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By Richard E. Chism

The metric system is now in official use in the Republic of Mexico, having been adopted by the Government in the year 1862. Athough it is used to compute all customs and other duties to be paid to the General Government, in the measurement of public and private lands arid in all freight and other transactions on the railroads, and is taught exclusively in the public schools, the system has made but slight head way among the people,and has not succeeded in displacing the old-time weights and measures, which are still used in ordinary commerce. The latter were founded on old Spanish models, but, owing to the inexactness of the first standards and to subsequent changes, differ at present very widely from their originals. As to local modifications, weights are the same all over the Republic, but measures of the same name differ greatly in capacity in different States, and even in neighboring towns. The value in the metric system here assigned to each denomination of the old weights and measures is that fixed by the Mexican Government at the time of the adoption of the metric system. The equivalents in American weights and measures were calculated by me from data found in Trautwine's Pocket-Book as to the comparison between the French and American weights and measures, and are believed to be correct. I shall be thankful for early notice of any error that may be detected, that it may be corrected before the final publication of this paper in the Transactions. Linear Measures. Kilometers. Miles. 1 legua (league) = 5000 varas . = 4.19 2.604375 Meters. Feet. 1 vara (yard) = 3 pies.....= 0.83800 2.749578 1 pie (foot) = 12 pulgadas.....=0.27933 0.916526 Inches. 1 pulgada (inch) = 12 lineas . = 0.02328 0.916526 1 linea (line).......= 0.00194 0.076577 The vara is also divided (for dry-goods-selling) into palms or cuartas (palms or quarters). Meters. Feet. Inches. 1 palmo or cuarta .. .. = 0.209500 =0.687394 = 8.248728

Jan 1, 1887

By C. K. Leith

THE purpose of these conferences has been to find some basic principles to guide us in the chaos which confronts us, to arrive at elements of a national policy. None such exists, nor, as a matter of fact, have there been any concerted efforts by the public or the mineral industry to evolve one. In the absence of such a policy the administrative agencies of the government can hardly be expected to be consistent or really effective in their handling of mineral problems, domestic or foreign. Basic Facts MINERAL reserves are unequally distributed among the nations. The principal world supplies are grouped around the north Atlantic, and nearly three-fourths of the world's total is controlled politically and commercially by English-speaking people. No one nation has a complete supply of the minerals necessary for modern industry; specialization, reciprocity, and large-scale movements between the nations are inherent in nature's unequal distribution of them. The principal sources of supply are relatively few compared with the nations to be served-a fact which determines broadly certain natural outlines of the world flow. National isolation with regard to minerals can be accomplished only through backward steps in industry and lower standards of living even in the nations possessing the most of the mineral supplies. A certain measure of unified commercial control, international in scope, is a natural consequence of the limited number of the large sources of supply. Mineral supplies for the world as a whole are so large that there is little need for concern about early exhaustion, but every nation has important problems of early exhaustion of particular minerals, which must affect their policies.

Jan 1, 1933

Jan 1, 1925

By Arthur T. Ward

WHEN the Board of Directors of the Institute in June 1931 approved the formation of the Committee on Eastern Magnetite and its then membership of eleven, little did any of those concerned envision that twelve years later the annual Committee luncheon would attract 34, and the technical session, jointly with the Iron and Steel Division, more than 70. Yet that was exactly what happened during the February meeting just passed. And what is more important, some members of the Committee are now predicting that by 1944 over 10 per cent of the iron ore produced in the United States will come from these Eastern Magnetite properties. Chairman Crockett, in opening the meeting, advised that due to the serious illness of Meredith E. Johnson, State Geologist of New Jersey, Mr. Johnson would be unable to brief his scheduled paper, which would therefore be reserved for a later date.

