ These two gentlemen, however, based their reasoning chiefly upon the aspect of fractures—a method which, though it affords valuable information, does not readily reveal the different steps by which a change in structure takes place. For further light on the subject, we owe much to more recent microscopic investigations, which have made us better acquainted with the internal structure of metals. Such an investigation, closely connected with the present subject, and made by Mr. John E. Stead a few years ago, was first published in 1898.6

Jan 1, 1903

By T. W. Lippert

In these opening remarks, I will endeavor to give a background of continuous casting of metals. Only passing attention will be given to the different processes to be described by the authors whose papers are on the program, as they are far more familiar than I am with their subject matter. Suffice to say that over the past several years the brass, copper, aluminum and magnesium industries have shifted practically completely from conventional static molds to continuous casting machines. The Aluminum Company of America alone has more than 60 continuous machines in operation. The product as continuously cast is superior metallurgically, less scrap loss is involved, costs are generally lower, and the equipment requires little floor space. A continuous machine, operating as it does with deadly constancy, is a ravenous consumer of molten metal, and in most plants one or two machines are well able to handle large banks of melting and refining furnaces. In steel, interest in continuous casting is today more serious than ever before in history, and there is every reason to believe that continuous machines may secure a minor place in the ferrous industry, particularly for tool and alloy analyses. In the past, steel has been commercially cast continuously, and today many tons of steel are being turned out in this manner. It has been said that the cradle of every science is surrounded by dead theorists— and certainly there are innumerable examples of this in the metals industries. An excellent illustration, for instance, is the continuous rolling of metal, a tantalizing objective that for decades on end exhausted . the efforts of a long line of famous, infamous and unknown inventors. Finally, in 1922, John B. Tytus, of the American Rolling Mill Co., brought forth what now seems such an obviously simple scheme— a concave roll face, each stand of progressivcly less concavity. And out of this one change in design sprang today's wide continuous mill rolling steel sheet Ioo in. wide at 2000 ft. per minute. Another excellent example is the con- . tinuous casting of liquid metal into an intermediate form, preferably one requiring little subsequent breakdown. First, the casting of liquid metal alone was fascinating enough. Then someone passed the cast metal directly into a rolling mill, and shortly thereafter this continuously rolled strip was passed directly into a stamping machine. This leitmotiv of a continuous flow of metal from the liquid phase to a consumer end product, fast and inexpensive, and all housed within a small space, was enough to drive some 200 or so inventors into frenzy over the past hundred years. All the ideas, however, like mayflies, had only their brief afternoon of existence. They were born and they died on paper, as constant exemplification of that great void that always exists between mental production and commercial production.

Jan 1, 1945

By Frank V. Hicks

THE following paper-in no sense a technical paper-is a summary of a safety campaign instituted by a coal-mining company to improve an unfortunate safety record. The experience should be suggestive equally to coal and metal-mining companies. With few precedents to follow in the beginning, the course was charted by trial and error. The endeavor, often disheartening, finally resulted in the capture of the most coveted safety trophy in the mining industry, "The Sentinels of Safety," awarded by the Hercules Powder Co. of Wilmington, Del., through the U. S. Bureau of Mines. The period described covers the 10-year interval, 1924 to 1933, the year 1933 being that for which the award was made. The coal company considered has produced annually for a number of years an average of 2,750,000 tons of coal, employing at various times from 1.800 to 3000 men. Prior to 1924, the

Jan 1, 1935

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 J. E. Pogue, F. G. Coqueron