Jan 1, 1943

By Don C. Blackmar

THE production of non-ferrous secondary metals has become a large and important industry in the United States, and deals with practically every type of manufacturing concern. Its business is unique in that it generally buys from its customers as well as sells to them, whether they are individuals, cities, corporations, or the United States government. Its operations are of vital importance to the success and prosperity of many of the nation's most important manufacturers; yet there are few industries about which less is generally known by those outside it, whether concerning the magnitude of its operations or the details of its actual technique. The industry itself is to blame for this meager publicity, because its technical men have made few attempts to openly exchange ideas, in spite of the excellent examples set by the iron and steel or the copper and brass industries. Whether this is due to the ancient shroud of secrecy generally supposed to cover smelting operations, or because its technical men actually felt that the industry was too puny to be interesting, is hard to say. This paper will consider its subject in a general way, attempting to show something of the size and importance of the industry, as well as its fitness to do its work well. Attention will be called to the sound economic reasons for the handling of non-ferrous wastes by specialists, and to the often unseen losses of metals and labor which occur when manufacturers reclaim their own metallic wastes. MAGNITUDE OF THE MODERN INDUSTRY No particular thought is given to the kitchen accident whereby a ruined saucepan is sorrowfully tossed into the ash can, yet it is a fairly safe guess that within a month this saucepan, together with hundreds of its fellows, will again be in service, perhaps in an automobile crankcase, or in an electric vacuum sweeper. It is by this conversion of the useless into the useful, whether from home or large manufacturer, that the secondary tonnage is built up.

Jan 1, 1928

By Don C. Blackmar

The production of non-ferrous secondary metals has become a large and important industry in the United States, and deals with practically cvery type of manufacturing concern. Its business is unique in that it generally buys frorn its customers as well as sells to them, whether they are individuals, cities, corporations, or the United States government. Its operations are of vital importance to the success and prosperity of nlany of the nation's most important manufacturers; yet there are few industries about which less is generally known by those outside it, whether concerning the rliagnitude of its operations or the details of its actual technique. The industry itself is to blame for this meager publicity, because its technical men have made few attempts to openly exchange ideas, in spite of the excellent examples set by the iron and steel or the copper and brass industries. Whether this is due to the ancient shroud of secrecy generally supposed to cover smelting operations, or because its technical men actually felt that the industry was too puny to be interesting, is hard to say. This paper will consider its subject in a general way, attenlpting to show something of the size and importance of the industry, as well as its fitness to do its work well. Attention will be called to the sound economic reasons for the handling of non-ferrous wastes by specialists, and to the often unseen losses of metals and labor which occur when manufacturc~rs rcclairn thrir own metallic wastes. Magnitude of the Modern Industry No particular thought is given to the kitchen accident whereby a ruined saucepan is sorrowfully tossed into the ash can, yet it is a fairly safe guess that within a month this saucepan, together with hundreds of its follows, will again be in service, perhaps in an autonlobile crankcase, or in an electric vacuum sweeper. It is by this conversion of the useless into the useful, whether from home or large manufacturer, that the secondary tonnage is built up.

By Richard Moldenke

The author discusses some economic conditions which have made the career of the cast-iron pipe industry in the United States a checkered one. He next describes the two new developements in the manufacture of cast-iron pipe-both along the lines of centrifugal casting. The advantages and disadvantages of both processes are presented in some detail. Finally, statistics on the production of pipe in the United States at the present time are given, as well as the plants-and their capacities-so far as these are situated in the South. No SINGLE branch of the foundry industry has been brought to a production basis of huge tonnage, low manufacturing cost, and producing material of a remarkably high quality, as has the making of cast-iron pipe. The pipe shop is an excellent illustration of the fact that repetition work in specialties leads to mechanical equipment and manipulation that lower production costs to an. astonishing degree. Hence cast-iron pipe, in dull times, has been sold at a few dollars a ton over the selling price of the pig iron used. On the other hand, these same pipe, shops make fittings .of many varieties, and in much smaller quantities, where the cost is high, and when pipe may be sold, say, at $50 a ton, the fittings on the same shipment will be sold for nearly double that price. The history of pipe-making, in the United States, is a checkered one the mortality of plants is high and, from the nature of the industry, plants must be large to live. In spite of the fact that the best processes must be used to turn out this rather strict specification material, pipe is easy to make and a pipe plant is more of a tonnage mill than the really high-class specialty foundry it should be. Every time, therefore, that the demand for pipe is strong new shops spring up, only to close when the demand has ceased, but the financial damage to the more permanent plants has been done. Both the South and the North have had abundant experiences of this kind, and when recently a northern Public Service Corporation gave its order to France, the pipe plants thus adversely affected were content to have this occur rather than see-a plant started to supply the surplus demand.

Jan 9, 1924

By R. H. Wightman, G. H. Adams

In order to secure good results in the prevention of accidents, it is generally recognized that the desire for such accomplishment, as well as the aggressive and constructive action to achieve it, must emanate from the Top Management and permeate successively down through the "Chart of Authority" to the workmen. Several years ago, with the above as a basis and with full support of the Top Management, the Mining Department started a program of selling the foremen and bosses the idea that safety could be achieved and that it was desired and required. Using psychology, persistence and numerous other methods, the foremen and bosses were finally impressed with the idea that "It can be done" and "It will be done." With this in mind, new ideas were brought forth by the foremen and bosses regarding the caving operation and the specific jobs in the operation. These new ideas were taken up in round-table discussions and resulted in certain changes in the undercutting method and the actual drawing of the blocks. These changes resulted in increasing fragmentation of the blocks which prevented the usual hang-up areas in the blocks. With the rock smaller in size and within reasonable reach from the tapping drifts, accidents were prevented in the tapping section. At the same time, an enforced campaign of housekeeping throughout the mine was undertaken with very beneficial results. The foremen and bosses then, in turn, educated and trained the workers themselves to become safety conscious. In so doing, a constant reminder was given on all jobs assigned that the job was to be done safely as well as efficiently. No man is assigned a job who is not qualified for the type of work required. Efficiency and safety go hand in hand. Safety Rules To supplement and aid this safety conscious attitude, certain safety rules applicable to our operation, a modified block caving system of mining limestone, in addition to the established state regulations, were put into effect and enforced. The specific rules referred to above and which will be mentioned below are in most cases simply a means of applying and complying with the very adequate "Mine Safety Orders" issued by the Industrial Accident Commission of the State of California. Some of the safety rules and policies are as follows: All men are required to wear safety

Jan 1, 1950

Discussion * of the paper of H. M. Chance, presented at the butte meeting, august, 1913, and printed in bulletin No. 79, July, 1913, pp. 1315 to 1341. George H. Ashley,+ Washington, d. C.:-Mr. Chance's long practical experience in reporting on coal lands admirably fits him for a discussion of the value of such lands. On behalf of the government geologists, I wish to express my appreciation of Mr. Chance's friendly, constructive criticism of the government method of valuing coal land in the first part of his paper and, at the same time, to reply to some queries he makes. All admit that coal has no " intrinsic "-monetary value, in the sense that a pound of coal of certain chemical and physical characters is worth " intrinsically " so many cents or fractions of a cent. The term has, however, been found very useful as including those natural factors of coal value, among which are its position and location in the earth, that affect its sale price in contrast with the other cost elements involved in the labor and capital necessary in mining, preparing, transporting, and selling the coal (extrinsic factors). Mr. Chance, while recognizing the " dual origin of value," does not offer any better terms. The survey agrees with Mr. Chance in his definition of coal conservation, that it means the fuller utilization of the heat contents of the coal, and the more complete recovery of the coal from the ground. Coal land withdrawals have not been made to keep such lands off the market, but to prevent their acquisition as non-coal lands before they could be classified so as to be disposed of under the proper law. Nor has the pricing of the more valuable coal lands above the minimum been to raise money for the reclamation fund, to which the money goes, but primarily to discourage the alienation, for holding or speculation, of coal lands not intended or needed for development, and, secondarily, to secure to the people the ?unearned increment," which they are certain in any case to be charged.