This paper describes the sources of funds required by the petroleum industry to finance capital expenditures and also presents a discussion of the effect of rising construction costs on these expenditures. The petroleum industry obtains its capital funds from several sources: (I) internal, from retained cash earnings; and (2) external, from borrowings and the sale of securities to the public. The upward trend of capital expenditures of the petroleum industry is caused in the main by the influence of two powerful factors: (I) the physical growth in the demand for oils; and (2) the rising cost of drilling wells and constructing refineries, pipe lines, and other facilities. The segregation of these factors is accomplished by deflating the actual capital expenditures so that they are shown in terms of 1939 costs and then subtracting the adjusted series from the actual figures to yield a set of data representing the expenditures made on account of higher costs. Rising costs affect prices and the portion attributable to this factor had to be generated from the cash earnings of the industry, which called for higher oil prices. Introduction Capital may be defined as "wealth employed in or available for production." All production requires capital. Expanding industries require more capital than static ones, and technological industries employ more capital than. those in which little equipment is needed. The petroleum industry is both rapidly growing and highly technological, and, being a large industry, its capital requirements are prodigious, amounting to about one-seventh of the total of all American business, excluding agriculture.* Capital formation may be defined as the method by which the wealth or capital needed in the productive processes is created. There are various ways in which capital funds may be obtained but there is only one way in which capital can be created—out of production in excess of consumption, that is, savings. The physical realities are simple, but the monetary concepts are complicated because the mechanism of credit can draw upon future savings. Source of Capital Funds An industry, such as the petroleum industry, can obtain its capital funds from

Jan 1, 1949

By R. N. Edmondson, L. Mair, M. Tenenbaum

It is the policy of The Metallurgical Society to provide, in the TRANSACTIONS OF THE METALLURGICAL SOCIETY OF AIME, a prompt and accurate medium for publication of reports of significant new research in both the scientific and engineering aspects of metallurgy. Papers submitted to the Society are judged by competent reviewers according to established criteria for technical merit, accuracy, originality, and presentation. STAFF: Editor, Dr. Gerhord Derge; Editorial Assistant, M. A. Redmyrski; Staff Coordinator, James J. Burke. THE METALLURGICAL SOCIETY: W. R. Hibbard, Jr., President; J. C. Kinnear, Jr., Past-President; John Chipmon, Vice President; T. D. Jones, Treosurer; R. W. Shearman, Secretary. PUBLICATIONS COMMITTEE OF THE METALLURGICAL SOCIETY: A. w. Thornton, Chairman; Dennis Carney, John Chipman, J. C. Fulton I. H. Hollomon H. H. Kellogg, A. E. Lee, R. Maddin, J. D. Sullivan, and D. Swan. Review and selection of manuscripts is under the supenision of the following Publications Committees: Extractive Metallurgy Division: T. 0. King Chairman; S. J. Dickenson, R. P. Hermsdorf R. Schuhmann. Jr.. and P. T. Stroup. Institute of Metals Division: Robert Maddin, Chairman F. Lincoln Vogel Jr., Vice-chairman, W. A. Baikofen, R. W. Boliuffi J. H. Bechtold M. B. Beyer. R S. Busk, C. G. Gaetzel, Paul Gordon C. D. Groham, Jr., Robert F. Hehe-mann,' R. I. Joffee, F. c. Joumot Jr lrving R. Kramer A. J. Lena Harold Morglin, C. J. McHargue, Russell A: Meussner, J. B. Newkirk H. W. Paxton, G. E. Pellissier, I. S, Servi, Alon U. Seybolt, A. J. Shaler, and Jack Washburn. Iron and Steel Division: J. C. Fulton, Chairman; T. B King, F. C. Langenberg, W. 0.. Philbrook, and T. 0. Winkler. Published bimonthly by the American Institute of Mining Metallurgical and Petroleum Engineers Inc., 29 West 39th Street, New York 18, N. Y. Telephon: pEnnsvlvanio 6-9220. Subscription 522 Per year for non-AIME members in United States and North South and Central America; $25 foreign;, $5 for AIME members. Single copies, 54.00, single copies foreign, $5.00. The AIME is not responsible for any statement made or opinion expressed In its publications . . . Copyright 1958 by the American lnstltute of Mining Metallurgical and Petroleum Engineers Inc. . . . Registered cable address AIME New York , . . lndexed in Engineering Index Industrial Arts Index and Chemical Abstrats . . . Application for second class mail privileges ii pending at New York, N. Y. Volume 212, Number 4.

Jan 1, 1959

By William F. Boericke

CONSIDERABLE waste of oil and grease in lubricating motors and other machinery results from the use of bearings that are not totally enclosed. There is also the likelihood of damage to the bearing through the accidental introduction of grit or dust both in the oiling process and after, unless the cover is entirely dustproof. With the ordinary sleeve bearing that is only partly enclosed, it is generally easier for a careless attendant to cause trouble through neglect than with the ball bearing type, which from its design, must be totally enclosed to give effective service, and needs a minimum of attention. At one of the large mining companies which has taken a leading part in reducing unit costs and pioneering new developments in mining machinery, ball bearings have been gradually supplanting the conventional type of sleeve bearings on many of their motors, centrifugal pumps, and other machines in the mines. This innovation is not recent, as substitution of ball bearings on mine motors was first tried out by this company in 1909. Since then an increasing number of such bearings have been put in. They are now favored because of increased operating efficiency and reduction in lubrication costs.