Jan 11, 1913

By Edwin Chance

DURING the last decade many conditions have been encountered that have materially increased the cost of the production of coal. As in most cases it has not been practicable to increase the selling price of such coal sufficiently to insure the necessary margin of profit, the mine management has been forced to avail itself of what might be termed unusual means that costs might be held at as low a figure as possible. The so-called efficiency engineer has been called upon, costly power plants have been built and machinery has been installed to replace manual labor wherever possible. Another aid used recently to secure economies through the more intelligent production of coal, is the chemist. As the coal industry, barring the production of byproduct coke, does not at once give evidence of its need of the services of the chemist, the writer will endeavor to point out a few of the services that this branch of the staff has been able to render. The preparation of coal in the past has been carried on entirely upon an empirical basis, that is, the criterion adopted has been an ocular inspection. Unfortunately, the appearance of a coal and especially of an anthracite, has but little relation to its fuel value, and as long as coal is purchased for the heat that 'can be obtained from it by its combustion, the quantity of such heat that is purchased must be one of the principal desiderata in selecting or preparing a coal. Were coals purchased for use as bric-a-brac or for exhibition in museums it might be both wise and just to purchase them upon their appearance. After 4 or 5 years of investigation the fact has been established that coals of very inferior appearance, and I now have special reference to anthracite, might and often did possess heating and burning properties superior to those possessed by, bright coals which in the past had commanded considerable and uniform premiums in the market. This being the case the question arose as to whether the trade could be convinced of this fact. While at first some difficulty was experienced in establishing the quality of such dull coals, still it was found that the real obstacle to the sale of these

Jan 4, 1916

By Lawrence Addicks

Some three years ago the smelter connected with the Chrome, N. J., refinery of the United States Metals Refining Co. found itself embarrassed by constantly increasing piles of unsmelted blast-furnace flue dust. The charge was fine and 10 to 15 per cent. of it was blown over into the flue. Sulphur was at that time too scarce to make the sintering of the finer part of the charge attractive, and raw-ore smelting in a reverberatory with a partly oxidized charge was not to be thought of. A great many schemes were considered, including leaching, blowing into the converters, and briquetting, the problem finally narrowing down to blast roasting and nodulizing. It was found by experiment that blast roasting would not yield a satisfactory sinter without the addition of coke dust or sulphide fines to augment the fuel value of the flue dust, and on this account, together with the low first cost of a kiln, the latter was decided upon. A couple of tons of flue dust were tried out in the experimental kiln in the laboratory at Yorktown, Va., of J. H. Payne, who acted as consulting engineer in this connection. This kiln was approximately 2 ft. in diameter and 20 ft. long and was fired with fuel oil. A run of several hours yielded excellent nodules. The ki1n showed no tendency to build in and form "nose rings" and gave a fuel consumption of 50 gal, of oil per ton of flue dust. There was no indication of any stack loss. The roasting was strongly oxidizing. A study of what full-size kilns were doing on cement clinker and on nodulizing pyrites cinder indicated that a 60 by 6 ft. kiln would certainly not consume over half of the oil per ton of flue dust shown on the test and as fuel oil at that time was selling around 2 1/2 c. per gallon it was decided to let it go at that. A 60 by 6 ft. kiln was decided on, as that size is standard in cement practice, although fast being replaced by much larger ones with their greater fuel economy, and as it fitted in the building space available. A 6-in. brick lining brought the net diameter down to 5 ft. The inclination

Jan 1, 1915

By R. H. Tien

Temperature distribution as well as position of the solidified front is solved by means of "heat balance integral", for the case of freezing a slab with time-dependent surface temperature. Numerical solutions for the cases of linear variation and exponential decay for surface temperature are given. Application also includes solidification of casting. An increased interest in the heat-transfer problem involving a change of phase has been developed in recent years. Practical problems include solidification of a casting, freezing and thawing of soil, ice formation, and others. Despite the importance of the topic, a literature search reveals relatively few solutions which may be extended to practical problems. Due to mathematical complexity, which comes from the nonlinearity of governing differential equations, exact analytical solutions which have been published are limited to a few cases with simple boundary conditions. Although numerical solutions of these problems have become available after highspeed digital computers were introduced, lack of simple and general methods of programming for computation makes this approach impractical. The case of the semi-infinite slab with constant surface temperature was solved in the 19th century. In honor of Neumann, who first found an analytical solution, this kind of problem is generally referred to as the Neumann solution. As has been shown in Fig. 1, the problem to be analyzed is the freezing of a semi-infinite region (x > 0) which is initially liquid at the melting temperature with the surface (x = 0) maintained at time-dependent temperature. This analysis can be applied to the study of many casting processes where most of the heat removal is essentially unidirectional. "Heat balance integral" which has been used by Goodman1 is employed in this analysis. The concept of "heat balance integral" is to define a quantity, d(t), called the thermal layer. Beyond this thermal layer, for all practical purposes, there is no heat transfer, and the region is at the equilibrium temperature. "Heat balance integral" is obtained by integrating the conduction equation with respect to the space variable over this thermal layer d(t). Choosing some plausible temperature distribution, usually a polynomial or a finite trigonometric series in the space variable, this integral equation becomes an ordinary differential equation, with time as the independent variable, which can be solved by classical methods. The thermal layer and "heat balance integral" are equivalent, respectively, to the boundary-layer thickness and the momentum integral in hydrodynamics. A modern account of Prandtl's concept of the boundary layer and von Karman's momentum integral may be found in Ref. 2. Although the problem considered here has been limited initially to uniform melting temperature, the present method is equally applicable to the case with arbitrary temperature distribution in the liquid. STATEMENT OF THE PROBLEM The physical situation and coordinate system used in the problem to be analyzed are shown in Fig. 1. Notations used are listed in the table of nomenclature. Let us assume a semi-infinite region extending over positive x, initially at the uniform melting temperature. At the surface x = 0, a time-dependent temperature, which has a numerical value