Jan 1, 1926

By Johnson Crawford, Alan H. Hoagland

Zinc mining at Jefferson City began in 1854 with small scale production of oxidized ore from open pits. Significant production began in 1913 with the development of the Mascot Mine by the American Zinc Company. In 1965, four flotation mills were treating crude ore at the rate of about 12,000 tons per day and the Mascot-Jefferson City district currently is the largest zinc producing area in the United States. The producing mines, Mascot, Young, North Friends Station, New Market Zinc, Grasselli, Davis-Bible, Coy, and the Jefferson City, are 15 to 28 miles northeast of Knoxville in the Valley and Ridge physiographic province, an area of gentle relief lying between the more rugged Great Smoky Mountains and the Cumberland escarpment. The ore is strata bound, occurring essentially within a stratigraphic range of 200 feet in the Lower Kingsport and Upper Longview formations of Lower Ordovician age. In the lower strata of the mineralized section, the ore generally is found in coarsely crystalline elastic dolomite breccia containing silica and chert debris within a sequence of aphanitic limestones. The upper strata of the mineralized section are fine-grained primary dolomites that, in the ore zones, have been fragmented in mosaic patterns by solution collapse with the interfragmental space filled by white gangue dolomite and sphalerite. The mineralogy is unusually simple, sphalerite being the only important sulfide. Pyrite is very sparse. Dolomite gangue is abundant, silica was deposited in quite small amounts, calcite is minor, and fluorite and barite are very rare. The principal ore controlling structures are rubble breccia zones that were formed during the post-Lower Ordovician-pre-Middle Ordovician erosion interval by supergene solution as a phase of the development of a regional karst system of underground drainage that extended to' depths of at least 800 feet. The major Appalachian orogenic structures are post-ore and have been superimposed on the ore bodies. There is substantial evidence to support the current thinking of the writers that the ore deposits were formed at a depth not exc1~eding 800 feet.

Jan 1, 1968

By R. G. Turner, M. G. Hubbard, A. E. Dukler

Gas phase hydrocarbons produced from underground reservoirs will, in many instances, have liquid phase material associated with them, the presence of which can affect the flowing characteristics of the well. Liquids can come from condensation of hydrocarbon gas (condensate) or from interstitial water in the reservoir matrix. In either case, the higher density liquid phase, being essentially discontinuous, must be transported to the surface by the gas. In the event the gas phase does not provide sufficient transport energy to lift the liquids out of the well, the liquids will accumulate in the wellbore. The accumulation of the liquid will impose an additional back pressure on the formation that can significantly affect the production capacity of the well. In low pressure wells the liquid may completely kill the well; and in the higher pressure wells there can occur a variable degree of slugging or churning of the liquids, which can affect calculations used in routine well tests. Specifically, the calculated bottom-hole pressures used in multirate backpressure tests will be erroneous if the well is not removing liquids on a continuous basis, and gas:liquid ratios observed during such a test may not be correct. Several authors1,3,8,14 have suggested methods to determine if the flow rate of a well is sufficient to remove liquid phase material. Vitter14 and Duggan' proposed that wellhead velocities observed in the field would be adequate for keeping wells unloaded. Jones8 and Dukler3 presented analytical treatments resulting in equations for calculating, from physical properties, the minimum necessary flow rate. An analysis of these studies indicates the existence of two proposed physical models for the removal of gas well liquids: (1) liquid film movement along the walls of the pipe and (2) liquid droplets entrained in the high velocity gas core. Although there probably is a continuous exchange of liquid between the gas core and the film, they will be treated separately for the purposes of this study. The development and comparison of these separate models with experimental data will permit the determination of which, if either, is the controlling mechanism for the removal of liquids from gas wells. The Continuous Film Model Liquid phase accumulation on the walls of a conduit during two-phase gas/liquid flow is inevitable due to the impingement of entrained liquid drops and the condensation of vapors. The movement of the liquid on the wall is therefore of interest in the analysis of liquid removal from gas wells. If the annular liquid film must be moved upward along the walls in order to keep a gas well from loading up, then the minimum gas flow rate necessary to accomplish this is of primary interest. The analysis technique used follows Dukler2 and Hewitt5 and involves describing the profile of the velocity of a liquid film moving upward on the inside of a tube. The minimum rate of gas flow required to move the film upward is then calculated.