Jan 1, 1965

By Edward W. Parker

This plant was built in 1907 at the Bankhead mines to manufacture briquettes by the Zwoyer process under license from the Zwoyer Fuel Co., of New York, N. Y. The building was constructed to contain two units, each of a capacity of 10 tons per hr.; one unit was installed at the time the building was constructed, and the second unit is now being built. The coal used is an anthracite, which is more friable than that of Pennsylvania, and, as a consequence, a larger percentage of dust or waste is produced, which was formerly thrown upon the slack-pile as waste, but is now passed to the ? dust-bin " in the breaker, from which it is conveyed to the briquette-plant.

Jan 5, 1908

By Thomas A. Edison

We have not yet begun. to realize the possibilities of automatic machinery, in part because we have not developed the designing brains, and in part because we have not sufficiently simplified industry to make possible the economical use of such machinery. The principle of the Jacquard loom, has scarcely been utilized except in weaving silk and in the player piano. It is the principle of bringing into action the various parts of a machine in accordance with a pattern traced on a steel card by perforations or as on the paper roll of a player piano. This principle gives us a control which can be applied to any kind of machine. It is a' great reserve principle for the future. But even now, with the machinery that we have at command, anyone can cut the number of employees in two, at the same time doubling his output, by installing semi-automatic or automatic machinery. And no one knows how far this process can go on. Cutting down the number of men is not just putting some poor fellows out of a job. It is increasing the number of good jobs by increasing the production per capita to a point where really satisfactory wages can be paid out of it, and this in turn- increases the amount of work required to be done and creates new jobs. Thus, cheapening in- creases the demand.

Jan 1, 1929

By I. C. Edwards, W. J. Dengler, D. F. Lillie

By 1959 the milling plant of Bicr oft Uranium Mines Ltd. had been in operation for two years. During this time many changes, both physical and chemical, had been made in an effort to improve plant efficiency. Investigational work had been facilitated greatly by the fact that the Bicroft mill consists to a large extent of two parallel circuits; however, the number of interrelated variables is great, and it is difficult to measure, let alone control, all of them simultaneously. The Bicroft mill staff feels that much progress has been made, but there is much yet to be done and many questions still to be answered. The Addendum outlines noteworthy developments to the fall of 1960. The property of Bicroft Uranium Mines is located in Cardiff Township in the Highlands of Haliburton County, southeastern Ontario, some 140 miles northeast of the city of Toronto and 70 miles due north of Lake Ontario. The ore-bearing dikes are classed as mafic. nonsegregated, syenite and granite pegmatite. Microline, microline perthite, quartz, sodic plagioclase, and pyroxene or biotite are the main constituents with uraninite, uranothorite, fluorite, titanite, cryolite, calcite, pyrite, pyrrhotite, and molybdenite as important accessories. The mill was designed for a nominal capacity of 1000 tpd with all sections except grinding, leaching, and clarification capable of 1500 tons. Feed was entered to one mill unit on Oct. 29, 1956, and to the second parallel line on November 13. The total feed rate was at 1000 tpd on November 15. The first precipitate was produced on November 12. By August 1958 the average entry had been increased to 1410 tpd without the installation of any additional major equipment. The overall recovery has been greater than 93.0 pct on several months, but a recovery of 92.5 pct appears to be most economical. Operating time for eight months in 1958 has been 97.1 pct although all grinding mills were relined during this period. A generalized flowsheet is shown in Fig. 1 and the plant layout in Fig. 2. The ore is crushed in three stages to -3/8-in. and then is wet ground in two stages to approximately 50 pct -200 mesh. The pulp is thickened to 68 pct solids and agitated by air for 33 hr at a pH of 1.9 as maintained by the addition of 93 pct sulfuric acid. Separation of the uranium-bearing pregnant liquor from the residue is accomplished by five-stage countercurrent decantation (CCD), following which the liquor is clarified for removal of fine slimes. The clarified liquor is treated in the ion exchange equipment in which both the upgrading of the solution and the removal of some impurities is accomplished. Addition of magnesia to the high-grade eluate from ion exchange precipitates the uranium as sodium-magnesium diuranate. After being filtered and dried this precipitate is packaged in drums for shipment. The residue from CCD and the barren solution from ion exchange are neutralized by the addition of lime and pumped to the tailings disposal area. CRUSHING All crushing is done on surface in a conventional three-stage unit consisting of a 36x48-in. Birdsboro Buchanan jaw crusher, a 4 1/4-ft standard Symons cone crusher, and a 4-ft Symons shorthead. Both the two primary and the two secondary screens are 4X 8-ft Symons rod decks. Moisture content of the feed ranges from 3 to 4 pct. In the initial installation the primary screens were equipped with 5/16-in. rods at 1 1/4-in. spacing and the secondaries with 5/16-in. rods at 1/2-in. spacing. With this arrangement the average crushing rate was better than 180 tph. To reduce the work required of the grinding circuit as tonnage was increased, several changes were made in the crushing circuit. By September 1957, both secondary screens had been reduced to 3/8-in. spacing, and rod size had been reduced to 3/16-in. to provide increased open area. Average throughput was reduced to 160 tph. Later, 50 pct of one primary screen was decreased to 1/2-in. opening to better balance the load between the two cone crushers. In May 1958,

Jan 1, 1961

By Donald W. Scott

GENERALLY speaking, there is nothing very difficult about taking good micrographs of photogenic thin sections or grains with a petrographic micro-scopecamera setup. However, sometimes it is desired to show some detail that cannot be illustrated satisfactorily by the usual micrographs taken with parallel polarized light, with crossed nicols, or even with two micrographs. A simple procedure giving good results has been used at Battelle Memorial Institute for subjects falling into this classification, and it is believed to be of interest, especially to research people who must sell a point to executives through the medium of well-illustrated reports. The following problem illustrates a typical application: It is desired to photograph a thin section of an iron ore to illustrate the character and association of the iron oxides and the individual quartz crystals. A magnification of 75 dia. is acceptable. A micrograph of the field in question (Fig. I[a]) was taken with parallel polarized light. Due precaution was taken to provide critical illumination, correct exposure, a sharp focus, a good darkroom technique, and other essential conditions. It illustrates correctly the iron oxides, but it fails to show the individual quartz crystals. A micrograph of the identical field (Fig. I[b]) was taken under the same precise conditions, but with crossed nicols. It gives a better idea of the character of the individual quartz crystals but is likely to be misinterpreted unless accompanied by a lengthy descriptive note. This micrograph suggests that the centrally located, large black area is composed entirely of iron oxides. That this is an incorrect interpretation is evident by reexamining the micrograph of Fig. I[a]. The correct interpretation is that the dark area contains quartz crystals oriented with their optical directions parallel to, or nearly parallel to, the vibration directions of the polarizer and analyzer of the microscope. Thus, the executive, or anyone who had not done the work personally, would get no more than a fair interpretation, even if two micrographs were included; and in the interests of both brevity and clarity, one micrograph usually is more desirable. Exactly how many quartz crystals occur in this region cannot be told from the two micrographs, and a printing of the two negatives in register would likewise not show the detail desired. Thus, it is evident that some subjects cannot be satisfactorily illustrated by the usual procedures. In photographing Fig. is the light was subdued and, during the entire exposure of 75 sec., the analyzer nicol was rotated uniformly in its mounting from a crossed position to 45° uncrossed position to introduce the desired amount of contrast in the various individual quartz crystals. The true reproduction of the character and association of the iron oxides, and the additional structure and detail in the quartz areas, is apparent. It might be