Jan 1, 1970

By J. W. R. Rayner

THE conventional method of making water gas involves individual plants for the separate carbonization of coal to coke and the subsequent gasification of coke with steam. The process demands lump coke, preferably made from the best quality of coking coals. The ash in the coke should have a high melting point and the gasification process suffers a loss of efficiency when cokes with low ash-melting points are used. In Britain, these coals are generally the most expensive and they are readily available only in certain localities. The coals not suitable for making lump coke, or yielding only poor quality coke, are much more widely available and are generally cheaper. DEVELOPMENT OF ALTERNATIVE PROCESSES In Germany, processes have been developed and operated commercially for the production of water gas from very low-rank coals such as brown coal and lignites, but much less effort has been spent on processes to use coals of intermediate rank, which are widely available in Britain. The brown-coal processes use coal in the form of either dust or briquettes. The most successful of the dust-gasification methods is the Winkler process, which made a substantial contribution to German oil production during the war. It uses coal in the size range 0 to 8 mm and the fuel bed is blown with a mixture of oxygen and steam at a rate high enough to give it a characteristic boiling motion or, in present-day phraseology, at a rate more than sufficient to fluidize it (Fig. 1). Air cannot be used to provide the heat required for gasification, for vari¬ous reasons. In the first place, to make the process continuous by mixing air and steam would involve the production of a lean gas containing much nitrogen. If a separate blow were used, a large amount of potential heat would be lost because the blow gas in such a process would contain a very high percentage of carbon monoxide. Oxygen is necessary therefore and oxygen remains relatively expensive for use in gasification. In the Winkler generator, formation of clinker caused by local overheating does not occur, because of the mobility and high heat transfer of a fluidized bed. These properties of fluidized dusts have been used most successfully.

Jan 1, 1953

By Charles W. Frey

SUCCESSFUL mining today means proper mechanization. Before any mine can begin production on a paying scale, some machinery must be installed. There must be pumps to remove water, fans and blowers to provide proper ventilation, elevators and hoists to raise materials, and a source of power to turn the countless wheels on which the world's mineral supply rolls from its earthhound source to the market. Only the prospector with his burro and the anthracite "bootlegger" continue to mine without mechanical aid, and with the recent years even these can be discounted, for the burro has given way to the Model T, and the "independent" coal miner must have a truck to haul his coal away. The few types of machinery mentioned above are but a beginning. The

Jan 1, 1938

By Robert S. Williams

NO new ferrous alloys have been produced in the last five or six years that are as outstanding contributions to civilization as were the high-speed steels of the early part of the century or the stainless steels announced at the close of the World War. There have been, however, many developments of major importance having to do either with modifications of existing alloys or with new methods of treatment of older iron or steel alloys. Only a limited number of these new developments can be discussed and their selection does not necessarily imply that these are the most important but merely that they are of general interest rather than perhaps of greater importance in highly specialized fields.

Jan 1, 1939

By R. E. Gilchrist, R. F. Nielsen

When a gas is displaced by mother in a porous medium, and there is a relative immobile liquid present. there is a transition zone in which the gas composition varies from essentially that of the original gas to that of the injected gas. The change in extent of this zone with time may be governed by a mixing process in the direction of flow and by the rate of establishment of gas-liquid equilibrium, if the gases are appreciably soluble in the liquid. The relative importance of these two factors in deterri~ining the growth of the transition zone is discussed, with appropriate equations and experimental data. INTRODUCTION The various solution methods of oil recovery involve a transfer of the components of a mixture, whether within a single phase or between a liquid and gas. The similarity of a natural porous medium to systems used in separation and chromatographic processes makes it seem reasonable that certain concepts used by chemical engineers in "mass transfer" might be applicable to petroleum reservoirs. One approach, the HETP (height equivalent to a theoretical plate), involves a distance or length of time over which equilibrium might be con. sidered as established. Another approach involves direct use of a rate of mixing or rate of establishment of equilibrium. The latter approach has been preferred in relation to production problems. DISCUSSION AND PROCEDURE When a gas or liquid in a porous medium is displaced by one of different composition but miscible with it there will be set up a transition zone in which the composition varies from cssentially that of the original fluid to essentially that of the injected fluid. If the fluid being displaced is a gas, and there is a relatively immobile liquid present, the transition zone may be