Jan 1, 1946

By Thomas P. Bispham

INTRODUCTION From the lender's point of view, the greatest period of risk in a project financing occurs during the construction phase. Therefore, most projects are supported during this phase by completion guarantees supplied by some credit-worthy entity; for example, the project sponsors in the case of a joint venture, such as that of W.R. Grace, Hanna Mining, and Liberty Capital; or by a strong contract with a utility or foreign importer/investor, such as the way North American Coal Corporation has structured many of its transactions. THE PROJECT LOAN REQUEST A project financing is a more complex form of term loan than one using an ongoing corporation's balance sheet as a credit base and, therefore, a potential lender will subject the loan request to a more rigorous analysis. To support this effort, the financial institution will require a more detailed information memorandum to evaluate the credit and technical risks of a project - especially since much of the necessary information is not otherwise available. (See also Gibbs and Sroka paper above in this Chapter) A well-prepared information memorandum will impress prospective lenders with the planning ability and general competence of management. Also, the process of preparing the memorandum will help management understand the true extent of the opportunities and limitations of its venture. Appendix A outlines the topics which comprise a complete information memorandum for a loan request. Of some interest to those seeking to sell a currently-operating mining venture, a similar information memorandum should be prepared i.e., covering the same topics discussed here, for the investment banker to use with potential purchasers. For that purpose, though, one might not want to prepare quite as much detail as for a lender. Appendix B outlines the elements of a reserve evaluation and feasibility study, often called the "Bankable Document." Usually, these studies are prepared by independent engineering consultants for use by potential borrowers and sellers. (Potential purchasers will often contract for a similar study for their use in evaluating an acquisition.) ELEMENTS OF A LOAN INFORMATION MEMORANDUM 1. Outline: The information memorandum should begin with a one-page outline covering such topics as: a. The borrower's name, address, and phone number. b. Principal contact at the borrower. c. Amount of the proposed financing. d. Desired pricing and structure of the proposed financing. This should include a description of the amount and source of equity in the proposed financing. e. Use of the proceeds and timing. 2. Summary: The most important information contained in the memorandum should be summarized in two pages. Note - If the borrower is a recently-formed single-purpose company, then elements 3, 4, and 5 will apply to the guarantors of completion and to the project sponsors. 3. The Borrower: This section is a brief biography of the borrower including such topics as date and state of incorporation, founder(s), lines of business, etc. 4. Capitalization: The borrower's current debt and equity position, including leases and trade debt, with amounts, terms, names, and addresses enumerated. Equity owners, and percentage ownership, should be identified. 5. Historical Financial Statements: If available, a minimum of five year's worth of complete historical financial statements

Jan 1, 1985

THE great development of the mines and metallurgical works of this country during the last few years, accompanied as it has been by the investment of enormous sums of money in purchasing lands, and in the erection of improvements, requires that advantage should be taken of the accumulated knowledge of engineers, superintendents, and' others, in mastering &he problems which are constantly presenting themselves for our action. Among those may be mentioned the consideration of more economical systems of mining in our coal and metal-liferous mines, improved methods of transportation above and below ground, unwatering and ventilating mines, the mechanical preparation of coal and other minerals, the various metallurgical processes, and, in fact, every question tending to the attainment of two great objects : 1st. The more economical production of the useful minerals and metals. 2d. The greater safety and welfare of those employed in these industries. In European countries, where the arts of mining and metallurgy have long been the subject of the most careful study, no means have been found so effectual in attaining the end above proposed as the free interchange of experience among those actually engaged in these industries, and this object has been accomplished, mainly, through the medium of institutes, associations or societies, composed of those engaged in these occupations, and by the periodical publication of essays or papers, communicated to such societies by their members. I t must be evident to all practical men that the interchange of the varied experience of those engaged in such occupation in this country could not fail to advance very materially the desired objects; it is, therefore, proposed to establish an American Institute of Mining Engineers, which will hold its meetings periodically in the great mining and metallurgical centers, where works of interest, such as mines, machine shops, furnaces, and other metallurgical works, can be inspected, and the members exchange their views, and consult for mutual advantage upon the difficulties encountered by each; these transactions or proceedings, when published, would form a most valuable and greatly-needed addition to our professional literature. I t is proposed that a meeting of those sympathizing with the object above mentioned shall be called for the purpose of organizing such an association, the place and time of meeting being Wilkes-Barre, Pa., and the month of April or May. Communications indicating the opinion and wishes of all, both as to these points, and also as to the organization and objects of the Institute, will be gladly received by any of the undersigned, and a notice of the date of meeting, which will be arranged to suit the greater number, will be duly communicated. Any

"The Garfield plant of the American Smelting & Refining Company is situated about seventeen miles west of Salt Lake City, on the Los Angeles & Salt Lake Railroad, and has freight service by the Denver & Rio Grande Western, Western Pacific and Bingham & Garfield Railways.The site lies between the picturesque Great Salt Lake, with its mountain islands, and the northern point of the Oquirrh Range, which forms the western boundary of the Salt Lake Valley.The location includes several hundred acres of land rising from the southern shore of the lake, selected on account of its adaptability to the economical handling of materials by gravity methods.The smelter is a custom smelter, treating copper ores and concentrates produced in Utah and adjoining states.The ores treated consist mainly of oxides from the Tintic and Park City Districts, sulphides from Bingham District, and concentrates from the mills of the Utah Copper Company, from mills in California, and copper precipitates from the Ohio Copper Company. The last product comes from low grade ores of Bingham Canyon.The following figures represent approximately the daily consumption of materials:Ores and Concentrates…2,700 tonsLime sand…100 ""Coal…350 ""Oil for Roasters…240 Bbls."

Jan 1, 1925

The Enquirer of October 13, 1835 carried a letter signed "G," calling attention to the great number of Virginians who were leaving the state and to the lack of enterprise shown in not developing the ample natural resources available. He mentioned coal in particular and in closing said: "Besides the coal mines owned by individuals, the Black Heath company of colliers are carrying on extensive operations. Owing to the derangement of the currency, and the immense expenses incurred in boring and sinking new shafts, I understand that their dividends have not yet been so large, as they may be confidently expected in future.-Another company, under the title of the Midlothian Coal Mining Company, is now about being organized by the Messrs. Wooldridges of Chesterfield, for the purpose of establishing an extensive coal business. Having examined the lands embraced in the charter and the principles upon which the company is designed to be organized, I am persuaded that more productive stock can no where be found. The charter embraces a space nearly equal to a mile square, adjoining the mines of the Black Heath company, those of Mr. N. Mills, and those of Stone Henge, which space must contain coal of great thickness of excellent quality, as the strata of coal of those other mines pass through it; exhibiting a field so extensive, that centuries may elapse before it is exhausted. A shaft has been sunk on these lands, from which a very large quantity of the best coal is being raised. The terms of the charter require the Proprietors to sell one-half of these lands and mines, from the sale of which they will appropriate $100,000 as permanent capital, to purchase hands and engines, and to sink other shafts to work the property and thus going into operation with such decided advantages, as to produce a profit as great as a reasonable man should desire. Here is an opportunity for investing capital, which I think should satisfy the wishes of many Virginians who speak of emigrating. Will they not embrace it?-I have confined my remarks to the coal mines, because they are in the heart of our State, and their operations are familiar to many who can verify the statements. I might extend them to the other mineral treasures of our State; but if I do so, they must be reserved for another number, this being longer than I intended, and perhaps longer than you can conveniently find room for in your crowded columns. G." In January 1828 the Tuckahoe Canal Company was authorized to construct a canal along Tuckahoe Creek, from the James River up the stream about five miles; later this was amended to allow the use of the stream with a depth of water of two feet, no tow path was required, or provided: A toll of one cent per bushel was collected and the canal company made large profits. The service was so poor that in December 18, 1835, John G.,

Jan 1, 1942