By Rossiter W. Raymond

I DESIRE to call the attention of the Institute to a novel system of dredging, which, it seems to me, may prove applicable, not only to river and harbor improvements, but also to certain varieties at least of alluvial and diluvial gold mining; that is, river-mining, barmining, coast-mining, and any other similar operations now carried on by means of coffer-dams or dredging machines. The simple and effective method to which I refer is the invention of General Roy Stone, formerly an officer of volunteers, and at present a civil engineer, engaged under General Newton, of the United States Engineer Corps, upon the government works in New York harbor. General Stone has been, since September, 1878, in charge of operations upon Diamond Reef. This reef, lying between Governor's Island and the Battery, is one of the most dangerous in the harbor. Its position in the highway of navigation, and the fact that it is dangerous only to vessels of considerable draught and at certain stages of the tide, combine to increase the serious nature of the disasters which it has caused. The reef consists partly of rock in place, and partly of deposits of glacial clay, boulders, and pebbles, over all of which lies, or did lie until it was removed, the ordinary silt and rubbish of the harbor. As the purpose of the present paper has nothing to do with the special dimensions and other circumstances of this particular work, I describe those features only which are connected with General Stone's ingenious device. Various attempts have been made to remove the upper portion of Diamond Reef and secure a navigable depth at low tide. Some years ago Maillefert undertook to accomplish this by firing charges of high explosives, simply laid upon the surface. He accomplished some good in the removal of projecting points and ridges ; but as soon as the surface of the reef had become approximately level, his method was no longer effective. After the work had been taken up by the Engineer Corps, the well-known drilling-scow invented by General Newton was brought into action ; and, so long as holes could be bored and fired in solid rock, this process was effective enough. In the mixture of hard-pan

Jan 1, 1880

By Kyle Wightman

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

Jan 1, 1985

Jan 1, 1916

By Charles Jackson Abrams

MINING is one of the major industries of the Rocky Mountain region and since the United States became involved in the present World War, all mines have been called upon by the Government for the maximum production of the strategic metals necessary. Operating under the most adverse conditions, such as priority requirements, slow delivery of necessary material and equipment, labor shortages, and freezing of all wages, which still permitted some industries to pay higher rates than were allowable in the mines, thereby drawing labor from the mines; and the United States Employment Service continually giving mine labor certificates of availability; these and many other problems made mine operation particularly difficult. Yet, in spite of these obstacles, the mining industry, either through its own resources or through Government subsidies in the form of loans or premium prices for strategic metal, have and still are making an all-out effort to meet Government demands. They, without question, have played a major role in assisting the war effort.

Jan 1, 1945

By H. C. Fowler, G. B. Shea

MODERN industry's incessant demands for increased operating efficiency and lower costs require that hazards attending all occupations be reduced to a minimum. Reduction of the inevitable losses that result from accidents and injury to the worker is one of the important economic problems confronting industry today and is the basis for the widespread safety movement. Dr. Charles E. Munroe, chief explosive chemist of the U. S. Bureau of Mines, is father of the statement, "The existence of a nuisance is evidence of an economic waste." This pointed expression of the internationally recognized scholar and explosives engineer has a direct relation to the prevention of accidents. Every injury and death in industry is a waste in human endeavor and a lessening of productive gain. Dr. Munroe has aptly paraphrased his previous summation with reference to wastes as follows: "A lost-time accident is evidence of an economic waste." That the economic waste entailed by occupational accidents is chargeable to industry is well substantiated by the fact that all but four states (Mississippi, South Carolina, Florida and Arkansas) now have workingmen's liability and compensation laws.

Jan 1, 1933